• a.This research report (“Report”) is for the personal information of the authorised recipient(s) and is not for public distribution and should not be reproduced or redistributed to any other person or in any form without JRK STOCK BROKING PRIVATE LIMITED’s prior permission or approval. The information provided in the Report is from publicly available data, which we believe, are reliable. While reasonable endeavors with due skill, care and diligence have been made/followed to present reliable data in the Report so far as it relates to current and historical information, but JRK STOCK BROKING PRIVATE LIMITED does not guarantee the accuracy or completeness of the data in the Report. Accordingly, JRK STOCK BROKING PRIVATE LIMITED or any of its connected persons including its directors or subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this publication.
• b.Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment of its original date of publication by JRK STOCK BROKING PRIVATE LIMITED and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments.
• c.The Report also includes analysis and views of our research team. The Report is purely for information purposes and does not interpret to be an offer or solicitation of an offer to buy/sell any securities. The opinions expressed in the Report are our current opinions as of the date of the Report and may be subject to change from time to time without notice. JRK STOCK BROKING PRIVATE LIMITED or any persons connected with it do not accept any liability arising from the use of this document.
• d.Investors should not solely rely on the information contained in this Report and must make investment decisions based on their own investment objectives, judgment, risk profile and financial position. The recipients of this Report may take professional advice before acting on this information.
• e.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 local law, regulation or which would subject JRK STOCK BROKING PRIVATE LIMITED and its affiliates 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 Report may come are required to inform themselves of and to observe such restrictions.
• f.As JRK STOCK BROKING PRIVATE LIMITED along with its associates, are engaged in various financial services business and so might have financial, business or other interests in other entities including the subject company/ies mentioned in this Report. However, JRK STOCK BROKING PRIVATE LIMITED encourages independence in preparation of research report and strives to minimize conflict in preparation of research report. JRK STOCK BROKING PRIVATE LIMITED and its associates did not receive any compensation or other benefits from the subject company/ies mentioned in the Report or from a third party in connection with preparation of the Report. Accordingly, JRK STOCK BROKING PRIVATE LIMITED and its associates do not have any material conflict of interest at the time of publication of this Report.
• g.As JRK STOCK BROKING PRIVATE LIMITED and its associates are engaged in various financial services business, it might have:- (a) received any compensation (except in connection with the preparation of this Report) from the subject company in the past twelve months; (b) managed or co-managed public offering of securities for the subject company in the past twelve months; (c) received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) 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; (e) engaged in market making activity for the subject company.

INTERNAL POLICIES

Objective: To provide reliable research that reflects the unbiased view on Economy, Markets in general & companies to our clients.

Our Research section and Research analysts will maintain an arms-length relationship between its research activities and other activities of the organization. Our entire Research Team will maintain a “Chinese Wall” between its activities with all other activities of the organization.

We will follow all required due diligence to prevent the use of our research reports or research analysis to manipulate stock prices in the securities market.

We will furnish to the Board information and reports as may be specified by the Board from time to time.

Individuals employed as Research analysts by us must, comply with the certification and qualification requirements and will abide by Code of Conduct as laid down in the Internal Policies.

GUIDELINES FOR INDIVIDUALS EMPLOYED AS RESEARCH ANALYSTS

• (1) We will setup Framework and take written disclosures for Personal trading activities of the individuals employed as research analyst by us.
• (2) Individuals employed as research analyst by us shall not deal or trade in securities that the research analyst recommends or follows within thirty days before and five days after the publication of a research report.
• (3) Individuals employed as research analysts by us shall not deal or trade directly or indirectly in securities that he/she reviews in a manner contrary to his/her given recommendation.
• (4) Individuals employed as research analysts by us shall not purchase or receive securities of the issuer before the issuer's initial public offering, if the issuer is principally engaged in the same types of business as companies that the research analyst follows or recommends.

As a Research Analyst, we will (For Point 2 to 4 above mentioned) will seek and keep written disclosures from the Individuals employed as research analyst by us.

CODE OF CONDUCT

We will abide by the Code of Conduct as laid down in our Internal guidelines as well as required to meet Compliance/Regulatory requirements:

• 1. Honesty and Good Faith: We pledge to act honestly and in good faith to provide unbiased Research output that will help our clients to take informed decisions.
• 2. Diligence: As a Research Analyst, we will act with due skill, care and diligence and shall ensure that the research report is prepared after thorough analysis and qualifies our checklists.
• 3. Conflict of Interest: As a Research analyst, we will effectively address conflict of interest which may affect the impartiality of our research analysis and research report and will make appropriate disclosures to address the same.
• 4. Insider trading or front running: As a Research analyst and the employees associated with Research Work will not engage in any insider trading or front running or front running of its own research report.
• 5. Confidentiality: As a Research analyst and the employees associated with Research Work will maintain Confidentiality of report till the report is made public.
• 6. Professional Standard: As a Research analyst we will observe high professional standard while preparing research report.
• 7. Compliance: As a Research analyst we will comply with all regulatory requirements applicable to the conduct of our business activities.
• 8. Responsibility of senior management: The senior management of research analyst shall bear primary responsibility for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.

COMPENSATION OF RESEARCH ANALYST

• (1) We will not pay any bonus, salary or other form of compensation to any individual employed as research analyst that is determined or based on any specific merchant banking or investment banking or brokerage services transaction. Individuals as Research Analyst will be compensated only for their Research related activities.
• (2) An individual employed as research analyst by us will not be subject to the supervision or control of any employee of the merchant banking or investment banking or brokerage services divisions or any other department.

CONTENTS OF RESEARCH REPORT

• (1) We will ensure that proper checklists are followed to ensure that the facts in the research reports are based on reliable information and shall define the terms used in making recommendations, and these terms shall be consistently used.
• (2) If we use a rating system in our Research reports or analysis, then we will clearly define the meaning of each such rating including the time horizon and benchmarks on which a rating is based.
• (3) If our research report contains either a rating or price target for subject company’s securities, such research report shall also provide the graph of daily closing price of such securities for the period assigned or for a three-year period, whichever is shorter.

GUIDELINES TO BE FOLLOWED FOR APPEARING IN PUBLIC MEDIA

We as Research Analyst and the employees of our Research Team will always disclose the registration status and details of financial interest in the subject company, if we make any public appearance.

POLICY FOR DISTRIBUTION OF RESEARCH REPORTS

• (1) We will not distribute our Research Report or Analysis selectively to internal trading personnel or any particular client or group of clients in advance of other clients who are entitled to receive the research report.
• (2) We will not endorse or distribute Research Report or Analysis of any third party.
• (3) Modes of Distribution: Our Research Report or Analysis will be sent to our clients through email & will be uploaded in our Website subsequently.

MAINTENANCE OF RECORDS

Our Research Department will maintain the following records:

• (i) Research report duly signed and dated;
• (ii) Research recommendation provided;
• (iii) Rationale for arriving at research recommendation;
• (iv) Record of public appearance, if any.

All records (Research Report & related Compliance Documents) will be maintained in both physical and electronic form and preserved for a minimum period of five years.

We will conduct annual audit in respect of compliance with Research Analyst regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India.