MIRA INFORM REPORT

Report Date :

23.08.2008

IDENTIFICATION DETAILS

Name :	NISHIT THERMIT ALLOYS PRIVATE LIMITED
Registered Office :	D-2 Anmol, Apartment SME Cosa Bagh, Nagpur-440004, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	05.02.1992
Com. Reg. No.:	11-65231
CIN No.: [Company Identification No.]	U27101MH1992PTC065231
IEC No.:	0397089686
TAN No.: [Tax Deduction & Collection Account No.]	NGPN01610A
PAN No.: [Permanent Account No.]	AAACN5785A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Coated Rods and coated wire of base metal for Sodium (Brazing or welding Flames)

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 :	USD 15000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. S. K. Sharma
Designation :	Managing Director
Contact No.:	91-9822593880
Date :	21.08.2008

LOCATIONS

Registered Office :	D – 2, Anamol Apartment, Mecosabach, Nagpur – 440004 , Maharashtra, India
Tel. No.:	91-7104-236119
Fax No.:	91-7104-236314
Head Office :	1^st , 2^nd Floor, Poonam Chambers, Chindwara Road, Nagpur – 440013
Tel. No.:	91-712-2585424/5/3098734/2585242 91-7104-309320/309319
Fax No.:	91-712-2585425
E-Mail :	satyensharma291@rediffmail.com
Area :	1200 sq. ft ( Owned)
Factory :	Plot No.S – 67, MIDC, Hingna, Nagpur – 440016 , Maharashtra, India
Tel. No.:	91-712-2585424/5
Fax No.:	91-712-2585425
E-Mail :	Satyensharma291@rediffmail.com
Area :	10000 sq ft ( Owned)

DIRECTORS

Name :	Ms. Shipra Satyendra Kumar Sharma
Designation :	Director
Address :	10, Buty Layout, Raj Nagar, Nagpur-440001, Maharashtra, India
Date of Birth/Age :	12.06.1966
Qualification :	Graduate
Date of Appointment :	05.02.1992
Name :	Mr. Satyendra Kumar Kantiprasad Sharma
Designation :	Director
Address :	10, Buty Layout, Raj Nagar, Nagpur-440001, Maharashtra, India
Date of Birth/Age :	29.10.1960
Qualification :	Graduate
Date of Appointment :	05.02.1992
Name :	Mr. Kanti Prasad R. Sharma
Designation :	Director
Date of Birth/Age :	16^th May, 1926

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2005

Names of Shareholders	No. of Shares
Satyendra K Sharma	6950
Shipra S Sharma	1600
Satyendra Sharma (HUF)	200
Total	8750

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2007

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Coated Rods and coated wire of base metal for Sodium (Brazing or welding Flames)

Products :

Product Description	ITC Code
Coated Rods and coated wire of base metal for Sodium (Brazing or welding Flames)	8311.30

Brand Names :

• LINCON
• LCR
• FERM

Exports :

Products :

Welding Electrodes

Countries :

• Holand
• Bangladesh
• Muscat

Imports :

Products :

• Sheet Shot
• Steel Wire
• Grinding Wheel

Countries :

China

Terms :

Selling :

Cash and Credit ( 60 Days)

Purchasing :

Cash and Credit ( 30-60 Days)

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Coated Rods and coated wire of base metal for Sodium (Brazing or welding Flames)	MT Per annum	300

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End User

• Bhilai Steel Plant
• Western Coal Field Limited
• Northern Coalfield Limited
• Ordanance Factory Jabalpur

No. of Employees :

20 (Office 05, Factory 15)

Bankers :

• Union Bank of India, Shriman Commercial Complex, Dhantoli, Nagpur-440012, Maharashtra, India
• MSFC
• Oriental Bank of Commerce, Nagpur
• ICICI Bank

Facilities :

SECURED LOAN	31.03.2007 (Rs. In Millions)
Short Term Loan from ICICI Bank Limited, against ( ICICI Bank) hypothecation of Motor Car- Octavia	0.185
Term Loan From Union Bank of India Secured against mortgage of Land, Building, Plant and Machinery, Personal Guarantees of Directors and Charge over Office Block in the Name of Director	0.484
Working Capital Loans From Union Bank of India Cash Credit Limit Secured against hypothecation of stock of Raw Materials, Packing Materials, Stores, Work-in-progress and finished goods and personal guarantees of Directors	3.942
Total	4.611
UNSECURED LOAN	31.03.2007 (Rs. In Millions)
From Directors, relatives and associates of Directors	1.886
Total	1.886

Banking Relations :	Satisfactory
Auditors :
Name :	Jagdish Khatri Chartered Accountant
Address :	117, Zal Complex, Residency Road, Sadar, Nagpur
Tel. No.:	91-712-2533008/ 2528521
Fax No.:	91-712-2528521
Associates/Subsidiaries :	Powerline Electrodes Private Limited Line of Business – Manufacturing Electrodes Prayatna Industries Line of Business – Manufacturing Wires and Welding Wires S. S. K. Industries Line of Business – Manufacturing Wires and Welding Wires Powerline Electrodes Private Limited, Plot No. N-35- MIDC- Hingna- Nagpur-16 Line of Business – Welding Electrodex CO2 with Manufacturer

CAPITAL STRUCTURE

As on 29.09.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8750	Equity Shares	Rs. 100/- each	Rs. 0.875 Million

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		0.875	0.875	0.875
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.253	2.217	2.151
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.128	3.092	3.026
LOAN FUNDS
1] Secured Loans		4.611	5.318	4.206
2] Unsecured Loans		1.886	1.760	2.809
TOTAL BORROWING		6.497	7.078	7.015
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.625	10.170	10.041
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.171	3.685	4.390
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	0.432	1.096	1.362
	Sundry Debtors	3.935	4.676	3.247
	Cash & Bank Balances	0.290	0.184	0.213
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.282	6.009	5.015
Total Current Assets		12.939	11.965	9.837
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	6.385	5.405	3.966
	Provisions	0.100	0.075	0.220
Total Current Liabilities		6.485	5.480	4.186
Net Current Assets		6.454	6.485	5.651
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.625	10.170	10.041

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		25.077	18.395
Other Income		0.006	0.315
Total Income		25.083	18.710
Profit/(Loss) Before Tax		0.162	0.083
Provision for Taxation		0.100	0.075
Profit/(Loss) After Tax		0.062	0.008
Expenditures :
	Financial Expenses	0.472	1.080
	Production, Administrative and Selling Expenses	5.123	3.456
	Raw Material Consumed	18.367	13.885
	Increase/(Decrease) in Finished Goods	0.397	[0.515]
	Depreciation & Amortization	0.562	0.721
Total Expenditure		24.921	18.627

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	0.25	0.04	NA
Net Profit Margin (PBT/Sales)	(%)	0.65	0.45	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.01	0.53	NA
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	NA
Debt Equity Ratio (Total Liability/Networth)		4.15	4.06	3.70
Current Ratio (Current Asset/Current Liability)		1.99	2.18	2.35

LOCAL AGENCY FURTHER INFORMATION

TRUSTSEAL ACCEPTANCE CHART

Parameters	Details
Existence Verification
Name	NISHIT THERMIT ALLOYS PRIVATE LIMITED
Address	1^st , 2^nd Floor, Poonam Chambers, Chindwara Road, Nagpur – 440013
2nd address	Plot No. 5-67- MIDC, Hingna- Nagpur-440016, Maharashtra
Phone/ Mobile Numbers	91-712-2585424/25 91-9822593880
Fax Numbers	91-712-2585424/25
Statutory Approvals
Legal Status of Firm	Private Limited Company
Income Tax Registration	AAACN5785A
Central Sales Tax Registration	27430010333C
State Sales Tax Registration	27430010333V
Service Tax Registration	AAACN6260AST001
VAT/ TIN Registration	440016S33
Excise Registration	AAACN6260AXM002
Import Export Code	0397089686
Name of Bank	Union Bank of India
Current Account Number	CC A/C 366005010000295
Emp PF Reg Number	6mH 64832
Company ESI Reg. Number	23-3405-90
Credibility Factors
IndiaMART Client Since	1 Year
Years of Establishment	1992
Turn Over	Rs. 50.000 Millions
Trade Affiliations
SSI Registration	111407234
Export Promotion Council	Remi Bi NGa: 10048 2008-09
Chambers of Commerce Membership	Members Welding Dealer Association
D&B D-U-N-S Number	91-844-7847
Standards & Certifications
Quality Management Systems	ISI Certificate No. em /L 7136161
Environment Management Systems	ISO 9001i2000-14818-2007-AQ-IND
Safety Certificates	MPeB-Mpe-NRO-E-22

Trade References:

• Paramhari Engineering, A-22-MIDC, Butisri, Nagpur, Mr. Punit Mahajan
• Precision Drawell, Keshall-Block-6-Kmpter Road- Nagpur- Mr. Atul Khandelwal

Fixed Assets:

• Leasehold Land
• Factory Shed
• Office Block
• Plant and Machinery
• Furniture and Fixture
• Electrical Installations
• Office Equipments
• Computers
• Software Development
• Laboratory Equipments
• Scooter
• Motor Car- Santro
• Motor Car- Lancer
• Motor Car - Ocavia

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80038970
Corporate identity number of the company	U27101MH1992PTC065231
Name of the company	NISHIT THERMIT ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-2 Anmol, Apartment SME Cosa Bagh, Nagpur-440004, Maharashtra
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Union Bank of India, Shriman Commercial Complex, Dhantoli, Nagpur-440012, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement of Goods and Debts
Date of instrument Creating the charge	30.04.2008
Amount secured by the charge	Rs. 12.341 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (Hypothecation) Adhoc Limit Rs. 2.000 Millions: BPLR + 2.25% subject to minimum of 15% per annum with monthly rests subject to changes in BPLR form time to time. Terms of Repayment Repayable on demand Margin Cash Credit : 25% Extent and Operation of the charge The charge operates to secure the due repayment by the Company to Union Bank of India of its enhanced Cash Credit (Hypothecation) Limit of Rs. 12.341 Millions along with interest, costs, charges, expenses and all other monies payable by the company to Union Bank of India in terms of loan documentation. Others All other term and conditions are as per Letter of Sanctioned No. ADV : 107/ 2008 dated 24.04.2008
Short particulars of the property charged	Hypothecation of the Company’s stock of raw materials, welding rods, semi-finished goods, finished goods, consumables, spares, wheresoever lying or situated and book debts, both present and future on first charge basis as primary security.
Particulars of the present modification	By this modification the Union Bank of India existing Cash Credit (Hypothecation) Limit of Rs. 10.341 Millions had been enhanced to Rs. 12.341 Millions by sanctioned of Cash Credit (Hypothecation) Adhoc Limit of Rs. 2.000 Millions to the company.

Name of the company	NISHIT THERMIT ALLOYS PRIVATE LIMITED
Presented By	Union Bank of India, Dhantoli Branch, Nagpur
1) Date and description of instrument creating the change	Dated : 09.09.2004 1. Hypothecation Agreement of goods and Debts 2. Packing Credit Agreement SD 04 3. Letter of Hypothecation of Bills SD 17 4. Mortgage Deed (All the above documents are executed for the creation of single charge.)
2) Amount secured by the charge/amount owing on the securities of charge	Cash Credit : Rs. 1.500 Millions B.G : Rs. 1.500 Millions FDBP/ FUDBP : Rs. 4.000 Millions Packing Credit : (Rs. 2.000 Millions) Total : Rs. 7.000 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	1. Hypothecation of stock of raw material, semi-finished and finished goods, consumable stores and spares, movable property, book debts, export bills, stock ment for exports. 2. Equitable mortgage of all piece and parcel of land know as Plot No. S-67, admeasuring 1000 sq. mtrs. Or thereabout together with factory shed and office building thereon having mbull-up area 500 sq. mtrs. In the Nagpur Industrial Area, within the village limits of nildoh, Taluka and Registration sub-district Hingana, district and Registration District Nagpur
4) Gist of the terms and conditions and extent and operation of the charge.	For Cash Credit: Interest : 12.75% p.a. with monthly rests. Margin: 25% For Packing Credit: Interest : 6.5% p.a. Margin : 25%
5) Name and Address and description of the person entitled to the charge.	Union Bank of India, Dhantoli Branch, Nagpur
6) Date and brief description of instrument modifying the charge	Term Loan Agreement dated 27^th September 2004. Mortgage Deed dated 27^th September 2004
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The Bank has sanction additional Term Loan of Rs. 1.500 Millions and Extension of equitable mortgage to cover additional credit facilities. Thus the total limit stand at Rs. 8.500 Millions

AS PER WEBSTIE:

Profile:

Incepted in the year 1992, Nishit Thermit Alloys Private Limited is one of the leading manufacturers and exporters of welding electrodes and welding wires. Their mentor Mr. Satyen Sharma has led them successfully to the firm ground of success. He has pursued graduation in Economics with computers and has 10 years of experience in welding and wire industries.

Owing to the state of the art infrastructural facilities and consistent support of the team, they competently produce superior quality products which adhere to international quality. Success of the organization is the result of the goodwill that they have gained by providing finest quality plant machinery.

The dimensional accuracy and superior quality of the products has helped them gain bulk orders from their existing customers. Their commitment to quality has taken them ahead of their competitors.

Awards and Accolades

They provide a wide range of welding wires and welding electrodes which are used widely used in diverse industries. Owing to the products’ international standard quality attributes, they have gained accreditations from some of the prestigious organizations enlisted below:

• Bureau of Indian Standards (ISI)
• Projects development of India Limited (PDIL)
• Metallurgical Engineering Consultants CO.LIMITED (MECON)
• Bhilai Steel Plant (BSP)
• Western Coal fields Limited (WCL)
• Northern Coalfields Limited (NCL)
• Eastern Coalfields Limited (ECL)
• Ordanance Factory, Jabalpur.
• Telecom Factory, Bhilai.

Products

They offer a range of premium quality welding electrodes and welding wires which cater to the needs of construction and fabrication works. The array of products includes mild steel welding electrodes, cast iron welding electrodes, low hydrogen welding electrodes, cutting electrodes, stainless steel welding electrodes, low heat input welding electrode, hard facing electrodes, lincon mig co2 welding wire and ferro alloys sumps / powders. The range of products exhibit the following salient features:

• Soft and steady arc with easy strike and restrike
• Offer less surface penetration for easy machinability
• Resistant to cracking, corrosion and scaling even at high temperature
• Can weld thin sheets at lesser current
• Resistant to friction and offer excellent sturdiness

Industries They Cater To

The products find applications in different industrial units and are used as raw materials for several products, as enlisted below:

• Automotive components
• Steel
• Construction and Fabrication
• Steel & metal processing
• Engineering
• Welding and soldering
• Extrusions
• Sheets
• In Foundries
• Brazing Alloys
• Bicycle Rim
• Motor Cycle Rim
• Sheet Metal Components
• Pistons

Infrastructural Set Up

The state of the art infrastructural set up consists of R&D unit, in-house design unit, manufacturing unit, quality division, warehouse, packaging and logistics support. They boast about their four manufacturing unit which comprises of robust and sophisticated machinery. Their manufacturing unit is spread in an area of 5000 sq. ft. and the installed capacity of their manufacturing unit is 4000 units. The machines they use in the manufacturing procedure are:

• Wire Drawing
• Wire Cutting
• Dry Mixer
• Wet Mixer Extruder
• Baking Oven
• Swing Packing

In addition to this machinery, they have separate warehousing area where they store the finished precision products. The well equipped warehouse has a capacity to store of 100 units. They store each product separately; this allows them to access them in trouble-free and fast way, which is very essential in case of orders.

SALIENT FEATURES:

• Quiet, soft and steady arc with easy strike and restrike.
• Removal of cold slag is practically automatic.
• The electrode provides excellent performance on A.C. as well as D.C. (+/-)
• Weld metal transfer uniform with fine ripples and smooth shining bead.
• Ideal electrode for all welding positions.

APPLICATIONS:

Ideally suited for welding mild steel, structural steels, steel furnitures, truck bodies, window frames and grills, storage tanks, machineries, conctruction, auto parts, bridges, wagons, shiphulls, barges rail coaches, building structures, vessels, agricultural implements and tanks etc.

PRECAUTIONS:

• Store electrodes in dry place.
• For best results re dry electrodes at 80^o C for half an hour.
• To get sound properties use short arc.
• Parent metal should be free from rust, oil, grease and moisture to avoid cracking of weld.
• Avoid moist or greasy handling of electrodes.

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.43.38
UK Pound	1	Rs.81.34
Euro	1	Rs.64.55

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	5
--PROFITABILIRY	1~10	5
--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	YES
--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