2

Year-1 Year-2 Year-3 Year-4 Year-5 Year-6

Revenue 11,000 13,500 16,000 17,486 19,024 20,618

Onsite 35% 35% 35% 35% 35% 35%

Offshore 65% 65% 65% 65% 65% 65%

Onsite Rev 3,850 4,725 5,600 6,120 6,659 7,216

Offshore Rev 7,150 8,775 10,400 11,366 12,366 13,402

Employees 5,000 6,000 7,000 7,500.0 8,000.0 8,500.0

Onsite 750 900 1,050 1,125.0 1,200.0 1,275.0
Offshore 4,250 5,100 5,950 6,375.0 6,800.0 7,225.0

Utilisation
Onsite 85% 85% 85% 85.00% 85.00% 85.00%
Offshore 65.0% 65.0% 65.0% 65.00% 65.00% 65.00%

Hours Billed
Onsite 1,275,000 1,530,000 1,785,000 1,912,500 2,040,000 2,167,500
Offshore 5,525,000 6,630,000 7,735,000 8,287,500 8,840,000 9,392,500

Billing Rate
Onsite 3,020 3,088 3,137 3,200 3,264 3,329
Offshore 1,294 1,324 1,345 1,371 1,399 1,427
 4

Debt 10,000
Int 10%
D/E 1.25
Equity 8,000
Cash 1,250
EV 16,750

NI 1,600
Tax Rate 30%
EBT 2,286
I 1,000
EBIT 3,286
DA 500
EBITDA 3,786

EV/EBITDA 4
 13

EBIT 4000
Tax Rate 35%
Int Rate 15%
Debt 10000
Int Exp 1500
Equity 20000

EBIT 4000
Int Exp 1500
EBT 2500
Tax 875
NI 1625

ROE 8%
 9

Investment 35,000,000
Debt 22,750,000 65% Interest Rate 8%
Equity 12,250,000 35% Cost of Equity 15%
Year-1 Year-2 Year-3
Hard Cost 10,500,000 7,000,000 7,000,000
30% 20% 20%
Interest - Soft Cost 280,287 762,397 1,176,817
Total Projeect Cost 10,780,287 7,762,397 8,176,817
Cumulative Project Cost 10,780,287 18,542,685 26,719,502
Debt - Addition 7,007,187 5,045,558 5,314,931
Equity - Addition 3,773,101 2,716,839 2,861,886

Cum Debt 0 7,007,187 12,052,745 17,367,676

Cum Equity 0 3,773,101 6,489,940 9,351,826

SP 12%
CP 5%
Qty 10%

Rev
COGS
Opex 25%
Dep
EBIT
Int Exp
Intt Inc 7%
EBT
Tax 30%
PAT

Cash
PPE,Net 10,780,287 18,542,685 26,719,502
WC 5%
TA 10,780,287 18,542,685 26,719,502

Debt 7,007,187 12,052,745 17,367,676

Equity 3,773,101 6,489,940 9,351,826
Retained Earning
TL & Sh Eq 10,780,287 18,542,685 26,719,502
Check - - -

Net Income
Dep
Changein WC
CFO
 Capex (10,780,287) (7,762,397) (8,176,817)
CFI (10,780,287) (7,762,397) (8,176,817)

Debt 7,007,187 5,045,558 5,314,931

Equity 3,773,101 2,716,839 2,861,886
CFF 10,780,287 7,762,397 8,176,817

Changein Cash - - -
BOP - - -
EOP - - -

CFO + CFI + Debt Raisd - Debt Repaid (3,773,101) (2,716,839) (2,861,886)

NPV 437,820
IRR 15.9%
 Year-4 Year-5 Year-6 Year-7 Year-8 Year-9
10,500,000
30%
1,706,791
12,206,791
38,926,292
7,934,414
4,272,377

25,302,090
13,624,202

2,500 2,800 3,136 3,512 3,934

500 525 551 579 608
6,000 6,600 7,260 7,986 8,785

15,000,000 18,480,000 22,767,360 28,049,388 34,556,845

3,000,000 3,465,000 4,002,075 4,622,397 5,338,868
3,750,000 4,620,000 5,691,840 7,012,347 8,639,211
7,785,258 7,785,258 7,785,258 7,785,258 7,785,258
464,742 2,609,742 5,288,187 8,629,386 12,793,508
2,024,167 1,619,334 1,214,500 809,667 404,833
15,067 147,287 463,466 963,816 1,694,149
(1,544,359) 1,137,694 4,537,153 8,783,534 14,082,823
- 341,308 1,361,146 2,635,060 4,224,847
(1,544,359) 796,386 3,176,007 6,148,474 9,857,976

430,482 3,777,708 9,464,188 18,073,401 30,330,844

38,926,292 31,141,034 23,355,775 15,570,517 7,785,258 -
750,000 924,000 1,138,368 1,402,469 1,727,842
38,926,292 32,321,515 28,057,484 26,173,072 27,261,128 32,058,686

25,302,090 20,241,672 15,181,254 10,120,836 5,060,418 -

13,624,202 13,624,202 13,624,202 13,624,202 13,624,202 13,624,202
(1,544,359) (747,973) 2,428,034 8,576,508 18,434,484
38,926,292 32,321,515 28,057,484 26,173,072 27,261,128 32,058,686
- - - - - -

(1,544,359) 796,386 3,176,007 6,148,474 9,857,976

7,785,258 7,785,258 7,785,258 7,785,258 7,785,258
(750,000) (174,000) (214,368) (264,101) (325,373)
5,490,900 8,407,645 10,746,897 13,669,631 17,317,861
(12,206,791) -5965843
(12,206,791) - - - - -

7,934,414 (5,060,418) (5,060,418) (5,060,418) (5,060,418) (5,060,418)

4,272,377 - - - - -
12,206,791 (5,060,418) (5,060,418) (5,060,418) (5,060,418) (5,060,418)

- 430,482 3,347,227 5,686,479 8,609,213 12,257,443

- - 430,482 3,777,708 9,464,188 18073400.575
- 430,482 3,777,708 9,464,188 18,073,401 30,330,844

(4,272,377) 430,482 3,347,227 5,686,479 8,609,213 12,257,443

 13

Strips/Day Contribution
Low Budget Drug 250 40
High Budget Drug 150 70 Strips/Day
Growth y/y% 5% 5% Low Budget Drug
High Budget Drug
Area Rental/Month/sqft Deposit Contribution
Shop 1,250 175 1,500,000 Low Budget Drug
High Budget Drug
Rennovation Expense 3,000,000
Revenues
Personnel Costs 125,000 Rs/Month Lease Expenses
Inflation 8% Personnel Expenses
Other Expenses
Other Expenses 30% of Contribution EBIT
Tax Rate 35% Interest Expenses
EBT
Intial Cost 4,500,000 Tax
Debt 2,700,000 60% PAT
Interest Rate 13%
Equity 1,800,000 40% PAT
Cost of Equity 25% Initial Cost
Debt Raised / (Repaid)
Deposit Refund
Cash Flow

NPV
IRR
 Year-0 Year-1 Year-2 Year-3 Year-4 Year-5

250 263 276 289 304

150 158 165 174 182

40 42 44 46 49
70 74 77 81 85

7,482,500 8,249,456 9,095,026 10,027,266 11,055,060

2,625,000 2,625,000 2,625,000 2,625,000 2,625,000
1,500,000 1,620,000 1,749,600 1,889,568 2,040,733
2,244,750 2,474,837 2,728,508 3,008,180 3,316,518
1,112,750 1,529,619 1,991,918 2,504,518 3,072,809
351,000 351,000 351,000 351,000 351,000
761,750 1,178,619 1,640,918 2,153,518 2,721,809
266,613 412,517 574,321 753,731 952,633
495,138 766,103 1,066,597 1,399,787 1,769,176

495,138 766,103 1,066,597 1,399,787 1,769,176

(4,500,000)
2,700,000 (2,700,000)
1,500,000
(1,800,000) 495,138 766,103 1,066,597 1,399,787 569,176

392,373
34.15%
 13

Year-1 Year-2 Year-3

Seg-1 2,700 3,500 4,700

Seg-2 1,200 1,400 1,800
Total Revenue 3,900 4,900 6,500

Seg-1 2,025 2,625 3,525 75% 25%

Seg-2 1,080 1,260 1,620 90% 10%
Total Costs 3,105 3,885 5,145

Gross Profit 795 1,015 1,355

SG&A 780 980 1,300 20%

EBITDA 15 35 55
DA 275 275 275 5500 5%
EBIT (260) (240) (220)
Interest Expense 306 306 306 3400 9.00%
PBT (566) (546) (526)
Tax - - - 35%
Net Income (566) (546) (526)
 16

Year-0 Year-1 Year-2 Year-3 Year-4 Year-5 Year-6

EBITDA 1,500.0
DA 300.0
Int 150.0 1500 10%
PBT 1,050.0
PAT 840.0 20%

Dep 300
Capex (100)
WC 50
Debt (125)
FCFE 965 1,110 1,276 1,468 1,688 1,941 2,038
15% 15% 15% 15% 15% 5.00%

WACC
kd 0.08 wd 0 D 1500
ke 20% we 1 E 3500
D+E 5000
WACC 0.2
1 2 3 4 5
PV of FCFE 924.79 886.26 849.33 813.94 780.03
5,460.20
Equity 9,715
NoS 500
Intrinsic Value 19.43
 $9,714.55
965 1109.75 1109.75
1276.213 1276.2125
1467.644 1467.6444
1687.791 1687.791
1940.96 13586.72 15527.677
2038.008
 17

Actual Projection
Year-1 Year-2 Year-3

Revenue 9,000.0 10,000.0 11,000.0

COGS 6,000.0 7,250.0 8,900.0
Depreciation 700.0 800.0 900.0
Tax 500.0 650.0 700.0
Net Income 1,800.0 1,300.0 500.0

Cash 4,800.0 5,309.7 5,019.4

Accounts Receivable 2,500.0 2,777.8 3,055.6
Inventory 3,000.0 3,625.0 4,450.0
PPPE, Net 9,000.0 9,200.0 9,300.0
TA 19,300.0 20,912.5 21,825.0

Accounts Payable 1,500.0 1,812.5 2,225.0

Debt 7,500.0 7,500.0 7,500.0
Equity 7,500.0 7,500.0 7,500.0
Retained Earnings 2,800.0 4,100.0 4,600.0
TL & Sh Eq 19,300.0 20,912.5 21,825.0
- - -
DSO 101.39 101.38888889 101.38888889 what is the formula for DSO, DOH,
DOH 182.50 182.5 182.5
Payable Days 91.25 91.25 91.25
e formula for DSO, DOH, Payable days
 18

Year-0 Year-1 Year-2 Year-3 Year-4 Year-5

NI 550
PBT 846 35%
Int 400 5000 8%
EBIT 1,246
NOPAT 810 35%

Dep 125
Capex (225)
WC 50
FCFF 760 836 920 1,012 1,103 1,191
10% 10% 10% 9.00% 8.00%

WACC
kd 5.2% wd 29.4% D 5000
ke 15.0% we 70.6% E 12000
D+E 17000
WACC 0.1211764706
1 2 3 4 5
PV of FCFF 746 732 718 698 672

EV 13,760
Debt 5,000
Equity 8,760
NoS 500
Intrinsic Value 17.52
Year-6 Year-7 Year-8

1,274 1,351 1,418

7.00% 6.00% 5.00%

6 7 8
641 606 568
8,947 5%
 27

Year-1

Revenue 1,050
COGS 600
GP 450
SG&A 158 15%
EBITDA 293
DA 50
EBIT 243
Int 50 10% 500
EBT 193
T 58 30%
PAT 135

Current Assets 750 240 decrease

PPE,Gross 2,500 PAT 135
Acc Depreciation 1,250 Dep 50
PPe, Net 1,250 CA Decrease 240
Cash 350 CL Increase 25
TA 2,350 CFO 450

Current Liabilities 250 25 increase Capex (100)

Debt 500 10% Net Cash 350
Equity 100
Retained Earning 1,500 BOP Cash -
TL 2,350 EOP Cash 350
 30

EBIT 1500 EBIT 1500

Debt 5500 15% Int 825

Tax 30% EBT 675

Dividend P 45% Tax 202.5

NOS 55 PAT 472.5

CMP 75 EPS 8.590909

P/E 8.730159