SECTION I - THE INDIAN HEALTHCARE ENVIRONMENT INDUSTRY STRUCTURE AND DEVELOPMENTS
The Indian healthcare industry has been growing according to the India Brand Equity
Foundation The Indian hospital industry accounting for 80% of the total healthcare market
is expected to touch US$ 132 billion by 2023 growing at a CAGR of 16-17%.
In the Union Budget 2023-24, the government allocated Rs. 89,155 crore (US$ 10.76
billion) to the Ministry of Health and Family Welfare (MoHFW). This is an increase of 13%
over revised estimates for 2022-23. The Department of Health and Family Welfare has been
allocated Rs 86,175 crore, which accounts for 97% of the Ministrys expenditure.
The Indian government is planning to introduce a credit incentive programme worth Rs.
500 billion (US$ 6.8 billion) to boost the countrys healthcare infrastructure.
After various events that unfolded due to COVID-19 pandemic, the Government of India
has become more cognizant and is focusing on building a resilient and sustainable
healthcare ecosystem. In line with this, the allocation of funds to the Department of
Health and Family Welfare increase.
The industry is expected to see sustainable growth on the back of:
• Higher life expectancy
• Ageing population (50-55% of the population is expected to be above 45 years of
age in the coming census)
• Increasing health consciousness and disposable incomes
• Improved customer convenience with increasing home-testing
• Greater awareness and interest in preventive diagnostics
• Ever-expanding specialized test menu
The market is highly fragmented, with almost half of it being catered by unorganised
standalone centres, while hospital-based diagnostics centres account for 37%. Organized
diagnostic chains such as Dental Imaging account for 17% of the total market. Of this 17%,
the split between regional chains is 11% and national chains is 6%.
However, since the onset of COVID-19 pandemic, there has been a shift in the industry,
with standalone centres increasingly losing market share to organized chains. With their
superior quality of services, stronger infrastructure and certifications, people have been
placing their trust in such well-known, organized chains.
The way patients interact with healthcare brands is evolving constantly with new
developments and technological advancements. This rate of change was enhanced during the
pandemic, with major changes taking place in how diagnostic tests are carried out. The B2C
model is the most preferred model and is attractive to diagnostic players too.
However, it requires substantial investment in brand building and sustainability. In
the B2C segment, samples are collected either through direct patient walk-ins into their
clinical labs and patient collection centers or through home collections. The quality of
service, in tandem with the quality of diagnostics is of utmost importance. The Company
during the year has ensured the highest standards of testing and unparalleled service to
patients. The integration of technology into the business model has been seamless and
provides patients with the best quality diagnostics from the comforts of their homes and
at the tip of their fingers. Home collections also picked up during the year, especially
during the second wave.
The B2B model has also been leveraged to enter newer geographies and non-core markets.
It allows for rapid increase in volumes through samples collected from hospitals, nursing
homes and other such establishments. The Company offers free unlimited OPD and inhouse
pathology test, 50% off on the special pathology test. Various others discount are
available to the member of the hospital who has taken one or other kind of plans.
Diagnostics has become an even more integral part of healthcare in the Indian context
and the scope of growth, especially for organized, branded players is huge. Many factors
such as the countrys changing demographics, increasing health awareness, rising incomes,
development and evolution of tests and services, increasing Government support and the
large and well-trained talent pool will continue to drive growth in the coming years.
Scandent Imaging Limited will remain at the forefront of this wave, being one of the
premier brands in the country.
Analyzing the trends that have contributed towards the Indian healthcare system
becoming one of the most successful in the region can offer insights into how it will
shape in 2023 and the future.
OPPORTUNITIES AND THREATS OPPORTUNITIES
While challenges exist, the industry has innumerable opportunities to flourish in the
coming years.
• Commitment of Government: Commitment of the Government is at a high to improve
the situation. Various incentives are being passed by the Government to increase domestic
productions of devices and equipment (recent manufacturing initiatives of Ventilators and
PPE are clear indicators), for setting up of laboratories and diagnostics, facilities for
medical education and others.
• Human Resources: Large population engenders massive domestic demand for
healthcare services. Also Indias twin demographic pattern of growth in the number of
young and old people, presents an opportunity to serve the healthcare expectations of the
young while attending to the increasing healthcare requirements of the elderly. Low cost
qualified manpower potentially makes it possible to provide treatment to overseas patients
at very competitive prices.
• Pharma and Drugs: Increasing domestic focus on generics. There exists
high demand for drugs for both communicable and non-communicable diseases and India is
favored country for clinical trials due to its established advantages. Retailing and
ecommerce provide better growth opportunities for organzed players.
• Twin Disease Burden: The rise of non-communicable diseases, and their
contribution to the countrys disease burden presents an important opportunity to
Hospitals. Lifestyle diseases such as cardiac ailments, diabetes and hypertension, cancer
and orthopaedic ailments will drive the need for curative care. The burden of communicable
and infectious diseases will also continue to be an area of focus in light of the recent
pandemic.
• Medical Education: Medical profession being viewed as valuable, common
shows preference to engaging in it. Low doctor to patient ratio also presents considerable
scope for employment.
• Preventive Health and Wellness: Health awareness is on an increased
trajectory across. More people are aware about the status of their health and are willing
to invest time, money and efforts for improving it thus preventing critical illness. This
awareness has led to a great opportunity in the areas of preventive health and wellness,
including preventive health checks, diet and nutrition, exercise and well-being.
THREATS
• Rising Costs: Input costs in healthcare are rising. Minimum wage
revisions are underway in several categories of manpower; real estate continues to
inflate; and import cost of equipment and consumables are high consequent to increase in
INR / USD rate. Increased competition has also meant that compensation expectations for
skilled manpower will go up.
• Human Resources: Shortage of skilled manpower is an acute problem in this
sector. Unless immediate steps are taken to increase the number of doctors,
• nurses and paramedical personnel, the shortage will lead to prohibitive costs
and derail the industry in general.
• Regulatory interventions: The intrinsic value of a service is more than
just the cost of inputs. Any attempt to regulate the prices of healthcare inputs without
providing for the comprehensive costs of providing quality services, will compromise the
quality of care.
Medical Education: Brain Drain and inability to retain quality faculty will have a
lasting impact on the quality of several medical colleges is a major challenge. There
exists poor co- ordination between medical education and government health departments.
RISK AND CONCERNS
Risks are an unavoidable and integral part of any enterprise. Efficient management of
business risks is a key factor that determines growth, profitability and at times, even
survival. In the last few years, the healthcare industry in India has been witnessing
increased consolidation even among the larger players. Further, Government intervention,
by way of an active regulatory regime, be it in terms of price control or capping of
margins on medicines and implants has been stepped up. State and Central Healthcare
coverage schemes are also impacting industry margins.
At Family Care Hospitals, we continue to strive for a focused approach on risk
identification, management and mitigation. We are documenting operational risks and
concerns at the unit level as well as the strategic and financial risks at the enterprise
level. The aim is to improve responsibility accounting and bring the right stakeholders to
focus on appropriate risk mitigation and monitoring measures at various levels within the
organization.
OUTLOOK ON HEALTHCARE SECTOR
The COVID pandemic has exposed the inadequacy of the Indian healthcare sector, for both
public as well as private organisations. It has showcased the requirement to significantly
strengthen the sector to withstand such pandemics in the future. The Government would have
to substantially improve upon its funding for healthcare infrastructure. Shortage of
manpower in the sector needs to be addressed in an efficient manner which should also
target the healthcare related vocational trainings. Given the existing high prevalence of
non-communicable diseases and chronic ailments such as cardiovascular diseases, diabetes,
respiratory ailments, mental health and neurological disorders, oncology related
disorders, and musculoskeletal and urological disorders; the demand for preventive health
care is expected to grow. Proliferation of life style diseases is already high in select
states such as Punjab, Tamil Nadu, Kerala, Andhra Pradesh and Karnataka (Source: India:
Health of the Nations States, The India State-Level Disease Burden Initiative: Disease
Burden Trends in the States of India 1990 to 2016). In addition to the above, the pandemic
is also expected to result in the shifting of healthcare focus from curative care to
preventive care, bringing about changes in hygiene and social etiquettes and further
adding to the demand for preventive healthcare.
Given the acute shortages of medical resources witnessed during the pandemic;
opportunities for large private healthcare organisations to provide consultancy to smaller
and medium scale hospitals and healthcare providers in tier - II cities could also emerge.
Expertise and experience of large private healthcare players enabling smaller healthcare
providers to ramp up facilities in terms of ICUs, ventilators and the like and respond to
sudden epidemics in smaller cities could help mitigate the impact of such outbreaks to a
considerable extent. Advance tieups and JVs between healthcare providers keeping overall
feasibility in mind appear to be clear opportunities which could be explored.
Healthcare delivery is expected to witness a significant transition going forward with
an emphasis on technology, digitisation and information systems. Virtual consultations by
healthcare professionals could become the mainstream care delivery model post-pandemic.
Home healthcare services have picked up during the last one year and expected to continue
to gain traction given the current environment. In the diagnostics space, preventive care
and the wellbeing testing segment is expected to grow at a higher pace compared to the
industry growth rate. Integrated health tracking mobile applications, government
initiatives, and online services such as booking appointment online for preventive
healthcare check-ups, obtaining reports online, home collection of samples will further
augment future growth in this industry.
While all these pose a challenge in the short to medium term, over the longer term
these would result in a more robust and structured healthcare environment in terms of
quality, affordability and accessibility
OUTLOOK AND ROLE OF THE HEALTHCARE INDUSTRY IN THE PANDEMIC
While challenges in healthcare infrastructure and lack of medical resources have been a
severe constraint in controlling the pandemic, our healthcare institutions both public and
private have acted on a war footing to scale up infrastructure across the healthcare value
chain be it in terms of beds, isolation centers, medical equipment, medicines or testing
capabilities. Clinicians, nurses and paramedics have and continue to work dedicatedly to
ensure the best available care for all the patients.
A. Snapshot of The Indian Healthcare and Hospital Industry
Indias healthcare sector is one of the largest sectors both in terms of revenue as
well as employment. Healthcare comprises hospitals, medical devices, pharmaceutical,
clinical trials, telemedicine, medical tourism, health insurance and diagnostics. Both the
hospital and the diagnostics segment are highly fragmented with a majority of facilities
being in the unorganised segment and only handful of hospital and diagnostics players
forming the organised market. The Government i.e. public healthcare system comprises
secondary and tertiary care hospitals in key cities and primary healthcare centres (PHCs)
in rural areas. The private sector provides secondary, tertiary and quaternary care
hospital facilities with a major concentration in metros, tier I and tier II cities. The
hospital industry in India is also characterised by an unequitable balance between public
and private hospital infrastructure in select major cities like New Delhi wherein public
infrastructure outweighs private healthcare availability (Source: CDDEP - Centre for
Disease Dynamics Economics and Policy); also providing a further potential for private
healthcare to expand and grow in such locations.
The company has made tied up with Mahatma Jyotiba Phule Jan Aarogya Yojna (MJPJY).
Wherein the BPL patients get all kind of treatment/surgery, availability of medicine
(Pre/Post) at zero cost.
(i) Characteristics of the Industry
• Growing health awareness and changing attitude towards preventive healthcare
• Low cost and better value driven outcomes driving the countrys medical tourism
segment.
• Rising income levels and a higher per capita income resulting in increasing
affordability and
• demand for quality healthcare services
• The pandemic catalyzing long-term changes in attitudes towards personal health
and hygiene, health insurance, fitness and nutrition.
• The relative lack of public healthcare infrastructure offering tertiary and
quaternary healthcare services in a majority of states in the country as compared to
private healthcare.
(ii) Government Initiatives
The Government of India has been taking a holistic approach to Health and is focusing
on strengthening three areas: Preventive, Curative, and Wellbeing. Select key initiatives
taken by the government to promote Indian Healthcare industry are as under.
a. In the Union Budget 2023-24, the government allocated Rs. 89,155 crore (US$ 10.76
billion) to the Ministry of Health and Family Welfare (MoHFW). This will enable developing
capacities of primary, secondary, and tertiary care health systems, strengthen existing
national institutions, and create new healthcare institutions. This will be in addition to
the National Health Mission. To strengthen nutritional content, delivery, outreach, and
outcome, the government plans to merge the Supplementary Nutrition Programme and the
Poshan Abhiyan and launch the Mission Poshan 2.0. An intensified strategy to be adopted to
improve nutritional outcomes across 112 Aspirational Districts.
(iii) Key Growth Drivers
The demand for healthcare services in India is likely to remain robust in the
foreseeable future. The current pandemic will also see the need for healthcare services as
being one of paramount importance in terms of coverage, preparedness and accessibility,
providing a further impetus to growth and longer-term opportunity for the sector.
Rise of Telemedicine and Virtual Healthcare Services
The increasing use of telemedicine and virtual healthcare services is a major trend to
watch. Due to the COVID-19 pandemic, telehealth became an essential tool for providing
remote patient care, and it is expected to continue to grow in popularity,
"Telehealth solutions have demonstrated the ability to enhance health outcomes and
reduce costs," the report explains. "Telemedicine has been decreasing the cost
of healthcare while increasing efficiency through improved management of chronic diseases,
reduced travel times, shared health professional staffing, and fewer and shorter hospital
stays."
Growth of AI and Machine Learning in Healthcare
Another trend is the increasing use of artificial intelligence (AI) and machine
learning (ML) in healthcare. AI and ML can be used to analyze patient data, detect
patterns, and improve clinical decision-making. They can also be used to personalize
treatment plans and improve patient outcomes.
(a) Home healthcare:
o Home healthcare is likely to witness significant traction mainly driven by the
geriatric population. Many private healthcare players are partnering with home healthcare
firms or setting up a separate vertical to cater to this segment. o Diagnostic players
increased their focus on the home collection segment
(b) Patient and Staff Safety
o Various initiatives have been taken to ensure the patient and staff safety such as
screening at entry, separate patient flow as well as setting up a separate wing for COVID
patients, altering the visiting hours, etc o Rapid recovery protocols have been formed as
most patients prefer home care overstaying at the hospital
o New Medical Protocols have been setup for surgical procedures
B. Indian Diagnostic Industry
Diagnosis is the first step to disease management. Globally ~80% of physician diagnoses
are a result of laboratory tests. There are mainly 3 types of tests - (1) Routine tests,
Common Tests like sugar, Cholesterol, HIV, pap, pregnancy, etc; (2) Clinical lab tests to
monitor diseases and drug treatments and (3) Specialty tests: Genetics, immunology,
oncology, endocrinology and other critical segments.
Market for diagnostic services has been growing in India over the past couple of years
at a rate of approx. 15-20% and is estimated at ~ US$ 9 Billion in market size ( 675
Billion) (Source: Edelweiss Research). Pathology accounted for nearly 80% of the
market while Radiology accounted for the remaining 20%. Future growth is likely to be
driven by improving healthcare facilities, medical diagnostic and pathological
laboratories, private-public projects and enhanced penetration of the health insurance
sector.
Impact of COVID-19 on the diagnostic Industry
Though COVID-19 had a significant impact initially on the diagnostics sector with a
steep fall in patient volumes, private labs ramped up COVID testing capacities and
increased their focus on home collection services. With the gradual opening up of the
economy along with new initiatives such as mobile testing vans and drive through sites /
centers for conducting routine tests as well as COVID tests; a faster recovery was
witnessed in the second half of the fiscal.
At present, almost all major organised players have witnessed a sharp rise in their
revenues and profitability, benefiting from increased demand for COVID-19 testing as well
as other tests related to COVID-19. The non-COVID business has achieved near normalcy and
incrementally COVID tests contributed over 25%-30% of revenue during the year.
Anticipating more workload in quarters to come, more COVID testing facilities are being
created all over the country, to meet the demand that may rise due to prolonged pandemic.
COVID-19 has demonstrated how important it is to have access to fast, reliable tests.
Technology-led diagnostics, home collection, on-line reports and the like shall play a
critical role to improve customer experience. There is also a requirement to adopt a more
analytical approach towards gathering health data to monitor public health and establish
trends which can be made possible through digital means and advanced technologies like
machine learning and Artificial Intelligence (AI).
RETAIL PHARMACY SECTOR
The Indian Retail Pharmacy sector has been witnessing healthy growth over the past few
years due to an increasing consumer base and rising healthcare expenditure. Most industry
experts anticipate that the Indian pharmacy market will be a bright spot for the
Healthcare sector over the next decade. In the entire healthcare delivery value chain,
retail pharmacy is one of the most fragmented sub-segments. The Indian Retail pharmacy
market has been registering healthy growth largely on account of rising demand for OTC
drugs and private label products fuelled by extensive advertisement by various
organizations. There is an estimated total of 8,50,000 retail pharmacies (chemists) in
India out of which 8,45,000 falls under the unorganized category. The number of branded
organized pharmacy stores is less than 6,000 and constitute <5% of the total market
size
Organized Retail Pharmacy refers to trading activities undertaken by licensed retailers
which include corporate backed hypermarkets, retail chains and privately owned large
retail businesses. Key players in this sector are also venturing into the market with
either wholly owned pharmacies or through franchises and are also scaling up by setting up
several service touch points in cities across India. They are changing the face of the
pharmacy sector by bridging service gaps. The Organized retail pharmacy market size has
been growing at an average of 22-25%. Industry reports expect the growth to be between
20-22% over the coming decade. Analysts expect investments in excess of USD 1 bn over the
next few years in this sector.
ONLINE PHARMACY AND PATHOLOGY
The COVID crisis has provided a significant boost to the adoption of digital
healthcare, especially for e-pharmacies. e-pharmacies account for 3% share of Indias
pharma market and are likely to account for 10-12% share in the next 10 years. The number
of households using e pharmacy platforms rose substantially from ~3.5 million pre-COVID
levels in FY20 to ~9 million in May20.
The online pharmacy market in India is at a very nascent stage as compared to the other
developed economies. With consumers using technology to bridge the service quality gap,
digital pharmacies are gaining popularity in Tier I and Tier II cities, as they are
banking on scale and better distribution networks. Eventually, the online mechanism is
bound to spread to Tier III and Tier IV cities also, which will help generate higher
revenues for the sector. Additionally, these online pharmacies are also slowly gaining
attention in the e-commerce industry space, both by the Government and consumers, with its
impressive growing market penetration rate.
The convenience provided to customers through online booking, home collection of
samples, and online reporting are the driving factors behind diagnostic services. The
success of this model lies in the simple fact that it reduces the common mans burden of
travelling for any kind of diagnostic service. This convenience has helped in tapping
significant opportunities for entities with a strong network and high-tech lab. Thus,
increasing the revenue turnaround time by reporting a quick result.
The coming years will feature higher incidence of online enabled delivery of healthcare
services, with high amenability for diagnostics as well. Companies like DLPL will benefit
from sustained investments in core technology platforms, owned Apps and online branding.
Partnerships with third party aggregators and backing capacity build-up in home collection
will give the organised industry a further advantage.
GROWING HEALTH INSURANCE MARKET
Health insurance encourages demand for healthcare services as the insured pays a
premium for the policy which is reimbursed by the insurer in case he/she has to undergo
treatment on account of illness, sickness or disease. The insurance, to an extent covers
the health expenses of an individual and reduces his/her burden of healthcare costs.
Therefore, an increase in health insurance market will drive up demand for healthcare
services. In India, out-of-pocket (OOP) expenditure on health accounted for nearly 63% of
total health expenditure as of 2018; the highest among many other countries. Nearly 25% of
the rural population and 18% of the urban population is dependent on borrowings for
funding their healthcare expenditure. Also, nearly 68% of the rural population and 75% of
the urban population use their household savings on healthcare related expenditure. Health
expenditure contributes to nearly 3.6% and 2.9% of rural and urban poverty, respectively
and annually, an estimated 60 to 80 million people fall into poverty due to
healthcare-related expenditure. However, Pradhan Mantri Jan Arogya Yojana (PMJAY), is
expected to easen healthcare affordability and reduce healthcare expenditure to some
degree, especially for the deprived population. Low health-insurance penetration is one of
the major impediments to the growth of the healthcare delivery industry in India, as
affordability of quality healthcare facilities by the lower income groups remains an
issue. The India health insurance market is expected to grow at a compound annual growth
rate of 11.55% from 2023 to 2030 to reach USD 30,291.2 million by 2030.
Out-of-pocket healthcare spend as percentage of total healthcare expenditure
INDIAS HEALTHCARE INDUSTRY - CHALLENGES, OPPORTUNITIES AND THREATS
CHALLENGES
Despite the growth in Indian Healthcare, the industry has got its plethora of
challenges.
(a) Buildings and Infrastructure: A skewed distribution of healthcare
infrastructure, poor maintenance of its existing facilities and lack of faith in some of
the locally manufactured equipment.
(b) Human Resources: Acute Shortage of Manpower at most levels in the healthcare
industry. Absence of a uniform and effective HR policy and inadequate HR database. Long
term retention of qualified healthcare staff in Tier 2 & Tier 3 locations. Intense
competitiveness amongst Hospitals in all Tier cities has let to unsustainable increase in
remuneration for qualifies personnel. This is definitely a show stopper for ensuring
growth in this sector.
(c) Pharma and Drugs: Difficult to co-ordinate and regulate the pharma sector,
since it is controlled by multiple government departments. Further with increased
regulations in prices of drugs and consumables it is important to ensure that healthcare
providers are able to remain financially sustainable in the long term.
(d) Heterogeneous Markets: Need for proper healthcare services in India are defined
by the unique characteristics of local markets - demographics, disease profile, customer
attitudes, seasonal variations, price sensitivity and others. Even hospitals in two
different locations in the same state will operate under different set of parameters. Due
to complications, involved significant management time is required in sustaining clinical
standards, balancing case mix, ensuring adequate volumes and upgrading technology
regularly.
(e) Medical Education: Regional imbalances in Medical Colleges and questionable
quality of several medical colleges are a major challenge. There exists poor co-
ordination between medical education and government health departments.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
REVENUE
The Companys total revenue has increased from Rs. 4237.85 in 2021-22 to Rs. 4828.29
lakh in 2022-23 to registering growth of 13.93%. The profit after tax for the year
increased to Rs. 525.72 Lakhs as compared to Rs. 519.88 Lakhs in the previous year.
The revenue of the company includes the sale of the health card coupons. The company
intend to enter in this segment aggressively, as there is a good scope to get more revenue
for the hospital business.
Family Care Hospitals healthcare verticals of the Company primarily comprise hospitals,
diagnostics and day care specialty facilities. Currently, the Company has one hospital in
Mira Road (Mira Bhayandar Municipal Corporation). The Company network comprises an
aggregate of 100 beds as of March 31, 2023.
The company has concluded its first right issue in the month of March 2023. The share
was issued at a premium of Rs. 2/- per share. The shareholder base has increased from
about 4400 to appr. 35000. This shows the confidence and awareness among the general
public.
(i) Business Strategy
While having successfully navigated the challenges in FY 2022-23, as the organisation
enters into FY 2023-24, its focus would be on building back topline by undertaking several
revenue growth initiatives including building market in Mumbai, Thane and more penetration
in western Maharashtra, enhancing engagement with key corporate clients, further
strengthening its community connect in neighborhood areas, optimally leveraging its
digital marketing to expand to a larger market with an emphasis on building direct
business.
Focus would be on a combination of new generation e-commerce related businesses,
partnering and venturing into digital sales origination, support and partnerships based
surgery execution services in the Mumbai Metropolitan Region.
Taking forward our portfolio strategy, we will continue to invest in our high
performing facilities and at the same time put all efforts to transform and turn- around a
few under-performing but high potential facilities.
The company is focusing majorly on the western Maharashtra region under its expansion
program after the right issue. The vertical population of cities like Mumbai and Pune
offers an affording new generation class of patients who require new age multispecialty
hospitals. These patients are having better paying capacity due to higher insurance
penetration.
There is an opportunity to tape the India growth stories in rural market in tier 3
cities which attract patients from nearby talukas and villages also. Tier 3 cities in
western Maharashtra offers best opportunity to play lease rental model due to large scale
availability of doctors and other medical infrastructure.
On the basis of primary survey company has identified certain prime location hospitals
majorly on long lease/operational management basis. The period of the lease arrangement
will be about 25-30 years.
(ii) Medical Strategy and Operations
The organization constantly strives towards adopting a patient centric approach in all
aspects of healthcare service delivery with stringent medical processes and protocols
which are instrumental in achieving high standards in patient care and superior clinical
outcomes. Our systems-based approach is continuously monitored, evaluated, and improved
upon, enabling greater transparency and clinical success.
(iii) Internal Control Systems and their Adequacy
The internal control system has been designed to commensurate with the nature of
business, size and complexity of operations and is monitored by the management to provide
reasonable assurance on the achievement of objectives, effectiveness and efficiency of
operations, reliability of financial reporting and compliance with applicable laws and
regulations.
The Company has institutionalized a robust process and internal control system
commensurate with its size and operations.
The internal control framework is supplemented with an internal audit program that
provides an independent view of the efficacy and effectiveness of the process and control
environment and through its observations provides an input to the management to support
continuous improvement program. The internal audit program is managed by an Internal Audit
function directly reporting to the Audit Committee of the Board.
| For and on behalf of the Board of Directors |
|
| Family Care Hospitals Limited |
|
| Sd/- |
Sd/- |
| Pandoo Naig |
Lucy Massey |
| Managing Director |
Director |
| DIN: 00158221 |
DIN:09424796 |
+91-9892691696
