report of printing press unit

Pre-Feasibility Study

Printing Press

Small and Medium Enterprise Development AuthorityGovernment of Pakistan

www.smeda.org.pk

HEAD OFFICE

6t Floor, LDA Plaza, Egerton Road, LahoreTel: (042) 111-111-456, Fax: (042) 6304926-7

[email protected]

REGIONAL OFFICE PUNJAB REGIONAL OFFICE SINDH

REGIONAL OFFICE NWFP

REGIONAL OFFICE BALOCHISTAN

8th Floor, LDA Plaza, Egerton Road, Lahore.Tel: (042) 111-111-456Fax: (042) 6370474

[email protected]

5TH Floor, BahriaComplex II, M.T. Khan

Road, Karachi.Tel: (021) 111-111-456

Fax: (021) [email protected]

Ground FloorState Life Building

The Mall, Peshawar.Tel: (091) 9213046-47


Bungalow No. 15-AChaman Housing Scheme

Airport Road, Quetta.Tel: (081) 831623, 831702


December, 2007

Pre-Feasibility Study Printing Press

PREF-69/December, 2007/2

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DISCLAIMER

The purpose and scope of this information memorandum is to introduce the subject

matter and provide a general idea and information on the said area. All the material

included in this document is based on data/information gathered from various sources and

is based on certain assumptions. Although, due care and diligence has been taken to

compile this document, the contained information may vary due to any change in any of

the concerned factors, and the actual results may differ substantially from the presented

information. SMEDA does not assume any liability for any financial or other loss

resulting from this memorandum in consequence of undertaking this activity. Therefore,

the content of this memorandum should not be relied upon for making any decision,

investment or otherwise. The prospective user of this memorandum is encouraged to

carry out his/her own due diligence and gather any information he/she considers

necessary for making an informed decision.

The content of the information memorandum does not bind SMEDA in any legal or other

form.

DOCUMENT CONTROL

Document No. PREF-69

Revision 2

Prepared by SMEDA-Punjab

Approved by GM Punjab

Issue Date December, 2007

Issued by Library Officer



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1 INTRODUCTION.............................................................................................................. 31.1 Project Brief ....................................................................................................................... 31.2 Opportunity Rational .......................................................................................................... 31.3 Legal Status........................................................................................................................ 41.4 Regulations......................................................................................................................... 41.5 Project Capacity and Rationale ........................................................................................... 41.6 Project Cost ........................................................................................................................ 41.7 Product Mix........................................................................................................................ 51.8 Location ............................................................................................................................. 51.9 Key Success Factors/Practical Tips ..................................................................................... 52 CURRENT INDUSTRY STRUCTURE ............................................................................. 53 MARKETING.................................................................................................................... 73.1 Market Size and Future Prospective .................................................................................... 74 PRODUCTION PROCESS................................................................................................. 94.1 Product Mix........................................................................................................................ 94.2 Process Flow (Off-Set Printing) .........................................................................................104.3 Production Process ............................................................................................................11

4.3.1 The Design/Creative Stage .....................................................................114.3.2 The Prepress Stage .................................................................................114.3.3 The Printing Stage..................................................................................114.3.4 The Bindery Stage..................................................................................12

4.4 Raw Material .....................................................................................................................124.5 Technology/Process Options..............................................................................................135 HUMAN RESOURCE REQUIREMENT..........................................................................156 MACHINERY &EQUIPMENT REQUIREMENT............................................................166.1 Machinery & Equipment Requirement...............................................................................166.2 Alternative Machinery Options ..........................................................................................176.3 Machinery Suppliers..........................................................................................................187 LAND & BUILDING........................................................................................................187.1 Total Land Requirement ....................................................................................................187.2 Recommended Mode of Acquisition..................................................................................187.3 Suitable Location...............................................................................................................198 THREATS.........................................................................................................................199 PROJECT ECONOMICS ..................................................................................................2010 FINANCIAL ANALYSIS .................................................................................................2110.1 Projected Income Statement...............................................................................................2110.2 Projected Balance Sheet.....................................................................................................2210.3 Projected Cash flow Statement ..........................................................................................2311 KEY ASSUMPTIONS ......................................................................................................24



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11 IINNTTRROODDUUCCTTIIOONN

11..11 PPrroojjeecctt BBrriieeff

The basic aim of this pre-feasibility is to provide the basic information for setting up a printing press business. Printing Press is a capital oriented venture. The major cost of the project includes acquisition of printing and related machinery, which is almost 42% of the total project cost.

The output of this business is printed material and can be classified in to four broad categories: Promotional material, which includes items like financial reports, brochures,

catalogues posters calendars, diaries and visiting cards etc. Office stationery, which includes letterheads, printed files, vouchers, invoices,

inward/outward documents etc., and books of account. Publishing material, which includes literature books and text books etc. Packaging material includes packing material of all kinds like boxes, cartons etc.

11..22 OOppppoorrttuunniittyy RRaattiioonnaall

The importance of the printing and graphic arts sector is often under-estimated. Due to stability in economy in last few years, there has been a positive trend in all major business sectors of the country. Print media is one of the most effective and economical mediums of communication and promotion and is used by all major businesses.

Since, the invention of printing press in 1436 by Gutenberg of Germany, it has contributed a lot towards evolution of humanity. Its significance in day to day business promotion and marketing cannot be ignored.

In today’s competitive environment, businesses require appropriate marketing & promotional tools to build product recognition in the market. From brochures to packaging all are means of effective sales promotion tools and require services of printing press.

Major share of customers for printing press are institutional buyers. Institutional buyers in Pakistan for printing press can be divided into following broad categories:

1.2.1 Business Sector

Due to stability in economy in past few years, a handsome amount of investment has taken place in the country’s business sectors. In year 2006-071, there was a growth of 8.4% in overall manufacturing industry, 8.8% in large-scale manufacturing and 8.0% in service sector. The overall growth in GDP in year 2006-07 was 7%.

There are more than 775 public limited companies listed in Pakistan with an immense requirement of printed material for their businesses. According to directorate of industries, more than 61,000 industrial units are operating only in the Punjab province.

1 Source: Economic Survey of Pakistan (2006-07)



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1.2.2 Educational Sector

Another sector, which requires extensive services of printing press, is the educational sector in the form of books and other printed material. Government of Pakistan has realized the importance of increasing the literacy rate to jump start economic growth and alleviate poverty in the country. In year 2007-08, the Government has allocated $ 24.5 billion up by 23.1% for education, which is 50% higher than the previous year.

There were 156,732 primary, 39,370 middle, 22,909 secondary and 2,996 higher secondary educational institutes operating in Pakistan in year 2005-062.

11..33 LLeeggaall SSttaattuuss

The legal status for a printing press is recommended to be a sole proprietorship or partnership as the business has low capital investment. The benefits of registering the business as a partnership are:1. Less legal requirements for registration.2. Lower tax rates as compared to private or public limited company.

11..44 RReegguullaattiioonnssA printing press will require:1 Approval from Audit Bureau of circulation is required before starting of operations.2 Registration with income tax department and sales tax department.

The rate of general sales tax applicable on printing supplies is 15 %, if supplies are to registered counterparts and 18 % if supplies are to non registered businesses. The press may opt for turnover tax enrolment instead of GST, if its annual turnover does not exceed Rs. 2.5 million. The rate of turnover tax on supplies is 2% without deducting/adjusting any input tax (sales tax paid on purchase of raw material).

Income tax rate for the business will depend on the legal status of the firm, the prevailing rate of income tax for sole proprietor and partnership is in various slabs with maximum of 25%.

11..55 PPrroojjeecctt CCaappaacciittyy aanndd RRaattiioonnaallee

The proposed unit has a capacity of printing 14,000 impressions per hour with two (2)-printing machines. The proposed machines have ability to print sheets of 140x180mm to 483x640mm dimensions.

The attainment of the project capacity will depend upon the factors like involvement of the management to facilitate production, marketing, quality and design of the product, and the skills and motivation of the labour force involved in the production of products.

11..66 PPrroojjeecctt CCoosstt

The total project cost for setting up a printing press is calculated to be Rs 3.176 million. This also includes working capital requirement of Rs 0.980 million.

2 Ministry of Education, Pakistan.



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11..77 PPrroodduucctt MMiixx

The proposed project with installed machinery has the capability to produce all the products of offset printing industry except newspapers. For the purpose of this feasibility following products will be printed.

Books Financial reports & prospectus Office stationery & visiting cards Invitation cards Catalogues & pamphlets Brochures & handbills Posters

11..88 LLooccaattiioonn

As the major customers of printing press are industrial buyers, so the unit can be established in any city with a large business cluster. So, cities like Karachi, Lahore, Faisalabad, Multan, Islamabad can be suitable locations for setting up printing press.

11..99 KKeeyy SSuucccceessss FFaaccttoorrss//PPrraaccttiiccaall TTiippss

1 To obtain higher profits, it is really important to acquire order of all different printing jobs of a company.

2 Relations in business sector are really important in success of a printing press as it is a order based business.

3 Technical skills are really important for effectively operating the business, as skilled workers can reduce wastage, insure lower machine maintenance cost, in time delivery and quality finish of the product.

4 Order size is of a great importance for profitability of the business, as major cost of printing is the designing, image setting and plate making i.e. fixed costs. So, if the order size is large the cost per unit will be lower.

22 CCUURRRREENNTT IINNDDUUSSTTRRYY SSTTRRUUCCTTUURREE

Lahore and Karachi are the two major centers of printing and publishing business in the country. There are approximately 167 printing presses in organized printing sector of Karachi3. In Punjab, total no. of presses are approximately 987 (out of which 690 are located in Lahore only) with installed capacity of 763,940,460 impressions per hour and employment absorption of around 4,800 people4. According to some estimates total investment in this printing and publishing in the Punjab only stands at Rs. 275 million.

Currently, printing industry in the country is segmented and unorganized. There is an association in Lahore named All Pakistan Small Printing Press Association but it is not fully operational and does not encompass the entire industry. However, printing business in Karachi is comparatively more organized and better documented. One major trade

3 Source: Pakistan Association of Printing and Graphic Arts Industry (PAPGAI)4 Source: Directorate of Industries, Punjab



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association in Karachi relevant to the business is PAPGAI, which is trying to organize the sector in association with Govt. of Sindh. In a recent development, Sindh Information Department has advised all the owners of printing presses throughout the province to get their establishments registered under the existing rules.

District wise break up of number of units of printing press in Punjab are as following:

TTaabbllee 22--11 DDiissttrriicctt wwiissee DDeettaaiillss ooff PPrriinnttiinngg PPrreesssseess iinn PPuunnjjaabb55

District No. of Units Investment ( 000 )Bhakkar 3 1,150D.G. Khan 5 3,500

Faisalabad 100 20,335Gujranwala 15 7,763Jhang 13 1,430Jhelum 12 3,140Lahore 690 201,969

Ludhran 2 90Mianwali 10 4,145Multan 14 3,590Rawalpindi 35 6,265Sargodha 48 13,821Sialkot 25 3,317Toba Tek Singh 15 4,450

Print industry is currently producing following products:i. Books (text books and others)

ii. Newspapers & magazinesiii. Financial reports & prospectusiv. Office stationery & visiting cardsv. Books of account

vi. Packaging materialvii. Calendars & diaries

viii. Invitation & ceremonial cardix. Catalogues & pamphletsx. Brochures & handbills

xi. Postersxii. Tags & stickers etc.

5 Source: Directorate of Industries, Punjab



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Some of the major industry players in Lahore in the organized sector are as under:

TTaabbllee 22--22 MMaajjoorr IInndduussttrryy PPllaayyeerrss iinn LLaahhoorree

Name AddressFriends Sons (Pvt.) Ltd. 74-Main Industrial Area Kot Lakhpat, Lahore

Lion Art Press (Pvt.) Ltd. 112, The Mall Road, Lahore 54000

Nisar Art Press (Pvt.) Ltd. 9, Industrial Area, Gulberg-III, Lahore

Nuqoosh Press Nuqoosh Building, 7-Kabir St.Urdu Bazar, Lahore

Balance Ad Kothalia Mansion, 2-Mcleod Road, Lahore

33 MMAARRKKEETTIINNGG

33..11 MMaarrkkeett SSiizzee aanndd FFuuttuurree PPrroossppeeccttiivveeThe market for printing products can be divided into following segments:

TTaabbllee 33--11 CCaatteeggoorriieess ooff PPrriinnttiinngg PPrroodduuccttss

Description ProductsCultural & Educational Items Books, brochures, newspapers and magazines

Industrial & Promotional Items

Sales Promotional Printings, annual reports, Securities, blueprints, printed wrappings and labels

Stationery & Other Items Pictures, colour and drawing books for children, artprints, calendars, engraving, school and office supplies,

The market for printed material in Pakistan has been developing steadily over the last decade. Books have the largest share in local printing industry. Almost 100% of the local demand is met by local industry, with the exception of some highly professional books (medical, business and engineering books). Major portion of this category consists of textbooks used by students from a variety of academic background. The details of educational institutes and enrollment in Pakistan are given in the table below:

TTaabbllee 33--22 EEdduuccaattiioonnaall IInnssttiittuuttiioonnss iinn PPaakkiissttaann YYeeaarr 22000055--006666

Description Institutions EnrollmentPre-Primary 794 7,135,447Primary 156,732 16,834,417Middle 39,370 5,262,323Secondary 29,909 2,133,008Higher Secondary 2,996 853,535

Secondary Vocational/(Technical) 3,059 238,687Colleges 1,135 325,993Universities 116 424,012Non-Formal Basic Education 10,185 361,747

6 Source: Ministry of Education, Pakistan.



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Market demand of other cultural items can be judged from the following table:

TTaabbllee 33--33 AAvveerraaggee cciirrccuullaattiioonn ooff NNeewwssppaappeerrss aanndd PPeerriiooddiiccaallss ((MMaaggaazziinneess))77

Item/Year 2003 2004 2005 2006 Growth (%)

Dailies 6,245,775 7,817,958 7,889,639 8,208,874 4%Weeklies / Bi-weeklies 588,058 699,688 588,387 672,024 14%

Fortnightly 96,562 92,942 98,296 109,887 12%Monthlies 1,312,635 1,364,652 1,487,707 1,630,569 10%Quarterlies 6,875 8,050 21,050 24,673 17%Annually 730 730 855 855 0%

As far as demand for industrial and promotional items is concerned, it can safely be assumed that every industrial unit whether it is large or small, requires services of printing press. There are 702 public listed companies in Pakistan and printing of quarterly and annual reports is mandatory for them. Current growth rate in manufacturing industries is 7.7% in large scale manufacturing 8.7%and in services sector 5.3%.

Industrial units mostly require services of printing press for their packaging material i.e. (labels, wrappings, boxes). The table below shows some of the industries acquiring the services of printing press for packaging purposes.

TTaabbllee 33--44 AAvveerraaggee cciirrccuullaattiioonn ooff NNeewwssppaappeerrss aanndd PPeerriiooddiiccaallss ((MMaaggaazziinneess))88

Item/Year 2003 2004 2005 2006 Growth (%)

Dailies 6,245,775 7,817,958 7,889,639 8,208,874 4%Weeklies / Bi-weeklies

588,058 699,688 588,387 672,024 14%

Fortnightly 96,562 92,942 98,296 109,887 12%Monthlies 1,312,635 1,364,652 1,487,707 1,630,569 10%Quarterlies 6,875 8,050 21,050 24,673 17%Annually 730 730 855 855 0%

The annual turnover in the printing industries is strongly influenced by the state of the economy in general. About 25% of the total demand comes from the individual Consumer, while remaining 75% from the institutional buyers.

7 Source: Federal Bureau of Statistics 2002-038 Source: Federal Bureau of Statistics 2002-03



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44 PPRROODDUUCCTTIIOONN PPRROOCCEESSSS

44..11 PPrroodduucctt MMiixx

Proposed product mix with utilization of capacity on the basis of 8 hours shift is given in the following table. The maximum attainable capacity of machines is assumed at 80% because of the wastage of time during cleaning & trial runs of the machine.

TTaabbllee 44--11 PPrroodduucctt MMiixx aanndd CCaappaacciittyy UUttiilliizzaattiioonn DDeettaaiillss

Product Production Proportion

100% Capacity Maximum Attainable Capacity (80%)

Solna 125 Machine Units UnitsFinancial Report 25% 46,601 37,280Brochure 15% 233,009 186,407Book 50% 71,301 57,040Pamphlet 5% 470,588 376,470Letterhead 5% 1,882,352 1,505,881Rota Machine Units UnitsVouchers 40% 11,349,753 9,079,802Visiting Cards 5% 1,391,304 1,113,043Packing Material 35% 1,241,379 993,103Invitation card 20% 945,812 756,649



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44..22 PPrroocceessss FFllooww ((OOffff--SSeett PPrriinnttiinngg))

Getting Order

Conceiving Idea

Sketching

Approval of Sample

Image Setting

Plate Making

Press RunInk & Water Paper

Ink & Water

Binding

Packing

Delivery



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44..33 PPrroodduuccttiioonn PPrroocceessss

44..33..11 TThhee DDeessiiggnn//CCrreeaattiivvee SSttaaggee

In the Design Stage the designer prepares the design of the product taking into account the overall look and feel of the paper. Text to be printed is typed and graphics to be shown are created. Designing of graphics is of two types, halftone and line art. Halftone is the reproduction of continuous-tone artwork (such as a photograph) through the application of a screen that converts the image into dots of various sizes. Line art is the art that is made up of continuous lines such as pen & ink drawings or typefaces. There is no tonal difference from one area to another. After designing the designer sets page layout and the design is sent to the pre-press department.

44..33..22 TThhee PPrreepprreessss SSttaaggee

In the Pre-press Stage the artwork is taken from its delivered state (either reflective art or digital file) all the way to the press plates. In pre-press stage:

1. The artwork is transformed to negative film either by imaging a digital file through an image setter, or by shooting reflective artwork with a copy camera.

2. The pages are stripped together into a flat9 that reflects how the pages will be printed on the press sheet.

3. The flat is burned onto a metal plate.

After the flat is burned onto the plate, the plate washed in the developing chemical. This developed plate is wrapped around the press cylinder.

For the purpose of this feasibility, this process will be outsourced because of the high capital cost of machinery and equipment used in the process and the infrequent use of machinery.The outsourcing rates for pre-press activities are as follows:

Cost of image setting Rs. 3.0 per square inch per color.

Development cost of plate making Rs. 50 per plate.

44..33..33 TThhee PPrriinnttiinngg SSttaaggee

The Printing Stage covers the transfer of an image to paper. Offset lithography is based upon the principle:

“The ink and water do not mix.”

The paper is fed through the press from a pile of paper already cut to the size of the machine. Offset printing presses print at a high speed. The speed can reach 6,000 impressions per hour in case of Rota and 8,000 impressions per hour in case of Solna. When a printing plate is made, the printing image is rendered ink-receptive and water-repellent, while the non-printing areas are rendered water-receptive and ink-repellent. The ink is distributed to the plates through a series of rollers.

9 Negative placed on metal plate.



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On the press, the plates are dampened, first by water rollers, and then ink rollers. The rollers distribute the ink from the ink fountain onto the plates. The image area of the plates picks up ink from the ink rollers. The water rollers keep the ink off of the non-image areas of the plate. Each plate then transfers its image to a rubber blanket that in turn transfers the image to paper. The plate itself does not actually touch the paper. All of this occurs at a high speed. During the process the machine man checks the blending of inks to maintain the colour control. Print quality is checked frequently by the press operator.

44..33..44 TThhee BBiinnddeerryy SSttaaggee

The Bindery Stage is when any trimming, folding, perforating, collating, stitching, or gluing is performed as required. Mostly, Printing Press performs the trimming and folding in-house, and works closely with an outside bindery on the collating, stitching and gluing.

A typical job such as an 8.5 x 11 newsletter may include:1 A post press cut2 A half fold3 A double parallel fold

For the purpose of this feasibility, this process will be outsourced because the process is labor intensive and to perform the process in-house the business requires steady orders of binding.

44..44 RRaaww MMaatteerriiaallImported as well as local paper and board is being used by the industry. Imported paper isnormally used in annual reports, brochures, catalogues, prospectus and visiting cards etc. Imported paper is readily available in local markets. Mostly, the business is done on just in time (JIT) concept due to readily availability of the raw material, but it is recommended that some amount of raw material inventory is maintained if the project is located at a distance from suppliers. From the following table it is evident that increase in production of paper is being consumed by the printing industry.

TTaabbllee 44--11 AAvvaaiillaabbiilliittyy ooff RRaaww MMaatteerriiaall ((PPaappeerr)) LLooccaall1100

July to AprilUnits

2005-06 2006-07

Paper & Board Tons(000) 394.9 388.8

TTaabbllee 44--22 LLiisstt ooff RRaaww aanndd PPrroocceessssiinngg MMaatteerriiaall

Description Price (Rs.) AvailabilityMat Art Paper 135 gm (per rim) 3,200 ImportedMat Art Paper 115 gm (per rim) 2,750 ImportedMat Art Card 260 gm (per pack) 1,350 ImportedOffset Paper 100 gm (per rim) 2,400 Imported 10 Source: Economic Survey of Pakistan



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Offset Paper 90 gm (per rim) 2,200 Imported

Offset Paper 80 gm (per rim) 1,950 ImportedFlying Paper 68 gm (per rim) 1,125 LocalPlate 645 x 510 x 0.20 mm 125 ImportedPlate 645 x 510 x 0.24 mm 154 ImportedPlate 510 x 400 x 0.24 mm 100 ImportedInk Yellow (per kg) 410 Imported/localInk Magenta (per kg) 425 Imported/localInk Cyan (per kg) 425 Imported/localInk Black (per kg) 400 Imported/local

4.4.1 Suppliers of Paper, Plates & Ink

AKBARI PAPER STORE15-Shahrah-e-Millat, (Ganpat Rd.) LahorePh # 92-42-7232599 Fax # 92-42-7236484

JAVED COMMERCIAL CORPORATION4-Ahtesham Chambers, Paper Market, Shahrah-e-Millat, LahorePh # 92-42-7248509, 7357635 Fax # 92-42-7244671.

GRAPHO SCAN SUPPLIES (PVT.) LIMITEDKashif Centre, 2nd Floor, 55-A, Chamberlaine Road, Lahore.Ph # 92-42-7232582, 7351200. Fax # 92-42-7351100.

MALIK PAPER MARTGanpat Road, Lahore.Ph # 92-42-7353482, 7311553, 7224255. Fax # 92-42-7248115, 5837408.

ROYAL PAPER HOUSE10 Royal Park, Lahore.Ph # 92-42-6313265, 6363266. Fax # 92-42-6363266.

ZAP TRADERSPaper Market, 473 Shahrah-e-Liaquat, KarachiPh # 92-21-2621423, 2628387.

44..55 TTeecchhnnoollooggyy//PPrroocceessss OOppttiioonnssFollowing different technology/process options are available for printing:

1. Offset Lithography2. Web Printing3. Letter Press4. Flexo5. Gravure6. Screen Printing7. Waterless Lithography8. Digital Printing



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4.5.1 Off Set Lithography

The basic principle of offset printing—the dominant printing process—is simple: ink and water don't mix. Early lithographers etched images onto flat stone. These images would accept ink, while the porous stone accepted water. When ink was applied, it stayed on the greasy image area and avoided the rest of the stone.

Modern lithography uses the same concept but adds one important element. In modern presses, the image is transferred from the printing plate to a rubber blanket and then to the paper. This process is called offset printing.

Although there are many different kinds, sizes and qualities of offset presses, the basic configuration remains the same. When the printing plate is exposed, an ink-receptive coating is activated at the image area. On the press, water rollers dampen the plate, first, then by ink rollers. Ink adheres to the image area and water to the non-image area. As the cylinders rotate, the image is transferred to the blanket. Paper passes between the blanket cylinder and the image is transferred to the paper.

The major types of offset presses are sheet fed and web. In a sheet fed press, cut paper is delivered into the machine. In a web press, paper comes on a large roll and is cut after printing.

4.5.2 Web Printing

Web printing is offset lithography printing on large continuous rolls of paper known aswebs. Expensive at shorter runs, it is most commonly used for the production of newspapers, magazines and catalogues due to its speed and economy at runs over 250,000 per hour.

4.5.3 Letter Press

Formerly the standard printing process, letterpress is now largely used for specialty work such as fine art prints, books and posters. In the process, the image area is actually raised above the rest of the plate, so the image makes a physical impression on the paper. Modern letterpress uses a photo-etching technique to remove the non-image area from the plate.

4.5.4 Flexo

Modern flexography, often called flexo, is a versatile process that uses photo-etched plates. The non-image areas on these plates are etched away, leaving only the printing surface that carries the ink directly to the printing material (referred to as the substrate).

Flexo is best suited for printing on a rolled substrate other than paper such as box boards, foils, plastics, newsprint and more. Common applications for flexo include labels, tabs, corrugated boxes, cartons and newspapers.

4.5.5 Gravure

Basically, gravure turns everything in the image into halftone dots. The plate cylinder consists of tiny cells, varying in depth and width, which hold the ink. As the press runs, a blade scrapes excess ink off the surface of the plate, leaving ink only in cells. As the paper contacts the plate, the ink is transferred, reproducing type, rules, graphics, and



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photographs as composites of very fine dots. Gravure is used only in very long runs, usually for publications and packaging printing.

4.5.6 Screen-Printing

In screen-printing, ink is expressed through a stretched fabric mesh by a squeegee blade to reproduce the original image onto the substrate below. A variety of materials such as paper, plastic, metal, fabric and glass can be screen-printed.

4.5.7 Waterless Lithography

Print buyers are hearing more and more about waterless offset as the process becomes more commonly used in the United States. Almost any offset printing press can be converted to run waterless if it is retrofitted with a cooling system that, among other things, helps maintain the ink's temperature. Newer presses are available with the conventional dampening system and a cooling system so that they can run waterless. Special plates must be used so that the non-image area still repels the ink.

4.5.8 Digital Printing

Unlike traditional (offset) printing presses, digital presses are made to produce short-run (1 to 5000 copies) quick-turnaround, full color jobs.

In traditional printing, your job goes from your desktop to a digital proof, to an image setter (for making film), to another proof, to a plate maker, to the printing press. But in digital printing your job goes from your desktop to a proof to plates to the press - or even directly from desktop to press.

Limitations of digital printing include limited paper size and quality of 4-color reproduction. In addition, not every printer offers digital printing options.

55 HHUUMMAANN RREESSOOUURRCCEE RREEQQUUIIRREEMMEENNTT

The project is machine oriented but skilled labour is important for success of thebusiness. Skilled machine man is required to operate the machine efficiently and effectively. Skill of machine man will result in lower wastage of paper and ink, lower maintenance cost of machines and also longer life of machines. This will enhance quality of product and timely delivery of order and hence, help in creating a good image among customers.

In Lahore, there is an institution named Poly Technique Institute for Printing and Graphic Arts affiliated with Punjab Board of Technical Education engaged solely in providing education and training in the field of printing, which is producing qualified diploma holders with sound theoretical as well as practical knowledge.



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Number of workers required for each department is given below:

TTaabbllee 55--11 HHuummaann RReessoouurrccee RReeqquuiirreemmeenntt DDeettaaiillss

Description Number Salary/month(Rs.)

Annual salary(Rs)

Production Section

Supervisor 1 10,000 120,000Machine Man 2 8,000 192,000Cutting Master 1 6,000 72,000Helper 4 4,500 216,000Total 600,000Design SectionGraphic Designer 2 12,000 288,000Composer 2 8,000 192,000Total 480,000Administration SectionDirector 1 25,000 300,000Accounts officers 1 10,000 120,000Peon 1 4,500 54,000Security Guard 1 6,000 72,000

546,000Total 1,626,000

66 MMAACCHHIINNEERRYY &&EEQQUUIIPPMMEENNTT RREEQQUUIIRREEMMEENNTT

66..11 MMaacchhiinneerryy && EEqquuiippmmeenntt RReeqquuiirreemmeenntt

The project is machine oriented and nature of jobs to be undertaken mostly depends upon the availability of machinery. So, selection of machinery is the most important aspect of this project.

Following is the detail of machinery required for this project.

TTaabbllee 66--11 LLiisstt ooff MMaacchhiinneerryy && OOtthheerr EEqquuiippmmeenntt

Description Qty Cost per unit

Total Cost

Availability

Offset Printing Machine(Rota Reconditioned)

1 400,000 400,000 Imported but Locally available

Offset Printing Machine(Solna 125, Sweden Reconditioned)

1 1,000,00 1,000,000 Imported but Locally available

Cutting Machine (920mm) 1 100,000 100,000 Locally manufactured

Die Cutting Machine(660x930 mm) 1 125,000 125,000 Same as aboveTotal 1,625,000



17

TTaabbllee 66--22 OOtthheerr EEqquuiippmmeenntt DDeettaaiillss

Description Qty Per Unit Cost Total Amount (Rs)

Pentium 4 Computers 4 40,000 160,000Printer-colour (DeskJet HP) 1 15,000 15,000

Printer-mono Laser Jet (HP) 1 7,000 7,000Scanner- flat bed (BEN Q) 1 7,500 7,500UPS 4 6,000 24,000Furniture 1 100,000 100,000Fax Machine 1 10,000 10,000Air Conditioner 2 25,000 50,000Tube Lights 12 550 6,600Fans 7 1,500 10,500Total 390,600

Technical specifications of these machines are given in the following table:

TTaabbllee 66--33 TTeecchhnniiccaall SSppeecciiffiiccaattiioonnss ooff MMaacchhiinneess

MachineMax. sheet size(mm)

Max. Capacity(imp/hr)

Installation Area (LxW) (mm)

Power (KW)

Expected Useful life

Rota 345x454 6,000 1840x1030 1.15 20Solna 125 483x640 8,000 1960x1304 3.70 20

66..22 AAlltteerrnnaattiivvee MMaacchhiinneerryy OOppttiioonnss

Many substitutes in these sizes are available like Hamada and Printmaster GTO 52 for (345x454mm) and Roland and Hamada Impulse for (483x640mm). Said machines are suggested due to their durability and easy availability of spare parts in the market. Moreover new machinery of said brands is also available in the market at comparatively very low prices.

Details of new machinery for printing available with local dealers are given below:

TTaabbllee 66--44 AAlltteerrnnaattiivvee NNeeww MMaacchhiinneess

Machinery Qty Price(C&F Karachi.)

Availability

Offset Printing Machine (345x454mm)(Hamada E-47, Japan )

1 ¥3,000,000 Imported but Locally available

Offset Printing Machine (508x660mm)(Hamada Impulse-66, Japan)

1 ¥13,500,000 Imported but Locally available



18

66..33 MMaacchhiinneerryy SSuupppplliieerrss

In Pakistan some suppliers of machines are:

PAKISTAN MACHINERY AND EQUIPMENT CO. (PVT.) LTD. 303, Aamir Trade centre, 233-1/A, PECHS, Block IIShahrah-e-Quaideen, KarachiPhone# 92-21-4551798, 4522776Fax# 92-21-4522786E-mail: [email protected]

PAKISTAN PRINTING EQUIPMENT CO. (PVT.) LTDC-11/3, Sidco Avenue Centre, 264 R.A.Lines, Stretchen Road, KarachiPhone# 92-21-5656981, 5656982.Fax #: 92-21-5653620E-mail: [email protected]

77 LLAANNDD && BBUUIILLDDIINNGG

77..11 TToottaall LLaanndd RReeqquuiirreemmeenntt

For printing unit with installation of above said machines approximately 1,300 sq. ft. area is required. The details of covered area requirement for the project is given in below table:

TTaabbllee 77--11 CCoovveerreedd AArreeaa DDeettaaiillss

Description Covered Area in (Sq. ft.)Owner’s Office 120Accounts & Admin. Office 120Design Section 120Printing Hall 600Cutting Hall 150Store 150Total 1,260

77..22 RReeccoommmmeennddeedd MMooddee ooff AAccqquuiissiittiioonn

It is recommended that this project should be started in a rented building, as this will reduce the initial capital cost. The details of monthly rent assumed for the project is given below and further it is assumed that six (6) months rent will be paid advanced:

TTaabbllee 77--11 RReennttaall CCoosstt DDeettaaiillss

Description Monthly Rent (Rs) Annual Rent (Rs)Approximate Rent 30,000 360,000



19

77..33 SSuuiittaabbllee LLooccaattiioonn

Availability of skilled labor, raw material and proximity from the customers is important for such a project. Karachi, Lahore and Faisalabad are comparatively better locations for printing project because necessary technical and skilled manpower is easily available. Secondly, good quality and sufficient quantity of raw material at competitive prices is easily available in these areas and finally, these areas have large business clusters.

88 TTHHRREEAATTSSCapital requirement for composite unit of printing press having all the facilities in house is very high with comparatively low expectation of return. That’s why this industry is fragmented and most of the units are small having little in house facilities, resulting in over dependence on outsourcing. This may decrease the likelihood of timely completion and delivery of order/job.

Paperless environment is becoming a serious threat to printing industry. Use of networked computers for communication, promotion and data transmission is increasing rapidly. Government is also promoting this culture. For example Securities and Exchange Commission of Pakistan has made it mandatory for listed companies to maintain their web sites. A proposal is also under consideration of the Commission to allow the listed companies to place their quarterly accounts on their website instead of transmitting the same to its shareholders by post11.

11 Circular no. 13 with reference no.EMD/D-II/7/2002 dated 26th May, 2003



20

99 PPRROOJJEECCTT EECCOONNOOMMIICCSS

TTaabbllee 99--11 PPrroojjeecctt CCoosstt//CCaappiittaall RReeqquuiirreemmeennttss

Project CostsMachinery & Equipment 1,625,000Office Equipment 390,600Total Fixed Cost 2,015,600

Pre-Operating Costs12 180,000Cash in Bank 800,336Working Capital 180,000Total Investment 3,175,936

TTaabbllee 99--22 FFiinnaanncciinngg PPllaann

Description Ratio Amount in (Rs)Equity 50 % 1,587,968 Debt 50 % 1,587,968 Total 3,175,936

TTaabbllee 99--33 PPrroojjeecctt RReettuurrnnss

Description DetailsInternal Rate of Return 47%Net Present Value (NPV) (Rs) 11,131,000Payback Period (Years) 3.91

12 These expenses are incurred before the unit is operational, e.g. salaries of key personal stationery, company formation expenses, legal and registration charge, etc.



21

1100 FFIINNAANNCCIIAALL AANNAALLYYSSIISS

1100..11 PPrroojjeecctteedd IInnccoommee SSttaatteemmeenntt

Projected Income Statement SMEDAYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Revenue 16,018,702 21,024,565 26,490,948 32,451,413 38,941,698 40,888,783 42,933,222 45,079,883 47,333,877 49,700,571

COST OF GOOD SOLDRaw Material Cost 12,528,064 16,443,098 19,731,715 23,020,336 26,308,957 26,308,957 26,308,957 26,308,957 26,308,957 26,308,957 Other Overhead (Ink) 250,561 328,862 394,634 460,407 526,179 526,179 526,179 526,179 526,179 526,179 Direct Labor 1,080,000 1,188,000 1,306,800 1,437,480 1,581,228 1,739,351 1,913,286 2,104,614 2,315,076 2,546,584 Direct Electricity 42,624 58,608 77,363 99,282 124,812 137,293 151,022 166,124 182,737 201,010 Carriage and Freight (Inward) 125,281 164,431 197,317 230,203 263,090 263,090 263,090 263,090 263,090 263,090 Repair & Maintenance 160,187 210,246 264,909 324,514 389,417 408,888 429,332 450,799 473,339 497,006

Total 14,186,716 18,393,244 21,972,738 25,572,222 29,193,682 29,383,757 29,591,866 29,819,763 30,069,377 30,342,825

Gross Profit 1,831,985 2,631,321 4,518,210 6,879,191 9,748,016 11,505,026 13,341,356 15,260,120 17,264,500 19,357,746

GENERAL ADMINISTRATION & SELLING EXPENSE

Administration Staff 546,000 600,600 660,660 726,726 799,399 879,338 967,272 1,064,000 1,170,399 1,287,439 Building Rent 360,000 396,000 435,600 479,160 527,076 579,784 637,762 701,538 771,692 848,861 Communication Expense (Telephone,fax, Postal etc.) 80,094 105,123 132,455 162,257 194,708 204,444 214,666 225,399 236,669 248,503 Fixed Electricity Expense 67,392 74,131 81,544 89,699 98,669 108,535 119,389 131,328 144,461 158,907 Entertainment Expense 48,056 63,074 79,473 97,354 116,825 122,666 128,800 135,240 142,002 149,102 Professional Fee (Legal, Audits, etc.) 25,000 27,500 30,250 33,275 36,603 40,263 44,289 48,718 53,590 58,949 Depreciation expense 201,560 181,404 163,264 146,937 132,244 119,019 107,117 96,406 86,765 78,088 Amortization of pre-operating costs 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000

Total Operating Expenses 1,346,102 1,465,832 1,601,246 1,753,408 1,923,523 2,072,050 2,237,295 2,420,628 2,623,578 2,847,849

Earning Before Interest & Taxes 485,883 1,165,489 2,916,964 5,125,783 7,824,493 9,432,976 11,104,061 12,839,492 14,640,923 16,509,897

Interest expense on long term debt 211,200 166,737 122,274 77,810 33,347 - - - - -

Sub Total 211,200 166,737 122,274 77,810 33,347 - - - - -

Earning Before Taxes 274,684 998,752 2,794,691 5,047,973 7,791,146 9,432,976 11,104,061 12,839,492 14,640,923 16,509,897

Taxes 13,734 174,782 698,673 1,261,993 1,947,786 2,358,244 2,776,015 3,209,873 3,660,231 4,127,474

Net Profit After Taxes 260,950 823,971 2,096,018 3,785,979 5,843,359 7,074,732 8,328,046 9,629,619 10,980,692 12,382,423

Balance brought forward 260,950 1,084,920 3,180,938 6,966,918 12,810,277 19,885,009 28,213,055 37,842,674 48,823,366 Total profit available for appropriation 260,950 1,084,920 3,180,938 6,966,918 12,810,277 19,885,009 28,213,055 37,842,674 48,823,366 61,205,788 Balance carried forward 260,950 1,084,920 3,180,938 6,966,918 12,810,277 19,885,009 28,213,055 37,842,674 48,823,366 61,205,788



22

1100..22 PPrroojjeecctteedd BBaallaannccee SShheeeett

Project Balance Sheet SMEDAConst. Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

CURRENT ASSETSCash in Bank 800,336 (17,687) 367,374 1,926,363 5,107,402 10,275,748 17,263,802 25,480,633 34,974,914 45,796,387 58,462,660 Accounts Receivable 1,601,870 2,102,457 2,649,095 3,245,141 3,894,170 4,088,878 4,293,322 4,507,988 4,733,388 4,970,057 Pre-paid Building Rent 180,000 198,000 217,800 239,580 263,538 289,892 318,881 350,769 385,846 424,431 -

Total Current Asset 980,336 1,782,183 2,687,631 4,815,038 8,616,081 14,459,810 21,671,561 30,124,724 39,868,749 50,954,206 63,432,717

FIXED ASSETSMachinery & Equipment 1,625,000 1,462,500 1,316,250 1,184,625 1,066,163 959,546 863,592 777,232 699,509 629,558 566,602 Office Equipment 390,600 351,540 316,386 284,747 256,273 230,645 207,581 186,823 168,140 151,326 136,194

Total Fixed Assets 2,015,600 1,814,040 1,632,636 1,469,372 1,322,435 1,190,192 1,071,172 964,055 867,650 780,885 702,796

INTANGIBLE ASSETSPre-Operational Costs 180,000 162,000 144,000 126,000 108,000 90,000 72,000 54,000 36,000 18,000 -

Total Intangible Assets 180,000 162,000 144,000 126,000 108,000 90,000 72,000 54,000 36,000 18,000 -

TOTAL ASSETS 3,175,936 3,758,223 4,464,267 6,410,411 10,046,516 15,740,002 22,814,734 31,142,779 40,772,398 51,753,090 64,135,513

CURRENT LIABILITIESAccounts Payable 638,931 838,598 1,006,317 1,174,037 1,341,757 1,341,757 1,341,757 1,341,757 1,341,757 1,341,757

Total Current Liabilities - 638,931 838,598 1,006,317 1,174,037 1,341,757 1,341,757 1,341,757 1,341,757 1,341,757 1,341,757

OTHER LIABILITIESLong Term Debt 1,587,968 1,270,374 952,781 635,187 317,594 -

Total Long Term Liabilities 1,587,968 1,270,374 952,781 635,187 317,594 - - - - - -

SHAREHOLDER'S EQUITYPaid-up Capital 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 1,587,968 Retained Earnings 260,950 1,084,920 3,180,938 6,966,918 12,810,277 19,885,009 28,213,055 37,842,674 48,823,366 61,205,788

Total Equity 1,587,968 1,848,917 2,672,888 4,768,906 8,554,885 14,398,245 21,472,977 29,801,023 39,430,642 50,411,333 62,793,756

TOTAL CAPITAL & LIABILITIES 3,175,936 3,758,223 4,464,267 6,410,411 10,046,516 15,740,002 22,814,734 31,142,779 40,772,398 51,753,090 64,135,513 - - - - - - - - - - -



23

1100..33 PPrroojjeecctteedd CCaasshh ffllooww SSttaatteemmeenntt

Projected Cash Flows

SMEDAYear-0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Operating activitiesNet profit - 260,950 823,971 2,096,018 3,785,979 5,843,359 7,074,732 8,328,046 9,629,619 10,980,692 12,382,423 Add: depreciation expense 201,560 181,404 163,264 146,937 132,244 119,019 107,117 96,406 86,765 78,088 amortization of pre-operating costs 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 amortization of training costsAccounts receivable - (1,601,870) (500,586) (546,638) (596,047) (649,028) (194,708) (204,444) (214,666) (225,399) (236,669) Finished goods inventoryPre-paid building rent (180,000) (18,000) (19,800) (21,780) (23,958) (26,354) (28,989) (31,888) (35,077) (38,585) 424,431 Accounts payable - 638,931 199,667 167,719 167,720 167,720 - - - - -

Cash provided by operations (180,000) (500,429) 702,655 1,876,583 3,498,632 5,485,940 6,988,054 8,216,831 9,494,281 10,821,473 12,666,272

Financing activities

Long Term Debt Repayment (317,594) (317,594) (317,594) (317,594) (317,594) - - - - - Additions of New Long Term Debt 1,587,968 Issuance of shares 1,587,968

Cash provided by / (used for) financing activities 3,175,936 (317,594) (317,594) (317,594) (317,594) (317,594) - - - - -

Investing activitiesCapital expenditure (2,195,600)Minimum Cash BalanceCash (used for) / provided by investing activities (2,195,600) - - - - - - - - - -

NET CASH 800,336 (818,023) 385,061 1,558,989 3,181,038 5,168,347 6,988,054 8,216,831 9,494,281 10,821,473 12,666,272

Cash balance brought forwardCash available for appropriation - 800,336 (17,687) 367,374 1,926,363 5,107,402 10,275,748 17,263,802 25,480,633 34,974,914 45,796,387 Cash balance 800,336 (17,687) 367,374 1,926,363 5,107,402 10,275,748 17,263,802 25,480,633 34,974,914 45,796,387 58,462,660 Short term loan requirementCash carried forward 800,336 (17,687) 367,374 1,926,363 5,107,402 10,275,748 17,263,802 25,480,633 34,974,914 45,796,387 58,462,660



24

1111 KKEEYY AASSSSUUMMPPTTIIOONNSS

TTaabbllee 1111--11 OOppeerraattiinngg AAssssuummppttiioonnss

Hours operational per day 8Days operational per month 25Days operational per year 300

TTaabbllee 1111--22 PPrroodduuccttiioonn AAssssuummppttiioonnss

Capacity of printing machines(Impression/Hour) 14,000Capacity utilization (1st Year) 40%Capacity growth rate (yearly) 10%Maximum attainable capacity utilization 80%

TTaabbllee 1111--33 EEccoonnoommyy AAssssuummppttiioonnss

Electricity growth rate 10%Wages growth rate 10%Building rent growth rate 10%Raw material price growth rate 5%Finished product price growth rate 5%

TTaabbllee 1111--44 CCaasshh FFllooww AAssssuummppttiioonnss

Accounts Receivable cycle (in days) 30Accounts Payable cycle (in days) 15Cash at the start of Operations (Rs) 800,336

TTaabbllee 1111--55 PPrroodduucctt MMiixx AAssssuummppttiioonnss

Solna 125 Machine Production percentage

Impressions/Unit

Production/UnitsYear 1 @ 40%

Financial reports 25% 103 18,640Brochures 15% 12 93,203Books 50% 135 28,520Pamphlets 5% 2 188,235Letterheads 5% 0.5 752,940Rota MachineVouchers 40% 0.5 4,539,901Visiting cards 5% 0.5 556,521Packaging material 35% 4.1 496,551Invitation cards 20% 3 378,324



25

TTaabbllee 1111--66 OOrrddeerr SSiizzee AAssssuummppttiioonnss

Product Mix Order SizeFinancial reports 5,000 unitsBrochures 5,000 unitsBooks 10,000 unitsPamphlets 5,000 unitsLetterheads 5,000 unitsVouchers 15,000 unitsVisiting cards 1,000 unitsPackaging material 10,000 unitsInvitation cards 500 units

TTaabbllee 1111--77 SSaallee PPrriiccee AAssssuummppttiioonnss

Product Mix Price Per Unit (Rs)Financial reports 100.00Brochures 13.00Books 72.00Pamphlets 2.50Letterheads 1.00Vouchers 0.30Visiting cards 0.75Packaging material 1.10Invitation cards 15.00

TTaabbllee 1111--88 EExxppeennssee AAssssuummppttiioonnss

Direct overhead (Ink) 2 % of Raw Material CostCarriage and freight (Inward) 1% of Raw Material CostMachine maintenance cost 1% of RevenuePre-paid building rent (months) 6Communication expense (Telephone, fax, Postal etc.) 0.5% of RevenueEntertainment expense 0.3% of RevenueLegal & professional fee (1st Year) 25,000Growth rate in legal charges 10%Tax Rate Sole proprietorship tax slabs

TTaabbllee 1111--99 DDeepprreecciiaattiioonn AAssssuummppttiioonnss

Machinery 10% Reducing Balance MethodOther Equipment 10% Reducing Balance Method



26

TTaabbllee 1111--1100 FFiinnaanncciiaall AAssssuummppttiioonnss

Project life (Years) 10Equity 50%Debt 50%Interest rate on Long term Debt 14%Debt repayments (Installment per year) 2Debt Tenure (Year) 5

Discount rate for calculation of NPV (WACC) 18.5%

TTaabbllee 1111--1111 MMaatteerriiaall CCoosstt DDeettaaiillss ooff FFiinnaanncciiaall RReeppoorrtt

Description Cost Per UnitPlates 3.33Image setting 25.83Plate developing 1.04Paper 43.03Lamination/Garnishing 1.15Binding cost 5.00Packing cost 0.08Total Cost Per Financial Report 79.46

TTaabbllee 1111--1122 MMaatteerriiaall CCoosstt DDeettaaiillss ooff BBrroocchhuurree

Description Cost Per UnitPlates 0.51Image setting 3.97Plate developing 0.16Paper 6.17Lamination/Garnishing 0.20Binding cost 0.25Packing cost 0.04Total Cost Per Brochure 11.30



27

TTaabbllee 1111--1133 MMaatteerriiaall CCoosstt DDeettaaiillss ooff BBooookk

Description Cost Per UnitPlates 1.11Image setting 8.68Plate developing 0.35Paper 41.25Lamination/Garnishing 0.10Binding cost 10.00Packing cost 0.04Total Cost Per Brochure 61.53

TTaabbllee 1111--1144 MMaatteerriiaall CCoosstt DDeettaaiillss ooff PPaammpphhlleett

Description Cost Per UnitPlates 0.26Image setting 1.99Plate developing 0.08Paper 0.71Packing cost 0.004Total Cost Per Pamphlet 3.04

TTaabbllee 1111--1155 MMaatteerriiaall CCoosstt DDeettaaiillss ooff LLeetttteerrhheeaadd

Description Cost Per UnitPlates 0.06Image setting 0.50Plate developing 0.02Paper 0.61Packing cost 0.004Total Cost Per Letter 1.19

TTaabbllee 1111--1166 MMaatteerriiaall CCoosstt DDeettaaiillss ooff VVoouucchheerr

Description Cost Per UnitPlates 0.002Image setting 0.003Plate developing 0.002Paper 0.590Binding cost 0.02Packing cost 0.004Total Cost Per Voucher 0.62



28

TTaabbllee 1111--1177 MMaatteerriiaall CCoosstt DDeettaaiillss ooff VViissiittiinngg CCaarrddss

Description Cost Per UnitPlates 0.07Image setting 0.23Plate developing 0.05Paper 0.15Packing cost 0.02Total Cost Per Visiting Cards 0.52

TTaabbllee 1111--1188 MMaatteerriiaall CCoosstt DDeettaaiillss ooff PPaacckkaaggiinngg MMaatteerriiaall

Description Cost Per UnitPlates 0.01Image setting 0.02Plate developing 0.01Paper 0.59Binding cost 0.05Cutting Dye 0.17Packing cost 0.02Total Cost Per Packaging Material 0.87

TTaabbllee 1111--1199 MMaatteerriiaall CCoosstt DDeettaaiillss ooff IInnvviittaattiioonn CCaarrdd

Description Cost Per Unit (Rs)Plates 0.21Image setting 0.30Plate developing 0.15Paper 7.76Packing cost 0.02Total Cost Per Invitation Card 8.44

report of printing press unit

Documents

information memorandum

information heshe

presented information

contained information

egerton road

khan road

lda plaza

pk5th floor