Windmill Capital Private Limited (hereinafter referred to as “the Company”) is a SEBI registered Research Analyst having registration number - INH200007645 under SEBI (Research Analyst) Regulations, 2014.The registered address of the company is No 51 Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore, Karnataka – 560025. The Company is involved in research activities in Indian capital markets.

The Company has neither been suspended nor debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has its certificate of registration been cancelled by SEBI at any point of time.

The Company is not engaged in merchant banking, investment banking or any brokerage services.

Unless otherwise stated, the percentage returns displayed on the website or any other marketing materials are Absolute Returns.

Reports or research material prepared by the company 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 the company do not constitute a personal recommendation or take into account the particular investment objectives, financial situations, risk profile and needs of individual clients.

The content and data available in the material prepared by the company and on the website of the company, 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 Company.

"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 company and on the website of the company 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. Investor should understand that his/her investment decision is based on personal investment needs and risk tolerance, and information present in the material prepared by the company and on the website of the company is one among many other things that should be considered while making an investment decision.

Past performance does not guarantee future returns and performances of the portfolios created by the company are subject to market risk. Investments in 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, directors, and employees, Research Analyst (including relatives) worldwide 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 company or (b) may have other potential/material conflict of interest with respect to any company(ies) in various products or reports created by the company.Any such positions of conflict of interest will be appropriately disclosed and dealt with in accordance with applicable law.

The Company does not provide any promise or assurance of 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 company 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 company. No part of this material may be duplicated in any form and/or redistributed without the prior written consent of the Company.

Details of our Associates – Smallcase Technologies Private Limited (Holding Company) bearing CIN: U74900KA2015PTC081722 with its registered office at No 51, 3rd Floor, Le ParcRichmonde Richmond Road, Shantala Nagar Bangalore, 560 025.

Research Analyst Disclosures.

Research Analyst has served as an officer, director or employee of subject company(ies): No
We or our associates may have received compensation from the subject company(ies) in the past 12 months.
We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No
We or our associates have not received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months.
We or our 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 12 months.
We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the products or reports created by the company. Our associates may have financial interest in the subject company(ies).
Research Analyst or his/her relative's financial interest in the subject company(ies): No
The company has 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 company: No
Nature of financial interest is holding of equity shares or derivatives of the subject company - Our 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 company.
The subject companies may have been a client during the twelve months preceding the development and/or publication of products or reports created by the company and has received any compensation for services rendered to such subject company.
Research Analyst or his/her relatives has 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 company.: No
The Company has 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 company: No
The employees of the Company are permitted to transact in Exchange Traded Funds (ETF’s) without any restrictions upto a specified limit in accordance with Company Policy. Intra-day transactions in ETF’s are however, not permitted.

Registered office of Windmill Capital Private Limited-

No 51 Le Parc Richmonde,

Richmond Road, Shanthala Nagar,

Bangalore, Karnataka – 560025.

SEBI Research Analyst INH200007645

CIN - U74999KA2020PTC132398

Tel - +918041279566

Support - Contact us at support@windmill.capital for any queries and assistance

All grievances should be addressed to our grievance officer Mr Ajoy Bharadwaj using compliance@windmill.capital

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