MIRA INFORM REPORT

Report Date :

04.07.2007

IDENTIFICATION DETAILS

Name :	UNITED ALACRITY PTE. LTD.

Registered Office :	^{101 Cecil Street, #14-09}^{, Tong Eng Building, Singapore}^{– 069533}

Country :	Singapore

Financials (as on) :	31.12.2004

Date of Incorporation :	^06/01/2003

Com. Reg. No.:	^200300169W

Legal Form :	^{Exempt Pte Ltd}

Line of Business :	Trading of Chemicals and Chemical Products

RATING & COMMENTS

MIRA’s Rating :

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

UNITED ALACRITY PTE. LTD.

Line Of Business

TRADING OF CHEMICALS AND CHEMICAL PRODUCTS

Parent Company

Financial Elements

FY2004

COMPANY

Sales : S$852,039

Networth : S$ 80,146

Paid-Up Capital : S$100,000

Net result : S$ 11,980

Net Margin(%) : 1.41

Return on Equity(%) : 14.95

Leverage Ratio : 2.46 TIMES

COMPANY IDENTIFICATION

^{Subject Company : UNITED ALACRITY PTE. LTD.}

^{Former Name :
-}

^{Business Address : 101
CECIL STREET}

^#14-09

^{TONG ENG
BUILDING}

^{Town :
SINGAPORE}

^{Postcode :
069533}

^{County :
-}

^{Country :
Singapore}

^{Telephone :
6323 2748/2903}

^{Fax :
6323 2184}

^{ROC Number :
200300169W}

^Reg.^Town ^{: -}

SUMMARY

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

^{Legal Form :
Exempt Pte Ltd}

^{Date Inc. :
06/01/2003}

^{Previous Legal Form : -}

^{Summary year :
31/12/2004}

^{Sales :
852,039}

^{Net Worth :
80,146}

^{Paid-Up Capital :
100,000}

^{Employees :
-}

^{Net Result :
11,980}

^{Auditor :
NATARAJAN & SWAMINATHAN}

REFERENCES

^{Litigation :
No}

^{Company status : TRADING}

^{Started :
06/01/2003}

PRINCIPAL(S)

^{ANISH MATHEW SAMUEL S7085599B Director}

DIRECTOR(S)

^{KABRA RAMESHKUMAR SHREEGOPAL A7640416 Director}

^{Appointed on :
05/02/2004}

^{Street :
D-67/655 M.I.G COLONY}

^{KHERWADI BANDRA}

^{Town :
EAST MUMBAI}

^{Postcode :
400051}

^{Country :
India}

^{CHAKRAPANI NEELKANTH RUDDRA RAMKER P622342 Director}

^{Appointed on :
06/01/2003}

^{Street :
BADECHAWDY RAMKOTE}

^{Town :
HYDERABAD}

^{Postcode :
-}

^{Country :
India}

^{ANISH MATHEW SAMUEL S7085599B Director}

^{Appointed on :
06/01/2003}

^{Street :
1 MARYMOUNT TERRACE}

^#04-03

^BOONVIEW

^{Town :
SINGAPORE}

^{Postcode :
574036}

^{Country :
Singapore}

^{ANISH MATHEW SAMUEL S7085599B Company Secretary}

^{Appointed on :
29/09/2004}

^{Street :
1 MARYMOUNT TERRACE}

^#04-03

^BOONVIEW

^{Town :
SINGAPORE}

^{Postcode :
574036}

^{Country :
Singapore}

ACTIVITY (IES)

^{IMPORTERS And EXPORTERS Code:
11760}

^{CHEMICALS Code:
3970}

^{ELECTRONIC COMPONENTS Code:
7605}

^{BEARINGS Code:
1830}

^{PHARMACEUTICAL PRODUCTS - WHSLE And MFRS Code:
16400}

^{BASED ON ACRA'S RECORD AS AT
26/06/2007}

^{1) WHOLESALE OF CHEMICALS AND CHEMICAL
PRODUCTS}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{CHAKRAPANI NEELKANTH RUDDRA RAMKER 10,000 Private Person}

^{Street :
BADECHAWDY RAMKOTE}

^{Town : HYDERABAD}

^{Postcode :
-}

^{Country :
India}

^{ANISH MATHEW SAMUEL 90,000 Private Person}

^{Street :
1 MARYMOUNT TERRACE}

^#04-03

^BOONVIEW

^{Town :
SINGAPORE}

^{Postcode :
574036}

^{Country :
Singapore}

SUBSIDIARY (IES)

^{P T UNITED ALACRITY Indonesia}

PAYMENT HISTORY AND EXPERIENCES

Trade Morality : AVERAGE

Liquidity : UNKNOWN

Payments : REGULAR

Trend : LEVEL

Financial Situation : UNKNOWN

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

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

^{Audit Qualification: "MILD" UNCERTAINTIES "MILD" UNCERTAINTIES}

^{Date Account Lodged: 13/08/2005}

^{Balance Sheet Date: 31/12/2004 31/12/2003}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS ---}

^{Tangible Fixed Assets: 2,169 4,070}

^{Investments 24,464 -}

^{Total Fixed Assets}^{: 26,633 4,070}

^{Inventories: 60,091 30,146}

^{Receivables: 122,639 54,082}

^{Cash, Banks,
Securities: 49,969 25,131}

^{Other current assets: 17,680 15,623}

^{Total Current Assets}^{: 250,379 124,982}

^{TOTAL ASSETS: 277,012 129,052}

^{--- LIABILITIES ---}

^{Equity capital: 100,000 100,000}

^{Profit & loss
Account: -19,854 -31,834}

^{Total Equity}^{: 80,146 68,166}

^{Trade Creditors: 94,500 58,003}

^{Other Short term
Liab.: 94,855}

^{Prepay. & Def.
charges: 7,511 2,883}

^{Total short term Liab.}^{: 196,866 60,886}

^{TOTAL LIABILITIES: 196,866 60,886}

^{PROFIT & LOSS ACCOUNT}

^{Net Sales 852,039 158,398}

^{Purchases,Sces & Other
Goods: 741,932 144,459}

^{Gross Profit: 110,107 13,939}

^{Result of ordinary
operations 12,730 -31,751}

^{NET RESULT BEFORE TAX: 11,980 -31,834}

^{Net income/loss year: 11,980 -31,834}

^{Interest Paid: 750 83}

^{Depreciation: 2,101 2,035}

^{Directors Emoluments: 60,000 21,750}

^{Wages and Salaries: - 684}

^{Financial Income: 1,000 1,169}

RATIOS

^{31/12/2004 31/12/2003}

^{Net result / Turnover(%): 0.01 -0.20}

^{Stock / Turnover(%): 0.07 0.19}

^{Net Margin(%): 1.41 -20.10}

^{Return on Equity(%): 14.95 -46.70}

^{Return on Assets(%): 4.32 -24.67}

^{Net Working capital: 53513.00 64096.00}

^{Cash Ratio: 0.25 0.41}

^{Quick Ratio: 0.88 1.30}

^{Current ratio: 1.27 2.05}

^{Receivables Turnover: 51.82 122.92}

^{Leverage Ratio: 2.46 0.89}

^{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

^{LIMITED EXEMPT
PRIVATE COMPANY}

^{WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT
OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE
COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.}

^{AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER
AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS
WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS
DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS:}

^{1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE BEEN TABLED
BEFORE THE SHAREHOLDERS}

^{AT THE ANNUAL GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET ITS
LIABILITIES.}

^{THERE IS THEREFORE NO DISCLOSURE TO THE
PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE
AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY.}

^{A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE
GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN
THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM
AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY
2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED
$2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE
TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL REQUIRED TO MAINTAIN
PROPER ACCOUNTING RECORDS.}

^{* THE LATEST FINANCIAL STATEMENTS FILED IN BY
THE COMPANY AS AT YEAR ENDED 31/12/2005 ARE NOT AVAILABLE. FY2004 AND FY2003
FINANCIALS SERVE AS A REFERENCE ONLY.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 06/01/2003 AS A LIMITED
EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS
"UNITED ALACRITY PTE. LTD.".}

^{AS AT 26/06/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF 100,000 SHARES OF A VALUE OF S$100,000.}

^{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}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS)}

^{DURING THE FINANCIAL YEAR(S) 2004, UNDER
REVIEW, SUBJECT'S PRINCIPAL ACTIVITIES ARE TO ENGAGE IN THE TRADING OF
CHEMICALS AND CHEMICAL PRODUCTS.}

^{FROM THE RESEARCH CONDUCTED, THE FOLLOWING
INFORMATION WAS GATHERED:}

^{SUBJECT IS LISTED IN THE SINGAPORE LOCAL
DIRECTORY UNDER THE CLASSIFICATION OF: CHEMICALS.}

^{SUBJECT OPERATES PRIMARILY AS A SERVICE,
MANUFACTURING, CONSULTING AND TRADING OPERATION BASED FROM SINGAPORE, WITH OFFICES IN INDONESIA, MALAYSIA
AND INDIA AND NORTH AMERICIA. IT HAS ITS OWN WAREHOUSE WITH OPERATIONS
COVERING THE ENTIRE SOUTH EAST ASIAN REGION AND INDIA.}

^PRODUCTS:

^{* SAFE BIOTECH PRODUCTS, ORGANIC BIO-SAFE
CHEMICALS, SPECIALTY CHEMICALS FOR FOOD, TEXTILE, LEATHER, PAPER, ENZYMES AND
PHARMACEUTICAL CHEMICALS}

^{- SPECIALTY BIO-TECH PRODUCTS}

^{* ANTICREASE LUBRICANTS}

^{* DYE LEVELLING AGENTS}

^{* DETERGENTS}

^{- ELECTRONICS}

^{- BEARINGS & ACCESSORIES}

^{- INDUSTRIAL & ENVIRONMENTAL CONTROLS}

^{- INFORMATION TECHNOLOGY PRODUCTS}

^SERVICES:

^{* CONTRACT RESEARCH SERVICES}

^{* ENVIRONMENTAL RISK MANAGEMENT SERVICES}

^{* INFORMATION SYSTEMS AUDITING SERVICES}

^MARKETS:

^{* CHINA}

^{* INDIA}

^{* INDONESIA}

^{* ETC}

^{SOME KEY PARTNERS:}

^{* SORBE BIOTECHNOLOGY (INDIA) PVT.
LTD.}

^{* UNITED BEARING CO.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 02/07/2007,
THE FOLLOWING INFORMATION WAS REVEALED:}

^{SUBJECT IS INTO THE TRADING OF SPECIALTY
BIO-TECH CHEMICALS. SUBJECT SUPPLIES TO SINGAPORE,
MALAYSIA, INDONESIA, PAKISTAN AND OTHER COUNTRIES.}

^{THERE ARE CURRENTLY 5 EMPLOYEES IN THE
COMPANY.}

^{NO OTHER INFORMATION WAS GATHERED VIA THE
TELE-INTERVIEW CONDUCTED. BANKER'S
DETAILS WAS DENIED.}

^{THE COMPANY AND GROUP HAD NO EMPLOYEES AS OF
DECEMBER 31, 2004 AND DECEMBER 31, 2003 EXCEPT THE DIRECTORS.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{101 CECIL
STREET}

^#14-09

^TONG^{ENG
BUILDING}

^SINGAPORE⁰⁶⁹⁵³³

^{DATE OF CHANGE OF ADDRESS: 12/07/2005}

^{-- RENTED PREMISE}

^{-- PREMISE OWNED BY: TONG ENG BROTHERS
PRIVATE LIMITED}

^WEBSITE:

^{* www.unitedalacrity.com}

^EMAIL:

^{* ual@unitedalacrity.com}

^{* admin@unitedalacrity.com}

^{* sales@unitedalacrity.com}

^{* service@unitedalacrity.com}

MANAGEMENT

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

^{1) KABRA RAMESHKUMAR SHREEGOPAL, AN INDIAN}

^{- BASED IN INDIA}

^{2) CHAKRAPANI NEELKANTH RUDDRA RAMKER, AN
INDIAN}

^{- BASED IN INDIA}

^{3) ANISH MATHEW SAMUEL, AN INDIAN}

^{- BASED IN SINGAPORE}

ADVERSE ON DIRECTORS

* NO ADVERSE CHECKS COULD BE CONDUCTED ON FOREIGN DIRECTORS.

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/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

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