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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)