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Disclaimer<br />

The <strong>in</strong>formation conta<strong>in</strong>ed <strong>in</strong> this report is of a general nature and is not <strong>in</strong>tended to address the circumstances of<br />

any particular <strong>in</strong>dividual or entity. No one should act on such <strong>in</strong>formation without appropriate professional advice after a<br />

thorough exam<strong>in</strong>ation of the particular situation.<br />

Although we have attempted to provide correct and timely <strong>in</strong>formation, there can be no guarantee that such <strong>in</strong>formation<br />

is correct as of the date it is received or that it will cont<strong>in</strong>ue to be correct <strong>in</strong> the future.<br />

The report conta<strong>in</strong>s <strong>in</strong>formation obta<strong>in</strong>ed from the public doma<strong>in</strong> or external sources which have not been verified<br />

for authenticity, accuracy or completeness.<br />

Use of companies’ / banks’ names <strong>in</strong> the report is only to exemplify the trends <strong>in</strong> the <strong>in</strong>dustry. We ma<strong>in</strong>ta<strong>in</strong> our<br />

<strong>in</strong>dependence from such entities and no bias is <strong>in</strong>tended towards any of them <strong>in</strong> the report.<br />

Our report may make reference to ‘KPMG Analysis’; this merely <strong>in</strong>dicates that we have (where specified) undertaken<br />

certa<strong>in</strong> analytical activities on the underly<strong>in</strong>g data to arrive at the <strong>in</strong>formation presented; we do not accept responsibility<br />

for the veracity of the underly<strong>in</strong>g data.<br />

In connection with the report or any part thereof, KPMG does not owe duty of care (whether <strong>in</strong> contract or <strong>in</strong><br />

tort or under statute or otherwise) to any person / party to whom / which the report is circulated to and KPMG<br />

shall not be liable to any such person / party who / which uses or relies on this report. KPMG thus disclaims all<br />

responsibility or liability for any costs, damages, losses, liabilities, expenses <strong>in</strong>curred by any such person / party aris<strong>in</strong>g<br />

out of or <strong>in</strong> connection with the report or any part thereof.<br />

By read<strong>in</strong>g the report the reader shall be deemed to have accepted the terms mentioned above.<br />

© 2016 KPMG, an <strong>India</strong>n Registered Partnership and a member firm of the KPMG network of <strong>in</strong>dependent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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