CNI Publications; Weekly Plattern

Weekly summary

Vol -1, No-I, 20 Mar, 2015, 10 pages

Editorial
FII bought and yet market down so every 1 is
interested in knowing the reason.

Change of the week

Gumnaam hai koi....badnaam hai koi Kisko khabar

kaun hai won anjaan hai koi.
Both FIIs and domestic MFs were buyers and yet the
markets just sold off. The seller seems to be getting
away all the time and investors are defenseless. Mere
bystanders, hapless ones losing sleep and money
whilst the perpetrator goes Scot free. Only to
comeback and put on the screws again.
What is it? Some vendetta or is he trying to tell
everyone see I can move the market at will. Both
these situations will not show India in a favorable
light. So is this Ghost anti India? It is like our
neighbor, fighting a proxy war. Such repeated
occurrences will put off large global investors, saying
either the markets lack depth or are too volatile.
Economic terrorism? And authorities quietly unaware.
When everything is rosy and good, the Fed was
dovish and the figures show good buying this ghost
comes, shoots and scoots.

20-Mar-15

Rise /Gain

Sensex

28261

247

Nifty

8647

77

FII

DII

16-Mar-15

(697.6)

158.6

17-Mar-15

333.0

(243.6)

18-Mar-15

(462.3)

(882.9)

19-Mar-15

1488.4

53.4

20-Mar-15

354.5

(219.2)

1016.6

1133.7

Total

Turnover (` Cr)
Another reason could be this ghost knows more than
all of us put together and has the ability to time and
again defy the markets. This solely based on his
information. If so this is blatant and unfair.
FII DII and GHOST are the three idiots of the
STREET. 2 are visible in their nos and third one is
real GHOST which controls the market. FII and DII
are fully aware that there is a GLOST and they may
know the movement of the GHOST hence they do not
panic though retail try to search answer for the same.

FII

DII

Combined

20-Mar-15

53,553.1

16,293.4

69,846.5

20-Mar-15

Advances
264

Declines
1181

Ratio
0.22

The current derivatives system is designed to help all

the 3 idiots and not pro retail investors. Even IPO
market is anti retail as most of the IPO are for 300 to
700 crs range and not for 50 to 100 crs range.

Cni Research Limited

www.cniglobalbiz.com

A lot of unanswered questions but it is only our love

for India that keeps us going. This love and now hope
in the new govt policies may make our future
brighter...lower oil, lower inflation, lower interest rates
and higher growth rate ,greater interest in India will
propel the markets to newer and higher highs.
Regardless of the ghost. One day the markets will get
wiser and get the better of him. We also must put our
bit into it and make the markets impervious of such
raids, jaago soneywalon soono meri kahani....
The only way retail can beat all of the 3 is to take their
own decisions, to tide against the wind and to
become patient and long term investors.
THE GHOST mystery never resolved and will never
get resolved so long as there is no physical
settlement in the derivatives. Someone has put this to
MODIJI and if some action is taken in this regard then
for sure INDIAN retail will get their respect back.
The US Fed has once again poured water over the
USD bulls. Sounding very dovish, as expected, as
written in this same space, for the same reasons we
had enumerated.

circle it is completely undistinguishable from the

original. That is what has happened in the last week...

5 Top Gainer
Stock

20-Mar-15

16-Mar-15

VATECH WABA

1886.9

1665

13.3

RASOYA PROTEIN

0.67

0.61

9.8

DEN NETWORK

125.4

114.5

9.4

RAJESH EXPORT

208.2

191.1

8.9

IIFL

187.9

172.4

8.9

5 Top Losers
Stock

20-Mar-15

16-Mar-15

KPIT

193.2

211.4

8.6

JINDAL STE

174.0

186.3

6.5

THERMAX

1184.1

1264.4

6.3

RENUKA SUGAR

13.7

14.6

6.1

FSL

29.0

30.9

5.9

% Loss

Top 5 Picks By CNI 'A' Group

It has still left some room by removing the word

patient as far as interest rates go. Ms Yellen also said
removing the word patient does not mean we are
impatient. Promptly metals,euro,yen and oil all
advances. Justifiably...so. More to come today as
EMs too heave a sigh of relief. The first rate hike is
likely to happen in fall...come September(also a
film)and we hate to say it that this too we had said
earlier.

Company

Post the advance tax selling and after this event the
market will consolidate. Major activity will take off post
the fiscal year-end. Many small and mid caps have
fallen in this month...thanks to year end pressures
and brokers unwilling to carry forward any positions
into the new fisc. Many stories of doom and gloom
heard...rumours obviously and they remain to be that.
It is human nature to believe in anything adverse said
about another human being. That single piece of
gossip or rumor gets a new dimension as it does
its rounds of Chinese whispers(not referring to
napkins, yes)and by the time it comes back a full

Top 5 Picks By CNI 'B' Group

Cni Research Limited

% Gain

REL
PNB
SBI
TATA STEEL
HERO HONDA

Company

www.cniglobalbiz.com

GLOBAL OFFSHORE
KINETIC ENG
RASI ELECTRODES
CMI
NUTRAPLUS

Just for our readers...nobody is under water, underground...all are living happily, cheerfully and due to the
years of experience in the market actually enjoying this round of Chinese whispers. Am sure soon will have a
new story to tell and will be able to proudly tell their grandchildren how they thrived in a blitzkrieg meant to wipe
them off. To end what we began with...pinjare mein chal ke aajaata hai shikar....kaatil pe bhi kabhi aajaata hai
pyar....
Nifty is on course to test 12000 in 2015. Now accumulate as MARCH pain is over and all rumours going to
dogs. It seems some big speculator short trapped in OIL stock which he had borrowed and sold in market. Let
us see how these stocks pan out now. Buy E and P and support stocks. Avoid RIGS which cater to shallow
water as that technology is now old.
Margin funding pain is over today. Investors are now can have sigh of relief. This will be huge plus for retail
investors in B gr shares.
As regards Nifty I believe we will close at 9000 plus in March. Tom after FED statement market will see new
height. We will see heavy to heavy short covering. Few big bouys are heavily short against FII wishes and FII
are going long every day. So watch the fire crackers. Century now could be a different ball game now as it has
gone into band. One man army is up to something in Century as it is his favourite counter. I will not spell out
here even though I know some hints.
Govt giving huge importance to OIL industry. They have announced Rs 6800 crs for in 1.5 lac hector new
survey area for OIL find. Shallow water technology is now outdated. Bombay offshore oil reservoir has
depleted below 20% and hence the cost of extraction will be heavy and uneconomical for shallow water
exploration. Even Dubai Govt has said that there OIL reserves have depleted. Our neighbour Bangla Desh has
announce last week 18 new oil blocs for deep water offshore exploration. Indian ONGC opened tender for 15
new deep water offshore vessels. ( doubt whether they will get it as there is no big co owning deep water
offshore vessels.)
These changes have happened only after G E USA said in OCT 2014 that Indian oil reservoirs is equivalent to
GCC countries. TOTAL has come in INDIA in a big way and also opened huge nos of pumps in Himachal
Pradesh. But question is where is the OIL coming for ...?
Please refer Govt announcement flashed in our R I section. In last 2para Govt expressed concern as to why
MNC are not coming to INDIA for E and P operations. This clearly hints at Govt intention to give NELP blocs
now to MNC and may be TOTAL entry was a pre cursor.
This is industry view. Rest is your call. No one in INDIA understands this industry and by the time they
understand this it may be too late.
I will not speak about the stock.
I feel Nifty is heading for 12000 in 2015. I repeat. BOAM has announced ( refer E T ) Sensex target of 54000 in
2018 which I believe will happen. Now it is up to you where and how to built your wealth. You did not take my
advise at 6000 when no 1 was even seeing 9000 which I told you time and again.
Please note I have only one vested interest and that is to guide you correctly.
From APRIL CNI will become more active and aggressive in A gr calls as we knew last 3 months was not good
for traders and we did well by not initiating too many calls.
Indian markets were playing negative tune thanks to MARCH pain though entire global scenario is very bullish.
Yesterday even U K said India is more apt for investment.IMF gone on record saying India GDP will cross
JAPAN and Germany combine GDP. Then why Indian markets falling...?

Cni Research Limited

www.cniglobalbiz.com

We had been telling all along that INDIAN markets are controlled by some strong hands and there is no level
playing. These strong hands have played a trick. They are short in INDIAN markers pre budget even against
FII buying and their objective is not making losses through shorting but making you exit in each and every
counter.
See IPO market. There were 21 IOP's in last 3 years. All the 3 IPO were for 300 to 800 crs where
concentration of HNI is more. There is no retail investors who bid for the IPO. We need to see IPO of size less
than Rs 100 crs and that too for Rs 10 to 20 kind IPO which will bring back INDIAN retail. Till that time our
markets will be FII driven.
I personally see Nifty crossing 12000 in next 12 to 18 months which could be the real reason for strong hands
using MARCH phenomenon where even brokers have helped them by using the closure of accounts on 8th
March itself instead of 28th March 2015.
There is no need to panic in the market and I suggest invest in quality stocks as there is no change in my
vision.
The correction should be considered as GOD gifted opportunity to buy dips
Nifty corrected 550 pts. Many stocks are seeing tremendous selling like there no tomorrow for such stock. We
advise to accumulate such stocks as same will give you huge profits on reversal.
Pain in midcap stocks will continue until 27 March

Cni Research Limited

www.cniglobalbiz.com

Next Weeks Events

GLOBAL STORY
Last 2 days leading pink paper is showing how the
mid caps and small caps have corrected and the
reason assigned is earning. We beg to differ. The
earning fiasco was known to the street managers
and hence pulling prices in speculative bids at the
first place was not at all warranted.

Monday, 23-Mar-2015
Existing Home Sales
4-Week Bill Announcement
Tuesday,24-Mar-2015
Consumer Price Index
New Home Sales
Wednesday,25-Mar-2015
Durable Goods Sales
EIA Petroleum Status
Thursday,26-Mar-2015
Jobless Claim
Friday, 27-Mar-2015
GDP
Consumer Sentiment

At the same time we do not see any problem with

this phenomenon. This is a typical MARCH pain
where brokers close the funding book and by
natures in INDIA we have less investor and more
traders cum speculators. The first question we hear
from our 75 K members what is the INTRA day
tip...? No wonder they earn on 1 day and lose 9
days out of 10 intraday calls.
Those who travel from VIRAR or for that matter
DOMBIVALI with a monthly salary of Rs 15000 pm
decide the trend of the market. They have in fact a
printed calendar sort of instrument which gives
those supports and resistances. They do not play
but they make others play on it simply because
they know very well that Rs 15000 salary is not
enough to take the hit for even one day.
However those who play with these instruments
(many come on wire channels and give such tips
without daring to play themselves) have to acumen
to apply some rationale to their financial assets. At
the same time those control the market have
strength of billions of dollars and pay as high as Rs
1 to 5 crs a month to their chartist. This explains
who will win the battle.
We have known an educated trader who has
amassed wealth over Rs 500 crs by doing simple
maths in the street. His only passion is to check
what everyone talks about a particular stock. If 95
out of 100 says go long and he just close his eyes
and sells short left right and centre because he
surely knows that these 95 idiots are going to bail
him
out
at
the
time
of
expiry

Cni Research Limited

www.cniglobalbiz.com

Above all there is no physical settlement which makes his very sure that the position has to be squared off at
the end of the settlement by these 95 traders if the mark to market is beaten badly So the target remains mark
to market of the stock. That is why stock like INDIA Cement Century corrects 30% in a settlement and bounce
back 30% in the next settlement once all the stock losses are killed. This 30% is 10 times higher than the
investment returns sought by many huge funds globally.
How can then you ignore INDIA...? No way.
Yesterday KOLKATA books were settled hence there was lot of unwinding which explains as to why markets
were falling even though FII were buying. Now on Thursday the annual accounts will be settled. Lot of counters
are seeing change of hands to take advantage of tax. e f many traders have muted bull run in the sense could
get profits in some stocks and losses in some and they do not want to pay taxes hence they will make sure
they change hands of stocks where they are in losses so that they can set off gains with losses.
Thus in all, the adjustment period will be over with coming Thursday and Friday could first day for taking fresh
positions. From MONDAY brokers will open their funding book again. Therefore in our belief those who are
sitting with piles of cash this is a golden opportunity to buy many stocks which will give 30% returns in 3 to 60
days which you otherwise expect in a year.
There is nothing wrong fundamentally. One school of thought will always tell you that 21 PE is expensive
hence market should correct by 10%. In fact, there are some failed foreign analysts which always give contrary
guidelines are included in this. They had said Sensex will test 3000 post LEHMAN and 11000 is history which
was countered by our DEAR CHAKRY at that time.
Even today our CHAKRY counters them and says we will see Nifty 12000 in 2015 itself. Why...?
The market cap to GDP in 2007 was 134% which has now come down to 82%
GDP growth rate came down from 9.5 pc to 7 pc
Credit growth has come down from 22 pc to 11 pc
IIP came down from 10.22pc to 1.72pc
Sensex pe from 27.67 pc to 19.9 pc
Also there is marked improvement in the F deficit. Rate cut cycle has just started which will help India to regain
9.5% GDP, Credit growth will pick up as COAL, infra, insurance and land acquisition bills are getting passed.
We will cross 22 pc credit growth in 3 years. IIP too will catch momentum as Govt spending is just starting
thanks to Rs 3 lacs crs inflow. Govt may get another 5 to 10 Lakh crs through more coal blocs, telecom and
now NELP sell to MNC for exploration through new policy. Black money and Gold deposit schemes if
successful can do wonders.
The PE of 19.9 is for 14 15 and assuming the muted growth of even 8% the forward pe for 15 16 is 18.42
which leaves scope of at least 50 pc upside hence there is no reason to see a 10% correction in INDIA.
Probably they are once again trying to misguide INDIAN investors who are already reeling under the mark to
market pressure.

Cni Research Limited

www.cniglobalbiz.com

3 sectors which warrant attention from the perspective of changing INDIAN economics in a big way. These
sectors will not only contribute to huge sourcing of INDIAN manufactured goods but also INDIAN human
resources. These 3 sectors will infuse never seen before like investments in INDIA.
These 3 sectors are E com and retail, OIL and GAS and RAILWAYS.
E com nos are mind boggling. Flipcart all said to cross Rs 1 lac crs in shortest possible time where co like RIL
took 3 to 4 decade to reach. In our opinion more than 1 trillion USD will come in this sector. Very soon sourcing
goods and using international logistics for delivery may become uneconomical once INDIAN manufacturing
catch pace with quality. This is a lifeline to INDIAN manufacturing and HR and creating a pyramid of tree of
manufacturers and employees.
Next comes is OIL and GAS. Shallow water offshore technologies become obsolete. When the oil exploration
is as low as 16 to 26 pc the cost of exploration will be very high. To bring down the cost of exploration by more
than 70% we need to raise the OIL exploration to 75 to 90% which is possible only in deep water offshore.
MODIJI has therefore rightly given huge weightage to this sector. India do not possess deep water offshore
technology hence MNC will have to be permitted in INDIA like what GCC did 5 decades back. This deals will
INDIA's 156 BN USD OIL import bill.
Railways is the backbone of INDIAN infrastructure. It is the biggest carrier in the world. Here too to reduce the
cost we need to improve the speed and cut the travelling time. If we can reach DELHI say in 5 to 6 hours no
one would prefer to travel by AIR. e g ....does any 1 travel from FRANCE to LONDON by AIR ...? At least we
have not come across. This will create more opportunities of employment, east transfer of goods which will
improve the business sentiments.
Those who are pessimist about INDIA let them know INDIA is changing very fast. You can get now LONDON
visa on the same day. Go at 9 am pay Rs 63000 and get the visa by 5 pm. Passport use TATLAK go in the
morning at 10 am your passport is sent to you very next day. Therefore instead of being always critic be
positive and watch Govt efforts to make INDIA success which will take our Sensex to 55000 which in turn
make you richer.
We believe following sectors will remain charming as far as INDIA is concerned.....
Retail and E com
Pharma
Cement
Auto component
Smaller I T companies ( domestic demand play)
Railways
OIL and GAS ( high technology)
Research
Skilled Heavy and Light Engg

Cni Research Limited

www.cniglobalbiz.com

Global Indices
Country

Indices

Date

Index

Net Change

Change

Hong Kong

Hang Seng

20/04

24,375.24

-93.65

-0.38

Singapore

Straits Times

20/04

3,412.44

+26.28

+0.78

South Korea

Seoul Composite

20/04

5,026.42

+34.04

+0.68

United States

NASDAQ

20/04

18,127.65

+168.62

+0.94

United States

DJIA

20/04

2,108.10

+18.83

+0.90

United States

S&P 500

20/04

19,560.22

+83.66

+0.43

Japan

Nikkei 225

20/04

7,022.51

+60.19

+0.86

United Kingdom

FTSE 100

20/04

1,803.65

-5.48

-0.30

Malaysia

KLSE Composite

20/04

5,443.07

-10.79

-0.20

Indonesia

Jakarta Composite

20/04

1,529.96

-2.17

-0.14

Thailand

SET

20/04

5,087.49

+50.31

+1.00

France

CAC 40

20/04

12,039.37

+139.97

+1.18

Germany

DAX

20/04

11,385.38

+236.85

+2.12

Argentina

MerVal

20/04

51,966.58

+1,013.05

+1.99

Brazil

Bovespa

20/04

43,968.15

-150.02

-0.34

Mexico

IPC

20/04

2,528.60

+18.41

+0.73

Austria

ATX

20/04

3,765.80

+31.45

+0.84

Belgium

BEL-20

20/04

499.12

+3.11

+0.63

Netherlands

AEX General

20/04

1,157.49

+32.93

+2.93

Spain

Madrid General

20/04

9,396.29

+67.81

+0.73

Switzerland

Swiss Market

20/04

5,936.26

+23.79

+0.40

Australia

All Ordinaries

20/04

3,617.32

+35.05

+0.98

China

Shanghai Composite

20/04

7,818.38

+3.83

+0.05

Philippines

PSE Composite

20/04

7,054.58

+7.88

+0.11

Sri Lanka

All Share

20/04

9,749.69

+12.96

+0.13

Taiwan

Taiwan Weighted

20/04

1,406.66

+16.66

+1.20

East Egypt

CMA

20/04

2,037.24

-0.65

-0.03

Cni Research Limited

www.cniglobalbiz.com

Bulk deal
Company Name

Date

BSE Code

ACFSL

20-Mar-15

536737

AMBASSADOR INTRA HOL

108000

34

ACFSL

20-Mar-15

536737

GAGANDEEP CREDIT CAP

120000

34.2

AFEL

20-Mar-15

538351

SANJEEV DALMIA

26500

471.66

ALANKIT

20-Mar-15

531082

GAURAV YADUV ANSHI

48138

211.04

ALANKIT

20-Mar-15

531082

GAURAV YADUV ANSHI

48138

211.03

AMSONS

20-Mar-15

538861

RIVER HIGH RIGHT SHA

80000

5.2

AMSONS

20-Mar-15

538861

DARSWANA VINMAY PVT

100000

ASHUTPM

20-Mar-15

531568

AAKRUTI TEXTILES

40000

2.61

BALKRISIND

20-Mar-15

502355

AMANSA INVESTMENTS L

900000

618

BHANDHOS

20-Mar-15

512608

PIYUSH SECURITIES PV

100000

33.23

Suzlon Energy Limited

20-Mar-15

SUZLON

ADROIT FINANCIAL SER

18587140

27.99

Suzlon Energy Limited

20-Mar-15

SUZLON

ADROIT FINANCIAL SER

18507632

28.01

Suzlon Energy Limited

20-Mar-15

SUZLON

VAN ECK ASSOCIATES C

22418094

27.19

Unitech Ltd

20-Mar-15

UNITECH

ADROIT SHARE & STOCK

14931905

18.51

Unitech Ltd

20-Mar-15

UNITECH

ADROIT SHARE & STOCK

14553905

18.54

Omnitech Infosolutions

19-Mar-15

OMNITECH

DESAI VATSAL MANOJ

102115

6.82

Omnitech Infosolutions

19-Mar-15

OMNITECH

DESAI PALLAVI MANOJ

101000

6.82

Sudar Industries Limit

19-Mar-15

SUDAR

FORTUNE GILTS PVT. L

143222

22.49

Sudar Industries Limit

19-Mar-15

SUDAR

ELDORADO BIOTECH PVT

220000

22.14

Suzlon Energy Limited

19-Mar-15

SUZLON

ADROIT FINANCIAL SER

21882166

30.17

Suzlon Energy Limited

19-Mar-15

SUZLON

ADROIT FINANCIAL SER

21742166

30.17

Dr. Datson's Labs Ltd

18-Mar-15

DRDATSONS

ABHISHEK NAGENDRA SI

1802303

6.96

Dr. Datson's Labs Ltd

18-Mar-15

DRDATSONS

ADROIT FINANCIAL SER

730381

6.96

Dr. Datson's Labs Ltd

18-Mar-15

DRDATSONS

ANKUR TUKARAM MAYEKA

595790

6.96

Dr. Datson's Labs Ltd

18-Mar-15

DRDATSONS

MANAV N PATEL

648064

6.97

Electrotherm (India) Ltd

17-Mar-15

ELECTHERM

AIREN ANIL KUMAR

113980

23.15

Ess Dee Aluminium Limited

17-Mar-15

ESSDEE

IFCI LTD.

360715

149.22

Gemini Communication Limi

17-Mar-15

GEMINI

PUNJAB NATIONAL BAN

699642

0.8

Mangalam Drugs And Organi

17-Mar-15

MANGALAM

URMILA DOSHI

65929

26.73

Mangalam Drugs And Organi

17-Mar-15

MANGALAM

URMILA DOSHI

40915

26.68

Cni Research Limited

Client Name

www.cniglobalbiz.com

Deal Type

Quantity

Price (Rs)

Call put option

Option Month Strike Price

PUT
Volume

CALL

March - 8050.00

100

Best
Buy
1.2

Best
Sell
1.6

LTP

OI

Volume

8800

Change
OI(%)
0

1.65

Best
Sell
764

LTP

OI

Change OI(%)

Best
Buy
518.35

790

25

March - 8100.00

1902250

1.25

1.35

1.3

988850

-7.93

22125

503.7

510.95

500

86375

10.07

March - 8150.00

4800

1.5

1.9

1.8

1225

291.15

507.55

March - 8200.00

6216925

1.7

1.85

1.85

2082300

34.97

16350

405.45

429.95

409.1

61425

-6.33

March - 8250.00

26600

1.55

2.75

1.95

10475

43

320.5

407.15

March - 8300.00

6722950

2.75

2.95

2.95

1877075

-7.15

135025

300.2

312.75

310

183100

-14.04

March - 8350.00

130250

3.75

4.35

3.75

120075

17.69

600

251

307.75

249.35

25

March - 8400.00

15734150

7.3

7.4

7.3

4598275

-8.84

271475

212.55

216

215

145975

-6.35

March - 8450.00

1284875

12

12.45

12

352450

73.54

7575

162.05

212.7

172.15

5975

986.36

March - 8500.00

25778625

21.6

21.7

21.7

5257900

5.41

3614975

129.3

132

130.95

860650

15.32

March - 8550.00

2488550

34.4

35.4

34.55

344100

15.48

239750

92.4

95

97.85

120375

803.38

March - 8600.00

32672800

54

54.65

54.65

4648425

-5.15

21572850

64.6

64.8

64.8

2308225

50.04

March - 8650.00

1094975

76.8

79.85

76.6

384550

-20.22

2455950

41.6

41.65

41.6

594425

81.56

March - 8700.00

10424550

112.6

113.75

112

2589200

-24.96

35647950

25.65

25.95

25.65

4293600

11.22

March - 8750.00

289925

147.5

150.6

149.45

123725

-45.91

3017200

13.35

14.2

13.35

1061450

48.45

March - 8800.00

2120500

190

192.2

191.35

1983850

-15.74

28548425

8.05

8.25

8.3

4824325

-10.53

March - 8850.00

29450

236

261.95

240

69650

-8.89

1982725

4.2

4.45

4.2

657225

-2.08

March - 8900.00

593550

284.1

285.05

284

757425

-9.97

13997000

2.7

2.9

2.9

4391475

-1.81

March - 8950.00

4350

335

337.95

335

38625

-0.9

713700

1.8

2.1

2.1

329450

-22.94

March - 9000.00

258525

382.5

387.1

385.5

953375

-8.54

8315950

1.55

1.6

1.55

5036325

-14.81

March - 9050.00

16250

429.7

437.9

454.45

16700

-2.05

106175

1.45

1.55

1.5

158750

-10.73

March - 9100.00

52150

477.5

481.75

480

202550

-5.45

3166075

1.25

1.3

1.25

3016825

-16.45

March - 9150.00

511.55

708.5

354.05

1600

78175

1.25

1.5

1.5

152900

-4.91

Cni Research Limited

www.cniglobalbiz.com

10

DISCLAIMER STATEMENT
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11