ASCENDAS india trust ANNUAL REPORT 2014/15
1.
The Market Research Report (hereafter referred to as the “Report”) will cover specific markets and situations, which will be
highlighted in the Report. C&W will not be carrying out comprehensive field research based analysis of the market and the
industry given the limited nature of the scope of the assignment.
2.
In conducting this assignment, C&W will carry out analysis and assessments of the level of interest envisaged for the
property(ies) under consideration and the demand-supply for the hospitality/retail/land/commercial sector in general. C&W
will also obtain other available information and documents that are additionally considered relevant for carrying out the
exercise. The opinions expressed in the Report will be subject to the limitations expressed below.
a.
C&W has adopted valuation method based on its own expertise and knowledge and endeavours to develop forecasts
on demand, supply and pricing on assumptions that would be considered relevant and reasonable at that point
of time. All of these forecasts will be in the nature of likely or possible events/occurrences and the Report will not
constitute a recommendation to
Ascendas Property Fund Trustee Pte. Limited
(hereafter referred to as the “Client”)
or its affiliates and subsidiaries or its customers or any other party to adopt a particular course of action. The use of
the Report at a later date may invalidate the assumptions and bases on which forecasts have been generated and is
not recommended as an input to a financial decision.
b.
It should be noted that C&W’s value assessments will be based upon the facts and evidence available at the date of
assessment. It is therefore recommended that the value assessments be periodically reviewed.
c.
Changes in socio-economic and political conditions could result in a substantially different situation than those presented
at the stated effective date. C&W assumes no responsibility for changes in such external conditions.
d.
In the absence of a detailed field survey of the market and industry (as and where applicable), C&W will rely upon
secondary sources of information for a macro-level analysis. Hence, no direct link is sought to be established between
the macro-level understandings on the market with the assumptions estimated for the analysis.
e.
The services provided will be limited to valuation and will not constitute an audit, a due diligence, tax related services
or an independent validation of the projections. Accordingly, C&W will not express any opinion on the financial
information of the business of any party, including the Client and its affiliates and subsidiaries. The Report will be
prepared solely for the purpose stated, and should not be used for any other purpose.
f.
While the information included in the Report will be accurate and reliable, no representations or warranties, expressed
or implied, as to the completeness of such information is being made. C&W will not undertake any obligation to
update or supplement any information contained in the Report save as provided for in the Agreement.
g.
In the preparation of the Report, C&W will rely on the following information:
i.
Information provided to us by the Client and its affiliates and subsidiaries and third parties;
ii.
Recent data on the industry segments and market projections;
iii.
Other relevant information provided to us by the Client and its affiliates and subsidiaries at C&W’s request;
iv.
Other relevant information available to C&W; and
v.
Other publicly available information and reports.
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C a v e a t s & L i m i t a t i o n s
