MIRA INFORM REPORT

Report Date :

1^st January, 2007

IDENTIFICATION DETAILS

Name :	ELECTRICS ELMEC INO FAIS S.A.
Registered Office :	9 Konstantinoupoleos, 11855, Athens, Attiki
Country :	Greece
Financials (as on) :	30.06.2005
Date of Incorporation :	24.11.1992
Legal Form :	Societe Anonyme
Line of Business :	Representations, exclusive imports and wholesale trade of electric material, measurement instruments, audio systems and automations. Electric and mechanical engineering consultants.

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

Maximum Credit Limit :	Euro 90,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Name & Address

ELECTRICS ELMEC INO FAIS S.A.

9 Konstantinoupoleos, 11855, Athens, Attiki

Tel. : 210 3424246

Fax : 210 3424168

E-mail : elelmec@hol.gr

Sector

Trade (Electric - Electronic Material)

Year Established

1992

Chairman

Mary Ino. Fais

Managing Director

Sam Mor. Fais

Capital

Euro 333.984

Shareholders Equity

Euro 410.862 (30/6/2005)

Total Net Sales

Euro 838.310 (1/7/2004 - 30/6/2005)

Net Income for the Year Before Tax

Euro 125.458 (1/7/2004 - 30/6/2005)

Staff of employees

9

FINANCIAL STATUS

 
Satisfactory
 
 

PAYMENT RECORD

 
Prompt
 
 

TREND

 
Upward
 
 

GOV. GAZETTE No

 
05261/1992 T
 
 

AX REGISTR. No

 
 094335579
 
 

No OF THE REGISTER OF SOCIETE ANONYME

 
027606 /002 /Β /92 /400
 
 

MEMBER OF

 
ATHENS CHAMBER OF COMMERCE & INDUSTRY 
 

GENERAL REG. No.

 
0123270 
 
 

EXPORTS REG. No.

 
0023867
 
 

LEGAL FORM

 
Societe Anonyme 
 
 

DATE ESTABLISHED

 
1992 
 
  

HEAD OFFICE

 
Athens, Attiki 
 
 

DURATION

 
Up to year 2092
 
 

HISTORY

 
Established in Glyfada (96 Vouliagmenis Ave. & 65 Miltiadou), on 24.11.1992. On 2.6.97 (Gov.Gaz.No.: 2608/97) subject moved its head office to its present address.
 
 

ACTIVITY

 
Representations, exclusive imports and wholesale trade of electric material, measurement instruments, audio systems and automations. Electric and mechanical engineering consultants
 
 

PREMISES

 
(as declared )
 
 

HEAD OFFICE-WAREHOUSE

 
9 Konstantinoupoleos, 118-55 Athens, Attiki, rented. 
  

WAREHOUSE

 
Str. Dangli & Rikaki, 104-45 Athens, Attiki, rented, covered area 1,000 m2. 
  
Above mentioned premises are owned by FAIS family.
 
 

STAFF

 
Employees : 9 persons
 
 

SHAREHOLDERS

 
(as declared) 
by 48.00% Sam Mor. Fais (born in 1965) 
by 25.00% Sam Ino. Fais (born in 1958) 
by 25.00% Lucy Ino. Fais (born in 1957) 
by 2.00% Issaak Mor. Fais (born in 1968)
 
 

BOARD OF DIRECTORS

 
Mary Ino. Fais  Chairman 
Sam Mor. Fais  Managing Director 
Issaak Mor. Fais  Member 
Alegra Fais  Member

AFFILIATED COS

 
Sam Ino. Fais participates in the firm(s):  
 
-AMERICAN MARINE S.A. by 50.00%
(Code No: 0049810 VAT : EL094306850)
DATE ESTABLISHED : 1991
SECTOR : Trade (Transportation Means)
Share capital  : 2,397,600
Shareholders equity  : 146,946
Net Sales  : 2,578,395
Net profit  : 89,360
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 96 Vouliagmenis Ave 166 74, Glyfada, Attiki
 
 
-INFOBANK - INTERLEASE - D.S.A. S.A. by 7.46%
(Code No: 0208069 VAT: EL094393976)
DATE ESTABLISHED : 1993
SECTOR : Business Services
Share capital  : 1,346,700
Shareholders equity  : 1,327,235
Net Sales  : 5,021,191
Net profit  : 160,660
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 107 Vouliagmenis Ave 166 74, Glyfada, Attiki
 
-LOY SYSTEM S.A. by 50.00%
(Code No: 0222583 VAT: EL094474395)
DATE ESTABLISHED : 1996
SECTOR : Computer Services
Share capital  : 263,700
Shareholders equity  : 518,906
Losses  : -4,989
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 85 Vouliagmenis Ave 166 74, Glyfada, Attiki
Said firm has been inactive since 1997
 
-TRIGONO S.A. by 25.00%
(Code No: 0227435 VAT: EL094508852)
DATE ESTABLISHED : 1997
SECTOR : Trade (Garments - Footwear - Leather Goods)
Share capital  : 2,450,359
Shareholders equity  : 2,746,352
Net Sales  : 7,596,671
Net profit  : 392,233
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE-WAREHOUSE : 71 Kapetanaki 173 42, Agios Dimitrios,
Attiki
 
 
-R.F.S. S.A. by 6.25%
(Code No: 0228619 VAT: EL095667639)
DATE ESTABLISHED : 2000
SECTOR : Financial Services
Share capital  : 293,000
Shareholders equity  : 610,028
Net Sales  : 1,952,503
Net profit  : 792,831
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 107 Vouliagmenis Ave 166 74, Glyfada, Attiki
 
-INSTORE S.A. by 12.50%
(Code No: 0243899 VAT: EL099877726)
DATE ESTABLISHED : 2000
SECTOR : Computer Services
Share capital   : 588,000
Shareholders equity  : 154,306
Losses  : -31,547
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 11b Konitsis 151 25, Maroussi, Attiki
 
-NOTOSPORT S.A. by 3.34%
(Code No: 0255905 VAT: EL999864670)
DATE ESTABLISHED : 2003
SECTOR : Slim Centres - Beauty Parlor's - Fitness Centres
Share capital  : 1,000,000
Shareholders equity  : 693,121
Net Sales  : 1,338,581
Losses  : -327,883
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : Athinon - Varis Ave (21st km) & 1 Kalamatas 166 72, Vari, Attiki
 
-ARC S.A. by 25.00%
(Code No: 0256391 VAT: EL999611200)
DATE ESTABLISHED : 2003
SECTOR : Engineering - Construction
Share capital  : 620,000
Shareholders equity  : 317,987
Net Sales  : 1,661,875
Losses  : -657,965
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 2a Vas. Georgiou 185 35, Piraeus, Attiki
 
-GENCOM S.A. by 50.00%
(Code No: 0269354 VAT: EL999114199)
DATE ESTABLISHED : 2006
SECTOR : Trade (Garments - Footwear - Leather Goods)
Share capital  : 1,200,000
HEAD OFFICE : 96 Vouliagmenis Ave 166 74, Glyfada, Attiki
 
-ELMEC SPORT S.A. by 27.51%
(Code No: 2028325 VAT: EL094106758)
DATE ESTABLISHED : 1981
SECTOR : Trade (Garments - Footwear - Leather Goods)
Share capital  : 33,240,000
Shareholders equity  : 96,983,925
Net Sales  : 114,659,536
Net profit  : 16,294,771
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : 96 Vouliagmenis Ave 166 74, Glyfada, Attiki
 
-COR-FIL CORINTHOS SPINNING MILLS S.A. by 8.50%
(Code No: 5525800 VAT: EL094043915)
DATE ESTABLISHED : 1974
SECTOR : Industry (Textile Products)
Share capital  : 4,825,224
Shareholders equity  : 475,720
Net Sales  : 1,301,103
Net profit  : 444,672
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE : Thessalonikis - Athinon National Rd (67th km - palaia) 603 00, Aiginio, Pieria
 
-ERGON BATTERIES LTD by 17.28%
(Code No: 0234583 VAT: EL099044962)
DATE ESTABLISHED : 1998
SECTOR : Industry (Electric - Electronic Material)
Paid up capital  : 342,000
Shareholders equity  : 464,453
Net Sales  : 3,781,299
Net profit  : 45,022
Balance sheet details as at (31.12.2005) in Euro.
HEAD OFFICE-PLANT : Agios Georgios 193 00, Aspropyrgos, Attiki
 
-FAR SHIPPING LTD by 50.00%
(Code No: 0259165 VAT: EL999415525)
DATE ESTABLISHED : 2003
SECTOR : Transportation by Sea
Paid up capital  : 852,000
HEAD OFFICE : 89 Kolokotroni 185 35, Piraeus, Attiki
 
-CAPRICORN FASHION TRADING LTD by 27.00%
(Code No: 0262899)
DATE ESTABLISHED : 2004
SECTOR : Holding Companies
Paid up capital  : 100,000
HEAD OFFICE : 6 P.P.Germanou 152 37, Filothei, Attiki
 
 
-STATHIS, P., & CO. E.E. by 33.33% (Limited Partner)
(Code No: 0756814 VAT: EL999119263)
DATE ESTABLISHED:  2005
SECTOR : Restaurants - Nightclubs
HEAD OFFICE : 9 Panepistimiou 105 64, Athens, Attiki
 
 
Issaak Mor. Fais participates in the firm(s):
 
-CARDINAL S.A. by 50.00%
(Code No: 0206127 VAT: EL094354860)
DATE ESTABLISHED : 1992
SECTOR : Trade (Food Products)
Share capital : 58,696
Shareholders equity  : 50,645
Net Sales  : 2,444
Losses  : -692
Balance sheet details as at (30.06.2005) in Euro.
HEAD OFFICE : 9 Konstantinoupoleos Ave 118 55, Athens, Attiki
 
-CARDINAL S.A.
(Code No: 0254895 VAT: EL999604324)
DATE ESTABLISHED : 2003
SECTOR : Trade (Food Products)
Share capital  : 60,000
Shareholders equity  : -41,720
Net Sales  : 2,620,983
Losses : -48,427
Balance sheet details as at (30.06.2005) in Euro.
HEAD OFFICE : 1 Lelouda, 57 Ag. Polykarpou (side street) 118 35, Athens, Attiki
 
-FAIS ISSAK "CARDINAL"
(Code No: 0924050 VAT: EL028582299)
DATE ESTABLISHED : 1992
SECTOR : Trade (Food Products)
HEAD OFFICE : 9 Konstantinoupoleos 118 55, Athens, Attiki
 
 
Lucy Ino. Fais participates in the firm(s):
 
-AMERICAN MARINE S.A. by 50.00%
(as mentioned before)
 
 
-INFOBANK - INTERLEASE - D.S.A. S.A. by 7.45%
(as mentioned before)
 
-LOY SYSTEM S.A. by 50.00%
(as mentioned before)
 
-TRIGONO S.A. by 20.00%
(as mentioned before)
 
 
-R.F.S. S.A. by 6.25%
(as mentioned before)
 
-INSTORE S.A. by 12.50%
(as mentioned before)
 
-NOTOSPORT S.A. by 3.34%
(as mentioned before)
 
-ELMEC SPORT S.A. by 24.32%
(as mentioned before)
 
-ERGON BATTERIES LTD by 32.72%
(as mentioned before)
 
-FAIS-MORDECHAI LUCY I.
(Code No: 0929305 VAT: EL040113836)
DATE ESTABLISHED : 1986
SECTOR : Trade (Food Products)
HEAD OFFICE : 44 Dagli 105 51, Athens, Attiki
 
 
Sam Mor. Fais participates in the firm(s):
 
-CARDINAL S.A. by 50.00%
(as mentioned before)
 
-CARDINAL S.A.
(as mentioned before)
 
-
(Code No: 0922020)
DATE ESTABLISHED: 1989
 
 

FINANCIAL DATA

 
Share capital amounts to Euro 333,984 divided into 113,600 shares at EURO 2.94 each.
 
Present financial data are not available.
 
The latest published balance sheets are attached.

BUSINESS TRANSACTION INDEX

 
Subject
 
  2006  2005  2004  2003  2002 
  ----  ----  ----   ----   ---- 
 Group 1:  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00) 
 Group 2:  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)   5*(5.00) 
 Group 3: 5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00) 
 Total :   5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00)  5*(5.00) 
  
Final Result: 5Stars (5.00) 
 
Index: 5*, 4*, 3*, 2*, 1*, NA (Not applicable)

CREDIT APPRAISAL

We recommend a maximum credit limit of Euro 90,000

BANKS

 
Alpha Bank A.E. 
 Elliniko Branch (tel.:21-09647250) 
 (Imports/Exports)

SHORT FINANCIAL STATEMENT (Figures in Euro)

ASSETS

ACCOUNTS	30/6/2005	CHANGE 05/04 (%)	30/6/2004	CHANGE 04/03 (%)	30/6/2003
Fixed Assets	10.738	-45,42	19.673	9,42	17.980
Land	0	N/A	0	N/A	0
Buildings / Means of Transport / Furniture and Other Equipment	104.883	-1,05	105.997	-4,68	111.208
Machinery and Mechanical Equipment	0	N/A	0	N/A	0
Intangibles Assets and Estabishment Expenses	6.792	0	6.792	0	6.792
Accumulated Depreciation	101.653	9,17	93.115	-6,90	100.019
Depreciation of Buildings / Furniture / Means of Transport	94.861	9,60	86.550	-8,23	94.308
Depreciation of Machinery and Mechanical Equipment	0	N/A	0	N/A	0
Depreciation of Intangible Assets and Establishment Expenses	6.792	3,46	6.565	14,95	5.711
Long Term Receivables	716	N/A	0	N/A	0
Participations	0	N/A	0	N/A	0
Inventories	596.527	8,70	548.755	-11,23	618.194
Finished Products / Merchandise	596.527	8,70	548.755	-11,23	618.194
Semi finished Goods	0	N/A	0	N/A	0
Raw Direct and Indirect Material	0	N/A	0	N/A	0
Receivables / Transit balances	485.012	16,32	416.979	61,94	257.494
Receivables from Customers / Bills and Cheques	417.013	19,49	348.980	83,01	190.691
Marketable Securities	66.499	0	66.499	0	66.499
Other Receivables / Transit Debit Balances	1.500	0	1.500	391,80	305
Cash and Deposits	34.417	44,82	23.765	-67,63	73.418
Total Assets	1.126.694	11,64	1.009.172	4,35	967.086

LIABILITIES

ACCOUNTS	30/6/2005	CHANGE 05/04 (%)	30/6/2004	CHANGE 04/03 (%)	30/6/2003
Shareholders Equity	410.862	27,12	323.207	-9,80	358.304
Share Capital	333.984	0	333.984	0	333.984
Capital Surplus	93.077	0	93.077	0	93.077
Earned Surplus / Accumulated Losses	-16.199	84,40	-103.855	-51,05	-68.757
Long Term Liabilities and Provisions	15.984	0	15.984	0	15.984
Long Term Liabilities	0	N/A	0	N/A	0
Provisions	15.984	0	15.984	0	15.984
Current Liabilities / Transit Balances	699.848	4,46	669.982	13,02	592.798
Short Term Bank Debt	0	N/A	0	N/A	0
Suppliers / Bills Notes Payable and Cheques / Creditors	646.017	-2,31	661.268	14,57	577.185
Dividends Payable	0	N/A	0	N/A	12.000
Partners / Shareholders Accounts	0	N/A	0	N/A	0
Other Liabilities / Transit Credit Balances	53.830	517,81	8.713	141,16	3.613
Total Liabilities and Net Worth	1.126.694	11,64	1.009.172	4,35	967.086

PROFIT AND LOSS ACCOUNT

ACCOUNTS	1/7/2004 - 30/6/2005	CHANGE 05/04 (%)	1/7/2003 - 30/6/2004	CHANGE 04/03 (%)	1/7/2002 - 30/6/2003
Total Net Sales	0	N/A	0	N/A	0
Total Net Sales	838.310	53,44	546.356	26,36	432.364
Cost of Net Sales	445.202	14,30	389.511	80,89	215.331
Gross Margin	393.108	150,63	156.845	-27,73	217.034
Commission and Other Operating Income	20	-60	50	-98,64	3.669
Interest Expenses	3.294	42,35	2.314	137,58	974
Other Operating Expenses	268.386	30,85	205.113	5,21	194.953
Operating Results after Interest Expenses	121.449	N/A	-50.532	N/A	24.775
Non Operating Income	10.256	-40,90	17.355	N/A	0
Non Operating Expenses	6.246	225,31	1.920	-93,62	30.105
Depreciation Out of Cost	0	N/A	0	N/A	0
Total Depreciation	8.958	14,86	7.799	-12,23	8.886
Depreciation Included in the Operation Cost	8.958	14,86	7.799	-12,23	8.886
Net Income for the Year Before Tax	125.458	N/A	-35.097	-558,48	-5.330
Net Dividends	0	N/A	0	N/A	0
Income Tax	32.236	N/A	0	N/A	1.831

COMPANY RATIOS

PROFITABILITY RATIOS

RATES	30/6/2005	CHANGE 05/04 (%)	30/6/2004	CHANGE 04/03 (%)	30/6/2003
Return on Equity (Before Income Tax) (%)	34,18	N/A	-10,30	-662,22%	-1,36
Return on Equity (Before Interest and Income Tax) (%)	35,08	N/A	-9,62	-773,64%	-1,11
Return on Capital Employed (Before Interest and Income Tax) (%)	12,06	N/A	-3,32	-688,10%	-0,43
Gross Profit Margin (%)	46,89	63,32%	28,71	-42,81%	50,20
Operating Profitability (%)	14,88	N/A	-8,83	N/A	5,91
Net Profit Margin (Before Income Tax) (%)	14,96	N/A	-6,42	-425,41%	-1,23
Net Profit Margin (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	15,95	N/A	-7,41	N/A	7,96

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	30/6/2005	CHANGE 05/04 (%)	30/6/2004	CHANGE 04/03 (%)	30/6/2003
Financial Leverage (:1)	0,64	-5,88%	0,68	7,94%	0,63
Total Debt Equity Ratio (:1)	1,74	-17,92%	2,12	24,70%	1,70
Interest Coverage (Before Interest and Income Tax) (X)	39,09	N/A	N/C	N/A	N/C

LIQUITIDY RATIOS

RATES	30/6/2005	CHANGE 05/04 (%)	30/6/2004	CHANGE 04/03 (%)	30/6/2003
Current Ratio (Χ)	1,54	0%	1,54	-6,67%	1,64
Quick Ratio (Acid Test) (Χ)	0,70	14,75%	0,61	-7,58%	0,66
Working Capital (EURO)	416.107,99	30,23%	319.517,59	-10,32%	356.307,97

ACTIVITY RATIOS

RATES	30/6/2005	CHANGE 05/04 (%)	30/6/2004	CHANGE 04/03 (%)	30/6/2003
Collection Period (DAYS)	165,16	-7,12%	177,83	-8,24%	193,80
Payable Period (DAYS)	496,97	-10,99%	558,32	N/A	N/A
Inventory Turnover (DAYS)	469,48	-14,13%	546,76	N/A	N/A
Equity Turnover (Χ)	2,28	42,50%	1,60	45,45%	1,10
Turnover of Capital Employed (Χ)	0,78	41,82%	0,55	30,95%	0,42

INVESTOR RATIOS

RATES 30/6/2005

Share Internal Value (EURO) 3,62

Earnings per Share (EURO) 1,10

SECTOR RATIOS

PROFITABILITY RATIOS

RATES	2005	CHANGE 05/04 (%)	2004	CHANGE 04/03 (%)	2003
Return on Equity (Before Income Tax) (%)	22,06	-12,88%	25,32	28,14%	19,76
Return on Equity (Before Interest and Income Tax) (%)	26,39	-10,48%	29,48	29,13%	22,83
Return on Capital Employed (Before Interest and Income Tax) (%)	8,72	-10,10%	9,70	17,86%	8,23
Gross Profit Margin (%)	17,45	5,18%	16,59	-9,84%	18,40
Operating Profitability (%)	5,41	5,18%	5,31	-9,84%	5,91
Net Profit Margin (Before Income Tax) (%)	4,86	-1,02%	4,91	-8,74%	5,38
Net Profit Margin (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	6,69	3,08%	6,49	-10,48%	7,24

ACTIVITY RATIOS

RATES	2005	CHANGE 05/04 (%)	2004	CHANGE 04/03 (%)	2003
Collection Period (DAYS)	92,00	9,41%	84,09	-18,48%	103,16
Payable Period (DAYS)	75,96	12,40%	67,58	-20,00%	84,47
Inventory Turnover (DAYS)	54,64	15,86%	47,16	-18,00%	57,51
Equity Turnover (Χ)	4,54	-12,02%	5,16	40,60%	3,67
Turnover of Capital Employed (Χ)	1,50	-11,76%	1,70	28,79%	1,32

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	2005	CHANGE 05/04 (%)	2004	CHANGE 04/03 (%)	2003
Financial Leverage (:1)	0,66	-2,94%	0,68	3,03%	0,66
Total Debt Equity Ratio (:1)	1,91	-11,16%	2,15	12,56%	1,91
Interest Coverage (Before Interest and Income Tax) (X)	6,10	-13,84%	7,08	-4,84%	7,44

LIQUITIDY RATIOS

RATES	2005	CHANGE 05/04 (%)	2004	CHANGE 04/03 (%)	2003
Current Ratio (Χ)	1,23	-1,60%	1,25	-1,57%	1,27
Quick Ratio (Χ)	0,90	-3,22%	0,93	-3,12%	0,96
Working Capital (EURO)	298.440.562,56	7,94%	276.495.368,73	-6,73%	296.434.517,09

Sample of Companies: 424(2005), 460(2004), 438(2003)

NOTES

- When the minus sign (-) appears to Income Tax Payable account or to other Tax accounts indicates that company is obliged to pay the particular tax amount, while the opposite signifies a tax return.

- N/A: Not Available

N/C: Not Calculable

The indications N/A and N/C may appear in cases where accounts that participate in the computation of the ratios or in the accounts changes are not detected in the original balance sheet as well as the computation of certain ratios does not have a meaning i.e. Return on Equity ratio or Total Dept Equity ratio for companies where Equity is negative, etc.

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/normal.	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

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