The Asia digital camera market represents approximately XX% of the total global shipments. Shipments in Asia grew at a CAGR of approximately XX% from 2006 to 2012, reaching approximately XX million units in 2012, up from XX million units in 2006. The Asia interchangeable lens market also grew substantially due to increasing consumer demand, with shipments increasing at a CAGR of approximately XX% from 2006 to 2012 to reach approximately XX million units. Growth was driven by rising disposable incomes and the relatively low penetration of digital cameras among consumers in the region.

1. 1
© This is a licensed product of Ken Research and should not be copied

2. TABLE OF CONTENTS
Table of Contents
List of Figures
List of Tables
1. Asia Digital Camera Industry and Forecast
1.1. Asia Digital Camera Market Introduction
1.2. Asia Digital Camera Market Size by Shipments, 2006-2012
1.3. Asia Digital Camera Market Segmentation, 2006-2012
1.3.1. Asia Built-in-Lens Camera Market
1.3.2. Asia Interchangeable Lens Camera Market
2. India Digital Camera Market Introduction
2.1.1. India Digital Camera Market Size by Shipments, 2006-2012
2.1.2. India Digital Camera Market Segmentation, 2006-2012
2.1.3. India Built-in-Lens Camera Market
2.1.4. India Interchangeable Lens Camera Market
2.1.5. India Digital Camera Market Competitive Landscape
2.1.6. India Digital Camera Market Future Outlook and Projections, 2013-2017
2.1.7. India Digital Camera Market Macroeconomic Factors: Current and Projections
3. China Digital Camera Market Introduction
3.1.1. China Digital Camera Market Size by Shipments, 2006-2012
3.1.2. China Digital Camera Market Segmentation, 2006-2012
3.1.3. China Built-in-Lens Camera Market
3.1.4. China Interchangeable Lens Camera Market
3.1.5. China Digital Camera Market Future Outlook and Projections, 2013-2017
3.1.6. China Digital Camera Market Macroeconomic Factors: Current and Projections
4. Japan Digital Camera Market Introduction
2
© This is a licensed product of Ken Research and should not be copied

3. 4.1.1. Japan Digital Camera Market Size by Shipments, 2006-2012
4.1.2. Japan Digital Camera Market Segmentation, 2006-2012
4.1.3. Japan Built-in-Lens Camera Market
4.1.4. Japan Interchangeable Lens Camera Market
4.1.5. Japan Digital Camera Market Competitive Landscape
4.1.6. Japan Digital Camera Market Future Outlook and Projections
4.1.7. Japan Digital Camera Market Macroeconomic Factors: Current and Projections
5. Asia Digital Camera Market Trends and Developments
6. Asia Digital Camera Market Future Outlook and Projections, 2013-2017
6.1. Cause and Effect Relationship between the Dependent and Independent Factors
Prevailing in the Asian Digital Camera Market
6.2. Asia Digital Camera Market Future Projections, 2013-2017
7. Other Asian Countries Digital Camera Market Introduction and Size, 2006-2012
7.1. South Korea Digital Camera Market Introduction
7.1.1. South Korea Digital Camera Market Size by Sales, 2006-2012
7.1.2. South Korea Digital Camera Market Segmentation, 2006-2012
7.1.3. South Korea Digital Camera Market Competitive Landscape
7.1.4. South Korea Digital Camera Market Future Outlook and Projections, 2013-2017
8. Other Asian Countries Digital Camera Markets Future Outlook and Projections, 2013-2017
9. Appendix
9.1. Market Definition
9.2. Abbreviations
9.3. Research Methodology
9.4. Disclaimer
3
© This is a licensed product of Ken Research and should not be copied

4. LIST OF FIGURES
Figure 1: Asia Digital Camera Market Size by Shipment in Million Units, 2006-2012
Figure 2: Asia Digital Camera Market Segmentation by Built-in Lens Cameras and
Interchangeable Lens Cameras, 2006-2012
Figure 3: Asia Built-in Lens Camera Market Size by Shipment in Million Units, 2006-2012
Figure 4: Asia Built-in Lens Camera Market Size by Shipment in Million Units, 2013-2017
Figure 5: Asia Interchangeable Lens Camera Market Size by Shipment in Million Units, 2006-
2012
Figure 6: Asia Interchangeable Lens Camera Market Size by Shipment in Million Units, 2013-
2017
Figure 7: Asia Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012
Figure 8: Asia Interchangeable Lens Market Segmentation by Lenses for 35 mm format cameras
and Lenses for < 35 mm Format Cameras, 2006-2012
Figure 9: Asia Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments in
Million Units, 2006-2012
Figure 10: Asia Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments in
Million Units, 2013-2017
Figure 11: Asia Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipments
in Million Units, 2006-2012
Figure 12: Asia Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipments
in Million Units, 2013-2017
Figure 13: Asia Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017
Figure 14: India Digital Camera Market Size by Shipment in Million Units, 2006-2012
Figure 15: Breakup of India Digital Camera Market Size by Value in Percentage, 2012
Figure 16: India Digital Camera Market Segmentation by Cameras with Built-in Lens and
Cameras with Interchangeable Lens, 2006-2012
Figure 17: India Built-in Lens Cameras Market Size by Shipment in Million Units, 2006-2012
Figure 18: India Built-in Lens Camera Market Size by Shipment in Million Units, 2013-2017
4
© This is a licensed product of Ken Research and should not be copied

5. Figure 19: India Interchangeable Lens Camera Market Size by Shipment in Thousand Units,
2006-2012
Figure 20: India Interchangeable Lens Cameras Market Size by Shipment in Thousand Units,
2013-2017
Figure 21: India Interchangeable Lens Market Size by Shipments in Thousand Units, 2006-2012
Figure 22: India Interchangeable Lens Market Segmentation by Lens for 35 mm Format Cameras
and Lens for < 35 mm Format Cameras, 2006-2012
Figure 23: India Interchangeable Lens for 35 mm Format Cameras Market Size by Shipment in
Thousand Units, 2006-2012
Figure 24: India Interchangeable Lens for 35 mm Format Cameras Market Size by Shipment in
Thousand Units, 2013-2017
Figure 25: India Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipment in
Thousand Units, 2006-2012
Figure 26: India Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipment in
Thousand Units, 2013-2017
Figure 27: India Interchangeable Lens Market Size by Shipments in Thousand Units, 2013-2017
Figure 28: Market Share of Major Players in Digital Compact Camera Market of India by Sales,
2011 and 2012
Figure 29: Market Share of Major Players in DSLR Camera Market of India, 2011 and 2012
Figure 30: India Digital Camera Market Size Future Outlook by Shipments, 2013-2017
Figure 31: India Total Population in Million, 2006-2017
Figure 32: India Personal Disposable Income in USD Million, 2006-2017
Figure 33: India Outbound Tourists in Million, 2006-2017
Figure 34: China Digital Camera Market Size by Shipment in Million Units, 2006-2012
Figure 35: China Digital Camera Market Segmentation by Cameras with Built-in Lenses and
Cameras with Interchangeable Lenses, 2006-2012
Figure 36: China Built-in Lens Camera Market Size by Shipment in Million Units, 2006-2012
Figure 37: China Built-in Lens Camera Market Size by Shipment in Million Units, 2013-2017
Figure 38: China Interchangeable Lens Camera Market Size by Shipments in Million Units,
2006-2012
5
© This is a licensed product of Ken Research and should not be copied

6. Figure 39: China Interchangeable Lens Camera Market Size Future Outlook by Shipment in
Million Units, 2013-2017
Figure 40: China Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012
Figure 41: China Interchangeable Lens Market Segmentation by Lens for 35 mm Format
Cameras and Lens for < 35 mm Format Cameras, 2006-2012
Figure 42: China Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments in
Million Units, 2006-2012
Figure 43: China Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments in
Million Units, 2013-2017
Figure 44: China Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipments
in Million Units, 2006-2012
Figure 45: China Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipments
in Million Units, 2013-2017
Figure 46: China Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017
Figure 47: China Digital Camera Market Size by Shipment in Million Units, 2013-2017
Figure 48: China Population in Million, 2006-2017
Figure 49: China Personal Disposable Income of the Population IN USD Million, 2006-2017
Figure 50: China Inbound Non Resident Tourists in Million, 2006-2017
Figure 51: China Smartphone Shipments in Million, 2006-2012
Figure 52: Japan Digital Camera Market Size by Shipment in Million Units, 2006-2012
Figure 53: Japan Digital Camera Market Segmentation by Cameras with Built-in Lenses and
Cameras with Interchangeable Lenses, 2006-2012
Figure 54: Japan Built-in Lens Camera Market Size by Shipment in Million Units, 2006-2012
Figure 55: Japan Built In Lens Camera Market Size by Shipment in Million Units, 2013-2017
Figure 56: Japan Interchangeable Lens Camera Market Size by Shipment in Million Units, 2006-
2012
Figure 57: Japan Interchangeable Lens Camera Market Size by Shipment in Million Units, 2013-
2017
Figure 58: Japan Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012
6
© This is a licensed product of Ken Research and should not be copied

7. Figure 59: Japan Interchangeable Lens Market Segmentation by Lens for 35 mm Format
Cameras and Lens for < 35 mm Format Cameras, 2006-2012
Figure 60: Japan Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments in
Thousand Units, 2006-2012
Figure 61: Japan Interchangeable Lens for 35 mm Format Cameras Market Size by Shipments in
Thousand Units, 2013-2017
Figure 62: Japan Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipments
in Million Units, 2006-2012
Figure 63: Japan Interchangeable Lens for < 35 mm Format Cameras Market Size by Shipments
in Million Units, 2013-2017
Figure 64: Japan Interchangeable Lens Market Size by Shipments in Million Units, 2013-2017
Figure 65: Market Share of Major Brands in the Digital Camera Market of Japan, 2011
Figure 66: Market Share of Major Players in the Mirrorless Camera Market of Japan, 2010-2012
Figure 67: Market Share of Major Players in the Compact Camera Market of Japan, 2012
Figure 68: Japan Digital Camera Market Size by Shipments in Million Units, 2013-2017
Figure 69: Japan Population in Million, 2006-2017
Figure 70: Japan Personal Disposable Income in USD Million, 2006-2017
Figure 71: Japan Inbound Non-resident Tourists in Million, 2006-2017
Figure 72: Asia Digital Camera Market Size by Shipments in Million Units, 2013-2017
Figure 73: Other Asian Countries Digital Camera Market Size by Shipment in Million Units,
2006-2012
Figure 74: South Korea Digital Camera Market Size by Sales in Million Units, 2006-2012
Figure 75: South Korea Digital Camera Market Segmentation by Compacts, DSLRs and
Mirrorless cameras, 2006-2012
Figure 76: South Korea Compact Point & Shoot Camera Market Size by Sales in Thousand
Units, 2006-2012
Figure 77: South Korea Digital Compact Point & Shoot Camera Market Size by Sales in
Thousand Units, 2013-2017
Figure 78: South Korea DSLR Camera Market Size by Sales in Thousand Units, 2006-2012
7
© This is a licensed product of Ken Research and should not be copied

8. Figure 79: South Korea DSLR Camera Market Size by Sales in Thousand Units, 2013-2017
Figure 80: South Korea Mirrorless Cameras Market Size by Sales in Thousand Units, 2010-2012
Figure 81: South Korea Mirrorless Camera Market Size by Sales in Thousand Units, 2013-2017
Figure 82: Market Share of Major Players in Digital Compact Camera Market of South Korea,
2011 and 2012
Figure 83: Market Share of Major Players in the DSLR Camera Market of South Korea, 2011
and 2012
Figure 84: Market Share of Major Players in the Mirrorless Camera Market of South Korea,
2011 and 2012
Figure 85: South Korea Digital Camera Market Size by Sales in Million Units, 2013-2017
Figure 86: Other Asian Countries Digital Camera Market Size by Shipments in Million Units,
2013-2017
8
© This is a licensed product of Ken Research and should not be copied

9. LIST OF TABLES
Table 1: India Digital Camera Market Size by Value in USD Million, 2012
Table 2: Market Share of Major Players in the DSLR camera Market of Japan, 2006-2012
Table 3: Cause and Effect Relationship Analysis between Industry Factors and Expected Digital
Camera Market Prospects in Asia
Table 4: South Korea Digital Camera Market Size by Sales Revenue in USD Million, 2010-2012
Table 5: Correlation Matrix for China Built-in Lens Camera Market
Table 6: Regression Coefficients Output
9
© This is a licensed product of Ken Research and should not be copied

10. ASIA DIGITAL CAMERA MARKET SIZE BY SHIPMENTS, 2006-2012
……..represents ~% in the total shipments of the digital cameras across the globe. This makes
the region the largest digital camera market in the world on the basis of the shipments. The
shipments of the digital cameras have grown at a CAGR of ~% during 2006-2012, where the
shipments have reached ~ million units in 2012 by growing from ~ million units in 2006.
Figure: Asia Digital Camera Market Size by Shipment in Million Units, 2006-2012
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2006 2007 2008 2009 2010 2011 2012
ASIA INTERCHANGEABLE LENS MARKET INTRODUCTION AND SIZE, 2006-
2012
……….owing to the growing consumer demand for the interchangeable lens cameras. The
shipments of the interchangeable lenses to the region have grown at a CAGR of ~% during 2006-
2012. The shipments of these lenses have reached ~ million units in 2012 by growing from ~
million units in 2006. The high growth in the disposable income of the population and low
penetration level of the digital cameras among the consumers has …………
10
© This is a licensed product of Ken Research and should not be copied

11. Figure: Asia Interchangeable Lens Market Size by Shipments in Million Units, 2006-2012
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2006 2007 2008 2009 2010 2011 2012
INDIA DIGITAL CAMERA MARKET SIZE BY SHIPMENTS, 2006-2012
The Indian digital camera market has experienced a strong growth over the last six years in
which the market has grown at a CAGR of ~% during 2006-2012. The size of the Indian digital
camera market was ~ million units annually by shipments in 2012. While in 2006 only ~ million
units of the digital cameras were shipped to the Indian market. A combination of several industry
favorable factors such as sound economic growth, high consumer spending, low penetration level
of digital cameras ………..
Figure: India Digital Camera Market Size by Shipment in Million Units, 2006-2012
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012
11
© This is a licensed product of Ken Research and should not be copied

12. Table: India Digital Camera Market Size by Value in USD Million, 2012
Segment Market Size by Value in INR Market Size by Value in USD
Crores Million
Compact Point & Shoot Cameras
DSLRs
Interchangeable Lenses and
accessories
Total
INDIA INTERCHANGEABLE LENS MARKET SEGMENTATION, 2006-2012
…………share of the interchangeable lenses for 35 mm format cameras in the Indian
interchangeable lenses market has declined from ~% in the year 2006 to just ~% in 2012 on the
basis of shipments. While on the other hand the share of the interchangeable lenses for < 35 mm
format cameras have increased significantly from ~% in 2006 to ~% in 2012.
Figure: India Interchangeable Lens Market Segmentation by Lens for 35 mm Format
Cameras and Lens for < 35 mm Format Cameras, 2006-2012
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2006 2007 2008 2009 2010 2011 2012
For 35mm Format Cameras For < 35mm Format Cameras
12
© This is a licensed product of Ken Research and should not be copied

13. INDIA DIGITAL CAMERA MARKET COMPETITIVE LANDSCAPE
MARKET SHARE OF MAJOR PLAYERS IN THE COMPACT POINT & SHOOT
CAMERA MARKET IN INDIA, 2011 AND 2012
The Indian market of compact point & shoot cameras is dominated by Sony which accounted for
~% of the sales of these cameras in 2012. This is followed by Nikon with ~% share in the total
sales of compact camera in the country. Canon is the third largest player in the category whose
share has increased from ~% in 2011 to ………
Figure: Market Share of Major Players in Digital Compact Camera Market of India by
Sales, 2011 and 2012
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2011 2012
Sony Nikon Canon Others
13
© This is a licensed product of Ken Research and should not be copied

14. CHINA INTERCHANGEABLE LENS CAMERA MARKET
CHINA INTERCHANGEABLE LENS CAMERA MARKET INTRODUCTION AND
SIZE, 2006-2012
The interchangeable lens camera market in China comprises of DSLR cameras. The market has
registered a robust growth during last six years on account of high demand for the DSLR
cameras. A total of ~ million units of shipments was recorded in the country in 2012 which
increased from ~ million units in 2006 by growing at a CAGR of ~% during 2006-2012. The
high demand for the DSLR cameras among the Chinese consumers is driven by a combination of
factors such as ……….
Figure: China Interchangeable Lens Camera Market Size by Shipments in Million Units,
2006-2012
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012
CHINA DIGITAL CAMERA MARKET FUTURE OUTLOOK AND
PROJECTIONS, 2013-2017
The digital camera market of China is estimated to experience a strong growth through 2017 on
account of high demand for cameras with interchangeable lenses. The market is projected to
14
© This is a licensed product of Ken Research and should not be copied

15. grow at a CAGR of ~% during 2012-2017 where it is estimated to reach shipment of ~ million
units in 2017 from shipment of ~ million units in 2012. The market is expected to grow with a
double digit year-on-year growth in …………..
Figure: China Digital Camera Market Size by Shipment in Million Units, 2013-2017
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2013 2014 2015 2016 2017
JAPAN INTERCHANGEABLE LENS CAMERA MARKET FUTURE OUTLOOKAND
FUTURE PROJECTIONS, 2013-2017
The interchangeable lens camera market in Japan is estimated to grow at a CAGR of ~% through
2017 where the market is estimated to reach ~ million units in 2017 by shipment from ~ million
units in 2012. The high demand for the mirrorless interchangeable lens cameras and the DSLRs
among the Japanese consumers ………….
15
© This is a licensed product of Ken Research and should not be copied

16. Figure: Japan Interchangeable Lens Camera Market Size by Shipment in Million Units,
2013-2017
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2013 2014 2015 2016 2017
JAPAN INTERCHANGEABLE LENS FOR < 35 MM FORMAT CAMERA MARKET
INTRODUCTION AND SIZE, 2006-2012
The shipment of the interchangeable lenses for < 35 mm format cameras has increased
consistently during last six years in Japan. The market for these lenses has grown at a CAGR of
~% during 2006-2012 where their shipment has reached to ~ million units in 2012 by growing
from the shipment of ~ million units in 2006. The market for these lenses has experienced robust
year-on-year growth during last six years, however faced decline in ……….
Figure: Japan Interchangeable Lens for < 35 mm Format Cameras Market Size by
Shipments in Million Units, 2006-2012
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2006 2007 2008 2009 2010 2011 2012
16
© This is a licensed product of Ken Research and should not be copied

17. JAPAN DIGITAL CAMERA MARKET COMPETITIVE LANDSCAPE
MARKET SHARE OF MAJOR PLAYERS IN THE DIGITAL CAMERA MARKET IN
JAPAN BY BRAND, 2011
The Japanese digital camera market is dominated by Canon which holds ~% of the total digital
camera sales in the country. This is followed by Sony which represents ~% of the digital camera
sales in Japan. Panasonic is the third largest player and holds ~% share in the digital camera
market of Japan. Nikon is the fourth largest player and accounts for ~% of the ……………
Figure: Market Share of Major Brands in the Digital Camera Market of Japan, 2011
Canon Sony
Panasonic Nikon
Casio Fujifilm
Olympus Pentax
Ricoh Others
MARKET SHARE OF MAJOR PLAYERS IN THE MIRRORLESS CAMERA
MARKET IN JAPAN, 2010-2012
The mirrorless camera market in Japan is dominated by Olympus which accounts for ~% of the
sales of these cameras in the country. This is followed by Panasonic which holds second position
and accounts for ~% of the sales of the mirrorless cameras in Japan. Sony is the third largest
17
© This is a licensed product of Ken Research and should not be copied

18. player with a share of ~% in the mirrorless camera sales in the country. Nikon holds fourth
position with a share of ……………
Figure: Market Share of Major Players in the Mirrorless Camera Market of Japan, 2010-
2012
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010 2011 2012
Olympus Panasonic Sony Nikon Pentax Ricoh Canon Others
OTHER ASIAN COUNTRIES DIGITAL CAMERA
MARKET INTRODUCTION AND SIZE, 2006-2012
The other Asian digital camera markets such as South Korea, Malaysia, Thailand, Singapore and
Philippines also contribute significantly in the digital camera market of Asia. The shipments of
digital cameras in these countries together have however declined to ~ million units in 2012 by
decreasing from ~ million units in 2006 reflecting a decline at CAGR of ~% during 2006-2012.
The shipments of the digital cameras have increased …………….
18
© This is a licensed product of Ken Research and should not be copied

19. Figure: Other Asian Countries Digital Camera Market Size by Shipment in Million Units,
2006-2012
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2006 2007 2008 2009 2010 2011 2012
SOUTH KOREA DIGITAL CAMERA MARKET SEGMENTATION, 2006-
2012
The digital camera market of South Korea is categorized into three segments which are –
compact point & shoot cameras, DSLRs and the mirrorless interchangeable lens cameras. The
compact point & shoot cameras dominate the digital camera market and account for ~% of the
total sales of the digital cameras. These are followed by DSLRs which represent ~% of the total
sales of the digital cameras in the country. The third category of the mirrorless interchangeable
lens cameras accounts …………..
Figure: South Korea Digital Camera Market Segmentation by Compacts, DSLRs and
Mirrorless cameras, 2006-2012
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2006 2007 2008 2009 2010 2011 2012
MILCs DSLRs Compact Point & Shoots
19
© This is a licensed product of Ken Research and should not be copied

20. SOUTH KOREA DIGITAL CAMERA MARKET COMPETITIVE
LANDSCAPE
MARKET SHARE OF MAJOR PLAYERS IN THE MIRRORLESS CAMERA
MARKET OF SOUTH KOREA, 2011 AND 2012
The mirrorless camera market of South Korea is dominated by Sony which accounts for ~% of
the sales of the mirrorless cameras in the country. Samsung is the second largest player with a
share of ~% in the sales of these cameras in the country. Nikon holds third position in the total
sales with a share of ~%. Olympus and Panasonic hold ~% and ~% share …………..
Figure: Market Share of Major Players in the Mirrorless Camera Market of South Korea,
2011 and 2012
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2011 2012
Others Panasonic Nikon Olympus Samsung Sony
20
© This is a licensed product of Ken Research and should not be copied

21. DISCLAIMER
The research reports provided by Ken Research are for the personal information of the
authorized recipient and is not for public distribution and should not be reproduced or
redistributed without prior permission. You are permitted to print or download extracts from this
material for your personal use only. None of this material may be used for any commercial or
public use.
The information provided in the research documents is from publicly available data and other
sources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect to
documents available, neither the company nor any of its employees makes any warranty, express
or implied, including the warranties of merchantability and fitness for a particular purpose, or
assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any
information, apparatus, product, or process disclosed, or represents that its use will not infringe
privately owned rights.
The report also includes analysis and views expressed by our research team. The research reports
are purely for information purposes. The opinions expressed are our current opinions as of the
date appearing in the material and may be subject to change from time to time without notice.
Investors should not solely rely on the information contained in the research documents and must
make investment decisions based on their own investment objectives, risk profile and financial
position. The recipients of this material should take their own professional advice before acting
on this information.
Ken Research will not accept returns of reports once dispatched due to the confidentiality of
information provided in our reports. In case, a report qualify for return, we will issue a credit,
minus shipping charges, of equal value to the original purchase price, toward a future purchase—
no refunds. The decision about whether the product return can be accepted or not is solely at our
discretion. Any dispute will be subject to laws of India and exclusive jurisdiction of Indian
Courts.
No part of this manual or any material appearing may be reproduced, stored in or transmitted
on any other Web site without written permission of Ken Research and any payments of a
specified fee. Requests to republish any material may be sent to us.
21
© This is a licensed product of Ken Research and should not be copied