Disclosure

I, Vinayak V Joshi, B.Com.,ACS,ACSI and a SEBI Registered Research Analyst under Registration No.INH000008330 (hereinafter referred as “Research Analyst”) author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. Research Analyst has no material adverse disciplinary history as on the date of publication of this report. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Research Analyst or his relatives or Wealthemoji LLP do not have any financial interest in the subject company. Also Research Analyst or his relative or Wealthemoji LLP or its Associate do not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or Wealthemoji LLP or its associate does not have any material conflict of interest. Research Analyst or his relatives or his clients or Wealthemoji LLP may be holding investments in the said securities from time to time.

Disclaimer:

Wealthemoji.com is a digital platform and brand owned and operated by Wealthemoji LLP, which is providing financial technology (“fintech) support to Mr.Vinayak Vilas Joshi, to enable him to provide quality and timely research services to his clients from time to time. Mr. Vinayak Vilas Joshi, BCom.,ACS,ACSI is a SEBI registered Research Analyst having registration number- INH000008330 under SEBI (Research Analyst) Regulations, 2014. (hereinafter collectively and/or individually referred to as “the Wealthemoji”).

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Any research report or notes prepared by Wealthemoji is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor. Reports or research material prepared by the Wealthemoji are not to be construed as an offer to buy /sell or the solicitation of an offer to buy / sell any security in any jurisdiction where such offer or solicitation would be illegal. Reports or research material prepared by Wealthemoji do not constitute a personal recommendation or take into account the particular investment objectives, financial situations, risk profile and needs of individual clients. Unless otherwise stated, the percentage returns displayed on the website or any other marketing materials are Absolute Returns. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject Research Analyst or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently sent or has reached any person in such country, especially, United States of America, the same should be ignored and brought to the attention of the sender.

The content and data available in the material prepared by the Wealthemoji and on the website of the Wealthemoji, including but not limited to index value, return numbers and rationale are for information and illustration purposes only. Charts and performance numbers might include back tested/simulated results calculated via a standard methodology and do not include the impact of transaction fee and other related costs. Data used for calculation of historical returns and other information is provided by exchange approved third party data vendors and has neither been audited nor validated by the Wealthemoji. Nothing in these documents should be construed as investment advice. Each recipient of these documents should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including risks) and should consult their own investment advisors to determine merits and risks of such investment and before making any investment decision. The information and opinions contained in these notes have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guarantee, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness.

"Back-testing" is the application of a quantitative model to historical market data to generate hypothetical performance during a prior period. Use of back-tested data has inherent limitations including the following:

The results do not reflect the results of actual trading or the effect of material economic and market conditions on the decision-making process, but were achieved by means of retrospective application, which may have been designed with the benefit of hindsight
Calculation of such back-tested performance data is based on assumptions integral to the model which may or may not be testable and are therefore subject to losses.
Actual performance may differ significantly from back-tested performance. Back-tested results are not adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, do not include the effect of back-tested transaction costs.
Back-tested returns do not represent actual returns and should not be interpreted as an indication of such.

Information present in the material prepared by the Wealthemoji and on the website of the Wealthemoji shall not be considered as a recommendation or solicitation of an investment or investment strategy. Investors are responsible for their investment decisions and are responsible to validate all the information used to make the investment decision. All such information and opinions are subject to change without notice. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete. Wealthemoji is not obliged to update this report for such changes. Wealthemoji has the right to make changes and modifications at any time.

Past performance does not guarantee future returns and performances of the portfolios created by the Wealthemoji are subject to market risk. Investments in the securities market are subject to market risks and investors should read all the related documents carefully before investing. Derivatives are sophisticated investment products. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

While we endeavour to update the information / material on various products and reports created by us, on a reasonable basis, there may be regulatory, compliance or other reasons that prevent us from doing so.

We and our associates, officers, partners, directors, and employees, Research Analyst (including relatives) may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) forming part of the products or reports created by the Wealthemoji or (b) may have other potential/material conflict of interest with respect to any company(ies) in various products or reports created by the Wealthemoji. Any such positions of conflict of interest will be appropriately disclosed and dealt with in accordance with applicable law.

The Wealthemoji does not provide any promise or assurance of a favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing.

The analysts for various products or reports created by the Wealthemoji certify that all of the information /material therein accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to company(ies) in various products or reports created by the Wealthemoji. No part of this material may be duplicated in any form and/or redistributed without the prior written consent of the Wealthemoji.

The information provided in the Report is from publicly available data, which I believe is reliable. While reasonable endeavours have been made to present reliable data in the Report so far as it relates to current and historical information, Wealthemoji do not guarantee the accuracy or completeness of the data in the Report or analysis. Accordingly, Wealthemoji or Mr Vinayak Vilas Joshi or his relatives 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.

Statutory Disclosures:

Mr. Vinayak Vilas Joshi (hereinafter referred as “Research Analyst”) has not served as an officer, director or employee of subject company(ies).
Research Analyst or its associates have not received any compensation from the subject company(ies) in the past twelve months.
Research Analyst or its associates have not managed or co-managed public offering of securities for the subject company(ies) in the past twelve months.
Research Analyst or its associates have not received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past twelve months.
Research Analyst or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past twelve months.
Research Analyst or its associates have not received compensation or other benefits from the subject company(ies) or third party in connection with the products or reports created by the Research Analyst.
Research Analyst or his relative's do not have financial interest in the subject company(ies).
The Research Analyst does not have financial interest in the subject company(ies) at the end of the month immediately preceding the date of sharing of products or reports created by the Research Analyst.
Research Analyst or its relatives or associates and other group companies, its directors, partners, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
Nature of financial interest is holding of equity shares or derivatives of the subject company - Research Analyst or its associates do not have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of sharing of products or reports created by the Research Analyst.
Research Analysts do not have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of sharing of products or reports created by the Research Analyst.

Vinayak Vilas Joshi

SEBI Registered Research Analyst No.INH000008330

Wealthemoji LLP

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