Independent Equity

TERMS OF USE:

 This report may not be taken in substitution for the exercise of independent judgment by the clients / legitimate users.
 The research report must not be considered as Investment Advice or legal opinion or accounting & audit opinion or tax consultancy in any manner. The intent of this report is neither to provide personal recommendation to any specific client nor any solicitation or endorsement of any investment opportunity.
 Investment advice is based on risk profile, investment goals, financial situation, time horizon of investment, amount of investment and other such details that are specific and unique to each investor. All these factors are not considered in this report.
 Hence, it is strongly advised to the clients to take the investment decision with prudent application of mind or seek independent professional advice to arrive at an informed decision.

DISCLOSURES: (REGULATION 19)

 Nirav Dilip Desai has not provided any promise or assurance of favourable review in its research report to a company or industry or sector or group of companies or business group as consideration to commence or influence a business relationship or for the receipt of compensation or other benefits.-
 Nirav Dilip Desai or his associate or his relative does not have any financial interest in the subject company(ies) covered in the report.
 Nirav Dilip Desai or associate or his relative may have beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report.
 Nirav Dilip Desai or its associate or relative, does not have any material conflict of interest at the time of publication of the research report.
 The Research report/recommendations must not be considered as Unpublished Price Sensitive Information or any sort of non – public information or any tips for investments in the securities.

Disclosures regarding compensations on behalf of Research Analyst.

 Research Analyst have not received any compensation from the subject company in the past twelve months;
 Research Analyst have not managed or co-managed public offering of securities for the subject company in the past twelve months;
 Research Analyst have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
 Research Analyst have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
 Research Analyst have not received any compensation or other benefits from the subject company or third party in connection with the research report.