MIRA INFORM REPORT

Report Date :

24.08.2007

IDENTIFICATION DETAILS

Name :	KAPPA INTERNATIONAL PTE LTD
Registered Office :	^63 Robinson Road, #06-05^, Afro Asia Building, Singapore^– 068894
Country :	Singapore
Financials (as on) :	28.02.2006
Date of Incorporation :	^04/11/1992
Com. Reg. No.:	^199205962C
Legal Form :	^Pte Ltd
Line of Business :	Trading of Chemicals

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Subject Company

KAPPA INTERNATIONAL PTE LTD

Line Of Business 

TRADING OF CHEMICALS

Parent Company

GIRA INVESTMENTS LIMITED

(PERCENTAGE OF SHAREHOLDING: 99.90%)

Financial Elements

FY 2006

COMPANY

Sales : S$47,403,615

Networth : S$1,342,056

Paid-Up Capital : S$353,000

Net result : S$344,959

Net Margin(%) : 0.73

Return on Equity(%) : 25.70

Leverage Ratio : 1.43

Based on the with the Accounting and Corporate Regulatory Authority (ACRA), the paid-up share capital has increased to S$1,059,000.

COMPANY IDENTIFICATION

^{Subject Company : KAPPA INTERNATIONAL PTE LTD}

^{Former Name : -}

^{Business Address: 63 ROBINSON ROAD}

^#06-05

^{AFRO ASIA BUILDING}

^{Town: SINGAPORE}

^{Postcode: 068894}

^{County: -}

^{Country: Singapore}

^{Telephone: 6225 6186}

^{Fax: 6225 6187}

^{ROC Number: 199205962C}

^{Reg. Town: -}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form: Pte Ltd}

^{Date Inc.: 04/11/1992}

^{Previous Legal Form: -}

^{Summary year : 28/02/2006}

^{Sales: 47,403,615}

^{Networth : 1,342,056}

^{Capital: -}

^{Paid-Up Capital: 353,000}

^{Employees: 10}

^{Net result : 344,959}

^{Share value: -}

^{AUDITOR: TAN CHAN & PARTNERS}

^{BASED ON ACRA'S RECORD AS AT 21/08/2007}

^{NO. OF SHARES CURRENCY AMOUNT}

^{ISSUED ORDINARY 1,059,000 SGD 1,059,000.00}

^{PAID-UP ORDINARY - SGD 1,059,000.00}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 04/11/1992}

PRINCIPAL(S)

^{NG GUAT CHING S1344657A Director}

DIRECTOR(S)

^{HARIKRISHNAN S/O MUTHUSAMY S2135685I Company Secretary}

^{Appointed on : 04/11/1992}

^{Street : 101 AH HOOD ROAD}

^#11-02

^{Town: SINGAPORE}

^{Postcode: 320101}

^{Country: Singapore}

^{NG GUAT CHING S1344657A Director}

^{Appointed on : 01/08/2000}

^{Street : 666 JALAN DAMAI}

^#13-101

^{Town: SINGAPORE}

^{Postcode: 410666}

^{Country: Singapore}

^{SALEHA BINTE OSMAN S1535734G Director}

^{Appointed on : 12/06/2002}

^{Street : 329 SEMBAWANG CLOSE}

^#04-399

^Town:

^{Postcode: 750329}

^{Country: Singapore}

FORMER DIRECTOR(S)

^{VIJAY KUMAR GUPTA S2650264J}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{COMMISSION MERCHANTS Code:4990}

^{CHEMICALS Code:3970}

^{BASED ON ACRA'S RECORD AS AT 21/08/2007}

^{1) WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS; TRADE NEC}

^{GENERAL IMPORTERS & EXPORTERS & COMMISSION AGENICES}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{UCO BANK}

SHAREHOLDERS(S)

^{GIRA INVESTMENTS LIMITED 1,058,994 Company}

^{Street : 39/9 SATHORN SOI-9 SOUTH}

^{SATHORN ROAD YANAWA}

^{Town: BANGKOK}

^{Postcode: 10102}

^{Country: Thailand}

^{NG GUAT CHING 6 Private Person}

^{Street : 666 JALAN DAMAI}

^#13-101

^{Town: SINGAPORE}

^{Postcode: 410666}

^{Country: Singapore}

FORMER SHAREHOLDER(S)

^{VIJAY KUMAR GUPTA 1}

HOLDING COMPANY

^{GIRA INVESTMENTS LIMITED UF26071N % : 99.90}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All amounts in this report are in: SGD}

^{Audit Qualification: "MILD" UNCERTAINTIES "MILD" UNCERTAINTIES UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 06/07/2006}

^{Balance Sheet Date: 28/02/2006 28/02/2005 28/02/2004}

^{Number of weeks: 52 52 52}

^{Consolidation Code: COMPANY COMPANY COMPANY}

^{--- ASSETS}

^{Inventories: 803,639 431,983 33,299}

^{Receivables: 1,143,145 1,305,589 1,506,787}

^{Cash,Banks, Securitis: 1,313,824 704,676 826,472}

^{Other current assets: 3,080 3,080 3,310}

^{Total Current Assets: 3,263,688 2,445,328 2,369,868}

^{TOTAL ASSETS: 3,263,688 2,445,328 2,369,868}

^{--- LIABILITIES}

^{Equity capital: 353,000 353,000 353,000}

^{Profit & loss Account: 989,056 644,097 376,254}

^{TOTAL EQUITY: 1,342,056 997,097 729,254}

^{Trade Creditors: 1,079,942 415,421 1,427,291}

^{Prepay. & Def. charges: 10,728 10,634 11,679}

^{Due to Bank: 758,532 969,196 165,909}

^{Provisions: 72,430 52,980 35,735}

^{Total short term Liab.: 1,921,632 1,448,231 1,640,614}

^{TOTAL LIABILITIES: 1,921,632 1,448,231 1,640,614}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 47,403,615 37,891,964 31,130,735}

^{Gross Profit: - - 419,913}

^{Result of ordinary operations 581,929 471,808 354,276}

^{NET RESULT BEFORE TAX: 418,074 320,823 230,738}

^{Tax : 73,115 52,980 35,778}

^{Net income/loss year: 344,959 267,843 194,960}

^{Interest Paid: 163,855 150,985 123,538}

^{Depreciation: 1,443 - -}

^{Directors Emoluments: 18,984 16,272 13,770}

^{Wages and Salaries: 168 124 -}

^{Financial Income: 19,321 4,262 4,236}

RATIOS

^{28/02/2006 28/02/2005 28/02/2004}

^{Turnover per employee: 4740361.50 3789196.40 3113073.50}

^{Net result / Turnover(%): 0.01 0.01 0.01}

^{Stock / Turnover(%): 0.02 0.01 0.00}

^{Net Margin(%): 0.73 0.71 0.63}

^{Return on Equity(%): 25.70 26.86 26.73}

^{Return on Assets(%): 10.57 10.95 8.23}

^{Net Working capital: 1342056.00 997097.00 729254.00}

^{Cash Ratio: 0.68 0.49 0.50}

^{Quick Ratio: 1.28 1.39 1.42}

^{Current ratio: 1.70 1.69 1.44}

^{Receivables Turnover: 8.68 12.40 17.42}

^{Leverage Ratio: 1.43 1.45 2.25}

^{Net Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net income loss year)/Total equity}

^{Return on Assets : (100*Net income loss year)/Total fixed assets}

^{Net Working capital : Total current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total current assets/Total short term liabilities}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio : Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{AUDITORS' REPORT:}

^{WE WOULD LIKE TO DRAW ATTENTION TO NOTE 6 WHICH DOES NOT DISCLOSE THE EFFECTIVE INTEREST RATE FOR BANK FACILITIES. NON DISCLOSURE IS DUE TO THE SPECIFIC REQUEST OF THE DIRECTORS.}

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 34.59% FROM S$997,097 IN FY 2005 TO S$1,342,056 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$989,056 (2005: S$644,097); A RISE OF 53.56% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 56.19% (2005: 28.68%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$1,079,942 (2005: S$415,421).}

^{AMOUNT DUE TO BANKS OF S$758,532 (2005: S$969,196) CONSISTED OF:}

^{-BILLS PAYABLES - 2006: S$758,532 (2005: S$969,196)}

^{IN ALL, LEVERAGE RATIO FELL FROM 1.45 TIMES TO 1.43 TIMES AS A RESULT OF A SLIGHTLY GREATER RISE IN TOTAL EQUITY THAN TOTAL LIABILITIES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE CHANGES IN NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 1.70 TIMES, UP FROM 1.69 TIMES AND QUICK RATIO FELL TO 1.28 TIMES FROM 1.39 TIMES IN FY 2005.}

^{NET WORKING CAPITAL IMPROVED BY 34.59% FROM S$997,097 IN FY 2005 TO S$1,342,056.}

^{CASH AND CASH EQUIVALENTS COMPRISE OF:}

^{-FIXED DEPOSITS - 2006: S$1,166,155 (2005: S$605,837)}

^{-CASH AND BANK BALANCES - 2006: S$147,669 (2005: S$98,839)}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 25.10% FROM S$37,891,964 IN FY 2004 TO S$47,403,615 AND NET PROFIT ROSE BY 28.79% TO S$344,959 (2005: S$267,843). HENCE, NET MARGIN ROSE TO 0.73% (2005: 0.71%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.}

^{AVERAGE COLLECTION PERIOD HAS SHORTENED FROM 12.40 DAYS TO 8.68 DAYS. A SHORTER AVERAGE COLLECTION PERIOD POSES LESSER RISK OF TURNING INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING ABILITY MAY BE AFFECTED IF TRADE RECEIVABLES ARE NON FORTHCOMING.}

^{NOTES TO THE FINANCIAL STATEMENTS:}

^{BILLS PAYABLES}

^{THE BILLS PAYABLES ARE SECURED BY PLEDGE OF COMPANY'S FIXED DEPOSIT AND PERSONAL GUARANTEE EXECUTED BY A THIRD PARTY. THE FINANCING TERM UNDER THE BILLS PAYABLES FACILITY IS SUBJECT TO A MAXIMUM TENOR OF 120 DAYS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 04/11/1992 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "KAPPA INTERNATIONAL PTE LTD".}

^{AS AT 21/08/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 1,059,000 SHARES OF A VALUE OF S$1,059,000.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS; WHOLESALE TRADE NEC}

^{2) WHOLESALE OF AGRICULTURAL RAW MATERIAL, LIVE ANIMALS, FOOD, BEVERAGES AND TOBACCO;}

^{GENERAL IMPORTERS & EXPORTERS & COMMISSION AGENICES}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF IMPORTERS AND EXPORTERS OF GENERAL MERCHANDISE.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 24/08/2007, THE FOLLOWING WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* TRADING OF CHEMICALS}

^{IMPORT COUNTRIES:}

^{* ASIA}

^{EXPORT COUNTRIES:}

^{* ASIA}

^{* NIGERIA}

^{THE SUBJECT DOES EXPORTS.}

^{THE STAFF DOES NOT KNOW WHETHER THE SUBJECT DOES SELL LOCALLY.}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: LESS THAN 10}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON 24/08/2007.}

^{THE GIRA INVESTMENTS LIMITED IS THE IMMEDIATE/ULTIMATE HOLDING COMPANY, INCORPORATED IN BRITISH VIRGIN ISLANDS.}

^{NUMBER OF EMPLOYEES (28 FEBRUARY):}

^{* COMPANY - 2006: NOT AVAILABLE (2005: NOT AVAILABLE)}

^{* GROUP - 2006: - (2005: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{63 ROBINSON ROAD}

^{#06-05 AFRO ASIA BUILDING}

^{SINGAPORE 068894}

^{- RENTED PREMISE}

^{- OWNED BY AFRO-ASIA SHIPPING COMPANY (PTE) LTD}

^{- DATE OF CHANGE OF ADDRESS: 01/02/2000}

^WEBSITE:

^-

^EMAIL:

^{kappaint@singnet.com.sg}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THE REPORT ARE:}

^{1) NG GUAT CHING, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

^{2) SALEHA BINTE OSMAN, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

Singapore’s Country Rating 2007

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

• MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
• HIGH QUALITY COMPETITIVENESS IN ASIA
• EXCELLENT BUSINESS CLIMATE
• POLITICAL STABILITY.

WEAKNESSES

• SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
• AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
• GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
• BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions