2 90-2 TABLE OF CONTENTS PAGE I. SUMMARY 90-3 II. PRODUCT DESCRIPTION AND APPLICATION 90-3 III. MARKET STUDY AND PLANT CAPACITY 90-4 A. MARKET STUDY 90-4 B. PLANT CAPACITY AND PRODUCTION PROGRAMME 90-6 IV. MATERIALS AND INPUTS 90-7 A. MATERIALS 90-7 B. UTILITIES 90-8 V. TECHNOLOGY AND ENGINEERING 90-9 A. TECHNOLOGY 90-9 B. ENGINEERING VI. MANPOWER AND TRAINING REQUIREMENT A. MANPOWER REQUIREMENT B. TRAINING REQUIREMENT VII. FINANCIAL ANALYSIS A. TOTAL INITITAL INVESTMENT COST B. PRODUCTION COST C. FINANCIAL EVALUATION D. ECONOMIC BENEITS 90-17
3 90-3 I. SUMMARY This profile envisages the establishment of a plant for the production of 7,500 tonnes of paper per annum. The current demand for the proposed product is estimated at 46,359 tonnes per annum and it is projected to reach 67,055 tonnes by the year The project will create employment opportunity for 75 persons. The total investment cost of the project is estimated at Birr million, out of which Birr 20 million is required for plant and machinery. The project is financially viable with an internal rate of return (IRR) of 24% and a net present value (NPV) of Birr million, discounted at 10.5%. II. PRODUCT DESCRIPTION AND APPLICATION Paper is used for writing and printing, for wrapping and packaging, and a variety of other applications ranging from kitchen towels to the manufacture of building materials. In modern times, its production in large quantities has been a significant factor in the increase in literacy and the raising of educational levels of people throughout the world. The most commonly used paper types are stationary paper (i.e. printing and writing), news print, wrapping & packaging, and paper card. Small scale paper making is defined as one having a capacity of less than 30 tonnes of paper per day; this also includes hand-made paper.
4 90-4 III. MARKET STUDY AND PLANT CAPACITY A. MARKET STUDY 1. Past supply and Present Demand Paper has become an important necessity of our day to day life. Modern life depends on paper and millions of tonnes of it are made and used each year. The range of possible uses of paper is limitless and new ways of using it are being devised daily. We use paper for news prints, magazines, writing, printing, packaging, sanitary purpose and household uses. Books, exercise books, report cards, receipts, envelops greeting cards, calanders, diaries, wall papers, toilet tissue, towels are a few among the usages of paper. The supply of paper in Ethiopia is dominated by imported products. The only paper producing factory in Ethiopia is Ethiopian Pulp and Paper Share Company which is located at Wonjj. This factory has a production capacity of 8,000-10,000 tonnes, annually. Due to the limited production capacity of the country's sole producer of paper, the country imports a large quantity of paper from oversees (see Table 3.1). Table 3.1 PAPER SUPPLY IN TONNES Year Domestic Import Total ,489 20,313 27, , , , , , , , , , ,719 32,216 39, ,683 35,926 42,609 Average 7, , ,398
5 90-5 As can be seen from Table 3.1, the 1998/2003 average annual domestic production of paper was 7,266 tonnes while in the same period 127,132 tonnes of paper have been imported which means the average total supply of paper during the period under consideration was 134,398 tonnes per annum, of which only about 5% was locally produced. Supply of paper has shown a leap in the three years ( ) and returns back to the under 50, 000 tonnes level in Excluding the leap years, the average annual total supply remains 36,782 tonnes with an annual growth rate of 8.8%. Applying this annual growth rate, the current effective demand for paper is estimated at 46, 359 tonnes. 2. Projected Demand Since modern life needs usage of paper every day, the demand for paper is increasing with population and modernization. Changes in life style, growth in standard of living, the service and industrial sector and educational coverage will contribute to the growth in demand for paper. In forecasting the demand for paper, therefore, GDP growth rate attained in i.e, 3.76% is applied. The projected demand is presented in Table 3.2. Table 3.2 PROJECTED DEMAND FOR PAPER Year Demand (Tonnes) , , , , , , , , , ,055
6 Pricing and Distribution As a new entrant to the market, the project under study will have an advantage of using latest technology as against the existing domestic producer which will enable to produce at a lesser cost and better quality. The recommended price for the envisaged project is Birr 4 per kg. The product can be distributed by establishing own distribution outlets in strategic towns or by using hired or commissioned agents. B. PLANT CAPACITY AND PRODUCTION PROGRAMME 1. Plant Capacity From the technical point of view, a small-scale paper mill is one, which has a capacity of less than 30 tonnes per day. Accordingly, considering the demand projections worked out in the market study section, it is proposed that a plant with a daily capacity of 25 tonnes per day is recommended. This is equivalent to 7,500 tonnes per year. Production capacity is based on a schedule of 300 working days per annum and 3 shifts of eight hours per day. 2. Production Programme The envisaged production programme is given in Table 3.4. The schedule is worked out in consideration of the time required for gradual build-up in labour productivity and finetuning of machinery. Production will start at 75% of plant capacity in the first year of operation and reache full-gear in the 3 rd year of operation and thenafter.
7 90-7 Table 3.4 PRODUCTION PROGRAMME Year Capacity Utilization [%] Production (tonnes) 5,625 6,375 7,500 IV. MATERIALS AND INPUTS A. MATERIALS In tropical developing countries, where wood is often in short supply there are a number of sources of fiber. These include straw (e.g. from wheat, barley or rice), bagasse, maize stalks, bamboo, cotton cuttings, lint and fluff, rags (from cotton material), hemp and sisal from old ropes and jute. In the Benishangul-Gumuz region, maize stalks and bamboo are believed to be easily obtainable, especially through commercial farming. In addition if proper maintenance is applied, the existing bamboo forests could be utilized as a source of raw material. Chemicals are also required in the paper making process. These include caustic soda, lime, ammonia- & calcium sulphate, chlorine, hypochlorite, alum, starch, china clay and talc. The raw materials required for the envisaged small scale paper plant and corresponding estimated cost are indicated in Table 4.1.
8 90-8 Table 4.1 ANNUAL MATERIALS REQUIREMENTS AND COST (IN TONNES) Sr. Unit Price Cost ('000 Birr) No. Description Qty. (Birr) L.C F.C Total 1 Wood * 18, , , NaOH 2,010 4,360 3, , Cl , CaO , Grand Total 7, , , * Bamboo and, agro-residues are believed to be the major fibers for paper making in the Benishangul - Gumuz region. B. UTILITIES Electricity, water and steam are the three major utilities required by the plant. Steam is supposed to be generated by electric boilers; hence, its cost to the project are included in electricity and water costs. Table 4.2 shows annual requirements and associated costs at full production capacity. Annual cost of utilities, at the proposed full production capacity, is estimated at Birr 4,642,500. Table 4.2 ANNUAL UTILITIES REQUIREMENT AND COST Sr. No. Description Unit of Measure Qty. Unit Price (Birr) Total Cost (Birr) 1 Electricity kwh 10,500, , Water m 3 750, ,125 3 Steam Tonne 75, Grand Total 4,642.50
9 90-9 V. TECHNOLOGY AND ENGINEERING A. TECHNOLOGY 1. Production Process The process of making paper is based on the fact that wet cellulose fibers bind together when dried under restraint. The processing of paper usually involves the initial separation of the cellulose fibers to form a wet pulp, some form of treatment, such as beating and refining, while in the pulped state, to enhance the quality of the final product, then forming of the sheet paper by hand molding or by paper making machine, and drying. Some further processing is often carried out before or during drying to acquire the desired finish. The stages involved in transforming raw materials into paper in a small scale mill are the following operations: Delivery and preparation, Bleaching and refining, Sheet forming, Coating, drying & calendaring, and Cutting & packing. Effluent treatment and disposal is another topic, which needs careful attention. The effluent from a paper mill can contain different chemical species, which, if discharged directly into the environment, would cause untold damage. In medium and large-scale plants specialized recovery equipment is used to reclaim chemicals for reuse or for incineration to provide energy. This is not cost effective in smaller plants and so some form of treatment and/or disposal is required. Biological treatment plants, such as the anaerobic digester, are sometimes used to treat the effluent. This method has the added
10 90-10 benefit of producing methane through digestion of the organic matter in the effluent, which can be used to provide as much as 30 % of the mill's energy requirement. The remaining sludge can, then, be disposed off on the land. 2. Source Of Technology The manufacturing technology and machinery for small scale paper production can be obtained from renowned suppliers in Europe and Asia. The following company can be contacted for the supply of machinery and knowhow: Small Industries Research Institute (SIRI), PO Box 2106, 4/43 Roop Nagar, Delhi , India. Tel: B. ENGINEERING 1. Machinery And Equipment The list of machinery and equipment required for a small scale paper making plant is given in Table 5.1. It should be understood that a pulp & paper mill is generally capital intensive. On this basis, total cost of machinery and equipment is estimated at 20 million, out of which Birr 13 million is required in foreign currency.
11 90-11 Table 5.1 LIST OF MACHINERY AND EQUIPMENT Sr. Description No. (Set) No. 1 Pulper 1 2 Breaker 1 3 Beater / refiner 1 4 Washer 1 5 Refining equipment 1 6 De-flaking equipment 1 7 Screen 1 8 Cleaners 1 9 Fourdrinier machine 1 10 Headbox or flow-box 1 11 Press 1 12 Dryer 1 13 Reeling, winding and sheeting equipment, 1 14 Handling equipment 1 15 Size press Machine 1 16 Cutting machine 1 17 Laboratory equipment Set 18 Auxiliary equipment Set 19 Boiler 1 2. Land, Building And Civil Works Total land requirement of the project is estimated at 10,000m 2 out of which 3000m 2 is built-up area. Cost of building construction is estimated at about Birr 4.5 million. Total land lease cost, for a period of 70 years is estimated at about Birr 1,400,000. Thus, the total investment cost of land, building and civil works assuming that the total land lease cost will be paid in advance will be Birr 5.9 million.
12 Proposed Location It is highly recommendable (and also sustainable) to base a pulp -& paper mill on commercial forests, i.e. trees that are planted on purpose with modern re-forestation schemes. In view of this, any of the major irrigable areas of the region in the Assosa zone; namely, Afa, Dabus, Checorsa, Afafir, Yabus, Shilla or Fafa could be considered for setting the small-scale paper plant. In addition if proper maintenance plan is arranged the location could be in Kamashi and Metekel zones to utilize the existing bamboo forests/plantation. VI. MANPOWER AND TRAINING REQUIREMENTS A. MANPOWER REQUIREMENT Table 6.1 shows the list of manpower required and the estimated annual labour costs. Total manpower requirement, including skilled and unskilled labour, is 75 persons. Correspondingly, the total annual labour cost including fringe benefits, is estimated at Birr 726,750.
13 90-13 Table 6.1 MANPOWER REQUIREMENT AND ANNUAL LABOR COSTS Sr. No. Description Req. No. Monthly Salary (Birr) Annual Salary (Birr) 1. General Manager Production & Technical Manager Pulp Mill Division Head Paper Mill Division Head Finance & Administration Manager Commercial Manager Accountant Sales Person Purchaser Clerk Secretary Quality Control Manager Production Foreman Chemist Operator Mechanic Electrician Unskilled Labour Guard Diver Total Worker s Benefit = 25% of Basic Salary Grand Total
14 90-14 B. TRAINING REQUIREMENT An on-site training programme can be arranged for key production, maintenance and quality control personnel in consultation with the machinery and technology supplier. Additionally, a training programme can be arranged at the Ethiopian Pulp & Paper Share Company. Cost of training of this nature is estimated at Birr 300,000. VII. FINANCIAL ANALYSIS The financial analysis of the small scale paper making project is based on the data presented in the previous chapters and the following assumptions:- Construction period 2 years Source of finance 30 % equity 70 % loan Tax holidays 3 years Bank interest 10.5% Discounted cash flow 10.5% Repair and maintenance 5 % of the total plant and machinery Accounts receivable 30 days Raw material, local 60 days Raw material, imported 90 days Work in progress 1 day Finished products 30 days Cash in hand 5 days Accounts payable 30 days
15 90-15 A. TOTAL INITIAL INVESTMENT COST The total initial investment cost of the project including working capital is estimated at Birr million, of which about 44% will be required in foreign currency. The breakdown of the total initial investment cost is shown in Table 7.1. Table 7.1 INITIAL INVESTMENT COST ('000 BIRR) Sr. Cost Items Foreign Local Total No. Currency Currency 1 Land - 1, , Building and Civil Work - 4, , Plant Machinery and Equipment 13,0000 7, , Office Furniture and Equipment Vehicle Pre-production Expenditure* 4, , Total Investment cost 13, , , Working Capital 2, , ,717.6 Grand Total 15, , , * Pre-production expenditure include interest during construction (Birr 4.17 million), training (Birr 300,000), and costs of registration, licensing and formation of the company including legal fees, commissioning expenses, etc.
16 90-16 B. PRODUCTION COST The annual production cost at full operation capacity of the plant is estimated at Birr million (see Table 7.2). The material and utility cost accounts for 79 per cent while repair and maintenance take 1.12 per cent of the production cost. Table 7.2 ANNUAL PRODUCTION COST ('000 BIRR) Year Items Raw Material and Inputs 10, , , ,486.5 Labour direct Utilities 3, , , ,642.6 Maintenance and repair Labour overheads Administration cost Total Operating Costs 14, , , ,115.6 Depreciation 2, , , ,260.0 Cost of Finance 2, , , Total Production Cost 19, , , ,102.5 C. FINANCIAL EVALUATION 1. Profitability According to the projected income statement, the project will start generating profit in the first year of operation. Important ratios such as profit to total sales, net profit to equity (Return on equity) and net profit plus interest on total investment (return on total investment) show an increasing trend during the life-time of the project. The income statement and the other indicators of profitability show that the project is viable.
17 Break-even Analysis The break-even point of the project is estimated by using income statement projection. Be = Fixed Cost = 23 % Sales Variable cost 3. Pay -back Period The investment cost and income statement projection are used to project the pay-back period. The project's initial investment will be fully recovered within 5 years. 4. Internal Rate of Return and Net Present Value Based on the cash flow statement, the calculated IRR of the project is 24 % and the net present value at 10.5% discount rate is Birr million. D. ECONOMIC BENEFITS The project can create employment for 75 persons. In addition to supply of the domestic needs, the project will generate Birr 31.9 million in terms of tax revenue. Moreover, the Regional Government can collect employment, income tax and sales tax revenue. The establishment of such factory will have a foreign exchange saving effect to the country by substituting the current imports.
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