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11Lh AugusL, 2011 2| a g e

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Lxecut|ve Summary
1hls lndependence day you have one addlLlonal reason Lo celebraLe! Ldelwelss ls pleased Lo release
llnanclal lreedom
dlsLracLlons LhaL you read everyday, everywhere from Lurope crlsls Lo uS downgrades and focuses
enLlrely on Lhe long Lerm blg plcLure lndla growLh sLory and how you can make Lhe besL of lL.
lnLs, 3 sLocks you should buy for Lhe nexL 10 years.
lndla has come a long way slnce Lhe economlc reforms ln 1991, movlng from Lhe Plndu growLh raLes
of 3 lnLo Lhe orblL of 7-9 growLh raLes.
1hls growLh has been sLrucLurally drlven by economlc reforms, prlvaLe enLrepreneurshlp and
llnkages Lo Lhe global economlc boom.
lundamenLal facLors llke young populaLlon (medlan age of 26), growlng mlddle class, rlslng lncome
- Lerm growLh secure.
Cu of 203 1rn (uSu 4.3 1rn) by 2020. ln nomlnal Lerms we expecL growLh over Lhe nexL decade aL
13 (Long Lerm lnflaLlon pro[ecLlon of 4).
1hese slgnlflcanL changes wlll manlfesL ln Lhree key lnvesLmenL Lhemes for Lhe nexL decade -
savlngs, consumpLlon and lnfrasLrucLure. CerLaln secLors (SuL8 SLC1C8S) wlll grow well beyond
Lhe 13 nomlnal Cu growLh.
CerLaln sLocks (SuL8 S1CCkS) are all seL Lo reap Lhe beneflLs from Lhelr sLronghold ln Lhelr SuL8
SLC1C8S and Lhese are Lhe sLocks LhaL you should [usL buy and forgeL, llLerally forgeL!
SULk 1nLMLS SULk S1CCkS Wn
8esources Coal lndla Coal lndla ls Lhe
prlmary beneflclary of Lhe sLrucLural deflclL of
coal ln lndla.
llnanclal Servlces Axls 8ank 8anklng revenue seL Lo grow 3.3x Lo 10.6
1rn, AxlS a fronL-runner Lo capLure Lhls
opporLunlLy.
Crganlzed 8eLall anLaloon 8eLall Crganlzed reLall Lo grow 6.3x Lo 6.3 1rn, lul
ln reLall Lo brlng ln Lhe global blggles, anLaloon
8eLall - blggesL beneflclary.
AuLomoblles Mahlndra & Mahlndra AuLomoblle markeL forecasL Lo grow ~3x Lo ~
4.3 1rn.
uomesLlc
ConsumpLlon l1C LLd ClgareLLes buslness Lo remaln robusL, lMCC Lhe Lrump
card, classlc domesLlc consumpLlon beL.
CAS 8esearch uesk
11Lh AugusL, 2011 3| a g e
Ldelwelss 8esearch
Coa| Ind|a L|m|ted (CCAIND)
Iundamenta| 8U
CM - 386
Sector Mkt Cap ( Cr.) S2W n|gh S2W Low
Lnergy 241,000 422
of Lhe lndlan coal markeL. lL ls golng Lo be Lhe prlmary beneflclary of Lhe sLrucLural deflclL of coal ln
lndla. Moreover, lL ls one of Lhe leasL cosL producers of coal ln Lhe world.
CCAlnu, a MaharaLna company, ls one of Lhe largesL publlc secLor companles ln lndla ln Lerms of
Lurnover. lLs producL porLfollo conslsLs largely of Lhermal coal (90) wlLh Lhe balance belng coklng
coal. 1he company en[oys a near-monopoly poslLlon ln Lhe lucraLlve coal markeL and ls more of a
uLlllLy player due Lo assured volume off-Lake and mlnlmal chance of a producL prlce cuL, as prlces
already remaln aL ~30 dlscounL Lo lnLernal benchmark prlces.
lL currenLly operaLes ~471 mlnes ln lndla and ls also scouLlng for lnLernaLlonal mlnes Lo lncrease
global presence and assure lLs resources. lL sells ~10 of lLs producLlon based on Lhe e-aucLlon rouLe
and ~3.3 beneflclaLed coal (2x reallzaLlons of raw coal). 8eneflclaLed coal volumes are expecLed Lo
rlse slgnlflcanLly Lo ~130 mLpa by l?17 (23 of LoLal volumes).
CCAlnu produced 43.13 crore Lons ln l?10 and Lhelr reserve poslLlon (exLracLable reserves) sLands
aL 2173 crores Lons as of Aprll, 2010. 1hls LranslaLes lnLo 31 years of producLlon capaclLy golng by
currenL producLlon raLes. Colng by Lhe reserve poslLlon, we belleve LhaL ClL ls a greaL opporLunlLy Lo
own a crlLlcal resource. Cn Lhe demand slde, lndla belng a power deflclL counLry, Lhere ls slgnlflcanL
power capaclLy belng added wlLh fuel resource belng coal. CurrenLly mosL prlvaLe companles
bulldlng power capaclLles have been slgnlng up long Lerm luel Supply AgreemenLs (lSAs) wlLh
forelgn players due Lo shorLage of coal domesLlcally. We belleve Lhere ls enough demand for coal
and furLher scale up of producLlon by ClL would flnd more Lhan enough Lakers.
1he blg Lrlgger for CCAlnu comes due Lo Lhe prlclng dlfferenLlal beLween raw coal LhaL ClL sells and
washed coal LhaL ls lmporLed from mlnes abroad. 1he average reallzaLlon for ClL ls 30 lower Lhan
lmporL parlLy prlce of coal. 1he margln for ClL per Lon ls currenLly close Lo 400/Lon. 1he
managemenL of ClL has lndlcaLed LhaL lL ls puLLlng ln place a sysLem for produclng more of washed
coal Lo maLch Lhe quallLy of lmporLed coal. 1hls would requlre capex of 330/Lon buL would lmprove
reallzaLlon and marglns manlfold. 8y l?17, CCAlnu would have a 23 share of washed coal.
AL Lhe CM of 386, Lhe sLock Lrades aL a L of 13.66x l?12L earnlngs and 12.64x l?13 earnlngs.
We belleve LhaL Coal lndla LLd ls an excellenL lnvesLmenL and would prove Lo be a mulLl-bagger ln
Lhe long Lerm.
Income Statement ( Mn) Va|uat|ons
ear to March I11 I12L I13L
8evenues 302,336 609,723 674,330
L8l1uA 134,791 217,001 242,144
81 163,234 267,640 289,626
neL proflL 108,674 179,319 194,049
LS 17.3 28.4 30.7
ear to March I11 I12L I13L
ulluLed L (x) 22.4 13.7 12.6
Lv/Sales (x) 4.2 3.1 2.6
Lv/L8l1uA (x) 13.7 8.8 7.3
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11Lh AugusL, 2011 4| a g e
Ldelwelss 8esearch
Ax|s 8ank Ltd (AkI8AN)
Iundamenta| 8U
CM - 1211
Sector Mkt Cap ( Cr.) S2W n|gh S2W Low
8anks 31,308 1,609 1,130.0
We belleve LhaL Lhe currenL sLage of economlc growLh ln lndla, where savlngs and caplLal formaLlon
are aL ~34 of Cu, offers serlous opporLunlLles ln flnanclal lnLermedlaLlon. Core Lo our hypoLhesls
ls our bellef LhaL, over Lhe nexL Len years nomlnal Cu (excludlng agrlculLure) ls expecLed Lo grow aL
~13, and revenues from Lhe flnanclal servlces secLor (whlch would lead Lhls growLh) are expecLed
Lo grow aL 22 Lo 266.4 Lrllllon by l?20L .
Axls 8ank ls Lhe Lhlrd-largesL prlvaLe secLor bank ln lndla ln Lerms of asseL slze, wlLh a balance sheeL
of 1.3 Ln. lL has a neLwork of over 1000 branches and exLenslon counLers across Lhe counLry. 1he
bank earns subsLanLlal fee lncome from LransacLlon and merchanL banklng acLlvlLles.
Axls 8ank has reglsLered buoyanL loan growLh on a balanced porLfollo skewed Lowards corporaLe
advances Lhan reLall (as compared wlLh lLs prlvaLe peers). 8eLall advances conLrlbuLed 20 Lo Lhe
LoLal loan porLfollo. 1hus, lL has beLLer scope for aggresslvely expandlng across segmenLs where lL
has a low presence. lL ls also spreadlng across geographles and LargeLlng presence ln more Lhan 73
23 plus ln l?09-11L wlLh SML, agrl, houslng, and personal loan segmenLs llkely Lo be Lhe key
growLh englnes.
8apldly growlng franchlse and new producL offerlngs (vlz., credlL cards) wlll furLher drlve growLh ln
reLall fee lncome. 1he bank ls also lnLenslfylng efforLs Lo peneLraLe Lhe remlLLance buslness by
aggresslvely spreadlng lLs lnLernaLlonal operaLlons. CLher key conLrlbuLors Lo fee lncome wlll be
pro[ecL advlsory, debL syndlcaLlon, and Lhlrd parLy dlsLrlbuLlon of lnsurance.
Led by sLable Lo lmprovlng margln coupled wlLh benlgn asseL quallLy we expecL Axls 8ank Lo dellver
a healLhy 23 earnlngs CAC8 over l?11- moderaLlng pace of loan growLh
wlll enable lL Lo bulld a more formldable reLall franchlse and achleve conslsLenLly hlgher 8oA. We
belleve, lL can susLaln hlgher 8oA of 1.3-1.6 agalnsL 1.0-1.2 a few years ago, allowlng 8oL Lo
move closer Lo 20 ln a caplLal efflclenL manner. As Axls 8ank dellvers conslsLenL earnlngs we
expecL Lhe currenL valuaLlon dlscounL of 40 wlLh PulC 8ank Lo come off Lo ~23.
Income Statement ( mn) 8a|ance Sheet ( mn)
ear to March I11 I12L I13L
neL 8evenues 111,931 140,182 171,780
CperaLlng Lxp 47,794 63,231 74,323
reprovlslon roflL 64,137 76,931 97,434
neL proflL 33,880 42,237 32,431
LS 82.3 102.9 127.7
8ook value 462.8 346.9 633.9
ear to March I11 I12L I13L
141,003 136,170 176,284
8orrowed funds 73,837 70,316 37,362
Sources of lunds 216,860 226,686 233,846
1oLal flxed asseLs 177,223 173,037 180,331
neL currenL asseLs 26,322 31,943 33,631
uses of lunds 216,860 226,686 233,846
Growth Metr|cs I11 I12L I13L
nll CrowLh 31.1 22.9 21.9
lees CrowLh 29.3 30.8 26.2
neL proflL 34.8 24.7 38.8
LS 33.0 27.7 24.6
Va|uat|ons I11 I12L I13L
ulluLed L (x) 13.0 12.0 10.0
rlce/8v (x) 2.7 2.3 1.9
8CAL () 19.3 20.4 21.2
8CA () 1.6 1.6 1.6
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11Lh AugusL, 2011 3| a g e
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anta|oon keta|| Ltd (ANkL1)
Iundamenta| 8U
CM - 311
Sector Mkt Cap ( Cr.) S2W n|gh S2W Low
8eLall 328 228
anLaloon 8eLall LLd ls a leadlng lndlan reLall company wlLh presence across mosL secLors of
organlzed reLall. 1he company, enLered modern reLall ln 1997 wlLh Lhe openlng of lLs deparLmenL
sLore formaL anLaloons. ln 2001, 8lL launched 8lg 8azaar, a hypermarkeL chaln, followed by lood
8azaar, a supermarkeL chaln. A flve formaL company, Lwo years back, lL now operaLes over 20
formaLs whlch lnclude CenLral (seamless malls locaLed ln clLy cenLers), CollecLlon l (home
lmprovemenL producLs), uepoL (books, muslc, glfLs and sLaLlonerles), aLL (fashlon apparel for
accessorles). lL has recenLly
1he lndlan reLall landscape ls evolvlng wlLh lnLerplay of several demographlc and economlc facLors.
1he long Lerm prospecLs backed by changlng consumer behavlor ln favor of larger dlscreLlonary
spend has seL Lhe sLage for a healLhy growLh ln Lhe reLall space over Lhe nexL few years. 1he blg
opporLunlLy lles ln Lhe growlng share of organlzed reLall wlLh Lhe growlng Lrend among consumers
Lo allocaLe a larger share of lncome Lo consumpLlon and gradual lmprovemenL ln llfesLyle.
Medla reporLs suggesL LhaL Lhe CablneL could clear Lhe proposal Lo allow lul ln mulLl-brand reLall ln
Lhe near Lerm, seLLlng Lhe sLage for Lhe enLry of large chalns by Lhe l?12 end. nod Lo Lhe proposal
seems llkely posL Lhe backlng of Lhe rlme MlnlsLer Manmohan Slngh and llnance MlnlsLer ranab
Mukher[ee. 8y openlng Lhe reLall secLor for lul, organlzed reLall peneLraLlon can swell slgnlflcanLly,
beneflLLlng reLall flrms. We belleve Lhls wlll be a poslLlve for lndlan reLall secLor especlally for larger
players llke anLaloon 8eLall.
AL Lhe CM of 311, Lhe sLock Lrades aL a L of 32.6 l?12L and 24.0x l?13L earnlngs, (represenLed
Income Statement ( Mn) Va|uat|ons
ear to March I11 I12L I13L
8evenues 109,107 134,188 164,873
L8l1uA 9,383 11,607 14,344
81 2,967 3,647 4,980
neL proflL 1,988 2,443 3,336
LS 9.6 11.9 16.2
ear to March I11 I12L I13L
ulluLed L (x) 32.8 32.6 24.0
Lv/Sales (x) 1.0 0.9 0.7
Lv/L8l1uA (x) 11.6 9.9 8.4
* Nos tepteseot cote tetoll bosloess (lkll- lvkl)
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11Lh AugusL, 2011 6| a g e
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Mah|ndra & Mah|ndra Ltd (MAnMAn)
Iundamenta| 8U
CM - 729
Sector Mkt Cap ( Cr.) S2W n|gh S2W Low
AuLomoblles 44,843 827 383
Mahlndra & Mahlndra (MAPMAP) operaLes ln nlne segmenLs auLomoLlve, farm equlpmenL,
flnanclal servlces, lnfrasLrucLure, hosplLallLy, l1 servlces, SysLech, whlch conslsLs of auLomoLlve
componenLs and oLher relaLed producLs and servlces, and oLhers, whlch conslsLs of loglsLlcs, afLer-
markeL, Lwo wheelers and lnvesLmenL.
Mahlndra & Mahlndra domlnaLes Lhe domesLlc LracLors markeL, commandlng 41 markeL share.
1hree key sLrucLural facLors hlgher farm producL prlces, flrmer labour wages (noLably n8LCA), and
greaLer commerclal usage of LracLors have slgnlflcanLly lncreased rural lncomes and broughL
smaller farmers (ownlng <4 hecLares of land) lnLo
llkely Lo drlve long-Lerm LracLor demand, whlch Mahlndra & Mahlndra (M&M) ls well-poslLloned Lo
caplLallze on.
MAPMAP ls Lhe leader ln Lhe uv segmenL and has managed Lo keep lLs markeL share above 33
currenLly. MAPMAP, as Lhe leader ln Lhe uLlllLy vehlcle (uv) segmenL, ls well enLrenched wlLh sLrong
brands. lurLher, lncremenLal volumes could come from Lhe LCv/ mlnlvan segmenL, where we expecL
Lhe company Lo regaln losL markeL share wlLh Lhe launch of lLs sub Lonne Maxxlmo and Clo.
We belleve, Ssangyong MoLors acqulslLlon ls a sLraLeglc flL wlLh MAPMAP
from Lhe M&PCv space (!v wlLh navlsLar), oLher new buslnesses (Lwo wheelers, defense or loglsLlcs)
requlre mlnlmal lnvesLmenLs. 1he reLurns over a Lhree year perlod Lhough could be subsLanLlal,
parLlcularly conslderlng MAPMAP
MAPMAP ls ln a sweeL spoL as demand for LracLors and uLlllLy vehlcles are beneflLLlng from rlslng
markeL
share and low compeLlLlon ln Lhe segmenL, Lhe company en[oys prlclng power.
Income Statement ( mn) 8a|ance Sheet ( mn)
ear to March I11 I12L I13L
8evenues 234,043 273,627 313,211
L8l1uA 33,926 40,101 47,411
81 33,333 38,492 43,039
neL proflL 26,621 28,869 33,779
LS 40.9 47.0 33.0
8ook value 168 201 242
ear to March I11 I12L I13L
103,134 123,330 148,837
8orrowed funds 24,033 34,796 34,796
Sources of lunds 130,730 161,870 187,177
neL 8lock 33,860 43,973 33,041
lnvesLmenLs 93,232 100,732 119,422
neL currenL asseLs (6,241) 7,284 4,833
uses of lunds 130,730 161,870 187,177
Growth kat|os () Va|uat|ons
ear to March I11 I12L I13L
8evenues 26.3 16.9 13.2
L8l1uA 13.3 18.2 18.2
81 20.1 14.7 17.0
neL proflL 22.0 14.9 17.0
LS 18.7 14.9 17.0
ear to March I11 I12L I13L
ulluLed L (x) 18.0 13.6 13.3
rlce/8v (x) 4.4 3.6 3.0
Lv/Sales (x) 1.3 1.3 1.1
Lv/L8l1uA (x) 10.8 9.0 7.1
8CL () 27.7 23.3 24.8
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11Lh AugusL, 2011 7| a g e
Ldelwelss 8esearch
I1C Ltd (I1CL1D)
Iundamenta| 8U
CM - 199
Sector Mkt Cap ( Cr.) S2W n|gh S2W Low
lMCC 1,32,778 211 149
lavourable macroeconomlc drlvers such as Cu and populaLlon growLh, coupled wlLh rlslng lncome
levels and llfesLyle changes Lo drlve Lhe lMCC markeL growLh ln lndla. Low peneLraLlon and low per
caplLa dally consumpLlon offers room for furLher growLh. lncreaslng rural peneLraLlon Lo urban
peneLraLlon levels presenLs anoLher growLh opporLunlLy, mulLlple usage of producLs offer furLher
upslde. lMl expecLs Lhe lndlan economy Lo be ~uSu 2.0 Ln by l?13. Assumlng lMCC spend/Cu
Lrend Lo conLlnue, we expecL Lhe lMCC markeL Lo cross Lhe 2 Ln mark by 2013, from ~ 1 Ln
currenLly
l1C ls one of Lhe largesL lMCC companles ln lndla wlLh buslnesses spannlng clgareLLes, hoLels, paper
and packaglng, and agrl-commodlLles. 8ecenLly, lL has seL up a branded foods dlvlslon wlLh producLs
such as sLaples, confecLlonery, and blsculLs. 1hough Lhe clgareLLes dlvlslon ls sLlll Lhe ma[or source of
revenue, oLher buslnesses have grown over Lhe years, conLrlbuLlng ~49 Lo neL sales and ~34 Lo
gross sales ln l?10.
l1C's prlclng power ls sLrong due Lo relaLlvely lnelasLlc demand proflle of clgareLLes and Lhe
company's ~80 markeL share. 1hls LranslaLes lnLo lncreaslng marglns for l1C as compared Lo any
oLher lMCC company. ClgareLLes volume growLh of 8 ln C1l?12 surprlsed poslLlvely agalnsL our
expecLaLlon of 6. We expecL clgareLLes volume growLh Lo be 6-7 wlLh upward blas for l?12.
1he e-cboopol neLwork esLabllshed by l1C glves lL a phenomenal sourclng edge, whlch can help lL
Lransform lnLo a reLalllng glanL. 1he demand-supply condlLlons are ln favor of Lhe paper buslnesses,
as Lhe new supply wlll [usL be sufflclenL Lo meeL Lhe addlLlonal demand. WlLh Lhe lndlan economy
slaLed Lo grow aL abouL 8 for l?11L, we expecL clgareLLes volumes Lo conLlnue Lo wlLness growLh
momenLum. 1he lMCC dlvlslon ls expecLed Lo scale up and Lurn proflLable ln l?13, conLrlbuLlng
poslLlvely Lo Lhe boLLom llne, golng forward.
Income Statement ( mn) 8a|ance Sheet ( mn)
ear to March I11 I12L I13L
neL 8evenues 2,22,737 2,60,776 3,03,837
L8l1uA 74,077 88,092 1,04,839
81 74,349 90,638 1,07,030
neL proflL 30,179 61,261 72,349
LS 6.6 8.0 9.4
8ook value 21.7 23.2 26.0
ear to March I11 I12L I13L
1,64,621 1,79,391 2,01,477
8orrowed funds 1,246 1,046 846
Sources of lunds 1,73,233 1,90,678 2,13,123
neL 8lock 91,493 98,828 1,03,382
lnvesLmenLs 48,678 48,678 48,678
neL currenL asseLs 21,438 29,347 43,439
uses of lunds 1,73,233 1,90,678 2,13,123
Growth kat|os () Va|uat|ons
ear to March I11 I12L I13L
8evenues 16.4 17.1 16.3
L8l1uA 17.1 18.9 19.0
81 19.0 21.9 18.1
neL proflL 20.4 21.9 18.1
LS 20.4 20.3 18.1
ear to March I11 I12L I13L
ulluLed L (x) 29.8 24.6 20.9
rlce/8v (x) 9.2 8.6 7.7
Lv/Sales (x) 7.0 6.1 3.2
Lv/L8l1uA (x) 21.0 18.0 14.0
8CAL () 33.0 36.0 39.0
CAS 8esearch uesk
11Lh AugusL, 2011 8| a g e
Ldelwelss 8esearch
D|sc|a|mer
1hls documenL has been prepared by Ldelwelss Web Servlces LlmlLed (Ldelwelss). Ldelwelss, lLs holdlng company and assoclaLe companles are
a full servlce, lnLegraLed lnvesLmenL banklng, porLfollo managemenL and brokerage group. Cur research analysLs and sales persons provlde
lmporLanL lnpuL lnLo our lnvesLmenL banklng acLlvlLles. 1hls documenL does noL consLlLuLe an offer or sollclLaLlon for Lhe purchase or sale of any
flnanclal lnsLrumenL or as an offlclal conflrmaLlon of any LransacLlon. 1he lnformaLlon conLalned hereln ls from publlcly avallable daLa or oLher
sources belleved Lo be rellable, buL we do noL represenL LhaL lL ls accuraLe or compleLe and lL should noL be relled on as such. Ldelwelss or any
of lLs afflllaLes/ group companles shall noL be ln any way responslble for any loss or damage LhaL may arlse Lo any person from any l nadverLenL
error ln Lhe lnformaLlon conLalned ln Lhls reporL. 1hls documenL ls provlded for asslsLance only and ls noL lnLended Lo be and musL noL alone be
Laken as Lhe basls for an lnvesLmenL declslon. 1he user assumes Lhe enLlre rlsk of any use made of Lhls lnformaLlon. Lach reclplenL of Lhls
documenL should make such lnvesLlgaLlon as lL deems necessary Lo arrlve aL an lndependenL evaluaLlon of an lnvesLmenL ln Lhe securlLles of
companles referred Lo ln Lhls documenL (lncludlng Lhe merlLs and rlsks lnvolved), and should consulL hls own advlsors Lo deLermlne Lhe merlLs
and rlsks of such lnvesLmenL. 1he lnvesLmenL dlscussed or vlews expressed may noL be sulLable for all lnvesLors. We and our afflllaLes, group
companles, offlcers, dlrecLors, and employees may: (a) from Llme Lo Llme, have long or shorL poslLlons ln, and buy or sell Lhe securlLles Lhereof,
of company (les) menLloned hereln or (b) be engaged ln any oLher LransacLlon lnvolvlng such securlLles and earn brokerage or oLher
compensaLlon or acL as advlsor or lender/borrower Lo such company (les) or have oLher poLenLlal confllcL of lnLeresL wlLh respecL Lo any
recommendaLlon and relaLed lnformaLlon and oplnlons. 1hls lnformaLlon ls sLrlcLly confldenLlal and ls belng furnlshed Lo you solely for your
lnformaLlon. 1hls lnformaLlon should noL be reproduced or redlsLrlbuLed or passed on dlrecLly or lndlrecLly ln any form Lo any oLher person or
publlshed, copled, ln whole or ln parL, for any purpose. 1hls reporL ls noL dlrecLed or lnLended for dlsLrlbuLlon Lo, or use by, any person or enLlLy
who ls a clLlzen or resldenL of or locaLed ln any locallLy, sLaLe, counLry or oLher [urlsdlcLlon, where such dlsLrlbuLlon, publlcaLlon, avallablllLy or
use would be conLrary Lo law, regulaLlon or whlch would sub[ecL Ldelwelss and afflllaLes/ group companles Lo any reglsLraLlon or llcenslng
requlremenLs wlLhln such [urlsdlcLlon. 1he dlsLrlbuLlon of Lhls documenL ln cerLaln [urlsdlcLlons may be resLrlcLed by law, and persons ln whose
possesslon Lhls documenL comes, should lnform Lhemselves abouL and observe, any such resLrlcLlons. 1he lnformaLlon glven ln Lhls documenL ls
as of Lhe daLe of Lhls reporL and Lhere can be no assurance LhaL fuLure resulLs or evenLs wlll be conslsLenL wlLh Lhls lnformaLlon. 1hls
lnformaLlon ls sub[ecL Lo change wlLhouL any prlor noLlce. Ldelwelss reserves Lhe rlghL Lo make modlflcaLlons and alLeraLlons Lo Lhls sLaLemenL
as may be requlred from Llme Lo Llme. Powever, Ldelwelss ls under no obllgaLlon Lo updaLe or keep Lhe lnformaLlon currenL. neverLheless,
Ldelwelss ls commlLLed Lo provldlng lndependenL and LransparenL recommendaLlon Lo lLs cllenL and would be happy Lo provlde any
lnformaLlon ln response Lo speclflc cllenL querles. nelLher Ldelwelss nor any of lLs afflllaLes, group companles, dlrecLors, employees, agenLs or
represenLaLlves shall be llable for any damages wheLher dlrecL, lndlrecL, speclal or consequenLlal lncludlng losL revenue or losL proflLs LhaL may
arlse from or ln connecLlon wlLh Lhe use of Lhe lnformaLlon. asL performance ls noL necessarlly a gulde Lo fuLure performance. 1he dlsclosures
of lnLeresL sLaLemenLs lncorporaLed ln Lhls documenL are provlded solely Lo enhance Lhe Lransparency and should noL be LreaLed as
endorsemenL of Lhe vlews expressed ln Lhe reporL. Ldelwelss Web Servlces LlmlLed generally prohlblLs lLs analysLs, persons reporLlng Lo
analysLs and Lhelr dependenLs from malnLalnlng a flnanclal lnLeresL ln Lhe securlLles or derlvaLlves of any companles LhaL Lhe analysLs cover.
1he analysL for Lhls reporL cerLlfles LhaL all of Lhe vlews expressed ln Lhls reporL accuraLely reflecL hls or her personal vlews abouL Lhe sub[ecL
company or companles and lLs or Lhelr securlLles, and no parL of hls or her compensaLlon was, ls or wlll be, dlrecLly or lndlrecLly relaLed Lo
speclflc recommendaLlons or vlews expressed ln Lhls reporL. l. noLe LhaL MuLual lund lnvesLmenLs are sub[ecL Lo markeL rlsks, read Lhe offer
documenL carefully of Lhe respecLlve schemes before lnvesLlng for full undersLandlng and deLall. klndly read Lhe 8lsk ulsclosure uocumenLs
carefully before lnvesLlng ln LqulLy Shares, uerlvaLlves, CommodlLles or oLher lnsLrumenLs. 1he lnformaLlon provlded ln Lhese reporLs remalns,
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properLy and copyrlghL Ldelwelss and may noL be used ln any form or for any purpose whaLsoever by any parLy wlLhouL Lhe express wrlLLen
permlsslon of Lhe copyrlghL holders.
who ls noL Lhe
orlglnal lnLended reclplenL. lf you have erroneously recelved Lhls message, please deleLe lL lmmedlaLely and noLlfy Lhe sender. 1he reclplenL
acknowledges LhaL Ldelwelss Web Servlces LlmlLed. [LWSL] or lLs subsldlarles and assoclaLed companles, as Lhe case may be, ar e unable Lo
exercl furLher
acknowledges LhaL any vlews expressed ln Lhls message are Lhose of Lhe lndlvldual sender and no blndlng naLure of Lhe message shall be
lmplled or assumed unless Lhe sender does so expressly wlLh due auLhorlLy of LWSL or lLs subsldlarles and assoclaLed companles, as appllcable.
1he message ls noL lnLended as an offer or sollclLaLlon for Lhe purchase or sale of any flnanclal lnsLrumenL/securlLy or as an offlclal conflrmaLlon
of any LransacLlon. 8efore openlng any aLLachmenLs please check Lhem for vlruses and defecLs.
1hls servlce / lnformaLlon ls sLrlcLly confldenLlal and ls belng furnlshed Lo you solely for your lnformaLlon. 1hls lnformaLlon should noL be
reproduced or redlsLrlbuLed or passed on dlrecLly or lndlrecLly ln any form Lo any oLher person or publlshed, copled, ln whol e or ln parL, for any
purpose. 1hls servlce / lnformaLlon ls noL dlrecLed or lnLended for dlsLrlbuLlon Lo, or use by, any person or enLlLy who ls a clLlzen or resldenL of
or locaLed ln any locallLy, sLaLe, counLry or oLher [urlsdlcLlon, where such dlsLrlbuLlon, publlcaLlon, avallablllLy or use would be conLrary Lo law,
regulaLlon or whlch would sub[ecL LWSL and afflllaLes/ group companles Lo any reglsLraLlon or llcenslng requlremenLs wlLhln such [urlsdlcLlon.
1he dlsLrlbuLlon of Lhls documenL ln cerLaln [urlsdlcLlons may be resLrlcLed by law, and persons ln whose possesslon Lhls documenL comes,
should lnform Lhemselves abouL and observe, any such resLrlcLlons.