MIRA INFORM REPORT

Report Date :

10.11.2008

IDENTIFICATION DETAILS

Name :	MAHALAXMI WIRES
Registered Office :	1/3, MIG D N Nagar Swati CHSL, J P Road, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	29.11.1999
PAN No.: [Permanent Account No.]	AAEFM9807F
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of PVC Coated Copper Wire and PVC Sleevings.

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 :	Complaints
Litigation :	Clear
Comments :	Subject is a well-established and reputed concern. Partners are reported as experienced, respectable and having satisfactory means. Trade relations are fair. Business is active. No complaints have been heard form the market sources. The concern can be considered for normal business dealings. It would be prudent to take adequate securities while dealing with the subject.

LOCATIONS

Registered Office :	1/3, MIG D N Nagar Swati CHSL, J P Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-32461984
Mobile No.:	91-9322229659/ 9322220400
E-Mail :	Mahalaxmi_wires@rediffamail.com
Area :	Owned
Factory :	S No. 755/ 3-13, Gala No. 20, Balaji Industrial Estate, Somnath Road, Village Dabhel, Nani Daman, Daman, India
Tel. No.:	91-260-2244543
Area :	Owned

PARTNERS

Name :	Mr. Kiran K Shah
Designation :	Partner
Address :	Flat No. 306, D N Nagar, Deep CHS, J.P. Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	22.08.1959
Qualification :	B.Com
Experience :	20 Years
Name :	Mr. Raju G Shah
Designation :	Partner
Address :	38, Premmilan CHS, 87/B, Nepeansea Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	15.06.1964
Qualification :	B.E
Experience :	20 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of PVC Coated Copper Wire and PVC Sleevings.
Terms :
Selling :	Credit ( 120 Days)
Purchasing :	Credit ( 15-30 Days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Electrical wires and Cables	15 tons/ Months	Approximately 10 tones/ month
PVC Sleeving	2 Tones/ Month	1 Ton Approximately

GENERAL INFORMATION

Customers :	OEM’s · Accurate Electricals · Aditya Lumitron · Alpha Lighting Devices Private Limited · Alpine · Alpine Electrical Manufacturing Company Private Limited · Apex Luminareis Private Limited · Asean Electronic Limited · Bright Fixtures Limited · Concept Electricals · Devanshi Lighting Industries
No. of Employees :	14 ( Office 3, Factory 11)
Bankers :	Corporation Bank, Versova Branch
Facilities :	Rs. 2.000 Millions

Banking Relations :	Satisfactory
Auditors :
Name :	Ms. Sheetal K Palrecha Chartered Accountant
Address :	402, Gayatri Apartment, 4^th Floor, Derasar Lane, Borivali (west), Mumbai-400092, Maharashtra, India
Tel. No.:	91-22-28075463
Mobile No.:	91-9821226739

CAPITAL STRUCTURE

Mr. Kiran K Shah Capital Account

As on 31.03.2008

Particulars	31.03.2008 (Rs. In Millions)	Particulars	31.03.2008 (Rs. In Millions)
To Drawings	1.000	By Opening Balance B/F	2.507
		By Additions	1.900
		By Salary	0.427
To Balance C/F	4.014	By Share in Net Profit ( 50%)	0.427
	5.014		5.014

Mr. Raju G Shah Capital Account

As on 31.03.2008

Particulars	31.03.2008 (Rs. In Millions)	Particulars	31.03.2008 (Rs. In Millions)
To Drawings	0.900	By Opening Balance B/F	2.392
		By Additions	0.000
		By Salary	0.180
To Balance C/F	2.100	By Share in Net Profit ( 50%)	0.427
	3.000		3.000

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] Share Capital		6.115	4.899	4.890
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		6.115	4.899	4.890
LOAN FUNDS
1] Secured Loans		2.199	0.011	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.199	0.011	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.314	4.910	4.890
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.136	0.399	0.440
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.370	0.603	0.175
	Sundry Debtors	7.132	4.615	5.149
	Cash & Bank Balances	0.416	0.051	0.060
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.387	0.926	0.416
Total Current Assets		9.305	6.195	5.800
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.915	0.752	0.919
	Provisions	1.217	0.937	0.436
Total Current Liabilities		2.132	1.689	1.355
Net Current Assets		7.173	4.506	4.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.314	4.910	4.890

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		15.036	14.154	11.597
Other Income		0.134	0.019	0.024
Total Income		15.170	14.173	11.621
Profit/(Loss) Before Tax		0.856	1.419	1.284
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.856	1.419	1.284
Expenditures :
	Cost of Goods Sold	11.924	10.177	8.517
	Miscellaneous Expenses	0.038	0.030	0.017
	Salaries, Wages, Bonus, etc.	0.781	0.761	0.535
	Interest	0.164	0.063	0.018
	Insurance Expenses	0.013	0.011	0.012
	Depreciation & Amortization	0.174	0.070	0.091
	Other Expenditure	1.220	1.642	1.147
Total Expenditure		14.314	12.754	10.337

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	5.64	10.01	11.05
Net Profit Margin (PBT/Sales)	(%)	5.69	10.03	11.07
Return on Total Assets (PBT/Total Assets}	(%)	8.19	21.50	20.57
Return on Investment (ROI) (PBT/Networth)		0.14	0.29	0.26
Debt Equity Ratio (Total Liability/Networth)		0.71	0.34	0.28
Current Ratio (Current Asset/Current Liability)		4.36	3.67	4.28

LOCAL AGENCY FURTHER INFORMATION

Trade References:

· Shailesh Engineering Company

· Ritesh Electricals

· R .C Industries

· K C Fixtures

Fixed Assets:

· Plant and Machinery

· Electrical Installations

· Office Equipments

· Computers

· Furniture and Fixtures

· Factory Building

· Vehilcles

STATEMENT OF PARTICULARS REQUIRED TO BE FURNISHED UNDER

SECTION 44 4B OF THE INCOME – TAX ACT, 1961

PART - A

Name of the Assesses

Mahalaxmi Wires

Address:

1/3, MIG D N Nagar Swati CHSL, J P Road, Andheri (West), Mumbai-400053, Maharashtra, India

Permanent Account Number

AAEFM9807F

Status

Partnership Firm

Previous year ended

31^st March, 2008

Assessment Year

2008-2009

PART - B

1 (a) If firm or Association of persons, indicate names of partners/ members and their profit sharing ratios.

Name	Profit Sharing Ratios
Kiran Kundanmal Shah	50%
Raju Ganeshmal Shah	50%

(b) If there is any change in the partners or members or in their profit sharing ratio, since the last date of the preceding year, the particulars of such change

No Change

2 (a) Nature of business or profession (if more than one business or profession is carried on during the previous year, nature of every business or profession)

Manufacturing and dealing in PVC wire cables / moulded cords/ sleeves

(b) if there is any change in nature of business or profession, the particulars of such change

No change

3 (a) Whether books of account are prescribed under section 44AA, if yes, list of book so prescribed

Section 44AA has not prescribed books of account for person carrying on business. It prescribes the account as would enables the assessing offices to assess the income correctly.

(b) Books of account maintained

(In case books of account are maintained I a computer system, mention the books of account generated by such computer system)

Cash book, bank book, sales register, purchase register, journal book, ledger and finished good stock.

(c) List of books of account examined

Cash book, bank book, sales register, purchase register, journal book, ledger and finished goods stock records.

4 (a) Method of accounting employed in the previous year.

Mercantile

(b) Whether there has been any change in the method of accounting employed vis-à-vis the method employed in the immediately preceding previous year.

No change

( C) if answer to (b) above is in the affirmative, give details of such change, and the effect thereof o the profit or loss.

Not Applicable

(d) Details of deviation, if any, in the method of accounting employed in the previous year form accounting standards prescribed under section 145 and the effect thereof on the profit or loss

The Accounting Standards prescribed under section 145 have been complied with

5 (a) Method of valuation of closing stock employed in the previous year

Inventories are valued at lower of cost and net realizable value

(b) Details of deviation, if any, from the method of valuation prescribed under section 145Am and the effect thereof o the profit or loss

The closing stock of raw materials has been valued after excluding the excise duty CENVAT credit claimed on the inputs. The effect of the same on the profit for the year could not be ascertained.

(A) Pre-existed on the first day of the previous year but was not allowed in the assessment of any preceeding previous year and was

Nil

(a) paid during the previous year;

(b) not paid during the previous year;

(B) was incurred in the previous year and was

Excise duty of Rs. 129 provided on the closing stock of scrap has been paid by utilizing the MODVAT credit taken on inputs. On the clearance of the goods after the end of the previous year.

(a) paid on or before the due date for furnishing the return of income of the previous year under section 139(1)

(b) not paid on or before the aforesaid date

(i) (Omitted)

* State whether sales tax, customs duty, excise duty or any other indirect tax, levy, cess, impost etc. is passed through the profit and loss account

No, except for incremental excise duty provided on closing on closing stock of scrap

6 (a) Amount of Modified Value Added Tax credits availed of or utilized during the previous year and its treatment in the profit and loss account and treatment of outstanding Modified Value Added Tax credits in the accounts

As per book, total MODVAT credit availed during the year is Rs. 1.871 Million While total MODVAT credit utilized during the year is Rs. 1.887 Million

Credit availed has been reduced form the gross purchase amounts.

The credit utilized has been set-off against the excise duty collected on sales and sales have accordingly been stated net of excise duty.

The MODVAT credit outstanding as on 31.03.2008 has been shown as an advance

7 Section –wise details of deductions, if any, admissible under chapter VIA

Section 80I B (4)

Deducting of 25% of profits and gains of the Firm as computed under the Income Tax Act 1961, having been derived form its unit at Daman : Rs. 0.284 Million

A Raw Materials:

	PVC Compound/ Master Batch (Kgs)	Copper (Kgs)
(i) Opening Stock;	1749	1228
(ii) Purchase during the previous year;	40429	25445
(iii) Consumption during the previous year	41708	25712
(iv) Sales during the year previous year	Nil	Nil
(v) Closing Stock	470	961
(Vi)* Yield of finished products	--	--
(vii) Percentage of yield	--	--
(viii) Shortage / Excess, if any	--	--

B Finished Products / By – Products

	PVC Wires (Coils)	PVC Sleeving (Coils)
(i) Opening Stock;	Nil	Nil
(ii) Purchase during the previous year;	Nil	Nil
(iii) Quantity manufactured during the previous year	51604	16086
(iv) Sales during the year previous year	5164	16086
(v) Closing Stock	NIL	NIL
(vi) Shortage / Excess, if any	NIL	NIL

* Information may be given to the extent available

8 Whether any cost audit was conducted under the Central Excise Act, 1944, if yes, enclose a copy of the report of such audit

Yes. As explained no report was provided by the excise authorities.

VALUE OF FRINGE BENEFITS IN TERMS OF SECTION 115 WC READ WITH SECTION 115WB FOR THE ASSESMENT YEAR

(Rs. In Millions)

Section under which chargeable to Fringe Benefit Tax	Name	Amount of expenditure incurred or payment made	Percentage expenditure/ Payment being fringe benefits	Value of fringe benefits
115WB(1)(b)	Free or concessional ticket provided by the employer for private journeys of this employees or their family members	Nil	100%	Nil
115WB(1)(c)	Any contribution by the employer to any approved Superannuation fund for employees (see Note1)	Nil	100%	Nil
115WB(2)(A)	Entertainment	Nil	20%	Nil
115WB(2)(B)	Provision of Hospitality of every kind by the employer to any person (see Note 2)	Nil	20% (see Note 3)	Nil
115WB(2)(C)	Conference (Other than fee for participation by the employees in any conference) (See Note 4)	Nil	20%	Nil
115WB(2)(D)	Sales promotion including publicity (see Note 5)	Nil	20%	Nil
115WB(2)(E)	Employees’ Welfare (see Note 6)	Nil	20%	Nil
115WB(2)(F)	Conveyance, (see Note 7)	0.017	20% (See Note 8)	Nil
115WB(2)(G)	Use of hotel, boarding and lodging facilities	Nil	20% (See Note 9)	Nil
115WB(2)(H)	Repair, Running (including fuel), maintenance of motor cars and the amount of depreciation thereon	0.121	20% (see Note 10)	0.024
115WB(2)(I)	Repair, Running ( Including Fuel) and maintenance of aircraft and the amount of depreciation thereon	Nil	20% (See Note 11)	Nil
115WB(2)(J)	Use of Telephone (Including mobile phone) other than expenditure on leased telephone lines	0.081	20%	0.016
115WB(2)(K)	Maintenance of any accommodation in the nature of guest house other than accommodation used for training purpose	Nil	20%	Nil
115WB(2)(L)	Festival Celebrations	Nil	50%	Nil
115WB(2)(M)	Use of health club and similar facilities	Nil	50%	Nil
115WB(2)(N)	Use of any other club facilities	Nil	50%	Nil
115WB(2)(O)	Gifts	Nil	50%	Nil
115WB(2)(P)	Scholarships	Nil	50%	Nil
115WB(2)(Q)	Tour and Travel (Including foreign travel) (see Note 12)	Nil	5%	N.A
Total		0.219		0.044

Notes:

1. For Assessment year 2007-08 and subsequent assessment years, the value of fringe in respect of contribution by the employer to an approved superannuation fund shall be the amount of contribution which exceeds Rs. 0.100 Million in respect of each employee

2. Expenditure on hospitality does not include the following :-

(i) any expenditure on, or payment for, food or beverage provided by the employer to his employees in office or factory;

(ii) any expenditure on, or payment through paid vouchers which are not transferable and usable only at eating joints or outlets

3. In the case of an employer engaged in the business of hotel 5% shall be substituted for 20%. In addition to this, in the case of an employer engaged in the business of carriage of passengers or goods by aircraft or by ship 5% shall be substited for 20% for assessment year 2007-07 and subsequent assessment years.

4. For the purpose of this clause, any expenditure on conveyance, tour and travel (including foreign travel), on hotel or boarding and lodging in connection with any conference shall be deemed to be expenditure incurred for the purpose of conference.

5. The following expenditure on advertisement shall not be considered as expenditure on sales promotion including publicity.

(i) the expenditure (including rental) on advertisement of any form in any print (including journals, catalogues or price lists) or electronic media or transport system.

(ii) The expenditure on the holding of, or the participation in any press conference or business conversion, fair or exhibition.

(iii) The expenditure on sponsorship of any sport event or any other event organized by any Government agency or trade association or body.

(iv) The expenditure on the publication in any print or electronic media of any notice required to be published by or under any law or by an order of a court or Tribunal

(v) The expenditure on advertisement by way of signs, art work, painting, banners, awnings, direct mail, electric spectaculars, kiosks, hoardings, bill boards or by way of such other medium of advertisement.

(vi) The expenditure byway of payment of any advertising agency for the purpose of clause (i) to (v) above

(vii) The expenditure on distribution of free samples of medicines or of medical equipment, to doctors (not be considered as expenditure or sales promotion, including publicity for assessment year 2007-08 and subsequent assessment years)

(viii) The expenditure by way of payment to any person of repute for promoting the sale of goods or services for the business of the employer (not to be considered as expenditure on sales promotion, including publicity for assessment year 2007-08 and subsequent assessment years)

6. For the purpose of this clause, any expenditure incurred or payment made to fulfill any statutory obligation or mitigate occupational hazards or provide first aid facilities in the hospital or dispensary run by the employer shall not be considered as expenditure for employee’s welfare

7. For assessment year 2007-08 and subsequent assessment years, clause (F) of sub-section (2) of section 115WB refers to expense of ‘conveyance’

8. In the case of an employer engaged in the business of construction, or in the business of manufacture of production of pharmaceuticals or computer software, 5% shall be substituted for 20%

9. In the case of an employer engaged in the business of manufacture or production of pharmaceuticals or computer software, 5% shall be substituted for 20% Besides, in the case on an employer engaged in the business of carriage of passengers or goods by aircraft or by ship 5% shall be substituted for assessment year 2007-08 and subsequent assessment years

10. In the case of and employer engaged in the business of carriage or passengers or goods by motor car, 5% shall be substituted for 20%

11. In the case of an employer engaged in the business of carriage of passengers or goods by aircraft, ‘Nil’ shall be substituted for 20%

12. This clause is applicable for assessment year 2007-08 and subsequent assessment years”.

CALCULATION OF RATIOS

(Rs. In Millions)

1 GROSS PROFIT / TURNOVER
Gross Profit:		15.035
Less :
Materials consumed (net of scrap sales and increase/ decrease in stock of scrap)	11.790
Salary and Wages	0.781
Processing charges	0.092
Electricity	0.055
Increase in stock of finished goods and work-in-progress	Nil	12.717
Gross Profit		2.319
Gross Profit / Turover X 100 =		15.42%
2.319/ 15.036 X 100 =
NET PROFIT / TURNOVER
=Net Profit after tax / Sales	Not Applicable as no Closing Stock
MATERIAL CONSUMED / FINISHED GOODS PRODUCED
Finished good produced:-
Material Consumed (net of scrap sales and increase in stock of scrap and including stores and tools)	11.809
Salary and Wages	0.781
Processing Charges	0.092
Electricity	0.055
Increase in Stock of work-in-progress	Nil
	12.737
Material Consumed / finished good producted X 100 = 11.809 / 12.736 X 100 =

NOTES FORMING PART OF TAX AUDIT REPORT

1. In the absence of definition of the term ‘capital expenditure’ under the Act and being a technical matter, classification between capital and revenue expenditure has been made keeping in view the accounting distinction between capital expenditure and revenue expenditure, the suggestions and the judicial pronouncement on the issue (Refer clause 17(a) of the Form No. 3CD)

2. According to the information and explanation given to them and on the scrutiny of vouchers another evidence, there are prima facie, no personal expenses debited to profit and loss account (Refer clause 17(b) of the Form No. 3CD

3. Payments in excess of Rs. 0.020 Million under section 40A (3) are as per test checks made to the extent evidence in possession by the concern and made available to them. In respect of payments by cheques and drafts, it is not possible for them to verify whether the payments in excess of Rs. 0.020 Million have been made otherwise than by crossed cheque or drafts as the firm does not receive the same back from the bank (Refer clause 17(h) of the Form No. 3CD)

4. Information regarding payments made to persons specified in section 40 A(2)(b) is given to the extent available with the Firm and furnished to them (Refer Clause 18 of the Form No. 3CD)

5. Information regarding sums referred to in clause (a), (c),(d), (e) or (f) of section 43B has been interpreted to cover what is debited to profit and loss account of relevant previous year (Refer clause – 21(i) of the Form No. 3CD). In clause 21(i)(B), the liability for which was incurred in the previous years and outstanding as at end of the previous year are only covered.

NOTES TO ACCOUNTS

Significant Accounting Policies:

a) System of Accounting:

i) Financial Statements are based on historical cost

ii) The Firm generally follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

b) Fixed Assets:

All Fixed Assets are stated at their original cost of acquisition / installation less depreciation.

c) Depreciation:

Depreciation on Fixed Assets is provided as per the rates and in the manner provided in Income Tax Act, 1961 and Income Tax Rules, 1962

d) Inventories:

Inventories are valued at cost or net realizable value, whichever is lower. Cost is determined on ‘first-in-first-out’ (FIFO) basis.

e) Investments:

Investments are valued at cost of acquisition. Temporary diminution in the value of investments meant to be held for a long period of time is not recognized.

f) Retirement Benefits:

The Provisions of provident fund legislations are not applicable to the firm

g) Taxation:

Provision for income tax and fringe benefit tax is made after considering eligible exemptions and deductions, at the rates applicable under the income tax act, 1961

2. No Provision for liability for gratuity has made on the basis of actuarial valuation as against the requirements of the A.S. -15 ‘Accounting for Retirement Benefits in the Financial Statements of Employers.’ The effect of the same on the profit before and after tax for the year ended 31^st March,2008, and ‘Partners’ Capital’ as on 31^st March, 2008 has not been ascertained.

3. Previous year figures have been regrouped or recast whenever necessary.

MAHALAXMI WIRES

Past Performance (To be filled up by existing unit only)

(Rs. In Millions)

Particulars	Last Year 31.03.2008	Last but one Year 31.03.2007	Last but Two Years 31.03.2006
Turnover	15.169	14.154	11.597
Net Profit	Approximately 9.000	1.419	1.284
Retained Profit	--	--	--

Monthly Turnover for last Twelve Months

(Rs. In Millions)

Months	Turnover	Months	Turnover	Months	Turnover
Sep -07	1.471	Jan 08	1.310	May-08	2.552
Oct-07	1.787	Feb 08	1.057	June - 08	2.789
Nov-07	1.436	March - 08	1.768	July-08	3.049
Dec- 07	1.632	April-08	1.944	Aug -08	3.461

Employment	Present	Proposed
Executives	--
Supervisory	1	1
Administrative/ Office Staff	2	2
Skilled Labour	2	2
Unskilled Labour	7	9

Technical Feasibility : All the facilities required for industry is available at factory.

Name of the Product(s) including bye-products and its (their ) use: PVC Coated Copper wire and PVC Sleeging Used in Manufacturing of OEP such on Luminon, Fan, Panel baeds.

No of Working days in a month : 26/ 27

No. of Shifts in a day : One

Locational advantages of existing and / or proposed premises with reference to : the unit is at Daman, All Raw Material are required for manufacturing of end products is easily available local.

Proximity to the source of raw materials : Local

Market for the Product : Local, Mumbai, Chennai, Bangalore

Raw Materials/ Components (Please mention about the imported and indigenous items separately):

· PVC Compound and Masla Batches

· Copper

· TIN

Description of The Items

	Name and Brief Description of the Items
	Copper Indigenous	PVC Compound Indigenous	TIN Indigenous
Quality Required (Actually)	48.50 Tones	72 Tones	350 Kg
Source of Supply	Local	Local	Local
Minimum Purchase Quantity	50 Kg	100 Kg	30 Kg
Lead/ Procurement Time	One Week	One Week	One Week
Available throughout the year	YES	YES	YES

Power:

Contracted Load : 35 H.P

Connected Load: 35 H.P

Water: Bore well

Economic Feasibility : There is sufficient market, The firm has reputed customers for its products

Whether the product is reserved exclusively for the SSI sector: No, But it is economical for small units to produce

Name of The Major Customers: Bajaj, Crompton, Wipro, Philips

Region / Area where the products is / will be sold : Local

Future Projection (For next three years)

	1^st Year	2^nd Year	3^rd Year
Percentage of Cash sales in total sales	There is no purchase to have cash sales
Period in which payment is received in respect of credit sales	120 Days	120 Days	120 Days
Average credit available on purchase	10-15 Days	10-15 Days	10-15 Days

Collateral, if any (Full details) : Residential Premises

DETAILS OF GUARANTOR(S)

Name: Vidya Kiran Shah

Residential Address: 306, Deep CHS DN Nagar, J.P. Road, Andheri (West), Mumbai-400053

STATEMENT OF ASSETS AND LIABILITIES

Mr. KIRAN KUNDANMAL SHAH

Ration card No.: 377559, Fooda Civil Suppliers Department, Government of Maharashtra

Passport No.: F3097177

Address:

Residential Address:	Flat No. 306, Deep CHS, J.P.Nagar, D. N Nagar, Andheri (West), Mumbai-400053 Tel No. 91-22-32461984
Office Address:	1/3, MIG D N Nagar Swati CHSL, J P Road, Andheri (West), Mumbai-400053, Maharashtra, India Tel No. 91-22-26240122

Life Insurance Policies:

Date if Policy	Policy No.	Annual Premium (Rs.)	Sum Assured (Rs. In Millions)	Surrender Value As on…… (Rs. In Millions
27.02.1999	90431237 to 904312139	21956 X 2	1.000	0.395
06.02.2007	905505668 to 905505679	24418 X 4	0.299	0.195
22.08.2004	905703635 to 905703648	74778 X 1	1.470	0.299
20.11.1998	890618944 to 630005199	2953 X 2 4965 X 1	0.100	0.059 0.005

Immovable Properties:

Name of the turnover	Description of property	Location/ address of Property (Please Furnished full details with survey No. door No. etc.)	Extent of Land
Mr. Kiran K Shah Jt Vidya Ka Shah	Residential	1/3, MIG D N Nagar Swati CHSL, J P Road, Andheri (West), Mumbai-400053, Maharashtra, India	617sq.ft Carpet
Mr. Kiran K Shah	Shop	No. E-17, Arihant Garden, Laxmi Nagar,	226 sq.ft
Mr. Kiran K Shah JT Vidya K Shah	Residential	Flat No. 306, Deep CHS, J.P.Nagar, D. N Nagar, Andheri (West), Mumbai-400053	750 sq.ft

Other Assets:

Nature / Details of Assets	Market Value of Assets Rs. In Millions
Making Private Limited	3.500
Cash in hand Bank Balance	0.394
Post M/S RD	0.283

Type of property, i.e. whether residential/ Agricultural/ Industrial/ Commercial etc.	Details of Documents conferring right	Date of Purchase of Property
Residential	Sale Deed	22.08.1990
Commercial	Sale Agreement	10.08.2000
Residential	Sale Agreement	12.2006

Original Purchases Cost (Rs. In Millions)	Present Market Value (Rs. In Millions)
Rs. 0.350	More than Rs. 10.000
Rs. 0.160	Rs. 0.600
Rs. 1.669	More than Rs. 10.000

Government Securities/ National Savings Certificates/ Shares of listed companies/ units of Unit Trust of India etc

Description of Security	Face Value (Rs. In Millions)	Market Value (Rs. In Millions_
NSC ( 228.03)	0.035	0.035
Reliance Equity Fund, MF	0.025	0.025
Prudential ICICI MF	0.025	0.025
Franklin India Taxshield	0.010	0.010
Investments in Indian Equity	2.142	7.500

Total Assets: Rs 69.934 Millions

Borrowing forms others:

M T Palrecha Rs. 0.325 Million

Total Liabilities: Rs. 0.033 Million

Net Worth : Rs. 28.823 Millions

Mr. RAJU GANESHMAL SHASH

Permanent Residential Address: 38, Prem Milan, Co. Op. Society, 87/B, Nepeansea, Road, Mumbai-400006, Maharashtra, India

Tel No. : 91-22-23697772

Deposits held with Companies / others:

Name of the Company	Nature of Deposit	Amount of Deposit (Rs. In Millions
Anil L Kaslea Company	Loan	0.020
G D Granite Private Limited	Loan	0.025
Shaha Meharware Pkg pvd	Loan	0.003
Minal R Shah	Loan	1.116

Life Insurance Policies:

Date if Policy	Policy No.	Whether Endowment Policy or whole Life Policy	Annual Premium (Rs.)	Sum Assured (Rs. In Millions)
14.12.1998	9043211146- 54	Bimakiran	18421 X 2	1.100
14.12.1998	904312033-34	Endorsement	3500 X 2	0.200
10.08.2006	9054500313 - 22	Whole Life Endorsement with profit	32005 X 1	2.400
28.11.1997	630714229	Jeevan Shree	25878 X 1	0.500
28.11.1997	630714230	New Money Back	16800 X 12	0.200

Immovable Property:

Name of the turnover	Description of property	Location/ address of Property (Please Furnished full details with survey No. door No. etc.)	Extent of Land
Mr. Raju G Shah	Residential	38, Prem Milan, Co. Op. Society, 87/B, Nepeansea, Road, Mumbai-400006, Maharashtra, India	1050 sq ft
Plot at Gadag CTS 10181182	Open Plot	Gadag (Karnataka)	--

Type of property, i.e. whether residential/ Agricultural/ Industrial/ Commercial etc.	Details of Documents conferring right	Date of Purchase of Property
Residential	Sale Deed	October 2004

Original Purchases Cost (Rs. In Millions)	Present Market Value (Rs. In Millions)	Details of Encumbrances, if any, on the property
3.637	25.000 (Approximately)	ICICI Loan

Government Securities/ National Savings Certificates/ Shares of listed companies/ units of Unit Trust of India etc

Description of Security	Face Value (Rs. In Millions)	Market Value (Rs. In Millions_
PPF	--	0.104
Shares in making Private Limited	5.000	5.000
Shares in Listed Company	4.153	4.153

Other Assets:

Nature / Details of Assets	Market Value of Assets Rs. In Millions
Shares in Makya Private Limited	5.000
Reliance Natural Resouces MF	0.200
Cash in Handa Bank BNL	0.597

Total Assets: 14.422 Millions

Credit Limits / Facilities with financial Institutions and Banks:

Name of the Institutions/ Bank	Nature of Credit Facility	Extent (Rs. In Millions)	Details of Securities furnished
ICICI	Home Loan	1.643	Residential Premises
LIC		0.422

Total Liabilities: Rs. 2.065 Millions

Net Worth: R.s 12.357 Millions

Mrs. VIDYA KIRAN SHAH

Life Insurance Policies:

Date if Policy	Policy No.	Annual Premium (Rs.)	Sum Assured (Rs. In Millions)
06.01.2002	891330794	13951 X 2	0.500
28.02.1991	630192862	1485 X1	0.030
09.01.2002	881062622	1311 X 1	0.025

Immovable Properties:

Name of the turnover	Description of property	Location/ address of Property (Please Furnished full details with survey No. door No. etc.)	Extent of Land
Vidya K Shah	Commercial Shop	Khopoli Laxminagar, E -18,	18.58 sq.mt
Vidya Shah JT Kiran Shah	Residential	1/3, MIG D N Nagar, Sati CJS J P Road, Andheri (West)	617 sq.ft Carpet
Vidya K Shah JT Kiran Shah	Residential	306, D N Nagar, Deep CHS, J P Road, Andheri (west)	750 sq.ft Carpet

Extent of building area constructed	Type of property, i.e. whether residential/ agricultural/ industrial/ commercial etc	Details of documents conferring right	Date of purchase of property
18.58 sq.mt	Commercial shop	SALE Apartment	10.08.2000
617 sq. ft	Residential	Sales Deed	22.08.1990
750 sqft	Residential	Agreement For sale	27.11.2006

Original purchase cost (Rs In Millions)	Present market value Rs. In Millions	Details of encumbrances, if any, on the property
0.166	0.600	--
0.350	More than 10.000 ( 50% Share)	--
0.800	More than 10.000 (50% Share)	--

National Savings Certificates/ shares of listed companies/ units of Unit Trust of India etc.

Description of Security	Face Value (Rs. In Millions)	Market Value (Rs. In Millions_
NSC, (Including Accint)	0.110	0.140
Listed companies shares	1.799
UTI M.F	0.080
Reliance M.F	0.035

Other Assets:

Nature / Details of Assets	Market Value of Assets Rs. In Millions
Cash and Bank Balance	0.123
Gold ornament and Jewellary	0.049

Total Assets: Rs. 2.765 Millions

Borrowing from Others:

Name of the lender	Amount borrowed (Rs. In Millions)	Details of Securities furnished
M T Palrecha	0.455	NA
M T Palrecha	0.520	NA
Kiran K Shah	0.444	NA
Neeta V Jain	0.030	NA

Total Liabilities: Rs. 1.448 Millions

Net Worth: 1.317 Millions

Property Valuation Report

GENERAL INFORMATION
1 Name of the party / Purchaser and Address	Mr. Kiran Kunamal Shash Mrs. Vidya Kiran Shah Flat No. 3, 1^st Floor, Building No. 1, D N Nagar, M.I.G Scheme, Opposite Dhake Colony, J P Nagar, Andheri (West), Mumbai-400053, Maharashtra, India
Purpose of Valuation	Bank Purpose – Business Loan, Corporation Bank, Versova Branch, Andheri (West), Mumbai-400053
List of Document produced for perusal	Purchase Agreement / Share Certificate
Date of Inspection / Valuation	17.09.2008
Approximate Distance from the Branch to the property	Near Branch
Situation/ Location / Brief description of the landsite and brief description of the building	It is situated in Middle Class Residential / Commercial Locality@1.5 Kms. From Andheri Railway Station
Boundaries of the property	Abutting J P Road
Property Tax Details	Borne by Owners Proportionately through Society
Assuming the entire property is let out, the probable monthly rent and advance building rent	Rs. 0.022 Million to Rs. 0.025 Million Per Month
Whether the building plan has been approved? If Yes, Date of Approval approving authority and whether the building has been constructed as per the approved Plan If the reason for non-approval	Not Available
General Remarks	Nil

MAHALXMI WIRES

PROJECTED BANALNCE SHEET

AS ON 31.03.2009

ABRIDGED BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6.115
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		6.115
LOAN FUNDS
1] Secured Loans		0.600
2] Unsecured Loans		5.000
TOTAL BORROWING		5.600
DEFERRED TAX LIABILITIES		0.000
TOTAL		11.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.500
Capital work-in-progress		0.000
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.438
	Sundry Debtors	12.500
	Cash & Bank Balances	0.100
	Other Current Assets	0.000
	Loans & Advances	0.410
Total Current Assets		14.448
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3.788
	Provisions	0.450
Total Current Liabilities		4.238
Net Current Assets		10.210
MISCELLANEOUS EXPENSES		0.000
TOTAL		11.715

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2009
Sales Turnover		35.000
Other Income		0.000
Total Income		35.000
Profit/(Loss) Before Tax		1.362
Provision for Taxation		0.450
Profit/(Loss) After Tax		0.912
Expenditures :
	Wages and Bonus to worker	1.575
	Cost of Material	29.200
	Processing Charge and Power	0.438
	Administrative Expenses	0.950
	Interest	0.650
	Salary to Partners	0.600
	Depreciation & Amortization	0.225
Total Expenditure		33.638

Mr. KIRAN K SHAH

Personal Capital Account

(Rs. In Millions)

Particulars	31.03.2008 Rs. In Millions	Particulars	31.03.2008 Rs. In Millions
To LIC	0.249	By Balance B/D	10.589
To Dr. Batra	0.007	By BO I Interest	0.008
To Society Charges	0.019	By U T I Interest	0.000
To Mediclaim	0.015	By Debenture Interest	0.000
To Tution Fees	0.005	By M I S Post Office Interest	0.029
To Permature Withdrawal from MIS Post office	0.003	By R D Post Office Interest	0.013
To Bank Charges	0.001	By Accrued Interest on NSC	0.001
To Donation (U/S 80-G)	0.002	By Rent From Shop at Khopoli	0.036
To Shares STT. ST.Sc	0.001	By F and O Income	0.113
To Self Assesment Income tax ( 2007-08)	0.050	By Long Term Capital Gain	0.193
To Personal Withdrawal	0.125	By Salary form Mahalaxmi wires	0.180
To Balance C/F	12.393	By Dividend	0.060
		By Share Profit
		Mahalaxmi Wire	0.428
		Mahaveer Industries	1.230
	12.882		12.882

ABRIDGED BALANCE SHEET

As on 31.03.2008

(Rs. In Millions)

Liabilities	Amount	Assets	Amount
Capital A/C	12.393	Flat at Andheri	0.970
P J Palrecna	0.325	Shop at Khopoli	0.163
		Flat at Pune (Under Construction)	1.258
		Computer	0.041
		N S C	0.035
		N S C Accrued interest	0.015
		Postal M I S	0.100
		Postal R D	0.183
		Makhija Private Limited (Shares)	0.213
		K.P. Tax Shield	0.010
		MTNL Deposit	0.008
		ICICI Infra M.F	0.025
		Reliance Equity M.F	0.025
		Investments in shares Debentures	2.447
		Vodya K Shah	0.444
		Kiran K Shah HUF	1.465
		R R Chowdary	0.150
		Mahalxmi Wires	4.014
		Mahaveer Industries	0.758
		Cash in Hand	0.011
		Bank of India	0.336
		UTI Bank	0.048
	12.718		12.718

ABRIDGED BALANCE SHEET

As on 31.03.2007

(Rs. In Millions)

Liabilities	Amount	Assets	Amount
Capital A/C	10.589	Flat at Andheri	0.970
M T Palrecha	0.325	Shop at Khopoli	0.163
		Computer	0.041
		N S C	0.035
		N S C Accrued Interest	0.011
		Postal M I S	0.415
		Postal R D	0.137
		Makhija Private Limited (Shares)	0.213
		K P Taxshied	0.010
		M.T.N.L Deposit	0.008
		ICICI Infra	0.025
		Reliance Equity	0.025
		Investment in shares	2.045
		Application in IPO	0.099
		Vidya K Shah	0.100
		Kiran K Shah HUF	0.890
		R R Chowdary	0.150
		Mahalxmi Wire	2.507
		Mahavir Industries	2.978
		Cash in Hand	0.037
		Cash at B O I	0.056
	10.914		10.914

ABRIDGED BALANCE SHEET

As on 31.03.2006

(Rs. In Millions)

Liabilities	Amount	Assets	Amount
Capital A/C	7.709	Shop at Khopoli	0.163
M T Palrecha	0.325	N.S.C	0.043
		M.P.L Shares	0.213
		K P Taxshield	0.010
		M.T.N.L Deposits	0.008
		P.K Shah	0.411
		Postal M.I.S	0.415
		Postal R. D A/c	0.094
		Computer	0.041
		B.O.I F.D	0.118
		Mahalaxmi Wires	1.832
		Mahavir Industries	2.318
		Vidya K Shah	0.100
		ICICI Infra	0.025
		Reliance Equity	0.025
		R R Chodery	0.150
		S.B.I Bank	0.018
		HDFC Bank	0.012
		V.B.C Bank	0.001
		Bank of India	0.341
		Cash	0.021
		Investments	1.677
	8.034		8.034

Mr. RAJU G SHAH

Personal Account

As on 31.03.2008

(Rs. In Millions)

Particulars	31.03.2008 Rs. In Millions	Particulars	31.03.2008 Rs. In Millions
To LIP	0.163	By Balance B/D	14.186
To Mediclaim	0.011	By Capital Gain – Short term	0.057
To Accident insurance	0.000	By Capital Gain - Trading	0.726
To Drawings	0.120	By Remuneration	0.180
To Housing loan interest	0.127	By Dividend	0.019
To Balance C/F	153.283	By Profit form firm – Mahalxmi Wires	0.428
		By Profit form firm – Mahalxmi Metal Lnds	0.000
		By Interest form Bank	0.008
		By Capital Gains – Long Term	0.108
		By LIC Matured	0.030
		By I T Refund
		By PPF Interest	0.007
	15.749		15.749

ABRIDGED BALANCE SHEET

As on 31.03.2008

(Rs. In Millions)

Liabilities	Amount	Assets	Amount
Capital Account	15.328	DEPOSITS – Anil Kasle And Company	0.020
ICICI Home Loan	1.643	Investments
Loan		Makhija Private Limited	0.363
LIC Loan	0.422	G D Granites Private Limited	0.025
		Listed Shares	4.154
		SHA and Mertvade and Packaging Private Limited	0.003
		Minal R shah	1.116
		PPF	0.104
		SYKES And RAY Equity Capital in Mahalaxmi Wires	2.100
		Plot At CTS 181, 182	0.035
		Plot at Malsamudra RS No. 20B, Plot No. 52, 53	0.014
		Flat at Mumbai	8.637
		Cash on Hand	0.012
		SBI Mumbai	0.007
		Bank of India	0.540
		Reliance Natural	0.540
		Resouce Fund	0.200
	17.393		17.393

ABRIDGED BALANCE SHEET

As on 31.03.2007

(Rs. In Millions)

Liabilities	Amount	Assets	Amount
Capital Account	14.186	DEPOSITS – Anil Kasle And Company	0.020
ICICI Home Loan	1.728	Investments
Loan		Makhija Private Limited	0.363
LIC Loan	0.021	G D Granites Private Limited	0.025
		Listed Shares	2.685
		SHA and Mertvade and Packaging Private Limited	0.003
		Minal R shah	0.709
		PPF	0.027
		SYKES And RAY Equity Capital	0.059
		in Mahalaxmi Wires	2.392
		Plot At CTS 181, 182	0.035
		Plot at GADAG	0.025
		Plot at Malsamudra RS No. 20B, Plot No. 52, 53	0.014
		Flat at Mumbai	8.637
		Cash on Hand	0.354
		SBI Mumbai	0.484
		Bank of India	0.087
		Reliance Natural	0.016
		Resouce Fund	0.000
	15.936		15.936

ABRIDGED BALANCE SHEET

As on 31.03.2006

(Rs. In Millions)

Liabilities	Amount	Amount	Assets	Amount
CAPITAL		9.212	DEPOSITS
ADD Long Term Capital		0.043	Canara Bank, Mumbai	0.219
Short Term Gain ( Incl Tr)		0.026	Anil Kasla and Company	0.020
Dividend		0.003	INVSTEMEMTS
Income for the year 2005-06		0.478	Equity Share s Makhij Private Limited	0.363
Share in profits from			Equity Share RV Furniture Private Limited	0.023
Mahalxmi Metal Industrial Dadra		0.508	Share in G D Granites Private Limited	0.025
Mahalaxmi Wires Daman		0.642	Listed Shares ( As per list)	0.003
			Shah and Merwade Packing Private Limited	0.003
Gain on sale of flat			PPF	0.015
Sale value	3.491		CAPITAL In
Less: Transferred	0.900	2.504	Plot At Neelamma Math, Gadag	0.035
		13.415	No. 181. 182, Plot Gadag	0.026
			Plot at Malasamudra Rs No. 20E Plot No. 52 and 53	0.014
Less: Drawings	0.500		Flat at Mumbai, Nepeansea Road	8.637
Building renovation	0.206	0.706	Cash in hand	0.604
		12.709	SB A/C Bank of India	0.020
			SBI Betageri SB A/C	0.022
Loans:			SBI Mumbai SB A/C	0.004
ICICI Bank Home Loan		1.807
Minal R shah		15.444
		15.444		15.444

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.47.32
UK Pound	1	Rs.74.20
Euro	1	Rs.60.73

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	NO
--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