An Interim

Report
ON

THE STUDY ON THE INDUSTRIAL PRACTICES FOR

“WORKING CAPITAL MANAGEMENT
EFFICIENCY”
AND
BY
SUDHANSHU PANDEY
ENRL. NO: 09BSHYD1015

IBS
2009-2011

The Sirpur Paper Mills Ltd.

A REPORT ON
 THE STUDY ON THE INDUSTRIAL PRACTICES
FOR
“WORKING CAPITAL MANAGEMENT
EFFICIENCY”
AND
ITS RELATIONSHIP WITH PROFITABILITY OF THE
COMPANY

BY
SUDHANSHU PANDEY
ENRL. NO: 09BSHYD1015

FOR

A REPORT SUBMITTEDIN PARTIAL FULFILMENT OF THE REQUIREMENTS

OF MBA PROGRAM OF
IBS HYDERABAD

SUBMITTED TO:
DR VISHAL MISHRA: FACULTY – IBS HYDERABAD
MR. A. H. RAO: SR. MANAGER – ACCOUNTS, The Sirpur Paper Mills
Limited

2 Interim Report 2009 - 2011

Date of Submission: 16th April, 2010

Interim Report 2009 - 2011 3

 ABSTRACT
Working capital management is concerned with the problems that arise in attempting to manage the
current assets, the current liabilities and the inter relationship that exist between them. The goal of
working capital management efficiency is to manage the firm’s current assets and current liabilities in
such way that the satisfactory/optimum level of working capital is maintained. The current assets
should be large enough to cover its current liabilities in order to ensure a reasonable margin of the
safety, but should not be so large so as to block the funds for too long which may affect firm’s
profitability.
This Project aim’s at emphasizing the importance of working capital in an organization in specific to a
manufacturing concern (Paper manufacturing).
The Project Title can be divided into two sub parts as:

Working Capital Management Efficiency

1. Practices and Prominence
2. Relationship with the Profitability of the company

Work done till date:

a. I started off by first studying and gaining information about The Sirpur Paper Mills Ltd. This
helped me understanding the nature of operations and business the company is into. So my first
work was to briefly highlight about the company as the “Company Profile – Introduction to
The Sirpur Paper Mills Ltd.”
b. Further to achieve a better understanding, a market analysis of the Paper and Pulp Industry in
India had to be done. Based on my findings I made a report titled “INDIAN PAPER AND
PULP INDUSTRY – A DETAILED ANALYSIS”
c. This was followed by an inter-firm comparison of following six prominent players of the paper
industry :
1. The Sirpur Paper Mills Ltd.
2. Ballarpur Industries Ltd.
3. JK Paper Ltd.
4. Orient Paper Mills Ltd.
5. Seshasayee Paper and Boards Ltd.
6. Tamil Nadu Newsprint & Papers Ltd.
4 Interim Report 2009 - 2011
 The data was extracted from the respective company’s annual report. Focus was on the
comparison of the firms’ profitability. Created a calculative report using Excel titled “INTER-
FIRM COMPARISON – 2007-08 & 2008-09”
a. This was followed by Common size Analysis for the above mentioned company’s with respect to
the Company’s’ Sales.
b. Then a Sensitivity Analysis based on three scenarios was performed on a projected profitability
statement of The Sirpur Paper Mills Ltd. Three scenarios were:
i. Sales fall by 5%
ii.Raw Material Cost Rises by 5%
iii.Sales fall by 5% and Raw Material cost rises by 5% (worst case)
The objective of this exercise was to understand the current standing of The Sirpur Paper Mills
Ltd. This also assisted in getting the feel of the paper industry and an overview of the industry as
well.
c. Moved to the factory/Mill site in Kaghaznagar to observe and understand the real-time operations
at the core of business.
i. Worked on the Enterprise Resource Planning Application – SAP R/3.
ii.Got the opportunity to work and experience on:
i. Sales and Distribution Module
ii. Material Management Module
iii. Finance and Inventory Module
a. All along this extremely learning and educative process, I have been able to procure and collect
all the relevant data useful for the successful achievement of my project objectives.

Further I’m in process of use of various financial tools and techniques such as Financial Analysis,
Working Capital Cycle, Ratio Analysis and other computations to focus on the working capital
practices and its prominence in industry in India. Most of these computations are in process and are
about to be completed.

The results of these computations shall act extremely helpful for the Part 2 of this project.

The second part is an attempt to establish a relationship between the working capital of an
organization with its profitability. This part will focus on the impact of the Working Capital
Management efficiency on the profitability.

Interim Report 2009 - 2011 5

 INTRODUCTION
Working Capital is the lifeblood of any business firm and any shortage of funds for working capital
will to business failure. The efficient management of the short term funds, i.e. working capital is the
major area of study and analysis of the finance professional and thus this project.
For better understanding and analysis the study has been divided into following sub-topics:

 Inventory Management: The efficiency shown in inventory management will have direct
impact on the profitability of a business enterprise.
 Management of Debtors: To improve the sales and to meet the competition, the business firms
are forced to sell on credit and also provide discounts.
 Cash and marketable securities: These are highly liquid assets. Organizations have to
employ various cash management models, cash flow budgeting techniques in order to maintain
an optimum level.
 Methods of Working Capital estimation

On completion of above we shall be in a position to discuss the meaning and types of working capital
and the concept of operating cycle, various factors influencing determination of working capital in
industries.

Moving further, following Analysis’s of the financial parameters are performed to gauge the financial
performance and health of the organization.
 Ratio Analysis: This helps the management to analyze the past performance of the firm and
to make future projections.
 DU-Pont Analysis: With this method, assets are measured at their gross book value rather
than at net book value in order to produce a higher return on equity or investment.
 Common Size Analysis: This involves expressing financial data, including entire financial
statements, in relation to a single financial statement item, or base.
 Cross Sectional Analysis: This compares a specific metric for one company with the same
metric for another company or group of companies, allowing comparisons.
 Trend analysis: It provides important information regarding historical performance and
growth and, subject to the availability of accurate seasonal information.
 Sensitivity Analysis: It shows the range of possible outcomes as specific assumptions are
changed; this could influence the financing needs of the company

6 Interim Report 2009 - 2011

MAIN TEXT:

I. Company Profile: Introduction to The Sirpur Paper Mills Ltd.

II. Market analysis: Indian Paper And Pulp Industry – An Excerpt
III. Inter-firm Comparison– 2007-08 & 2008-09 – Brief Analysis
IV. Common Size Analysis as percentage to Sales – Brief Report
V. Sensitivity Analysis – Brief Report

I. COMPANY PROFILE

INTRODUCTION ABOUT THE SIRPUR PAPER MILLS LIMITED

The Sirpur Paper Mills Ltd., came into existence during 1939-40 and the factory commenced its
commercial production in 1942 under the management of M/s Hyderabad Construction Company Ltd.
In 1953 M/s Birla Brothers were entrusted with the Management of the Company. On the abolition of
the Managing agency system in 1970, a Board of Directors was entrusted to manage the company.
With change in management, the expansion program of mill started in a big way and on a regular
planned basis. It comes under ‘A’ grade paper mills. There are fifteen paper mills in this category in
India. The area of the factory setup amidst forests, near Sirpur town, came to be known as the Sirpur –
Kaghaznagar, in Adilabad district. It lies in the remote corner of Andhra Pradesh.

Table 1.1 Schedule of Commissioning of Paper Machines with Per Day Capacity

Paper Machine No. Year of commissioning Capacity in Tonnes/Day

01 1942 30 Tonnes

02 1953 30 Tonnes

03 1959 40 Tonnes

04 1966 10 Tonnes

05 1976 12 Tonnes

06 (Board Machine) 1974 47 Tonnes

Interim Report 2009 - 2011 7

 07 2002 60 Tonnes

08 2007 150 Tonnes

Today with installed capacity of 138,300 TPA, company’s efficiency has increased from 210 TPD to
280 TPD. The finished product i.e. Paper and Board is marketed through out the country and also to
overseas.

The company is engaged in the production of following different varieties of paper:

✔ Writing and printing paper

✔ Cream wove and maplitho paper
✔ Ledger, bank and account book paper
✔ Specialty grade paper-bond parchment, airmail, manila and pastel paper
✔ Base for coated paper
✔ Duplex board and triplex board
✔ Laminating grade kraft
✔ Copier paper

New paper machine 07 was imported from M/s Over Mercanica SPA Verona, Italy having 60 TPD
installed capacity. And Paper Machine 08 was imported from M/s Hoffmann and Engel, Germany with
installed capacity as 150 TPD. New Bleaching Plant was commissioned on 21st March 2002 along with
retrofitting of old soda recovery boiler during the year. All these initiatives were taken as per the mill
expansion and development plan.

The company also installed new chipper, digester, oxygen generation plant, chlorine-di-oxide plant,
oxygen delignification plant, fibre line, evaporators, lime kiln as well as a chemical recovery boiler.

The company has manufacturing operations covering 112 acres out of a total area of 697 acres. The
products are marketed in India through a network of six depots with more than 50 wholesalers in 33
cities, resulting in a pan-Indian presence.

The company has been consistently operating above 90 per cent capacity utilization over the last five
years. And thus Company is ranked among the 10 leading paper manufacturing companies in India.

PLANTATION:

8 Interim Report 2009 - 2011

For growth of pulp & paper production at SPM, the shortfall in the availability of the raw material is
increasing day by day. SPM ltd. has taken keen efforts in raising large scale man made plantation on
the basis of resources available in and around the area/district. SPM ltd has taken up several plantation
schemes in farm forest, joint Farm Management, Social Forestry at Adilabad, Karimnagar, Prakasham,
Guntur and Krishna Districts.

INTERNAL CONTROLS:

SPM Ltd has laid down internal control procedures to ensure that all assets are safeguarded and
protected against loss from unauthorized use or disposal. An extensive internal audit complements the
internal control system. This system in devised to ensure that financial and other records are reliable
for preparation of accurate and reliable financial statements and other relevant documents. Internal
audit department reports significant issues to the Audit Committee..

HUMAN RESOURCE DEVELOPMENT:

To improve overall knowledge and expertise in respective fields of work, management has undertaken
various training programs regularly and sponsored employees to attend seminars, lectures and training
by professional bodies.

SOCIAL DEVELOPMENT:

The company provides financial assistance to schools for the development of literacy level in and
around the region. The company has also contributed in organizing the social events, cultural
programs and various sports activities. The company also gives incentive to employees for family
planning.

RESEARCH AND DEVELOPMENT:

Research and Development activities were carried out to improve process economy, efficiency, and
quality of the finished product and new process development.

ORGANIZATIONAL STRUCTURE:

The Sirpur Paper Mills Ltd is a joint stock company registered under the Companies Act 1956 and is
situated at Sirpur Kaghaznagar. The registered office is located at

Interim Report 2009 - 2011 9

 5-9-22/1/1, 1st Floor, Opp. New MLA Quarters Gate,
Adarsh Nagar, Hyderabad – 500463 (AP)
The Board of Directors representing the State Government and other shareholders control the
company. They approve the annual budget and formulate the future financial outlay.
OTHERS:
The company for the first time in India developed a paper machine using wet process stone rolls with
stone refiners made from 100% indigenous rocks. This otherwise is a very expensive and costly
importing substitute.
Outline of the Organizational Structure at The Sirpur Paper Mills Ltd.

Fig. 1.1 The Organizational Hierarchy at The Sirpur Paper Mills Ltd

10 Interim Report 2009 - 2011

 I. MARKET ANALYSIS: AN EXCERPT

INTRODUCTION TO INDIAN PAPER AND PULP INDUSTRY

Paper plays a key role in communication and as a packaging material. Demand for paper is closely
linked to prevalent economic conditions. A strong economic growth boosts demand for paper and vice
versa.
In India, the first paper mill was established in 1867. Rags and wastepaper were the raw materials used
for producing paper. Commercial production of paper started in 1882, with non-wood fibres that is,
eulaliopsis binata and sacharum bengalense used again as raw materials. During 1922-24,
development of the fractional process of pulping bamboo at the Forest Research Institute, Dehra Dun,
provided an impetus to the pulp and paper industry in the country, and bamboo became the main raw
material for making various grades of paper.

Paper has also enjoyed a relatively strong demand due to the following factors:
• Lifecycle of a paper product from manufacture to consumption and disposal is short (paper is
used more in the nature of a consumption good and not as a durable)
• Widely used, right from an individual to a company
• No real low-cost substitute for paper

Most mills in India are small. A few mills have integrated manufacturing operations, that is, the
facility for manufacturing paper from pulp. Players operate either in the paper and paperboard or
newsprint business. This, along with government policies, has resulted in the industry becoming highly
fragmented, with a large number of companies having small capacities.
While India accounts for nearly 15 % of the world population, it consumes just a little over 1 % of the
global paper production. The country’s per capita consumption of paper at about 7-8 kgs is very low
as compared to the world average of over 50 kg.

PRODUCT RANGE OFFERED BY THE MANUFACTURES

Writing and printing (W&P) paper: This includes varieties of paper, normally under 120 GSM
(grams per square metre), used primarily for stationery and printing (textbooks, notebooks, etc). The
various varieties of W&P paper starting from the lower end of the value chain are cream wove,

Interim Report 2009 - 2011 11

 maplitho, copier and coated paper. While high-quality paper segments have been garnering a greater
share, low-quality segments still account for a major share of the market given a higher base.

Paperboard: This includes kraft paper, recycled board and virgin board. This paper is used for various
industrial purposes. Consumption of industrial paper is closely linked to the following:
• Growth and development in the packaging industry as well as technology.
• Industrial production
Varieties of paperboard include coated/uncoated duplex, chromo and triplex boards. Kraft paper is
available in numerous varieties, differentiated by properties of strength and grammage.

Speciality paper: This includes paper with specific applications such as tissue paper, fine art paper,
business card paper, photo paper and greetings card paper. It contributes to a very small percentage of
total paper demand.

Newsprint: Newsprint is mainly used in printing of newspapers and magazines. Although used for
printing purposes, newsprint is considered a separate end-use category because of the marked
difference in its production process as compared to other W&P varieties.

The new millennium is going to be the millennium of the knowledge. So demand for paper would go
on increasing in times to come.

India's first paper machine was commissioned in 1832. Today there are more than 600 players in the
domestic paper industry, many of whom possess economically unviable capacities. Government
completely delicensed the paper industry with effect from17th July, 1997. The entrepreneurs are now
required to file an Industrial Entrepreneur Memorandum with the Secretariat for Industrial Assistance
(SIA) for setting up a new paper mill or substantial expansion of the existing mill in permissible
locations.

GLOBAL SCENARIO

Globally, paper industry has realized a linkage between production of paper and the farming
community thereby infusing huge capital in agricultural economy. The USA, Latin America,
Scandinavian countries, Australia, Japan and neighboring Asian countries viz. China, Indonesia etc. all
have been quick to create conducive land use/forestry policies to encourage large-scale production

12 Interim Report 2009 - 2011

plantations and attract mega investments in pulp and paper/paperboard manufacturing and in the
process creating millions of jobs.

INDIA IMPERATIVE

In order to succeed Production/ Industrial Plantation, Indian Paper Manufacturer’s Association

(IPMA) continues to advocate for at least 2% access to degraded forestland on lease. It is IPMA’s firm
belief that besides facilitation of social/farm forestry on private/revenue waste lands, if paper mills are
permitted to grow pulpable wood in the radius of 150 – 200 KMs to their facilities on the available
degraded forest land as well, it would hugely help mills to achieve cost competitiveness in terms of
wood and freight and would also, help generate employment, create wealth for the rural poor and
lend protection to environment.

PERCENTAGE OF VARIOUS TYPES OF PAPERS IN TOTAL PRODUCTION 2007-08

TYPE OF PAPER MAIN VARIETIES APPLICATIONS PERCENTAGE

Printing & writing Creamwoven,maplitho, Textbooks, notebooks, office 64%

Paper bond paper, Copier Paper stationery

Packaging Paper *Kraft paper Wrappers, corrugated boxes, liners, 3%

sacks and textile tubes
*Paper board- single layer
board, multilayer board, Packaging of pharmaceuticals, 10%

duplex board, chromo cigarettes, match sticks, hosiery, food

board (1 side coating), art liquor, juices, edible oils, engineering

board (2 side coating) products, consumer durable.

Specialty paper Security paper, grease currency, wrappers, labels 1%

proof paper, electrical
grades of paper

Misc Varieties 1%

Coated paper Art, Chromo Paper 20%

Interim Report 2009 - 2011 13

 SWOT ANALYSIS FOR THE PAPER AND PULP INDUSTRY IN INDIA

IMPORT–EXPORT SCENARIO

Canada continued to remain the largest exporter, with 77 per cent of its exports going to the USA. The
United States is the largest importer of newsprint with imports of almost 5.2 million tonnes in 2007.
China has a huge capacity for newsprint and although its domestic consumption is growing steadily,
China has started exporting aggressively due to surplus capacity as compared to domestic demand.

PAPER MANUFACTURING PROCESS

FIG2: PAPER MANUFACTURING PROCESS

PULP MAKING PROCESS

DEBARKI PAPER CUTTING

DIGESTI WASHIN BLEACHI MAKIN
NG & &
NG G NG G
CHIPPIN SORTING
CHEMICAL

Key success factors on operational front:

• Wide product range
• Wide distribution network and extensive reach
• Better price realizations for paper from the market
• Use of new technology to lower costs, improve efficiency

14 Interim Report 2009 - 2011

DISCUSSION ON THE REPORT: CONCLUSION

The Paper and Pulp industry in India is highly fragmented. It’s a highly capital intensive industry with
long gestation period. With over 600 companies in the country, the competition is stiff.

This market is a demand driven market, with demand for paper being consistently higher than the
installed capacity in the nation.

The industry has shown positive growth trends during past years. Even during the global slowdown,
the Indian Paper and pulp industry continued to grow at a decent rate.

The global economy faced unparalleled pressures, reflected in a sharp rise in the price of oil, food and
other commodities. Besides, inflationary fears gave way to concerns about depression and deflation as
the financial crisis in the advanced economies faced trouble during global economic crisis of
unprecedented magnitude. Financial flows froze and financial institutions crumbled leading to rising
bankruptcies and widespread global unemployment. India is impacted by this global meltdown.
However, in spite of the contraction of many world economies, India is expected to grow by around 6
to 7%, faster than developed economies on account of its large domestic demand.

In 2008-09, even as the global paper industry de-grew, Asia’s production grew 6-8%. The copier and
coated paper segments were the fastest growing at around 15-20%, while the superior packaging board
segment grew at around 12%. The global economic crisis impacted paper demand, moderating prices
from US$1,000 per ton to US$750 per ton in 2008-09.

Annexure 1: Indian Paper and Pulp Industry – A Detailed Analysis

(A detailed report on Indian Paper and Pulp Industry)

Interim Report 2009 - 2011 15

 I. INTER-FIRM COMPARISON – 2007-08 & 2008-09
BRIEF ANALYSIS
The objective of this comparative analysis was to understand the current position of The Sirpur
Paper Mills Ltd in the industry as against six five other prominent players in the industry.
The Companies for comparison were carefully chosen:
a. Ballarpur Industries Ltd. – Market Leader
b. JK Paper Ltd. – Strong hold in Copier paper and close to the leading position
c. Tamilnadu Newsprint & Paper Ltd. – A Public Sector Undertaking. Market Leader
in Newsprint, has an exceptional achievement to bring inventory to zero from past
3-4 years.
d. Seshasayee Paper and Boards Ltd. – A close competitor to SPM in terms of market
share.
e. Orient Paper Mills Ltd. - A company, part of a diverse Orient Industries
A Cross Sectional Analysis was performed on the profitability statement of these firms with
that of SPM. It allows comparisons even though the companies might be of significantly
different sizes and/or operate in different currencies. In this analysis the focus was to compare
the Profit after Tax of the above mentioned firms.
On comparison it was found that among all the companies only SPM had Loss after Tax for
the year ended on 31.03.2009. There was a significant fall of 105% in the Profit After Tax as
compared to previous year ended on 31.03.2008

Discussions which led to following conclusion

• This fall in PAT can be attributed to rise in expenditure. SPM undertook a Mill
Development and Expansion Plan (MDP) to modernize the existing plant. To achieve this
firm took Loans (Short term as well as long term) from banks and other financial
institution.
○ Rise in loan was followed by a 317% rise in interest paid.
○ Installation of new machines also led to a rise in Depreciation by 138%.
• Sales of SPM rose by 42%, second only to JK Papers which increased the Total Income by
43%. Thus company was able to restrict further loss backed by strong sales and revenues.

16 Interim Report 2009 - 2011

• Rise in sales was attributed to increase in production capacity (from 83,550 TPA to 138,300
TPA) and also an improvement in the paper quality (paper brightness was enhanced to 88%
+ level)
• A positive aspect about SPM’s production was that although its income level as well as
paper production rose but the consumption of raw material reduced by 36%. This shows
that the efficiency of production has been enhanced. This was a unique feature among all
the companies except Seshasayee Paper & Boards Ltd which experienced a 5% fall in raw
material consumption. However it may be noted that the raw material cost had increased in
2009 as compared to 2008.
• Considering the turbulent times in the global economy, performance of SPM as compared
to the other players is commendable. The positive points to be considered can be:
○ Significant rise in sales
○ Significant rise in production
○ Significant rise in the brightness level of paper
○ Fall in raw material consumption indicating higher efficiency level.

Interim Report 2009 - 2011 17

 I. COMMON SIZE ANALYSIS AS PERCENTAGE TO SALES
BRIEF REPORT
A Common Size Analysis involves expressing financial data, including entire financial
statements, in relation to a single financial statement item, or base. Items used most frequently
as the bases are total assets or revenue or even sales. Its statements facilitate comparison across
time periods (time - series analysis) and across companies of different sizes (cross - sectional
analysis). I took sales as base and found out the percentage of each component of the income
statement and performed a cross-sectional analysis of the six companies.
Following observations were made during this analysis:
• Companies like Sirpur and Seshasayee had high power and fuel cost.
• Companies like BILT, JK Paper, TNPL had high Raw material consumption cost.
• Sirpur and Seshasayee as compared to rest of the companies had lower productions

Discussions led to following conclusions:

• Companies with higher production capacity tend to consume more raw materials.
• The power and fuel cost in such companies get reduced.
• This is based on the mechanism of Economies of Scale, higher is the production, and lower is
per unit cost.
• With higher production the per unit fixed cost (like power, rent, labor cost and other similar
fixed cost) reduce.
• With higher production the per unit variable cost (cost of raw material, etc) rises.

Sirpur Paper Mills (SPM) still has a long way to go. It has to enhance its production along with
efficiency – production as well as consumption.

I. SENSITIVITY ANALYSIS – BRIEF REPORT

Sensitivity Analysis also known as what if analysis, shows the range of possible outcomes as specific
assumptions are changed; this could, in turn, influence the financing needs or investment in fixed
assets.
I performed a Sensitivity Analysis in order to ascertain the cash flows of the company under different
scenarios over a period of time (from 2008-09 to 2017-18) with an objective to have an estimate the

18 Interim Report 2009 - 2011

company’s ability to meet its long term liabilities and obligations even if market scenario doesn’t
remain good enough.
The three scenarios that I considered while performing sensitivity analysis on the projected
profitability statement of The Sirpur Paper Mills Ltd., reported vide “Sensitivity Analysis” were:
i. Sales fall by 5%
ii. Raw Material Cost Rises by 5%
iii. Sales fall by 5% and Raw Material cost rises by 5% (worst case)

It was observed that in the worst case scenario i.e. in 2009-10 the company would incur a loss of over
30 crores. However the reduced net sales which would be around Rs. 320 Crores would still be able to
meet maximum expenses resulting into operational loss of just over Rs. 3 Crores, which is less than
1% of the income. This gap can easily be bridged by the cash reserves of the company.

Sensitivity analysis gave a healthy picture of the company’s actual and projected performance in the
near future. It reflected on the fact that SPM was ready to face all the undue challenges in the near
future and is strongly positioned to meet all its long and short term liabilities and obligations.

Interim Report 2009 - 2011 19

 ANNEXURES

Annexure 1: Indian Paper and Pulp Industry – A Detailed Analysis

Annexure 2: Inter-firm Comparison – 2007-08 & 2008-09 - Excel Spreadsheet
Annexure 3: Common Size Analysis as Percentage to sales - Excel Spreadsheet
Annexure 4: Sensitivity Analysis - Excel Spreadsheet

REFERENCES:

1. J.B Bodha & Brothers Private Ltd., 1997. Valuation Report on the Market Value of Movable &
immovable Assets. The Sirpur Paper Mills Ltd.
2. Indian Paper Manufactures Association, 2009. Available from: http://www.ipma.co.in
[Accessed on 28 February 2010]
3. The Sirpur Paper Mills Ltd.
i. THE SIRPUR PAPER MILLS LTD., 2009. About us,
Available from: http://www.sirpurpaper.com/aboutus.asp [Accessed 26 February 2010]
ii. THE SIRPUR PAPER MILLS LTD., 2008. Annual Report 2007-2008
Available from: http://sirpurpaper.com/pdf/Sirpur_Full_pdf.pdf [Accessed 26 February
2010]
iii. THE SIRPUR PAPER MILLS LTD., 2009. Annual Report 2008-2009
iv. THE SIRPUR PAPER MILLS LTD., 2009. Expansion Programme
Available at http://www.sirpurpaper.com/expansionprogramme.asp
[Accessed 26 February 2010]

20 Interim Report 2009 - 2011