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All values in INR lacs Small Animal - GLP Facility

2008 2009 2010 2011 2011

Net Sales - 360.0 420.0 490.8 574.4

Animal Supply (Breeding business) 120.0 132.0 145.2 159.7

Toxicology Tests 240.0 288.0 345.6 414.7Pharmacology Tests

Other (specify)

Operational Cost - 264.7 282.5 301.6 322.2 74%

Cost of Upkeep (recuring) 70.0 73.5 77.2 81.0 26%

Cost of acquiring animals 37.5 41.3 45.4 49.9

Other Costs - 157.2 167.7 179.0 191.2

People cost 90.0 94.5 99.2 104.2

Transportaton cost 7.2 7.2 7.2 7.2

Material cost (cages, feed, bedding, etc.) 40.0 44.0 48.4 53.2 25%

Others 20.0 22.0 24.2 26.6

Profit - 95.3 137.6 189.2 252.2 26%

One-Time Investm ents

Infrastructure cost 1,285.0 - - - 357%

Building cost 1,000.0 - - -

Animal House GLP 1,000.0

Animal House non-GLP

Lab facility GLP

Lab facility non-GLP

Equipment Cost 285.0 - - -

Animal House equipment 35.0 4%

Lab equipment (for studies) 250.0

Any incremental expenditure towards infra Specify

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Small Animal - non-GLP Facility

2008 2009

Net Sales - 239.0

Animal Supply (Breeding business) 200.0

Toxicology Tests 36.0Pharmacology Tests 5% 3.0

Other (specify)

22.06 56% Operational Cost - 134.3

36% Cost of Upkeep (recurring) 48.0

Cost of acquiring animals 10.0

Other Costs - 76.3

People cost 5% 45.0

Transportaton cost 14.3

22% Material cost (cages, feed, bedding, etc.) 10% 17.0

Others

44% Profit - 104.7

One-Time Investm ents

9% Infrastructure cost 162.0 22.0

Building cost 97.0 12.0

Animal House GLP

Animal House non-GLP 72.0 12.0

Lab facility GLP

Lab facility non-GLP 25.0 -

Equipment Cost 65.0 10.0

56% Animal House equipment 10lks 40.0 10.0

35% Lab equipment (for studies) 25.0

Air filtering and small agjustments new buildings 30.0

91.2

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2010 2011 2011

262.8 288.9 317.6

220.0 242.0 266.2

39.6 43.6 47.93.2 3.3 3.5

125.9 129.0 132.3

48.0 48.0 48.0

5.0 5.0 5.0

72.9 76.0 79.3

47.3 49.6 52.1

15.1 15.8 16.6

10.6 10.6 10.6

136.8 159.8 185.3

- -

- -

- -

- -

- -

- -

177.1 207.4 240.9

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Canine - GLP Facility

All values in INR lacs 2009 2010 2011 2011

Net Sales - 33 50 74 111

Animal Supply (Breeding business) - - - -

Toxicology Tests 33.0 49.5 74.3 111.4

Pharmacology TestsOperational Cost - 145 158 162 167

Fixed Upkeep Costs 60.0 60.0 60.0 60.0

Cost of acquiring animals 30.0 40.0 40.0 40.0

Recurring Variable Costs - 53 56 60 65

Personnel Cost 30.0 31.5 33.1 34.7

Transportation cost - - - -

Material cost (feed, bedding, etc.) 22.6 24.9 27.3 30.1 43%

Other Variable Cost 2.0 2.0 2.0 2.0

Profit (EBIT) - (112) (109) (88) (55)

Depreciation 123.5 123.5 123.5 123.5

Operating Cash Flow (incl Tax) 12 15 35 68

PV 12 15 35 68NPV# 96

# estimated considering a growth rate of 10% for the capital

One-Time Investm ents

Infrastructure cost 1,235

Building cost 950

Animal House GLP 900.0

Animal House non-GLP

Lab facility GLP 50.0Lab facility non-GLP

Equipment Cost 285

Animal House equipment 35.0

Lab equipment (for studies) 250.0

# estimated considering a growth rate of 10% for the capital

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Small Animal - GLP Facility

All values in INR lacs2009 2010 2011 2011

Net Sales - 360 420 491 574

Animal Supply (Breeding business) 120.0 132.0 145.2 159.7Toxicology Tests 240.0 288.0 345.6 414.7

Operational Cost - 259 253 266 281

Fixed Upkeep Costs 70.0 70.0 70.0 70.0

Cost of acquiring animals 37.5 41.3 45.4 49.9

Recurring Variable Costs - 131 140 149 159

Personnel Cost 90.0 94.5 99.2 104.2

Transportation cost 7.2 7.9 8.7 9.6

Material cost (feed, bedding, etc.) 33.9 37.3 41.0 45.1

Other Variable Cost 20.0 2.0 2.0 2.0

Profit (EBIT) - 101 167 224 294

Depreciation 133.5 133.5 133.5 133.5

Operating Cash Flow (incl Tax) 235 301 358 427

PV 235 301 358 427NPV# 1,023

# estimated considering a growth rate of 10% for the capital

One-Time Investm ents

Infrastructure cost 1,335

Building cost 1,050

Animal House GLP 1,000.0

Animal House non-GLP

Lab facility GLP 50.0

Lab facility non-GLP

Equipment Cost 285

Animal House equipment 35.0

Lab equipment (for studies) 250.0

# estimated considering a growth rate of 10% for the capital

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Small Animal - non-GLP Facility

All values in INR lacs2009 2010 2011

Net Sales 236 261 290

Animal Supply (Breeding business) 200.0 220.0 242.0Toxicology Tests 36.0 41.4 47.6

Operational Cost 150 124 128

Cost of Upkeep (recurring) 46.0 46.0 46.0

Cost of acquiring animals 10.0 5.0 5.0

Other Costs 74 71 75

People cost 45.0 47.3 49.6

Transportation cost 12.0 13.2 14.5

Material cost (feed, bedding, etc.) 17.0 10.6 10.6

Other Variable Cost 20.0 2.0 2.0

Profit (EBIT) 86 137 162

Depreciation 16.2 16.2 16.2

Operating Cash Flow (incl Tax) 102 154 178

PV 102 154 178NPV# 519

# estimated considering a growth rate of 8% for the capital

One-Time Investm ents

Infrastructure cost 162

Building cost 97

Animal House GLP

Animal House non-GLP 72.0

Lab facility GLP

Lab facility non-GLP 25.0

Equipment Cost 65

Animal House equipment 10lks 40.0

Lab equipment (for studies) 25.0

91.2 177.1 207.4

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2011

321

266.254.8

132

46.0

5.0

79

52.1

16.0

10.6

2.0

189

16.2

205

205

240.9

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canine are run area

40 2,000

80 4000

20000

Canines Area 15000

100 0.45 11000

300 1.02Primates

1000 20 9

300 6

100 4

300 10 8 1.7 0.3

AREA sq ft actual Acre

Housing 6,000 13,333 0.3

Small Ani 35,000 77,778 1.8

Canine 140,000 311,111 7.1Primate 190,000 422,222 9.7

18.9

Canine Crores

40 3

80 6 10 16

40 3 300 22.5

300 22.5

Primate

1000 70

300 21

100 7

10

INVESTMENT Cr 17

Housing

Small Ani 14

Small Ani 2.8

Canine 1 16

Canine 2 3.2

Primate 1 17

Primate 2 3.4

56.4

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Yrly demand yrly Potential Mkt share of players no of studi Study Cost

Toxicology Studies 3,000 10,000 10% 150 2

Pharmacology Studies Lacs

Small Animal - GLP Facility

All values in INR lacs 2009 2010 2011 2012

Net Sales - 414 1,125 3,138 6,152

Animal Supply (Breeding business) 114.0 125.4 137.9 151.7

Toxicology Tests 300.0 1,000.0 3,000.0 6,000.0

Pharmacology Tests

Operational Cost - 258 253 266 280

Fixed Upkeep Costs 70.0 70.0 70.0 70.0Cost of acquiring animals 37.5 41.3 45.4 49.9

Recurring Variable Co - 131 139 149 158

Personnel Cost 90.0 94.5 99.2 104.2

Transportation cost 6.8 7.5 8.3 9.1

Material cost (feed, bedding, etc.) 33.9 37.3 41.0 45.1

Other Variable Cost 20.0 2.0 2.0 2.0

Profit (EBIT) - 156 873 2,872 5,871

Depreciation 133.5 133.5 133.5 133.5

Operating Cash Flow (incl Tax) 289 1,006 3,006 6,005

PV 289 1,006 3,006 6,005NPV# 1,095

# estimated considering a growth rate of 10% for the capital

One-Time Investm ents

Infrastructure cost 1,335

Building cost 1,050

Animal House GLP 1,000.0

Animal House non-GLP

Lab facility GLP 50.0

Lab facility non-GLP

Equipment Cost 285

Animal House equipment 35.0Lab equipment (for studies) 250.0

Year 1

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Exp Revenue Mkt share of players Study Cost Exp Reven Mkt share of players Study Cost Exp Reven

300 20% 500.0 2 1,000.0 30% 1,500.0 2 3,000.0

100,000 114,000.0

9,000 9,000 1,350,000

2012 11.1111111 12.666667

10,167

166.9

10,000.0 Demand

Mice Rats Rabbits Total

296 150000 150000 3000 303000

70.0 3% 2.5%54.9 9000 7575

169 150 150

109.4 1350000 1136250

10.0 135 113.625

49.6 114

2.0

9,871

133.5

10,004

10,004

Year 2 Year 3

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Mkt share of players Study Cost Exp Reven Mkt share of players Study Cost Exp Revenue

40% 3,000.0 2 6,000.0 50% 5,000.0 2 10,000.0

Year 5Year 4

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No of studies/ mth Avg cost/ study

3 1 36

Animal Supply

Demand

Mice Rats Rabbits150000 150000 3000 303000

All values in INR lacs 2008 2009 2010 2011

Net Sales - 263 291 322

Animal Supply (Breeding business) 227.0 249.7 274.7

Toxicology Tests 36.0 41.4 47.6

Pharmacology Tests 3.2 3.3Operational Cost - 152 126 130

Cost of Upkeep (recurring) 46.0 46.0 46.0

Cost of acquiring animals 10.0 5.0 5.0

Other Costs - 76 73 77

People cost 45.0 47.3 49.6

Transportation cost 13.6 15.0 16.5

Material cost (feed, bedding, etc.) 17.0 10.6 10.6

Other Variable Cost 20.0 2.0 2.0

Profit (EBIT) - 111 165 193

Depreciation 16.2 16.2 16.2 16.2

Operating Cash Flow (incl Tax) 128 181 209

PV 128 181 209NPV# 586

# estimated considering a growth rate of 10% for the capital

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303000

3% 5.0%9000 15150

150 150

1350000 2272500

135 227.25

227

2011

357

302.1

54.8

3.5 134

46.0

5.0 8.0 6.0

81 5.6 7.5 4 11.5

52.1 0.13 0.25

18.1

10.6

2.0

223

16.2

239

239

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Small Animal - GLP Facility

All values in INR lacs2009 2010 2011 2012

Net Sales 414 485 570 670

Animal Supply (Breeding business) 114.0 125.4 137.9 151.7 2.25Lab Studies 300.0 360.0 432.0 518.4 1.00 10%

Operational Cost 258 253 266 280

Fixed Upkeep Costs 70.0 70.0 70.0 70.0 27% 28%

Cost of acquiring animals 37.5 41.3 45.4 49.9

Recurring Variable Costs 131 139 149 158

Personnel Cost 90.0 94.5 99.2 104.2

Transportation cost 6.8 7.5 8.3 9.1

Material cost (feed, bedding, etc.) 33.9 37.3 41.0 45.1 26% 27%

Other Variable Cost 20.0 2.0 2.0 2.0

Profit (EBIT) 156 233 304 390 38% 48%

Depreciation 133.5 133.5 133.5 133.5

Operating Cash Flow (incl Tax) 289 366 438 523

PV 290 366 438 523NPV# 1,252

# estimated considering a growth rate of 5% for the capital

One-Time Investm ents

Infrastructure cost 1,335

Building cost 1,050

Animal House GLP 1,000.0

Animal House non-GLP

Lab facility GLP 50.0

Lab facility non-GLP

Equipment Cost 285

Animal House equipment 35.0

Lab equipment (for studies) 250.0

Land Cost* 0.7

* Land cost can be estimated from property rates of that area, using the following formula

Estimated land cost for the area = /acre (put in the value in INR in yellow cell)

Area of facility

Estimated land cost Lacs

Age of facility years

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# estimated considering a growth rate of 10% for the capital

sq ft 10.344353

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Small Animal - non-GLP Facility

All values in INR lacs2009 2010 2011 2012

Net Sales 263 291 322 357

Animal Supply (Breeding business) 227.0 249.7 274.7 302.1Toxicology Tests 36.0 41.4 47.6 54.8

Operational Cost 152 126 130 134

26% 25% Cost of Upkeep (recurring) 46.0 46.0 46.0 46.0

Cost of acquiring animals 10.0 5.0 5.0 5.0

Other Costs 76 73 77 81

People cost 45.0 47.3 49.6 52.1

Transportation cost 13.6 15.0 16.5 18.1

28% 28% Material cost (feed, bedding, etc.) 17.0 10.6 10.6 10.6

Other Variable Cost 20.0 2.0 2.0 2.0

53% 58% Profit (EBIT) 111 165 193 223

Depreciation 16.2 16.2 16.2 16.2

Operating Cash Flow (incl Tax) 128 181 209 239

PV 149 181 209 239NPV# 663

# estimated considering a growth rate of 5% for the capital

One-Time Investm ents

Infrastructure cost 162

Building cost 97

Animal House GLP

Animal House non-GLP 72.0

Lab facility GLP

Lab facility non-GLP 25.0

Equipment Cost 65

Animal House equipment 10lks 40.0

Lab equipment (for studies) 25.0

91.2 177.1 207.4 240.9

Land Cost* 26.4

* Land cost can be estimated from property rates of that area, using the following for

Estimated land cost for the area = /acre (put in the value in INR in yellow c

Area of facility

Estimated land cost Lacs

Age of facility years

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2.51.20 3.0

30% 37% 35% 34%

22% 15% 14% 13%

42% 57% 60% 62%

ula

ll)