Spark Capital Disclaimer
Spark Capital Advisors (India) Private Limited (Spark Capital) and its affiliates are engaged in investment banking, investment advisory and institutional equities. Spark Capital is registered with SEBI as a Stock Broker, corporate member on the Bombay Stock Exchange and National Stock Exchange and Category I Merchant Banker. We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in the last five years. We have not been debarred from doing business by any Stock Exchange/SEBI or any other authorities, nor has our certificate of registration been cancelled by SEBI at any point of time.
Spark Capital has two wholly owned subsidiaries (1) Spark Family Office and Investment Advisors (India) Private Limited which is engaged in the services of providing investment advisory services and is registered with SEBI as Investment Advisor and (2) Spark Alternative Asset Advisors India Private Limited engaged in the business of Category II Alternate Investment Fund. Spark Capital have two more subsidiaries (1) Spark Fund Managers Private Limited which is engaged in the business of Portfolio Management Services and is registered with SEBI (2) Spark Fund Advisors LLP registered with SEBI as Category III Alternate Investment Fund which was originally an associate entity and became subsidiary with effect from August 01, 2018. Spark Capital also has an associate company Spark Infra Advisors (India) Private Limited which is engaged in the business of providing infrastructure advisory services.
Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. 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 law, regulation or which would subject Spark Capital and/or 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 a certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such applicable restrictions. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
Spark Capital makes no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document. Spark Capital , its affiliates, and the employees of Spark Capital and its affiliates may, from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report.
This report has been prepared on the basis of information, which is already available in publicly accessible media or developed through an independent analysis by Spark Capital. While we would endeavour to update the information herein on a reasonable basis, Spark Capital and its affiliates are under no obligation to update the information. Also, there may be regulatory, compliance or other reasons that prevent Spark Capital and its affiliates from doing so. Neither Spark Capital nor its affiliates or their respective directors, employees, agents or representatives shall be responsible or liable in any manner, directly or indirectly, for views or opinions expressed in this report or the contents or any errors or discrepancies herein or for any decisions or actions taken in reliance on the report or the inability to use or access our service in this report or for any loss or damages whether direct or indirect, incidental, special or consequential including without limitation loss of revenue or profits that may arise from or in connection with the use of or reliance on this report.
Spark Capital and/or its affiliates and/or employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, Spark Capital has incorporated a disclosure of interest statement in this document. This should however not be treated as endorsement of views expressed in this report:
Disclosure of interest statement
Details of Financial Interest of Research Entity [Spark Capital Advisors (India) Private Limited] and its Associates
No
Details of Financial Interest of covering analyst/ and his relatives
No
Investment banking relationship with the company covered
No
Any other material conflict of interest at the time of publishing the research report by Spark and its associates
No
Receipt of compensation by Spark Capital or its Associate Companies from the subject company covered for in the last twelve months: Managing/co-managing public offering of securities ; Investment banking/merchant banking/brokerage services ; Products or services other than those above in connection with research report; Compensation or other benefits from the subject company or third party in connection with the research report
No
Whether covering analyst has served as an officer, director or employee of the subject company covered
No
Whether the Spark and its associates has been engaged in market making activity of the Subject Company
No
Whether the research entity or its associates, has actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report
No
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensations was, is or will be, directly or indirectly, related to the specific recommendation or views expressed in the report.
Additional Disclaimer for US Institutional Investors
This report was prepared, approved, published and distributed by Spark Capital Advisors (India) Pvt. Ltd a company located outside of the United States (a “non-US Group Company”). This report is distributed in the U.S. by LXM LLP USA, a U.S. registered broker dealer, on behalf of Spark Capital Advisors (India) Pvt. Ltd only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in this report must be effected through LXM LLP USA.
Neither the report nor any analyst who prepared or approved the report is subject to U.S. legal requirements or the Financial Industry Regulatory Authority, Inc. (“FINRA”) or other regulatory requirements pertaining to research reports or research analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a member of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.
Analyst Certification. Each of the analysts identified in this report certifies, with respect to the companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. Please bear in mind that (i) Spark Capital Advisors (India) Pvt. Ltd is the employer of the research analyst(s) responsible for the content of this report and (ii) research analysts preparing this report are resident outside the United States and are not associated persons of any US regulated broker-dealer and that therefore the analyst(s) is/are not subject to supervision by a US broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.
Important US Regulatory Disclosures on Subject Companies. This material was produced by Spark Capital Advisors (India) Pvt. Ltd solely for information purposes and for the use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the United States of America by LXM LL P USA and elsewhere in the world by Spark Capital Advisors (India) Pvt. Ltd or an authorized affiliate of Spark Capital Advisors (India) Pvt. Ltd . This document does not constitute an offer of, or an invitation by or on behalf of Spark Capital Advisors (India) Pvt. Ltd or its affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which Spark Capital Advisors (India) Pvt. Ltd or its Affiliates consider to be reliable. None of Spark Capital Advisors (India) Pvt. Ltd accepts any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the foregoing provisions.
LXM LLP USA assumes responsibility for the research reports content in regards to research distributed in the U.S. LXM LLP USA or its affiliates has not managed or co-managed a public offering of securities for the subject company in the past 12 months, has not received compensation for investment banking services from the subject company in the past 12 months, does not expect to receive and does not intend to seek compensation for investment banking services from the subject company in the next 3 months. LXM LLP USA has never owned any class of equity securities of the subject company. There are not any other actual, material conflicts of interest of LXM LLP USA at the time of the publication of this research report. As of the publication of this report LXM LLP USA, does not make a market in the subject securities.
Additional Disclaimer for UK Investors
Spark Capital’s research, including the recommendations recorded therein, have been objectively prepared from public sources which it believed to be reliable and therefore constitutes independent investment research, and is presented as such. Note that Spark Capital has concluded a hosting agreement with Avior Capital Markets International Limited (“ACMI”), regulated by the FCA (191074), pursuant to which ACMI has appointed an approved representative, acting under supervision, to promote and market the products and research of Spark Capital, and to provide investment advice in respect thereof to the extent permissible, and in return for which Spark Capital pays a monthly fee and commissions earned on certain qualifying transactions to ACMI. Spark Capital’s research reports, including any recommendations in respect thereof, may only be distributed to, and relied on by, qualifying investors, who are permitted to receive same in the UK. A list of Spark Capital’s research reports disseminated in the UK over the past 12 months is available on request.
This material produced by Spark Capital is solely for information purposes only and for the personal use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the UK by the representative appointed by ACMI and elsewhere in the world by Spark Capital or an authorized affiliate of Spark Capital. This document does not constitute an offer of, or an invitation by or on behalf of Spark Capital or its affiliates or any other company to any person, to buy or sell any security.
Spark Capital or its affiliates does not accept any liability or responsibility whatsoever for the accuracy or completeness of any information contained in its research reports. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations.
Save as specifically disclosed otherwise, Spark Capital’s relationship with ACMI is not reasonably expected to: (i) impair the objective presentation of the recommendations in respect of in the research report, including any interests or conflicts of interest concerning any financial instruments or the issuers to which the recommendations, directly or indirectly, relate. The research report is deemed to be first disseminated at the date and time recorded on Spark Capital’s distribution platform or data network, and which information is available on request.
ACMI does not assume any responsibility, or liability of any nature whatsoever, arising from or in connection with the contents, use, reliance or dissemination of Spark Capital’s research or any recommendation in respect thereof and disclaims any such liability.
Absolute Rating Interpretation
BUY
Stock expected to provide positive returns of >15% over a 1-year horizon
ADD
Stock expected to provide positive returns of >5% – 15% over a 1-year horizon
REDUCE
Stock expected to provide returns of 5% – -10% over a 1-year horizon
SELL
Stock expected to fall >10% over a 1-year horizon
SPARK CAPITAL ADVISORS | Board: +91.44. 4344 0000 | www.sparkcapital.in
Spark Capital Advisors (India) Pvt. Ltd. is a SEBI registered Research Analyst bearing SEBI Registration No. INH200001459