Tutorial Step 1
Make A New Layer (CTRL+SHIFT+N) [Name it Paper]
Select Rectangular Marquee Tool (M)
Make selection about the size of paper
Set Foreground color to White & Fill in selection (ALT+DEL)
Tutorial Step 2
Now Select Layer>Layer Style>Drop Shadow And [Set Opacity to 20%] [Set Distance to 2] [Set Spread 0] [Set Size 1]
Select Stroke Under Layer Styles
[Set Size to 1px] [Position to Outside] [Opacity to 5%] (May need to tweak depending on background color)
All above settings may need to be adjusted depending on the size of your image.
Tutorial Step 3
Now select Elliptical Marquee Tool (M), While Holding Shift make a circle selection that will be used as holes.
Move the selection toward top left of the paper and press (Delete).
Hold shift and press the down arrow key until it is in the proper place to delete again.
Continue this process until all holes are made down the left of the paper.
Tutorial Step 4
For the red line, Select the Line tool (U)
Make Selection of the 'Paper' layer (CTRL + Left Click Layer)
Set foreground color to a pale read (#FFC6C6)
Draw the line out from top to bottom to the right of the holes and deselect (CTRL+D)
Tutorial Step 5
Make A Document (CTRL+N), Set Width to 1 pixel * Set Height to 15 pixels
Set Background to White And Click OK
Zoom in as much as possible and Select the Pencil Tool (B)
Set Foreground to a Pale Blue (#D1E0FF) & Make 1 pixel tall mark as bottom of Layer
Select All (CTRL+A), Goto Edit>Define Pattern>, Name it Paper Blue lines.
Tutorial Step 6
Go Back to the Document with Paper & Make a new Layer (CTRL+SHIFT+N) [Name it Blue lines],
Make selection of the 'Paper' Layer (CTRL + Left Click Layer)
Use Photoshop's Edit>Fill And Select the newly created 'Blue Lines' Pattern & Click Ok
Select and Delete where Blue lines do not belong (near the top of paper)
Set Blue lines layer blending mode to Multiply (so you can see the red line behind)
Merge Blue Lines layer down (CTRL+E).