I, Shefali Sahita, CFA, Research Analyst vide SEBI registration number INH000002566 am proprietor of Research Mantra Financial Services (RMFS). The reports published on this website are prepared and distributed as per SEBI (Research Analysts) Regulations 2014.

RMFS provides research services on securities/commodities/indices listed on Indian stock exchanges. I hereby certify that all of the views expressed on research reports published on this website accurately reflect my views about the subject company/commodity/index. The reports published on this website are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. The reports and information herein are solely for informational purpose and shall 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 these reports constitute investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. While I would endeavour to update the information herein on a reasonable basis, I am under no obligation to update or keep the information current. The internal policies and procedures strive to minimize conflict in preparation of research reports. RMFS accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of these reports. Reports based on technical and derivative analysis may not match with a report on a company's fundamentals, in case of company/commodity/index research.

The information given in these reports are as of the date of respective reports and there can be no assurance that future results or events will be consistent with this information. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. Actual results may differ materially from those set forth in projections.

The company/commodity/index discussed and opinions expressed in these reports may not be suitable for all investors, who must make their own investment decisions, based on their own investment return and risk objectives. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. Investors are advised to see Risk Disclosure Document as prescribed by SEBI to understand the risks associated before investing in the securities markets. Though disseminated to all the customers simultaneously, not all customers may receive reports at the same time. RMFS will not treat recipients as customers by virtue of their receiving reports dissmeniated through any means of communication.

The report and information published on website 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 RMFS.

I hereby declare that I or my dependant relatives do not hold any financial interest in the subject company/commodity/indices. However, we are holding financial interest through investments in mutual fund, where I do not have any control on investment decisions. I also certify that no part of my compensation was or is directly or indirectly related to the specific recommendation(s) or view(s) in the reports published on this website.

RMFS has not received any compensation from the subject company covered in research reports published on this website in past twelve months. RMFS has not managed/co-managed public offering of securities for the subject company in past twelve months. RMFS has not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. RMFS has not received any compensation or other benefits from the subject company or third party in connection with the research reports published on this website.

Shefali Sahita has not served as an officer, director or employee of the subject company for which research reports are published .

Shefali Sahita has not engaged in market making activity for the subject company for which research reports are published on this website.

Compensation of Shefali Sahita is not based on any specific merchant banking, investment banking or brokerage service transactions.

RMFS or its associates do not own 1% or more of the equity securities of the subject company as of the last day of the month preceding the publication of the research report on the website. I hereby submit that no material disciplinary action has been taken on RMFS or its associates by any Regulatory Authority.

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