Disclosures

Disclosures

The following disclosures are being made in compliance with the SEBI Research Analyst 2014 (herein after referred to as the Regulations),Adira Securities Research (ASR) is a SEBI Registered Research Analyst having registration no. INH000011495. ASR, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Research reports on securities.

Research Analysts views on Subject Company may vary based on Fundamental Research and Technical Research. Research Team as all the activities are segregated from ASR research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.

Specific Disclosure

1. ASR, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.

2. ASR, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company.

3. ASR, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months.

4. ASR, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report.

5. Research Analyst have not served as director/officer/employee in the subject company.

6. ASR has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.

7. ASR has not received compensation for investment banking/ merchant banking/ brokerage services from the subject company in the past 12 months.

8. ASR has not received compensation for other than investment banking/ merchant banking/ brokerage services from the subject company in the past 12 months.

9. ASR has not received compensation or other benefits from third party in connection with the research report.ASR has not engaged in market making activity for the subject company