0. j & k bank - copy

INTERNSHIP REPORT 2011

Summer Training Project Report

On

“Project Appraisal”

Submitted in Partial Fulfilment of the Requirement for the Degree

Of

MASTERS OF BUSINESS ADMINISTRATION

(MBA)

(Session 20010-2012)

Submitted by:

Name: - SYED ABDUL MAJID ANDRABI

Roll No:-104072246767

Nepra (Banur), Chd.-Patiala Highway, Near Chandigarh

(Punjab Technical University)

Website:-www.aryans.edu.in

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ACKNOWLEDEMENT

Success in any endeavour calls for cooperation and guidance from seniors

and colleagues. It often happens that one is at a loss of word, when one is

really thankful and sincerely wants to express one’s gratitude toward

someone. I thank this opportunity to extend my heartiest thanks to all

people who have made the presentation to this report possible. If one want

to be successful in life then a blend of the efforts and guidance is required.

I enunciate my abysmal indebted to,……………. , (name of

project guide), for his priceless and inestimable facilities, in the absence of

which the accomplishment of this project would not have been possible.

Name: - Syed Abdul Majid Andrabi

Roll no 104072246767

J&K BANK


TO WHOM IT MAY CONCERN

This is to certify that the project report titled “Title of project” carried out by Syed Abdul

Majid Andrabi, S/O Syed Mahmood-ul- Hassan Andrabi has been accomplished under my

guidance & supervision as a duly registered MBA student of the Aryans Group of Colleges,

Punjab. This project is being submitted by him in the partial fulfilment of the requirements

for the award of the Master of Business Administration.

His dissertation represents his original work and is worthy of consideration for the award of

the degree of Master of Business Administration.

Head of the Dept. Date:

Name

Designation

Sign

Stamp

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EXECUTIVE SUMMARY

An executive summary is usually no longer than 10% of the report. In the executive summary, you should summarize the key points and conclusions from your report.

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CONTENTS 1 Introduction 2 Industry / Company overview 3 Review of Literature/ Theoretical Background 4 Objectives 5 Research Methodology 6 Data Analysis , Results and Interpretation 7 Conclusions 8 Limitations of the project 9 Recommendations vii) List of tablesviii) List of figuresix) Abbreviations

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INTRODUCTION

ABOUT J & K BANK

OVERVIEW

The Jammu & Kashmir Bank was founded on October 1, 1938 under letters patent issued by

the Maharaja of Kashmir, Hari Singh. The Maharaja invited eminent Kashmiri investors to

become founding directors and shareholders of the bank, the most notable of which were

Abdul Aziz Mantoo, Pesten Gee and the Bhaghat Family, all of whom acquired major

shareholdings.

The Bank commenced business on July 4, 1939 and was considered the first of its nature and

composition as a State owned bank in the country. The Bank was established as a semi-State

Bank with participation in capital by State and the public under the control of State

Government.

PERFORMANCE OF THE BANK

Previous Annual Reports The Bank continued to make strides in its business operations. The

Bank achieved an all-time high business turnover of Rs. 60294 crore during the year under

report against the last year figure of Rs. 53935 crore recording a steady growth of 12 %. The

core segments of Bank’s business viz. Deposits, Advances, Foreign Exchange and Treasury

Operations recorded an impressive growth. The outstanding performance recorded by the

Bank in its operations boosted the price of Bank’s share in the stock market to all time high

of Rs.748 despite subdued equity market.

CAPITAL AND RESERVES

The Capital & Reserves of the Bank increased by Rs. 209.26 crore to Rs. 2008.73 crore

during the year from Rs. 1799.47 crore of the previous year registering an impressive growth

of 11.62 %. The Statutory and other Reserves increased by 54.46% to Rs. 1195.35 crore

from Rs. 889 crore of the previous year.

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PROFIT The Bank posted a net profit of Rs. 512.38 crore for the

financial year 2009-10 recording an impressive increase

of 25% over the last year’s net profit of Rs. 409.84 crore.

INCOME The total income of the Bank at Rs. 95.81 crore for the

year under report recorded a growth of 143 % over the

previous year figures of Rs. 39.39 crore. The per branch

and per employee income has increased to Rs. 437.39

lakhs and Rs. 24.11 lakhs respectively.

DIVIDED In view of the sustained excellent financial results,

Directors are pleased to recommend payment of 80%

dividend (free of tax) for the year ended 31st March 2009

subject to approval of shareholders and Reserve Bank of

India.

FOREIGN EXCHANGE

The Foreign Exchange business of the Bank continued its splendid growth. During the year

under report the Bank achieved Foreign Exchange business turnover of Rs. 3666.37 crore

against Rs. 2954.44 crore of the previous year showing a remarkable growth of 24.10%. The

contribution of this segment to the Bank’s gross income has been to the tune of Rs. 27.54

crore against Rs. 18.93 crore of the previous years. The export turnover of the Bank

increased from Rs. 1339.11 crore to Rs. 1782.45 crore registering a growth of 33.10%. The

Dealing Room and Treasury Operations recorded a turnover of Rs. 40317.02 crore and

generated a net earning of Rs. 5.46 crore against Rs. 3.30 crore of the previous year, thus

registering an emphatic increase of 65.45%.

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INFORMATION TECHNOLOGY

To modernize Bank’s operations and deliver value-added services to the customers, the Bank

continued its focus on application and augmentation of the information technology and

covers more and more branches under the computerization programme. The number of

branches brought under computerization programme has increased to 600 at the end of

March 2009 covering 85% business against 546 branches of the previous year. During the

year Anywhere Banking and Tele-Banking facilities were extended to many new

locations/branches, thereby increasing the number of branches offering. Anywhere Banking

and Tele-Banking facilities. The number of ATMs (both off-site and on-site) installed by the

Bank has increased to 292 during the year under report, of these 251 ATMs were networked

through IST Switch. The Bank is in the process of setting up its DATA centre at Delhi for

which creation of infrastructure is in progress. With the commencing of the said data centre

the Bank will be able to introduce Internet Banking.

INSURANCE BUSINESS

During the year under report the Bank formally commenced distribution of insurance

products of M/S MetLife Insurance India (P) Ltd. and Bajaj Allianz General Insurance Co.

Ltd. It is a matter of satisfaction that a good beginning has been made in this area of

business. Bank has been able to sell 3639 life policies of MetLife and collected annualized

premium amount of Rs. 410.64 lakhs in the first year. In the case of non-life business, the

Bank has been able to perform even better and collected aggregate premium amount of Rs.

535.33 lakhs thereby surpassed the target of Rs. 450 lakhs fixed for the year under report.

This has yielded non-interest income of Rs. 170.84 lakhs resulting in net earnings of Rs.

58.05 lakhs to the Bank during the year.

LEAD BANK RESPONSIBILITY

The Bank continued to discharge its Lead Bank Responsibility in 8 out of 14 districts of J&K

State satisfactorily. Two State Level Bankers’ Committee meetings (SLBC) and two

Subcommittee meetings of State Level Bankers Committee were convened during the year

2009-10. The block and district level meetings such as BLBC, DCC and DLRC were held as

per schedule in all the lead districts. The district credit plans were prepared in time and their

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implementation monitored closely at the State and district Levels.

COMMUNITY SERVICE

The Bank as a responsible corporate citizen continued its concern for poor and needy. Be it

fire victims, earthquake victims, disabled or patients with serious ailments who have no

means to fall back upon for their survival, the Bank continued its support and help to them.

The Bank continued to adopt orphans by providing financial support to orphanage homes,

and donating computer systems to enable the socially / economically deprived children to

acquire IT knowledge. During the year a three days rehabilitation camp for physically

disabled persons was organized by the Bank in association with Bhagwan Mahaveer Viklang

Sahayata Samiti, Jaipur where 210 persons were provided with artificial limbs and

appropriate treatment to many more.

RATING OF BANK’S DEBT INSTRUMENT

The Credit Rating Information Services of India Ltd (CRSIL) one of the leading credit rating

agency of the country re-affirmed "P1+" rating to the Bank’s Certificate of Deposit

Programme, indicating the highest degree of safety for timely payment of principal and

interest.

VISION

“To catalyze economic transformation and capitalize on growth.”

The bank aspires to make Jammu & Kashmir the most prosperous state in the country, by

helping create a new financial architecture for the J&K economy, at the centre of which will

be the J&K.

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MISSION

To provide the people of J&K international quality financial service and solutions and to be a

super-specialist bank in the rest of the country

SHARE HOLDING PATTERN

as on 31-03-2010

S.NO Particulars as on 31-03-2009 Percentage of share

holding

1 Govt .of Jammu & Kashmir 53.17

2 Foreign institutional investors 22.95

3 General Public 11.49

4 Other Companies 7.19

5 N Banks Mutual Funds 4.07

6 Foreign NRI’s 0.48

7 Financial Institutions 0.45

8 Others 0.19

J&K BANK


CASE STUDY ON SHARMA PAPER LIMITED COMPANY

While doing the summer training I have studied few cases on the Project Appraisal and have learned how to assess the project (proposal) of the Borrowers who approaches the Bank. For the assessment of proposal, the Case Study I have taken SHARMA PAPER LIMITED COMPANY in my project report who requires enhancement of project appraisal and with the knowledge I have gained during this time I have researched the project which is given below

NAME OF T HE APPLICANT BORROWER: SHARMA PAPER LIMITED COMPANY

BACKGROUND AND BRIEF HISTORY OF THE COMPANY

Brief History

Sharma Papers Ltd. a Public Limited company is engaged in production and sale of Paper based products. The company is presently involved in the production of Writing and Printing (W&P) Paper with installed capacity of 74,250 MTPA at Village Gaundpur, Tehsil Harol, and Distt. Una, Himachal Pradesh. The plant manufactures various grades of paper ranging from 50-150 GSM for use in Copiers, Books, Magazines, Brochures, Catalogues, etc, using waste paper as raw material.

The promoters of the Group are the Punjab based Sharma family with Mr. Suresh Sharma and Mr. Deepak Sharma holding majority stakes in most of the group companies either directly or through cross holding amongst group companies. The balance stake is held by other family members based in India and abroad and associates.

The Group has operations in India through various Group companies viz. Sharma Paper Ltd., kapoor Paper Mills Pvt. Ltd., alpha Carton Pvt. Ltd , Sharma Packaging Pvt. Ltd., while the operations in Europe are carried out through Sharma Swiss Quality Paper, Switzerland, Sharma Lida S.r.L., Italy.

For The FY-2011 company has achieved a sales turnover of Rs.254.74 crores, and a profit of Rs.15.09 crores. ( as per the provisional balance sheet & P/L statements submitted by the company).

During FY’11, the company has undertaken up-gradation of the capacity of the plant, enabling the company to use cheaper grades of waste paper without having a significant impact on the quality of the output produced,

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thereby reducing the cost of production. As informed, the said up-gradation has been completed during March 2011 at estimated cost of Rs. 60 Crores funded by a term loan of Rs. 45 Crores from SBOP and the rest amount contributed by promoters.

Brief Background of company

Sharma Papers Limited (SPL), a closely held public limited company, is promoted by Mr. Suresh Sharma, Mr. Sandeep Sharma, Mr. Deepak and family members.

Mr. SURESH SHARMA:

Mr. Suresh Sharma, aged 45, the main promoter, is a Commerce graduate with Diploma in Marketing Management (USA) and has extensive experience in the paper and paper packaging industry.

He commenced his career in the family business of timber and wood trading in the year 1986. Subsequently, in the year 1990 he acquired alpha Cartons, a company engaged in the manufacture of corrugated boxes.

Mr Sharma is a Director on the board of sharia Papers Limited, kapoor Paper Mills Pvt Ltd., alpha Cartons Pvt. Limited, Sharma Swiss Quality Paper, Switzerland and Sharma Lida, Italy, all being part of Sharma’s Group.

Mr Sharma looks after the overall business interests of the Group and has been responsible for the Group’s foray in the European markets through Sharma Swiss Quality Paper, Switzerland and Sharma Lida, Italy.

Mr. DEEPAK SHARMA:

Mr. Deepak Sharma, aged 32, is a Commerce graduate along with specialization in software development (OCP, Oracle Corporation USA).

He has over 10 years of experience in the paper industry, particularly in manufacturing and marketing of paper and paper packaging products.

He is a Director of Sharma Papers Limited, alpha Packaging Pvt. Limited (Managing Director), Sharma Swiss Quality Paper and Sharma Lida, all being part of Sharma Group.

He is also the Joint Managing Director of Sharma Group. He started his career by commissioning a Greenfield project for manufacture of paper tubes for Universal Plc., a UK based bicycle manufacturer. Subsequently, he joined the business for the acquisition of JDPL in 2004. Since then he has gained extensive experience in the paper industry. Mr. Deepak Sharma is the son of Mr. Sandeep Sharma

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Mr. SANDEEP SHARMA :

Mr. Sandeep Sharma, brother of Mr. Suresh Sharma, is an Arts graduate and is engaged in the business of timber, wood and charcoal trade for over four decades.

Mr Sharma has been actively involved in the operations of Group companies’ viz. Sharma Packaging Pvt Ltd. and Sharma Paper Ltd.

Name Other DirectorshipsMr. Suresh Sharma

(Managing Director)

Alpha Cartons Private Ltd. Sharma Paper Mills Pvt. Ltd. Sharma Swiss Quality Paper,

Switzerland Sharma Banta Lida, Italy

Mr. Deepak Sharma

(Director)

Sharma Packaging Private Ltd. Sharma Paper Mills Pvt. Ltd. Sharma Swiss Quality Paper,

Switzerland Sharma Banta Lida, Italy

Mr. Satish Kumar Soin

(Director)

Sharma Packaging (P) Ltd.

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100% 100%

100%

Sharma Paper Ltd

Alpha Cartons Pvt. Ltd.

Sharma Paper Mill Pvt. Ltd.

Sharma Packaging Pvt. Ltd

Sharma Swiss Quality Paper (Switzerland)

Sharma Swiss Holding AG

Sharma Banta Lida S.r.L (Italy)

Delta Force Ltd.*(Cyprus SPV company)

ABC GROUP


Overview of Group Structure

General Information on the proposal: M/s Sharma Paper Limited

Address of Head/ Regd. office

_____

Administrative Office _____

Address of major units _____

ConstitutionPublic Limited Company ( Closely Held)

Date of constitution/ incorporation

13th October, 2007

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Date of Commencement of Business

January 2010

Period of dealings with the branch

Fresh Proposal

Other related information

Whether name of the Applicant Borrower, its directors is appearing in the caution / defaulter list of RBI/ CIBIL/ ECGC/.

No

Whether any of directors of the Applicant Borrower company is a director or a specified near relation of a director of a banking company.

No

Whether any director of the Applicant Borrower company is a specified near relation of any Senior Officer of the rank of Scale –iv and above of the Bank.

No

Particulars of Directors

Name and address of promoters/directors: Net worth in crores of Rs. as on

Name Address Status

Mr. Suresh Sharma

# 31, Garden Enclave, South City,Punjab

Managing Director

39.98

30th

Jun,2010

Mr. Deepak Sharma

# 31, Garden Enclave, South City, Punjab

Director 42.42

30th

Jun,2010

Mr. Sandeep Sharma

# 31, Garden Enclave, South City, Punjab

Director 27.81

31st Jan, 2011

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Share holding pattern of Promoters

Name of the partners / promoter directors/ promoter companies * As on 31.03.2010

Amount

(Rs in Lacs)

% Share holding

Mr. Suresh Sharma 853.33 43.15

Mr. Deepak Sharma 327.25 16.55

Ms. Neelam Sharma 257.35 13.01

Alpha Cartons Pvt. Ltd 252.61 12.77

Other family members/Group companies 287.03 14.52

Total 1977.57 100.00%

Capital Structure of the applicant company (Amount in crores of Rs.)

Particulars Equity

Existing as on 31.03.10 Proposed

Authorized Capital 20.00

Issued & Subscribed Capital 19.78

Share Application Money 30.38

The Proposal

SPL proposes to set up a new Kraft paper manufacturing facility (Unit-II) having total installed capacity 463 TPD at Village Gonuspur, Hambran, Ludhiana, Punjab. The fresh unit is envisaged to be set up with estimated project cost of Rs.353.59 crores at debt equity ratio of 65:35. We have already issued in principal sanction for Term Loan of Rs.40 crores approved by Chairman on 30.03.2011

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ProductThe proposed products are Kraft paper, Kraft Liner, and Absorbent Kraft paper.

ApplicationsKraft paper finds application mainly in industrial packaging and lamination industry. Packaging can be in various forms such as corrugated boxes, textile cones and tubes, fiber drums, wrapping, cement bags etc., while in the lamination segment, Kraft Paper is used in preparing laminations for bag and for making laminated boards/sheets. The proposed Unit II will be making Absorbent Kraft Paper for application in lamination industry. Ab-sorbent Kraft Paper, which is a value added product, would mainly be used in the laminated board/sheet making industry. Besides, the unit will manufacture Kraft Liner for use in corrugated packaging and Kraft paper of 80~150 GSM for application in Envelopes and Kraft carry bags.

PLANT PROCESS AND TECHNOLOGY

TechnologySPL’s proposed Kraft paper manufacturing plant is based on principle of waste paper recycling which involves reprocessing waste paper fibers into a usable paper product. As the paper industry is established for a long period of time, the manufacturing technology is standardized.

Manufacturing ProcessDepending on the specific type of paper being recycled (c s , newspaper, mixed office waste), the Kraft Paper making process based on recycling of waste paper includes the following steps:

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http://en.wikipedia.org/wiki/Corrugated_fiberboard


Process flow chart of Kraft paper manufacturing

The salient features of the proposed Kraft paper mill are mentioned as under:-

New twin wire Paper machine from Wemet Paper Equipment Co. Ltd.

(China) with 463 TPD capacity and design speed of 550 rpm

The plant would be a fully automated incorporating Quality

Controlled System (QCS) & Distributed Control System (DCS).

The proposed machine has the capability to produce 50-180 GSM

paper with Burst factor ranging from 16-25 BF.

The proposed unit is expected to deliver benefits of economies of

scale as it would be one of the single largest Kraft paper making

facility in India.

Steam and Power: The company would install a 65 Kg/cm2 high

pressure boiler of 40 TPH based on agro waste and 4MW back

pressure turbine for cogeneration of power for captive consumption

Major inputs

S. Inputs Quantity required Quantity required per

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No. per Tonne of production

annum of production at 463 TPD

1. Raw Material (Waste Paper)

1.18 Tonne 1,79,288 Tonne

2. Chemicals 122.59 Kgs 17,602,768 Kgs3. Power 450 KWH 68,755,500 KWH4. Steam 2 Tonne 3,08,880 Tonne5. Fresh Water 3.25 m3 4,96,567.50 m3

Cost of Project & Means of Financing

Particulars Rs. in crores

Land & Site Development 16.36

Civil Works 25.45

Plant & Machinery 213.10

Miscellaneous Fixed Assets 23.39

Preliminary & Pre-Operative expenses 5.25

WC Margin Money 20.51

Interest During Construction 25.80

Contingency 13.73

Total Project Cost 343.59

Sources

Source of fundsTotal Amount

Percentage

Equity Share capital 120.26 35.00

Debt 223.33 65.00

Total 343.59 100.00

The Debt Equity ratio of the company post implementation of the proposed project, as on 31st March 2013 is estimated at 1.32:1.

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The Company proposes to raise the equity contribution of Rs. 120.26 crores for the project through funds from promoters and NRI investors related to the promoters, besides utilizing a part of internal accruals from its existing operations. The proposed investment pattern for the promoters’ contribution is as under: S. No.

Particulars Amount

(Rs. in crore)

1 Mr. Suresh Sharma 6.98

2 Mr. Deepak Sharma 9.09

3 Mr. Sandeep Sharma 24.19

4 Sanjay Kapoor/Manoj Kapoor (NRI relatives) 55.00

5 Internal Accruals 25.00

Total 120.26

The main promoters viz. Mr. Suresh Sharma, Mr. Deepak Sharma and Mr. Sandeep Sharma propose to infuse Rs. 40.26 crores to part finance the project. The same would be arranged by the promoters from their own sources.

The net worth of the promoters as certified by Vinay Aggarwal & Associates, Chartered Accountants is given in table below:-

Resources of Promoters/Investors (R s. in Crores) Name As on Date Net worthMr. Suresh Sharma 30th June,2010 39.98

Mr. Deepak Sharma 30th June,2010 42.42

Mr. Sandeep Sharma 31st January, 2011 27.81

Total 110.22

The promoters propose to meet their contribution by liquidating a part of their marketable investments/assets. Besides, a part of the internal accruals from the existing unit of SPL to the extent of Rs. 25.00 crores is proposed to be used to fund the project.

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NRI Investors:

As informed by the Company, the market value of the investments of Kapoor family as on 31st December, 2010 was as under :-

Particulars Amount

(in USD)

Mr. Sanjay Kapoor family 22,143,108

Mr. Manoj Kapoor family 26,050,317

Term Debt

The Term Debt from Banks is envisaged to be funded through consortium arrangement. The Company has already received in principal sanctions for the entire debt requirements and State bank of Patiala with proposed share of Rs.75 crores ( i,e., 33.58% of Total Term Debt of Rs.223.33 crores ) has evinced interest to act as Lead Bank. Our share in the consortium is proposed to the extent of 17.91 % in bothTerm Debt as well as in WC requirements.

Appraising agency

The Techno Feasibility Report for the project has been prepared by Central Pulp and Paper Research Institute (CPPRI) Saharanpur UP.

Location of the PlantThe plant will be located in Village Gonuspur, Hambran,Ludhiana, Punjab. The Company has identified about 14.71 acres of land for this project. The promoters have entered into Agreements of Sale with Mr. Arjun Singh for purchase of land admeasuring about 83 Kanal 14 Marlas for a total consideration of Rs 95.00 lakh per acre and with Mr. Vikram Singh, Mr. Suraj Singh and Mr. Harpal Singh for purchase of land admeasuring about 4 Acre 2 Kanal for a total consideration of Rs 85.00 lakh per acre. SPL has already paid Rs. 130.00 lakhs towards advance for land.

LAND AND SITE DEVELOPMENT (RS. 1,636.50 LAKH)JDPL, a Sharma group company, already has an existing manufacturing plant at Village Gonuspur, Hambran, Ludhiana, Punjab. SPL proposes to set up the Kraft paper manufacturing plant at the adjoining site. The

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Company has identified about 14.71 acres of land for this project. The promoters have entered into Agreements of Sale with Mr. Jaswant Singh for purchase of land admeasuring about 83 Kanal 14 Marlas for a total consideration of Rs 95.00 lakh per acre, and with Mr. Vikram Singh, Mr. Suraj Singh & Mr. Harpal Singh for purchase of land admeasuring about 4 Acre 2 Kanal for a total consideration of Rs 85.00 lakh per acre. SPL has already paid Rs. 130.00 lakhs towards advance for the land. Further, registration charges @ 5% and commission and other miscellaneous expenses have been taken @ 1.00%. The total cost of land is therefore estimated at Rs. 1436.50 lakhs.

The cost of site development has been estimated at Rs. 200.00 lakhs by S.S. Infrastructures, Consulting Engineers and Project Managers, with the following break up:

(Rs in Lacs)

S. No.

Particulars Amount

1. Boundary & Fencing 55.00

2. Earth Filling Leveling & Cutting 30.00

3. Internal Roads & Pavements 45.00

4. Drains & Rain water harvesting 20.00

5. Gates & Grills 30.00

6. Water Supply Arrangements 20.00

Total: 200.00

BUILDING AND CIVIL WORKS (RS. 2,544.96 LAKH) The total cost of the building and civil works (including machinery foundations) including civil works for factory shed, office buildings, drive and control room, substation, foundation and auxiliary buildings along with architect’s fee is estimated at Rs. 2544.96 lakhs based on the quotations obtained from A&A Build well Pvt. Ltd., Builders and Engineers and S.S. Infrastructures, Consulting Engineers and Project Managers. The detailed breakup of cost of building and civil works estimates is at Annexure VII an a summary thereof is as under-

Factory Building & Civil Works Area Rate/ Amount

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unit(Rs. in Lakhs)

1Machine Hall 180*20*48

39204

850 333.23

2Machine Auxiliary Buildings

10000

850 85.00

3 Drive & Control Room 3000 850 25.50

4Finishing Section

30000

850 255.00

5Pulp Mill 80*20*60

17424

850 148.10

6 Lab 1000 650 6.50

7Finished Material Go down

20000

650 130.00

8 Mechanical Store 5000 650 32.50

9 Electrical Store & Workshop 5000 650 32.50

10 Substation 500 650 3.25

11 Weigh Bridge 250 650 1.63

12 Panel & Distribution Section 8000 650 52.00

13 Chemical Store 3000 650 19.50

14 Submersible 500 650 3.25

15Raw Material Shed

50000

650 325.00

16 Mechanical Workshop 5000 750 37.50

17 Security & Time office 1000 650 6.50

18 Staff Colony 65.00

19 Labour Quarter 65.00

20Civil Structure design & architect fees

50.00

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21 Foundations 825.00

22 Husk Yard 43.00

TOTAL 2544.96

PLANT AND MACHINERY (RS. 21,309.80 LAKH) The total cost of plant and machinery for the project, including imported as well as indigenous machinery has been estimated at Rs. 21,309.80 lakhs. A detailed breakup of the same is attached as Annexure VIII and a summary thereof is given below:-

(Rs. in Lakhs)

Particulars Name of the supplierTotal

Tri-Wire Kraft Paper Machine (Includes Head Box, Multi wire section, Press section, Drying section, Size Press, Twin-roll Calendar, Pope Reel and other auxiliary machinery). The gross capacity of the machine is 494TPD.

Wemet Paper Equipment Co. Ltd. (China)

9005.00

Complete Pulp Mill (Medium/High consistency pulper-2 nos). The machinery includes pulping & detrashing, coarse screening, fractionation, long fiber cleaning & screening, thickening and hot dispersion system for long fibre sections)

Arjun Engineers (Kadant Lamort, France)

2910.50

Starch Kitchen Arjun Technologies 235.00

Centri-cleaners, Pressure screens

Arjun Engineers 332.20

Conveyors Techno Link Conveyors 116.60

Machine Tanks Creative India 148.00

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UTM pulper, Silos, Broke pulper

Harjit Paper & Machinery Pvt. Ltd.

278.00

QCS and DCS Metso Automation 245.30

Steam and Condensate System

Smurfit Townsend Hook, UK

325.00

ETP Hyper Filteration (P) Ltd. 800.00

Water Storage Tank Rostfrei 105.00

DG set (1000 KVA) Sudhir Gensets Limited 101.00

Electricals and cables, MCC and panels, Plant and outdoor lightening

Schneider Electric & Ecko Cables

770.00

Agitators and Valves, Vaccum Box and Pumps, Submersible pumps, Process Pumps

Price Pump Co.1109.00

Yard piping, air compressor and pipelines

Om metals1275.00

Wire, Clothing, Bearing etc FAG Bearings India Ltd. 101.20

Rewinder Globe Radio Company 500.00

MotorsShivalik Projects & Siemen

250.00

EOT Cranes Kone Cranes 165.00

Machine Hood MCON and services 310.00

Chemical Dosing System, SS Tanks, Chests & drawers, Dumping Towers, Fiber Recovery System, Weigh Bridge, Hydraulic System

To be finalized 833.00

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Other miscellaneous machinery

To be finalized1335.00

Total21309.80

MISCELLANEOUS FIXED ASSETS (RS. 2339.00 LAKH) The cost of Miscellaneous Fixed Assets, which comprises of power plant set-up along with other machinery, for the proposed project is estimated at Rs. 2339 lakhs. This includes high pressure boiler of 40 TPH complete with structure and civil and 4 MW back pressure turbine. The costs mentioned are based on quotations from the proposed supplier, Industrial Boilers Ltd.

PRELIMINARY & PRE-OPERATIVE EXPENSES (RS. 525.00 LAKH) Preliminary expenses mainly include debt raising expenses (Rs. 125 lakhs), project consultancy charges (Rs. 150 lakhs), salaries and wages during implementation period (Rs. 100 lakhs) and other miscellaneous expenses (travelling, lodging & boarding during implementation period) of Rs. 150 lakhs.

MARGIN MONEY FOR WORKING CAPITAL (RS. 2050.51 LAKH) The requirement of Working capital for the project for the first year of operation has been estimated at Rs. 8202 lakh and margin requirements thereof work out at Rs.2050.51 lacks at 25%

INTEREST DURING CONSTRUCTION (RS. 2580.13 LAKH) Interest during construction (IDC) of Rs. 2580.13 lakhs has been calculated based on the debt draw down schedule and the same is based on the implementation plan of the project.

CONTINGENCY (RS. 1373.31 LAKH) SPL has obtained quotations for major items of plant, machinery and other miscellaneous fixed assets. Prices of other items have been estimated by the company based on its in-house assessment and experience. Contingency @ 5.0% of the cost of plant & machinery and miscellaneous fixed assets and @ 7.5% of the cost of building and civil works have been provided.

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TECHNICAL ARRANGEMENTS SPL has appointed reputed consultants for technical services related to commissioning of the project and their details are as under:-

Technical Arrangement for the Project

S. No.

Consultant/Organization

Scope of services

1 Central Pulp & Paper Research Institute (CPPRI)

- Assessment of the technical

suitability of the unit for desired

product and quantity.

- Verification of equipment and

machinery specifications and

their adequacy for the proposed

production.

- Assessment of adequacy of the

proposed utilities and

infrastructure facilities to be

installed

- Verification of the process flow

sheets for the plant.

2 A&A Buildwell Pvt. Ltd., Ludhiana as builders and engineers and S.S. Infrastructures as consulting engineers and project managers

- Preparation of design, drawings

and layout for the plant buildings

and associated civil structures

- Cost estimates for the civil works

for the plant, including site

development, machine

foundations, etc.

- Construction supervision

Central Pulp and Paper Research Institute (CPPRI) was appointed for conducting a technical feasibility study for the proposed project. The conclusions of the study conducted by CPPRI, as per its final report are mentioned as under:-

The proposed plant & machinery would be adequate to produce 463 TPD of Kraft paper.

The equipment and machinery specifications are adequate and complete for the proposed objectives.

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The equipments are as per the requirement for production of high quality pulp from waste paper obtained from various sources for production of high BF Kraft paper.

The commercial offers for the plant & machinery are from reputed manufacturer & suppliers and well in the range for a modern 463 TPD fiber line and paper machine, with state of art process technologies.

All required infrastructure and utilities (power from PSEB, fuel and water) are available in the existing location of the unit in the state of Punjab.

The proposed fiber line and paper machine will be one of the largest single facilities in North India to produce High BF Kraft paper.

INPUTS FOR PRODUCTION

Raw materialsThe main raw material for Kraft paper manufacturing will be waste paper, of which 80% of the requirement would be met through imports. Waste paper will mainly be imported from Europe, US, Dubai, Singapore and other developed countries, while some part of the requirement will be sourced locally. In addition to the waste paper, chemicals like Caustic Soda, Poly Aluminum Chloride (PAC), Starch, Fortified Rosins and colors will be used in the manufacturing process.

Mostly imported waste paper will be used as it is of better quality and is also available in bulk. The promoters of SPL have been in the paper business for a long time and having existing relationships with raw material suppliers, no problem is envisaged in sourcing additional raw material for the proposed new unit. Major Inputs for Kraft paper

S. No.

Inputs Quantity required per Tonne of production

Quantity required per annum of production at 463 TPD

1. Raw Material (Waste Paper)

1.18 Tonne 1,79,288 Tonne

2. Chemicals 122.59 Kgs 17,602,768 Kgs3. Power 450 KWH 68,755,500 KWH4. Steam 2 Tonne 3,08,880 Tonne5. Fresh Water 3.25 m3 4,96,567.50 m3

UtilitiesPower

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The total power requirement of the plant for the production of Kraft paper in terms of connected load would be around 9,000 KW, while the peak consumption will be 8,681 KW. SPL proposes to meet its future power requirement through supply from Punjab State Electricity Board (PSEB) as well as generation of about 4,000 KW from back pressure turbine based captive power plant which will be installed in the mill as a part of the project.

SPL will obtain a connection from PSEB to meet the additional power requirement of 4,681 KW. The power generated through 4,000 KW back pressure turbine would cost less compared to state grid resulting in reduction in the cost of production. To overcome the difficulty of inconsistent power supply on existing state government supply line, SPL proposes to install direct feeder which would ensure uninterrupted and quality power to the mill. SPL proposes to install one DG set of capacity of 1000 KVA as stand-by for auxiliary load.

Fuel and Steam

Steam would be generated using a multi fuel boiler of 40 TPH capacity to be installed under the project. Rice husk and other seasonal agro based fuel such as bagasse, wheat straw etc. are proposed to be used in the multi-fuel boiler to produce steam. The steam generated through the Boiler will be used to drive the back pressure turbine for generation of power and will then be used for process. One tonne of saturated steam at 65 Kg/cm² pressure will be produced from 275 Kgs of rice husk. To meet the total steam requirement of 39 TPH at 65 Kg/cm² for the proposed plant, the annual requirement of husk would be around 84,942 tonnes, which would be sourced locally and is available in close proximity.

Water The total water requirement of the mill will be met by bore wells to be dug at the site. The plant will have zero discharge and almost all the water used in the process will be recycled and reused. However fresh water input will be required as makeup since substantial amount will be lost in evaporation from various operations. The computation of fresh water requirements is as under:-

S. No.

ProcessFresh Water requirement (m3/Day)

Losses of water as vapor (m3/Day)

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1 Paper machine showers 926.00 -

2 Paper machine dryers exhaust

- 578.75

3 Paper Boiler makeup water 115.75 -

4 Steam blow down and line losses

- 115.75

5 Cooling tower evaporation losses

463.00 463.00

6 Miscellaneous activities - 347.25

Total 1504.75 1504.75

Effluent treatment facilitiesPaper making from recycled waste paper is relatively environment-friendly as compared to paper making from virgin material mainly because the generation of caustic soda rich black liquor is eliminated in the pulping process. As per the Bureau of International Recycling (BIR), paper recycling uses 64% less energy, and causes 35% less water pollution, and 74% less air pollution.

SPL proposes to install an Effluent Treatment Plant (ETP) having total capacity of 500 Kiloliter per day at its plant conforming to the BIS norms and requirements stipulated by Punjab Pollution Control Board (PPCB). SPL shall obtain necessary clearance from PPCB.

The pollutants generated by the recycled paper plant and their management would be as under:-

Air Pollution:-

Air pollution from the plant will mainly emanate from the Boiler. Flue gases from the Boiler will be passed through dust collectors which restrict the dust particles released in the atmosphere and help maintain the desired level of carbon particulate matter at the out let of chimney as per the norms prescribed by Punjab Pollution Control Board (PPCB).

Water Pollution:-

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The liquid effluents from the mill, generated during the initial processes will be treated in an Effluent Treatment Plant to remove suspend solids to correct the pH. The effluents from the pulping and bleaching section are mixed with excess effluents from the paper machine section which is then passed through a screen to remove solid and other stringy material. After the screen the effluent is treated with acid in a mixing vessel to correct the pH. The removal of suspended solids results in a reduction of Biological Oxygen demand (BOD) by approximately 20%. The clarified effluent emanating from the launder is further subjected to serial oxidation in lagoons before releasing into open fields / drain.

Solid waste:-

Solid waste, mainly in the form of waste fiber and stringy material, can be recycled and used as packing material such as paper trays for packing fruit, eggs, etc. and will be disposed off accordingly.

ManpowerThe total manpower requirement for three shifts (each shift is of 8 hours) of Kraft Paper manufacturing is estimated at around 248 comprising of Senior Managers (4), Administrative & Commercial Staff (16), Production Staff/Supervisors (98), Skilled / Semi-skilled/unskilled workers (130). Most of the workforce will be sourced locally from the nearby areas.

Current Status

The promoters of SPL have already entered into Agreements of Sale of land. For Plant & Machinery and other equipments the company will be placing the orders as proposed in the project. The company has incurred an expenditure of Rs. 2.01 crore till February 28th, 2011, as per details given below:- (Rs. in Crore)

Description AmountAdvance towards land 1.35

Pre-Operative expenses 0.66

Total expenditure incurred 2.01

The above expenditure has been met out of the funds from share application money.

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Status of Debt Tie Up

As informed by the branch, the debt tie up is in initial stage and finalisation of consortium shall be decided upon financial closure .However, State bank of Patiala with sanction of Rs.75 crores as Term Loan has evinced interest to Lead the Consortium. As informed by the arrangers SBI Caps, Credit Committee of SBOP has given clearance for Term Loan of Rs.75 crores, however, a formal approval shall be issued by them upon clearance by their EC by the end of this week.

GOVERNMENT APPROVALS & STATUS

The details of major statutory/regulatory approvals and clearances along with their status are given below:

S. No.

Item Agency Status

1.Secretariat of Industrial Assistance

Ministry of Industry, Govt. of India

Applied*

2.Permission for use of land for industrial purpose

State Government

The proposed project is falling in the industrial area. However, it will obtain necessary clearances as may be required.

3.Approval of Factory Layout & Building Plan

State Government/ Department of Housing and Urban Development /Director of Factories

4. Power supplyPunjab State Electricity Board

SPL will obtain the necessary clearances as may be required.

5.Pollution Control Clearance

Punjab Pollution Control Board


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S. No.

Item Agency Status

6.Foreign equity investment

Reserve Bank of India


The Company has already applied for approval for setting up a Kraft Paper Manufacturing unit with Secretariat of Industrial Assistance, Ministry of Commerce & Industry. The company proposes to apply for other clearances subsequently.

IMPLEMENTATION SCHEDULE The project is proposed to be implemented as per the schedule given below:Particular Start Date End Date

Land & Site development January 2011December 2011

Project Engineering April 2011 January 2013

Building and Civil WorksFactory Building July 2011 June 2012Machinery Foundation January 2012 July 2012Plant and Machinery

Placement of Order April 2011September 2011

Delivery at Site January 2012September 2012

Erection and Commissioning July 2012 January 2013

Trial runsFebruary 2013

March 2013

Commercial Production April 2013

Industry ScenarioPaper has many uses, though it’s most important contribution to modern civilization has been its use as a medium to record information. Paper has varied application and plays an important role in communication besides having wide application in domestic and industrial segments and as a packaging material. The demand for paper is closely linked to the economic conditions prevalent in the economy. Strong economic growth

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boosts demand for paper and vice versa. Indian paper industry is the 15th largest in the world and provides employment to more than 1.2 lac people directly and 3.4 lac people indirectly. The estimated turnover of the industry is around Rs. 25,000 Crore and its contribution to the exchequer is around Rs. 2900 crore.1 Paper industry has a direct correlation with the economy and has grown at an average rate of 6.6 per cent over the last few years. The paper sector is expected to record a growth rate that is similar to the expected Gross Domestic Product (GDP) growth.

The Government of India had completely de-licensed the paper industry with effect from 17th July, 1997 thus permitting foreign participation. The entrepreneurs are now required to only file an Industrial Entrepreneur Memorandum with the Secretariat for Industrial Assistance for setting up a new paper mill or substantial expansion of the existing mill in permissible locations.

INDIAN SCENARIO

The Indian Paper industry accounts for about 2 per cent of the global production of paper and paperboard with a turnover of Rs. 25,000 crore approximately. With added capacity of approximately 1.0 million tonnes during 2008-09, the operating capacity of the industry during 2009-10 stood at approximately 9.2 million tonnes with an estimated production level of around 7.8 million tonnes.

KRAFT PAPER Kraft Paper, commonly known a brown paper, accounts for nearly 54 per cent of the total demand of industrial paper. Of the total production, over 60 per cent of Kraft paper is produced by small capacity mills in the unorganized sector and 25-30 per cent by medium size paper mills. The larger paper mills, mostly consuming forest based resources, account for just about 10 per cent of the total Kraft paper produced.

Specifications of Kraft Paper

The basic parameter based on which Kraft Paper is produced is its basis weight (grams per square meter; GSM). The rate of production of Kraft Paper on a machine is inversely proportional to its basis weight.The following specifications as a measure of quality are important for each variety of Kraft Paper:-

1

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Burst Factor – calculated as a ratio of bursting strength and basis weight of paper. It indicates the inherent strength of Paper which determines its end-use applications

Tear Factor – indicates the puncture resistance of the paper while being used. Kraft Paper is extensively used in packaging material, which are subject to puncture hazards. Thus, tear factor is an important parameter to be considered for selection of packaging material

Cobb Value – indicates water absorption/penetrative capacity of paper. It is the quantity, by weight of water in mg absorbed by a surface of 100 sq cm of the specific head of paper. The Cobb value judges the performance of adhesive while sticking the Kraft Liners in corrugated boards.

Kraft paper is available in various varieties as mentioned below:- Kraft Paper is differentiated by properties of strength (Burst Factor,

Tear Factor, Cobb Value) and basis weight (measured in GSM). Kraft paper with basis weight up to 80 GSM is classified as lower

GSM variety whereas the Kraft paper with basis weight above 180 GSM is termed as Kraft board

Normal Kraft Paper is strong and relatively course. It has high tensile strength and has weight of approximately 40-135 GSM

Absorbent Kraft Paper is manufactured with high absorbency and has high uniformity. Absorbent Kraft Paper is well suited for the manufacture of decorative/industrial laminates, tube making and also in defence applications.

Key applications for Kraft Paper Kraft Paper is mainly used in manufacture of corrugated boxes,

textile cones and tubes, fibre drums, laminations for bags, wrapping, cement bags, and as packaging material in various segments such as hosiery, consumer durables, pharmaceuticals, FMCG, personal care products, household cleaning products and food processing, etc.

Used in coatings to impart strength to various industrial packaging applications

Plain Kraft paper and laminated Kraft Paper can be converted into bags and envelopes

Absorbent Kraft is exclusively used for manufacture of high value added decorative and industrial laminates.

Raw Material for Kraft PaperMajority of the production of the Kraft paper involves waste paper as the basic raw material (around 55 per cent) whereas nearly 35 per cent uses agro based resources. The remaining 10 per cent is produced by using forest based raw material, viz., wood pulp. The share of forest based production is significantly less due to the concessional excise duty structure framed by the government in order to promote paper production based on unconventional raw material (20 per cent excise duty for forest based raw material as compared to 5 to 10 per cent for unconventional raw material based).

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As 90 per cent of Kraft paper production is based on unconventional resources, like agricultural residues and waste paper, the mills based on them are concentrated in close proximity to the area of availability of these raw materials. The centres of production are in the Western region (Vapi, Dombivili) accounting for 34 per cent, Northern region (primarily in the states of Uttar Pradesh, Punjab and Haryana) accounting for 31 per cent and Southern region (Godavari district of Andhra Pradesh) accounting for 24 per cent of total production. The Western and Northern region continue to be large consumption centres — together accounting for nearly two-third of the total consumption.

DEMAND FOR PAPER PRODUCTS The variety wise demand forecast for industrial paper from 2008-09 to 2013-14 is as given in the table below:

Variety wise demand forecast of industrial paper(‘000 tonnes) 200

8-09

2009-10E

2010-11P

2011-12P

2012-13P

2013-14P

CAGR (%)

Tertiary packaging (Kraft/ Corrugated board)

2,407

2,553

2,713

2,887

3,076

5,731

6.4

Consumer Packaging (Recycled board and virgin boards)

1,643

1,731

1,834

1,967

2,114

2,272

6.7

Others 351 387 428 481 541 609 11.6

Total4,401

4,671

4,975

5,335

5,731

6,160

7.0

E – Estimate; P- Projected

Source: CRISIL Research

MARKETING & SELLING ARRANGEMENT S

The demand for Kraft paper is expected to rise with the rise in industrial production, as growth in demand of Kraft Paper is closely linked to the industrial growth rate.

Kraft paper is currently sold through distributors. The promoters have experience in the paper and paper packaging industry. SPL and its sister/group companies already have extensive dealer network across India for marketing of their existing products such as paper and paper

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board. SPL proposes to utilize the same distribution network for marketing the products. The group is also engaged in manufacturing and selling of corrugated cartons already through Alpha Cartons Limited and has an established network for sales, which will be utilized for marketing SPL’s proposed production.

The company is presently selling its products through a network of about 20 dealers and distributors across the country, majority of the sales being through the dealers located in the Northern region, mainly in Punjab, Delhi, etc .

SENSITIVITY ANALYSIS

A sensitivity analysis has been carried out on the projected financials for

the project to ascertain the effect of the following variables on the major

financial parameters:-

Case FactorAverage

DSCRMinimum

DSCR

Base Case 1.70 1.36

Decrease in Capacity 10.00% 1.55 1.23

Decrease in Selling Prices 5.00% 1.41 1.11

Increase in Raw Material prices 5.00% 1.48 1.18

Increase in Interest Rate 1.00% 1.65 1.30

The sensitivity analysis shows that project is most sensitive to decrease in selling prices by 5% . However, the cash flow projections in all the scenarios remain satisfactory to service the debt.

RISK ANALYSIS & MITIGATION MECHANISM The risk associated with the project and proposed mitigants are discussed

below:

Risk Analysis and Mitigation Measures

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Risk Factor Proposed Mitigation Mechanism

Implementation Capability & Experience

The promoters of the company are in the paper industry and are already managing various paper manufacturing units in Europe/India held through various companies. In addition, the company has engaged qualified technical personnel with paper project implementation experience for execution of the proposed project.Considering the experience of the promoters in the paper manufacturing industry, the implementation risk may be considered low

Cost & Time Over-run

The company has professionals with extensive experience in project implementation to enable timely implementation of the project. Further, contingency @7.5% for Building and Civil works, 5% for Plant & Machinery and Miscellaneous Fixed Assets has been provided in order to take care of any cost overruns. The project is proposed to be implemented over a period of 24 months in phased manner and the same could be considered reasonable.Moreover, the promoters have successfully commissioned a paper manufacturing unit in SPL, in January 2010 and are well equipped with the skills required for handling any implementation issues in timely completion of the project. Further, it is stipulated that cost overrun ,if any, shall be met through infusion of additional funds by promoters. Hence the said risk may be considered low.

Operating Risks The promoters are into Paper business for many years and are well placed to handle the operating risks. The paper machine is being imported from Wemet, China for manufacturing various paper products. The proposed supplier, Wemet is one of the reputed suppliers of machines used in manufacturing and has also supplied similar machines to other manufacturing units in India/overseas. Other plant and machinery items for the project are proposed to be procured from reputed manufacturers of paper industry machinery.Further, SPL has appointed key technically qualified and experienced personnel to look after the operations. Further appointments will be made once the project is operational.Considering the above mentioned factors, the operational risk may be considered low.

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Environmental Risks

SPL proposes to set up the project conforming to all pollution (air, water, noise, solid etc.) control norms stipulated by Punjab Pollution Control Board. The project being based on waste paper recycling would generate much lesser pollutants as compared to paper making from virgin raw material. SPL will install an ETP for treating liquid effluent, which will meet the desired norms. Dust collectors will be installed for maintaining air pollution from the Boiler within prescribed limits.

The Group already has a Kraft Paper manufacturing facility under Sharma Paper Mills Pvt Ltd. which is operating adjacent to the proposed site for the project and envisaged no difficulty in getting the necessary clearances/approvals. Hence this risk may be considered low.

Raw Material Availability

Raw material required for the project is mainly waste paper, which will be procured through both domestic market and imported from dealers abroad. The promoters are in the paper business and have existing relationships with suppliers. SPL will also use chemicals in the manufacturing process, which are commonly available through dealers in the market.Considering the presence of international and domestic market for procuring the required raw material, the said risk may be considered low.

Availability of

Power, Water and

other utilities

The company is in the process of getting

approval from PSEB for its additional power

requirement of 5 MW. The remaining power

requirement will be met from the back pressure

turbine of 4 MW which will be installed in the

mill as a part of the expansion program. To

overcome the difficulty of inconsistent power

supply on existing state government supply

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line, SPL proposes to install a direct feeder

which would ensure uninterrupted and power to

the mill.

Considering that the promoters have the

requisite experience for implementation of the

project and have been successfully running a

Kraft paper manufacturing unit in an adjacent

facility, the said risk may be considered low.

Off take Risk Demand for Kraft paper has shown healthy growth in the past and is likely to witness a growing trend due to growth in the industrial production. As per CRISIL Research, the demand for Industrial Paper would grow at a rate of around 7% in the next 4-5 years.

Further increasing demand for consumer durables, agricultural packaging, laminates in furniture, pharmaceuticals industry, electronics and automobile sector, demand due to exports and restrictions on use of wooden packaging as also plastic bags will act as drivers for growth.

Although some of the market players are currently envisaging setting up industrial paper units, it is expected that the increase in demand would balance out the fresh supply and reduce the dependence on high quality paper products currently imported from other countries.

Considering the aforesaid factors, the off-take risk may be considered low.

J&K BANK



Price Risk The prices of Kraft paper move in tandem with raw material prices. As company has ample sources/fallback for procurement of raw material, the risk is considered to be substantially mitigated. The project is sustainable with a reduction in selling prices by 5% even without corresponding reduction in raw material prices.

Considering that the raw material prices are subject to market forces internationally, the said risk may be considered as medium

Plant Performance The company proposes to use waste paper recycling technology which is well established and being widely used.Therefore the technology risk is considered low.

Force Majeure Adequate insurance cover shall be obtained by the company for insurable Force Majeure risks.

SWOT ANALYSIS

Strengths The promoters having extensive experience in Paper business and

are successfully managing paper units in India as well as abroad. The Group has in place a strong technical team in its domestic and

overseas operations, who have extensive experience in setting up and operating paper units.

SPL has established strong dealer network which would enable it to market its products without any difficulty. With respect to absorbent Kraft Paper, Sharma Group already has strong network of customers (business houses) demanding premium quality Kraft Paper catering to the industrial requirement etc.

The project also includes setting up of a captive power plant to generate power at a cheaper rate compared to the power from state board. Also inconsistency in state government power supply will be overcome by direct feeder being installed in the mill.

The project envisages paper production by recycling waste paper involving lesser polluting process which consumes lesser energy and results in protection of the green cover, thereby being eco-friendly.

SPL corrugation plant will be fully automatic and will produce absorbent Kraft paper having better quality compared to semi-automatic and manual operations in most manufacturing units in the unorganized sector. Moreover, existing relationships of the

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group (through sister company sharma Paper Mills Pvt Ltd.) with companies like Godrej, Trident, Whirlpool etc will help SPL in getting high volume long term contracts which will minimize the threat from competition.

Weaknesses The project is scheduled to commence commercial production by

1st April, 2013. As the terms of the agreement for procurement of paper machine are yet to be finalized with the supplier (Wemet), there could be delay in implementation.

The management has extensive experience in setting up similar projects. SPL would be deputing its representatives from the project implementation team drawn from the Group’s overseas/domestic operations to be stationed in China to oversee the quality aspects in assembling the paper machine and also ensure the timely delivery.

Opportunities The industrial paper market in general is growing steadily and the

market for Kraft paper is projected to grow at a rate of around 7%. Demand for paper made from recycled waste paper is likely to grow

faster due to restricted availability of wood based raw material and rising environmental concerns. Increase in use of Kraft paper as an environment friendly alternative to plastic would also contribute significantly to the increasing demand of Kraft Paper and related products.

Demand for Industrial paper is likely to increase due to replacement of wood by Kraft based laminates in the reality business. Also with the imposition of ban on plastic usage, Kraft paper usage in making brown paper bags for consumer packaging is expected to increase.

Threats Competition in the domestic market due to new investments

proposed in the industry The market share of organized players in Kraft paper industry is less

than 10%. The management of SPL has extensive experience in the industry and have a developed network for marketing and distribution of the products. SPL is setting up modern and automated facilities which would enable it to manufacture high quality products will lower wastage.

SPL proposes to use imported waste paper as raw material besides domestic waste paper and prices/availability of the same could be affected by change in import levies/competition from other importing countries.

As waste paper recycling is an eco-friendly activity, it is unlikely that Government levies would be altered to the disadvantage of

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recyclers. As regards supply, the promoters are in the business of manufacturing/trading of paper and have existing relationship

Projected Balance Sheet (Rs. in lacs)

SOURCES OF FUNDS '11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21

Equity 58191202

61202

61202

61202

61202

61202

61202

61202

61202

6

Reserves & Surplus 0 0 34 1897 5439 8986

12768

16856

21174

25689

Net-worth 58191202

612060

13922

17465

21011

24794

28882

33200

37715

Term Loan 108072233

32073

81754

81435

71116

7 7976 4786 1595 0

WC Loan 0 0 6152 7284 8705 8705 8705 8705 8705 8705

Deferred Tax Liability 0 0 475 741 831 769 577 276 -118 -593

Total Liabilities 16627

34359

39425

39495

41358

41652

42053

42649

43382

45827

USES OF FUNDS

Gross Block 0 03178

43178

43178

43178

43178

43178

43178

43178

4

Acc Depreciation 0 0 2912 5824 8737

11649

14561

17473

20385

23297

Net Block 0 028872

25959

23047

20135

17223

14311

11398

8486

CWIP 161023178

4 0 0 0 0 0 0 0 0

Current Assets 0 0 8202 97121160

71160

71160

71160

71160

71160

7

Cash & Bank 0 2051 1931 3509 6494 9805 1322 1673 2037 2573

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Balances 3 1 7 4

Preliminary Exp. 525 525 420 315 210 105 0 0 0 0

Total Assets 166273435

939425

39495

41358

41652

42053

42649

43382

45827

Profitability Projections

The basic assumptions for profitability projections are:-

Selling Prices

ParticularSales Price

(Rs. per Tonne)

Share of Production

Kraft Liner 24,000 25%

Absorbent Kraft Paper 37,000 20%

Envelopes and Carry Bags 27,000 55%

Raw material prices for Kraft Paper manufacturing

ParticularsRs/Tonne Yield

Consumption Chart in Tonne/Tonne

Envelopes & Carry

BagsKraft Liner

Absorbent Kraft Paper

Kraft Paper 9,000 80% 0.63 0.38 -

DSOCC 15,500 85% 0.47 0.47 0.47

NDLKC/NCC 15,500 88% 0.11 0.17 0.23

KCB 16,000 88% - 0.17 0.45

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Prices of Chemicals for Kraft paper manufacturing

ParticularsRs/Kg

Consumption Chart in Kgs/Tonne

Envelopes & Carry Bags

Kraft LinerAbsorbent Kraft Paper

Fortified Rosin 30 5.27 6.00 6.5

PAC 2 82.50 90.00 95.0

Colour 240 1.00 1.00 1.0

Starch 21 13.79 15.50 17.5

Caustic Soda 41 0.00 1.22 1.5

Capacity Utilization Assumptions

Particulars Year 1 Year 2Year 3

onwards

Capacity Utilization 65% 75% 90%

Implementation Schedule

ActivitiesProposed

Project

Start of Construction 01-Apr-11

Construction Period 8 Quarters

Completion Date 31-Mar-13

Commercial production 01-Apr-13

End of First Year of Operations 31-Mar-14

No. of months in first year of operation 12 Months

1st Quarter Ending after Start of Construction 31-Jun-11

1st Quarter Ending after Start of Operations 30-Jun-13

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Debt Assumptions

Door-to-Door Tenure 9.25 Years

Repayment Period 28 Quarters

Moratorium Period 3 Quarters

Moratorium End Date 30-Dec-13

1st Repayment Date 31-Dec-13

Last Repayment Date 30-Sep-20

Rate of Interest on Term Loan 11.75%

Rate of Interest on Working Capital Loan 11.75%

Upfront Fee as a % of Total Debt 0.50%

Operating Assumptions

Capacity in TPD 463

No. of days in a year 330

No. of hours in a day 24

Finishing Losses 3%

Depreciation

Depreciation Items SLM WDV

Land 0.00% 0.00%

Building & Civil Works 3.34% 10.00%

Plant & Machinery 10.34% 15.00%

Misc. Fixed Assets 10.34% 15.00%

SLM 95% value of asset can be

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depreciated

WDV No limit

Amortization of Preliminary/Preoperative. Expenses

20% each over 5 years

Internal Rating ( applicable in case of Applicant Borrower is enjoying credit facilities from the Bank

Internal Rating History

Original Rating Rating as per Last Review

Current Rating

Rating

Interest Rate

Rating LC-

Proposed Interest Rate BR + 375%

( 13.25%)

The Company has started operations from the existing unit in the month of January 2010 and the financials for the year 2009-10 are for a brief period of three months only. Also, the financial statements for the FY 2010-11 are not available as such the Proposal has been rated on the basis of financial data for the 1st Operational year 2013-14 in the following manner:-

Sponsor Risk Assessment 1.00

Construction Risk Assessment 1.00

Supply Risk Assessment 1.00

Project Cost And Viability 1.00

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Regulatory, Political And Legal Risk Assessment 1.50

Basic Borrower Risk Score 1.01

Borrower Risk Score (with Project Status Cap) 1.01

Final Risk Grade JKB-INFRA1 (2)

Probability of Default 3.16%

Risk rating model of the Bank has rated the account in rating Grade of

JKB-Infra1 (2) . The debt requirement for the Project has been assessed/ analysed at floating based interest rate of 11.75%, however, the BU has recommended interest rate of BR+ 3.75% ( current effective 13.25% )

for the facility. In view of the fact that Company is yet to receive any formal sanction letter from any Bank, we may go ahead with the interest

rate recommended by the branch.

Projected Profitability Statement (Rs. In lacs)

FY 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21

Revenue 28374 35096 42006 42550 42550 42550 42550 42550

Raw Material 16941 19548 23457 23457 23457 23457 23457 23457

Chemicals 981 1132 1359 1359 1359 1359 1359 1359

Packaging and other consumables 50 58 69 69 69 69 69 69

Stores and Spares 567 702 840 851 851 851 851 851

Water Expense 20 23 28 28 28 28 28 28

Power and Fuel 3137 3620 4344 4344 4344 4344 4344 4344

Personnel expenses (operational) 329 356 384 415 448 484 523 564

Miscellaneous Factory Expense 15 16 17 17 18 19 20 21

Repair maintenance 318 318 318 318 318 318 318 318

J&K BANK


Insurance 217 195 173 151 129 107 85 64

Factory Cost 22576 25966 30988 31009 31021 31036 31054 31075

Add: Opening Stock of WIP and FG 0 1679 1962 2341 2341 2341 2341 2341

Less: Opening Stock of WIP and FG 1679 1962 2341 2341 2341 2341 2341 2341

Cost of Goods Sold 20897 25683 30610 31009 31021 31036 31054 31075

Administrative Expenses 173 184 195 208 221 235 250 266

Selling expenses 567 702 840 851 851 851 851 851

Cost of Sales 21637 26569 31645 32067 32093 32122 32155 32192

EBITDA 6737 8527 10361 10483 10457 10428 10395 10358

Depreciation and Amortization 3017 3017 3017 3017 3017 2912 2912 2912

Interest on Term Loan 2577 2249 1874 1500 1125 750 375 47

Interest on Working Capital Loan 506 599 716 716 716 716 716 716

EBT 636 2662 4753 5250 5600 6050 6392 6683

Tax 127 533 1122 1765 2008 2264 2469 2643

Deferred Tax 475 267 89 -62 -191 -301 -395 -475

PAT 34 1862 3542 3547 3783 4087 4318 4515

Cash Flow Statement

Particulars 11-12 12-1313-14 14-15

15-16 16-17 17-18 18-19 19-20 20-21

Cash Inflows

PAT 0 0 34 1862354

2 3547 3783 4087 4318451

5

Depreciation 0 0291

2 2912291

2 2912 2912 2912 2912291

2

Amortization 0 0 105 105 105 105 105 0 0 0

Deferred Tax Liability

0 0 475 267 89 0 0 0 0 0

J&K BANK


Increase in Term Loan 10807

11526 0 0 0 0 0 0 0 0

Increase in Equity 5819 6206 0 0 0 0 0 0 0 0

Increase in WC Borrowing 0 0

6152 1132

1422 0 0 0 0 0

Total Inflow1662

71773

29678 6279

8070 6564

6800

7000

7231

7427

Cash Outflows

Capex 161021568

2 0 0 0 0 0 0 0 0

Preliminary/Pre-operative Expenses 525 0 0 0 0 0 0 0 0 0

Term Loan Repayment 0 0

1595 3190

3190 3190 3190 3190 3190

1595

Increase in Current Assets 0 0

8202 1510

1896 0 0 0 0 0

Deferred Tax Asset 0 0 0 0 0 62 191 301 395 475

Total Outflow1662

71568

29797 4700

5086 3253

3382

3491

3585

2070

Opening Cash Balance 0 0

2051 1931

3509 6494

9805

13223

16731

20377

Surplus/(Deficit) during the year 0 2051

-120 1578

2984 3311 3418 3508 3645

5357

Closing Balance 0 2051

1931 3509

6494 9805

13223

16731

20377

25734

Debt Service Coverage Analysis

FY2013-

142014-

152015-

162016-

172017-

18 2018-192019-

202020-

21

PAT 34 1862 3542 3547 3783 4087 4318 4515

Add: 2912 2912 2912 2912 2912 2912 2912 2912

J&K BANK


Depreciation

Add: Amortization

105 105 105 105 105 0 0 0

Add: Deferred Tax Liability

475 267 89 -62 -191 -301 -395 -475

Add: Interest on Term Loan

2577 2249 1874 1500 1125 750 375 47

Cash Available for Servicing

6104 7396 8523 8001 7734 7448 7211 3500

Term Loan Obligation

Principle Repayment

1595 3190 3190 3190 3190 3190 3190 1595

Interest Repayment

2577 2249 1874 1500 1125 750 375 47

Total 4173 5440 5065 4690 4315 3940 3565 1642

DSCR 1.46 1.36 1.68 1.71 1.79 1.89 2.02 2.13

Minimum DSCR

1.36

Average DSCR

1.70

WORKING CAPITAL REQUIREMENTS The requirement of Working capital for the project for the first year of operation has been estimated at Rs. 8202 lacs as per details below:-

Particulars Holding Period Rupees in lacs

J&K BANK


(Days)

Raw Material 60 3080

Chemicals and stores 30 141

Rice Husk 60 351

Stock in Progress 10 684

Finished Goods 15 995

Receivables 45 2950

Gross current assets 8202

Margin Money (25% of Gross current assets)

2051

As per the practice in vogue for proposals under consortium, the WC limits shall be sanctioned upon COD, and our share shall be in proportion to our share in Term debt.

Recommendations of Branch

The Branch has recommended the proposal for Term loan of Rs.40.00 crores with a sub-limit of Rs.17.91 crores for capex LC as per details below:-

Nature of facility

Limit Rate ofInterest/Margin on NFB

Commissionon NFBFacilities

Up-frontfee

Moratorium

Total tenorof TL D-T-D

TermLoan.

RTL of Rs. 40 Crore with a sub-limit for the (LC) facility OF Rs.17.91 crores at

13.25% p.a. linked to Base rate of the Bank (Base RATE (9.50+375 BPS) or the rate charged by any other member bank.

The interest rate shall be fixed for

0.50% p.a. 0.50%

Plus taxes as

applicable.

3 Quarters after PCOD

9.25 years.

J&K BANK


NIL margin.

one year from the date of documentation .

The proposed Term Loan of Rs.40.00 crores work out around 17.91% of Total Term Debt of Rs.223.33 crores for part financing the project cost of Rs.343.59 crores.

Compliance of Exposure norms

Compliance of

Exposure norms

Applicant Borrower /Group Whether complied with

Applicant Borrower Yes

Group Yes

Industry Yes

Status of Compliance of lending policy guidelines Key parameters Whether complied

with

Current Ratio Yes

DER Yes

DSCR Yes

EXPOSURE DETAILS

Total Exposure (Existing + proposed) to the applicant Borrower as a % age of Bank’s capital funds as on 31.03.2011.

Total Exposure (Existing + proposed) to the Group as a % of Bank’s Net worth as on 31.03.2011.

Capital fund of the bank as on 31.03.2011 was Rs 4169.06 crores

J&K BANK


0.96% 0.96%

Recommendations of A&AP, CHQ, Srinagar

Subsequent to issuance of In-Principal sanction, the Proposal is recommended for Term Loan of Rs.40.00 crores ( Rupees forty crore only) with Sub-limit of Rs. 17.91 crores for capex LC in favour of the Company for part financing setting up a new craft paper manufacturing unit under consortium arrangement . The Facility is proposed as per details below:-

Facility Rupee Term Loan Rs.40 crores with a sub-limit of Rs.17.91 crores for capex LC at 10% margin.

Purpose Setting up a new Kraft Paper manufacturing unit of capacity 463 TPD at Ludhiana, Punjab

Tenor 9.25 Years.Project Cost Particulars Rupees in

croresLand & Site Development 16.36

Civil Works 25.45

Plant & Machinery 213.10

Miscellaneous Fixed Assets 23.39

Preliminary & Pre-Operative expenses 5.25

WC Margin Money 20.51

Interest During Construction 25.80

Contingency 13.73

Total Project Cost 343.59

Means of Finance Particulars Rupees in CroresEquity Share capital 120.26

Debt 223.33

J&K BANK


Total 343.59

Financing Arrangement

The sanction shall be subject to financial closure under Consortium arrangement.

Project Commercial Operation Date

Project Commercial Operation Date (“PCOD”) April 1, 2013.

Upfront Equity 25% of the promoter contribution i.e. Rs. 30.06 Crores before seeking the first disbursement from Banks

Purpose The proposed Facility shall be used to part finance the Project Cost

Mandated Lead Arranger (MLA)

SBI Capital Markets Ltd. (“SBICAP”)

Interest Rate BR+ 3.75% current effective 13.25% , payable at monthly rests or any higher rate charged by other Bank within the consortium

The interest shall be fixed for one year from the date of documentation. Banks shall have the right to reset the interest rate annually, on the anniversary dates beginning from the 1st anniversary date of Documentation of the proposed facility

Upfront fee Upfront fees of 0.50% plus applicable taxes shall be paid by Borrower on the date of Documentation.

Availability Period

The fund based facility shall be available for drawdown till 6 months after PCOD, i.e. till 30th

September 2013.

Moratorium Period

3 Quarters after PCOD

Repayment Repayment in 28 equal quarterly installments commencing on 31st December 2013.Date of Repayment

Amount(Rs in Crore)

Date of Repayment

Amount(in Rs Crore)

31-Dec-13

3.57% 30-Jun-17 3.57%

31-Mar-14

3.57% 30-Sep-17 3.57%

30-Jun-14 3.57% 31-Dec-17 3.57%

30-Sep-14

3.57% 31-Mar-18 3.57%

31-Dec-14

3.57% 30-Jun-18 3.57%

31-Mar-15

3.57% 30-Sep-18 3.57%

J&K BANK


30-Jun-15 3.57% 31-Dec-18 3.57%

30-Sep-15

3.57% 31-Mar-19 3.57%

31-Dec-15

3.57% 30-Jun-19 3.57%

31-Mar-16

3.57% 30-Sep-19 3.57%

30-Jun-16 3.57% 31-Dec-19 3.57%

30-Sep-16

3.57% 31-Mar-20 3.57%

31-Dec-16

3.57% 30-Jun-20 3.57%

31-Mar-17

3.57% 30-Sep-20 3.61%

Door to Door Tenor

9.25 years

Drawdown The Drawdown for the Facility shall be as per the Drawdown Schedule provided by the Borrower on Documentation with revision thereafter as notified to the Lenders.

Part disbursement of the facilities, including issuance of Letter of Credit (LC), may be allowed for advances to major machinery suppliers pending full debt tie up after creation of hypothecation charge but before creation of mortgage over immovable fixed assets, which would be completed within 3 months from the date of loan documentation

Commitment Fee: Commitment charges of 1.20% shall be levied for draw-downs delayed beyond two months from the notified draw-down schedules. However, no commitment fee payable in case there is no deviation in drawdown from the Drawdown schedule submitted at the time of Documentation, and revised thereafter from time to time as notified to the banks, atleast one month prior to the scheduled drawdown.

Security (i) First charge on all fixed assets of proposed manufacturing unit by way of equitable mortgage of immovable fixed assets and hypothecation of movables, both present and future, ranking pari-passu with other term lenders for the proposed Project.

(ii) Personal Guarantees of Mr. Suresh Sharma andMr. Deepak Sharma

J&K BANK


A time period of 3 months from the date of Loan documentation may be allowed for creation of mortgage security.

The Company shall furnish No Objection Certificate (NOC) from existing lenders of SPL as may be necessary, to the lenders of the project, within a period of 3 months from the date of documentation of the proposed facility

Conditions Precedent to first disbursement

1. The sanction shall be subject to financial closure and formation of consortium of Lenders.

2. The promoters would bring in at least 25% of their envisaged contribution in the project, before seeking disbursement out of the term loan.

3. The company shall have acquired the necessary land for the project and be in possession of the same

4. Creation of security as stipulated above.5. The main promoters, viz., Mr. suresh Sharma

and Mr. Deepak Sharma shall furnish an undertaking to meet any overrun in the cost of the project from their own sources.

6. The main promoters shall furnish an undertaking that the management control of the company shall be retained by the existing promoters and the equity stake of the promoters shall not fall below 51% of the total equity share capital of SPL during the tenor of the loan

Additional Interest

Additional Interest of 1% p.a. shall be payable on the entire outstanding amount of the loan, in case of delay in creation of security as stipulated, from the scheduled date for security creation till the date of compliance.

Insurance Comprehensive insurance cover for the full value of stocks, building, plant and machinery and other assets (primary as well as collateral) against theft, riots, civil commotion, floods, terrorist, transit risks shall be obtained in the joint names of bank and the firm at the latter’s cost and Bank will retain the relative policies.

Default Interest Rate/Liquidated Damages

In case of default in payment of any installment of principal amount of the loan, interest thereon or other monies becoming due on their respective due dates, the company shall pay on the entire outstanding

J&K BANK


amount, Default Interest/Liquidated damages at the rate of 2 p.a. over and above the applicable interest rate, for the period of default.

Establishment of Import LCs

Commitment charges for full validity of the credit i.e. from the date of opening of LC to last date of its validity.

0.15% for every quarter or part thereof.

Usance charges for LCs

Up to Rs.2 crores

0.0750% per month in excess of 3 months.

Above Rs. 2 crores

Up to Rs.2 crores at full rate as specified above.

Over Rs.2.00 crores to Rs.16.00 crores- 1/2 of the above specified rate.

Over Rs.16 crores- 1/4 of the above specified rate.

Terms and Conditions for Import LCs

1. FLC established on behalf of the party to be backed by 100% forward cover.

2. A satisfactory credit report on the foreign seller should be obtained and kept on record.

3. Branch to strictly adhere to KYC norms of the bank.

4. All exchange and trade control regulations to be observed by the branch.

5. All other guidelines circulated by Foreign Exchange Business Deptt. CHQ from time to time be adhered with.

Other Conditions (i) The company shall obtain applicable statutory/non-statutory clearances/ approvals required for commencement of Project implementation

(ii) Bank will have the right to examine at all times the company's books of accounts and to have the company's factories inspected, from time to

J&K BANK


time, by officer(s) of the Bank and / or qualified auditors and/ or technical experts and / or management consultants of the Bank's choice. Cost of such inspection shall be borne by the company.

(iii) The company should maintain adequate books of accounts, which should correctly reflect its financial position and scale of operations and should not radically change its accounting system without notice to the Bank.

(iv) The company should submit to the Bank such financial statements as may be required by the Bank from time to time, apart from the set of such statements to be furnished by the company to the Bank as on the date of publication of the company's annual accounts.

(v) The Bank will have a first charge on the profits of the company, after provision for taxation and dividend where applicable, for repayment of installments under term loans granted/deferred payment guarantees executed by the Bank or other repayment obligation, if any, due from the company to the Bank.

(vi) In case of default in repayment of the loan / advances or in the payment of the interest thereon or any of the agreed installments of the loan on due date/s by the borrower, the Bank and / or the RBI will have an unqualified right to disclose or publish the borrower's name or the name of the borrower's company / unit and its directors/ partners / proprietors as defaulter in such manner and through such medium as the Bank or RBI in their absolute discretion may think fit.

(vii) The Bank will have the right to share credit information as deemed appropriate with CIBIL or any other institution as approved by RBI from time to time.

(viii) The company should not induct into its Board a person whose name appears in the willful defaulters list of RBI/ CIBIL (other than as a Nominee/ Professional/ Honorary director). In case such a person is already on the Board of the borrowing company, it would take expeditious and effective steps for removal of that person from its Board.

J&K BANK


CONCLUSION OF THE CASE

“The bank appraised the project and allowed enhancement in the existing Fund Based limit of Rs.40.00 crores (Rupees fourth crores only) in favor of M/S Sharma Paper Limited Company. Against terms, conditions and securities required as per banks policy.”

CONCLUSION:

Since the J&K Bank Ltd. was the first state bank in the state, which obviously has helped it to dig its roots very much deep. The bank from its very beginning has proved itself. It is working hard and is improving itself day-by-day. Its market share is very high in the state which indicated its dedication towards its customers.

The most important thing is that the bank is showing progress. The bank has also achieved excellence in many respects. The policies and strategies are being formulated by the elite personalities, which are discharging their duties and responsibilities in the right perspective.

From the entire project work it can be concluded that the bank is really discharging its responsibilities and duties and is

J&K BANK


making efforts to help the state to become the most prosperous in the country.

BIBLIOGRAPHY

INTERNET

www.netbank.org

www.rushabhinfosoft.com

www.advancedbusinesscapital.com

en.wikipedia.org

BOOKS

J&K BANK

http://www.wikipedia.org/

http://www.advancedbusinesscapital.com/

http://www.rushabhinfosoft.com/

http://www.netbank.org/


Corporate Finance: Theory and Practice by S. R. Vishwanath

Corporate Credit Management and Business Risk Management by Ashok Choubey

Financial Management by I.M.Panday

J&K BANK

0. j & k bank - copy

Documents