MIRA INFORM REPORT

Report Date :

20.08.2008

IDENTIFICATION DETAILS

Name :	AQUAFOUR
Registered Office :	185, P. K. Road, Mulund [West], Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Year of Establishment :	2002
TAN No.: [Tax Deduction & Collection Account No.]	MUMA23272E
PAN No.: [Permanent Account No.]	AAKFA4904D
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Packaged Drinking Water

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
Comments :	Subject is an established concern in its field. Its performance is improving. Partners are reported as experienced and respectable business. Trade relations are fair. Payments are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. Vinod Tandon
Designation :	Administration and Finance
Contact No.:	91-9322097014
Date :	14.08.2008

LOCATIONS

Registered Office / Administrative Office :	185, P. K. Road, Mulund [West], Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25625767
Mobile No.:	91-9322097014
Fax No.:	91-22-25690505
E-Mail :	aqua4rc@yahoo.com
Area :	Rented
Factory :	Plot No. 14, Survey No. 101, Rakholi, Silvasa Khanvel Road, Dadra Nagar Haveli – 396230
Tel. No.:	91-260-3296926

PARTNERS

Name :	Mrs. Rashmi Rajeev Pathak
Designation :	Partner
Address :	185 R, Alhad, P. K. Road, Mulund [West], Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	54 Years
Name :	Mrs. Aditi Kedar Vaze
Designation :	Partner
Address :	C/o S. H. Kelkar Company Private Limited, LBS Marg, Mulund [West], Mumbai
Date of Birth/Age :	30 Years
Name :	Mrs. Mayura Mohan Mungle
Designation :	Partner
Address :	759/38, Kamal Manohar, Dekan Cr, Mekhana, Pune – Maharashtra,
Date of Birth/Age :	52 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of Packaged Drinking Water
Brand Names :	“BISLERI”
Terms :
Selling :	Credit [30 days]
Purchasing :	Cash

PRODUCTION STATUS

Particulars	Actual Production
Packaged Drinking Water	75 Thousand Boxes

GENERAL INFORMATION

Customers :	In contract with Bisleri International Private Limited
No. of Employees :	28 [In Office : 3 and In Factory 25]
Bankers :	Corporation Bank, 185 R, Alhad, P. K. Road, Mulund [West]
Facilities :	Credit Limit upto Rs. 2.000 Millions

Banking Relations :	Satisfactory
Auditors :
Name :	Girish Patel and Company Chartered Accountants
Address :	F – 103 / 104, Pattel Nagar, M. G. Road, Kandivali
Tel. No.:	91-22-28075966
Associates/Subsidiaries :	4 R Healthcare Products Address : Plot No. 14, Survey No. 101, Rakholi, Silvasa Line of Business : Factory Premises Owner

CAPITAL STRUCTURE

AS ON 31.03.2008

Capital Investment :
Owned :	Rs. 1.613 Millions
Borrowed :	--
Total :	Rs. 1.613 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Partners Capital		1.613	3.170	0.351
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.613	3.170	0.351
LOAN FUNDS
1] Secured Loans		4.397	3.473	3.703
2] Unsecured Loans		6.320	1.946	2.669
TOTAL BORROWING		10.717	5.419	6.372
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.330	8.589	6.723
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.653	7.703	7.794
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.506	0.550	0.035
	Sundry Debtors	1.917	0.000	0.000
	Cash & Bank Balances	0.259	0.048	0.035
	Other Current Assets	0.120	0.068	0.000
	Loans & Advances	0.701	1.053	0.169
Total Current Assets		5.503	1.719	0.239
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1.826	0.833	1.310
	Provisions	0.000	0.000	0.000
Total Current Liabilities		1.826	0.833	1.310
Net Current Assets		3.677	0.886	[1.071]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12.330	8.589	6.723

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		10.640	0.710	6.896
Net Profit/(Loss)		[2.057]	[1.842]	[2.564]
Expenditures :
	Raw Material and Packaging	0.000	0.761	5.302
	Salaries, Wages, Bonus, etc.	0.000	0.398	1.032
	Payment to Auditors	0.000	0.010	0.010
	Interest	0.718	0.713	1.174
	Insurance Expenses	0.000	0.035	0.015
	Power & Fuel	0.000	0.356	0.094
	Depreciation & Amortization	1.527	0.091	0.217
	Other Expenditure	10.451	0.188	1.616
Total Expenditure		12.696	2.552	9.460

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	[19.33]	[259.44]	[37.18]
Net Profit Margin (PBT/Sales)	(%)	[19.33]	[259.44]	[37.18]
Return on Total Assets (PBT/Total Assets}	(%)	[14.53]	[19.55]	[31.92]
Return on Investment (ROI) (PBT/Networth)		[1.28]	[0.58]	[7.30]
Debt Equity Ratio (Total Liability/Networth)		7.78	1.97	21.89
Current Ratio (Current Asset/Current Liability)		3.01	2.06	0.18

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

• Premium Brand name
• Building Renovation
• Plant and Machinery
• Electrical Installation
• Laboratory Equipment
• Hot and Cold Dispensers

BALANCE SHEET

[Rs in Millions]

PARTICULARS	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
Sources of Funds
Capital Account	6.871	10.836	16.815	15.163	15.290
Loan Liability
Term Loan	4.891	3.055	1.939	0.823	0.000
Cash Credit	3.500	3.500	3.500	3.500	3.500
Unsecured	6.319	4.597	0.000	0.000	0.000
Total liability	21.581	21.988	22.254	19.486	18.790
Application of Funds
Fixed Assets
Gross Block	8.654	13.508	11.482	9.760	8.296
Add :	0.000	0.000	0.000	0.000	0.000
Sold :
Balance	15.892	13.508	11.482	9.760	8.296
Depreciation	2.384	2.026	1.722	1.464	1.244
Net Block	13.508	11.482	9.760	8.296	7.052
Current Assets, Loans and Advances
Sundry Debtors	5.000	6.350	7.620	9.145	10.897
Closing Stock	2.500	3.681	4.424	4.500	4.500
Deposits	0.150	0.150	0.150	0.150	0.150
Cash and Bank Balance	0.173	0.200	0.250	0.250	0.250
Loans and Advance	0.700	0.725	0.750	0.750	0.750
Other Current Assets
	8.523	11.106	13.194	14.795	16.547
Less : Current Liabilities
Sundry Creditors For Goods	0.300	0.400	0.450	0.572	0.750
Sundry Creditors for Expenses	0.150	0.200	0.250	0.300	0.450
Sundry Creditors for Capital Goods		0.00	0.00	0.00	0.00
Provision For Taxation		0.00	0.00	0.00	0.00
	0.450	0.600	0.700	3.605	4.809
Net Current Assets	8.073	10.506	12.494	11.190	11.738
Provisions
Total Assets	21.581	21.988	22.254	19.486	18.790

PROFIT AND LOSS ACCOUNT

[Rs in Millions]

Income	Projected
	2008-09	2009-10	2010-11	2011-12	2012-13
Sales	44.100	52.900	63.500	76.200	91.400
Total	44.100	52.900	63.500	76.200	91.400
Expenditure
Direct Expenses	36.805	44.166	52.999	63.599	76.319
Gross Profit	7.295	8.754	10.504	12.605	15.126
Indirect Expenses	1.678	1.846	2.030	2.233	2.457
Net Profit / Loss before Interest, Depreciation and Tax	5.617	6.908	8.474	10.372	12.670
Interest	0.975	0.917	0.773	0.628	0.490
Net Profit / Loss before Depreciation and Tax	4.642	5.991	7.701	9.744	12.180
Depreciation	2.384	2.026	1.722	1.464	1.244
Net Profit / Loss Before Tax	2.258	3.965	5.979	8.280	10.936
Tax	0.000	0.000	0.000	2.733	3.609
Net Profit / Loss	2.258	3.965	5.979	5.548	7.327

OPERATING STATEMENT

[Rs in Millions]

Particulars	31.03.2009 Projected
1. Gross Sales
Sales – Export
Sales – Local	44.100
Less Excise Duty	44.100
2. Net Sales [1-2]
3. Other Income
Total Income
4. % rise [+] or fall [-] in net sales as compared to previous year	44.100
5. COST OF SALES
i] Raw Materials [Including stores and other items used in the process of manufacture]	36.800
[a] Imported
[b] Indigenous
ii] Job work and other manufacturing expenses
iii] Other Spares
[a] Imported
[b] Indigenous
iv] Power and Fuel
v] Direct labour
[Factory Wages and Salaries]
vi] Depreciation
vii] SUB TOTAL [i to iv]
viii] Add : Opening Stocks – in – process	2.384
Sub Total	39.184
ix] Deduct : Closing Stock – in – Process	2.000
	41.184
x] Cost of production	2.000
xi] Add : Opening Stock of finished goods	39.184
Sub – total	0.505
xii] Deduct: Closing Stock – in - finished goods	39.689
Sub Total	0.500
xiii] Total Cost of Sales
6. Selling general and administrative expenses	1.678
7. SUB – TOTAL [5+6]	40.867
8. Operation profit before interest [3-7]	3.233
9. Interest	0.975
10. Operating profit after interest [8-9]	2.258
11. i] Add : other non-operating income
Sub – total [Income]
ii] Deduct other non-operating expenses
Sub total [Expenses]
iii] Net of other non-operating income / expenses
12. Profit before tax / Loss [10+11[iii]]	2.258
13. Provision for taxes
Partners Salary
14. Net profit / loss [12-13]	2.258
15 [a] Equity Dividend Paid	0.000
[b] Dividend Rate
16. Retained profit [14-15]	2.258
17. Retained profit / Net profit [%]	100 %

ANALYSIS OF BALANCE SHEET

[Rs in millions]

Particulars	31.03.2009 Projected
CURRENT LIABILITIES
01 Short – Term borrowings from banks
I] From Applicant Bank	3.500
II] From other bank
Sub Total [A]
02 Short Term Borrowings from others	0.000
03 Sundry creditors [Trade]	0.300
04 Advance payments from customers  / Deposits from dealers	--
05 Provision for tax [net of Tax paid]	0.000
06 Dividend and Dividend Tax payable	--
07 other statutory liabilities [due within one year]	--
08 Deposits / Installments of term loans / DPGs / debentures, etc [due within one year]	--
09 Other current liabilities and provisions [due within one year]	0.150
Sub – Total [B]
Total current liabilities	3.950
10 TERM LIABILITIES [Total of 1 to 9]	0.000
11 Debentures [not maturing within one year]	0.000
12 Preference Shares [Redeemable after 1 year]	0.000
13 Term loans [excluding installments  payable within one year]	4.891
14 Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000
15 Term deposit [repayable after one year]	0.000
16 other Term Liabilities	6.319
17 TOTAL TERM LIABILITIES [Total of 11 to 16]	11.210
18 TOTAL OUTSIDE LIABILITIES [10 + 17]	15.160
NET WORTH
19 Partner’s Capital Account	1.613
Add : Addition	3.000
Less : Withdrawal	0.000
20 General Reserve
21 Revaluation Reserve
22 Other Reserves [Excluding provisions]
23 Surplus [+] or deficit [-] in Profit and Loss Account	2.258
Less : Drawings
24 NET WORTH [19+23]	6.871
25 TOTAL LIABILITIES [18+24]	22.031
CURRENT ASSETS
26 Cash and Bank Balance	0.173
27 Investments [Other than long term investments] Government and other Trustee securities	0.000
I] Fixed deposit with bank	0.000
II] Share with Co-operative Bank	0.000
	0.000
28 I] Receivables other than deferred and exports [Including bills purchased and discounted by banks]	5.000
II] Export receivables [Including bills purchased / discounted by banks]	0.000
29 Instalments of Deferred  receivables [due within one year]	0.000
30 Inventory	0.000
I] Raw materials [Including stores and other items used in the process of manufacture]	2.000
II] Stock – in – process	0.000
II] Finished Goods	0.500
IV] Other consumable spares
Imported
Indigenous
31 Advances recordable in Cash or kind	0.000
32 Advance payment of taxes [NET]	0.000
33 Excise and Sales Tax Refund
Other current assets
Other Deposit	0.850
34 TOTAL CURRENT ASSETS [Total of 26 to 33]	8.523
FIXED ASSETS
35 Gross Block	8.654
Addition	7.238
36. Depreciation to date	2.384
37 NET BLOCK [35-36]	13.508
OTHER NON – CURRENT ASSETS
38 Investments / book / debts / advances / deposits which are not Current Assts	0.000
I] [a] Others Investments in Subsidiary	0.000
[b] Others companies / affiliates	0.000
II] Advances to suppliers of capital goods and contractors	0.000
III} Deferred receivables [maturity exceeding one year]	0.000
IV] Others	0.000
39 Non consumables Stores and Spares	0.000
40 Other non – current assets including dues from directors	0.000
41 TOTAL OTHER NON – CURRENT ASSETS [total of 38 to 40]	0.000
42 Intangible assets [Patents, goodwill, prelim, expenses, bad / doubtful debts Not provided for etc.]	0.000
43 TOTAL ASSETS [Total of 34, 37, 41 and 42]	22.031
44 TANGIBLE NET WORTH [24-22]	6.871
45 NET WORKING CAPITAL	4.573
[17 + 24]-[37+41+42]
to tally with [34-10]
46 Current Ratio  [Items 34/10]	0.216
47 Total Outside Liabilities / Tangible Net Worth	0.045
48 Total Debt Equity Ratio	10:52:39

FUND FLOW STATEMENT

[Rs in Millions]

Particulars	31.03.2009 Projected
SOURCES
1 Net Profit [after tax]	2.258
[a] Depreciation	2.384
[b] Increase in [i] Partner’s Capital
[c] [ii] Other Term Liabilities
Increase in Unsecured Loans
[d] Increase in Term Liability	3.993
[e] Decrease in
Fixed Assets	0
[f] Others	0
[g] TOTAL	8.635
2 USES [a] Net Loss	0
[b] Decrease in Term Liabilities [Including A Closely Held Public Limited Liability Company Deposits]	0
[c] Increase in
Other Non Current Assets
Fixed Assets [Net]	7.238
[d] Dividend	0.000
[e] Others	0.000
[f] Total	7.238
3 Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item 2]	1.397
4 Increase / Decrease in Current Assets [As per details given below]	2.573
5 Increase / Decrease in Current Liabilities other than bank borrowings.	[1.376]
6 Increase / Decrease in Working Capital Gap	4.397
7 Net Surplus [+] / Deficit [-] [Difference of 3 & 6]	[3.000]
8 Increase / Decrease in Bank Borrowings	3.994
INCREASE / DECREASE IN NET SALES	33.460
BREAK UP OF [4]
[i] Increase / Decrease in raw Materials	0
[ii] Increase / Decrease stock – in – process	0
[iii] Increase / Decrease in Finished goods	0.005
[iii] Increase / Decrease in Receivables	3.083
[a] Domestic
[b] Exports
[v] Increase / Decrease in Store and Spares	0
[vi] Increase / Decrease in other Current Assets	3.020

MRS. ADITI KEDAR VAZE

Annual Income : Rs. : 75.000 Millions

Investment in Business Capital

Name of the Company / Firm / Concern in which investment in made	Account investment [Rs.]
Aquafour	Rs. 3.500 Millions

Life Insurance Policies

Rs in Millions

Policy No.	Sum assured [Rs.]	Surrender value as on 25.06.2008
12 Polices	4.252	0.578

Immovable Properties

Name of the owner	Description of property	Location / address of property	Extent of land
Aditi Kedar Vaze	Agricultural Land	Village shilotter Shahaur	4.67 Acre

Government securities / national saving certificates / Shares of listed companies / units of Unit trust of India etc

Description of security	Face value [Rs.]	Market value as on
Shares	Rs. 0.212 Million	Rs. 0.175 Million
PPF		Rs. 0.675 Million
Bonds		Rs. 0.100 Million

Including Movable assets like furniture and fixture / plant and machinery / vehicles / jewels etc

Nature / Details of assets	Market value of assets as on
Jewellery	Rs. 0.550 Million

Net Worth : Rs. 6.045 Millions

MRS. RASHMI RAJEEV PATHAK

Annual Income Rs.1.000 millions

Name of the company / firm / concern in which investment is made	Amount invested [Rs.]
Aditya Apro	Rs. 2.700 Millions
Dgha Four	Rs. 3.000 Millions

Life Insurance Policies

Sum assured [Rs.]	Surrender value as on
Rs. 2.654 Millions	Rs. 0.755 Million

Name of the owner	Description of property	Location / address of property	Extent of land	Original purchase cost [Rs.]	Present market value as on
Mrs. Rashmi Rajeev Pathak	Presidential Flat	Hiranandani	3500 Acre	Flat	Rs. 26.200 Millions
Mrs. Rashmi Rajeev Pathak	Land	Shahapur	20 Acres	Land	Rs. 15.000 Millions

Total Assets : Rs. 58.087 Millions

Total Liabilities Rs. 6.036 Millions

Net Worth Rs. 52.051 Millions

MRS. MAYURA MOHAN MUNGLE

Annual Income Rs. 0.500 Million

Name of the company / firm / concern in which investment is made	Amount invested [Rs.]
Personal Capital	Rs. 1.000 Million

Deposits held with Banks

Name of the company	Amount of Deposits [Rs.]
Share with company	Rs. 0.250 Million

Life Insurance Policies

Rs in Millions

Annual premium	Sum assured [Rs.]	Surrender value as on
3800.000	0.500	0.175

Immovable Properties

Rs in Millions

Name of the owner	Original Purchase cost [RS.]	Present, market value as on
Residential flat	0.967	3.500

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 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.43.23
UK Pound	1	Rs.80.89
Euro	1	Rs.63.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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%)

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