CHAPTER-I

1.1

COMPANY PROFILE

APOLLO HOSPITAL LTD.

APOLLO HOSPITAL OVERVIEW

It is often said that nothing happens, unless there is a dream first. At the genesis of the Apollo story there was a dream. A dream so powerful, that it helped transform the medical landscape in India.The dream nurtured and grew within Dr. Prathap C Reddy, the founder Chairman of Apollo Hospitals, until the point of inflection happened in 1983 . A young man succumbing to an ailing heart was what it took to ignite Dr. Reddy's vision into a reality - a vision where quality healthcare was given, where the pursuit of clinical excellence was daily endeavor, India a hub in the medical tourism map and where the Apollo family touches and enriches lives every minute, every day. Apollo Hospitals started as a 150 bed hospital in Chennai in 1983. And it has to be said, amidst much scepticism. India in the early 80's was not the easiest place for private enterprise. Moreover private healthcare institutions were unknown and they were not doing cutting edge work. 25 years later it is an amazing story of success, achievement and most importantly, dreams realized. As Apollo Hospitals has made colossal strides to reach where it is, more and more facets of the founding vision have turned to reality. Today Apollo Hospitals is not just one of the country's premier healthcare providers but has also played a pioneering role in helping India become a center-of-excellence in global healthcare. The Apollo Hospitals group today includes over 8500 beds across 50 hospitals in India and overseas, neighbourhood diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO and health insurance services and clinical research divisions that are working on the cutting edge of medical science. However the largest achievement of the Apollo Group has been to take quality healthcare to across the length and breadth of India. Of touching 10 million lives and giving hope to an entire segment of the Indian population who did not have an option beyond limited medical infrastructure. Apollo has succeeded in being more than just a quality healthcare provider. It has been a major player in scripting the medical landscape of the nation. This is primarily because the group has continuously been at the helm of several game-changing innovations in Indian healthcare. By the start of the new millennium, Apollo Hospitals Group had become an integrated healthcare organization with owned and managed hospitals, diagnostic clinics, dispensing pharmacies and consultancy services. In addition, the group's service offerings include healthcare at the patient's doorstep, clinical & diagnostic services, medical business process outsourcing, third party administration services and heath insurance. To enhance performance and service to customers, the company also makes available the services to support the business of healthcare; telemedicine services, education and training programmes & research services and a

host of not- for- profit projects.

Welcome to Apollo Hospitals, the largest healthcare group in Asia.

Welcome to Apollo Hospitals, India With over 8500 beds across 50 hospitals in India and overseas, neighborhood diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO as well as health insurance services and clinical research divisions working on the cutting edge of medical science, Apollo Hospitals is a healthcare powerhouse you can trust with your life. At Apollo Hospitals, India, we unite exceptional clinical success rates and superior technology with centuries-old traditions of Eastern care and warmth, as we truly believe the world is our extended family-something our 16 million patients from 55 countries can warmly affirm.

INTRODUCTION OF APOLLO HOSPITAL

Apollo Hospitals is the largest healthcare group in Asia. Apollo group owns and manages 41 hospitals in and around India and has a total capacity of 7000 beds. Apollo Hospitals was founded by Dr. Prathap C Reddy in 1979 and is the first group of hospitals that pioneered the concept of corporate healthcare delivery in India. Apollo Hospitals Enterprise Limited (AHEL), the flagship company of the group, is a listed Company on the Bombay Stock Exchange. Today, AHEL is the leading private sector healthcare provider in India and owns and manages a network of speciality hospitals and clinics. The company also operates a chain of pharmacy retail outlets across the country, and provides consultancy services for commissioning and managing hospitals. The consultancy division of Apollo Hospitals offers project and operations management consultancy services to clients that vary from conceptualization to commissioning of a wide range of healthcare models.

Dr. Prathap C Reddy Chairman (Apollo Hospital)

Mission

Vision

Apollo Hospitals is the largest healthcare group in Asia. Apollo group owns and manages 41 hospitals in and around India and has a total capacity of 7000 beds. Apollo Hospitals was founded by Dr. Prathap C Reddy in 1979 and is the first group of hospitals that pioneered the concept of corporate healthcare delivery in India. Apollo Hospitals Enterprise Limited (AHEL), the flagship company of the group, is a listed Company on the Bombay Stock Exchange. Today, AHEL is the leading private sector healthcare provider in India and owns and manages a network of speciality hospitals and clinics. The company also operates a chain of pharmacy retail outlets across the country, and provides consultancy services for commissioning and managing hospitals. The consultancy

division of Apollo Hospitals offers project and operations management consultancy services to clients that vary from conceptualization to commissioning of a wide range of healthcare models

Apollo Hospitals Directors

Executive Directors Dr. Prathap C. Reddy - Executive Chairman Dr. Preetha Reddy - Managing Director Ms. Suneeta Reddy - Executive Director, Finance Ms. Sangita Reddy - Executive Director, Operations Ms. Shobana Kamineni - Executive Director, Special Initiatives Non-Executive Directors Mr. N. Vaghul Mr. Habibullah Badsha Mr. Deepak Vaidya Mr. Rajkumar Menon Mr. Rafeeque Ahamed Mr. T.K. Balaji Mr. Steven J Thompson Mr. Khairil Anuar Abdullah Mr. G Venkatraman Mr. Sandeep Naik Mr. Michael Fernandes, Alternate Director to Mr. Khairil Anuar Across the healthcare spectrum Apollo Hospitals Apollo Hospitals Enterprise Limited has over 8500 beds across 50 hospitals in India, rest of Asia and Africa.

The hospitals are multi specialty tertiary care facilities with centres-of-excellence in medical disciplines including cardiology, cardio-thoracic surgery, gastroenterology, orthopedics & joint replacement surgery, neurology, critical care medicine, nephrology, oncology, hand & micro surgery and reproductive medicine.

Apollo Global Projects Consultancy Apollo offers project and operations management consultancy services with the support of operational and functional specialists. The pre & post commissioning consultancy services include feasibility studies, strategic planning, infrastructure consultation, human resource recruitment, training and medical equipment consultancy, management contracts, establishment of medical and administrative protocols etc.

Apollo Health and Lifestyle Limited Apollo Health and Lifestyle Limited, has established over 100 Apollo Clinics across the country, is an integrated model and offers facilities for specialist consultations, diagnostics, preventive health checks and 24hour Pharmacy, all under one roof.

Apollo Pharmacy Apollo Pharmacy is India's first and largest branded pharmacy network; with over 750 retail outlets in key locations across the country. The group adds one pharmacy every 23 hours.

Apollo Hospitals Education and Research Foundation AHERF was set up to establish, maintain and support educational institutions in promoting medical, paramedical and hospital management courses. The Institute offers over 18 post graduate teaching programmes, including ones certified by the Royal College of Edinburgh. MedVarsity Online Limited is backed by two giants; Apollo in medicine and NIIT Limited in the field of electronic-education. MedVarsity has developed in-house, over 1500 hours of medical content that is accessible to the medical community, anytime and anywhere. The research division currently undertakes diverse projects from clinical trials in multiple locations to molecular biology, stem cell transplants, epidemiological studies, and in the future identification of genetic Biomarkers. Apollo Telemedicine Networking Foundation In 1999, Apollo launched its first model Telemedicine Unit at Aragonda village in the Chittoor district. Since then, Apollo has witnessed a steady growth in terms of delivering quality healthcare and reaching out to the masses. Telemedicine is a potent means of harnessing telecommunication technology to deliver healthcare and education to patients in regions that are geographically less accessible. It also saves time and the cost of travel to access quality care. Apollo has pioneered the concept of telemedicine in India and Asia, and has over 100

telemedicine centres in India and overseas.

Apollo Insurance Company Limited Apollo DKV is a joint venture of the Apollo Hospitals Group and DKV AG, Europe's largest private health insurer and a Munich Re Group company. The company offers innovative health insurance, wellness solutions and disease management to meet customer needs.

Apollo Wellness Plus Apollo Hospitals launched the first Wellness Centre at Apollo Hospitals Chennai in Feb 2005. Wellness Plus is the perfect blend of modern and complementary medicine like aromatherapy, pranic healing, yoga, and meditation that fits the modern lifestyle.

Apollo Reach Hospitals An endeavor to bring world class healthcare to semiurban and rural India - every Apollo Reach Hospitals will be a specialty hospital, designed to complement existing private and public healthcare facilities in the proposed towns and villages. Construction of hospitals, procurement of land and identification of cities are underway to set up the first phase of 25 Apollo Reach Hospitals over the next two years across India. With an initial bed strength of 100 - 150 beds, each Apollo Reach Hospital can be ramped up to a 200 bedded specialty hospital.

OUR HOSPITALS
Apollo Hospitals has over 8065 beds across 46 hospitals in India and overseas. Care is taken that each hospital in the Apollo Group meets international standards of care, while maintaing the centuries-old traditions of Eastern care and warmth. Apollo Hospitals started as a 150 bed hospital in Chennai in 1983. Today, just 25 years later, Apollo Hospitals is not just one of the country's premier healthcare providers but also plays a pioneering role in helping India become a center-of-excellence in global healthcare. Apollo has succeeded in being more than just a quality healthcare provider - it has been a major player in scripting the medical landscape of the nation. The largest achievement of the Apollo Group has been to take quality healthcare to across the length and breadth of India. Of touching 10 million lives and giving hope to an entire segment of the Indian population who did not have an option beyond limited medical infrastructure.

APOLLO HOSPITAL,AHMEDABAD

Apollo Hospitals, Ahmedabad was founded on the 11th of May 2003. The 400-bed hospital has an overall success rate of 97%. It handles an average of 10,000 patients a year. It is the only hospital in Gujarat with a 1.5 Tesla MRI scan .Built over 10 acres of land, the hospital has 75 CCU beds and is the largest corporate hospital in Gujarat.

Welcome to Apollo Hospitals, Bangalore. Apollo Hospitals, Bangalore is a tertiary care flagship unit of the Apollo hospitals group. It has made a mark in the Silicon Valley of India, Bangalore thus making it the 42nd super specialty hospital of the group. It is a 250 bedded hospital beautifully landscaped and spread over an area of 2,12,000 sq ft. The hospital is equipped with the state-of-the-art technology making it a powerhouse of healthcare in Bangalore.

Apollo Hospitals Bilaspur

Apollo Hospitals Bilaspur has treated more than 278000 patients. It has completed:

Over 782 Cardiothoracic surgeries and 6695 Cardiac interventional procedures with a success rate of 98.5% Over 17732 major and 6795 minor surgeries that include:
o o o o

1517 Neuro and Spinal surgeries 4760 Orthopaedic surgeries including Knee, Hip & Elbow joint replacements Over 1237 Paediatric and Laparoscopic surgeries Over 9500 eye surgeries, other ophthalmology Procedures (Incl. Laser Treatment).

Apollo Hospitals, Bhubaneswar

Apollo Hospitals, Bhubaneswar, is a 350-bedded tertiary care hospital with state-of-the-art technology, spread over a campus area of about 7.5 acres with a built-up area of approximately 206,158 sq.ft, inaugurated on the 5th of March, 2010.

Apollo Hospitals, Chennai, India

The flagship hospital of the Apollo Group, Apollo Hospitals Chennai, was established in 1983. Today it is one of the most respected hospitals in the world, and is also amongst the most preferred destinations for both patients from several parts of India, as well as for medical tourism and medical value travel. The hospital specializes in cutting-edge medical procedures. It has over 60 departments spearheaded by internationally trained doctors who are skillfully supported by dedicated patient-care personnel.

Welcome to Indraprastha Apollo Hospitals, New Delhi. Indraprastha Apollo Hospitals, New Delhi is part of the Apollo Hospitals Group and is a multi-specialty tertiary care Institute with over 50 medical and surgical disciplines. It is a 550 bedded hospital, offering stateof-the-art clinical services in the fields of Cardiology, Oncology, Neurology, Nephrology, Orthopedics,

Urology, Multi-Organ Transplants, Gynecology, Pediatrics, Cosmetic Surgery and Emergency Care to name a few. Indraprastha Apollo Hospitals, New Delhi is at the forefront of medical technology and expertise and provides a complete range of the latest diagnostic, medical and surgical facilities for the care of its patients. The hospital brings together some of the most talented medical professionals in the country and has a dedicated team of clinicians to provide highest standards of patient care. India has been projected as the hub for Medical Tourism and to make this a reality there is a growing need for internationally accredited hospitals. An accredited hospital assures the best practices in a safe environment and that the patient is in safe hands. JCI accreditation is the Gold Standard for US and European hospitals as it reflects provision of the highest levels of patient care and patient safety.Apollo Hospitals, New Delhi is accredited by Joint Commission International (JCI) USA as the first internationally accredited Hospital in India and South Asia.

Apollo Hospitals, Hyderabad, India

Apollo Hospitals, Jubilee Hills, Hyderabad is a 550-bed tertiary care centre. It has over 50 medical and surgical disciplines. Spread over a campus area of 35 acres, the hospital has a built-up area of 190,000 square feet. Its services are supported by sophisticated technology and experienced medical professionals.

Apollo Gleneagles Hospitals, Kolkata

A 425-bedded multispecialty tertiary care hospital Apollo Gleneagles Hospitals Kolkata, is a perfect blend of technological excellence, complete infrastructure, competent care and heartfelt hospitality - this is how the people, whom we have been fortunate to serve, define the hospital.

Apollo Gleneagles Hospitals is a joint venture of Apollo Group of Hospitals, India and Parkway Health of Singapore.

Apollo Speciality Hospitals, Madurai

Apollo Speciality Hospitals, Madurai was founded in 1997. The 200-bed hospital provides affordable and quality critical care to communities in South Tamil Nadu.The hospital has an overall success rate of 98% and sees an average of 15,000 patients a year.

Apollo Hospitals, Visakhapatnam

Apollo Hospitals, Visakhapatnam, a speciality hospital having state-of-the-art Heart care and Kidney Care facilities was established in year 1999. It is the first facility of its kind in coastal Andhra Pradesh. The hospital is equipped with some of the most advanced facilities in the world and some of the most eminent consultants in several medical specialties and super specialties, supported by experienced nursing and paramedical staff.

Apollo Bramwell Hospital History was made in November 2005 when British American Investment signed a memorandum of understanding with the Chennai based Apollo group of Hospitals to built a 200-bedded multi-disciplinary hospital in Mauritius. BA Investment Group Chairman Dawood A Rawat and Apollo Group Chairman Dr Prathap C. Reddy signed the agreement in the presence of Mauritian Prime Minister Dr Navinchandra Ramgoolam during the latters official visit to India.

Apollo Hospitals, Dhaka

Apollo Hospitals, Dhaka is an association between Apollo Hospitals Enterprise Limited and STS Holdings Limited. The 450-bed super-specialty facility is poised to deliver advanced tertiary care of international standards to the people of Bangladesh. Apollo Hospitals, Dhaka is a showcase of the synergy of medical technology and advances in IT through paperless medical records.

Apollo City Center

It is located in the central part of Ahmedabad city, near Ellisbridge. The City Center meets the needs of patients in the central part of Ahmedabad who find it difficult to come to main hospital because of the distance. Apollo City Center fulfills the strategic need for a modern 20 bed hospital. A team of highly qualified consultants ensures excellent prognosis to incoming patients. The center also offers round the clock emergency & pharmacy services. Apollo City Center, a unit of Apollo Hospitals, Ahmedabad offers consultations by our top doctors in the following specialties:

Allergies Cardiology ENT Endocrinology Gastroenterology General Surgery Gynaecology Internal Medicine Nephrology Orthopsedics Ophthalmology Pulmonology Plastic & Cosmetic Surgery

Urology

Following special clinics are also conducted at City Center:

Apollo Breast Clinic Apollo Pain Management Clinic Apollo Headache Clinic Apollo Liver Clinic Apollo Sugar Clinic

Apollo City Center also provides following facilities:

ICU Day Care Center Dialysis Unit In-patient Services with Standard Ward & Special Rooms Sample Collection for Lab Services X - Rays Ultrasound & Color Doppler Non-Invasive Cardiology ECG TMT Endoscopies and Colonoscopies 24x7 Pharmacy

Following Apollo Health Checks are carried out at City Center:

Apollo Advanced Heart Check Apollo Cancer Check Apollo Child Health Check Apollo Diabetes Check Apollo Heart Check Apollo Executive Health Check Apollo Master Health Check Apollo Senior Citizen Check - I Apollo Senior Citizen Check -II Apollo Stroke Check Apollo Well Women Check Apollo Whole Body Check Apollo Nano Check

SPS Apollo Hospital, Ludhiana

The formulation of the concept of SPS Apollo Hospital, Ludhiana was inspired and backed by Satguru Jagjit Singhji. The hospital was commissioned on 28th March, 2005, with 65 beds in the initial phase. In association with the Apollo Hospitals Group, SPS Apollo Hospital plans to become a state-of-the-art 350-bedded multispeciality hospital in the near future.

The hospital is the first of its kind in this region performing superspeciality procedures and has a wide range of investigative, preventive and therapeutic facilities aiming to provide comprehensive healthcare services under one roof. It has the most qualified and talented medical professionals, nurses, technicians and other management staff from across the world to deliver the highest standards of patient care. It has been awarded the gold-standard certification from the Joint Commission International (JCI) USA .

CHL Apollo Hospitals, Indore

CHL Apollo Hospitals, Indore is dedicated to providing specialised critical health care with modern scientific equipment manned by a highly professional team. The hospital is an association between Convenient Hospitals Ltd., Indore, and Apollo Hospitals Enterprise Ltd., Chennai. Its current bed strength is 140 and it is situated on the Agra Bombay Highway, Indore, within easy access from all parts of the city.

Apollo Hospitals Ranchi, Abdur Razzaque Ansari Memorial Hospital (ARAM)

Abdur Razzaque Ansari Memorial Hospital (ARAM) in Ranchi is the only super speciality hospital in this area of the country. It was founded in 1996 by the Chotanagpur Regional Handloom Weavers Co-operative Union Ltd and the members of the family of the late Abdur Razzaque Ansari. The hospital provides state-of-the-art medical facilities to the most backward regions of the country thereby arresting the migration of needy patients to other metros for all their major ailments. Today ARAM, Ranchi is comparable to any super-speciality hospital in the country. This has been made possible by the dedication of the management and doctors, devoted nurses and para-medical staff, skilled and knowledgeable executives and other personnel. Overview The hospital has a bed-strength of about 130 and state-of-the-art medical equipment. It handles close to 24,000 patients a year.

Apollo Hospitals Pune, Jehangir Hospital

Despite the hospital expanding and developing greatly in recent years, the institution continues to be run along its time-honoured ethical lines with great respect for human life and welfare. It continues to value its patients as well as its consultants with the same ethos that it has fostered over the last 50 years. The hospital plans to continue its growth and modernisation with further expansion over the next few years.

Apollo Hospitals Raichur, Rajiv Gandhi Superspeciality Hospital

The Rajiv Gandhi Superspeciality Hospital, Raichur is a 422-bedded state-of-the-art hospital with several super specialities and handles around 28,800 patients a year. The hospital was inaugurated on 18th October 2000. It is the only super-speciality hospital in this region, providing excellent patient care with a humane touch. Cardiology & Cardiothoracic Surgery, Neurology and General Medicine are the key specialities receiving the maximum number of patients. The Plastic Surgery Department undertakes special treatment for filariasis. The hospital became a joint venture between the Govt. of Karnataka and Apollo Hospitals Enterprise Ltd., for a period of 10 years on 10th October 2001. Apollo Hospitals took over the management of Rajiv Gandhi Superspeciality hospital from the Govt. of Karnataka on the 13th of April 2002. The hospital, situated in Raichur, is 4 kilometres from the bus station and 6 kilometres from the railway station, with well-linked city transportation.

BGS Apollo Hospital, Mysore

BGS Apollo Hospital is located in Kuvempunagar, in the heart of Mysore City, in the state of Karnataka. It was opened on the 1st of August, 2001, with only 10 beds. Since then the bed-strength has increased to 170. Our occupancy levels are 100%. The hospital handles around 62,000 patients a year on average, including a small number of international patients.

Apollo KH Hospital, Ranipet

Apollo KH Hospital, Ranipet was established on the 14th of September, 2003. It is an association between Apollo Hospitals Enterprise Limited and the KH Group. The Hospital campus is spread across 10 acres of land in the Vellore district of Tamil Nadu.The 100-bed multi-speciality hospital was founded with the objective of rural upliftment and development of community health. The hospital reserves a special focus for the healthcare for women and children.

Our Chairman Dr. Prathap C Reddy conferred with the Padma Vibhushan Award !
We are delighted to say that our Chairman Dr. Prathap Reddy has been conferred with the Padma Vibhushan award by the Government of India, for his excellence and exceptional service in the Healthcare industry in the

country. The Padma Vibhushan award is the second highest civilian honor of India, given for exceptional and distinguished service in any field including service rendered by the government servants. The Padma Vibhushan is a decoration established on the January 2, 1954 by the President of India. It is given by the Government of India to recognize excellence of Indian Citizens in any field and also notable services to the Nation. The award consists of a medal and a citation and is given by the President of India. Our Chairman says, I am so pleased that this award is recognition for all the clinicians who have managed to put Indian healthcare on the world map. It makes me all the more committed to bringing excellence in healthcare. We are also now focusing on making quality healthcare available to all with our slogan Touch a billion lives.

Awards and Accolades

Over the years, Apollo has received many awards and accolades in recognition of its pioneering achievements in Indian healthcare.

Apollo Hospitals, Chennai & Hyderabad won the healthcare awards 2008, instituted by the Express Healthcare Publications (The Indian Express Group). The awards received include:

- Apollo Hospitals Chennai- Overall Best Hospital of the year - Apollo Hospital Chennai- Operational Excellence

- Apollo Speciality Hospital, Chennai- Leveraging Global Opportunity - Apollo Health City Hyderabad- Sustained Growth - Apollo Health City Hyderabad- Patient Care

Apollo Hospitals, Chennai has been rated 'Best Private Sector Hospital' in India by The Week magazine for 2003, 2004, 2007 and 2008. Apollo Hospitals was recognized as a 'Superbrand of India' in the healthcare sector for 2003 and 2004 Apollo Clinics were awarded Franchisor of the Year for 2003 and 2004 The Asia-Pacific BioBusiness Leadership Award 2005 was awarded to Dr. Prathap C. Reddy, Founder Chairman Apollo hospitals group. Modern Medicare Excellence Award 2006-07 award to Dr.Prathap C Reddy, Founder Chairman, Apollo Hospitals Group, by ICICI Group, to honour outstanding achievements in the healthcare industry Save a Child's Heart (SACH) - was a runner-up in the 'Corporate Governance' category at Hospital Management Asia 2004, a major hospital expo in Bangkok, Thailand Avaya Global Connect award went for the second successive year, in 2006, to Apollo Hospitals, Hyderabad for customer responsiveness in the healthcare sector based on a nation wide polling exercise.

Accreditations

Joint Commission International Accreditation The Joint Commission International (JCI) is a U.S based accreditation body dedicated to improving healthcare quality and safety around the world. The accreditation is an international gold standard for hospitals. The Apollo hospitals group achieved the unique distinction of achieving accreditation for its hospitals at Delhi, Chennai, Hyderabad, Ludhiana, Bangalore, Kolkata and Dhaka. Indraprastha Apollo Hospitals, Delhi, became

the first hospital in India, while Apollo Hospitals, Chennai, became the first hospital in South India to achieve this unique and coveted accreditation. Indraprastha Apollo Hospitals, Delhi, was recently reaccreditted. JCI works directly with healthcare organisations to achieve their goals of providing quality clinical care and services in safe, efficient and well-managed facilities. JCI assesses through a rigorous on site survey process, a healthcare providers quality in the following key areas Access to health care Health Assessment and care processes Education and rights of individuals Management of information and human resources Safety of facility Infection control Collaborative integrated management Facility management Performance Measurement Education & Rights of Patients

Medical Milestones of the Apollo Hospitals Group

Employs over 4000 specialists and super-specialists and 3000 medical officers spanning over55 clinical departments in patient care Achieved a 99.6% success rate in cardiac bypass surgeries, over 91% of

these were beating heart surgeries Conducted over 90,000 cardiac surgeries - one of only 10 hospitals in the world to achieve these volumes First Indian hospital group to introduce new techniques in Coronary Angioplasty, Stereotactic Radiotherapy and Radiosurgery Performed over 7,50,000 major surgeries and over 10,00,000 minor surgical procedures with exceptional clinical outcomes Pioneered orthopaedic procedures like hip and knee replacements, the Illizarov procedure and the Birmingham hip re-surfacing technique First hospital group to bring the 320 Slice CT- Angio scan system and the 64 Slice CT-Angio scan system to India First hospital group in South-East Asia to introduce the 16 Slice PET-CT Scan First to perform liver, multi-organ and cord blood transplants in India Equipped with the largest and most sophisticated sleep laboratory in the world Introduced the most advanced CyberKnife Robotic Radio Surgery System in Asia Pacific, the worlds first and only robotic radiosurgery system designed to treat tumors anywhere in the body with sub-millimeter accuracy.

OUR ACHIVERS

Excellence, literally meaning unparalleled superiority, is the quintessence of Apollo Hospitals, India. This is reflected in many areas - be it infrastructure, technology or services - but most of all in the caliber and

brilliance of our medical fraternity. While most of them have been trained in the best medical institutions in the country and abroad, several of them have also been decorated with prestigious national and international awards. Presented below are some of our brilliant achievers - of whom we at Apollo Hospitalsare justifiably proud of.
PADMA BHUSHAN Dr. Prathap C Reddy Dr. M.K.Mani Dr. M.R.Girinath PADMASHREE Dr. Mathew Samuel Kalarickal Dr. I.Sathyamurthy Director - Interventional Cardiology, Apollo Hospitals, Chennai Director - Dept. Of Cardiology & Sr.Interventional Cardiologist,Apollo Hospitals, Chennai Senior Consultant Gastroenterology,Apollo Hospitals, Chennai Senior Consultant -Orthopedic Surgery,Apollo Hospitals, Chennai Year 1999 Year 2000 Year 2007 Year 2007 Chairman Chief Nephrologist,Apollo Hospitals, Chennai Chief Cardiovascular Surgeon, Apollo Hospitals, Chennai Year 1991 Year 1991 Year 1998

Dr. K.R.Palanisamy Dr. Mayilvahanan Natarajan

DR. B.C ROY AWARD Dr. Mathew Samuel Kalarickal Dr. M.R.Girinath Director - Interventional Cardiology, Apollo Hospitals, Chennai Chief Cardiovascular Surgeon, Apollo Hospitals, Chennai Director - Dept. Of Cardiology & Sr.Interventional Cardiologist,Apollo Hospitals, Chennai Consultant Haematologist Apollo Hospitals ,Chennai Senior Consultant - General Medicine, Year 1996 Year 1997 Year 2001 Year 2005 Year

Dr. I.Sathyamurthy

Dr. T.P.R.Bharadwaj Dr. T.V.Devarajan

[Eminent Medical Teacher]

Apollo Hospitals, Chennai

2007

Preventive Health Care

Research all over the world has proven that it is more economical to invest in preventive healthcare rather than to think of a hospital only in times of distress. More than the cost, it is about the sheer joy of living a stress-free life without having to worry about ones health. In India, Apollo Hospitals has in the last 25 years focused its efforts to propagate the concept of well being through preventive health check packages. The preventive health check packages are designed to suit the needs of wide cross sections of people across age groups. One of the most comprehensive Health Screening Programmes in the country, the Apollo Preventive Health Checks offers you the convenience of all the tests under one roof and immediate treatment if called for. The Apollo Group has been a pioneer in the area of preventive healthcare through Apollo Health Check-Ups. With vast experience in the area of preventive healthcare, a range of tailor-made packages have been developed to cater to the needs of a wide cross section of individuals.

The Apollo preventive Health Check Up Advantage

Health screening programme to suit the needs of an individual Physical examination by a consultant physician, Surgical consultation for men and Gynecological consultation for women by an experienced team of doctors Convenience of all tests, cross consultation and immediate treatment (if called for) under one roof Technologically advanced testing equipment and trained technicians for reliable reports

LOCATION MAP

CHAPTER-II

2.1 INTRODUCTION OF THE TOPIC

FINANCIAL ANALYSIS INTRODUCTION

Financial analysis involves the process of identifying, measuring and communicating economic information contained in financial statements. A financial statement is an organized collection of data according to logical and consistent accounting procedures. It involves recording, classifying and summarizing various business transactions. The end products of business transactions are the financial statements comprising primarily the position statement or balance sheet and income statement or profit and loss account. These sources of information on the basis of which conclusions are drawn about the profitability and financial position of a concern, Financial statements are the basis for decision making by the management as well as other outsiders such as investors, creditors, customers, suppliers, financial institutions, employees, potential investors, government and general public. According to the American Institute Of Certified Public Accountants Financial statement are prepared for the purpose of presenting a periodical review of report on progress by the management and deal with the status of investment in the business and results achieved during under review. They reflect a combination of recorded facts, accounting principles and personal judgments. Financial statements generally refers to two statements: 1. The position statement or the balance sheet. 2. The income statement or profit and loss account. These statements are used to convey to management and other interested outsiders the profitability and financial position of a firm. Other then these two a business can also make a statement of changes in financial position and a statement of retained earnings in addition to above two statements. But this project is restricted to the analysis of three statements only which are as follows: Balance sheet: Balance sheet is one of the important statements depicting the financial strength of the concern. Its purpose is to show the resources that the company has i.e. its assets, and from where those resources come i.e. its liabilities and investments by owners and outsiders. The balance sheet shows all the assets owned by the concern and all the liabilities and claims it owes to owners and outsiders. The balance sheet is prepared on a particular date. The right hand shows properties and assets. The Companies act 1956 has prescribed a particular form for showing various assets and liabilities in balance sheet for companies registered under this act. These companies are also required to give figures for previous year along with current years figures. According to the American Institute of Certified Public Accountants balance sheet is A tabular balance sheet is statement of summary of balances (debits and credits) carried forward after an actual and constructive closing of books of account and kept according to principles of accounting.

1. Income statement (or profit and loss account): Income statement is prepared to determine the operational position of the concern. It is a statement of revenues earned and the expenses incurred for earning that revenue. If there is excess of revenue over expenditure it will show a profit and if expenditures are more than the income then there will be a loss. The income statement is prepared for a particular period generally a year and all revenues and expenditures falling due in that year will be taken into account irrespective of their receipts or payments.

The income statement may be prepared in the form of a Manufacturing Account to find out cost of production, in the form of Trading Account to determine gross profit or gross loss, in the form of a Profit and Loss account to determine net profit or net loss. 2. Statements of changes in financial position: This is to be prepared to show the changes in assets and liabilities from the end of one period to the end of another point of time. The objective of this statement is to show the movement of funds (working capital or cash) during a particular period. The statement of changes in financial position may take any of the following form: 3 Fund flow statement: The fund flow statement is designed to analyses the changes in the financial condition of a business enterprise between two periods. The word Fund is used to denote working capital. This statement will show the sources from which the funds are received and uses to which these have been put. This statement enables the management to have an idea about the sources of funds and their uses for various purposes. This statement helps the management in policy formulation and performance appraisal.

OBJECTIVES OF FINANCIAL STATEMENTS

Financial statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a concern. They are the major means employed by firms to present their financial situation of owners, creditors and general public. The primary objective of financial statements is to assist in decision-making. The Accounting Principles Board of America (APB) states the following objectives of financial statements: 1. To provide reliable financial information about economic resources and obligations of a business firm. 2. To provide other needed information about changes in such economic resources and obligations. 3. To provide reliable information about in net resources (resources less obligations) arising out of business activity. 4. To provide financial information that assists in estimating the earning potentials of business. 5. To disclose, to the extent possible, other information related to financial statements that is relevant to the needs of the users of these Statements

MEANING AND CONCEPT OF FINANCIAL ANALYSIS

The term financial analysis which is also known as analysis and interpretation of financial statements refers to the process of determining financial strengths and weaknesses of the firm by establishing strategic relationship between the items of the balance sheet a profit and loss account and other operative data. In the words of Myers, Financial statements analysis is largely a study of relationship among the various financial factors in a business as disclosed by a single set-of statements, and a study of the trend of these factors as shown in a series of statements. The purpose of financial analysis is to diagnose the information contained in financial statements so as to judge the profitability and financial soundness of the firm. A financial analyst analysis the financial statements with various tools of analysis before commenting upon the financial health or weakness of an enterprise. The analysis and interpretation of financial statements is essential to bring out the mystery behind the figures in financial statements. Financial statements analysis is an attempt to determine the

significance and meaning of the financial statements data so that forecast may be made of the future earnings, ability to pay interest and debt maturities (both current and long term) and profitability of a sound dividend policy. The term financial statement analysis includes both analysis and interpretation. A distinction should, therefore, be made between the two terms. While the term analysis is used to mean the simplification of financial data by methodical classification of the data given in the financial statements, interpretation means, explaining the meaning and significance of the data so simplified.

TYPES OF FINANCIAL ANALYSIS

Financial analysis can be categorized depending upon: 1) The material used 2) The method of operation followed in the analysis or the modus operandi of analysis

(I) On the basis of material used: According to this, financial analysis can be of following two types: a) External Analysis: This analysis is done by outsiders who do not have access to the detailed internal accounting records of the business firm. They include investors, potential investors, creditors, potential creditors, government agencies and general public. For financial analysis, these external parties to the firm depend almost entirely on published financial statement. Therefore, external analysis serves only a limited purpose. b) Internal Analysis: The analysis is considered by persons who have access to the internal accounting records of a business firm is known as internal analysis. Such an analysis can therefore be performed by executives and employees of the organization as well as government agencies which have statutory powers vested in them.

(II) On the basis of modus operandi According to this method of operation followed in the analysis, financial analysis can also be of two types: a) Horizontal Analysis: Horizontal analysis refers to the comparison of several years in which figures of various years are compared with standard or base year. These figures are presented horizontally over a number of columns. A base year chosen as a beginning point. This type of analysis is also called dynamic Analysis as it is based on data from year to year rather than on data of any one year. Comparison of an item once several periods with a base year may show a trend developing.

b) Vertical Analysis: Vertical analysis refers to the study of relationship of the various items in the financial statements of one accounting period. It includes figures of financial statement of a year, which are compared with a base selected from same years statement. It is also known as static Analysis since vertical analysis considers data for one time period only, it is not very conducive to a proper analysis of financial statements.

PROCEDURE OF FINANCIAL STATEMENT ANALYSIS

In the procedure of financial statement analysis, there are mainly three steps involved. These are: 1) Selection 2) Classification 3) Interpretation The first step involves selection of information relevant to the purpose of analysis of financial statements. The second step involves methodical classification of the data and third step includes drawing of inferences and conclusions. The following procedure is adopted for the analysis and interpretation of financial statements: 1) The analyst should acquaint himself with the principles and postulates of accounting. He should know the plans and policies of the management so that he may be able to find out whether theses plans are properly executed or not.

2) The extent of analysis should be determined so that the sphere of work may be decided. If the aim is to find out the earning capacity of the enterprise then analysis of income statement will be undertaken. On the other hand, if financial position is to be studied then balance sheet analysis will be necessary. 3) The financial data given in the statement should be re-organized and rearranged. It will involve the grouping of similar data under same hands, breaking down of individual components of statements according to nature. The data is reduced to a standard form. 4) A relationship is established among financial statements with the help of tools and techniques of analysis such as ratios, trends, funds flow etc. 5) The information is interpreted is a simple and understandable way. The significance and utility of financial data is explained for helping decision taking. 6) The conclusions drawn from interpretation are presented to the management in the form of reports.

METHODS OR DEVICES OF FINANCIAL ANALYSIS

The analysis and interpretation of financial statement is used to determine the financial position and results of operations as well. A numbers of methods or devices are used to study the relationship between different

statements. An effort is made to use those devices, which clearly analyses the position of the enterprise. The following methods of analysis are generally used: 1) Ratio Analysis 2) Comparative statements 3) Fund Flow Statement 4) Common size statement

Comparative Statement A statement which compares financial data from different periods of time. The comparative statement lines up a section of the income statement, balance sheet or cash flow statement with its corresponding section from a previous period. It can also be used to compare financial data from different companies over time, thus revealing the trend in the financials. OR Financial statements covering different dates but prepared consistently and therefore lending themselves to comparative analysis, as accounting convention requires. Comparative figures reveal trends in a company's financial development and permit insight into the dynamics behind static balance sheet figures. Comparative statements facilitate comparison by showing financial amounts in absolute terms and percentage change in the columnar form. Both changes are relevant. Absolute change = Amount in Current Period Amount in Base Period Percentage Change = Amount in Current Period Amount in Base Period /Amount in Base Period

Comparative Balance Sheet The COMPARITIVE BALANCE SHEET analysis is the study of the trend of the same items, groups of items and computed items in two or more balance sheets of the same business enterprise on different dates. The changes can be observed by comparison of the balance sheet at the beginning and at the end of a period and changes can help in forming an opinion about the progress of an enterprise. The COMPARITIVE BALANCE SHEET has two columns for the data of original balance sheets. A third column is used to show increase in figures. The forth column may be added for giving percentages of increases or decreases.

Comparative Income Statement The comparative income statement gives an idea of a business over a period of time. The changes in absolute data in money values and percentages can be determined to analyze the profitability of the business. It has also four columns. First two columns figures of various items for two years. Third and forth columns are used to show increase or decrease in figures in absolute amounts and percentage respectively.

Common Size Statements Common size statements show the position of an item vis--vis other items. It shows the composition of balance sheet and the income statement. All individual items are shown in percentage. Comparative statements help in comparing two companies independent of the scale of operation.

Common Size Balance Sheet The common size balance sheet items are expressed as the ratio of each asset to total assets and the ratio each liability is expressed as a ratio of total liabilities. . Common size balance sheet expresses each item as a percentage of the total funds or total assets. Common size balance sheet shows the composition of the total funds or total assets

Common Size Income Statement The items in income statement can be shown as percentages of sales to show the relation of each item to sales. In case of common size income statement, all items are converted into percentage of the total revenue.

RATIO ANALYSIS

Ratio analysis is one of the techniques of financial analysis to evaluate the financial condition and performance of a business concern. Simply, ratio means the comparison of one figure to other relevant figure or figures. According to Myers, Ratio analysis of financial statements is a study of relationship among various financial factors in a business as disclosed by a single set of statements and a study of trend of these factors as shown in a series of statements. An analysis of financial statements with the help of ratio is termed as Ratio Analysis; Ratio analysis is one of the most powerful tools of financial analysis for measuring the performance of business enterprises. It is basically a technique

Establishing meaningful relationship between significant variables of financial statements and Interpreting the relationship to form judgment regarding the financial affairs of the unit.

So, ratio analysis is a technique of analysis and interpretation of financial statements. However it is not an end in itself, rather its only a means of better understanding the financial strengths and weaknesses of a firm. Computation of few ratios does not serve any purpose or does not answer all the problems faced by financial manager unless several appropriate ratios related to one another are computed and analyzed. The ratio may be used as a symptom like blood pressure, the pulse rate or body temperature and their interpretation depends upon the caliber and competence of the analyst.

There are many ratios that can be calculated from the information available in financial statements, but it is very essential for the analyst to select the appropriate data and calculated those ratios, which fulfill his objective of analysis.

A) LIQUIDITY RATIO
According to Solman, Liquidity is the ability of the firm to meet its current obligations as they fall due. Liquidity refers to ability to meet firms obligation in short run, usually one year. These are generally based on relation between current Assets (CA) and current Liabilities (CL). If current assets are more than current liabilities, then liquidity position will be satisfactory. If current liabilities may not be easily met out of current assets, then liquidity position will be bad.

Bankers, Suppliers of goods and other creditors are interested in the liquidity of a concern. They extent credit only if they are sure that current assets are enough to pay out obligations. Current Ratio

The Relationship of current assets (CA) to current Liabilities (CL) is known as Current Ratio. It is also called Working Capital Ratio that measures the general liquidity of a firm and most widely analysis the short term financial position of a firm. Increases in current ratio means improvement in liquidity position of firm.

Decrease in current ratio means deterioration in liquidity position of firm.

Current Ratio = Current Assets/ Current Liabilities Components:Current Assets: Cash in Hand, Cash at Bank, Sundry Debtors, Bills Receivable, Prepaid Expenses,Short term Investments, Marketable Securities. Current Liabilities: Sundry Creditors, Bills payable, Outstanding Expenses, Bank overdraft, Short term advances, Dividend Payable, Income received in advance etc.

Long Term Ratio In risk analysis, a way to determine a company's leverage. The ratio is calculated by taking the company's long-term debt and dividing it by its long-term debt added to its preferred Ratio = Long-term debt / (Long-term debt + Preferred stock + Common stock) The greater a company's leverage, the higher the ratio. Generally, companies with goals higher ratios are thought to be more risky because they have more liabilities and less equity. It is also called the long-term debt/capitalization ratio.

Debt Equity Ratio

A measure of a. Debt/equity ratio is equal to long-term debt divided by common shareholders' e company's financial leveragequity. Typically the data from the prior fiscal year is used in the calculation. Investing in a company with a higher debt/equity ratio may be riskier, especially in times of rising interest rates, due to the additional interest that has to be paid out for the debt. For example, if a company has long-term debt of 3,000 and shareholder's equity of 12,000, then the debt/equity ratio would be 3000 divided by 12000 = 0.25. It is

important to realize that if the ratio is greater than 1, the majority of assets are financed through debt. If it is smaller than 1, assets are primarily financed through equity.

Debt Equity Ratio = Outsiders fund/Shareholders fund Outsiders fund= Secured loans/ Unsecured loans Shareholders Funds = Share Capital (Equity + Preference) + Reserves and Surplus Fictitious Assets

Proprietary Ratio Proprietary Ratio establishes the relationship between proprietors funds and total tangible assets. This ratio is also termed as Net Worth to Total Assets or Equity-Assets Ratio. Proprietary Ratio = Proprietors Funds/Total Assets Proprietors Funds = Share Capital (Equity + Preference) + Reserves and Surplus Fictitious Assets Total Assets include only Fixed Assets and Current Assets. Any intangible assets without any market value and fictitious assets are not included. Fixed Asset to Net Worth Ratio Fixed assets turnover ratio establishes a relationship between Shareholders fund and net fixed assets. This ratio indicates how well the fixed assets are being utilised. Fixed Asset to Net Worth Ratio= Fixed Asset/ Shareholders fund Return on Investment This ratio shows the relationship between the profit earned before interest and tax and the capital employed to earn such profit. Net Profit before Interest, Tax and Dividend = Capital Employed Where Capital Employed = Share Capital (Equity + Preference) + Reserves and Surplus + Long-term Loans Fictitious Assets Or Capital Employed = Fixed Assets + Current Assets Current Liabilities x 100

Return on Capital Employed

Earning per Share

Earning per share is calculated by dividing the net profit (after interest, tax and preference dividend) by the number of equity shares. Net Profit after Interest, Tax and Preference Dividend = No. Of Equity Shares x 100

Earning Per Share

B)

Profitability Ratios:

Gross profit ratio Gross Profit Ratio shows the relationship between Gross Profit of the concern and its Net Sales. Gross Profit Ratio can be calculated in the following manner: Gross Profit Gross Profit Ratio x 100 Net Sales Where Gross Profit = Net Sales Cost of Goods Sold Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses Closing Stock And Net Sales = Total Sales Sales Return =

Net profit ratio Net Profit Ratio shows the relationship between Net Profit of the concern and Its Net Sales. Net Profit Ratio can be calculated in the following manner: Net Profit Net Profit Ratio = Net Sales x 100

Where Net Profit = Gross Profit Selling and Distribution Expenses Office and Administration Expenses Financial Expenses Non Operating Expenses + Non Operating Incomes. And Net Sales = Total Sales Sales Return

Operating profit ratio Operating Profit means profit earned by the concern from its business operation and not from the other sources. While calculating the net profit of the concern all incomes either they are not part of the business operation like Rent from tenants, Interest on Investment etc. are added and all non-operating expenses are deducted. So, while calculating operating profit these all are ignored and the concern comes to know about its business income from its business operations. Operating Profit Ratio shows the relationship between Operating Profit and Net Sales. Operating Profit Ratio can be calculated in the following manner: -

Operating Profit Operating Profit Ratio = Net Sales Where Operating Profit = Gross Profit Operating Expenses Or Operating Profit = Net Profit + Non Operating Expenses Non Operating Incomes And Net Sales = Total Sales Sales Return x 100

Operating ratio Operating Ratio matches the operating cost to the net sales of the business. Operating Cost means Cost of goods sold plus Operating Expenses.

Operating Cost Operating Ratio x 100 Net Sales Where Operating Cost = Cost of goods sold + Operating Expenses Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses Closing Stock Operating Expenses = Selling and Distribution Expenses, Office and Administration Expenses, Repair and Maintenance. =

FUND FLOW ANALYSIS

DEFINITION OF FUND: A question arise as to the definition of FUND: It means: Funds may mean change in cash only . Funds may mean change in working capital( the difference between CA&CL) only. A more comprehensive definition of funds may be given as follows: Funds may mean change in financial recourses, arising from changes in working capital items and from financing and investing activities of the enterprise, which may involve only in current items. The fund flow statement analysis only the causes of changes in the firms working capital position. The cash flow statement is prepared to analyze changes in flow of cash only. These statement fail to consider the changes in the firms total financial recourses. They do not reveal some significant items that do not effect the firms cash or working capital position and asset mix of the firm. The statement of changes in financial position is an extension of the funds flow statement or cash flow statement. There fore, to get better insights, a firm may prepare a comprehensive, all inclusive, statement of changes in financial position incorporating changes in the firms cash or working capital position involving: Changes in the firms working capital position. Changes in the firms cash position. Changes in the firms total financial recourses

FUND FLOW ANALYSIS The statement of changes in financial position prepared to determine only the recourses and uses of working capital between dates of two balance sheets, is known as fund flow statement. Working capital is defined as the difference between current assets and current liabilities. Working capital determines the liquidity position of the firms.

Meaning of Fund In a popular and generally accepted sense the term fund is used to denote the excess of current assts over current liabilities :

Working Capital

= Current Assets Current Liabilities

Meaning of Flow of Fund Flow of funds means transmigration (coming and going) of funds. In other words, Flow of funds means change in Working capital, as in funds flow statement the words funds mean net working capital. Definition: According to R.N. Anthony, Fund Flow is a statement prepared to indicate the increase in cash resources and the utilization of such resources of a business during the accounting period. According to Smith Brown, Fund Flow is prepared in summary form to indicate changes occurring in items of financial condition between two different balance sheet dates. Coleman rightly states that, The fund statement is statement summarizing the significant financial change which have occurred between the beginning and the end of a companys accounting period. Financial analysts often assess the firm's: 1. Profitability - its ability to earn income and sustain growth in both short-term and long-term. A company's degree of profitability is usually based on the income statement, which reports on the company's results of operations; 2. Solvency - its ability to pay its obligation to creditors and other third parties in the long-term; 3. Liquidity - its ability to maintain positive cash flow, while satisfying immediate obligations; Both 2 and 3 are based on the company's balance sheet, which indicates the financial condition of a business as of a given point in time. 3. Stability- the firm's ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a company's stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators.

Elements of Financial Analysis As Kristy and Diamond noted, a company's over-all financial health can be assessed by examining three major factors: its liquidity, leverage, and profitability. All three of these factors are internal measures that are largely within the control of a company's management. It is important to note, however, that they may also be affected by other conditionssuch as overall trends in the economythat are beyond management's control. LIQUIDITY. Liquidity refers to a company's ability to pay its current bills and expenses. In other words, liquidity relates to the availability of cash and other assets to cover accounts payable, short-term debt, and other liabilities. All small businesses require a certain degree of liquidity in order to pay their bills on time, though start-up and very young companies are often not very liquid. In mature companies, low levels of liquidity can indicate poor management or a need for additional capital. Of course, any company's liquidity may vary due to seasonality, the timing of sales, and the state of the economy.

Companies tend to run into problems with liquidity because cash outflows are not flexible, while income is often uncertain. "Creditors expect their money when promised, just as employees expect regular paychecks. However, the cash being generated does not follow a set schedule. Sales of inventory vary, as do collections from customers," Kristy and Diamond explained. "Because of this difference between cash generation and cash payments, businesses must maintain a certain ratio of current assets to current liabilities in order to ensure adequate liquidity." LEVERAGE. Leverage refers to the proportion of a company's capital that has been contributed by investors as compared to creditors. In other words, leverage is the extent to which a company has depended upon borrowing to finance its operations A company that has a high proportion of debt in relation to its equity would be considered highly leveraged. Leverage is an important aspect of financial analysis because it is reviewed closely by both bankers and investors. A high leverage ratio may increase a company's exposure to risk and business downturns, but along with this higher risk also comes the potential for higher returns. PROFITABILITY. Profitability refers to management's performance in using the resources of a business. Many measures of profitability involve calculating the financial return that the company earns on the money that has been invested. As James O. Gill stated in his book Financial Basics of Small Business Success, most entrepreneurs decide to start their own businesses in order to earn a better return on their money than would be available through a bank or other low-risk investments. If profitability measures demonstrate that this is not occurringparticularly once a small business has moved beyond the start-up phasethen the entrepreneur should consider selling the business and reinvesting his or her money elsewhere. However, it is important to note that many factors can influence profitability measures, including changes in price, volume, or expenses, as well the purchase of assets or the borrowing of money.

2.1

OBJECTIVES OF THE STUDY

OBJECTIVES OF FINANCIAL ANALYSIS

Financial analysis are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a concern. They are the major means employed by firms to present their financial situation of owners, creditors and general public. To provide reliable financial information about economic resources and obligations of a business firm. To provide other needed information about changes in such economic resources and obligations. To provide reliable information about in net resources (resources less obligations) arising out of business activity. To provide financial information that assists in estimating the earning potentials of business. To disclose, to the extent possible, other information related to financial statements that is relevant to the needs of the users of these Statements. To evaluate the financial analysis of Apollo hospital. To summarize the large quantities of financial data and to make qualitative judgment about the firms liquidity position. To study the efficiency of Apollo hospital to manage its ratios. To study whether Apollo hospital has adequate funds to finance current assets. To study whether the firm can meet its current liabilities in time.

CHAPTER-III

RESEARCH METHODOLOGY

Research:

Research comprises defining and redefining problems, formulating hypothesis or suggested solutions, collecting organizing and evaluating data, making deductions and reaching conclusion and at last carefully testing the conclusion to determine whether they fit the formulating hypothesis

Research Methodology:
It may be understood as a science of studying how research is done scientifically. In this we study various steps that are taken up by the researcher in his research problem along with the logic behind them. It has the wider scope as compared to research methods that is we also considered the logic behind the methods we used in the research study and explain why we are using a particular method and we are not using the other.

IMPORTANCE OF RESEARCH

1. Research promotes scientific and logical thinking and facilitates development of habit of logical thinking among individuals and organizations. 2. It facilitates the development of individual, organization and country wide policies and plans. 3. It helps in decision making and facilitates efficient and effective allocation of limited resources. 4. It is equally important for social scientist in studying social relationship and seeking answers to various social problems. 5. Research is very important to study the behavior which requires special skills and tolls to study the relationship in the context of behavior. Type of Research Analytical Research: It does not include any surveys. In this, the researcher has to use the facts and information that is already available and has to analyze it to make a critical evaluation of the material. For example: historical research.

Research Design
A research design is the arrangement of conditions for collection and analysis of data in a matter that aims to combine relevance to the research purpose with economy in procedure. In fact the research design is the conceptual structure with in which research is conducted, it constitutes the blueprint for the collection, measurement and analysis of data. Research design involves the following tasks: 1. What is the study about? Financial Analysis of Apollo hospital. 2. Why is the study being made? To know the financial position & the comparison between the Apollo hospital. 3. What type of data is required? Secondary data 4. Where can the required data are found? Through the web sites of the hospital. 5. What techniques of data collection will be used? Through internet.

Methods of Data Collection

The task of data collection begins after a research problem has been defined and research design/plan chalked out. Methods of Data Collection are two types:

1. Primary Data 2. Secondary Data But in this report we used the secondary data. Secondary Data: Secondary data are those data which have been collected by some one else and which have already been passed through the statistical process. Secondary data may either be published data or unpublished data.

Published data means the data are available from various publications like from government, journals, books, magazines, newspapers, reports etc.

Unpublished data means the data are available from diaries, letters etc.

In this report we collect the data from the List of search engines Google

AOL Search Click4Carbon CompuServe Search MySpace Search Netscape Ripple

Yahoo!

AltaVista AlltheWeb Ecocho Forestle (an ecologically motivated site supporting sustainable rain forests) GoodSearch Rectifi

Analysis of Data: The information gathered are the policies & practices regarding management of the
financial analysis. Analysis is done in terms of theoretical concepts. Analysis of working capital performance is done with the help of percentages by showing graphs, ratios etc.

CHAPTER-IV

ANALYSIS & INTERPRETATION

APOLLO HOSPITAL ENTERPISE LTD.

I) COMPARATIVE STATEMENT A) Comparative Balance Sheet Particulars 2012
Assets Current Assets Total Current Assets Fictitious Assets Misc.Exp.(not written off) 5819147744 5819147744

2011 Increase/Dec.
7035156431 7035156431 1216008687 1216008687

%age
20.90 20.90

3070000 3070000 5951780686 7060108864

457575 457575 8999393116 6292795165

-2612425 -2612425 3047612430 -767313699

-85.09 -85.09 51.21 -10.87

Fixed assets Investment

Total Assets

18834107294 22331802287

349694993

18.57

Liabilities & Capital Current liabilities &provisions Defered tax liabilities Total Current liabilities Loans Secured loans Unsecured loans Total Loans Equity share capital Preference share capital Reserves &surplus Total Liabilities

2807689809 589696790 3397386599

3497856897 626560116 4124417013

690167088 36863326 727030414

24.59 6.25 21.40

2921952423 134396000 3056348423

4365524963 129291000 4494815963

1443572540 -5105000 1438467540 15500000 68595250 1381292289 349694993

49.40 -3.80 47.07 2.64 47.08 11.86 18.57

586857020 602357020 145695245 77099995 11647820007 13029112296 18834107294 22331802287

INTERPRETATION:
The COMPARITIVE BALANCE SHEET analysis is the study of the trend of the same items, groups of items and computed items in two or more balance sheets of the same business enterprise on different dates. In the APOLLO HOSPITAL the comparative balance sheet reveals that:

1.Total assets of APOLLO HOSPITAL increased a year by 18.57% 2. There has been increased in secured loans by 49.40% which has not the good impact on the liquidity position of the hospital. 3. There has been increased in current liabilities by 24.59% which has not the good impact on the liquidity position of the hospital. 4. There has been increased in Reserve & surplus by 11.86% which has the good impact on the hospital.

Comparative Income Statement

APOLLO HOSPITAL ENTERPISE LTD.

Particulars

2012

2011 Increase/Dec.

%age

INCOME Operating Income Total Income (A) 11516467669 14803502006 11516467669 14803502006 3287034337 3287034337 28.54 28.54

EXPENSES Operating exp. Personal exp. Administration exp. Financial exp. Preliminary exp. Deferred rev. exp. 6207339081 1684818881 1598176912 198975755 2175000 6548137 8096509722 2210510008 2065738372 223160437 2178347 3625704 1889170641 525691127 467561460 24184682 3347 -2922433 30.44 31.20 29.26 12.15 0.16 -44.63

Total Expense (B) Operating Profit(A-B)

9698033766 12601722590 18184333903

2903688824

29.94 87.89

2201779416 15982554487

INTERPRETATION:
The comparative income statement gives an idea of a business over a period of time. The changes in absolute data in money values and percentages can be determined to analyze the profitability of the business. In the APOLLO HOSPITAL comparative income statement reveals that:

1. There has been increase in the gross profit by 28.54% during the year. Thus the total income of the firm has been positive impact in the year 2009. 2. There has been increase in the total expenses by 29.94% . The operating exp. increased by 30.44% and personal exp. increased by 31.20%.

3. There has been increase in the operating profit by 87.89%.

Common Size Balance Sheet

APOLLO HOSPITAL ENTERPISE LTD.

Particulars
Assets Current Assets Total Current Assets Fictitious Assets Misc.Exp.(not written off)

2011
5819147744 5819147744

%age
30.90 30.90

2012
7035156431 7035156431

%age
31.50 31.50

3070000 3070000 5951780686 7060108864 18834107294

0.02 0.02 31.60 37.49 100

457575 457575 8999393116 6292795165 22331802287

0.00 0.00 40.30 28.18 100

Fixed assets Investment Total Assets

Liabilities & Capital Current liabilities &provisions Defered tax liabilities Total Current liabilities Loans Secured loans Unsecured loans Total Loans Equity share capital Preference share capital Reserves &surplus Total Liabilities

2807689809 589696790 3397386599

14.91 3.13 18.04

3497856897 626560116 4124417013

15.67 2.81 18.47

2921952423 134396000 3056348423 586857020 145695245 11647820007 18834107294

95.70 0.72 16.22 3.12 0.77 61.84 100

4365524963 129291000 4494815963 602357020 77099995 13029112296 22331802287

97.12 2.88 20.18 2.70 0.35 58.34 100

INTERPRETATION:
The common size balance sheet items are expressed as the ratio of each asset to total assets and the ratio each liability is expressed as a ratio of total liabilities. . In the APOLLO HOSPITAL common size balance sheet reveals that:

1. The statement reveals that the liquidity position of the firm in both the years is satisfactory. In the year 2008, the current assets are 30.90%and current liabilities are 18.04%. In the year 2009, the current assets are 31.50%and current liabilities are 18.47%, which shows that there is an increase in current assets in year 2009.

2. The company has adopted the policy of financing long term funds. In 2008, the fixed assets are 31.60% while in 2009 fixed assets are 40.30%

3. The firm is more dependent on shareholders funds i.e. in 2008 the shareholders fund is 65.73% and in 2009, it is 61.39.

Common Size Income Statement

APOLLO HOSPITAL ENTERPISE LTD. Particulars 2011 %age 2012 %age

INCOME 11516467669 Operating Income Total Income (A) EXPENSES Operating exp. Provision for employees Administration exp. Financial exp. Preliminary exp. Deferred rev. exp. Total Expense (B) Operating Profit(A-B) 6207339081 1684818881 1598176912 198975755 2175000 6548137 9698033766 18184333903 53.90 14.63 13.88 1.73 0.02 0.06 8096509722 2210510008 2065738372 223160437 2178347 3625704 54.69 14.93 13.95 1.51 0.01 0.02 85.13 14.87 11516467669 100 14803502006 100 100 14803502006 100

84.21 12601722590 15.79 2201779416

INTERPRETATION:
The items in income statement can be shown as percentages of sales to show the relation of each item to sales. In the APOLLO HOSPITAL common size income statement reveals that: 1. In the year 2008,the total income is 11516467669 which is increased in 2006 to 14803502006. 2. The total expenditure of the company increased. In 2008, the total expenses of the company are 84.21%which is increased to 85.13% in 2009.

3. The operating profit of company is decreased by 0.92

Ratio Analysis
APOLLO HOSPITAL ENTERPISE LTD.

A) LIQUIDITY RATIO
CURRENT RATIO Current Ratio = Current Assets/ Current Liabilities
Current Assets Inventories Sundry Debtors Cash & Bank Bal. Loans & Advances Total C. Assets Current Liabilities Liabilities Provisions Total Current Liab. Current Ratio(CA/CL) 2010-11 790,890,463.00 1,261,586,026.00 1,045,572,862.00 2,721,098,393.00 5,819,147,744.00 2011-12 1,088,417,301.00 1,607,354,960.00 646,160,389.00 3,693,223,781.00 7,035,156,431.00

1,402,934,365.00 1,404,755,444.00 2,807,689,809.00 2.07

1,527,005,836.00 1,970,851,061.00 3,497,856,897.00 2.01

2.5 2 1.5 1 0.5 0 year 2007-08 2008-09

Interpretation:
In the Apollo hospital the current ratio of the hospital has been decreased. In 2008 it is 2.07 but in 2009 it is, 2.01. The current asset of the company has been increased in 2009 by 1216008687 and the current liability has also been increased by 690167088. The thumb rule of current ratio is 2:1 and the Apollo Hospital is near to thumb rule .

B) Long Term Ratio

1. Debt Equity Ratio Debt Equity Ratio = Outsiders fund/Shareholders fund
Outsiders fund Shareholders Funds Debt Equity Ratio

2008 2009

3056348423 4494815963

12380372272 13708569311

0.25 0.33

0.35 0.3 0.25 0.2 0.15 0.1 0.05 0 Debt Equity Ratio 2007-08 2008-09

Interpretation:
In the Apollo hospital the debt equity ratio of the hospital has been increased. In 2008 it is 0.25 but in 2009 it is, 0.33. The outsider fund of the company has been increased in 2009 by 1438467540 and the shareholder fund has also been increased by 1328197039. The outsider fund is more than the shareholder fund which shows that the company is more reliable on outsider fund which is not good for company.

2. Proprietary Ratio

Proprietary Ratio = Proprietors Funds/Total Assets

Proprietors Funds Total Assets Proprietary Ratio

2008 2009

12380372272 13708569311

11770928430 16034549547

1.05 0.86

1.2 1 0.8 0.6 0.4 0.2 0 Proprietary Ratio 2007-08 2008-09

Interpretation:
In the Apollo hospital the proprietary ratio of the hospital has been increased. In 2008 it is 1.05 but in 2009 it is, 0.86. The shareholder fund of the company has been increased in 2009 by 132819703 and the total asset has also been increased by 4263621117. With the increase in total asset it shows that the companys position is improving.

3. Fixed Asset to Net Worth Ratio Fixed Asset to Net Worth Ratio= Fixed Asset/ Shareholders fund
Fixed Asset Shareholders fund Fixed Asset to Net Worth Ratio(%)

2008 2009

5951780686 8999393116

12380372272 13708569311

48.07 65.65

70 60 50 40 30 20 10 0 Fixed Asset to Net Worth Ratio(%) 2007-08 2008-09

Interpretation:
In the Apollo hospital the Fixed Asset to Net Worth ratio of the hospital has been increased. In 2008 it is 48.07 but in 2009 it is, 65.65. The shareholder fund of the company has been increased in 2009 by 1328197039. and the fixed asset has also been increased by 3047612430

4. Return on Investment Return on Investment =Net Profit before Interest, Tax and Dividend/Capital Employed
Net Profit before Interest, Tax and Dividend

Shareholders fund Return on Investment

(%)

2008 2009

1450973208 1722387092

12380372272 13708569311

11.72 12.56

14 12 10 8 6 4 2 0 year 2008 2009

Interpretation:
In the Apollo hospital the Return on Investment of the hospital has been increased. In 2008 it is 11.72 but in 2009 it is, 12.56. The shareholder fund of the company has been increased in 2009 by 1328197039. and the net profit has also been increased by 271413884. With the increase in ROI the investors will more satisfied &invested in the company to earn more profits.

5.Earning Per Share Earning Per Share= Net Profit after Interest, Tax and Preference Dividend/ No. Of Equity Share

Net Profit after Int., Tax and Preference Dividend

No. Of Equity Shares

Earning Per Share 11.00 12.88

2008 2009

665337898 779091979

60502211 60502211

EPS

2008 2009

Interpretation:
In the Apollo hospital the earning per share of the hospital has been increased. In 2008 it is 11.00but in 2009 it is, 12.88. The net profit has also been increased by 11375408. With the increase in EPS it shows that the rate of per share is increases which is satisfactory for the company.

C)Profitability Ratios:
1. Gross Profit Ratio Gross Profit Ratio= Gross Profit /Net sales
Gross Profit Net sales Gross Profit Ratio(%)

2008 2009

3624309707 4496482276

11253941778 14579776424

32.20 30.84

35 30 25 20 15 10 5 0 year 2008 2009

Interpretation:
In the Apollo hospital the Gross Profit Ratio of the hospital has been decreased. In 2008 it is 32.20 but in 2009 it is, 30.84. The gross profit has also been increased by 872172569 and the net sales of the company have been increased 3325834646. With the decrease in gross profit it shows that the companys position is decline.

2. Net Profit Ratio Net Profit Ratio= Net Profit /Net sales
Net Profit Net sales Net Profit Ratio(%)

2008 2009

1017452110 1180693563

11253941778 14579776424

9.04 8.10

10 8 6 4 2 0

Interpretation:
In the Apollo hospital the Net Profit Ratio of the hospital has been decreased. In 2008 it is 9.04 but in 2009 it is, 8.10. The net profit has also been increased by 163241453 and the net sales of the company has been increased 3325834646. With the decrease in net profit it shows that the companys position is decline.

3. Operating Profit Ratio Operating Profit Ratio= Operating Profit /Net sales

Operating Profit 2008 2009

Net sales

18184333903 2201779416

11253941778 14579776424

Operating Profit Ratio(%) 161.58 15.10

Operating Profit Ratio(%) 2007-08 2008-09

Interpretation:
In the Apollo hospital the operating Profit Ratio of the hospital has been decreased. In 2008 it is 161.58 but in 2009 it is, 15.10. The gross profit has also been decreased by 15982554487 and the net sales of the company have been increased 332583464. It shows that the company spends more on the expenses. Company should try to reduce the expenses

4. Operating Ratio Operating ratio= Operating Cost/Net Sales

Operating Cost 2008 2009 Net Sales Operating Ratio

1103255798 1419453778

11253941778 14579776424

.10 .10

0.1 0.09 0.08 0.07 0.06 0.05 0.04 0.03 0.02 0.01 0 Operating Ratio 2007-08 2008-09

Interpretation:
In the Apollo hospital the operating Ratio of the hospital has been same. In 2008 &2009 it is, 0.10. The operating cost has also been increased by 316197980 and the net sales of the company has been increased 33258346. Operating cost & the net sales are almost same.

APOLLO HOSPITAL ENTERPISE LTD. FUND FLOW STATEMENT A. P&L A/c PARTICULARS
Profit before tax Add: Depreciation

AMOUNT
1722387092 439203799

Gross fund generated

Less: Tax paid Less: Dividend paid

2161590891
469853774 541693529

Fund From Operation B. FUND FLOW STATEMENT

1150043588

Sources Increase in term loan Increase in capital Decrease in investment Decrease in noncurrent asset Increase in borrowings Increase in current liabilities Fund From Operation

Amount 1401632042 617357250 767313699 2612425 36835498 727030414 1150043588 4702824916

Uses Increase in fixed asset Increase in inventory Increase in receivables Increase in cash& bank balance

Amount 3486816229 297526838 345768934 572712915

4702824986

Interpretation:
This statement reveals that there is an increase in the term loan by 1401632042. The Fund From Operation during the year is 1150043588. During the year the investment of the company has been decrease by 767313699 and the fixed asset has been increased by 3486816229.

CHAPTER-VI

FINDINGS OF THE STUDY

FINDINGS OF THE STUDY Total assets of APOLLO HOSPITAL increased in a year by 18.57% from the last year which shows the
growth of the company.

There has been increased in secured loans by 49.40% of Apollo It is not good impact on the liquidity
position of the company so company should try to reduce the loans.

The operating profit of Apollo is decreased by 0.92. it shows that operating cost is more than the revenue
so the company should try to reduce the operating expenses.

In the Apollo hospital the current ratio of the hospital has been decreased. In 2008 it is 2.07 but in 2009 it
is, 2.01 it is nearly match with the rule of thumb.

The fixed assets of Apollo is more dependent upon outsiders funds. Net profit of the Apollo hospital has decreases during the year. It shows that the companys expenditure is
more than the revenue.

CHAPTER-VII LIMITATION OF THE STUDY

LIMITATION OF THE STUDY

Financial analysis is powerful tool of determining companys strength and weakness. But the analysis is based on the information available in the financial statements, which are as follows:

It is only a study of interim report. Analysis is only a mean and not an end in itself. The analyst has to make interpretation and draw his/her conclusion. Different people may interpret the same analysis in different ways. The data we have required is inadequate. The accuracy of data is not correct Financial analysis is so wide topic however to cover all these would affect the depth and quality of the study.

It was very short period for collecting the information. The financial analysis of comparison may not show the free financial position of business. Since there are many factors that do not form part of financial statements such as market position, customer satisfaction etc.

Price level changes are not taken into account to modify the balance sheet figures. Some items of the information are not available in the published annual reports, for the purpose of analysis.

CHAPTER-VIII

RECOMMENDATIONS OF THE STUDY

RECOMMENDATIONS The secured loans of both the hospital has increased in 2008-09 which has not the good impact on the liquidity position of the hospitals so the company has tried to reduce their loans. The companies should try to reduce their OPERATING COST .

The thumb rule of current ratio is 2:1 so the Apollo is near to thumb rule but the has to try to reach the thumb rule.

The return on investment in Apollo is improving but in it reduces it is not good for hospital. The Net Profit Ratio of Apollo is decreasing. The companies should try to reduce their expenditure.

The current liabilities of the both companies have increased from the past year which has not the good impact on the liquidity position of the hospitals so the company has tried to pay their liabilities.. Gross profit of the both hospitals has decreases during the year. It shows that the company more spends upon the expenses.

AS the comparison reveals that the debt equity ratio increases in the both hospitals in the year 2009, it is not a good sign for the company because both the companies more dependent upon the outsiders fund. So the companies try to reduce the outsiders fund.

CHAPTER-IX

CONCLUSION

CONCLUSION

During the period of research I have tried to go through the in depth study of financial analysis of Apollo. To conclude this topic, I would like to say that though both the hospitals are the large group of India. The staff here is good and full of young blood, which performs their duties very well. Cash management and receivable management are also good because of centralized control on these. Overall the hospitals phenomenal growth is result of constant innovations, a close watch on costs and dynamic leadership of group chairman, characterized by an ethos of entrepreneurship, of right attitudes and building stronger relationship with investors, partners, vendors, dealers and customers.

CHAPTER-X

BIBLOGRAPHY

BIBLIOGRAPHY

Chandra Parasna, Financial management theory & practice, Tata Mc-Graw hill, New Delhi, 4th edition, 2004 Pandey I.M., Financial Management, Vikas Publishing House (P) limited, New Delhi, 9th edition, 2005 Khan M.Y. & Jain P.K., Financial Management, Tata Mc-Graw Hill (P) Limited, New Delhi, 4th edition, 2004 Sharan Vyopatakesh, Financial Management, Anmol Publications (P) Limited, New Delhi, 1st edition, 1991 Hampton J. John, Financial Decision Making, Prentice Hall of India (P) limited, New Delhi, 4th edition, 1994 Hampton J. John, Financial Management, Himalayan Publishing House, New Delhi, 3rd edition, 1981. Gupta Shashi K; Sharma R.K.; Financial Management; Kalyani Publishers; 2006-07 Jain,S.P.; Narang,K.L.; Cost Accounting; Kalyani Publishers;2006-2007 Manuals, brochure, Balance sheet, Profit & Loss account & annual reports of Apollo hospital of 200708& 2008-09.

CHAPTER-XI

ANNEXURE

A PROJECT REPORT on
FINANCIAL ANALYSIS OF APOLLO HOSPITAL

Submitted by: PARUL GUPTA Univ. Roll No.80104317040 In partial fulfillment of the Degree of Master of Business Administration

IN FINANCE
SUBMITTED TO: Gujranwala Guru Nanak Institute of Management & Technology (Affiliated To Punjab Technical University)

Acknowledgement

Heartily thanks to all those who supported me Acknowledging any one in mere words is a very difficult job. I would like to pay my sincere thanks to all those people who helped me during this project work with their guidance and invaluable advice. The process of preparing this report on Financial Analysis of hospitals was a learning experience for me. During the course of my preparation of this report I had to delve deeply into many details and thus was able to enlighten myself. Foremost of all, I express my sincere indebtness to the Almighty for bestowing me with favorable circumstances and keeping me in the high spirits. This project is the end product of valuable contribution of the many persons to whom, I remain indebted. I am thankful to Mr. Gunwant Singh Dua (Director), Mrs. Harminder Kaur and Miss. Maneet Gandhi for their support and encouragement throughout the completion of my project. I am thankful for their active cooperation and his keen involvement in my project. I am indebted to their for understanding and appreciating my problems, which emerged during the course of my project I am highly privileged to all the people, related directly or indirectly and the respondents for being cooperative and sparing a few moments from their busy schedule; without their help this project wouldnt have proven meaningful.

PARUL GUPTA

PREFACE

A student undergoing a degree courses needs to be exposed to the realities in the field, which puts to test the classroom learning. Knowledge cannot be gained only on the basis of theoretical understanding from the books. A practice insight is necessary for the learning process to complete and effective.

Technically, FINANCIAL ANALYSIS on which I did my project is a part of the overall financial management. It is used as a device to analysis and interprets the financial health of enterprise.

In the forthcoming pages, an attempt has been made to present a report of my study conducted on financial analysis of Apollo hospital.

DECLARATION

I Parul Gupta hereby declare that the project report,

On

FINANCIAL ANALYSIS OF APOLLO HOSPITAL

has been carried out and submitted to the

Punjab Technical University , Jalandhar by me.

I undertake responsibility for the contents of this report.

Dated

Parul Gupta

CERTIFICATE

This is to certify that Project report on FINANCIAL ANALYSIS OF APOLLO has been submitted for the partial fulfillment of the degree of Masters Of Business Administration of Punjab Technical University. This research is a bonafied work carried out by Parul Gupta under my supervision. She has shown keen interest and put her best efforts to make this project a success.

Major Advisor

__________________________ Prof. Miss. Maneet Gandhi (Management Dept.) GGNIMT, LUDHIANA

TABLE OF CONTENT
CHAPTER NO. CHAPTER -I 1.1

PARTICULARS

PAGE NO.

COMPANY PROFILE APOLLO HOSPITAL

1 2-24 25-41

CHAPTER II 2.1 2.2

INTRODUCTION OF THE TOPIC OBJECTIVES OF THE STUDY

42-57 58-59

CHAPTER-III

RESEARCH METHODOLOGY

60-63

CHAPTER-IV

ANALYSIS & INTERPRETATION

64-99

CHAPTER-V

COMPARISON BETWEEN APOLLO

100-116

CHAPTER-VI

FINDINGS OF THE STUDY

117-118

CHAPTER-VII

LIMITATION OF THE STUDY

119-120

CHAPTER-VIII RECOMMENDATION OF THE STUDY

121-122

CHAPTER-IX

CONCLUSION

123-124

CHAPTER-X

BIBLOGRAPHY

125-126

CHAPTER-XI

ANNEXURE

127-146