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Adonis Medical Systems Pvt. 
Ltd.
October 2011
Contents



                               Executive Summary
                               Factsheet
                               Offices & Centres
                               Business Model
                               Key People
Adonis Medical Systems Pvt.    SWOT Analysis
Ltd.                           Financial Profile
                               Industry Analysis
                               Competitive Landscape
                               Competitive Benchmarking
                               Appendix




                                                           2
Executive Summary
                    • Adonis Medical Systems Pvt. Ltd. (Adonis) is a manufacturer of medical equipments and has its 
                      manufacturing base in Mohali
Company 
                    • The company has also established a A and B network to promote and provide maintenance facility for its 
Description           products

                    • It primarily generates revenue through its product in the domains of  category 1 and category 2
Business Model
                    • Strength 1 is one of its major strengths, however weakness 1 is one of the key areas of concern
SWOT Analysis       • Adonis can reap significant benefits owing to opportunity 1 while threat 1 may result in stiff competition, 
                      thereby having an adverse affect on the strategic initiatives and growth prospects of the organization

                    • Adonis Medical Systems Pvt. Ltd. generated total revenues of INR A mn in the fiscal year (FY) 20‐‐ from INR 
                      B mn in FY 20‐‐. It earned a net profit of INR C mn in FY 20‐‐, while it reported a  net profit of INR D mn in FY 
                      20‐‐
Financial Profile   • The financial profile of the company includes the profit & loss a/c and the balance sheet depicting the key 
                      financial figures for FY 20‐‐ and 20‐‐ along with an analysis of its key ratios that informs about the financial 
                      health and capacity to run its operations


                    • Medical Equipments market is estimated at INR E bn in FY 20‐‐ and expected to grow at a CAGR of x per 
                      cent to reach INR F bn in FY 20‐‐
                    • The Medical Equipments market is classified into segments such as G, H, I and J
Industry Analysis   • Imaging and Diagnostic Device market in India is estimated at INR K bn in FY 20‐‐ and is expected to grow at 
                      a CAGR of y per cent to reach INR L bn in FY 20‐‐
                    • The major  imaging devices are M, N, O, P, Q


                    • Key competitors of Adonis can be enlisted as: Competitor 1 and Competitor 2
Competitive 
Landscape


                                                                                                                                      3
Factsheet
Basic Information             Brief Description
Industry                 ‐‐   • Adonis Medical Systems Pvt. Ltd. (Adonis) is a manufacturer of 
Corporate Address        ‐‐    medical equipments and has its manufacturing base in P
                                  The company has also established a Q and R to promote and provide S for 
                                   its products

Tel No.                  ‐‐   • Its product portfolio includes  providing T and U
Fax No.                  ‐‐   • Adonis practices a mechanism of V thereby assuring W to its 
Website                  ‐‐    clients
                                  The company is ISO ‐‐‐‐: ‐‐‐‐ and ISO ‐‐‐‐: ‐‐‐‐ certified
Year  Founded            ‐‐
                                  Its products are certified by X for Y 
Year  of Incorporation
Ownership
                         ‐‐
                         ‐‐
                                  A  has approved all products of the company
                                  Its products are D and conforms to the norms of E


                                                                                    LE  
                                              P
Revenue                  ‐‐   • Adonis has a wide client base which includes F, G, H and other 
Fiscal Year End          ‐‐


                                             M
                               eminent private players




                                            A
Auditor                  ‐‐



                                          S
Competitors              ‐‐




                              Brief History 
                              •19‐‐:

Source:

                                                                                                         4
Offices & Centres – India 




                       LE  
             MP
          S A


                              HQ Office
                              Presence


                                          Note:
Source:

                                            5
Business Model
The company generates revenue through its products which include :


                                                                                                              LE  
                                                Adonis Medical Systems Pvt. Ltd.


                                                                                  MP
                              Format 1 

                                                                               S A                 Format 2



          Category 1                              Category 2                   Category 1                     Category 2



                                                                         Products offered under         Products offered under 
   This segment can be                    This segment can be            this category are:             this category are:
   further subdivided into                further divided into two 
   two parts                              sub – segments                 •‐‐                            •‐‐
                                                                         •‐‐                            •‐‐
   •‐‐                                    •‐‐                                                           •‐‐
   •‐‐                                    •‐‐




Source:

                                                                                                                                  6
Key People
 Shareholders of the Company                    Key Executives
              Name        No. of Shares held                                                 Year of 
                                                     Name            Designation       Age
                ‐‐                ‐‐                                                         Joining

                ‐‐                ‐‐
                                                       ‐‐                ‐‐            ‐‐      ‐‐
                ‐‐                ‐‐
                ‐‐                ‐‐                   ‐‐                ‐‐            ‐‐      ‐‐




                                                                             
                ‐‐                ‐‐




                                                                         LE
                ‐‐                ‐‐




                                                    P
                ‐‐                ‐‐
                                                Share Holding Pattern

                                                   M
                ‐‐                ‐‐




                                                  A
                ‐‐                ‐‐



                                                S
                                                                                   A
                ‐‐                ‐‐
                                                                                   B

                                                       a%

 Ownership Structure

Total Paid‐up Capital              INR A
Number of Shareholders                 ‐


                                                             b%
 Source:                                                     Note:

                                                                                                    7
SWOT Analysis (1/2)
               Strengths                              Weakness

• Strength 1
                                       • Weakness 1




• Strength 2

                           Internal 
                            Factors




                                                                 LE  
                                                  MP
                                               S A
Source:

                                                                        8
SWOT Analysis (2/2)
                  Opportunities                                   Threats
• Opportunity 1                                      • Threat 1




                                                     • Threat 2

• Opportunity 2



                                  LE  
             MP                          External 
                                          Factors




          S A

Source:

                                                                            9
Financial Profile

                                         
Financial Snapshot                                            Profit & Loss Statement


                                     LE
                            Total Income



              P
                            Net Profit/Loss                            Particulars      20‐‐   20‐‐
    INR mn




             M
   70                                         C



            A
   60



          S
                                                             Income from Operations      ‐      ‐
   50
                A
   40
   30
                                                             Non Operating Income        ‐      ‐
   20
   10
                            B                            D
    0                                                        Total Income                ‐      ‐
                     20‐‐                         20‐‐


Financial Summary                                            Total Expenditure           ‐      ‐

• Analysis Point 1

                                                             Profit/(Loss) before Tax    ‐      ‐
• Analysis Point 2

                                                             Profit/(Loss) after Tax     ‐      ‐
• Analysis Point 3




Source:                                                              Note:

                                                                                                      10
Ratio Analysis
  Key Ratios                                                                 Key Ratio Analysis
                               y‐o‐y change                                      • Analysis Point 1
               Particulars                     2010               2009
                                 (2010‐09)

                                                                                 • Analysis Point 2

                                                                                                          
 Profitability Ratios




                                                                                                       E
  Operating Margin                  ‐               ‐              ‐
  Net Margin


                                                                                                      L
                                    ‐               ‐              ‐




                                                                                             P
  Profit Before Tax Margin          ‐               ‐              ‐             • Analysis Point 3
  Return on Equity                  ‐               ‐              ‐

  Return on Capital Employed

  Return on Working Capital
  Return on Assets
  Return on Fixed Assets
                                    ‐

                                    ‐
                                    ‐
                                    ‐
                                                    ‐

                                                    ‐
                                                    ‐
                                                    ‐
                                                                   ‐

                                                                   ‐
                                                                   ‐
                                                                   ‐
                                                                                         S AM
                                                                                 • Analysis Point 4


                                                                                 • Analysis Point 5
Cost Ratios                         ‐               ‐              ‐
  Operating costs                   ‐               ‐              ‐
Liquidity Ratios                    ‐               ‐              ‐
                                                                                 • Analysis Point 6
  Current Ratio                     ‐               ‐              ‐
  Cash Ratio                        ‐               ‐              ‐
                                                                                 • Analysis Point 7
Leverage Ratios                     ‐               ‐              ‐
  Debt to Equity Ratio              ‐               ‐              ‐
  Debt to Capital Ratio             ‐               ‐              ‐
Efficiency Ratios                   ‐               ‐              ‐
  Fixed Asset Turnover              ‐               ‐              ‐
  Asset Turnover                    ‐               ‐              ‐
  Current Asset Turnover            ‐               ‐              ‐
  Working Capital Turnover          ‐               ‐              ‐
  Capital Employed Turnover         ‐               ‐              ‐



 Source:                                 Improved       Decline          Note:

                                                                                                             11
Annual Financial Ratios
                           Profitability Ratios



2.0                                      10

                                          8
1.5
                                          6
1.0
                                          4
0.5
                                          2



                                                  LE  
                                      P
0.0                                       0
  2009                     2010            2009          2010




  6
  5                               S AM   20

                                         15
  4
  3                                      10
  2
                                          5
  1
  0                                       0
  2009                     2010            2009          2010
Source:

                                                            12
Industry Analysis
Medical Equipment Industry – Overview                                  Market Size & Growth (20‐‐ ‐20‐‐e)
• The Medical Equipment market is estimated at INR A bn in FY 
  20‐‐ and expected to grow at a CAGR of x per cent to reach INR B     INR bn
  bn by FY 20‐‐
                                                                      100                                                                  G
• This market can be classified into segments such as C, D, E and F                                            x%                  F
• Indian medical equipment market imports y per cent of its            80                                                  E
  medical equipments from countries such as M, N, O, P                                                         D
                                                                       60                            C
                                                                                              B


                                            
• Major trends observed in the medical equipment market are:
                                                                                  A
                                                                      40



                                        LE
        Trend 1
       Trend 2
       Trend 3                                                        20
    
    
        Trend 4




              M
        Trend 5
               P
• Some of the key drivers of the medical equipment market are:
                                                                        0
                                                                                 20‐‐        20‐‐   20‐‐e     20‐‐e       20‐‐e   20‐‐e   20‐‐e




            SA
       Driver 1
       Driver 2
       Driver 3
                                                                       Market Segmentation (FY 20‐‐)
       Driver 4
       Driver 5                                                                        a%
• Some of the Government initiatives towards the Medical                         d%
  equipment market were:                                                                                              M
     Point 1                                                                                                         N
     Point 2                                                                                                         O
                                                                                                         b%           P
                                                                            c%




Source:


                                                                                                                                               13
Industry Analysis
Imaging and Diagnostic Device Market – Overview                          Market Size & Growth (20‐‐ ‐20‐‐e) 
• The Imaging and Diagnostic device market in India is estimated 
  at INR P bn in FY 20‐‐ and is expected to grow at a CAGR of y per 
                                                                         INR bn
  cent to reach INR Q bn by FY 20‐‐
                                                                        60                                  p%                             Y
• Major segments of Imaging devices include:                                                                                   X
     Segment 1
                                                                                                                       W
                                                                        40                                     V
                                                                                                      U


                                             
     Segment 2
                                                                                  S          T




                                         LE
     Segment 3                                                         20
     Segment 4




            MP
     Segment 5

• Some of the trends observed in the Imaging Devices market are:
                                                                         0
                                                                               20‐‐         20‐‐     20‐‐e 20‐‐e 20‐‐e 20‐‐e 20‐‐e




          SA
     Trend 1
     Trend 2
                                                                         Import‐Export Pattern of Major Imaging Devices 
     Trend 3                                                            (20‐‐)
     Trend 4
                                                                         INR mn                                                    Y

                                                                                                           H                       Z
                                                                       4,000
                                                                       3,500
                                                                       3,000
                                                                                D
                                                                       2,500          12%
                                                                                                               49%
                                                                       2,000
                                                                       1,500
                                                                       1,000
                                                                                                     G             I                       M
                                                                        500                      F                     J               L
                                                                                      E                                    K
                                                                          0
                                                                               Segment 1 Segment 2 Segment 3 Segment 4 Segment 5

Source:

                                                                                                                                               14
Competitive Landscape (1/3)
   Company Name                       Description

      Company 1            • ‐‐
                           • ‐‐
                           • ‐‐
                           • ‐‐


      Company 2            • ‐‐
                           • ‐‐



                                              
                           • ‐‐




                                          LE
                           • ‐‐




                                     MP
      Company 3            • ‐‐
                           • ‐‐
                           • ‐‐
                           • ‐‐
                                  S A

Source: Company Websites                            15
Competitive Landscape (3/3)
Competitive Scenario
Company 
                Adonis   Medion        MediRay          NiDEK         Recorders      Shimadzu           Trivitron       Vision
Name
                                       Financial Information (INR mn – FY 2010)
Total 
                  ‐        ‐               ‐               ‐               ‐                ‐               ‐                ‐
Revenue
Net 
                  ‐        ‐               ‐               ‐               ‐                ‐               ‐                ‐
Profit/(loss)
                                  Major Market Segmentation (Medical Equipments)
Medical 
Equipments:
Ultrasound 
Imaging                                                                                                           

OT Surgery 
Equipment                                                                                                         
Medical X –
Ray Machines                                                                                                      
ECG 
Machines                                                                                                          

Ventilators                                                                                                       
Doppler                                                                                                           
Patient 
Monitoring                                                                                                        

Source:                             SAMPLE                                 H: High; L: Low; M: Medium      Offered 
                                                                                                                      Not Offered

                                                                                                                                 16
Competitive Benchmarking
Key Financial Ratios – FY 2010 (1/2)

      %           Q   R

 10       D               F       G
                  E
  0                                               • Analysis Point 1
                                                  • Analysis Point 2


                                                                              
‐10
                                                  • Analysis Point 3




                                                                          LE
‐20
                                      H
‐30



                                                                      P
              A               B           C



 20
  0
‐20
      %
          I
                  S

                  J
                      T

                          K       L


                                                                   SA
                                                  • Analysis Point 4
                                                  • Analysis Point 5
                                                                     M
‐40
                                                  • Analysis Point 6
‐60                                           M
              A               B           C

      %
                  U
150                                       P
              N               O
100
                                                  • Analysis Point 7
50                                                • Analysis Point 8

 0
              A               B           C
Source:

                                                                                 17
Thank you for the attention
Adonis Medical Systems Pvt. Ltd. is a part of Netscribes’ Healthcare Company Profile
Series.
For more detailed information or customized research requirements please contact:
Gagan Uppal                                                                 Jitendra Punjabi
Phone:         +91 22 4098 7530                                             Phone:         +91 33 4064 6215
E‐Mail:        gagan.uppal@netscribes.com                                   E‐Mail:        jitendra.punjabi@netscribes.com




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Market Research Report : Adonis Medical Company Profile 2011

  • 2. Contents Executive Summary Factsheet Offices & Centres Business Model Key People Adonis Medical Systems Pvt.  SWOT Analysis Ltd. Financial Profile Industry Analysis Competitive Landscape Competitive Benchmarking Appendix 2
  • 3. Executive Summary • Adonis Medical Systems Pvt. Ltd. (Adonis) is a manufacturer of medical equipments and has its  manufacturing base in Mohali Company  • The company has also established a A and B network to promote and provide maintenance facility for its  Description products • It primarily generates revenue through its product in the domains of  category 1 and category 2 Business Model • Strength 1 is one of its major strengths, however weakness 1 is one of the key areas of concern SWOT Analysis • Adonis can reap significant benefits owing to opportunity 1 while threat 1 may result in stiff competition,  thereby having an adverse affect on the strategic initiatives and growth prospects of the organization • Adonis Medical Systems Pvt. Ltd. generated total revenues of INR A mn in the fiscal year (FY) 20‐‐ from INR  B mn in FY 20‐‐. It earned a net profit of INR C mn in FY 20‐‐, while it reported a  net profit of INR D mn in FY  20‐‐ Financial Profile • The financial profile of the company includes the profit & loss a/c and the balance sheet depicting the key  financial figures for FY 20‐‐ and 20‐‐ along with an analysis of its key ratios that informs about the financial  health and capacity to run its operations • Medical Equipments market is estimated at INR E bn in FY 20‐‐ and expected to grow at a CAGR of x per  cent to reach INR F bn in FY 20‐‐ • The Medical Equipments market is classified into segments such as G, H, I and J Industry Analysis • Imaging and Diagnostic Device market in India is estimated at INR K bn in FY 20‐‐ and is expected to grow at  a CAGR of y per cent to reach INR L bn in FY 20‐‐ • The major  imaging devices are M, N, O, P, Q • Key competitors of Adonis can be enlisted as: Competitor 1 and Competitor 2 Competitive  Landscape 3
  • 4. Factsheet Basic Information Brief Description Industry ‐‐ • Adonis Medical Systems Pvt. Ltd. (Adonis) is a manufacturer of  Corporate Address ‐‐ medical equipments and has its manufacturing base in P  The company has also established a Q and R to promote and provide S for  its products Tel No. ‐‐ • Its product portfolio includes  providing T and U Fax No. ‐‐ • Adonis practices a mechanism of V thereby assuring W to its  Website ‐‐ clients  The company is ISO ‐‐‐‐: ‐‐‐‐ and ISO ‐‐‐‐: ‐‐‐‐ certified Year  Founded ‐‐  Its products are certified by X for Y  Year  of Incorporation Ownership ‐‐ ‐‐  A  has approved all products of the company  Its products are D and conforms to the norms of E LE   P Revenue ‐‐ • Adonis has a wide client base which includes F, G, H and other  Fiscal Year End ‐‐ M eminent private players A Auditor ‐‐ S Competitors ‐‐ Brief History  •19‐‐: Source: 4
  • 5. Offices & Centres – India  LE   MP S A HQ Office Presence Note: Source: 5
  • 6. Business Model The company generates revenue through its products which include : LE   Adonis Medical Systems Pvt. Ltd. MP Format 1  S A Format 2 Category 1 Category 2 Category 1 Category 2 Products offered under  Products offered under  This segment can be  This segment can be  this category are: this category are: further subdivided into  further divided into two  two parts sub – segments •‐‐ •‐‐ •‐‐ •‐‐ •‐‐ •‐‐ •‐‐ •‐‐ •‐‐ Source: 6
  • 7. Key People Shareholders of the Company Key Executives Name  No. of Shares held  Year of  Name  Designation Age ‐‐ ‐‐ Joining ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐   ‐‐ ‐‐ LE ‐‐ ‐‐ P ‐‐ ‐‐ Share Holding Pattern M ‐‐ ‐‐ A ‐‐ ‐‐ S A ‐‐ ‐‐ B a% Ownership Structure Total Paid‐up Capital INR A Number of Shareholders ‐ b% Source: Note: 7
  • 8. SWOT Analysis (1/2) Strengths Weakness • Strength 1 • Weakness 1 • Strength 2 Internal  Factors LE   MP S A Source: 8
  • 9. SWOT Analysis (2/2) Opportunities Threats • Opportunity 1 • Threat 1 • Threat 2 • Opportunity 2 LE   MP External  Factors S A Source: 9
  • 10. Financial Profile   Financial Snapshot Profit & Loss Statement LE Total Income P Net Profit/Loss Particulars  20‐‐ 20‐‐ INR mn M 70 C A 60 S Income from Operations ‐ ‐ 50 A 40 30 Non Operating Income ‐ ‐ 20 10 B D 0 Total Income ‐ ‐ 20‐‐ 20‐‐ Financial Summary  Total Expenditure ‐ ‐ • Analysis Point 1 Profit/(Loss) before Tax ‐ ‐ • Analysis Point 2 Profit/(Loss) after Tax ‐ ‐ • Analysis Point 3 Source: Note: 10
  • 11. Ratio Analysis Key Ratios Key Ratio Analysis y‐o‐y change  • Analysis Point 1 Particulars  2010 2009 (2010‐09) • Analysis Point 2   Profitability Ratios E Operating Margin ‐ ‐ ‐ Net Margin L ‐ ‐ ‐ P Profit Before Tax Margin ‐ ‐ ‐ • Analysis Point 3 Return on Equity ‐ ‐ ‐ Return on Capital Employed Return on Working Capital Return on Assets Return on Fixed Assets ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ S AM • Analysis Point 4 • Analysis Point 5 Cost Ratios ‐ ‐ ‐ Operating costs ‐ ‐ ‐ Liquidity Ratios ‐ ‐ ‐ • Analysis Point 6 Current Ratio ‐ ‐ ‐ Cash Ratio ‐ ‐ ‐ • Analysis Point 7 Leverage Ratios ‐ ‐ ‐ Debt to Equity Ratio ‐ ‐ ‐ Debt to Capital Ratio ‐ ‐ ‐ Efficiency Ratios ‐ ‐ ‐ Fixed Asset Turnover ‐ ‐ ‐ Asset Turnover ‐ ‐ ‐ Current Asset Turnover ‐ ‐ ‐ Working Capital Turnover ‐ ‐ ‐ Capital Employed Turnover ‐ ‐ ‐ Source: Improved Decline Note: 11
  • 12. Annual Financial Ratios Profitability Ratios 2.0 10 8 1.5 6 1.0 4 0.5 2 LE   P 0.0 0 2009 2010 2009 2010 6 5 S AM 20 15 4 3 10 2 5 1 0 0 2009 2010 2009 2010 Source: 12
  • 13. Industry Analysis Medical Equipment Industry – Overview   Market Size & Growth (20‐‐ ‐20‐‐e) • The Medical Equipment market is estimated at INR A bn in FY  20‐‐ and expected to grow at a CAGR of x per cent to reach INR B  INR bn bn by FY 20‐‐ 100 G • This market can be classified into segments such as C, D, E and F x% F • Indian medical equipment market imports y per cent of its  80 E medical equipments from countries such as M, N, O, P  D 60 C B   • Major trends observed in the medical equipment market are: A  40 LE Trend 1  Trend 2  Trend 3 20   Trend 4 M Trend 5 P • Some of the key drivers of the medical equipment market are: 0 20‐‐ 20‐‐ 20‐‐e 20‐‐e 20‐‐e 20‐‐e 20‐‐e SA  Driver 1  Driver 2  Driver 3 Market Segmentation (FY 20‐‐)  Driver 4  Driver 5 a% • Some of the Government initiatives towards the Medical  d% equipment market were: M  Point 1 N  Point 2 O b% P c% Source: 13
  • 14. Industry Analysis Imaging and Diagnostic Device Market – Overview   Market Size & Growth (20‐‐ ‐20‐‐e)  • The Imaging and Diagnostic device market in India is estimated  at INR P bn in FY 20‐‐ and is expected to grow at a CAGR of y per  INR bn cent to reach INR Q bn by FY 20‐‐ 60 p% Y • Major segments of Imaging devices include:  X  Segment 1 W 40 V U    Segment 2 S T LE  Segment 3 20  Segment 4 MP  Segment 5 • Some of the trends observed in the Imaging Devices market are: 0 20‐‐ 20‐‐ 20‐‐e 20‐‐e 20‐‐e 20‐‐e 20‐‐e SA  Trend 1  Trend 2 Import‐Export Pattern of Major Imaging Devices   Trend 3 (20‐‐)  Trend 4 INR mn Y H Z 4,000 3,500 3,000 D 2,500 12% 49% 2,000 1,500 1,000 G I M 500 F J L E K 0 Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Source: 14
  • 15. Competitive Landscape (1/3) Company Name Description Company 1 • ‐‐ • ‐‐ • ‐‐ • ‐‐ Company 2 • ‐‐ • ‐‐   • ‐‐ LE • ‐‐ MP Company 3 • ‐‐ • ‐‐ • ‐‐ • ‐‐ S A Source: Company Websites 15
  • 16. Competitive Landscape (3/3) Competitive Scenario Company  Adonis Medion MediRay NiDEK Recorders Shimadzu Trivitron Vision Name Financial Information (INR mn – FY 2010) Total  ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Revenue Net  ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Profit/(loss) Major Market Segmentation (Medical Equipments) Medical  Equipments: Ultrasound  Imaging         OT Surgery  Equipment         Medical X – Ray Machines         ECG  Machines         Ventilators         Doppler         Patient  Monitoring         Source: SAMPLE  H: High; L: Low; M: Medium Offered   Not Offered 16
  • 17. Competitive Benchmarking Key Financial Ratios – FY 2010 (1/2) % Q R 10 D F G E 0 • Analysis Point 1 • Analysis Point 2   ‐10 • Analysis Point 3 LE ‐20 H ‐30 P A B C 20 0 ‐20 % I S J T K L SA • Analysis Point 4 • Analysis Point 5 M ‐40 • Analysis Point 6 ‐60 M A B C % U 150 P N O 100 • Analysis Point 7 50 • Analysis Point 8 0 A B C Source: 17
  • 18. Thank you for the attention Adonis Medical Systems Pvt. Ltd. is a part of Netscribes’ Healthcare Company Profile Series. For more detailed information or customized research requirements please contact: Gagan Uppal Jitendra Punjabi Phone: +91 22 4098 7530 Phone: +91 33 4064 6215 E‐Mail: gagan.uppal@netscribes.com E‐Mail: jitendra.punjabi@netscribes.com About Netscribes Netscribes is a knowledge‐consulting and solutions firm with clientele across the globe. The company’s expertise spans areas of investment  & business research, business & corporate intelligence, content‐management services, and knowledge‐software services. At its core lies a  true value proposition that draws upon a vast knowledge base. Netscribes is a one‐stop shop designed to fulfil clients’ profitability and  growth objectives. This report is published for general information only. Although high standards have been used in preparing this report, Netscribes (India) Pvt.  Ltd. or Netscribes is not responsible for any loss or damage arising from use of this document. This document is the sole property of Netscribes  (India) Pvt. Ltd. and no part may be reproduced without prior written permission. www.netscribes.com 18