MIRA INFORM REPORT

Report Date :

27.11.2007

IDENTIFICATION DETAILS

Name :	RAYCHEM RPG LIMITED
Registered Office :	Ceat Mahal Annexe, 463, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	18.08.1984
Com. Reg. No.:	033786
CIN No.: [Company Identification No.]	U74999MH1984PLC033786
TAN No.: [Tax Deduction & Collection Account No.]	MUMR15956D
PAN No.: [Permanent Account No.]	AAACR8032L
Legal Form :	Public limited liability company The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing of Electric Heating Equipments

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2060000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Available information indicates high financial responsibility of the company. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings.It can be regarded as a promising business partner in a medium to long-run.

LOCATIONS

Registered Office :	Ceat Mahal Annexe, 463, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24937485 / 6 / 7 / 22853594
Fax No.:	91-22-24938879 / 22853591
E-Mail :	info@raychemrpg.com ashah@raychemrpg.com
Website :	http://www.raychemrpg.com www.rpggroup.com
Sales Office :	New Delhi 709/10, Tolstoy House, Tolstoy Marg, New Delhi – 110 001 Tel. 91-11-23329863 / 23725973 Fax. 91-11-23354250 Bangalore 2-C, Jubilee Building, 45, Museum Road, Bangalore – 560 025, Karnataka Tel. 91-80-5588167/ 7138 Fax. 91-80-5586039 Kolkata 6, Church Lane, 1^st Floor, Kolkata – 770 001, West Bengal Tel. 91-33-22109312 / 22109380 Fax. 91-33-22109313 Chennai 5^th Floor, Crown Court, 34, Cathedral Road, Chennai – 600 086, Tamilnadu Tel. 91-44-28112707 / 28110402 Fax. 91-44-28810401
Factory 1 :	1, 62, M. G. Road, Near Bharat Petrol Pump, Bassein Taluka, Vasai, District Thane – 401 208, Maharashtra

DIRECTORS

Name :	Mr. Arun Gandhi
Designation :	Managing Director
Name :	Mr. Ramesh Chandak
Designation :	Managing Director
Name :	Mr. Anand Jatkar
Designation :	Director
Name :	Mr. Sanjay D Naik
Designation :	Assistant General Manager
Name :	Mr. Harsh Goenka
Designation :	Director
Name :	Mr. James Thompson
Designation :	Director
Name :	Mr. John Roberts
Designation :	Director
Name :	Mr. K K Sharma
Designation :	Director
Name :	Mr. Leslie Britton
Designation :	Director
Name :	Mr. P Rajagopalan
Designation :	President
Name :	Mr. Robin John
Designation :	Director
Name :	Mr. Samir Inamdar
Designation :	Director
Name :	Mr. Sammy Lalla
Designation :	Director
Name :	Mr. Sharad M Kulkarni
Designation :	Director
Name :	Mr. Shiv Kumar
Designation :	Director
Name :	Mr. Kapil M Gohil
Designation :	Company Secretary
Name :	Mr. Mahesh Gupta
Designation :	Director
Name :	Mr. Steven Oneil
Designation :	Director
Name :	Mr. Geert Quaegebeur
Designation :	Director
Name :	Mr. K U Subbaiah
Designation :	Director
Name :	Mr. S Viswanath
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Raychem Radiation Technologies INC USA	149970
Chattarpati Investments Limited	10000
Universal Industrial Fund Limited	139990
Hilltop Holding India Limited	5
Jubilee Investments and Industries Limited	5
Tyco Electronics Corporation India Private Limited	10
Tyco Electronics System India Private Limited	10
Tyco Electronics Tools India Private Limited	10
Total	300000

BUSINESS DETAILS

Line of Business :	Manufacturing of Electric Heating Equipments
Products :	v Heat Shrinkable Power / Telecom Cable Accessories v Auto Trac Die Electric Heating Equipment

GENERAL INFORMATION

No. of Employees :	600
Bankers :	v State Bank of India v ICICI Bank Limited v Societe Generale

Banking Relations :	Good
Auditors :	Price Waterhouse Chartered Accountants
Associates/Subsidiaries :	v Tyco Electronics Corporation India Private Limited v Tyco Electronics Raychem GmbH, Germany v Tyco Electronics Raychem N. V., Belgium v Raychem Saudi Arabia Limited v Raychem Shanghai Cable Accessories Limited v Tyco Electronics Taiwan Company Limited v Raychem Corporation, U.S.A. v Raychem HTS, U.S.A. v Tyco Electronics Singapore Pte. Limited v Raychem Limited, U.K. v Tyco Thermal Controls, U.S.A. v Tyco Adhesives B. V. B. A., Belgium v Raycap S. A. Greece v Raychem Technologies Limited, Cyprus v Ceat Limited v RPG Enterprises v RPG Cables Limited v Harrisons Malyalam Limited v N. M. Raiji & Company

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions
300000	Preference Shares	Rs. 100/- each	Rs. 30.000 Millions
	Total		Rs. 80.000Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		485.946	367.908	278.238
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		515.946	397.908	308.238
LOAN FUNDS
1] Secured Loans		181.109	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		181.109	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	3.621
TOTAL		697.055	397.908	311.859
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		284.300	159.611	126.418
Capital work-in-progress		20.341	5.853	2.671
INVESTMENT		0.000	34.800	0.000
DEFERREX TAX ASSETS		12.458	14.467	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	297.106	185.950	175.753
	Sundry Debtors	683.145	425.631	305.369
	Cash & Bank Balances	50.494	39.816	30.814
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.269	41.796	58.879
Total Current Assets		1116.014	693.193	570.815
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	603.692	393.830	291.046
	Provisions	132.366	116.186	96.999
Total Current Liabilities		736.058	510.016	388.045
Net Current Assets		379.956	183.177	182.77
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		697.055	397.908	311.859

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		1818.512	1394.464
Other Income		36.636	25.332
Total Income		1855.148	1419.796
Profit/(Loss) Before Tax		283.211	219.780
Provision for Taxation		90.587	82.471
Profit/(Loss) After Tax		192.624	137.309
Expenditures :
	Raw Material Consumed	1124.497	859.976
	Interest	1.261	1.008
	Depreciation & Amortization	30.723	18.044
	Other Expenditure	302.329	241.891
Total Expenditure		1458.81	1120.919

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	N A	10.38	9.67
Net Profit Margin (PBT/Sales)	(%)	N A	15.57	15.47
Return on Total Assets (PBT/Total Assets}	(%)	N A	33.20	31.52
Return on Investment (ROI) (PBT/Networth)		N A	0.71	0.71
Debt Equity Ratio (Total Liability/Networth)		1.77	1.28	1.26
Current Ratio (Current Asset/Current Liability)		1.52	1.36	1.47

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the charge to be modified	10026466
Corporate identity number of the company	U74999MH1984PLC033786
Name of the company	RAYCHEM RPG LIMITED
Address of the registered office or of the principal place of business in India of the company	Ceat Mahal Annexe, 463, Dr. Annie Besant Road, Worli, Mumbai – 400 025, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India Email: kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No instrument. Memorandum of entry was executed.
Date of instrument Creating the charge	05.10.2007
Amount secured by the charge	Rs. 795.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	As Would be determined by bank from time to time.
Short particulars of the property charged	A first charge by way of hypothecation of the borrowers, plant and machinery, Furniture and Fixtures at factory located at Vasai, Thane and Chakan, Pune and Goods, Movables and Other Assets present and future. Mixing Machine Moulding Machine Skirt Trimming Machine Breakout Trimming Machine
Date of latest modification prior to the present modification	19.04.2007
Particulars of the present modification	Now by the present modification the company offered an additional collateral securities by way of an equitable mortgage by deposit of title deeds over the immovable properties to secure credit facilities of Rs. 615.000 Millions ( i.e. Term Loan of Rs. 180.000 Millions together with working capital facilities of Rs. 615.000 Millions) Since limit enhanced from Rs. 420.000 Millions to Rs. 795.000 Millions together with interest, Commission, further Interest, Liquidated damages, Costs, Charges ( Further details as per annexure B)

Name of the company	RAYCHEM RPG LIMITED
Presented By	RAYCHEM RPG LIMITED
1) Date and description of instrument creating the change	Joint deed of Hypothecation of stocks and book debts dated 07.07.2005 Working Capital Consortium Agreement dated 07.07.2005 creating a single charge.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 300.000 Millions State Bank of India – Rs. 160.000 Millions ICICI Bank Limited – Rs. 140.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stocks and Book Debts
4) Gist of the terms and conditions and extent and operation of the charge.	Interest as prescribed by bank from time to time
5) Name and Address and description of the person entitled to the charge.	State Bank of India Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ICICI Bank Limited ICICI Bank Towers, Bandra Kurla Road, Mumbai – 400 051

OPERATIONS 
The operations in the Vasai Factory, the Kitting Unit at Kalher and at Mira Road continue to be extremely satisfactory. The Company has completed nearly five years of accident- free record in the Vasai Factory due to the stringent EHS standards followed at the factory. The employee relations at all locations of the Company continue to be satisfactory. The ISO 9001 and14001 certifications granted to the Company's manufacturing facilities continued to be reaffirmed during the current financial year by LRQA based on its stringent audits conducted during the year. 

POWER 
The condition in the Energy business, which was difficult during the first half of the year, improved significantly towards the second half. The Company was able to register an increase of 40% over the sales during the previous financial year. The bulk of this increase has come from the Northern Region. In the case of Delhi Vidyut Board, as against a 10% market share, which the Company enjoyed during the previous financial year, it was possible to increase the same to approximately 70% because of the patronage extended to us by BSES and Tatas who were successful in acquiring the distribution rights from DVB. The Company was also able to make in roads into the Extra High Voltage cable accessory sales. In addition, the Surge Arrester business has also shown considerable growth. 

TELECOM 
Telecom industry was in a state of major transformation with the entry of WLL resulting in a sea change in the revenue model of the industry. All expansion plans of Fixed Wire Network had beep on hold. BSNL procurement of PIJF cables in the financial year 2002- 03 was 25% of the normal level of purchases. Consequently, there was a drop in the procurement of cable jointing kits. During the year, BSNL implemented the requirement that jointing kit manufacturers should have the facility to produce the sleeves from the granule stage. 

Despite the serious crisis in the Telecom PIJF cable market, the Company was able to register an almost 11% increase in the turnover, primarily because of the fact that it was able to consolidate the market share further from the Private Service Providers. Company's market share with both Bharti Telecom and Tata Tele services is over 70%. The Company was also able to improve the overall profitability for this business primarily through indigenization. 

INDUSTRIAL 
Significant delay in the disinvestments of PSU oil companies lead to the delay in the finalization of pipeline projects in the country. The Central India pipeline project has been abandoned. Discovery of oil and gas by Reliance improves the long-term prospects for the industry. Rehab market for existing pipelines emerging as a new opportunity for cold applied tapes. There were no new petrochemical or process industry projects in the current financial year, which had an adverse impact on your Company's performance in this sector. The Division also witnessed leadership change during the year. 

EXPORTS 
The performance of the Export Division was satisfactory because despite the significant shortfall in the Tyco business, we were able to register sales close to the FY '02 sales levels. The reason for this is mainly the drop in the off-take by the Tyco Telecom Division, which witnessed a drop of almost 60%. Acquiring a large number of new, non- Tyco customers has offset most of this drop. However, the full benefit of this will be felt only from the new Financial Year onwards. The company, however, managed to retain the profitability in the business through innovative manufacturing practices. The export volumes suffered because of the uncertain economic conditions contributed by the threat of war and also the influence of the SAR South break. 

ELECTRONICS 
Overall, the Electronics Division demonstrated very impressive increases over the previous year's sales. However, the problems of export licensing in the U.K. continues to cause hindrance in the expansion of this business. The profitability of the Inter Connect business also suffered badly because of the penalties we were obliged to pay to Naval Head Quarters against a large sale of wire and cable, we made to them. The most impressive gains, however, were made in the Auto segment where we were able to increase our sales by approximately 130%. 

CANARA ELECTRIC CONTROLS 

The business of Canara Electricals, a proprietary concern, was acquired as of 15t April 2002. It is quite satisfying to note that this Division has more than met its revenue and profitability targets and is poised to further increase the business volume. The Division has also chalked out plans to diversify into other segments of the Rectifier markets. Manufacture of power electronic components is also being considered. 

FINANCE 
The working capital usage has been very satisfactory during the year under review. The interest burden continues to be well under control as the company has been able to acquire the necessary working capital funds at extremely competitive rates. The Company continues to enjoy the highest credit rating. 

Performance Analysis 

In spite of the challenging business environment that prevailed in the industry during the financial year under review as stated above, the Company has posted a satisfactory growth in Sales as compared to the previous financial year. The Company achieved a Net total turnover ofRs.814.20 millions during the current financial year ended 31st March 2003 as compared to a Net total turnover of Rs. 674.40 millions achieved during the previous financial year. 

The Company had undertaken several marketing, product portfolio expansion, market penetration and cost reduction initiatives in the current financial year. Due to these measures, the profits before tax increased to Rs. 105.60 millions in the current financial year from Rs. 8.82 millions during the previous financial year. 

The company is in trade terms with:-

v Sanghvi Paper Industries

v Mohisis Proton Industries

v Dekul Chemicals

v Prakash Metals

v ExCandCa

v Brown Kraft India Limited

v Venice Enterprises

v Atlas Engineering Works

v Jupiter Industrial Works

v Osaka Rubber Products

v Jyot Industries

The company’s fixed assets of important value includes land, building, plant & machinery, furniture, fixtures &

office equipments and vehicles.

Website Details Attached:

Company Profile:

Raychem RPG is a 50:50 Joint Venture between Tyco International, U.S.A., a U.S.$ 37 billion conglomerate having diverse interests in Electronics, Healthcare, Fire & Security, Plastics & Adhesives, Engineering Products & Services; and RPG Enterprises, one of the leading business houses in India, having interests in Power & Transmission, Cables, IT & Communications, Life Sciences, Tyres, Retail & Entertainment Sectors and a turnover of over U.S.$ 1.6 billion.

Raychem RPG was incorporated in 1989. Since then, business has grown to approximately Rs.140 crores in FY 2005. It has received the highest safety rating of "F1+ (ind)" from Fitch India.

The Company has its Head Office in Mumbai with Sales Offices in New Delhi, Bangalore, Chennai, Kolkata & Hyderabad and an extensive distribution network extending to all corners of the country.

Raychem RPG products meet the exacting requirements of customers who build and maintain the country's infrastructure. The company’s customers include Tyco’s plants at various locations including the U.S.A., Germany, Belgium, China and the Middle East, most State Electricity Boards and Power Utilities such as MSEB, BSES, Tata Power, NDPL, CESC, etc., leading telecommunication service providers such as MTNL, BSNL, the Bharti Group, Tata Teleservices, Reliance, etc., ad Oil and Gas majors such as IOCL, BPCL, HPCL, OIL, MRPL, GAIL, etc.

Raychem RPG is accredited to ISO 9001:9002 and ISO 14001 Standards for its manufacturing activities at the state-of-the-art plants located at Vasai, Rabale and Kalher near Mumbai. The manufacturing and information technology processes are fully integrated with ERP software that connects all locations. The plants are supported by computerized testing facilities and advanced engineering laboratories.

Raychem RPG believes in the philosophy of team power. Continuous improvement programs enhance employee motivation, ensure product quality, reduce manufacturing costs and increase responsiveness to our customer requirements. Constant innovation is a part of the corporate philosophy which leads to new solutions being evolved to meet the needs of the future.

Raychem RPG is the proud recipient of several awards and recognitions. The company has been conferred with:
RPG QUALITY AWARD 2000

CII's-EXIM Bank's "COMMENDATION CERTIFICATE FOR STRONG COMMITMENT TO TQM" for 2001 and 2003.

BEST CORPORATE PERFORMANCE AWARD' for the year 2001 within the RPG Group of approximately 30

companies.
EXPORT HOUSE distinction in 2002 by Government of India, Ministry of Commerce and Industry

Client List

v Electrical Products

v Telecom

v Exports

v Cathodic Protection

v Heat Tracing

v Pipeline Joint Coating

v Electronics Interconnect

v Electronics Auto

The company has a state of art manufacturing facilities located at Vasai , near Mumbai.

The plant has the unique distinction in that it is certified to both ISO 9001, as a part of Raychem's multi-site certification and to ISO 9002 for the local facility separately.

Operations at the Vasai facility are managed by a team of empowered professionals who practice TQM as a way of life. We have an ongoing KAIZEN movement focused primarily at continuous improvement in our workplace.

The operations are backed by the expertise of Raychem Corporation, USA and its other European facilities. The Plant has advanced material and functional testing facilities.

Safety and environment management is of paramount importance to the company and we are in an advanced stage of being qualified to the very stringent world-wide standards of ISO 14000. Health and safety standards are constantly monitored and updated to meet approved standards and we are accredited with ISO 14001 Certification for the Environment Management System (EMS).

Quality of products made at this Plant are approved by Raychem Corporation, and a great testimony to this fact is that today the Plant exports numerous components to Raychem worldwide, and in many cases it is the only source worldwide, for those components.

With growing volumes in the Telecommunications business in the last few years, a need to expand our Vasai Factory was of vital importance. On February 28, 2001, our new Telecom Factory was inaugurated, construction of which was done in record time of 54 days!

In March 2002, Raychem RPG acquired the business of Canara Electric Controls, manufacturers of Transformer Rectifier Units, an integral part of Cathodic Protection System.  Canara manufactures a wide range of automatic and manually controlled cathodic protection transformer units to suit all applications.

The Customer Care Centre was established in late 2002 with a focused approach to support the complete logistics of EPD & Telecom Divisions.  Customer first is the hallmark of our Customer Care Centre.  It is a centre for warehousing, kitting and distribution. 

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 39.68
UK Pound	1	Rs. 82.11
Euro	1	Rs. 58.81

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

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