Regd. Office:

Poddar Point B Block (North), 7th Floor, 113 Park Street, Kolkata - 700016, India.

Registration No.:

SEBI RIA : INA300016701 | STOCK BROKER : INZ000265037 | NSDL : IN-DP-NSDL-28-97 | PFRDA : POP 24092018 | AMFI : ARN-46706 | GSTIN: 19AAACD9409P1Z2 | CIN: U67120WB1994PTC064961 | SEBI Registered Research Analyst:. INH000012892 | BASL Membership Number- BASL175

Compliance Officer:

Name: Aditi Nundy | Phone No: 033-40675065 | E-mail ID: compliance@daycoindia.com

Investor Grievance:

Name: Gopal Chandra Dey | Phone No: 033-40675075 | E-mail ID: ig@daycoindia.com

Disclaimer:

Investments in securities market are subject to market risks; read all the related documents carefully before investing.

The securities are quoted as an example and not as a recommendation.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.

Brokerage will not exceed SEBI prescribed limit.

For Research-based products and Offerings:

Debraj Guha Thakurta - Research analyst ( Debraj@daycoindia.com , Mobile No: +91 90382 55243)

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Dayco Securities Pvt. Ltd. (DSPL) is a SEBI Registered Research Analyst having registration no. INH000012892. DSPL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. DSPL is a listed public company, the details in respect of which are available on www.daycoindia.com.

DSPL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE) for its stock broking activities & is Depository participant with National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial.

DSPL, it's associates, Research Analyst or their relatives may have any financial interest in the subject company. DSPL and/or its associates and/or Research Analyst or their relatives may have actual beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.

DSPL and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of public appearance, however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of DSPL even thoughthere might exist an inherent conflict of interest in some of the stocks mentioned in the research report..In the past 12 months, DSPL or any of its associates may have:

a) received any compensation/other benefits from the subject company of this report

b) managed or co-managed public offering of securities from subject company of this research report,

c) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,

d) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.

• DSPL and it's associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. • Subject Company may have been a client of DSPL or its associates during twelve months preceding the date of distribution of the research report.

• Research Analyst may have served as director/officer/employee in the subject company.

• DSPL and research analyst may engage in market making activity for the subject company. DSPL and its associate company(ies), and Research Analyst and their relatives from time to time may have:

a) 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 and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) 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(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of DSPL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.

Above disclosures include beneficial holdings lying in demat account of DSPL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of DSPL for other purposes (i.e holding client securities, collaterals, error trades etc.). DSPL also earns DP income from clients which are not considered in above disclosures. To enhance transparency, DSPL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. DSPL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that DSPL may have a potential conflict of interest that may affect the objectivity of this report.

For Margin Trading Facility (MTF)

The provisions of SEBI Circular no. CIR/MRD/DP/54/2017 dated June 13, 2017 shall be complied.

For Initial public offering (IPO)

Opening of account will not guarantee allotment of shares in IPO Investors are requested to do their own due diligence before investing in any IPO.