Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Aakash Ashok Jajoo is a SEBI Registered Research Analyst having registration no INH000015312. 
Aakash Ashok Jajoo and and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst, as the recommendations made by the analyst are completely independent of the views of his associates even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Aakash Ashok Jajoo and his relatives do and seek to do business including investment banking with companies covered in its research reports which includes preferential issues. 

Specific Disclosures:
1. The research Analyst and/or his relatives may have financial interest in the subject company, as they have equity holdings in the subject company.
2. The Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3. The Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4. The 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 has not served as director/officer/employee in the subject company
6. The Research Analyst has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7. The Research Analyst has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8. The Research Analyst has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9. The Research Analyst has not engaged in market making activity for the subject company
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst about the subject securities or issues, and no part of the compensation of the research analyst was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst in this report.

Terms & Conditions:
This report has been prepared by SEBI registered Research Analyst Aakash Ashok Jajoo with registration number INH000015312 and is meant for sole use by the clients who purchase the report and not for public circulation. No refunds will be issued once the subscription for these reports is made. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of the Research Analyst. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the clients simultaneously, not all customers may receive this report at the same time. Aakash Ashok Jajoo will not treat recipients as customers by virtue of their receiving this report.

Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Analyst reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. Aakash Ashok Jajoo and his relatives may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of the Research Analyst. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject the Research Analyst to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither Aakash Ashok Jajoo, nor his relatives or associated companies shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt Aakash Ashok Jajoo or his relatives or associated companies from any and all responsibility/liability arising from such misuse and agrees not to hold Aakash Ashok Jajoo or or his relatives or associated companies responsible for any such misuse and further agrees to hold Aakash Ashok Jajoo or his relatives or associated companies free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. This report is meant for the clients of Aakash Ashok Jajoo only. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registration details: Aakash Ashok Jajoo; SEBI registered Research Analyst: INH000015312