Parsing env variable PATH in bash

Requirement: Check for the existence of the directories mentioned in PATH env variable.

The bash script:

#!/bin/sh
IFS=:

read dirs <<END
$PATH
END

for dir in $dirs
   do
      [ ! -e "$dir" ] && echo "$dir not exist" \
      || echo "$dir exist"
done

Executing the above bash script:

$ ./check-PATH.sh
/usr/local/bin exist
/usr/bin exist
/bin exist
/usr/X11R6/bin exist
/cygdrive/c/WINDOWS/system32 exist
/cygdrive/c/WINDOWS exist
/usr/bin exist
/usr/lib/sanity not exist

Read more about Bash IFS (Internal Field Separator) from tldp.org