Disclaimer

Kotak Mahindra Bank (“Kotak”) and CRISIL Research, a division of CRISIL Limited (“CRISIL”) have taken due care and caution in preparing this Report. Information has been obtained by Kotak and CRISIL from sources which they consider reliable, including information developed in house. However, Kotak and CRISIL do not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions or for the results obtained from the use of such information. For data reference to any third party in this material, no such party will assume any liability for the same.Kotak and CRISIL are not liable for investment decisions, which may be based on the views expressed in this Report and the recipient alone shall be fully responsible / are liable for any decision taken on the basis of the material contained in this Report. Kotak and CRISIL especially state that they have no liability whatsoever to the subscribers / users / transmitters / distributors of this Report for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner.

CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division, which may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research.

No part of this Report may be published / reproduced in any form without prior written approval from Kotak and CRISIL. This Report is meant for information purpose only. Persons into whose possession this Report may come are required to observe these restrictions.