Tax 2.

36%
Cost of Capital 15%

NPV 88,755,352.35
IRR 38%

Nimra Aftab
26010062
Year - 1
Revenue 51,604,500.00
COGS - 10,739,925.00
Repair and Maintenance - 850,000.00
Utilities - 2,280,000.00
Stationery - 120,000.00
Maintenance & Building - 50,000.00
Transportation of Specimen - 96,000.00
Allocated Overheaqd - 4,800,000.00
Salaries - 1,504,800.00

Depreciation - 9,389,500.00
EBIT 21,774,275.00
Tax (435,485.50)

EAT 21,338,789.50
Add Depreciation 9,389,500.00

Transfer Cost - 1,000,000.00

Capital Investment - 49,900,000.00
Salvage Value

Inject NWC (100,000.00)

Net Cash Flow - 50,900,000.00 30,628,289.50

Exisiting Cashflow Old Model (10,490,140.75) (12,769,379.00)

Resulting Incremental Cash Flow - 61,390,140.75 17,858,910.50

 Consolidated With MRI and Routine Pathology
2 3 4 5
60,306,885.00 71,203,902.00 81,527,693.55 94,715,070.39
- 12,442,485.60 - 14,497,229.07 - 16,591,646.63 - 19,139,175.76
- 926,500.00 - 1,009,885.00 - 1,100,774.65 - 1,199,844.37
- 2,485,200.00 - 2,708,868.00 - 2,952,666.12 - 3,218,406.07
- 130,800.00 - 142,572.00 - 155,403.48 - 169,389.79
- 54,500.00 - 59,405.00 - 64,751.45 - 70,579.08
- 104,640.00 - 114,057.60 - 124,322.78 - 135,511.83
- 5,040,000.00 - 5,292,000.00 - 5,556,600.00 - 5,834,430.00
- 1,655,280.00 - 1,820,808.00 - 2,002,888.80 - 2,203,177.68

- 9,389,500.00 - 9,389,500.00 - 9,389,500.00 - 9,389,500.00

28,077,979.40 36,169,577.33 43,589,139.64 53,355,055.81
(561,559.59) (723,391.55) (871,782.79) (1,067,101.12)

27,516,419.81 35,446,185.78 42,717,356.85 52,287,954.69

9,389,500.00 9,389,500.00 9,389,500.00 9,389,500.00

- 73,276,000.00
22,907,500.00

(100,000.00) (100,000.00) (100,000.00) (100,000.00)

36,805,919.81 44,735,685.78 52,006,856.85 11,208,954.69

(15,121,247.05) (18,117,217.14) (21,080,949.95) (24,863,430.55)

21,684,672.77 26,618,468.64 30,925,906.90 -13,654,475.86

y
6 7 8 9
107,057,477.66 123,024,388.79 137,882,944.46 157,233,901.12
- 21,725,954.63 - 24,883,743.59 - 28,088,869.45 - 32,003,211.38
- 1,307,830.36 - 1,425,535.09 - 1,553,833.25 - 1,693,678.25
- 3,508,062.62 - 3,823,788.25 - 4,167,929.20 - 4,543,042.82
- 184,634.87 - 201,252.01 - 219,364.69 - 239,107.52
- 76,931.20 - 83,855.01 - 91,401.96 - 99,628.13
- 147,707.90 - 161,001.61 - 175,491.76 - 191,286.01
- 6,126,151.50 - 6,432,459.08 - 6,754,082.03 - 7,091,786.13
- 2,423,495.45 - 2,665,844.99 - 2,932,429.49 - 3,225,672.44

- 10,009,000.00 - 10,009,000.00 - 10,009,000.00 - 10,009,000.00

61,547,709.13 ### 83,890,542.63 98,137,488.43
(1,230,954.18) (1,466,758.18) (1,677,810.85) (1,962,749.77)

60,316,754.95 71,871,150.97 82,212,731.78 96,174,738.66

10,009,000.00 10,009,000.00 10,009,000.00 10,009,000.00

(100,000.00) (100,000.00) (100,000.00) (100,000.00)

70,225,754.95 ### 92,121,731.78 ###

(28,611,365.00) (33,311,108.02) (38,044,766.43) (43,918,774.09)

41,614,389.94 ### 54,076,965.35 62,164,964.58

 10
175,231,330.30
- 35,984,448.63
- 1,846,109.29
- 4,951,916.68
- 260,627.19
- 108,594.66
- 208,501.75
- 7,446,375.44
- 3,548,239.69

- 10,009,000.00
110,867,516.97
(2,217,350.34)

108,650,166.63
10,009,000.00

25,256,000.00

900,000.00

144,815,166.63
(70,933,062.40)

73,882,104.23
 January
Tax 2.36% Years
Cost of Capital 15% Initial Investment
Equipment
NPV 66,312,495.31 Moving Cost
MIRR 36% NWC
Change in NWC
Total Capital

Operating Cash Flow

Revenues
Variable Costs
Consultant
Salaries
R&M
Stationary
Utilities
Transport
Rent
General Overhead
Depreciation
EBIT
Tax
NOPAT
Depreciation
OCFAT

Terminal CFs
Recovery of NWC
Salvage Value

FCF
Discount Factor
PV

Incremental FCF
Discount Factor
PV
 With Routine Tests

2001 2002 2003 2004 2005

0 1 2 3 4

$ 3,000,000 $ - $ - $ - $ -
$ 850,000 $ - $ - $ - $ -
$ 500,000 $ 620,000 $ 675,000 $ 735,000 $ 802,000
$ 500,000 120,000 55,000 60,000 67,000
$ 500,000 $ 120,000 $ 55,000 $ 60,000 $ 67,000

Cash Flow
$ - $ 42,784,500 $ 48,840,885 $ 56,386,302 $ 63,931,794
$ - $ 11,816,145 $ 13,669,518 $ 15,760,788 $ 18,117,763
$ - $ - $ - $ - $ -
$ - $ 1,260,000 $ 1,386,000 $ 1,524,600 $ 1,677,060
$ - $ 660,000 $ 719,400 $ 784,146 $ 854,719
$ - $ 120,000 $ 130,800 $ 142,572 $ 155,403
$ - $ 2,040,000 $ 2,223,600 $ 2,423,724 $ 2,641,859
$ - $ 96,000 $ 104,640 $ 114,058 $ 124,323
$ - $ - $ - $ - $ -
$ - $ 4,300,000 $ 4,515,000 $ 4,740,750 $ 4,977,788
$ - $ 3,292,500 $ 3,292,500 $ 3,292,500 $ 3,292,500
$ - $ 19,199,855 $ 22,799,427 $ 27,603,165 $ 32,090,379
$ - $ 2,879,978 $ 3,419,914 $ 4,140,475 $ 4,813,557
$ - $ 16,319,877 $ 19,379,513 $ 23,462,690 $ 27,276,822
$ - $ 3,292,500 $ 3,292,500 $ 3,292,500 $ 3,292,500
$ - $ 19,612,377 $ 22,672,013 $ 26,755,190 $ 30,569,322

$ (4,350,000) $ 19,492,377 $ 22,617,013 $ 26,695,190 $ 30,502,322

1.00 1.15 1.32 1.52 1.75
$ (4,350,000) $ 16,949,893 $ 17,101,711 $ 17,552,521 $ 17,439,801

$ (3,976,400) $ 7,768,766 $ 9,080,391 $ 10,728,652 $ 12,253,741

1.00 1.15 1.32 1.52 1.75
$ (3,976,400) $ 6,755,449 $ 6,866,080 $ 7,054,263 $ 7,006,116
utine Tests

2006 2007 2008 2009 2010

5 6 7 8 9

$ 26,376,000 $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$ 846,000 $ 892,000 $ 942,000 $ 994,000 $ 1,050,000
44,000 46,000 50,000 52,000 56,000
$ 44,000 $ 46,000 $ 50,000 $ 52,000 $ 56,000

$ 73,322,160 $ 82,747,353 $ 94,435,682 $ 106,231,162 $ 120,783,300

$ 20,771,331 $ 23,755,788 $ 27,109,199 $ 30,873,802 $ 35,096,449
$ - $ - $ - $ - $ -
$ 1,844,766 $ 2,029,243 $ 2,232,167 $ 2,455,384 $ 2,700,922
$ 931,644 $ 1,015,492 $ 1,106,886 $ 1,206,506 $ 1,315,091
$ 169,390 $ 184,635 $ 201,252 $ 219,365 $ 239,108
$ 2,879,626 $ 3,138,793 $ 3,421,284 $ 3,729,200 $ 4,064,828
$ 135,512 $ 147,708 $ 161,002 $ 175,492 $ 191,286
$ - $ - $ - $ - $ -
$ 5,226,677 $ 5,488,011 $ 5,762,411 $ 6,050,532 $ 6,353,058
$ 3,292,500 $ 3,912,000 $ 3,912,000 $ 3,912,000 $ 3,912,000
$ 38,070,714 $ 43,075,684 $ 50,529,481 $ 57,608,883 $ 66,910,558
$ 5,710,607 $ 6,461,353 $ 7,579,422 $ 8,641,332 $ 10,036,584
$ 32,360,107 $ 36,614,332 $ 42,950,059 $ 48,967,550 $ 56,873,974
$ 3,292,500 $ 3,912,000 $ 3,912,000 $ 3,912,000 $ 3,912,000
$ 35,652,607 $ 40,526,332 $ 46,862,059 $ 52,879,550 $ 60,785,974

$ 6,410,700

$ 15,643,307 $ 40,480,332 $ 46,812,059 $ 52,827,550 $ 60,729,974

2.01 2.31 2.66 3.06 3.52
$ 7,777,488 $ 17,500,764 $ 17,598,387 $ 17,269,420 $ 17,263,249

$ (11,111,185) $ 16,266,696 $ 18,787,605 $ 21,144,723 $ 24,273,241

2.01 2.31 2.66 3.06 3.52
$ (5,524,223) $ 7,032,541 $ 7,062,956 $ 6,912,247 $ 6,899,970
 2011
10

$ -
$ -
$ 1,108,000
58,000
$ 58,000

$ 135,564,499
$ 39,829,095
$ -
$ 2,971,014
$ 1,433,450
$ 260,627
$ 4,430,662
$ 208,502
$ -
$ 6,670,711
$ 3,912,000
$ 75,848,438
$ 11,377,266
$ 64,471,153
$ 3,912,000
$ 68,383,153

$ 1,108,000
$ 6,622,350

$ 76,055,503
4.05
$ 18,799,757

$ 34,352,460
4.05
$ 8,491,403
NPV 44,598,234.70
MIRR 32%

Tax 2.36%
Cost of Capital 15%
Year - 1
Revenue 38,824,500.00
COGS - 8,669,925.00
Repair and Maintenance - 550,000.00
Utilities - 1,920,000.00
Stationery - 120,000.00
Maintenance & Building - 50,000.00
Transportation of Specimen - 96,000.00
Allocated Overheaqd - 4,000,000.00
Salaries - 1,267,200.00
Depreciation - 3,097,500.00
EBIT 19,053,875.00
Tax (381,077.50)
EAT 18,672,797.50
Add Depreciation 3,097,500.00
Transfer Cost - 1,000,000.00
Capital Investment

Salvage Value
Inject NWC (50,000.00)
Net Cash Flow - 1,000,000.00 21,720,297.50

Exisiting Cashflow Old Model (10,490,140.75) (12,769,379.00)

Resulting Incremental Cash Flo - 11,490,140.75 8,950,918.50

 Diagnostic center without routine & MRI
2 3 4 5
44,194,485.00 50,955,822.00 57,606,881.55 65,978,234.79
- 9,901,965.60 - 11,386,325.07 - 12,934,583.03 - 14,796,707.08
- 599,500.00 - 653,455.00 - 712,265.95 - 776,369.89
- 2,092,800.00 - 2,281,152.00 - 2,486,455.68 - 2,710,236.69
- 130,800.00 - 142,572.00 - 155,403.48 - 169,389.79
- 54,500.00 - 59,405.00 - 64,751.45 - 70,579.08
- 104,640.00 - 114,057.60 - 124,322.78 - 135,511.83
- 4,360,000.00 - 4,752,400.00 - 5,180,116.00 - 5,646,326.44
- 1,393,920.00 - 1,533,312.00 - 1,686,643.20 - 1,855,307.52
- 3,097,500.00 - 3,097,500.00 - 3,097,500.00 - 3,097,500.00
22,458,859.40 26,935,643.33 31,164,839.98 36,720,306.47
(449,177.19) (538,712.87) (623,296.80) (734,406.13)
22,009,682.21 26,396,930.46 30,541,543.18 35,985,900.34
3,097,500.00 3,097,500.00 3,097,500.00 3,097,500.00

- 26,376,000.00

6,492,500.00
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
25,057,182.21 29,444,430.46 33,589,043.18 19,149,900.34

(15,121,247.05) (18,117,217.14) (21,080,949.95) (24,863,430.55)

9,935,935.17 11,327,213.32 12,508,093.23 - 5,713,530.21

MRI
6 7 8 9
74,243,859.86 84,614,147.60 94,913,012.79 107,767,428.44
- 16,743,894.29 - 19,078,412.63 - 21,528,246.50 - 24,453,389.87
- 846,243.18 - 922,405.06 - 1,005,421.52 - 1,095,909.45
- 2,954,157.99 - 3,220,032.21 - 3,509,835.11 - 3,825,720.27
- 184,634.87 - 201,252.01 - 219,364.69 - 239,107.52
- 76,931.20 - 83,855.01 - 91,401.96 - 99,628.13
- 147,707.90 - 161,001.61 - 175,491.76 - 191,286.01
- 6,154,495.82 - 6,708,400.44 - 7,312,156.48 - 7,970,250.57
- 2,040,838.27 - 2,244,922.10 - 2,469,414.31 - 2,716,355.74
- 3,717,000.00 - 3,717,000.00 - 3,717,000.00 - 3,717,000.00
41,377,956.34 48,276,866.52 54,884,680.47 63,458,780.88
(827,559.13) (965,537.33) (1,097,693.61) (1,269,175.62)
40,550,397.21 47,311,329.19 53,786,986.86 62,189,605.26
3,717,000.00 3,717,000.00 3,717,000.00 3,717,000.00

(50,000.00) (50,000.00) (50,000.00) (50,000.00)

44,217,397.21 50,978,329.19 57,453,986.86 65,856,605.26

(28,611,365.00) (33,311,108.02) (38,044,766.43) (43,918,774.09)

15,606,032.21 17,667,221.18 19,409,220.43 21,937,831.17

 10
120,624,542.77
- 27,535,778.56
- 1,194,541.30
- 4,170,035.10
- 260,627.19
- 108,594.66
- 208,501.75
- 8,687,573.12
- 2,987,991.31
- 3,717,000.00
71,753,899.76
(1,435,078.00)
70,318,821.76
3,717,000.00

8,841,000.00
450,000.00
83,326,821.76

(70,933,062.40)

12,393,759.37