Hing or Asafoetida, also known as Hingu in Hindi, Ingu in Kannada, Inguva in Telugu, Perungayam in Tamil is used as a fragrance in cosmetics and as a flavouring ingredient in foods and beverages. Hing, often referred as ‘Food of the God’s’ or ‘Devil’s Dung’ goes by the botanical name Ferula foetida and Ferula assafoetida. It is one of the perennial herbs belonging to the Umbelliferae or Apiaceae family that grows to the height of 1.5 to 2 mt tall. Hing powder is an indispensable culinary ingredient common to every Indian kitchen, used almost every day to flavour food, curries, vegetables, make pickles etc. Many believe that Hing helps in curing respiratory problems, including bronchitis and asthma. It is also used for treating digestive problems including intestinal gas and irritable bowel syndrome (IBS). Scientists have found evidence that chemicals in asafoetida might help treat IBS, apart from protecting against high levels of certain fats including cholesterol and triglycerides in blood – coumarins, the chemical present in asafoetida, can thin the blood. Naturally, many companies that used to sell only spices and Ayurvedic products have now started selling asafoetida.

India currently consumes 40% of the world’s total production of asafoetida and its imports too have been on a steady climb. There is a good demand for quality compounded asafoetida in the domestic market and as well as in export market. India has been exporting asafoetida to UK, Yemen, Belgium, Kenya, Malaysia, Oman, Switzerland, United Arab Emirates and other countries. The price for the good quality asafoetida in the domestic market varies anywhere between Rs.100 to 500/- per kg. It is estimated that about 3500 tonnes of asafoetida is processed and marketed. Any individual can start a Hing production business with comparatively small capital investment. Additionally, the business doesn’t demand a lot of space for the production operation. However, one will need to pay extra attention to the marketing of the product.

The proposed project is that of setting up of Hing Processing Business unit at the proposed location. The potential target customers and market for the proposed set-up would comprise of the customers of local Retail Stores, Departmental Stores, Convenience Stores, Supermarkets/ Hypermarkets, Restaurants, Hotels, Canteens and Online Stores etc.  

A Project Report is not only essential for obtaining financial assistance from Bank/ Financial Institution/Funding Agency but also the most important document either to participate in the development schemes of MSME Sector/ Department of Industries or in completing various time consuming government formalities connected with planning and commercial operation of the proposed business project.

This Detail Project Report (DPR)/ Business Plan has been developed in a well-structured PDF Format (Easy to Download, Convert into MS WORD through www.pdftoword.com, Edit for Personalised Customisation and Finally Printing the Report) to be presented as a Ready Project Proposal immediately thereby saving precious time of the promoter in the process of completing requisite formalities in anticipation of setting up the business project. Accordingly, following Project Templates has been deliberately left blank in order to facilitate customisation by the perspective entrepreneurs based on personal requirements and furnish necessary information on actual basis.

§ Project at a Glance                                     :             To be Filled Up as per Personal Requirements.

[Total Capital Expenditure, Working Capital, Estimated Cost of the Project, Amount of Bank Loan, Amount of Equity Capital and Amount of applicable Margin Money Subsidy – (Urban/Rural /General Category/ Special Category)].

§ General Information and Location          :             To be Furnished in the Blank Space.

[Name of the Unit/Firm, Address of the Proposed Project Location, Size of the Space Available and Occupancy under Ownership/Lease Agreement].

§ Promoter’s Background                            :             To be Furnished in the Blank Space.

[Name of the Promoter, Age, Communication Address, Educational Qualification, Work Experience and Special Training Attended, if Any].

 The Project Report/ Business Plan so presented include all the important aspects containing the following details;

CONTENTS

1.    Project at a Glance

2.    Highlights of the Project

3.    Project Introduction

4.    The Project Proposal

5.    The Products and its Uses

6.    Prospect for Investment

7.    Potential Target Customers/Market

8.    Market Entry Strategy

9.    Process Details and Technical Aspect

10. Installed and Operational Capacity

11. Quality Control and Standards

12. Raw Materials and Consumables

13. Power and Utility

14. Tentative Implementation Schedule

15. Basis & Presumptions

16. Capital Investment Estimates with Detail Project Economics

17. Computation of Working Capital Requirement

18. Estimated Total Project Investment

19. Proposed Means of Project Financing

20. Estimated Annual Sales Turnover

21. Projected Profitability Statement

22. Calculation of Interest Amount

23. Depreciation Schedule

24. Term Loan Repayment Schedule

25. Debt Service Coverage Ratio

26. Break-Even Analysis

27. Projected Cash Flow Statement

28. Projected Balance Sheet

29. Internal Rate Return

30. Pay Back Period

The presentation also supplements with important facts and useful information covering the areas as indicated below;

LIST OF ANNEXURES

1.  Basics of Food Processing Business

2.  Indian Food Processing Industry- Current Scenario and Recent Govt. Initiatives

3.  Statutory Permits and Business Licenses required for the Project

4.  Beginner’s Guide to Start the Project

5.  Smart Tips to Identify Suitable Project Location

6.  Critical Success Factors in Food Processing Business and

7.  Marketing Strategy and Promotional Ideas to Boost the Sale of the Business.

LIST OF ENCLOSURES

ENCLOSURE-1: HANDBOOK OF HING PROCESSING BUSINESS, PMFME SCHEME, MINISTRY OF FOOD PROCESSING INDUSTRIES, GOVT. OF INDIA.

ENCLOSURE-2: E-BOOK ON PMFME SCHEME, MINISTRY OF FOOD PROCESSING INDUSTRIES, GOVT. OF INDIA.

ENCLOSURE-3: LATEST LIST OF “ONE DISTRICT ONE PRODUCT” (ODOP) FOR 713 DISTRICTS OF 35 STATES/UNION TERRITORIES UNDER PMFME SCHEME, MINISTRY OF FOOD PROCESSING INDUSTRIES, GOVT. OF INDIA.

Thus the information provided would help in identifying in advance the infrastructure/resources required for the Project and approach the concerned government agencies accordingly. Hence, it becomes a complete document for further action towards realising the dream of becoming an entrepreneur.