Stone Paper Iran Feasibility Study

 

 

Iran Small Industries and Industrial Towns Organizations Company of Industrial towns of Chaharmahal and Bakhtiari Province

Undersecretary of Small Industries

Feasibility Studies of

Stone paper (calcium carbonate) 

Submitted by: Aryana Entrepreneurship and Industrial Counseling Center

 

 

  Stone paper plan

 

summery  Project title:

feasibility studies of stone paper plan

Date and time:

2017/03

Project classification:

New project

Construction phase: Length:

2017/03 - 2018/12 1 years, 10 months

Production phase:

2019/01 - 2023/12

Length:

5 years

Accounting currency:

Rial (T R)

Units:

Absolute

Local currency:

Rial (T R)

Exchange rate:

1 EUR = 35 T R INVESTMENT COSTS Total construction

Total production

Total investment

Total fixed investment costs

152,998,510

0

152,998,510

Total pre-production expenditures

2,020,220

0

2,020,220

Pre-production expenditures (net of interest)

2,020,220

0

2,020,220

Interest

0

0

0

Increase in net working capital

4,823,515

-606,176

4,217,339

TOTAL INVESTMENT COSTS

159,842,245

-606,176

159,236,069

Total construction

Total production

Total inflow

Total equity capital

159,862,245

0

159,862,245

Foreign

0

0

0

Local

159,862,245

0

159,862,245

Total long-term loans

0

0

0

Foreign

0

0

0

Local Total short-term loans

0 0

0 0

0 0

Foreign

0

0

0

Local

0

0

0

Accounts payable

0

10,881,074

10,881,074

TOTAL SOURCES OF FINANCE

159,862,245

10,881,074

170,743,319

First year 2019

Reference year 2021

Last year 2023

SALES REVENUE

120,435,000

160,580,000

160,580,000

Factory costs

59,939,424

78,142,147

78,142,147

Administrative overhead costs

4,283,490

4,630,800

4,630,800

OPERATING COSTS Depreciation

64,222,914 15,041,272

82,772,947 10,922,017

82,772,947 10,050,669

SOURCES OF FINANCE

INCOME AND COSTS, OPERATIONS

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  Stone paper plan

  Financial costs

0

0

0

TOTAL PRODUCTION COSTS

79,264,186

93,694,964

92,823,616

Marketing costs

1,273,170

1,697,560

1,697,560

COSTS OF PRODUCTS

80,537,356

95,392,524

94,521,176

Interest on short-term deposits

0

0

0

GROSS PROFIT FROM OPERATIONS

39,897,644

65,187,476

66,058,824

Extraordinary income

0

0

0

Extraordinary loss

0

0

0

Depreciation allowances

0

0

0

GROSS PROFIT

39,897,644

65,187,476

66,058,824

Investment allowances

0

0

0

TAXABLE PROFIT

39,897,644

65,187,476

66,058,824

Income (corporate) tax

9,974,411

16,296,869

16,514,706

 NET PROFIT

29,923,233

48,890,607

49,544,118

RATIOS  Net Present Value of Total Capital Invested

at 18.00%

Internal rate of return on investment (IRR)

28.96%

Modified IRR on investment

23.32%

 Net Present Value of Total Equity Capital Invested

at 23.00%

Internal rate of return on equity (IRRE)

28.96%

Modified IRRE on equity

25.66%

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45,078,360

21,222,649

 

  Stone paper plan

  Paper Stone  stone paper known as mineral paper, marble paper, enriched mineral paper, is a product similar to paper that consists of calcium carbonate in mixture with high-density HDPEE polyethylene. This product is used on paper and stationery, notes, posters, books, magazines, hand luggage and

many other applications. Features rock-paper  Water resistance and resistance against rapture is considered one the characteristic ch aracteristic of this model. It also does get static load and it is without acid which means that it is neutral in PHH. It is also resistant against Oil and insect. Because of lotex like texture, it is resistant against rapture. Texture of the Stone paper is not porous. The density of stone paper is between 100, and 106 which is equal or a little more than common paper, and its texture is to some extent similar to shell of boiled eggs. Stone Paper can be recycled with plastic stones to 22 degrees and recycled back into stone paper. In terms of recycling, stone paper is not biodegradable, biode gradable, yet in commercial u utilization tilization and being

exposure to light it will be biodegradable. Not  being grainy caused its surface be softer and more smooth than common paper and resolved the need to have sellpone cover and or laminate. laminate. This paper burns easily and wit without hout emitting toxic smoke. The main source of its raw raw materials materials are mining waste and marble stone cuttings which is grinded and turns into stone powder. In In the production of stone paper mater materials ials such as water, acid, bleached or light bleached are not used. Stone paper can be used in inkjet devices or sets with solid ink such as offset, letterpress, and flexor. However in laser printers with high temperature, does not work well. Types of Paper available on market based application   Copy paper (A4-A5, ...) -LWC-PE (polyethylene) - colorful - Security Se curity –  inward   inward board - waste -

Bible - sticky - white back - gray g ray back - straw paper - tissue - printing and writing - thermal  paste paper - wall - newspaper - smoking - Fantasy - continuous computer forms - fluting fluting - air filter - glossy - Liner - Cardboard - wax - White-ups - Transportation plate - Los carbon - plastic,  paper - industry paper and croft, coated and. ..

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  Stone paper plan

  Product introduction  stone Paper or waterproof paper, are also known as (stone paper) Paper with calcium carbonate or Rich Mineral Paper (RMP). 80% of ingredients of paper are made from calcium carbonate. c arbonate. And greatest rock foundation of the Earth is limestone, from which calcium carbonate can be

extracted. Iran is full of calcareous rocks. It is why there are so many cement plants in our country. The production of this type of paper is not cost effective to Europe European an countries because they do not have stone mines as rich as our country, but it is cost effective to our country. 15% o off ingredients of this paper are polyethylene or polypropylene. To bind calcium carbonate and resin material which is the same as polypropylene, or polyethylene a ssubstance ubstance called coupling agent (5%) is used. Physical differences between stone paper (waterproof paper) and common paper (cellulose paper)  if you look at cellulose paper, pores and dents are observed o on n its surface which is due to long and short fibers and their combination. In stone paper after combining raw material a substance

called out compatiblizer is structure added to homogeneous the that compound. The substance substance homogenizes and levels the molecular of the compound is why no damage o r pores or will be seen in texture of the paper. After writing on cello use paper with ink , if it is is kept in water water for for sec seconds onds and be rubber with with hand , the ink is effaced effaced and the structure structure of the paper demolishes, but stone paper is not such. And no damage is inflicted on the ink and structure of the pap paper. er. In other words, stone paper is waterproof If you burn stone paper the remaining ash is lime that shows the reversible nature. It takes a year to decompose this paper. It means that if this paper p aper be left into the nature, it will b bee decomposed in one year. Whereas, if the paper is made of plastic, it remains 800 to 900 in the wild, and makes hole in the ozone layer, creating a variety of diseases, including cancer. To Sum up, this  paper is environmentally friendly, waterproof and biodegradable.

Comparing the energy consumption for producing paper out of stone (waterproof paper) and regular paper (paper, wood)  

Paper industry is the fifth largest energy consumer industry in the world that, tha t, for every ton of  product, consumes more energy than steel and iron industry for producing the same amount. Also, this industry consumes much more water than other othe r industries for every ton of products. And it generates higher level of pollution in environ. According to The Institute Institute of Standard and Industrial Research of Iran with number 8669, paper pap er industry in 1385 in the country has consumed more than 517 billion kilowatt-hours of electrical energy equivalent of 912,000 barrels 5

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  Stone paper plan

  of crude and 800 million MJ fossil energy equivalent of 1.3 million barrels of crude oil that is about 1/6 percent of power consumption and 1.7 percent of fuel consumption of the industrial sector. Most of the technologies used in the pulp and paper industry are old and energy consumers. Average consumption rate of the industry for the factories of this th is industry is equivalent of 4.3 barrels of crude crude to produce a ton of paper, while, the similar similar producing pulp and paper plants in the world, consume equivalent to 2.5 barrels of crude. So we can calculate that the sum of energy consumption co nsumption of the industry in 1385 was equ equal al to more than a million and forty two thousand barrels of crude. While the oil price in the allotted budget of 1385 13 85 was  predicted to be 44.1 dollars a barrel. So based on the state budget about $ 50 million has been spent in the paper industry.

In case of producing a ton of this product compared to one ton of ordinary paper, we will have the following benefits: • 7000 to 16,000 less gallons of water will be used • less co2 is released.   • 19.02 kg less wastewater is produced   • 107.05 kg of greenhouse gas emissions can be avoided   • 6 million BTU energy is stored • 20 trees will not be cut  

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  Stone paper plan

  Economic surveys and advantages of administering the project  Much of the stone paper-related costs is associated with the production of raw materials and energy consumption. Due to abundance of rich lime stone mines in most of the parts of the country, the material is

available in a very affordable price. price. On the other hand, the total cost of energy generation is much less than other countries. countries. Thus, producing this type of paper is cost effective effective and reasonable in our country. We will deal with with this statement in great detail in third chapter. One of the advantages of this method is to preserve environment and p protect rotect destruction of forests. Also, to open up and produce p roduce stone paper less investment is required (in comparison with cellulous paper) and less electricity and water is consumed. co nsumed. The cost of production is one of the most important factors for the predictors. In In this product the overall cost of producing the  product is much less than cello use paper (about half ), and this reveals that the stone paper industry is one of the appropriate investment opportunities Unique features of stone-paper 

In addition to waterproof environmental this paper a setaffected of others Stone Paper P aper is completely andbenefits, even print text on ithas is not in unique case of features. immersion in water and or being adjacent to water. This paper also also resists against being torn, but not unbearable because basically this type of  paper has been produced to return to recycling. Nevertheless, this papers proves to be resistant against cut, thus from some aspects they are replaceable with plastic papers. It is also Anti gnawed by rodents as well as paper, stone. It is compatible with all printing devices , consistent with all all inks and all solvents applicable in in printing printing offset devices, capability of drying the ink , as soon as it gets out of printing device , with out any complementary equipments in fulfillment of this subjects, ambient temperature, which which is one of the main problems is to generating quality printing and resistance resistance to fire, are other features of stone paper.  The following table, through comparing the parameters of producing a ton of paper using wood of the trees and producing by the use of stone and recycled paper, may reveal the applications of stone paper more and more. One tone

100% of the paper out of stone

100% of recyclable material

100% by the wood of the trees

using the wood of the trees

0

4

20

Amount of waste  produced

0

2Ton

0

water consumption

0

4000 gallons

16000 gallons

The use of bleach

No

Yes

Yes

Coal consumption

80%

20-30%

20-30%

Energy co nsumption

25 mill BUT

40 mill BUT

52 mill BUT

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  Stone paper plan

  Environmental impact of paper production in different way  

The amount decrease in co2 produced one ton of stone paper in comparison with  production of paper wood and recycled  paper is equivalent tobyco2 produced by 5.3 times of circling around the earth  

The mount of tree not cut for producing one ton of stone paper is equivalent to the production of oxygen for 40 people   The amount of water saved in  production of one ton of stone paper is equivalent to water required for three days around the clock of taking shower by an adult   The amount of production of recycled materials resulting from the use of a ton of stone paper is the equivalent of the weight of 8 big containers. The amount of energy saved for the  production of stone paper equivalent to energy required for 2 months electricity requirements of household appliances in America

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  Stone paper plan

  Name and product code: According to the Ministry of industry and trade classification cl assification Icky code 0f this product as the "Paper of calcium carbonate" is as a s follows.    

manufacturing of paper and paper products manufacturing of pulp, paper and paperboard   types of non-cellulose-based paper and cardboard   Paper made out of calcium carbonate  

Measuring unit

serial code

Stone paper

2101412355

*

Ton

2101412356

*

ton

Board Containing Calcium Carbonate  

9

Costume value code

 Name

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level of technology   calcium carbonate(limestone) calcium carbonate(limestone)

 

  Stone paper plan

  Import and export conditions: Our beloved homeland Iran, is located in the geographically dry area and therefore in most of agricultural and forestry product is dependent on imports that , paper, cardboard aand nd cellulose  products are not an exception.

although, during the recent years cycling and production of paper products out of waste paper and card board has been developed as an cost effective method in our country, but our country requires to import more than 70% of paper and cardboard products , and other cellulous  products. This subject, regarding rich mineral resources, particular particularly ly with regard to limestone mine in the country could provide a suitable field for the export of stone paper. converting raw stone Paper stone into goods required for society members and many industries which deal with paper is the next step in production do stone paper . This is attainable with with special reference to processing of the raw stone paper pape r products the preparation of essential commodities.

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  Stone paper plan

  Legal licenses:  getting most of the licenses necessary for construction of these collections , due to determining the site of construction in industrial city and presence of required back grounds ,

is not a difficult job, licenses such as as water, electricity, gas, and communication branches , which exist in industrial city of Share-kord , environmental licenses,… Branch's industrial, Production technology:  access to the technology and technical knowledge of producing stone paper is not possible without permission permission of the the countries which possess the the patent. Here we provide a brief explanation on the ways which are applied in transporting the technology and by stating the strong and weak points of each ways , we select the best ways.

These methods include: • FDI (Foreign Direct Investment) • transfer of technology through joint investment (Joint Venture) • Technology transfer through licensing Agreements (Licensing Agreemen ts) • Technology transfer through turnkey contracts, • Technology transfer through imports of capital goods and machineries • the transfer of technology through the joint profit (buyback   • Reverse Engineering  • transfer of Technology through technical a id contracts and engineering services • transfer of technology through employing scientific and technical techni cal personnel 

Among , above mentioned methods and trough negotiations with the the countries providing this this technology inside and outside of the country, and due to the fact that production of the machineries in production line line is not done inside the country, supplying these technologies requires collaboration with the patented country in the forms of key available projects, collaborative projects that requires help of local professionals professionals in the industry and purchasing the machineries from foreign companies.

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  Stone paper plan

 

Study of the market

The paper import tariff tariff in different types , in the section 10 of the regulations of import and export , as wood paste or other cellules fabrics; paper or cardboard for recycling, paper or card board and things things made of them including: chapter 4 and 7 : wood paste or other other cellules fabrics; paper or cardboard for for recycling( offal and waste) waste),, chapter 4 and 8 : paper and card  board; things made of paper paste , or cardboard and chapter 4 and 9: book, newspaper, and other products of printing industry, hand written, written, typed books and maps have been specified, that 5% has been considered for for most of the cases, but now , the import tariff code has not  been recorded yet.

There are 182 mines in Chahar mahal and Bakhtiari province among which only 102 mines are active. Most of the mines of the province are of construction material type like sand , gravel , cement stone, stone, silicate, and dolomite , plaster stone, and fireclay. fireclay. However, the most most outstanding mine in the province is is in fact fireclay that iiss located in dopallan region. Some of the mineral product of the province is sent to other provinces and some are exported to other countries. 7.5 million tons of mineral material is extracted from the mines in Chahar mahal and Bakhtiari,  province that according to the recent stagnation in the economy and housing of the country, the most important problems of the mines of the country is lack of cash flow. The stagnation has restricted mines from reaching their full potential. The exhaustion of mineral machineries is the factor that has declined the potential potential of the mines. Thus mines of the country require modern technologies and equipment. The plentiful potential of ordinary and industrial lime stone exist in Chahar mahal and Bakhtiari province, Shar kord region, - Farsan, Lordegan and other regions regions that has not been used yet, and the applied cases are just in the production of construction material material like building stones- stone breaks used in sand, and gravel producing units. The lime stone in the mines of Chahar mahal and Bakhtiari province are the youngest limestone in the cou country, ntry, the quality of the limestone of the province has been identified 99%. According According to the studies and the view of experts of industry, industry, mine and commerce organization of the the province, and through Samples of the analysis of the one of the mines of the province that is located in a very appropriate place regarding the proposed site for the project ( Shar Kord industrial park ) has been specified.

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  Stone paper plan

 

The stone mines of Chahar mahal and Bakhtiari province

Mineral name Total capacity

 Nominal annual extracti

Definitive storage

Possible storage

on 820,000

(1000 tons) 25,077

(1000 tons) 20,412

 

Reference: the organization of industry, mining, mining, and commerce of Chahar mahal and Bakhtiari  province –  GIS  GIS expert of the mining office The results of chemical chemical analysis of CIP in line stone samples  percent 0.08 0.04 0.03 54.8 0.17 0.06 0.80 1.03 0.02 42.5

compounds AL2O3 Fe2O3 MnO CaO MgO K 2O  Na2O SiO2 SO3 L.O.I

  According to the above mentioned analysis, the the purity of the lime in this sample is 97.3%. (Total Coo and L.O.I). The impurity of MN is another advantage of this stone. stone.

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  Stone paper plan

  The conditions of paper supply in the market The statistics of imports from 1390 to 1391 (reference, the costume of Iran Islam republic)

According to the book of regulations of importation, exportation of the custom of Iran Islam republic, chapter 10,- wood paste paste or any other cellulous fabric material, cardboard paper for the recycling recycling , cardboard paper and things made made of them , the amount of costume tariffs chapters 48-47- and 49 for the estimation of paper importation importation of domestic needs have been considered. The total amount of imports over 5 years has been presented in the table below.

Domestic producers and their capacity: year 201 5 201 4 201 3

Description tariffs the amount of co costume tariffs according to the book of regulations of

Weight(kg) 1,175,776,620 1,150,374,207 1,422,410,346

Rial price 33,680,120,814,048 34,182,889,223,571 41,316,005,598,015

Dollar price 1,139,043,420 1,293,407,933 1,662,433,350

201 2 201 1

importationand chapters 48-4749

1,034,407,979 1,165,916,381

21,252,126,476,051 15,220,341,626,788

1,340,039,361 1,397,698,498

  Chart: Import of paper (2011 until 2015)

 1,500,000,000  1,000,000,000  500,000,000 -

1390

14

1391

1392

1393

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1394

 

  Stone paper plan

  In total, the capacity of the factories involved in production of paper and cellulous products in the country, and can have part of the inner market related to stone paper based on the estimates of the industry, mining and commerce organization and also based on the determined name capacity, , has been reported in the following table. total  Total paper and cellulous production 

880,734 

Tone

Cutting and packing copy paper  

3,900,000

 package 

Paper strips of calculators

800

kg 

Stencil paper  

30,000

 box 

WC paper  

300,000

role 

The present condition of the paper producing industry in the country According to the documents, the first active company in in the country has been exploited in a special financial area in Yazd Yazd province by the Pishgaman Company by the name capacity of 5000 tons in 1395. A number of 112 installation licenses have been issued by the industry, mining and commerce organization that the total capacity of name production of them is 1618800 tons. According to the existing statistic statistic only 7 units of the licensed unites had the license of physical development more than 40 %. As it is seen, according to the large number of the licenses issued, issued, only one productive unit exists in the country and this provides a great opportunity of appropriate presence in this industry. As it was mentioned in the first first chapter and in the section of consumptions and applications of stone paper in the first chapter, due to unique features that this product has, in

addition to its application application in the printing and packing industries and the common features it has with cellulous paper, it can have various applications. Therefore, with innovation in final use, and industries which are developing in the paper industry, there will not any con concerns cerns regarding market for this product. Furthermore, according to the estimates estimates presented about importing of cellulous papers, about, 60 to 70 percent of internal consumption is provided by imports. This issue and special attention to internal products can c an create an appropriate market in the country for the cellulous paper industry, by planning planni ng and identifying common applications  between stone and cellulous paper.

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  Stone paper plan

 

Demand Imports

According to the head of producers indicia, paper and cardboards of the country, has high  potential in export. In the conditions when the production costs in the country has declined to a large amount, the paper industry of the country , exports each year amount of paper to turkey, Russia, Thailand, china, Turkmenistan, Azerbaijan, united Arab Emirate, and Malaise. Now, Iran exports different types of tissues, packaging paper and in the future it will have the capability to export printing papers. Very good conditions for production of stone paper and large stone resources in the country can turn Iran into one of the poles of stone paper in the world. Limestone mines rich in lime around the country has created a great potential for supporting the production lines for this p product. roduct.  Nowadays, despite the large number of licenses issued regarding operation of production line and paper waste waste from calcium carbonate from the industry, mining and commerce organization , only one factory factory has reached productivity, and with the operation of other units , definitely , the grounds for export will be paved. Internal consumers

Different applications of stone paper in various industries industries and its unique features has attracted a lot of industries, large industries like cement, stationary, packaging,…. All these cases and fast growth of technology in the world wo rld is the harbinger of this matter that the raw rolls of stone paper will be used by many industries. The producers which use stone paper as their raw material, soon, will improve the internal market for the industry of the country for production of products of stone paper. Many other oth er transforming industries will make make use of this product, which include: craft paper , cutting and  packaging copy papers, - stationary and book- wall paper, and internal ornaments,… . it is important to notice this point that some of the feature of applications of cellulous paper cannot be considered as a market for the stone paper . For example, different types of tissues that is designed to absorb wet and moist, and are in contrast with the waterproof features of the stone paper.

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Stone paper plan

 

 

Investment costs total investment

Total fixed investment costs

Total constructio n 152,998,51 0

Total  production

Construction 2017/03-2017/12

Constructio n 2018

Productio n 2019

Productio n 2020

Productio n 2021

Productio n 2022

Productio n 2023

0

7,843,800

145,154,71 0

0

0

0

0

0

Total pre-production expenditures

2,020,220

0

574,500

1,445,720

0

0

0

0

0

Pre-production expenditures (net of interest)

2,020,220

0

574,500

1,445,720

0

0

0

0

0

Interest

0

0

0

0

0

0

0

0

0

688,365

501,226

56,394

-2,063

688,365

501,226

56,394

-2,063

Increase in net working capital TOTAL INVESTMENT COSTS

4,823,515

-606,176

0

4,823,515

159,842,24 5

-606,176

8,418,300

151,423,94 5

1,850,098 1,850,098

Foreign share (%)

64.59

0.00

0.00

68.19

0.00

0.00

0.00

0.00

0.00

fixed investment cost Total constructio n

Total  productio n

Construction 2017/03-2017/12

Constructio n 2018

Productio n 2019

Productio n 2020

Productio n 2021

Productio n 2022

Productio n 2023

Land purchase

4,8 43,800

0

4,843,800

0

0

0

0

0

0

Site preparation and development

2,408,850

0

1,000,000

1,408,850

0

0

0

0

0

Civil works, structures and  buildings

22,642,000

0

0

22,642,000

0

0

0

0

0

Plant machinery and equipment

105,600,00 0 103,250,00 0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

machine other cost for machines supply

2,350,000

0

0

0

0

0

0

105,600,00 0 103,250,00 0 2,350,000

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Stone paper plan

 

 

Auxiliary and service plant equipment

12,546,500

0

0

12,546,500

0

0

0

0

0

Environmental protection

700,000

0

0

700,000

0

0

0

0

0

Incorporated fixed assets (project overheads)

0

0

0

0

0

0

0

0

0

Technology Technolog y

0

0

0

0

0

0

0

0

0

Project implementation

0

0

0

0

0

0

0

0

0

Miscellaneous project overhead costs

0

0

0

0

0

0

0

0

0

Contingencies

4,2 57,360

0

2,000,000

2,257,360

0

0

0

0

0

TOTAL FIXED INVESTMENT COSTS

152,998,51 0

0

7,843,800

145,154,71 0

0

0

0

0

0

Foreign share (%)

67.48

0.00

0.00

71.13

0.00

0.00

0.00

0.00

0.00

  Total constructio n

Total  productio n

Pre-production expenditures (net of interest)

2,020,220

Interest

0

Pre-production expenditures Construction 2017/03-2017/12

Constructio n 2018

Productio n 2019

Productio n 2020

Productio n 2021

Productio n 2022

Productio n 2023

0

574,500

1,445,720

0

0

0

0

0

0

0

0

0

0

0

0

0

TOTAL PRE-PRODUCTION EXPENDITURES

2,020,220

0

574,500

1,445,720

0

0

0

0

0

Foreign share (%)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

working capital  Coefficient of turnover

Construction 2017/03-2017/12

Construction 2018

Production 2019

Production 2020

Production 2021

Production 2022

Production 2023

Total inventory

0

0

4,823,515

7,525,695

8,757,341

9,668,026

9,642,430

9,642,430

Accounts receivable

0

0

0

2,72 9,003

3,203,364

3,519,604

3,519,604

3,519,604

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Stone paper plan

 

 

Cash-in-hand

12

0

0

1,593,420

1,739,757

1,854,388

1,849,510

1,849,510

CURRENT ASSETS

0

0

4,823,515

11,848,119

13,700,462

15,042,019

15,011,544

15,011,544

Accounts payable

0

0

0

8,874,702

10,038,681

10,879,011

10,792,143

10,794,205

Raw materials

0

0

0

3,648,621

4,387,090

4,844,910

4,784,255

4,785,917

CaCO3

12

0

0

13,473

16,194

17,884

17,661

17,667

PE

12

0

0

2,222,700

2,673,611

2,952,619

2,915,654

2,916,667

coupling agent

12

0

0

1,335,286

1,604,167

1,771,571

1,749,392

1,750,000

compatibilizer

12

0

0

72,776

87,847

97,015

95,800

95,833

 packaging materials

12

0

0

4,387

5,271

5,821

5,748

5,750

Factory supplies

0

0

0

0

0

0

0

0

Utilities

12

0

0

159,026

166,070

179,686

177,882

177,932

Energy

0

0

0

0

0

0

0

0

Spare parts consumed

12

0

0

131,855

87,024

93,002

84,036

84,387

Repair, maintenance, material

12

0

0

461,330

517,249

561,052

559,188

559,188

Royalties

0

0

0

0

0

0

0

0

Labour

12

0

0

385,328

425,141

456,327

455,000

455,000

Labour overhead costs (taxes etc.)

1

0

0

3,236,756

3,571,181

3,833,148

3,822,000

3,822,000

Factory overhead costs

0

0

0

435,951

445,779

453,478

453,150

453,150

Administrative costs Leasing costs

0 0

0 0

0 0

360 ,575 0

375,047 0

386,382 0

385,900 0

385,900 0

Direct marketing costs

24

0

0

55,259

64,101

71,026

70,732

70,732

CURRENT LIABILITIES

0

0

0

8,874,702

10,038,681

10,879,011

10,792,143

10,794,205

0

0

4,823,515

2,973,417

3,661,781

4,163,008

4,219,402

4,217,339

0

0

4,823,515

-1,850,098

688,365

501,226

56,394

-2,063

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

TOTAL NET WORKING   CAPITAL REQUIREMENTS INCREASE IN NET WORKING CAPITAL Foreign share (%)

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Production costs total production cost  Capacity utilization (%) Raw materials CaCO3

Production 2019 78.13 44,867,969 165,625

Production 2020 90.63 52,046,844 192,125

Production 2021 100.42 57,670,296 212,883

Production 2022 100.00 57,431,000 212,000

Production 2023 100.00 57,431,000 212,000

PE coupling agent compatibilizer  packaging materials Factory supplies Utilities Energy Spare parts consumed Repair, maintenance, material Royalties Labour Labour overhead costs (taxes etc.) Factory overhead costs FACTORY COSTS Administrative costs Salaries, wages Wage administrative overhead costs OPERATING COSTS Depreciation Financial costs TOTAL PRODUCTION COSTS Direct marketing costs COSTS OF PRODUCTS

27,343,750 16,406,250 898,438 53,906 0 1,761,524 0 791,130 5,535,959 0 4,623,938 3,236,756 1,397,489 62,214,764 4,326,904 2,545,238 1,781,666 66,541,668 15,041,272 0 81,582,940 1,326,219 82,909,158

31,718,750 19,031,250 1,042,188 62,531 0 1,975,042 0 917,711 6,206,984 0 5,101,688 3,571,181 1,496,676 71,316,126 4,500,559 2,647,388 1,853,171 75,816,684 12,632,598 0 88,449,282 1,538,414 89,987,696

35,145,833 21,087,500 1,154,792 69,288 0 2,142,297 0 1,016,866 6,732,621 0 5,475,925 3,833,148 1,574,373 78,445,526 4,636,589 2,727,405 1,909,184 83,082,114 10,922,017 0 94,004,131 1,704,633 95,708,764

35,000,000 21,000,000 1,150,000 69,000 0 2,135,180 0 1,012,647 6,710,253 0 5,460,000 3,822,000 1,571,067 78,142,147 4,630,800 2,724,000 1,906,800 82,772,947 10,492,328 0 93,265,275 1,697,560 94,962,835

35,000,000 21,000,000 1,150,000 69,000 0 2,135,180 0 1,012,647 6,710,253 0 5,460,000 3,822,000 1,571,067 78,142,147 4,630,800 2,724,000 1,906,800 82,772,947 10,050,669 0 92,823,616 1,697,560 94,521,176

Unit cost Foreign share (%) Variable share (%)

23,131 8.72 71.52

21,643 8.03 76.44

20,774 7.55 79.63

20,698 7.61 79.92

20,602 7.65 80.30

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  variable cost Production 2019

Production 2020

Production 2021

Production 2022

Production 2023

Capacity utilization (%) Raw materials CaCO3 PE coupling agent compatibilizer  packaging materials Factory supplies Utilities Energy Spare parts consumed Repair, maintenance, material Royalties Labour Labour overhead costs (taxes etc.) Factory overhead costs FACTORY COSTS

78.13 44,867,969 165,625 27,343,750 16,406,250 898,438 53,906 0 1,334,488 0 791,130 4,193,908 0 2,985,938 2,090,156 619,922 56,883,510

90.63 52,046,844 192,125 31,718,750 19,031,250 1,042,188 62,531 0 1,548,006 0 917,711 4,864,933 0 3,463,688 2,424,581 719,109 65,984,872

100.42 57,670,296 212,883 35,145,833 21,087,500 1,154,792 69,288 0 1,715,261 0 1,016,866 5,390,570 0 3,837,925 2,686,548 796,806 73,114,272

100.00 57,431,000 212,000 35,000,000 21,000,000 1,150,000 69,000 0 1,708,144 0 1,012,647 5,368,202 0 3,822,000 2,675,400 793,500 72,810,893

100.00 57,431,000 212,000 35,000,000 21,000,000 1,150,000 69,000 0 1,708,144 0 1,012,647 5,368,202 0 3,822,000 2,675,400 793,500 72,810,893

Administrative costs Salaries, wages Wage administrative overhead costs OPERATING COSTS Depreciation Financial costs Interest Leasing costs TOTAL PRODUCTION COSTS Direct marketing costs COSTS OF PRODUCTS Unit cost Share of total (%) Foreign share (%)

1,085,344 638,438 446,906 57,968,854 0 0 0 0 57,968,854 1,326,219 59,295,073 16,543 71.52 0.00

1,258,999 740,588 518,411 67,243,871 0 0 0 0 67,243,871 1,538,414 68,782,285 16,543 76.44 0.00

1,395,029 820,605 574,424 74,509,301 0 0 0 0 74,509,301 1,704,633 76,213,934 16,543 79.63 0.00

1,389,240 817,200 572,040 74,200,133 0 0 0 0 74,200,133 1,697,560 75,897,693 16,543 79.92 0.00

1,389,240 817,200 572,040 74,200,133 0 0 0 0 74,200,133 1,697,560 75,897,693 16,543 80.30 0.00

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  fixed cost

Capacity utilization (%) Raw materials CaCO3 PE coupling agent compatibilizer  packaging materials

Production 2019 78.13 0 0 0 0 0 0

Production 2020 90.63 0 0 0 0 0 0

Production 2021 100.42 0 0 0 0 0 0

Production 2022 100.00 0 0 0 0 0 0

Production 2023 100.00 0 0 0 0 0 0

Factory supplies Utilities Energy Spare parts consumed Repair, maintenance, material Royalties Labour Labour overhead costs (taxes etc.) Factory overhead costs FACTORY COSTS Administrative costs Salaries, wages Wage administrative overhead costs OPERATING COSTS Depreciation Financial costs Interest

0 427,036 0 0 1,342,051 0 1,638,000 1,146,600 777,567 5,331,254 3,241,560 1,906,800 1,334,760 8,572,814 15,041,272 0 0

0 427,036 0 0 1,342,051 0 1,638,000 1,146,600 777,567 5,331,254 3,241,560 1,906,800 1,334,760 8,572,814 12,632,598 0 0

0 427,036 0 0 1,342,051 0 1,638,000 1,146,600 777,567 5,331,254 3,241,560 1,906,800 1,334,760 8,572,814 10,922,017 0 0

0 427,036 0 0 1,342,051 0 1,638,000 1,146,600 777,567 5,331,254 3,241,560 1,906,800 1,334,760 8,572,814 10,492,328 0 0

0 427,036 0 0 1,342,051 0 1,638,000 1,146,600 777,567 5,331,254 3,241,560 1,906,800 1,334,760 8,572,814 10,050,669 0 0

Leasing costs TOTAL PRODUCTION COSTS Direct marketing costs COSTS OF PRODUCTS Unit cost Share of total (%) Foreign share (%)

0 23,614,086 0 23,614,086 6,588 28.48 30.61

0 21,205,411 0 21,205,411 5,100 23.56 34.08

0 19,494,830 0 19,494,830 4,231 20.37 37.07

0 19,065,141 0 19,065,141 4,155 20.08 37.91

0 18,623,483 0 18,623,483 4,059 19.70 38.81

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Production & sales Production 2019 Stock brought forward Quantity produced Stock carried over

0 3,584 143

Quantity sold Gross unit price (average)  Net unit price price (average) Sales tax per unit (average (average))

3,441 38,150 35,000 3,150

Gross sales revenue Less sales tax

131,274,150 10,839,150

 Net sales revenue revenue

120,435,00 120,435,000 0

Subsidy SALES REVENUE Foreign share (%)

0 120,435,000 0

sale plan Production 2020 143 4,158 172 4,129 38,150 35,000 3,150 157,528,980 13,006,980 144,522,00 144,522,000 0 0 144,522,000 0

Production 2021

Production 2022

Production 2023

172 4,607 191

191 4,588 191

191 4,588 191

4,588 38,150 35,000 3,150

4,588 38,150 35,000 3,150

4,588 38,150 35,000 3,150

175,032,200 14,452,200

175,032,200 14,452,200

175,032,200 14,452,200

160,580,000

160,580,00 160,580,000 0

160,580,00 160,580,000 0

0 160,580,000 0

0 160,580,000 0

0 160,580,000 0