Quadria Capital Annual report 2020 (final)

Creating

Sustainable

Value

2020 ANNUAL ENVIRONMENTAL & SOCIAL REVIEW

Mission Statement

To help build great companies

by being a preferred strategic

partner and specialized

capital provider across Asia

To become the investor of

choice in Asian healthcare

private equity by generating

superior returns

To create

value while

benefiting the

greater good

of regional

development

About

Quadria Capital

Over

US$2.2 billion

in managed capital

21

Investments

across Asia

Asia’s Leading

Specialist healthcare private equity firm

We are an independent healthcare-focused

private equity firm with assets under

management exceeding US$2.2 billion and

investments in 21 companies across Asia, since

inception. We focus on partnering with promising

regional healthcare companies and helping them

grow into regional leaders through an active and

collaborative investment strategy while

generating outstanding returns for our investors.

At Quadria, we believe that positive investment

returns and constructive social impact can be

mutually inclusive. Hence, we complement our

investment objectives with a progressive

philosophy of creating a positive impact on

environment, society and governance. Our goal is

to empower our companies and the communities

they serve with better healthcare for all.

Content

05

Our Key

Differentiators

09

Quadria’s

commitment to

ESG management

65

ESG Objectives

For 2020

68

Our Stakeholders

07

2020 at a Glance

15

Progress &

Performance Update

67

Quadria Governance

69

Disclaimer

Our Key Differentiators

ESG Annual Report

Our Key

Differentiators

Active Value-Added

Investment Style

“Quasi-strategic” partnership

approach and proven ability to

add tangible value at the strategic

and operational level

Dedicated Operating Partners,

who are senior healthcare

business leaders, focused on

supporting portfolio companies

Deep Healthcare

Expertise

A team with vast operating

and investment experience

in the healthcare sector

Proven ability to harness

healthcare operations and

management expertise to

unlock significant value in

portfolio companies

Strong Network Of

Industry Relationships

Unique capability to leverage local

network to cultivate proprietary deals

at favorable entry valuations

Ability to access global healthcare

companies for attractive business

partnerships and knowledge sharing

with portfolio companies

5 6

2020 at a Glance

ESG Annual Report

Over 20 million

Over 16 million

No. of patients served till date

No. of diagnostic tests run annually

2020

at a glance

We faced one of the greatest health crises of our

generation, one that has shaken the global economy

and disrupted millions of lives and livelihoods. Above

all, this is a humanitarian emergency that calls for

unity and requires each one of us to take

responsibility and to play our part.

As the Co-vid 2019 spread, we, at Quadria Capital,

have collaborated across our portfolio of

healthcare companies to assess the implications

on our businesses, act immediately to address

challenges and help mitigate any risks.

Throughout 2020, we continued to focus on being

a better partner to our portfolios, communities

where we live and work, supporting whatever ways

we can in managing the pandemic. We’re so proud

of our companies and the people, who show up in

countless ways when it counts most. Our

companies emerged stronger and better

positioned for long-term growth and will continue

to create good jobs, support local communities

and, ultimately, secure the future of millions of

people around the world.

Over 240,000

Home health care visits

2.2 millions

Patients served annually

2100+

Hospital beds managed Under

Quadria Network

4,000

Road accident victims

transported free of charge

54000

Doctor and clinical

staff

Over

hrs

Total hours of training annually

The pandemic has had a profound impact globally,

particularly in developing Asia where 70% of the

population live in rural areas with very limited

access to healthcare and an estimated 1 billion

people in the region have never seen a doctor in

their lifetimes. If the current crisis has taught us

anything, it is the understanding of what the

healthcare industry must deliver today - namely,

high quality, affordable healthcare for all. Healthcare

must be available, accessible and affordable for all.

We must build sustainable businesses that can

stand the test of time. It is aligned with Quadria

Capital’s purpose: invest in quality healthcare

businesses that enhance the quality of life and

contribute to a healthier future.

We are working with our internal teams and

external experts to ensure that Quadria stays

competitive and compelling in a most responsible

and impactful way far into the future.

Focusing on social good, Quadria’s portfolio

companies exhibit strong financial performance

while also creating positive social impact on the

communities they serve. Through Quadria’s

investments, our portfolio companies further our

shared vision of increasing affordability and

access to high quality healthcare services and

products for those who need it most..

Over 22,000

employees

50%

Female employees

Social Impact

25%

Below peer pricing in select hopitals

Over

Covid patients treated

Focusing on social good, Quadria’s portfolio companies exhibit strong financial performance

while also creating positive social impact on the communities they serve. Through Quadria’s

investments, our portfolio companies further our shared vision of increasing affordability and

access to high quality healthcare services and products for those who need it most.

7 8

Quadria’s

Commitment to

ESG Management

Robust ESG principles

At Quadria, we have built strong principles that act as

foundations for our ESG practices. Our ESG principles

are based on our thoughtful core values centred

around creating sustainable value.

Approach

Robust ESG principles

Creating Sustainable Value

Integrity

Create and implement a culture of

highest ethical standards across

Quadria and partner companies.

Quadria’s commitment to ESG management

Quadria’s Health Impact Circle

Quadria has developed a clear and tangible

approach to profile investments for their

potential to generate impact. Intrinsic to this

approach is the idea of value creation:

developing and implementing solutions that

create value for the target communities.

Fundamental to our idea of impactful healthcare

are the following four dimensions represented

through the Quadria Health Impact Circle.

Aligning to this approach, we screen investment

opportunities for their potential to increase

access to high quality and affordable healthcare

while generating awareness about preventive

health measures and healthy living in the

communities they serve.

ESG Annual Report

Teamwork

Collaborate across geographies and

departments to produce cross

functional insights for maximum

impact.

Accountability

Establish a culture of responsibility

and accountability through annual

reporting on key accomplishments.

Integrating ESG and Impact Considerations

Throughout The Investment Process

At Quadria, impact is not a secondary consideration or an afterthought in the investment decision.

The intent to generate sustainable impact must be internal and present at every stage of planning

and execution. In the investment process, the impact intent is an inherent consideration right from the

initial screening till the time of exit.

Quadria follows a detailed environmental and social policy to track and address ESG and create positive

impact across the entire investment life cycle

Innovation

Driving thought leadership on social

and environmental issues across the

region and communities.

Relationship Driven

Foster meaningful everlasting

relationships with all stakeholders to

create value.

Pre-Investment

Screen

Identify scalable

business models that

can generate attractive

financial returns by

serving mass markets

Screening for

excluded activities

Identify entrepreneurs

with shared vision of

fostering a mutually

beneficial relationship

with the community

Due Diligence

Use specialist advisors

for comprehensive ESG

diligence

Draft an ESG action plan

for strengthening ESG

aspects

Engage with Limited

Partners to align ESG

and Impact objectives

from the investment

Documentation

Include ESG action plan

in transaction documents

to secure investee’s

commitment towards

implementation

Monitoring and

Reporting

Ensure trainings

for investee staff

Ensure ESG compliance

via reporting at Board

level and annual

performance evaluation

Regular tracking

and reporting

Excellence

Develop a culture of excellence and

promote best practices across key

functional areas.

Quadria has inhouse ESG Resource and requires each portfolio company to designate ESG Manager to

ensure comprehensive ESG management throughout the life of the investment

12

Quadria’s commitment to ESG management

ESG Annual Report

A Systematic Process

Environmental

Impact

Access

As part of Quadria’s Sustainability and ESG

Program, partner companies are asked to:

< 1 Bed/1000

People

as against

5 Beds

recommended by WHO

Over

2.6 Billion

people live below

$3 per day

Establish ESG policies and goals.

Participate in the Quadria Sustainability

Initiative and ESG Council.

Complete an Annual Sustainability and ESG

Performance Self-Assessment, Framework

Analysis and commit to an ESAP.

Governance

Impact

Social

Impact

< 1 Doctor/1000

People

as against global average of

3 Doctors

Out-of-pocket

healthcare

expenditure

key driver for poverty

Measure and report on the progress of their

goals and action plans.

Environmental Impact

Efficient use of natural resources

Recycling and re-use for preservation

Reduce negative footprint by checking all types of pollution

Awareness

Quality

Environmental,

Social Action Plan

Responsible waste disposal

No use of hazardous materials

Governance Impact

About

70%

of Asia’s population

lives in rural areas

Diverse and

fragment private

sector results in

low quality

We incorporate responsibility and sustainability

aspects into our investment thesis, thereafter

ensuring that sufficient resources are channelled

into our portfolio companies so as to realise the

objectives of our ESG initiatives.

Transparency, ethics and integrity

Check on corruption and money laundering

Strengthened compliance and reporting via Board

and Committees

Internal controls

Requisite approvals and licenses

In Indonesia, over

60%

of diabetics are

undiagoned

Informal providers

make up a major

portion of

healthcare in India,

as high as

65%

Our ESG objectives are aligned through an

Environmental and Social Action Plan which is

developed post-investment that outlines our goals in

producing tangible environmental, health, safety

and social outcomes.

Social Impact

Increased access and affordability

Serving the underprivileged Strengthened compliance and

reporting via Board and Committees

Community service initiatives Requisite

approvals and licenses

in certain states

Employment generation

Gender equality

Labor laws and employee welfare

13 14

Progress &

Performance

Update

Progress & Performance Update : Lablink

ESG Annual Report

Lablink

Investment Date Mar 2018

Country

Malaysia

Sector

Life Sciences

Focus

Pathology Service

Provider

Website

www.kpjlablink.com

Date period (Jan-Dec 2020)

0.28 millions

Number of COVID tests

conducted

68%

Proportion of female

employees

56

No. of new jobs

15.9 million

Test conducted

Overview

Lablink is Malaysia’s leading diagnostic service provider and subsidiary

of Malaysia’s leading private healthcare provider KPJ Healthcare

Berhad. Headquartered in Kuala Lumpur, Lablink currently provides

diagnostic services to the KPJ Group of hospitals, other healthcare

providers as well as directly to customers in Malaysia. With over 500

service staff, Lablink offers high quality diagnostic services through the

operations of its central laboratory and 29 branch laboratories.

Lablink operates in a market supported by strong tailwinds. Demand for

diagnostic services, now noticeably exacerbated by the recent COVID

pandemic has been rising rapidly across Southeast Asia with growing

health awareness and increase in disposable income. At the same time,

the proliferation of small- to mid-sized hospitals created demand for

outsourcing laboratory management to independent laboratory

providers so as to streamline and optimize cost and operations.

Diagnostics and clinical testing continue to be an integral part of any

healthcare system with the emergence of highly specialized novel

diagnostic techniques and implementation of efficient clinical

workflows.

18,472

No. of hours invested

in training

Quadria’s partnership will help Lablink capture the organic growth of

KPJ Group hospitals, as well as support Lablink’s regional expansion

plan through acquisitions and business partnerships to become the

leader in diagnostics services across Southeast Asia with the objective

of improving the standards of healthcare across the region via export of

expertise from Malaysia, one of the more mature healthcare markets in

Southeast Asia.

17 18


ESG Annual Report

ESG Management

and Compliance

Environmental Impact

Lablink is committed to adopting international

standards and best practices towards achieving its

ESG objectives. Specifically, a thorough assessment

on ESG compliance was conducted prior to

Quadria’s investment in Lablink with the objective

of identifying gaps in the current practice and

developing a roadmap leading to higher levels of

compliance. The result is a concrete plan to improve

the company’s environmental and social policy, as

well as corporate governance standards.

The plan has almost been fully implemented thus

far and forms an explicit target of the CEO and

senior management while employees are

continuously educated about and made aware of

the importance of adhering to the requisite ESG

standard.

Further, dedicated personnel have been tasked with

the responsibility of overseeing the implementation

of agreed ESG initiatives. At the board level, there is

continuous monitoring of management’s efforts in

upgrading its controls, procedures, policies and

systems that to ensure systematic integration of

ESG considerations in all aspects of Lablink’s

operations. The Company has not reported any

serious ESG incidents for the reporting year and

continues to be in compliance with applicable laws

and regulations. Lablink is certified for ISO

9001:2015 and accredited for MS 15189:2014. Most

distinctively, Lablink Central is the first private

laboratory in Malaysia to comply with the

Bio-Safety Level 3 (BSL3) Laboratory for testing of

highly infectious diseases.

Lablink assesses and evaluates its environmental

risks and includes it in HIRARC documents which is

reviewed annually. It has established two

environmental related committees to oversee

environmental legal compliance

(ERCMC-Environmental Regulatory Compliance

Monitoring Committee) and (EPMC-Environmental

Performance Monitoring Committee) for operational

performance related issues.

Improved waste management for fluid clinical

waste from the analyser

Improved labelling of all Scheduled Wastes store

as per DOE guidelines

Increased Clinical Waste collection frequency

Disposal of e-waste to prescribed premises

On the health and Safety front, Lablink has

adopted following initiatives

Deployed Teams for OSH committee

workplace Inspection

LEV upgrading for haematology and RBC

new system.

Monitoring hazard identified during workplace

inspection (3-monthly) and rectification

within 3 months.

Training provision for staff on Psychosocial

Hazard Management at Workplace

Conduct Excessive Noise Identification

(by Safety & Health Officer) and Noise Risk

Assessment

Implemented strict protocols for infectious clinical

waste (COVID19 waste) disposal to prescribed

premise

Development of new SOPs such as Guidelines

for HIV, HEP B, HCV exposure post prophylaxis

recommendation

Recycle activities for items which are recyclable

such as box and plastics.

Conducted Occupation Safety & Health

Workplace Assessment-OSHWA 2020 as

per instructions by DOSH and rated as

‘’A-Excellent”

19 20


ESG Annual Report

Social Impact

Lablink conducted 15.9 million diagnostic tests during the reporting period. Lablink established itself as a

leading center for COVID-19 testing and continues to work closely with the Malaysian authorities to manage

growing test demands Lablink conducted 280k COVID tests during the reporting period.

Within the Company, protocols were laid down to restrict the spread of COVID as well as awareness creation

amongst employees. Some of the measures which were initiated are

Governance Impact

Lablink is led and managed by an experienced management team of professionals and a board of directors

that is committed to ESG impact at all levels of the organization. As part of the KPJ Group listed on the

mainboard of Bursa Malaysia, Lablink has an established governance structure compliant with the listing

requirements and laws of Malaysia. The team is continuing its effort on augmenting its existing governance

structure to enable Lablink to function successfully as an independent organization. In addition to oversight by

the board of directors, working committees have been established under the board and in particular, the

Executive Committee meets periodically to ensure that operational issues are resolved in a timely manner.

Outlook for 2021

Training programs on COVID -19 were held

for all staff

Implementation of social distancing ensured

Provision of essential PPE for staff especially

lab staff involved in Covid-19 testing

Compliance towards Authority requirement on

‘MySejahtera’ for QR code scanning prior entering

to Lablink premise

Carried out frequent sanitation all common areas

with provision of sanitizers

As part of its journey to become a responsible regional leader in diagnostic services, Lablink is relentlessly

pursuing the best ESG practices. Lablink recently developed a set of internal ESG compliance

code and checklist for its employees to adhere to and also introduced training programs to aid with the

implementation. On energy management, the Company proposes to implement the reduction of LEV

(Local Exhaust Ventilation) motor frequency to avoid excessive usage of electricity and noise and also

intends to implement after working hours setback setting for the BSL3 lab to reduce energy use in term

of power and pressure.

Daily monitoring of Employee, Management,

pathologist and outsourced staff temperatures

Employee health status declaration &

monitoring via Google form

Periodic Covid -19 test screening for all staff

involved in Covid-19 sampling and testing

Provision of food, transport and special allowance

for Covid-19 team so as to restrict movement

Development of visitors and suppliers

self-declaration using QR code

Establishment of a coordination team to report on

Covid-19 Urgent & Routine Screening test request

for clients

Job Creation and Employee Training and Development

Lablink currently employs 502 employees of which 68% are women. This represents a 20% growth in the

number of jobs since Quadria’s investment in March 2018. The company continues to impart training for

both its clinical and other staff on various aspects. During the reporting period, 499 employees underwent

training covering 18,000+ hours.

21 22

Progress & Performance Update : Strand Life Sciences

ESG Annual Report

Strand Life Sciences

Investment Date Feb 2018

Country

India

Sector

Life Science

Focus

Specialized diagonstic

company with focus on

next generation

precision medicine

Website


682,408

Total number of

diagnostic tests

410

Total employees

www.strandls.com

45%

% of women

employees

134

New employees

added

Overview

Every day doctors make difficult decisions while working with imperfect

information. Every one of these decisions is crucial and has an impact on

the quality of life of a patient. That no two individuals presenting with the

same symptoms—and even diagnosed with the same condition—respond

identically to the same therapy, only adds to the complexity. Recognising

the limitations of the current one-size-fits-all approach, healthcare is

rapidly moving towards precision medicine, which uses genetic insights

and advances in technology to provide a deeper understanding of human

physiology. Based on insights from the analysis of large amounts of

clinical data precision medicine can also reduce the cost of treatment by

eliminating ineffective treatment plans. Specialized diagnostic tests have

been increasing rapidly and tests are advised for more than just

identification of infections to becoming an integral part of management

and therapy. Diagnostics vertical has been growing at 15-20 percent

consistently for over a decade. Within diagnostics, specialized diagnostics

market is one of the fastest growing segments and is expected to be over

US$ 700 million by 2022.

Strand Life Sciences as a precision medicine company headquartered in

Bangalore, India is well-positioned to harness this technological

advancement. Strand is a one-point, state-of-the-art solution for cancer

diagnostics, Genomics (Next Generation sequencing based diagnostics)

biomarker and translational research, laboratory services and clinical

research services. It is focussed towards patient care. It has 12 labs spread

across the States of Karnataka, Orissa, West Bengal, Gujarat and

Maharashtra.

23 24


ESG Annual Report

ESG Management and Compliance

Strand is committed to compliance with all

applicable laws and regulations and conducting

the business with highest integrity and ethics. The

ESG strategy of the Company aims to develop a

standardized approach, foster continuous

improvement, and ensure a safe and efficient

working environment that minimizes any adverse

environmental and social impact. Strand was the

first company in South Asia to receive CAP (College

of American Pathologists) accreditation for its lab.

Today, Strand has two CAP and NABL (National

Accreditation Board for Labs) accredited labs.

To further strengthen the ESG practices, Quadria

worked with the company to formulate a plan to

strengthen and integrate the system and some of

the developments there were seen in the reporting

year are Policy for employee grievance

management, Policy for retrenchment, awareness

sessions on POSH, inductions for new employees

including contract employees, safety trainings

amongst others. Personnel have been tasked with

the responsibility of overseeing the implementation

of agreed ESG initiatives as well as integrating it

within the processes.

During 2020, Strand divested lab operations (which

was acquired from Quest), which involved transfer

of three labs and associated business along with

200 + employees. Quadria ensured that the

transition was in compliance with ESG

requirements, safeguarding continuity of

employees.

Strand was quick to response to the COVID

situation and was one of the first private labs to get

clearance from authorities to do covid testing. Not

only did Strand put in place a business continuity

plan, it also put in place a COVID 19 action

committee with the responsibility to develop a

master plan, cascading it to all employee groups,

direct and indirect manpower and all facilities,

working with individual facilities to formulate facility

specific plans, ensuring that the entire workforce is

trained and to institute measures to check for

safety compliance.

Environmental, Health and

Safety Risk Management

Driven by the COVID pandemic situation, the focus of the Company was on developing COVID management

policy and training employee on safety practices at the labs. The Company conducted webinar sessions for

awareness of the disease and developed a self-assessment training checklist for prevention of the spread of

COVID 19 for all employees, contract employees, vendor and others visiting the labs.

The Company is committed to compliance with all applicable laws and regulations while conducting business

with integrity and ethics. It has continued with its compliance on waste management operations of its

diagnostics business and efforts on energy conservation. As continuous process of monitoring and

improvement, the company has updated the fire alarm system (FAS) at one its labs in Bangalore and refresher

trainings on safety practices at lab, chemical spill and blood spill management, fire safety and quality

management was imparted to employees.

Social Impact

Strand believes in diversity within its workforce and has more than 400 employees across the country out of

which nearly 45% are female employees. The Company considers that the diversity of the employees and its

inclusive programs contribute to healthy, productive and respectful work environment. With the onset of the

COVID lockdown within the country, Strand focus was on process enhancements and employee facilitation and

wellbeing and several initiatives were undertaken:

Employees processes were enhanced and made

online – Induction, Onboarding, Exit process

Introduction of Special Leaves for employees who

were diagnosed during for COVID-19 at work.

Employees tests were borne by Strand.

HR’s availability to employees’ for support or

guidance during lockdown and post lockdown

COVID special Mediclaim policy at Gurgaon who

were front end for Strand’s first COVID Lab.

Laptops/ Desktops and VPN Accesses provided to

employees who needed to access their systems

from home

Help provided to employees for Govt passes/ letter

of intent along with company organized cab

facilities for easy and safe commute during

lockdown

Employee connects held daily to understand any

areas of concern, well-being, managing work during

lockdown along with engagement activities around

special occasions

Active Communication – Leaders speaking to

employees

25 26


ESG Annual Report

Increasing Accessibility of Healthcare

As one of the leading specialized diagnostics company in the country, Strand has been making it easier for our

patients to access critical diagnostic testing over 40 cities.. Strand conducted over 1682,408 in 2020. In addition,

the company provides over 10 proprietary next generation sequencing tests to patients.

Outlook for 2021

Learning and Development

Strand employs rigorous quality systems, including training and competency of professional and technical staff

and internal auditing. In 2020, the company spent over 375 hours in training across various themes ranging

from LEAP scientific session, POSH Policy training, lab safety trainings, fire safety training, session on

performance management, power of habits, crucial conversations, induction for new employees and mental

wellness sessions.

Strand plans further integration of ESG focus within its processes and strengthening ESG implementation

for sustained performance of the Company. One of the initiatives identified for 2021 is implementing

an employee engagement software. Strand will continue its value creation journey by making available

critical and specialized testing at an affordable price to improve overall well-being and health

outcomes.

Governance Impact

The company strengthened its governance mechanism by institutionalizing an Executive Committee,

committee of the Board of Directors, which meets on a monthly basis to discuss operational and compliance

matters. The company has strengthened the process and protocols on Governance through an Audit

committee, Nomination & Remuneration committee and appointed an internal auditor to improve the

effectiveness of the company’s internal control and its corporate governance and accounting processes. The

last Board meeting for the Company was held in December, 2020.

27 28

Progress & Performance Update : FV Hospital

ESG Annual Report

FV Hospital

Investment Date Jul 2017

Country

Ho Chi Minh city, Vietnam

Sector

Healthcare Delivery

Focus

Integrated Regional

Network Spanning

Primary to

Quaternary Care

Website

www.fvhospital.com


133

Number of new

female employees

69%

% of female employees

6,422

Number of hours

invested in training

222,495

Number of patients

treated

Overview

Vietnam remains one of the fastest growing health care sectors in

ASEAN with economic growth and demographic changes driving the

demand for healthcare services throughout the country. With its

effective containment of COVID-19, Vietnam remains poised to recover

faster from the economic impacts of the pandemic.

FV Hospital continues to play a key role in Vietnam healthcare

infrastructure being the first JCI accredited hospital in South Vietnam

and providing care across more than 30 medical specialties. Currently

the Hospital group has over 1000 employees and caters to quality care

for the local population in and around Ho Chi Minh City and also

receives patients from neighbouring countries of Cambodia, Laos and

Myanmar.

During 2019, FV Hospital achieved the JCI re-accreditation for

2019-2022 with a 99% score on a metric of 1200 measures. This

certificate best recognises FV’s continued commitment to safety and

quality in patient care and hospital management. FV continues to

contribute to the development of Vietnam healthcare by facilitating

the training of local medical talent and raising general health

awareness. With Quadria’s investment and strategic support, FV

intends to keep on improving healthcare affordability, accessibility, and

awareness across Vietnam.

29 30


ESG Annual Report

ESG Management

and Compliance



As a leading private healthcare provider in Vietnam, FV is committed to minimize its risks and create positive

and sustainable environmental and social impact. Some of the initiatives adopted by FV during the reporting

year are:

Hospital has signed a contract with Urban Drainage Company for a minor project to upgrade hospital

FV is committed to compliances in its operations, beyond applicable legal and regulatory requirements.

Since 2018, as part of the conditions for Quadria’s investment and partnership, FV took major steps to

integrate environmental, social and governance (“ESG”) considerations into day-to-day management

and operations. FV has inhouse staff for managing EHS, HR and guest relations. FV had also engaged

external ESG advisor to assist with the development of an overarching Environmental & Social Policy

and the putting in place of a comprehensive Environmental & Social Management System, as well as a

corporate governance roadmap. FV persists with its objective to ensure that ESG considerations are

integrated into its decision-making process and to seek continuous improvement to governance.

Wastewater treatment plant (replace equipment and piping) also do the routine maintenance and currently,

the quality of effluent waste water meet the highest level (Class A) of national standard QCVN 28:2010

Organized Fire and Occupational Safety week in November combined with Hospital Fire Drill.

Included OHS training as a mandatory module of FMS Online training program in 2020.

Strictly implemented management process to control risk of waste having potential COVID contamination

element within the hospital.

FV received 100% scoring from DOH on Medical waste management during annual inspection.

FV further continues with its energy efficiency, water and waste management programs.

Social Impact

While private hospitals are not actively involved in treating COVID patient in Vietnam, FV has taken several

initiatives to ensure safety of its front-line healthcare workers, employees, and its patients, including:

Standard Operating Procedures, Protocols and

Guidelines were developed to guide the hospital

staff such as Covid-19 Prevention & Control Policy,

Laboratory Biosafety Guidelines, Instructions for

cleaning and disinfection, handling of infected linen

and of cutlery, and Waste management

Several training campaigns were initiated on

correct usage of PPE and on all control measures to

prevent Covid-19 in the hospital with 961 staffs

joining various training classes related to COVID

Creation of specific forms like nursing assessment,

screening form, health declaration form and others

Online trainings were also conducted for doctors on

medical record completion and system

In addition, FV became the first private hospital in Vietnam to be approved by the MOH to offer CoV -2 RT PCR

testing to patients.

31 32


ESG Annual Report

Elevating Standards of Healthcare

For testing activities, since the SARS CoV-2 RT PCR testing was approved on March 28th with the Seegene

system, FV set up a State-of-the-art PCR Lab with unidirectional design that complies with MOH requirements,

with Covid-specific Biosafety guidelines and risk assessment. The lab has 2 dedicated biologists and 5

especially-trained technicians, with capacity to handle 400 samples/day and the Average Turn Around Time

(TAT): 8 – 10 hours.

Outlook for 2021

Affordability and Access

Providing access to world-class healthcare services to Vietnamese patients have been FV’s mission since day

one. Despite COVID challenges, the hospital continues to provide pro-bono treatment to children in the

Children of Vietnam Charitable program, a charity established by FV 10 years ago targeting underprivileged

children. In 2020, the hospital provided free surgeries for 57 children and medical treatments for 101 children

through this fund.

For 2021, FV plans to focus on capacity building of its team on the Quality, Environment and Occupational

Health and Safety aspects and has identified specific training programs for its staff. FV will

continue to be an environmentally and socially responsible healthcare provider and integrate ESG

considerations within its management and operational processes.

Community engagement

During COVID pandemic in 2020, FV implemented strict infection control processes throughout its facilities to

protect staff and patients. A tele-medicine call centre was set up to guide patients to telemedicine services. It

also provided public education and support on COVID through internal and media communication.

Job Creation and Female Empowerment

Job Creation and Female Empowerment: FV currently employs about 1382 employees, out of which 69% of the

total work force are women. More than 80% of the senior management team are women including CFO, COO,

Head of business development. During 2020, about 133 new female employees were hired at FV.

Governance Impact

FV is led by an experienced management with firm commitment to positive social impact including healthcare

accessibility, healthcare technology advancement and employee wellness. Both Quadria and the promoters

area aligned to maintaining the highest standards of governance through regular meeting and

communications between the management team and Board of directors. Four board meetings were held

during the reporting period.

To make sure the welfare of stakeholders is not compromised, FV devotes constant effort in soliciting feedback

from stakeholders on various issues. FV has been engaging with stakeholders in individual meetings, focused

working groups, advisory panels or stakeholder advisory council meetings. On the operational level, the

management team continued to focus on aligning FV’s operations with best-in-class standards set out by the

World Bank and the IFC.

33 34

Progress & Performance Update : Medical Specialists Asia

ESG Annual Report

Medical Specialists

Asia

Investment Date Jun 2017

Country

Singapore

Sector

Associated Healthcare

Services

Focus

Tertiary/Quaternary

Care

Website


www.shsccentre.com

Overview

For many SEA countries, public healthcare infrastructure is

underdeveloped and medical talent is scarce: the average number of

physicians in SEA is 0.8 per 1,000 people, significantly lower than that in

developed economies such as the UK (2.8), Germany (4.2), and the U.S.

(2.6). Similarly, the same is observed in the number of dentists, nurses

and midwifes.

Over

14,000

Patients served in

2020

80%

Female employees

The vast healthcare demand coupled with the current undersupply of

healthcare services has resulted in immense opportunities for the

private healthcare market to bridge the gap. Leveraging on Singapore’s

reputation for clinical excellence and expertise in Southeast Asia,

Quadria’s investment in Medical Specialists Asia (“MSA”) is driven by the

fundamental objective of democratizing healthcare across Southeast

Asia.

Over

USD 7K

Contributed to community

initiatives

Over 18000

Diagnostic tests run in 2020

MSA is an integrated healthcare provider providing a comprehensive

range of healthcare services including specialist healthcare, general

medical services, day care surgery, diagnostic imaging centre and

aesthetic medical services. The group with a focus on integrating the

latest advances in medicine for prevention, early diagnosis and

treatment of medical conditions adopts a “One Day, One Stop, One

Centre” model.

35 36


ESG Annual Report

ESG Management

and Compliance

Environmental Health and

Safety risk management

MWH is committed to strong compliance practices licenced by both the Singapore Ministry of Health

(MOH) and Singapore Ministry of Manpower. All its staff are aligned towards achieving its ESG objectives

and specific, formal training is integrated into new and existing employee trainings. Workers are also aware

of their targets in relation to social and environmental metrics both as an individual or part of a workplace

team.

To improve its capabilities in complying with the highest environmental, social and governance standards,

apart from assigning responsibilities to in-house staff, MSA management also engages closely with

external consultants to integrate and strengthen ESG aspects in all aspects of it’s operations.

Environmental Efficiency

Measures to ensure energy efficiency and conservation is being deployed, including equipment with built-in

timers as well as layouts to maximise use of natural lighting. Efforts are also being undertaken towards energy

and water efficiency improvements. The Royal Square Novena building, where MSA’s medical facilities are

located was awarded the Platinum Green Mark Award by the Building and Construction Authority (BCA). The

BCA Green Mark award is a green building rating to recognise buildings for its environmental impact and

performance.

Environmental Management

There are requirements imposed on pharmaceutical drug suppliers to disclose specified chemicals of concern

and that they know all the chemical ingredients intentionally added to their product and all residuals of high

concern present in the product. With the available information, an evaluation of products and processes to

identify potential toxic contaminants from production is carried out with the objective of achieving established

metrics and goals for the reduction or elimination of chemicals of concern.

Environment, Health and Safety (HSE)

Indoor environmental quality is monitored to ensure a healthy and comfortable work space. Safety and health

inspections are performed at least quarterly and information discovered through analyses is used to improve

safety processes. Results of these inspections are documented and reports clearly indicate what needs to be

corrected with documented accountability for closure.

Social Impact

Increasing Access to Quality Healthcare

MSA is in talks with several partners across the region to build out centers of excellence, assist in setting up

greenfield hospitals and holding seminars to exchange best practices.

Community Engagement

MSA is active in the fight against COVID and have contributed in areas such as COVID treatment and

management as well as donation in kind of supplies to support running of COVID Recovery Centre for Foreign

Migrant Workers. Doctors have also volunteered their services as part of COVID Surveillance Program at

Foreign Worker dormitories.

37 38


ESG Annual Report

Employee Training and Development

Employees receive paid leave days to allow them to engage in professional development activities. All

employees underwent trainings on various aspects related to Customer Service, Nursing Quality & Skills

Upgrade, Radiographer Quality and Skills Upgrade amounting to total of 500 hours of trainings during the

reporting period.

Governance Impact

Outlook for 2021

As the partnership between MSA and Quadria deepens, greater alignment towards generating positive

ESG impact can be achieved. From the GIIRS rating exercise, MSA has gained in-depth learnings about the

various standards and requirements to abide by the highest ESG standards. With these insights, MSA is

poised to export not just its model of care but also its standards and way of doing business to the rest of

the region.

MSA is led and managed by an experienced management team of professionals and a board of directors that

are committed to ESG impact across all levels of the organization.

An online stakeholder forum exists to provide / report social or environmental concerns or feedback. Meetings

or other engagement mechanisms with local community members and social or environmental advocacy

groups are also carried out.

39 40

Progress & Performance Update : Healthcare at HOME

ESG Annual Report

Healthcare at HOME

Investment Date Mar 2017

Country

India

Sector

Associated Healthcare

Services

Focus

Hom-Based Medical

Care

Website

www.hcah.in


145,000+

Total home

visits annually

40%

Female employees

400,000

60+

No. of cities

served

26000+

Number of training

hours

Overview

A rapidly ageing population and a rise in incidence of chronic ailments

that require constant monitoring and care, coupled with increasing

disposable income are fuelling the demand for healthcare in India, while

the supply infrastructure is constrained both in terms of quality and

required quantity. Home healthcare is a promising beam of light for

survival and good health of millions by bridging the demand supply gap

while also trying to solve the problem of accessibility and affordability of

healthcare services.

Healthcare at Home is an integrated platform providing healthcare

services to patients at affordable pricing from the convenience of their

homes and is India’s first accredited home healthcare provider after

being awarded the “Mark of Sustained Quality” after clearing Quality

and Accreditation Institute’s (QAI) surveillance audit. Some of the key

medical services offered include setting up ICU at home, providing

Cancer Care at home, nursing care, physiotherapy services and holistic

stroke rehabilitation along with providing plethora of clinical procedures

at home thereby delivering almost 70% of all clinical services at home.

The Company currently provides services in over 60+ cities served over

400,000 patients during 2020 and has partnered with pharmacies

across 50+ locations.

No. of patients served

41 42


ESG Annual Report

ESG Management

and Compliance



HCAH is committed to operate in a socially responsible way. It conducts the business fairly and honestly and

recognizes that the long-term health of the organization is directly connected to the health of the

environment and local communities. The company has reported adherence to compliances and no ESG

related incidents for the reporting period.

The company has designed the service protocols to assess, identify and manage occupational health and

safety risks of the employees. Its integrated process safety management systems ensure all existing

processes and new developments are assessed for risk. HCAH continues with its ISO27000 certification for

information security management.

The company operations have limited environmental footprint. The Company has initiated measures of energy

efficiency and continues with it. For waste management, especially bio medical waste management, the

Company has stringent polices on collection and disposal of bio-medical waste and it conducts regular

training of staff to ensure implementation of waste disposal policies.

Social Impact

HCAH’s mission is to improve access to quality healthcare services to the masses by solving the key issue of

demand supply gap in India and it played a key role during the covid times. The Company treated more than

400,000 lakhs patients during Covid, working hand in hand with various state governments, hospitals and

insurance companies to deliver services to patients. It helped in reducing the burden on front line workers by

providing home healthcare services.

Accessibility and Affordability

The Covid pandemic further drove in the importance of home care and HCAH was quick to come up with

solutions and support programs to cater to patients. As the Covid hit, the Company started Covid related

services like home isolation support programs, RT-PCR testing and started working with government for home

monitoring of Covid patients. It also offered solutions for Corporates, their employees resuming operations

during and after lockdown to prevent spread of further Covid cases and enable efficient healthcare services.

In a country where two-thirds of healthcare spending is out of pocket and limited insurance coverage, HCAH is

making high end ICU care, nursing services and drug infusion services accessible to patients at a price points

much lower compared to private hospitals. Home healthcare solutions can be upto 40% less costly as

compared to hospitals. The Company also provides discounts of upto 40% to underserved patients.

Employee Training and Engagement

HCAH believes that its employees are the most important asset to the Company and are essential to maintain

the standards of quality. The Company continuously invests in training and upskilling of its workforce. In 2019,

HCAH introduced upskilling courses for nurses and physiotherapists in association with Fortis Memorial

Research Institute. Additionally, the Company has institutionalized a formal training academy that puts

43 44


ESG Annual Report

Governance Impact

Outlook for 2021

HCAH is committed to high ethical standards in its operations and conduct. The Board of Directors consist of

leaders from diverse fields and the Board processes are designed to ensure robust discussion and oversight.

HCAH’s commitment to ethics and compliance at every level of the organization is foundational and

unwavering, it has adopted a Code of Conduct, which applies to every employee, regardless of their level or

position, and lays down the principles that guide our conduct.

The company also has strong internal control processes and has over 70 clinical policies and procedures and

approximately 40 care plans. The polies and care plans are revised every year based on learnings and change

in regulatory environment.

HCAH has formal process to ensure that it complies with all applicable laws and regulation and it continuously

work towards improving the regulation standards, it partnered with Quality & Accreditation Institute (QAI) to

draft and develop the first guidelines for the home healthcare market in India. HCAH is now India’s first

accredited home healthcare accredited by QAI.

The recent COVID situation has created a clear testament of the impact organized home care can create

in the health infrastructure of the country. This impact is expected to strongly sustain in the coming years,

fueled by collaboration of the organized home care players with insurers and hospital chains. HCAH

remains focused on its growth path with integrated ESG requirements for sustained performance of the

Company.

45 46

Progress & Performance Update : Concord Biotech

ESG Annual Report

Concord Biotech

Investment Date Jul 2016

Country

Sector

Focus

Website

India

Life Science

Fermentation Based

Speciality APIs

www.concordbiotech.com


75+

No. of generic

products offered

13,500+

Products sold in

domestic market

at affordable

pricing

50+

Presence across

emerging markets

14,000

Hours of training

Overview

Concord Biotech is a fully integrated biopharmaceutical

company that develops, manufactures and supplies advanced

life saving biopharmaceuticals for immunosuppressive

conditions, cancer and infectious agents. Concord is a global

leader in the immunosuppressant segment and supplies

between 30-45% of global supplies for some of the largest

immunosuppressants.

Concord is focused on reducing the cost of healthcare,

especially for chronic diseases such as oncology and

immunotherapy Oncology is the largest pharma segment

globally where increase in organ transplantation is driving

demand for Immunosuppressant. Since Quadria’s investment,

Concord has been able to forward integrate into finished

dosage products and has started supplying drugs in the

domestic market and regulated markets.

47 48


ESG Annual Report

ESG Management

and Compliance

For Concord, success extends beyond business to adopting the best global practices in

Environment, Health and Safety. Its comprehensive governance systems are bolstered by best

in class infrastructure, specialized EHS systems and competent teams. Sustainable thinking is

the cornerstone of corporate responsibility at Concord and it has helped in moving beyond

statutory compliances to create responsible business practices that guarantee environmental

sustainability Health and safety are integral parts of a broader environment and the core of the

leadership decision process.



As a responsible corporate organization, Concord has established a best in class environment management

system to minimize its ecological footprint. The focus is on ensuring that environmentally sustainable practices

are incorporated across businesses to create a safe atmosphere for all its employees as well as the community

at large. The EHS Risk Assessment programs methodically detect and evaluate risks on various parameters

ranging from effects on full organization to potential impacts on individual employees. The Risk Assessment

also helps prioritize risks and determine the best way to remove, transfer, or mitigate those risks. Based on this

assessment, Concord defines and documents the EHS roles and responsibilities for all employees at each

operating facility.

Some of the initiatives undertaken by the Company for managing the environmental impact of its operations

include:

Environmental conservation

Concord’s environmental conservation efforts are centered around optimizing energy consumption, reducing

waste and utilizing clean energy in its business operations. Adoption of innovative measures such as energy

efficient centrifugal air compressors, water chillers and motors has enabled it to achieve this objective. The

company recycles the waste water and uses it for external landscaping and other miscellaneous activities.

Waste management also continues to remain a priority for its business and for the planet. Concord has also

adopted best-in-class practices to reduce solid waste during the conversion of raw materials to finished goods

Solid waste generated during production is disposed/ recycled in compliance with applicable environmental laws.

Supplier Guidelines and Procurement Policy

These outline the principles and expectations Concord has set to establish strong business relationships and

ensure that Concord’s EHS and sustainability values are upheld throughout its supply chain. The Procurement

Policy formalizes its sustainable supply chain approach and provides guidance to incorporate sustainable

sourcing principles into its purchasing process.

Emergency Management

Emergency management is a priority for the business to ensure the safety of the community and the

environment. The company conducts regular training and drills to ensure that the all the staff are trained and

aware of protocols in case of an emergency.

49 50


ESG Annual Report

Social Impact

The Company has formally structured its CSR and ESG activities through dedicated teams. The Company

promotes social and economic inclusion for the marginalized communities with its integrated system focusing

across all facets of the communities, especially in healthcare, education, environment and gender equality.

Contribution in fight against COVID

The company has aggressively supported the community in its fight against COVID, by way of setting up of

COVID facility, and distribution of masks and ration kits to the needy. It also ensured that all the employees are

regularly subjected to a medical examination to ensure that medical safety and health of all employees is

maintained.

Governance Impact

Concord is committed to maintaining the highest standards of corporate governance. Quadria believes sound

corporate governance is critical to enhancing and retaining investor trust. Quadria works closely with the

company to attain the best practices in corporate governance as prevalent globally.

Company has implemented several best corporate governance practices to enhance long-term shareholder

value and taken actions to respect minority rights in all its business decisions. The Company’s current policy is

to have an appropriate mix of Executive, Non-Executive and Independent Directors to maintain the independence

of the board and separate its functions of governance and management.

Concord has also been able to maintain a diverse Board that enables efficient functioning through differences

in perspective and skill. The Board had 4 meetings last year, while the ExCo had monthly discussions. Currently,

the Board has three Committees: Audit Committee, Nomination and Remuneration Committee and Corporate

Social Responsibility Committee.

Increasing Affordability of Essential Drugs

Concord has managed to launch a portfolio of over 45 generic finished dosage products in the domestic

market that treat critical illnesses. Concord also plans to increase access to drugs where it manufactures APIs

to other emerging markets. The company has submitted 140 dossiers, cleared 8 audits and has received 4

approvals for emergin markets.

Outlook for 2021

Healthcare Programs

Concord has established a medical mobile program where it provides primary healthcare for the poor, weak

and needy in the surrounding communities. Till date, the company has served over [] patients and served over

6 villages in the surrounding communities. The company has also implemented a dialysis program for poor

patients, where the company is providing free of cost medication and dialysis for patients from economically

poor backgrounds.

Concord remains committed to expanding its ESG related processes and programs, connecting with its

partners, and learning from all stakeholders. Concord and Quadria remain poised to create long term

impact in the region, while adhering to the highest levels of ESG standards. Numerous initiatives have

been implemented as part of its ESAP which will be continuously monitored and maintained.

Education Programs

Concord has initiated various education programs where it is supporting students across various age groups

on their school tuition fee as well as competitive exams for higher education. In 2020, the Company expanded

the education programs to 8 new schools and d started college scholarship program by offering full

scholarships to 2 students from underprivileged background.poor backgrounds.

51 52

Progress & Performance Update : AIG

ESG Annual Report

Asian Institute of

Gastroenterology

Investment Date Nov 2015

Country

India

Sector

Healthcare Delivery

Focus

Gastric Sciences-

Focused Single

Speciality Hospital

Website

www.aigindia.net


1,200+

New jobs created

191,700

Patients served

Overview

Asian Institute of Gastroenterology (AIG) is a referral centre for gastric health

and is amongst the 20 centres globally recognized as a Centre of Excellence

by the World Gastroenterology Organization – a rare distinction for any

hospital, placing it ahead of many other outstanding medical institutes in the

world. AIG has been successfully creating positive impact by improving the

affordability and accessibility of high quality medical facilities through its

twin-engine business model focused on generating high volumes and driving

process efficiencies.

50%

% of women

employees

5000+

Covid patients

served

AIG’s R&D centre is also recognized as a leading private (not for profit)

research facility in India. In addition to its R&D capabilities, due to its clinical

leadership in gastric sciences, it is the only single specialty hospital worldwide

to partner with Mayo Clinic.

53 54


ESG Annual Report

ESG Management

and Compliance

Environmental Health and

Safety risk management

AIG recognizes that to achieve the goals of sustainable growth, the hospital needs to follow conscientious EHS

practices and establish specific objectives and targets to continually reduce its environmental impact and

improve health and safety practices wherever possible.

EHS Management System

AIG is committed to sustainable development and growth, evident in their holistic approach to ESG that

is designed to engage meaningfully with the environment, the people and the wider community. To

manage the E&S aspects associated with its hospital operations, AIG has a dedicated 5-member

quality team lead by Infection Control Officer which oversees the operations and ensure compliance

with highest standards of quality under the supervision and guidance of Medical Director. No serious

ESG related incidents have been reported at the facilities.

In order to strengthen its commitment towards continues quality and risk management, AIG has been

continuously pursuing local and global accreditation. It received the National Accreditation Board for

Hospitals & Healthcare Providers (NABH) accreditation during the last year, which is a public

recognition of the hospital’s standards conferred by an independent external peer assessment of its

performance against prescribed benchmarks.

AIG’s established Policy and a set of internal management and technical standards form the basis of its

Environmental management system. Focus areas are:

Reducing the hospital’s environmental footprint through improvements in systems and procedures

Continuous drive for health and safety management especially fire prevention and security enhancements

Contractor Management: These outline the principles and expectations AIG sets to establish strong business

relationships and ensure that AIG’s EHS and sustainability values are upheld throughout its’ supply chain

Infection Control: AIG also strengthened infection control committees, which regularly hold meetings to

institutionalize the process that help reduce infection among patients

Waste Management

AIG had established waste management procedures, with an aim of reducing the adverse impact of waste

generated on the environment and safe handling of hazardous waste generated. During 2019, AIG constantly

monitored and measured environmental inputs and outputs in a context-based manner including water, solid

wastes and greenhouse gases, with clear reduction targets.

The Company has implemented a zero-waste water discharge policy. The entire waste water generated at the

new facility is treated at the STP and recycled for use in landscaping, washing of external areas, etc.

AIG has obtained all the required licenses for bio-medical, radioactive and other hazardous waste disposal and

is complaint with all the applicable legal requirements.

Also, the company at one of its facility extended and renovated the biomedical waste storage room as per

revised NABH guidelines. During the year, the company discharged 200,561 kg of biomedical waste.

Energy Conservation

AIG has implemented a building management system that allows the company to manage and conserve

electricity at the facility. Some of the initiatives implemented during the year include:

Usage of recycled water for cooling tower resulting in saving of ~70 kl per day

Usage of solar panel and Grunfoss system for hot water supply instead of diesel fed hot water generator

Changing of temperature of chiller set as per the weather variation to save electricity

55 56


ESG Annual Report

Social Impact

AIG is well-recognized for its quality and affordable medical services in gastroenterology and has successfully

created immense social impact. With its leading clinical expertise, over 50% of its patients are referral patients.

As many of these patients are unable to afford medical care, AIG ensures that medical needs are met by

offering free treatment and hospital stays for patients from low-income groups. Patient cross-subsidy is

carefully implemented to ensure accessibility to all income classes, ensuring prices are kept 20% to 30% lower

than other hospitals in the region.

Governance Impact

AIG is committed to promoting fundamental values of honesty, integrity, and ethical conduct among all

stakeholders. AIG undertakes a wide variety of steps to keep informed employees informed about current and

proposed laws, regulations, and guidelines

AIG is committed to promoting fundamental values of honesty, integrity, and ethical conduct among all

stakeholders. AIG undertakes a wide variety of steps to keep informed employees informed about current and

proposed laws, regulations, and guidelines

Meaningful contribution in fight against COVID

During this crisis, AIG provided strong staff support and engagement. Staff numbers were maintained to cope

with increased COVID-19 related workload and COVID management trainings were imparted. Company put in

place welfare measures for all frontline staff who attended to COVID related matters with proper rotation of

duties/leave compensation and additional incentives. A dedicated quarantine facility was established and

managed exclusively for AIG staff who got exposure to infection and needed to stay home to prevent the

exposure to their families/community. All the staff and their immediate families (symptomatic or a

symptomatic) were treated free of cost at the hospital who shared the risk of being exposed at the hospital

while managing / treating patients.

Following government guidelines and advisories, AIG also instituted health safety measures within its facilities,

with a dedicated wing for its COVID-19 patients, and reserved isolation wards for staff with COVID symptoms.

AIG has successfully treated more than [5000 COVID patients so far.

Job Creation and Training

The Executive Committee meetings were held on a monthly basis in 2020, to discuss the business performance

and other growth initiatives. AIG also has robust board that enables efficient functioning through differences in

perspective and skill, the Board had 4 meetings last year

Some of the initiatives adopted in 2020 were employee grievance mechanism, incident reporting mechanisms

were made online through AIG portal and employees were educated about updates through sessions and

training videos

Outlook for 2021

AIG remains well-positioned to drive significant, scalable developmental impact in the region. Over the

next one year, AIG plans to scale up the operations and enhance patient services by further adding

comprehensive Master Health Check and COE’s for additional specialties including Neurology, Neurosurgery,

ENT, Orthopedics and Emergency & Trauma center with continued compliance of all local and

national laws. The company is working towards JCI accreditation by end of 2021, signifying AIG’s compliance

to global best practices of health care quality of care and patient safety. AIG is also targeting to

achieve complete lab NABL certifications by June, 2021.

AIG currently employs about 3594 employees and women make-up about 50 percent of the total work force. It

is committed to fostering and supporting diversity and has focused on the representation of women and

minorities in management. The Company also works towards improving the skill set of the employees and

imparted training of ~1,300 hours to employees during 2020.

Education and Learning

AIG contributes towards improving the healthcare supply infrastructure by offering a structured teaching and

training programs in gastric disciplines leading to the award of DNB and PhD degree Each year, the hospital

trains 20 doctors and awards 12 DNB degrees 5 PhD degrees. Additional DNB seats (4 per specialty) has been

57 58

Progress & Performance Update : Medica

ESG Annual Report

Medica

Investment Date Dec 2013

Country

Sector

Focus

Website

India

Healthcare Delivery

Multi-Speciality

Tertiary and

Secondary Services

www.medicahospitals.in


57%

% of female

employees

255,362

Total patients

treated

40,000

Training hours

850

5880

Covid patients

treated

Operating bed

capacity

Overview

India’s Eastern states, which with a population of ca. 350 million inhabitants make

up roughly 25% of India’s total population, face a still more adverse healthcare

context than the country as a whole. Both public and private healthcare provision

and infrastructure in these states lacks behind the country’s averages. The

Eastern states have 0.45 hospital beds per 1000 inhabitants, considerably below

the Indian average of 0.66 beds per 1000 inhabitants. Especially in the smaller

northern states, the great majority of the provided hospital beds cluster in the

urban centres with very little to no provision in rural settings.

Medica provides affordable healthcare services in the highly underserved region

of Eastern India. It operates with the bed capacity of 850 beds across 5 hospitals

in four cities of Eastern India and is the only player offering some of the advanced

high demand services in that part of the country. With Quadria’s investment,

Medica has commenced new hospitals, adding over 500 beds. Quadria has

helped the Company in identifying the hospital locations in non-metro cities with

high unmet demand and facilitated partnerships in those regions. The Company

continues to focus on providing affordable healthcare to low and middle income

patients by pricing the services at ~15-20% discount vis-à-vis its peers and

allocating low price beds in all its hospitals.

A study on “The Role of Private Healthcare: An East Indian Case Study” into

Medica by consultancy Syspons, Germany commissioned by Quadria’s LP,

Swedfund International AB, highlighted relevance of Medica’s role in meeting the

substantial delivery gaps of the healthcare sector in Eastern India which cannot

be filled by the public sector alone. Medica has managed to substantially grow its

revenue and achieve profitability while offering affordable quality healthcare. The

group’s hub and spoke model, with a superspecialist hospital in Kolkata and

specialist hospitals in tier II and tier III cities, contributes to the viability of the

business and to improved access to healthcare for underserved communities.

59 60


ESG Annual Report

ESG Management

and Compliance



Quadria has been working closely with the company to ensure development, implementation and monitoring of

ESG metrics across all the units of the company. The Company has reported adherence to applicable ESG

compliances and had no ESG related incidents during the reporting period. Medica has implemented

Environmental and Social management systems across majority of its hospitals which outlines the company’s

commitment to identifying, assessing, and managing environmental and social risk management; defines the

decision-making process, describes the roles, responsibilities and capacity needs of staff for doing so and

states the documentation and recordkeeping requirements. Medica complies with the highest levels of quality

standards, which reflects in the quality accreditations received by its units:

Medica’s Kolkata, Ranchi and Siliguri are NABH accredited hospitals and Kolkata and Ranchi also have NABL

accreditation.

All units of Medica maintains adequate manpower in all departments to avoid issues of overtime, the

management ensures implementation of minimum wages at group level including all hospitals. All cases

pertaining on labour law matters are duly monitored at regional HR head level and immediate escalation is

being initiated if any reported. Medica also puts great emphasis on maintaining healthy working conditions for

the employees and continuously monitors areas like emergency safety, electrical prevention, chemical

prevention, sickness and long term disease prevention etc. Medica ensures staff awareness at all levels and has

provided for grievance mechanism at all unit. Introduction and induction training is an integral part for any new

joiners; compliance of the same has been further strengthened.

Company’s environmental efforts focus waste management, natural resource, and energy consumption.

Waste Management

Medica has devised and implemented stringent waste management practices across all its hospitals, through

which it has ensured that the bio medical wastes are segregated and proper care is taken while collecting and

disposing it. Also, Waste collection and handling is duly monitored at Unit Level and with proper documentation

and handed over to authorized agencies for proper disposal.

Natural Resource and Energy Consumption

To utilize rainwater and reduce wastage of water, Medica has implemented a rain water harvesting system at

some of its hospitals. The Company has ongoing practices to improve the efficiency of electricity and water

usage. Medica uses its own generators that produce oxygen from the air. This allows the corporation to reduce

CO2 emissions and energy usage, especially in more rural areas, as the gas doesn’t have to be transported in

bottles, over land. Piloted at the group’s Ranchi hospital, the oxygen generator already reduces the group’s CO2

footprint, by saving energy and being more cost efficient. The hospital group also maintains a greenhouse gas

inventory, based on the amount of electricity consumed at its facilities for instance by the various air condition

appliances and medical equipment. The inventory aids to calculate the total CO2 emittances of the different

appliances and equipment and so enables the group to understand its emitted amount of greenhouse gas. Due

to such activities, Medica was recognized with the ‘Green Operation Theatre’ certificate by Bureau Veritas, as

one of the first hospitals in the region to receive the environmental accreditation.

Social Impact

During the COVID, Medica was affiliated as a referral COVID treatment Hospital and played a key role in serving

Covid patients. Medica carried out over 500 tests daily for COVID detection and treated 5880 COVID patients.

Quadria worked along with a couple of DFIs LPs and facilitated over a million dollar grant for the Medica group

hospitals for COVID management for its employees and patients such as PPE procurement, infrastructure

changes for isolation centers and others.

Accessibility and affordability

Medica served 255362 patients in 2020. The majority of the group’s patients belong to the middle or upper

socioeconomic classes, who mostly reside in the region’s urban settings. However, around 20% of Medica’s

patients are from East India’s rather underprivileged and poorer segments of society. Medica intentionally aims

to cater to these poorer segments through several policies and CSR activities.

61

62


ESG Annual Report

Active Participation in Public Insurances Schemes

Medica has earmarked capacity for patients from economically weaker sections that are covered by the

government schemes including Shishu Sathi, Swasthya Sathi, Ayushmaan Bharat and ESI scheme. It treats ~150

patients per month under these schemes.

Free or Discounted Consultations and Surgeries

Medica provides free consultations for the neighbouring communities of its hospitals. These free consultations

are available for all patients residing in a radius of between 3 KM and 5 KM around one of Medica s hospitals.

Medical Assistance in Remote Areas

Medica also provides doctor support in remote areas of Eastern India through medical camps and patient

outposts. Medica organized 125 camps and health talks per annum.

Enhancing Employment Generation

Medica created employment opportunities for local population in Eastern India through its operations

employing 3354 personnel across its hospitals. In 2020, it employed 1375 additional personnel and is also on

forefront of promoting gender equality, with women constituting 58% of its workforce.

Employee welfare and Covid Management

Governance Impact

Medica has successfully implemented robust governance standards to build an environment of transparency

and trust. Quadria has worked closely with the company in ensuring strong level of governance through:

Establishment of strong Board and implementation of Board committees including executive, audit and

nomination and remuneration committees.

Regular meetings are held for Board and committees. In 2018, 4 board meetings were held along with multiple

executive committee meetings

Outlook for 2021

Medica will continue to emphasize on its ESG commitments in 2021 and ensure all the facilities comply with

Quadria’s ESG guidelines. It has planned to be more focused on its audits for all units in 2021.

Medica was quick to deploy initiatives for its employees for Covid management with

Contingency Planning and Assigned"Work from Home,

Conducted Training sessions on awareness of Covid 19, Hand Hygiene, Precautions for Covid 19 and made

modifications in Infection control practices

Arranged Pickups & Drop by the Company for the staff members

Provided accommodation & food at Company Guest House & Company Hostels for staff on covid duties as

well as quarantine facility was made available within hospital premises

63 64

ESG Annual Report

ESG Objectives For 2021

In this ESG Report, we have provided highlights of our Fund’s and portfolio companies ESG and impact performance

from the last year and shared examples of our program outcomes and impacts as part of our

long-standing commitment to

responsible investing and the underlying principles that define who we are as an investment firm.

We achieve these results for our investors by incorporating relevant environmental, social and governance

factors into our investment decision-making process to improve the companies and assets in our portfolio and

make them better places to work. As we move into 2021 as the Economies and our companies emerge out of the

COVID-19, we expect to focus more on

Continuing our engagement with our portfolio companies to strengthen ESG activities within our portfolio

companies

Review and update the fund’s ESG Management system

Training of all fund’s staff on ESG integration aspects

Successfully integrate ESG and impact assessments into all potential investment opportunities presented

to the Investment committee

Participate in the development of tools and research aimed at improving ESG efforts throughout the

private equity sector

We would take this opportunity to thank you for your continued interest in our journey and entrusting your

capital to us with a shared vision to generate sustainable returns, while making a positive impact in Asian

healthcare.

We look forward to continued collaboration in 2021 and beyond.

We welcome your feedback and queries on any of the above matters. We remain committed to serving the best

interests of our Limited Partners. In this ESG Report, we have provided highlights of our Sustainability and ESG

Program activities from the last year and shared examples of our program outcomes and impacts as part of

our long-standing commitment to responsible investing and the underlying principles that define who we are

as an investment firm.

66

Quadria Governance | Our Stakeholders

ESG Annual Report

Quadria Governance

LIMITED PARTNER ADVISORYCOMMITTEE

BUSINESS PRINCIPLES

Our

Stakeholders

The Limited Partner Advisory Committee comprises

representatives of certain Limited Partners and is

responsible for providing overall guidance to the

General Partner and approving decisions relating

to key operational matters of the Fund.

THE BOARD

The Board of Quadria Capital Investment

Managers is responsible for the management and

operation of the Fund. It consists of two Managing

Partners, Abrar Mir and Dr. Amit Varma.

GENERAL PARTNER

Quadria Capital Fund LP is managed by Quadria

Capital GP (“General Partner”). The General Partner

is responsible for decisions related to investments,

divestment and portfolio management. The

General Partner is advised by an appointed

Investment Committee.

INVESTMENT COMMITTEE

The Investment Committee, appointed by the

General Partner, is responsible for advising on

investments, divestment and overall monitoring of

the Funds’ investments. The Investment Committee

comprises Abrar Mir, Dr. Amit Varma, William

Costello and William Fulford.

CONFLICTS OF INTEREST

Quadria Capital has instituted internal policies and

guidelines that seek to reduce and address in a fair

manner, instances of conflicts of interest including

personal account dealings. Every employee is made

aware of the potential for conflicts of interest

expected to arise and is responsible for identifying

and managing such conflicts.

Quadria Capital is committed to maintaining the

highest standards across all our activities. Quadria

Capital has global policies to help ensure prudent

management and operation of the business, with

positive impact on the society, while complying with

applicable laws and regulations.

These policies cover aspects such as risk

management, confidentiality and security,

environmental social governance (ESG), conflicts of

interest, anticorruption and anti-money laundering.

In addition, Quadria Capital has a robust set of

business principles to guide the behavior of all our

professionals and underpin the way we operate. Our

portfolio companies are also made aware of these

principles.

COMPLIANCE

Quadria Capital is regulated by the Monetary

Authority of Singapore. Therefore, compliance with

applicable legislation is mandatory and of prime

importance. The intent and spirit of compliance is

practiced across all areas of business at Quadria

Capital. As a responsible entity, Quadria Capital has

instituted compliance and reporting policies that

cover investments, client dealings, audit, record

keeping, insider trading, personal dealing,

outsourcing, AML, CFT and independence

declarations, amongst other related investment and

management activities. Further, there is an

established protocol for review, escalations and

reporting internally and externally with clear roles

and responsibilities for each team member.

General Partner

Quadria Capital GP

P.O. Box 309

Ugland House

Grand Cayman KY1-1104, Cayman Islands

Investment Manager

Quadria Capital Investment Management Pte. Ltd.

11 A Stanley Street, Level II

Singapore – 068 730

E&S Team

Koel Kumar (ESG head)

Koel.kumar@quadriacapital.com

Rahul Agarwal

Rahul.agarwal@quadriacapital.com

Abhishek Yadav

Abhishek.yadav@quadriacapital.com

Mervin Teo

Mervin.teo@quadriacapital.com

ESG Advisors (2020)

Environmental Resources Management (ERM)

www.erm.com

KPMG

https://home.kpmg/in/

About This Report

This 2020 E&S report demonstrates our progress, our

partners who make this work possible, and lays out our

vision for the future.

67 68

Disclaimer

Disclaimer

The information contained in this Quadria Capital’s

2019 Annual Environmental & Social Review (“Annual

Review”) is given, to the fullest extent allowed by law,

without any liability whatsoever to Quadria Capital,

any of its affiliates or related entities or any of their

respective members, directors, officers or employees

(collectively “Quadria”) for any direct or indirect

losses, damages (including special or consequential

damages), or other costs or expenses whatsoever

arising from any use of, or reliance placed upon, this

presentation or its contents or otherwise.

All content included in this Annual Review, such as

graphics, articles and other materials, is the

property of Quadria Capital or others noted herein

and may be protected by copyright and the laws. All

trademarks and logos displayed in this Annual

Review are the property of their respective owners,

who may or may not be affiliated with our

organization. There can be no assurances that

Quadria’s investment objectives will be achieved or

that our investment programs will be successful.

Investors should read this Annual Review in

conjunction with investment fund quarterly reports,

financial statements and other disclosures

regarding

the valuations and performance of the specific

investments listed herein. No representation or

warranty, express or implied, is made or given by

Quadria as to the accuracy, completeness or

fairness of the information or opinions contained in

this presentation.

Further, certain of the information contained in this

Annual Review represents or is based upon

forward-looking statements or information.

Forward -looking statements are inherently

uncertain, and changing factors, such as those

affecting the markets generally, or those affecting

particular industries or issuers, may cause events

or results to differ from those discussed.

Therefore, undue reliance should not be placed on

such statements or the conclusions drawn

therefrom, which in no event shall be construed as

a guarantee of future performance, results or

courses of action. The information contained in this

Annual Review does not constitute investment,

legal, tax or accounting advice. Recipients of this

Annual Review should conduct their own due

diligence and other enquiries in relation to such

information and consult with their own professional

advisors as to the accuracy and application of the

information contained in this Annual Review and

for advice relating to any legal, tax or accounting

issues relating to a potential investment in the

regions or sectors described. Quadria expressly

disclaims any

obligation or undertaking to update or revise any

such forward -looking statements. References to

portfolio companies are intended to illustrate the

application of Quadria’s investment process only

and should not be viewed as a recommendation of

any particular security or portfolio company. The

information provided about these portfolio

companies is intended to be illustrative, and is not

69

Quadria Capital Investment Management Pte Ltd.

ADDRESS : 11-A, Stanley Street, Singapore 068730

CONTACT : +65 6805 9699

WEBSITE : www.quadriacapital.com

Quadria Capital Advisors Pvt. Ltd

LOCATION : New Delhi, India

ADDRESS : Level 2, The Crescent, Lado Sarai, Mehrauli, New Delhi 110030

PHONE NO. : +91 11 49539900

WEBSITE : www.quadriacapital.com

Quadria Capital Annual report 2020 (final)

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