MIRA INFORM REPORT

Report Date :

03.07.2008

IDENTIFICATION DETAILS

Name :	ARSHIYA INTERNATIONAL LIMITED
Formerly Known As :	ARSHIYA TECHNOLOGIES INTERNATIONAL LIMITED
Registered Office :	7^th Floor, C Wing, Twin Arcade, Military Road, Marol Maroshi, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India.
Financials (as on) :	31.03.2007
Date of Incorporation :	03.07.1981
Com. Reg. No.:	11-24747
CIN No.: [Company Identification No.]	L27320MH1981PLC024747
TAN No.: [Tax Deduction & Collection Account No.]	MUMI05518C
PAN No.: [Permanent Account No.]	AAACI2679A
Legal Form :	A Public limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trading in Alloy Steels

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 3659172
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed Company meeting its normal Commitments timeously. Trade relations are fair. General Financial Position is good. The Company can be considered good for normal business dealings.

LOCATIONS

Registered Office / Corporate Office :	7^th Floor, C Wing, Twin Arcade, Military Road, Marol Maroshi, Andheri (East), Mumbai – 400059, Maharashtra, India.
Tel. No.:	91-22-29203395 / 3417
Fax No.:	91-22-29203438
E-Mail :	info@arshhiya.com bss@bigshareonline.com
Website :	http://www.arsiyainternational.com
Divisions :	v BDP India v Cyber log Technologies India

DIRECTORS

Name :	Mr. Ajay S Mittal
Designation :	Managing Director
Name :	Mrs. Archana A Mittal
Designation :	Wholetime Director
Name :	Mr. Richard Bolte Jr.
Designation :	Director
Name :	Mr. Francis X Bolte
Designation :	Director
Name :	Mr. James Beltran
Designation :	Independent Director
Name :	Mr. Rishabh Shah
Designation :	Independent Director
Name :	Mr. Ashish Bairagra
Designation :	Independent Director
Name :	Prof. G Raghuram
Designation :	Independent Director
Name :	Mr. V Shiv Kumar
Designation :	Director
Name :	Mr. Sandesh Chonkar
Designation :	Chief Financial Officer

KEY EXECUTIVES

Name :	Mr. V Shiv Kumar
Designation :	Corporate Affairs and Secretary and Chief Compliance Officer
Name :	Dr. Frank Jurgen Richter
Designation :	Member
Name :	Dr. Yoram (Jerry) Wind
Designation :	Member
Name :	Mr. William P. Adamopoulos
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2007

Names of Shareholders	No. of Shares	Percentage of Holding
Promoter, Directors, relatives and associates	4850548	55.48
Foreign Institutional Investors	1101400	12.60
Foreign Nationals, Foreign bodies Corporate	1135000	12.98
Public	1655552	18.94
Total	8742500	100.00

BUSINESS DETAILS

Line of Business :

Trading in Alloy Steels

GENERAL INFORMATION

Bankers :

v UTI Bank Limited, Lokhandwala Complex, Andheri (West), Mumbai

v HDFC Bank Limited, Ahura Centre, Andheri (East), Mumbai

Facilities :

	31.03.2007 (Rs. in millions)
Secured Loans From Banks
Cash Credit Facility	30.283
Term Loan (Including Interest accured and due thereon aggregating Rs. 78.279 millions. [Payable within one year Rs. 2.604.000 millions.	6.134
Finance lease facility (Repayable within one year Rs. 1.829 millions	5.159
Total	41.576

Secured by:

1. Hypothecation of current assets, equitable mortgage on office premises of the Company located at Andheri (East), Mumbai, Term Deposit of Rs. 5.000 millions and personal guarantee of a director.

2. Equitable mortgage of office premises of the Company located at Andheri (East), Mumbai and personal guarantee of a director.

3. Hypothecation of leased Vehicles.

Banking Relations :	Satisfactory
Auditors :
Name :	RSM and Company, Chartered Accountants
Address :	Ambit RSM House, 449, Senapati Bapat Marg, Lower Parel. Mumbai – 40013, Maharashtra, India
Subsidiaries :	Wholly Owned Subsidiaries v Cyber log Technologies International Private limited, Singapore Its Following Subsidiaries v Cyber log Technologies (UAE ) FZE v Cyber log Technologies Inc., USA v Arshiya Hong Kong Limited, Hong Kong (Formerly Known as Park Investments Limited) Its Following Subsidiaries v BDP (Dubai) LLC v BDP (Qatar) WLL Majority Owned Subsidiaries v BDP Genco (India) Private Limited Enterprise having Significant influenced by key management personnel or their relatives v Bhushan Steels Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- Each	Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8742500	Equity Shares	Rs. 10/- Each	Rs. 87.425 millions

Note:

a. 1925000 fully paid up equity shares of Rs. 10/- each issued on preferential basis for cash

b. 4525500 fully paid up equity shares of Rs. 10/- Each issued as fully paid bonus shares by capitalisation of share premium account.

c. 312000 fully paid up equity shares of Rs. 10/- each have been allotted as fully paid to the shareholders of erstwhile BDP (India) Private Limited pursuant to the Scheme of Amalgamation .

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		87.425	19.800
2] Equity Share Warrants		37.500	0.000
3] Reserves & Surplus		789.868	12.324
4] (Accumulated Losses)		0.000	0.000
NETWORTH		914.793	32.124
LOAN FUNDS
1] Secured Loans		41.576	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		41.576	0.000
DEFERRED TAX LIABILITIES		2.358	0.665
TOTAL		958.727	32.789
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.446	2.614
Capital work-in-progress		142.916	0.000
INVESTMENT		121.912	0.030
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	196.293	26.049
	Cash & Bank Balances	479.886	28.698
	Other Current Assets	0.000	0.000
	Loans & Advances	124.970	1.103
Total Current Assets		801.149	55.850
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	107.013	26.171
	Provisions	28.683	0.094
Total Current Liabilities		135.696	26.265
Net Current Assets		665.453	29.585
MISCELLANEOUS EXPENSES		0.000	0.560
TOTAL		958.727	32.789

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		908.417	25.303
Other Income		8.869	2.679
Total Income		917.286	27.982
Profit/(Loss) Before Tax		67.650	(2.177)
Provision for Taxation		27.896	0.567
Profit/(Loss) After Tax		39.754	(1.610)
Expenditures :
	Administrative Expenses	52.074	1.048
	Purchases made for re-sale	639.004	24.536
	Increase/(Decrease) in Finished Goods	0.000	(0.183)
	Salaries, Wages, Bonus, etc.	40.720	0.460
	Financial Expenses	5.195	0.000
	Depreciation & Amortization	3.417	0.213
	Exceptional Items	45.608	(3.716)
	Other Expenditure	63.618	7.801
Total Expenditure		849.636	30.159

QUARTERLY RESULTS

PARTICULARS	30.06.2007	30.09.2007	31.12.2007	31.03.2008
Type	(1^st Quarter)	(2^nd Quarter)	(3^rd Quarter)	(4^th Quarter)
Sales Turn over	393.700	448.100	517.600	635.000
Other Income	5.700	1.900	5.300	50.500
Total Income	399.400	450.000	522.900	685.500
Total Expenditure	374.700	417.900	482.100	592.400
Operating Profit	24.700	32.100	40.800	93.100
Interest	1.200	1.500	3.300	1.200
Gross Profit	23.500	30.600	37.500	91.900
Depreciation	1.300	1.300	1.600	1.500
Tax	8.100	11.000	13.700	20.100
Reported PAT	14.100	19.100	22.500	69.700

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Debt Equity Ratio	0.05	0.00	0.18
Long Term Debt Equity Ratio	0.01	0.00	0.18
Current Ratio	3.65	2.32	4.51
TURNOVER RATIOS
Fixed Assets	45.99	3.51	0.49
Inventory	0.00	253.00	17.14
Debtors	8.17	1.68	2.93
Interest Cover Ratio	10.56	0.00	8.00
Operating Profit Margin (%)	6.42	6.72	43.33
Profit Before Interest and Tax Margin (%)	6.04	5.93	40.00
Cash Profit Margin (%)	3.57	6.32	23.33
Adjusted Net Profit Margin (%)	3.19	5.53	20.00
Return On Capital Employed (%)	11.55	4.59	6.23
Return On Net Worth (%)	6.38	4.26	3.66

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Resolved that pursuant to Section 21 of the Companies act 1956 and Subject to the approval of Central Government, the name of the Company be charged from “ARSHHIYA TECHNOLOGIES INTERNATIONAL LIMITED” to “ARSHIYA INTERNATIONAL LIMITED” and consequently the name of Arshhiya Technologies International Limited, wherever it occurs in the Memorandum and Articles of Association of the Company be substituted by the new name- “ARSHIYA INTERNATIONAL LIMITED”.

FINANCIAL RESULTS:

The Income from Operations, along with the other income has increased to Rs. 917.287 millions compared to Rs. 27.982 millions in the previous year. The Profit before Tax stood at Rs. 49.638 millions as against Rs. 1.540 millions for the previous year ended 31st March, 2006. After provision for taxation of Rs. 24.618 millions [(Rs. 0.610 million) in the previous year] the Profit After Tax was Rs. 39.755 millions as compared to Rs. 2.149 millions. Since the figures for the year ended 31st March, 2007, includes income / expenditure in the previous year of the erstwhile BBP India Private Limited, consequent to the amalgamation, the corresponding figures in the previous year are not comparable as the figures for the corresponding period do not include results of the merged entity. 

The comparable figures of Consolidated Financial results for the previous year are not provided since there were no subsidiaries in the previous year ended 31st March, 2006. On a Consolidated basis the company has recorded an income of Rs. 1874.227 millions and the profit before taxation and exceptional items stood at Rs. 199.173 millions. After provision for taxation (on consolidated basis) of Rs. 34.457 millions the Profit after Tax, was Rs. 179.451 millions. 

Consolidated profits have been computed in accordance with consolidation procedures prescribed under Indian GAPP.

Company’s Business and Future Outlook:

The company's controlling interest was acquired in December 2005 by the current promoters in compliance of the SEBI (SAST) Regulations 2000. The company's business was restructured to provide a value chain of services focused on offering end to end logistics and supply chain solutions to customer across the world with its global partners BDP and Genco. 

Through a combination of Acquisitions, Joint Ventures, and Greenfield projects , the company is embarking on building a knowledge driven Indian value chain encompassing global freight forwarding and logistics solutions connecting over 140 countries, retail logistics, supply chain consulting, Information technology. To further compliment its knowledge based initiatives and to fill a huge void in the market, the company also plans to offer world class logistics infrastructure solutions to customers across India and the Middle-east. 

In essence, the company is positioning itself to control the entire supply / demand chain transparently for its customers, while creating a dynamic logistics network that can continuously adapt to changing market conditions. The company has also created separate 3PL and 4PL entities to provide distinct service offerings to its customers. Selective outsourcing of business processes will also be available as a future enhancement. 

India's leading role in technology development, combined with logistics infrastructure challenges, will allow new models in virtual logistics networks to be created, while simultaneously enabling more rapid implementation of supply chain solutions. 

The directors are confident that the company is in a position to merge the best practices of the world with new concepts and technology, creating new possibilities. Further the directors are optimistic of a bright future achieved through unleashing of human talent supported by a passion for knowledge and innovative technology. 

As per Section 212 of the Companies Act 1956, the company is required to attach the Directors' report, Balance Sheet and Profit and Loss account of its subsidiaries. An application was made to the Ministry of Corporate Affairs (MCA), Government of India, for an exemption from attachment of the Balance Sheet and Profit and Loss Account of the subsidiary companies in the Annual Report, as the audited consolidated accounts present a full and fair view of the state of affairs of the company. The Central Government has granted exemption from complying with section 212 of the Companies Act, 1956. Accordingly the Annual Report does not contain the financial statements of the subsidiaries of the company. 

Amalgamation of erstwhile BDP (India) Private. Limited. 

During the year, the High Court of Bombay vide their order dated 2nd February, 2007 sanctioned the Scheme of Amalgamation of erstwhile BDP (India) Private Limited. into the company. Accordingly, with effect from the appointed date viz. 1st January 2006, all assets and liabilities of erstwhile BDP (India) Private Limited have been transferred into the company. 

MANAGEMENT DISCUSSION AND ANALYSIS 

a) Industry Structure and Developments: 

Players in the industry are mostly inhouse logistics divisions, small local players and a few international logistics providers. Almost all players are faced with the challenges of understanding the multiple complexities of business in India viz. infrastructure problems, regulatory issues, state and local level issues among others . Most of the players operate as traditional logistics providers moving products between a specific origin and destination point while executing the international shipping process. A few of these companies are starting to transcend from their current position to being a Total Logistics Provider - taking on a more proactive role by linking technology and storage facilities to their core shipping services. The Supply Chain Management sector in India is in its infant stage and remains largely untapped. 

With India's manufacturing and service sectors on a searing growth path, and more importantly as India's trade is increasing dramatically, most major players are now starting to realize importance of partnering and /or outsourcing their logistics operations to professional logistics companies that can help them improve their productivity across multiple areas while saving them valuable time and money. 

b) Opportunities and Threats: 

The current logistics market in India is fragmented and not coordinated. There are thousands of customs brokers, shipping agencies, truckers, container haulers, freight forwarders, NVOCC operators, port handlers and warehouse operators claiming to be Supply Chain Managers. 

The Indian logistics industry is also characterized by dominance of a disorganized market. Transporters with fleets smaller than five trucks account for over two-thirds of the total trucks owned and operated in India and make up 80 per cent of revenues. The freight-forwarding segment is also represented by thousands of small customs brokers and clearing and forwarding agents who cater to local cargo requirements. 

With the Company's existing organization set-up, deep understanding of the Indian culture and business environment coupled with its extensive local networking capabilities, the Company possesses unique competitive advantages to become the market leader in supply chain management. 

The uniqueness of the Company's business model is the independent subsidiaries with each business unit providing a menu of value added services across every component of the supply chain. This concept will provide clients with a full range of options to meet their specific business needs, especially as their business strategies continue to evolve. 

The Company is in a position to leverage with core logistics services such as freight forwarding, ocean and air import/export services and project logistics through the 3PL company linked to a global affiliated network spanning more than 140 countries; a new concept 4PL company which provides supply chain mapping and process re-design and ultimately full SCM execution for the domestic retail market; a global I.T. company which owns supply chain management software capable of customizing technology solutions for clients of all industries across the global distribution chain on a web-enabled platform; a logistics infrastructure activity implementing new distribution center developments; and other components still being planned. 

c. Segment-wise or Product-wise performance: 

The Company has presence in Logistics, Supply Chain Management, Web-based supply chain Solutions for Logistics Industry. In line with the definition of Segment as per the Accounting Standard 17 issued by the Institute of Chartered Accountants of India .Since the company has only reportable segment, the Segment wise performance of the company is not provided 

d. Outlook: 

With strong expected growth in Indian manufacturing sector and importance of structured logistics player becoming more apparent by the day, logistics industry is expected to witness a phase of highly robust growth over coming decade. 

There are also huge problems with logistic infrastructure like Container Freight Stations (CFS), Inland Container Depots (ICD), modern warehouses and for specialised storage solutions like tank terminals and Cold chain solutions. Minimum investment needed in these infrastructure runs into billions of dollars. 

To be a key player in future of Indian logistic industry the company is in the process of setting up a Container Freight Station near JNPT Port in Navi Mumbai to take advantage of the opportunities available through import and export of containerized cargo. 

g) Discussion on financial Performance: 

The Income from Operations, along with the other income has increased to Rs. 917.87 millions compared to Rs. 27.982 millions in the previous year. The Profit before Tax stood at Rs. 49.638 millions as against Rs. 1.540 millions for the previous year ended 31st March, 2006. After provision for taxation of Rs. 24.618 millions [(Rs. 0.610 million) in the previous year)] the Profit After Tax was Rs. 39.755 millions as compared to Rs. 2.149 millions. Since the figures for the year ended 31St March, 2007, includes income / expenditure of the erstwhile BDP India Private Limited, consequent to the amalgamation, the corresponding figures in the previous year are not comparable. 

The Consolidated Financial results for the previous year is not applicable since there were no subsidiaries in the year ended 31 st March, 2006. On a Consolidated basis the company has recorded an income of Rs. 1874.227 millions and with the absorption of expenditure of Rs. 1645.915 millions the profit before taxation and exceptional items stood at Rs. 199.173 millions After the provision for taxation (on consolidated basis) of Rs. 34.457 millions the Profit after Tax, was Rs. 179.451 millions. 

h) Human Resources and Industrial Relations: 

The company continues to focus on Human Resource Development to enhance the employee performance and promote knowledge integration.

i) Amalgamation of Company: 

Pursuant to the Order of High Court of Bombay sanctioning the Scheme of Amalgamation, erstwhile BDP (India) Private Limited got amalgamated with the Company. 

This amalgamation would result in better internal economies such as effective control synergistic operational advantages, better use of infrastructure facilities and increased optimized productivity of the combined resources. 

As per Website Details:

Subject is an Indian headquartered multinational company with offices spanning across India, Singapore, Australia, Dubai, Qatar, Oman and the United States. Subject is a leading entity in providing knowledge driven solutions to its global customers specifically focused on the areas of innovative technology, business process outsourcing, supply chain, demand chain and financial flow management services.

Subject is rapidly expanding its business capabilities through continuous internal development and aggressive acquisitions in complimentary space. The company's key business entities currently include: Cyberlog Technologies (which provides global I.T systems, software development and business process outsourcing services), BDP India and Gulf (which provides shipping and global logistics services to its customers), Genco India (focusing exclusively on India's rapidly expanding retail market for their entire supply/demand chain management), and Arshiya's Knowledge Center (which will encompass specialised consulting services).

By creating unique synergies across these business entities and leveraging the specialised knowledge of the international team of experts, subject is uniquely positioned to assist the customers in enhancing their business processes and global supply chains.

Fixed Assets

v Building

v Furniture and Fixtures

v Computers

v Vehicles

v Office Equipments

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 :

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. 43.34
UK Pound	1	Rs. 86.53
Euro	1	Rs. 68.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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, 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