MIRA INFORM REPORT

Report Date :

28.08.2008

IDENTIFICATION DETAILS

Name :	RAMA CYLINDERS PRIVATE LIMITED
Registered Office :	181A, Maker Tower ‘E’, Cuffe Parade, Mumbai – 400 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	22.11.2004
Com. Reg. No.:	11-149620
CIN No.: [Company Identification No.]	U28113MH2004PTC149620
TAN No.: [Tax Deduction & Collection Account No.]	MUMR17236C
PAN No.:	AACCR8653D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Various Types of High Pressure Seamless Gas Cylinders.

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

Max. Credit Limit :	USD 1246455
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 4 years old company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as 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. Jatin
Designation :	Assistant Account Manager
Date :	22.08.2008

LOCATIONS

Registered Office :	181A, Maker Tower ‘E’, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Tel. No.:	91-22-22162344
Fax No.:	91-22-22154294
E-Mail :	ramacylinders@yahoo.com info@ramacylinders.in prasad@ramacylinders.in ad.joshi@ramacylinders.in kamalax_saraf@hotmail.com
Website :	http://www.ramacylinders.in
Location :	Owned
Factory :	1711, World Trade Centre N, Colaba, Mumbai – 400 005, Maharashtra, India
Tel. No. :	91-22-22162344
Fax No. :	91-22-22154294
Factory :	Survey No. 334 – P2 and 335, Village Bhimasar, Taluka – Anjar, Dist. Kutch – 370 240, Gujarat, India

DIRECTORS

Name :	Mr. Vashu Jaisingh Ramsinghani
Designation :	Director
Address :	111, Maker Tower A, Cuffe Parade, Mumbai - 400005
Date of Birth :	08.09.1943
Date of Appointment :	22.11.2004
Name :	Mr. Sanjay Shridhar Mande
Designation :	Director
Address :	B – 503, Neelkanth Cooperative Housing Society, Nr. Makhmali Talao, LBS Marg, Thane – 400 601, Maharashtra, India
Date of Birth. :	27.05.1947
Date of Appointment :	22.11.2004
Name :	Mr. Chhato U. Manatani
Designation :	Director
Address :	B –1/7, Gautam Arcade, Pant Road, Thane – 400 603, Maharashtra, India
Date of Birth. :	10.06.1941
Date of Appointment :	25.11.2004
Name :	Mr. Amit Vashu Ramsinghani
Designation :	Additional Director
Address :	111, Maker Tower A, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date of Birth. :	23.10.1981
Date of Appointment :	25.01.2005

KEY EXECUTIVES

Name :	Mr. Arun Vasant Oak
Designation :	Secretary
Address :	D-24, Om Gangeshwar Krupa CHS, Saraswat Colony, Chheda Road, Dombivali (East), Mumbai – 421 201, Maharashtra, India
Date of Birth/Age :	16.05.1978
Date of Appointment :	11.04.2008
Name :	Mr. Jatin
Designation :	Assistant Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2005

Names of Shareholders	No. of Shares
Mr. Vashu Jaisingh Ramsinghani	29990
Mr. Sanjay Shridhar Mande	10
M/s. Highriee Properties Private Limited	474250
M/s. Rama Fininvest India Private Limited	33500
Mrs. Manju Vashu Ramsinghani	27500
Mr. Amit Vashu Ramsinghani	82500
Mrs. Sonia Suraj Chhabris	5000
M/s. Rama Recycling Private Limited	82000
M/s. Rama Chemicals Private Limited	205000

As on 31.03.2007

Names of Allottees	No. of Shares
Deutsche Bank AG	4571700
Total	4571700

Equity share breakup (Percentage of total equity) {As on 31.03.2007}:-

Category	Percentage
Bodies corporate (not mentioned above)	85.73
Directors or relatives of directors	14.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Various Types of High Pressure Seamless Gas Cylinders.
Products :	v Industrial gases like O2, N2, CO2, Acytelene. v Firefighting Applications. v Medical Gases. v Beverages. v Scuba diving. v Onboard Compressed Natural Gas Cylinders for Automobiles. v Accumulators v Cascades or large quantity storage of gases
Exports :
Country :	v Iran v Pakistan
Imports :
Country :	v Germany v China v Japan
Terms :
Selling :	Cash and Credit ( 30 days)
Purchasing :	L/C

GENERAL INFORMATION

Customers :	v Retailers
No. of Employees :	Total : 225 ( Office : 25, Factory : 200)
Bankers :	v State Bank of India Commercial Branch, NGN Vaidya Marg, Mumbai – 400 023, Maharashtra, India v Canara Bank Fort Branch, Warden House, P M Road, Fort, Mumbai – 400 001, Maharashtra, India v State Bank of Bikaner and Jaipur Commercial Branch, 239, P D‘mello Road, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	Haribhakti and Company Chartered Accountant
Address :	42, Free Press House, 4^th Floor, 215, Nariman Point, Mumbai – 400 021, Maharashtra, India Tel. No.: 91-22-22871099/56391101/22871806 Fax. No.: 91-22-22856237 91-21, Bombay Mutual Chambers, Ambalal Doshi Marg, Mumbai – 400001, Maharashtra, India Tel. No.: 91-22-22652675/56391106/7/22626345 Fax. No.: 91-22-22656260 E-Mail.: hbhakti@vsnl.com Website.: http://www.haribhaktigroup.com

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- Each	Rs. 250.000 Millions

As on 29.09.2007

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22858500	Equity Shares	Rs. 10/- Each	Rs. 228.585 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		60.956	60.930	6.960
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		188.335	140.270	130.340
4] (Accumulated Losses)		0.000	(6.783)	0.000
NETWORTH		249.291	194.417	137.300
LOAN FUNDS
1] Secured Loans		368.829	327.279	0.000
2] Unsecured Loans		106.890	68.800	56.143
TOTAL BORROWING		475.719	396.079	56.143
DEFERRED TAX LIABILITIES		14.156	0.000	0.000
TOTAL		739.166	590.496	193.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		363.005	328.327	8.330
Capital work-in-progress		89.502	56.861	58.631
INVESTMENT		0.010	0.010	29.536
DEFERREX TAX ASSETS		0.000	2.900	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.012	116.147	0.000
	Sundry Debtors	93.123	16.939	0.000
	Cash & Bank Balances	59.979	36.428	97.757
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	62.856	51.223	2.530
Total Current Assets		428.970	220.737	100.287
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	132.213	18.140	3.378
	Provisions	10.615	0.765	0.165
Total Current Liabilities		142.828	18.906	3.543
Net Current Assets		286.142	201.831	96.744
MISCELLANEOUS EXPENSES		0.506	0.564	0.202
TOTAL		739.166	590.496	193.443

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		600.580	34.568
Other Income		0.000	0.000
Total Income		600.580	34.568
Profit/(Loss) Before Tax		80.866	(9.084)
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		80.866	(9.084)
Export Value		78.756	0.021
Expenditures :
	Interest	52.836	7.111
	Depreciation & Amortization	23.731	4.369
	Other Expenditure	443.147	32.172
Total Expenditure		519.714	43.652

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	13.46	[26.28]	NA
Net Profit Margin (PBT/Sales)	(%)	13.46	[26.28]	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.17	[1.49]	NA
Return on Investment (ROI) (PBT/Networth)		0.32	[0.05]	NA
Debt Equity Ratio (Total Liability/Networth)		2.48	2.13	0.03
Current Ratio (Current Asset/Current Liability)		3.00	111.68	28.31

LOCAL AGENCY FURTHER INFORMATION

Business

Subject is engaged as manufacturer of various types of High Pressure Seamless Cylinders for permanent industrial gases like Oxygen, Acetylene, Carbon dioxide, Hydrogen, Nitrogen, Argon and Helium.

Subject produces cylinders for compressed natural gas for usage in the automobiles, for beverage applications, for fire fighting, for medical oxygen applications and for scuba diving.

Trade References

v Shreemankar Gases – Mumbai

v Dhasmesh C S G Private Limited - Mumbai

Form 8

Name of the company

RAMA CYLINDERS PRIVATE LIMITED

Presented By

State Bank of India

Commercial Branch, N G N Vaidya Marg, Mumbai – 400 023, Maharashtra, India

1) Date and description of instrument creating the

change

Joint Deed of hypothecation

Working Capital consortium Agreement. Both the above agreements are dated 25.08.2005 and executed for the creation of a single charge.

2) Amount secured by the charge/amount owing on

the securities of charge

Rs. 200.000 millions

Nature of Facility	SBI	SBBJ	CB	Total
Fund Based
Cash Credit/ OCC/ ODBD	45.000	30.000	25.000	100.000
Total FBWC	45.000	30.000	25.000	100.000
Non Fund Based
Letter of Credit (Working Capital)	40.000	25.500	21.875	87.375
Bank Guarantee (Working Capital)	2.000	1.000	3.125	6.125
Letter of Credits (Capital Goods) (one time) (within term loan)	(37.500)	--	--	(37.500)
Bank Guarantees (Under EPCG)	3.500	3.000	--	6.500
Total NFBWC	45.500	29.500	25.000	100.000
Total (FB + NFB)	90.500	59.500	50.000	200.000

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

The whole of the current assets of the borrower namely. Stocks of raw materials, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), Bills Receivable and Book debts and all other movables both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrower’s factories, premises and godowns situated at village Bhimasar, Taluka Anjar, Dist. Kutch – 370 240, Gujarat, India in the state of Gujarat or wherever else the same say be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order or delivery howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition.

4) Gist of the terms and conditions and extent and

operation of the charge.

ROI:

As would be determined by bank from time to time.

5) Name and Address and description of the

person entitled to the charge.

v State Bank of India

Commercial Branch, NGN Vaidya Marg, Mumbai – 400 023, Maharashtra, India

v Canara Bank

Fort Branch, Warden House, P M Road, Fort, Mumbai – 400 001, Maharashtra, India

v State Bank of Bikaner and Jaipur

Commercial Branch, 239, P D‘mello road, Fort, Mumbai – 400 001, Maharashtra, India

6) Date and brief description of instrument

modifying the charge

No Instrument, Memorandum of deposit for creation of charge for Term Loan / overall limit dated 25.08.2005

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 original charge was created on 25.08.2005 for Rs. 200.000 millions. Now by the present modification dated 25.08.2005 the company offered an additional collateral security by way of mortgage by deposit of title deed over the immovable property by fixing the mortgage at Rs. 5.600 millions (working capital facilities of Rs. 200.000 millions together with Term Loan facilities of Rs. 360.000 millions) together with Interest thereon and all costs and charges.

The details of immovable property described under schedule – part I is as follows:

Survey No. 334 and 335 at Bhimasar, Kutch, Gujarat, India

All that piece and parcel of immovable properties bearing survey No. 334 Paiki admeasuring and acres 35 Gunthas and Survey No. 335 admeasuring 3 acres 21 Gunthas situatred at Village Bhimasar, Taluka and sub. Registration distinction Anjar, Dist. Kutch, Gujarat along with structures standing thereon.

This form is for	Creation of charge
Corporation identity number (CIN) or foreign company registrations number of the company	U28113MH2004PTC149620
Name of the company	RAMA CYLINDERS PRIVATE LIMITED
Address	181A, Maker Tower ‘E’, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Type of Charges	v Book debts v Movable property ( not being pledge)
Particular of the charge holder	Name : State Bank of India Address : Commercial Branch, N G N Vaidya Road City : Mumbai State : Maharashtra ISO country code : IN Pin code : 400 023 e-mail ID : kamalax_saraf@hotmail.com
Nature or description of the instrument creating or modifying the charge	Agreement of hypothecationh of goods and assets Agreement of loan for overall limit Both constitute single charge
Date of the instrument creating charge	11.04.2008
Whether charge created or modified outside India	No
Amount Secure by the charge	Rs. 650.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As would be determined by Bank from time to time. Terms of repayment As per sanction Terms Margin As per sanction Terms Extent and operation of the charge A first pari passu charge on entire fixed assets of the company. Second charge by way of hypothecation on the current assets of the company on pari passu basis with other term lenders. Others As per sanction terms
Short particulars of the Property charged	All P and F goods , book debts and all other movable assets of the borrower including documents of title to the goods, outstanding monies, receivables by way of cash assistance and or cash incentives under the cash incentive scheme or any other scheme claims including claims by way of refund of customs/ Excise duties under the duty drawback credit scheme or any other scheme bills, investments, documents, contracts, Insurance policies, Gtees, Engagements, securities, investments and rights and P and F Machinery.
Whether any of the property or interest therein under reference is not registered in the name of the company	No

Financial Results

As the company did not have any business operation during the period under review and since it is in the process of setting up the project for manufacturer of High Pressure Cylinders at Kutch. No profit and loss account had been prepared and the entire expenditure incurred on the project had been shown as incidentals expenditure pending allocation

Fixed Assets

v Land

v Office Equipment

v Motor Car

v Furniture and Fixture

Website Details

Subject is an ISO-9001, ISO - 14001 and ISO - 18001 Certified company, located at Kutch, Gujarat, India.

This plant is of world-class standard and has a current installed capacity of manufacturing 3, 00,000 high pressure seamless steel gas cylinders per annum. They are expanding the plant manufacturing from units to 7, 00,000 units. The expansion will be completed by 2009

The technology applied is hot spinning of seamless steel pipes by compressed numerical controlled (CNC) machines for closing both ends and subsequently followed by other finishing processes.

The cylinders are manufactured in compliance with the norms of statutory authorities like Chief Controller of Explosives (CCOE) and Bureau Of Indian Standard (BIS) in India. In addition, Rama Cylinders also manufacturers as per international manufacturing standards like ISO 11439 and NZ S 5454.

All cylinders of Rama Cylinders come with “ISI” marked on them.

Rama Cylinders is member of fire Protection Association of India (FPAI), Maharashtra Gas association (MGA), All India Industrial Gas Manufacturers Association (AIIGMA), Natural Gas Vehicle Association of India (NGVAI) and ASIAN NGV.

They are regularly exporting the cylinders to countries like Iran, Pakistan, Bangladesh, Thailand, Russia, Malaysia, Armenia, Russia, and also to major automobiles OEMs Such as Tata Motors and Bajaj Auto.

Profile

Subject is a company promoted by Mr. Vashu J. Ramsinghani and his son Mr. Amit V. Ramsinghani.

The plant has an installed capacity of 3,00,000 nos./year of high pressure Seamless steel cylinders and allied products such as vessels, accumulators , tanks and pipes, etc.

Mr. Vashu J. Ramsinghani has considerable experience in the field of trading of industrial commodities and has set up large industries in the field of petrochemicals, fertilisers and paper. India's largest private sector, waste paper based newsprint mill viz. Rama Newsprint and Papers Limited was also set up by him in Gujarat.

Mr. Amit V. Ramsinghani, son of Mr. Vashu J. Ramsinghani has acquired a Bachelors degree in the Business Administration from the prestigious Babson College in Boston U.S.A. specializing in finance and economics. He subsequently completed his training in the U.S.A. and the Middle East and has returned back to India. He is keenly involved in the day to day operations.

Plant

The plant has an installed capacity of 300,000 nos. /year of high pressure Seamless steel cylinders and allied products such as vessels, accumulators etc. The seamless steel cylinders / accumulators shells can be made in strict compliance with all applicable National / International standards. The Equipments for manufacturing the seamless cylinders have been sourced from suppliers who are world leaders in their respective fields. In near future Rama cylinders have plans for manufacturing CNG Composite Cylinders designed in order to reduce the weight of the vehicle as much as possible at a cost acceptable to vehicles manufacturers.

They are now expanding the capacity of the plant to soon reach 1 million cylinders per annum. The work for expansion has already started at the sight.

Products

They can manufacture seamless steel gas cylinders, seamless pressure vessels, seamless accumulator shells to specific customer requirements having outside diameter ranging from 76mm to 406mm length ranging from 300mm to 3000mm and pressures up to 400 bar. High pressure gas cylinders manufactured from Seamless Steel tubes, in Manganese steel and Chrome Molybdenum Steel.

These cylinders are with water capacity from 1 to 280 ltrs.

NOTE: High pressure cylinders above 400 bar working pressure can be supplied against special request.

v Seamless Cylinders for on board CNG

v Seamless Cylinders for Compressed Industrial Gases

v Seamless Cylinders for fire fighting and beverage usage

Manufacturing Process

The seamless steel cylinders are manufactured by closing bottom and neck forming on CNC hot spinning machine and subjected to all internal test and controls at every stage of production to assure a quality product with cylinders diameters ranging from 76 to 406mm.

Accessories such as valve fixing, neck ring, cap, and guard are fitted on cylinders as per customer's requirement. The plant is equipped with most modern machineries from reputed Indian and international suppliers to produce superior quality products.

The entire production process is controlled by Rama Cylinders and done in-house in the own dedicated plant. This ensures that Rama Cylinders is capable of offering the right quality cylinder at right price that fits most of the needs of customers.

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 :

The 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.

The 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. 43.73
UK Pound	1	Rs. 80.57
Euro	1	Rs. 64.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		50

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/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, they 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