Wonder WallCare Private Limited (WWPL)

Morwad Village, Piplantri Kalan Mandal, Rajsamand District

Village - Morwad, Mandal- Piplantri Kalan, Tehsil and District- Rajsamand (Rajasthan) – 313324

C/o R.K. Marble Private Limited, Makrana Road, Madanganj Kishangarh, District- Ajmer (Rajasthan) –
305801

Proposed Marketing strategy

Building & Civil Works

Marble Lumps
(Dolomite) Gypsum

M/s SECMEC CONSULATNTS PVT. LTD. providing detailed engineering consultancy services for Civil,
Structural, Mechanical and consultancy services

Wall putty offers growth opportunities despite rising competition

UltraTech and JKCE are the two major white cement manufacturers in India. Wall Putty has a market
size of ~3.5mtpa, with UltraTech and JKCE having a market share of 40%+. Paints manufacturers and a
few unorganised players have entered the wall putty business in the last few years. They are dependent
either on domestic manufacturers or imports for their white cement requirements. Despite the entry of
new players in wall putty manufacturing, JKCE witnessed double-digit volume growth before the COVID-
19 disruptions. We believe the company’s strong brand image and distribution network (50,000+
dealers) would help it maintain its growth momentum. The demand for wall putty continues to grow
due to its longer life span, high adhesiveness and water resistance characteristics. Wall putty is used for
interior as well as exterior applications. Home improvement activities and a decrease in the repainting
cycle should improve the demand for wall putty.

Introduced value-added products in the wall putty segment to gain competitive advantage To
maintain/gain market share, JKCE launched value-added products in its white cement portfolio - JK
Cement WallMaxX, JK Cement GypsoMaxX, JK Cement ShieldMaxX, JK Cement TileMaxX, JK Cement
WhiteMaxX and JK Cement PrimaxX - over the last few years. JK Cement ShieldMaxX, waterproof wall
putty is manufactured using German technology to improve the durability of paints. JK Cement
GypsoMaxX is a premium gypsum plaster made from natural gypsum. It is suitable for application on
internal surfaces, including walls and ceilings. JK Cement PrimaxX is a white cement-based primer. It is
used as an undercoat for exterior and cementitious surfaces.

Financial Analysis

We expect JKCE’s grey cement sales volume to grow at a CAGR of 10.2% over FY21- 24E led by
improvement in the capacity utilisation of its new plants. We expect its capacity utilisation to improve to
80.8%/87.1% in FY22/23E and moderate slightly thereafter to 82.5% in FY24E (considering expansions
get completed in 1HFY24E). The utilisation rate in FY20/21 was 73%-74% due to capacity expansions and
COVID19-led disruptions. Its white cement and wall putty volumes are estimated to grow at a CAGR of
8.8% between FY21-24E. We estimate a 2.6%/1% CAGR in grey/white cement realisation over FY21-24E

S.No Description Length Width Area

(In m.) (In
(In sq.
m.)
m.)

Main Factory
Buildings
1. 30.00 10.00 300.00
Crusher House
2. 20.00 60.00 1,200.00
Chalk Mill Complex
3. 18.00 35.00 630.00
Batching Plant
4. Packing Plant & Truck
75.00 60.00 4,500.00
Loading
Sub Total (A) 6,630.00
Silos, Hoppers,
Storages. etc.
1. Hopper Building 70.00 20.00 1,400.00

2. Chalk Silo 20.00 20.00 400.00

3. Putty Silo 20.00 20.00 400.00

4. Raw Material Shed 84.00 32.00 2,688.00

Sub Total (B) 4,888.00

Auxiliary Services

1. Switch yard / MRSS 25.00 25.00 625.00

2. CCR including Lab, Technical

Office, Cable Cellar & Sub-
Station 18.00 30.00 540.00

3. Water Storage, Cooling

Tower & STP 14.00 8.00 112.00

4. Weigh Bridges 30.00 10.00 300.00

5. Overhead Cable
Galleries, Cable Trench --- --- ---

Sub Total (C) 1,577.00

Office / Non-factory
Buildings

1. Time, Security & Dispatch

Office 12.00 20.00 240.00

2. Canteen 12.00 18.00 216.00

3. Store 25.00 15.00 375.00

4. Rest Rooms 12.00 16.00 192.00

Sub Total (D) 1,023.00

TOTAL 14,118.00

S.No Description Length Width Area

(In m.) (In
(In sq.
m.)
m.)

Main Factory 6,630.00

Buildings
Silos, Hoppers, 4,888.00

Storages. etc.
 Auxiliary Services 1,577.00

Office / Non-factory
Buildings 1,023.00

TOTAL 14,118.00

Mechanical
A Equipment A Electrical Equipment
1 Impact Crusher, Apron
. Feeder & Unloaded 1. E&I Main Package

2 2.
. Ball Mill & Separator 33kV Overhead Transmission Line (3.3 km long)

3 3.
. Process Fans Power Transformer

4 4.
. Bucket Elevators Fire Fighting & Safety Equipment

5 5.
. Batching Plant DG Set (650KVA)

6 Silo Aeration & 6.

. Extraction Systems Distribution Transformer

7 Packers & Truck 7.

. Loading System HT Motor Mill Main Drive

8 8.
. Mixer with Motor LT Motors

9 9.
. All Bag Filters Vapromatic type Liquid Resistance Starter

1
0
. Grinding Media 10. Earthing Systems

  11. Lighting Systems

12. Power Cables

B Mechanical Auxiliary
Equipment B Instrumentation Equipment

1 Truck Tippler 1. Surveillance System

 .

2 Cement Conveying 2.
. System PA System

3 3.
. Ducts & Chutes 400 T Telephone Exchange

4 4.
. Insulation Uninterrupted Power Supply (UPS)

5 5.
. Lubricants Fire Detection Alarm System

6 Compressor, Dryer, 6.
. Receiver, Piping &
Valves AC VFD

7 WTP, STP, Cooling 7. Air Condensing System for CCR, Server Room, VFD panel,
. tower and pump Packer control room, Packer Panel room & PLC panel room

8 Cranes / Hoists and 8.

. other misc. items Laser Printer and Inkjet Printer

9 9.
.
CCR Lift Control cables, Cu

  10. Instrumentation Cables

    11. Telephone Cables

    12. Erection of other than E&I package

   

   

1. Name and Wonder Wallcare Private Limited

complete address
of the Registered/ Corporate office
Organization. C/o R.K. Marble Private Limited,
Makrana Road, Madanganj Kishangarh,
District- Ajmer (Rajasthan) – 305801

Factory/Works Address
 Village - Morwad, Mandal- Piplantri Kalan,
Tehsil and District- Rajsamand (Rajasthan) – 313324
2. Legal Entity Private Limited Company
3. Project Wall Putty is a highly sought-after product since it is necessary to
Background reinforce the walls of any house or structure, and it is a basic
requirement for any cons to be strong. The fact that the
population is growing suggests that the demand for residential
development is increasing. Growing population, rising
urbanization, and government infrastructure plans are important
reasons driving the market for this product, which is mostly in Asia-
Pacific countries due to the expanding construction sector in China
and India. China, India, and other South-East Asian countries lead
the country’s low-cost residential construction category, led by the
Asia-Pacific area.

In view of the growing demand for undercoat in the market,

Wonder Wallcare Private Limited, Rajasthan has proposed to
establish a greenfield project at Morwad Village, Piplantri Kalan
Mandal, Rajsamand District at a total outlay of ₹157.54 Crores.

The project is proposed to be funded by way of promoter’s capital

to the tune of ₹52.54 Crores and the balance amount of ₹105.00
Crores as term loan.

In order to avail the credit facilities from the bank, the Company
has approached ITCOT Limited, Delhi for preparation of Techno-
Economic Viability Report (TEVR). Accordingly, the report has been
prepared based on the details provided by the Company, perusal of
estimates and collection of secondary information from market,
etc.
4. Background of R. K. Marble Private Limited, a flagship company of R. K. Group,
the Company and was established in 1989 by Patni brothers, in 2010 ventured into
Management Cement Business by establishing Wonder Cement Limited (WCL).
WCL is currently operating an 8.75 million TPA Clinker producing
integrated cement plant (Line I & II & III) at Nimbahera,
Chittorgarh District (Rajasthan) and three split grinding units of
production capacity 2.5 million TPA each located at Dhule
(Maharashtra), Badnavar, Dhar (Madhya Pradesh) and Jhansva,
Jajjhar (Haryana). Total cement production capacity of WCL as of
now is 13.25 million TPA. Now group is planning to enter into Wall
Putty (Base Coat) market owing to the vast experience in marble
and cement industries on the name of Wonder WallCare Private
Limited (WWPL), a new subsidiary to Wonder Cement Limited
(WCL). The proposed installed capacity for wall putty plant will be
4.5 lakhs TPA. WWPL has acquired about 6.5 hectares of land at
Morwad Village, Piplantri Kalan Mandal, Rajsamand District, which
will be utilised for the proposed project.

Wonder WallCare Private Limited (WWPL), is a Private Limited

Company registered under the Companies Act, 1956 with its
registered office located at C/o R.K. Marble Private Limited,
Makrana Road, Madanganj Kishangarh, District- Ajmer (Rajasthan) -
305801. The Corporate Identification Number (CIN) of the Company
is U24200RJ2019PTC067368.

The Factory/Works Address of the Company is located at Village -

Morwad, Mandal- Piplantri Kalan, Tehsil and District- Rajsamand
(Rajasthan) – 313324.

The following are the Directors of the company

1. Sh. Vimal Patni
2. Sh. Gyan Chand Jain
3. Sh. Vivek Patni
4. Sh. Kushal Sogani
5. Sh. Harish Chandra Agarwal

Sh. Vimal Patni, aged 55, a commerce graduate has over 12 years
of experience in running cement industry and marketing of finished
goods. His long term experience in the industry has lead him in
venturing into wall putty manufacturing. He has developed good
expertise in sourcing of technology for wall putty, quality control,
marketing and finance.

Sh. Gyan Chand Jain, aged 65 years, a commerce graduate with

 FCA & FCS and has about 3 decades of experience in the business
world and has served as the President of Mewar Chamber of
Commerce and Industries.

Sh. Vivek Patni, aged 29 years, a commerce graduate and has

done his MBA from London.He has over 05 years of experience in
Cement Industry.

Sh. Kushal Sogani, aged 25 years, an Engineering graduate from IIT

New Delhi and has about 1 year of experience as Associate
Management Consultant in Consultancy firm.

Sh. Harish Chandra Agarwal, aged 47 years, a commerce graduate

with FCA and has about 2 decades of experience in the field of
Audit, Taxation and Finance of Companies, Firm, Trust etc.

The Companies authorized share capital is ₹40.10 Crores and its

paid up capital is ₹ 29.10 Crores as on 24.12.2021. The
shareholding pattern of the Company is as under:

S.No Name of the Partners No. of % of holding

. equity
shares
1 Wonder Cement 3,00,75,000 75
Limited
2 Sh. Kushal Sogani 1,00,25,000 25
Total 4,01,00,00 100
0

As per the data available in Ministry of Corporate Affairs website,

No any kind of Charges are existing as on date.

Overall, ITCOT is of the opinion that the promoters have requisite

experience and competence to successfully manage the project.
5. Market Aspects A growing population is driving the white putty market, an
increasing standard of living, and rising income levels, increased
urbanisation, and government infrastructure programs. In addition,
using putty before painting extends the life of the paint. The best
part about putty is that it can be used to finish both interior and
exterior walls, and it can be used on both dry and wet surfaces.

Wall putty is always in high demand due to its widespread use.

Because our country’s development and industry are progressing at
a breakneck pace, putty consumption is expected to rise.
Constructions and industrial structures, among other things, are
projected to skyrocket in the future, resulting in a surge in
demand.

The Indian cement industry, one of the world’s largest and fastest-
growing, has been developing dramatically due to rising
infrastructure operations, increased demand from the housing
sector, and construction recovery. According to our most current
research report, significant industry advances and strong
government support are luring global cement titans.

Growth Drivers

The Water-based putty powder is used extensively in various

applications in the building & construction sector. These include
wall putty (interior & exterior), ceilings, and slabs. Furthermore,
rise in new infrastructure development, significant investment in
new housing projects, and renovation of non-residential buildings
in developed and developing economies, such as China, India, and
ASEAN countries, are expected to drive the global water-based
putty powder market during the forecast period.

Water-based putty powder offers certain advantages. For instance,

it is a low-cost material that is eco-friendly. It is also easy to apply
and has low water absorption. Furthermore, it accepts any kind of
paint or distemper applied over it. Thus, demand for water-based
putty powder is high in building & construction and infrastructure
sectors.

Opportunities
With rapid urbanization
aggregate market is growing
With increasing investments
smart cities, and highways,
growth.
and industrialization, construction
exponentially in developing countries.
in development of seaports, airports,
which will directly boost the market

Water-based Wall Putty Powder

Water-based putty powder is a white cement or gypsum-based

water-resistant base coat with extra HP polymers. It provides
protection to the wall paint. Water-based putty powder provides a
stronger and ideal base for concrete/cement plastered walls
(interior and exterior) and ceilings. Water-based putty powder is
applied before painting the wall or other surfaces to fill all the pin
holes and pores on the walls and ceilings. Thus, it provides a
smooth finish for painting.

Water repelling properties of water-based putty powder help

prevent flaking of paints. When added with special polymers, it
can provide more adhesive strength and longer life to the painted
surface. Furthermore, some of the water-based putty powder does
not require any curing.

Water-based putty powder is specially designed for leveling surface

imperfections on cement plasters; it also gives good smooth finish.
White cement water-based putty powder binds strongly with the
base plaster, even if the surface is damp, and forms a protective
base. It becomes a part of the wall plaster when applied on the
wall. Its water-resistant property ensures that the paint does not
flake off even if the walls are damp, thus ensuring a long life for
paints.

Water-based putty powder offers excellent benefits such as

flexibility, durability, smooth finish, and eco-friendliness.
Furthermore, it does not contain any lead, oil, or toxic material.
Water-based putty powder prevents the growth of fungus on walls,
and provides ease of application.
 Benefits of Wall Putty

 It improves the tensile strength of the wall.

 Wall putty increases the lifespan of the wall paint.
 It is resistant to moisture and can be a base coat for
waterproofing as well.
 Wall putty provides a smoother finish.
 Wall putty doesn't flake or get easily damaged.

Major growth drivers

The following factors are the key demand drivers for Wall Putty:

 Growth in Real estate sector

 Rise in demand for affordable housing
 Increasing residential and commercial construction
 Ease of application in construction sector
 Rapid growth in industrialization
 Supportive government policies leading to higher investments

Proposed Marketing strategy

The Company is in the process of deploying a professional team

comprising of experienced marketing professional in the same line
of the parent company i.e. Wonder Cement Limited. They are
going to use similar network and philosophy to decide customer
and distribution systems.
6. Products The Company has proposed to set up a marble pulverizing Unit
Manufactured (wall putty manufacturing) of 4.5 lakh TPA capacity in Village -
Morwad, Mandal- Piplantri Kalan, Tehsil and District- Rajsamand
(Rajasthan).

The required marble lumps (dolomite) for the proposed unit shall
be supplied from the neighboring marble dump yards.

S.No Description Proportion Putty

 Volume
(Lakh
TPA)
1. Wall Putty 99 % 4.54
2. Similar Dry 1% 0.05
Mix Products

7. Location The proposed unit is to be located at Morwad Village, Piplantri

Kalan Mandal, Rajsamand District. The location is considered well
suited for the proposed project in view of the following reasons:

 Availability of Dolomite/Marble
 Availability of skilled manpower
 Adequate supply of power and water
 Availability of good physical and social infrastructure in
terms of transportation, hospitality, etc

Further, the location has got good connectivity in terms of road,

rail, etc. The site is about 8 kms from NH-58 that runs from
Fatehpur to Udaipur and the distance to important locations from
the site are given hereunder:

 20 km from Kankroli Railway Station

 94 km from Maharana Pratap Airport, Udaipur
 75 km from Udaipur
 110 km from Bhilwara
8. Land The company has acquired 16.14 acres or 6.53 Hectare for the
proposed unit to be established. The vicinity land is suitable for
mining and has sufficient deposit, which augments the suitability
of continuance of the proposed activity in long term.

The land for the proposed Putty Manufacturing unit is generally

flat without any major undulations. The elevation difference of
the site is considered to be about 0.5 m from average ground
level.

The company has envisaged ₹ 0.12 Crores for Geo-Technical

 investigation of land to be done by M/s. Geo Engineering Services
for Soil testing.
9. Building & Civil The building & civil work requirements for the proposed projects
Works is as below:
S.N Description Area
o
(In sq. m.)

1. Main Factory Buildings 6,630.00

2. Silos, Hoppers, Storages. etc. 4,888.00
3. Auxiliary Services 1,577.00

4. Office / Non-factory Buildings 1,023.00

TOTAL 14,118.00

The cost of construction of building and civil foundation works is

estimated to be ₹52.22 Crores.
10. Plant and The main machinery for wall putty manufacturing unit comprises
Machineries of Hoppers for Dolomite/Marble Transport & Storage, Gypsum
Transport & Storage, Ball Mill/ Vertical Roller Mill for Chalk
Grinding System, Silo for Chalk Storage, Batching Plant for wall
putty manufacturing and Silo for Wall Putty Storage along with
associated auxiliaries. The list of plant & machineries are given
hereunder:
A Mechanical A Electrical Equipment
Equipment
1. Impact 1. E&I Main Package
Crusher, Apron
Feeder &
Unloaded

2. Ball Mill & 2. 33kV Overhead Transmission Line

Separator (3.3 km long)

3. Process Fans 3. Power Transformer

4. Bucket 4. Fire Fighting & Safety Equipment

Elevators

5. Batching Plant 5. DG Set (650KVA)

6. Silo Aeration & 6. Distribution Transformer
Extraction
Systems

7. Packers & 7. HT Motor Mill Main Drive

Truck Loading
System

8. Mixer with 8. LT Motors

Motor

9. All Bag Filters 9. Vapromatic type Liquid Resistance

Starter

10 Grinding Media 10. Earthing Systems

.

11. Lighting Systems

12. Power Cables

B Mechanical B Instrumentation Equipment

Auxiliary
Equipment

1. Truck Tippler 1. Surveillance System

2. Cement 2. PA System
Conveying
System

3. Ducts & Chutes 3. Telephone Exchange

400 T

4. Insulation 4. Uninterrupted Power Supply (UPS)

5. Lubricants 5. Fire Detection Alarm System

6. Compressor, 6. AC VFD
Dryer,
Receiver,
Piping & Valves

7. WTP, STP, 7. Air Condensing System for CCR,

Cooling tower Server Room, VFD panel, Packer
and pump control room, Packer Panel room
 & PLC panel room

8. Cranes / Hoists 8. Laser Printer and Inkjet Printer

and other misc.
items

9. CCR Lift 9. Control cables, Cu

10. Instrumentation Cables

11. Telephone Cables

12. Erection of other than E&I

package

The Company has proposed to procure the plant and machineries

from all the reputed vendors available in India.

The cost of plant & equipment is estimated at ₹77.98 Crores

based on the commercial offers received.
11. Installed The capacity of the unit is determined based on the capacity of
Capacity the Putty production Mixer (Batching Plant).The Company has
proposed to install a 90 Tons Per Hour (TPH) Batching Plant.

Considering 340 working days per annum and 3 shifts of 5 hours

operation per day, the installed capacity at 100% capacity
utilization is 4,59,000 tons per annum. Accordingly, the total
installed capacity of the unit will be 1,350 TPD.

4.1
12. Product mix The unit has proposed to manufacture wall putty. The product mix
proposed by the unit is as given below:

S.No Product Product mix (%)

.
1. Wall Putty 99%
2. Similar Dry mix products 1%
13. Raw material Major raw material for the proposed unit are as given below:
S.No Product Source
.
 1. Marble Lumps Nearby Marble Dump Yards
(Dolomite)
2. White Cement / Clinker Import from RAK (UAE) / Birla
White / JK White
3. Mineral Gypsum RSMML Nagaur / Bikaner
4. Polymer Import from Europe / Asia

A. The entire requirement of major raw material Marble will be

met from the R.K. Marble Private Limited, having large
dump yard within the vicinity of proposed plant location,
having huge quantity of Marble stones, suffice to meet
plant requirement for 10 years. Marble stones are available
in the range of 25 km, hence can be purchased from local
market also. Marble shall be transported to plant by Trucks
and Dumpers. Further, there are several quarries in the
vicinity of the proposed project. Hence, the availability of
raw material and its inward transport to crusher unit is
envisaged to be trouble-free.

B. The required White Clinker for the proposed Putty unit shall
be procured from RAK, UAE, JK White Gotan and Birla
White, Kharia. The White clinker shall be procured in
Jumbo Bags or loose in truck/dumpers.

C. The Mineral Gypsum shall be sourced from Gandhidham

located at a distance of 500 Km from the site.

D. The required polymer/additives shall be procured from

Europe and Asia. This shall be supplied to WWPL in size of
20 to 40 kg bags sealed properly; these bags are placed
properly on a pallet, each weighing 750kg to 1500 kg, with
seaworthy packing ensuring safety of material.

Therefore, no difficulty is envisaged in sourcing the

required quantity raw material.
14. Power The power requirement of the unit is estimated as under:

S.No. Description Connected load

 requirement
(KW)
1. Raw Material Conveying 439.20
2. Raw Material Hoppers 225.24
3. Dolomite Grinding 3535.87
4. Batching 494.10
5. Packing Plant 498.30
6. Fire Hydrant System 136.00
7. Compressors 258.30
8. WTP 22.40
9. STP 11.15
Total 5620.56 KW
(i.e.) 4496.45 KVA

5620.56 KW is the installed power capacity of every machine at

100% capacity utilisation. Based on capacity of the operational
power requirement, the company has considered the low demand
of 3500 KW.
15. Water The total water requirement of the Company is estimated at
45, 000 litres per day.

The entire water requirement will be met through private water

tankers filled from local installed and procured water harvesting
system in the vicinity areas.
16. Man power The total manpower requirement of the Firm is estimated at 175
persons and the details are given hereunder:

Category Total
Top management 1
Senior management 1
Middle management 10
Specialist/ Engineer/ 23
Officers
Supervisors/ Foreman/ 62
Staff
Workmen/ Labor 78
Total Manpower 175

The location being an industrial area boasts disciplined workforce.

Hence, the Company will not have any difficulty in sourcing the
required manpower.
17. Statutory The following statutory approvals will be obtained before
approvals commencement of operations:

 CTE and CTO from Rajasthan State Pollution Control Board

 Plan approval from local body
 Environmental Clearance

The Company has already obtained CTE with File no. F

(Tech)/Rajsamand (Rajsamand)/6747(1)/2021-2022/656-657 and
order no. 2021-2022/Bhilwara/9031 dated 15.06.2021 with Unit ID
105386 for the subject project stating for an annual capacity of
6.00 Lakhs tonne per year. As such, no difficulty is envisaged in
getting required approvals.
18. Project Cost The cost of the project is been estimated at ₹157.54 Crores as
under:

Cost of Project Cost

(₹ in Crores)
Land Acquisition Cost 1.67
Land Development, Building
52.22
and civil works
Plant & Machinery including
77.98
Electrical Equipment
Miscellaneous Fixed Assets 8.69
Contingencies 1.41
Interest during Construction 2.39
Pre-operative Expenses 9.66
Working Capital Margin 3.53
Total 157.54
19. Means of Finance The project is proposed to be financed as under:

S.No Components Amount

₹ in Crores
1 Promoters contribution 52.54
2 Term
105.00
Loan
  Total Project Cost 157.54
20. Interest rate 10.50%
considered for
term loan and
working capital
loan
21. Viability DSCR: 2.07
indicators BEP: 72% (3rd year)
NPV: ₹3,549.14 lakhs (at 8% discount rate)
IRR: 18.04%