MIRA INFORM REPORT

Report Date :

17.11.2008

IDENTIFICATION DETAILS

Name :	FABER HEATKRAFT INDUSTRIES LIMITED
Registered Office :	37/1, Kondhwa – Pisoli Road, Pisoli, Pune – 411 028, Maharashtra
Country :	India
Financials (as on) :	31.12.2007
Date of Incorporation :	11.04.1997
Com. Reg. No.:	11-107240
CIN No.: [Company Identification No.]	U99999PN1997PTC107240
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00532A
PAN No.: [Permanent Account No.]	AAACF4002G
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturers of Kitchen Hoods, Gas Hobs and Cooking Ranges.

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 1400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Mr. Baha Chauhan, Accounts Manager parted partial details. Subject is a well-established and progressive company of Faber SpA. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a long-run.

INFORMATION PARTED BY

Name :	Mr. Baha Chauhan
Designation :	Accounts Manager
Date :	15.11.2008

LOCATIONS

Registered Office/Factory :	37/1, Kondhwa – Pisoli Road, Pisoli, Pune – 411 028, Maharashtra, India
Tel. No.:	91-20-26930408 / 26930073 / 26930893 / 26930720
Mobile No.:	91-9890011763
Fax No.:	91-20-26930893
E-Mail :	faber@pn2.vsnl.net.in faberindia@vsnl.net sales@faberheatkraft.org customercare@faberheatkraft.org nishant.hundiwala@faberheatkraft.org
Location :	Owned
Corporate Office :	425, Sterling Centre, 4^th Floor, Mahatma Gandhi Road, Pune – 411001, Maharashtra
Tel. No.:	91-20-2636334
Fax No.:	91-20-2632985

DIRECTORS

Name :	Mr. Prahlad Badrinarayan Bhutada
Designation :	Managing Director
Address :	H – 1004, Renoir Maestros, Next to Salunke Vihar, Wanwadi, Pune 411 040, Maharashtra, India
Date of Birth/Age :	05.12.1965
Date of Appointment :	15.06.2006
Name :	Mr. Alvaro Abramo Galassi
Designation :	Director
Address :	Via Flaminia, 64, Fossato Di Vico, Perugia
Date of Birth/Age :	24.03.1943
Date of Appointment :	11.04.1997
Name :	Mr. Raffaele Astrolfo Baldasserini
Designation :	Director
Address :	Via Gentile, 36, Fabriano Ancona
Date of Appointment :	11.04.1997
Name :	Mr. Giancarlo Pilade Cennini
Designation :	Director
Address :	Via Don. Minzoni, 148 60044, Fabriano (AN), Fabriano 60044
Date of Appointment :	11.04.1997
Name :	Mr. Dilip Raghunath Shringarpure
Designation :	Whole Time Director
Address :	501, Victory CHSL, 5^th Floor, Plot No. 24, Off. Subhash Road, Vile Parle (East), Mumbai 400 057, Maharashtra, India
Date of Birth/Age :	30.06.1955
Date of Appointment :	11.04.1997
Name :	Mr. Bruno Galileo Bigaran
Designation :	Director
Address :	Via Cesare Battisti, 48 35121 (PD)
Date of Birth/Age :	16.11.1949
Date of Appointment :	14.03.2006
Name :	Mr. Antonio Francesco Scarcella
Designation :	Director
Address :	Via Isarco, 5 San, Giovanni Lupatoto
Date of Birth/Age :	30.11.1949
Date of Appointment :	15.06.2006
Name :	Mr. Marco Perini
Designation :	Director
Address :	Via Fraz. S Giovanni, 53 G 0044 Fabriano (AN)

KEY EXECUTIVES

Name :	Mr. Bhaskar S Soman
Designation :	Company Secretary
Address :	A – 12, Shree Ram Residency, Shuvarnabaug Colony, Kothrud, Pune 411 038, Maharashtra, India

MAJOR SHAREHOLDERS

(As on 24.06.2008)

Names of Shareholders	No. of Shares
Faber SpA, Italy	11714308
Andreas Hausuirthy Jointly with Faber spa	1
Bruno Galileo Bigaran Jointly with Faber spa	1
Jean Claude Michaud Jointly with faber spa	1
Juerg Fischer Jointly with Faber spa	1
Monika Egli Jointly with Faber spa	1
Wolfganag Kemmerling Jointly with Faber spa	1
Total	11714314

List of Allotment (As on 24.06.2008)

Names of Allottees	No. of Shares
Faber SpA,	10000000
Total	10000000

Equity share breakup (percentage of total equity)

(As on 30.06.2008)

Category	Percentage
Foreign holdings (foreign institutional investor(s), Foreign companie(s), Foreign financial institution(s), Non resident Indian(s) or Overseas corporate bodies or others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Kitchen Hoods, Gas Hobs and Cooking Ranges.
Products :	· Built-in Hobs · Kitchenwares
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (120 days)

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	300
Bankers :	· IndusInd Bank Limited IndusInd House, 2401, Gen. Thimmayya Road, Cantonment, Pune – 411 001, Maharashtra, India · ABN Amro Bank N V 71 / 72, 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai 400 021, Maharashtra, India

Banking Relations :	Good
Auditors :
Name:	BSR and Associates Chartered Accountants
Address:	703, 7^th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune 411 001, Maharashtra, India
Tel. No.:	91-20-30585754 / 30585765
Fax No.:	91-20-30585775
Associates/Subsidiaries :	Heatkraft Electricals Private Limited Heatkraft Appliace Limited
Holding Company:	Faber SpA, Italy Address: Fabriano Village, YIII, Luglio, 160 Italy

CAPITAL STRUCTURE

(As on 30.06.2008)

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11714314	Equity Shares	Rs.10/- each	Rs.117.143 millions

(As on 31.12.2007)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1714314	Equity Shares	Rs.10/- each	Rs.17.143 millions

Of the above:

1714314 equity shares of Rs.10 each are held by Faber SPA, the holding company and its nominees

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2007	31.12.2006	31.12.2005
SHAREHOLDERS FUNDS
1] Share Capital		17.143	17.143	17.143
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		263.686	163.109	102.758
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		280.829	180.252	119.901
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		280.829	180.252	119.901
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.244	30.994	35.782
Capital work-in-progress		7.634	0.000	0.101
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		24.221	14.920	4.808
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	150.205	113.032	102.222
	Sundry Debtors	124.395	145.094	105.966
	Cash & Bank Balances	216.623	92.011	34.569
	Other Current Assets	0.037	0.574	0.000
	Loans & Advances	34.449	34.394	14.672
Total Current Assets		525.709	385.105	257.429
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	184.538	172.409	137.766
	Provisions	128.441	78.358	40.461
Total Current Liabilities		312.979	250.767	178.227
Net Current Assets		212.730	134.338	79.202
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		280.829	180.252	119.901

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2007	31.12.2006	31.12.2005
Sales Turnover		848.063	716.137	586.617
Total Income		848.063	716.137	586.617
Profit/(Loss) Before Tax		155.756	93.709	54.992
Provision for Taxation		55.179	33.358	20.483
Profit/(Loss) After Tax		100.577	60.351	34.509
Imports :
	Raw Materials	NA	258.158	178.202
	Capital Goods	NA	0.904	4.371
Total Imports		NA	259.062	182.573
Expenditures :
	Depreciation & Amortization	8.345	11.234	7.307
	Other Expenditure	683.962	611.194	524.318
Total Expenditure		692.307	622.428	531.625

KEY RATIOS

PARTICULARS		31.12.2007	31.12.2006	31.12.2005
PAT / Total Income	(%)	11.86	8.43	5.88
Net Profit Margin (PBT/Sales)	(%)	18.37	13.09	9.37
Return on Total Assets (PBT/Total Assets}	(%)	27.72	22.52	18.76
Return on Investment (ROI) (PBT/Networth)		0.55	0.52	0.46
Debt Equity Ratio (Total Liability/Networth)		1.11	1.39	1.49
Current Ratio (Current Asset/Current Liability)		1.68	1.54	1.44

LOCAL AGENCY FURTHER INFORMATION

Form No.8

Corporation identity number or foreign company registrations number of the company	U99999PN1997PTC107240
Name of the company	FABER HEATKRAFT INDUSTRIES LIMITED
Address	37 / 1, Kondhwa Pisoli Road, Pisoli, Pune 411 028, Maharashtra, India
This Form is for	Modification of charge
Type of Charges	· Book Debts · Movable Property (not being pledge) · Floating Charge
Particular of the charge holder	ABN Amro Bank N V 71 / 72, 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai 400 021, Maharashtra, India reenabang@rediffmail.com
Nature or description of the instrument creating charge	a) Supplemental Facility cum Hypothecation Agreement b) Supplemental Special Hypothecation Agreement (both constitute a single charge)
Date of the instrument creating charge	02.08.2007
Amount Secure by the charge	Rs. 32.500 millions
Brief of the principal terms and conditions and extent and operation of the charge	· Rate of Interest: OD – At Bank’s PLR (presently 12.75% p. a. ) Less 0.75% p. a. i. e. 12% p. a. STPLR / FCNR (B) loans /cheque purchase / bill Discounting – at negotiated rates LC / Guarantee – standard Tariff. · Terms of Repayment: OD – repayable on demand CP – Fluctuating STPLR / FCNR (B) Loans – Max 12 months Bill discounting – Max 180 days LC – validity / usance – Max 180 days each Guarantees – Max 12 months including claim period · Margin: 25% · Extent and operation of the charge: The bank is having pari passu charge with other lenders (limit will be restricted to the extent of ABN Amro Bank’s shares in the multiple banking arrangement on the security offered by the company.
Particulars of the Property charged	Hypothecation by way of pari passu charge on a) all the book debts and other tangible movable properties of the borrower including stocks, spares, finished and semi finished goods, goods in process of manufacture. b) fixed assets as detailed in the annexure to the agreement whether installed or not and whether now lying loose.
Particulars of present modification	At the borrower request the total existing facility of Rs. 32.500 millions (fund and non fund based) has been modified / revised in the following manner by the bank 1) LC Rs. 32.500 millions 2) OD / STPLR / CP / FCNR (B) BD of Rs. 27.500 millions (sub limit of 1) 3) Guarantee Rs. 5.000 millions (sub limit of 1) 1) Hence there is no charge in the charge amount and other terms and conditions shall remains the same.

Name of the company

FABER HEATKRAFT INDUSTRIES LIMITED

Presented By

ABN Amro BANK N V FABER HEATKRAFT INDUSTRIES LIMITED

1) Date and description of instrument creating the change

16.10.2003

a) Facility – cum – Hypothecation agreement and

b) Special Hypothecation agreement

(collectively constitute a single charge for Rs. 22.500 millions )

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 22.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

a) The borrower hypothecates to and charges in favour of the bank by way of first charge all the book debts of the borrower and all other movable assets of the borrower i. e. pari passu charge over stock and book debts with other current assets of the company and all other movable properties of the borrower such as raw material, stocks, spares, semi finished and finished goods, goods in process of manufacture and all goods manufactured therefrom all such tangible movable properties belonging to the borrower which now are hereafter from time to time during the subsistence of the security hereby created be brought in or stored in or about the borrower’s factories, premises, warehouses and godown, including and such goods in the course of transit or delivery and goods lying with third parities belonging to the borrower.

b) Hypothecation of the borrower’s fixed assets detailed in the annexure to the agreement whether installed or not and whether now lying loose or in cases or upon or at any item hereafter during the continuance of this security on or upon or about the premises and godowns, factory or wherever else the may be or be held by any party ot the or disposition of the borrower or of transit

4) Gist of the terms and conditions and extent and operation of the charge.

a) The above assets hypothecated to the bank as security for the payment by the borrower to the bank of all the moneys that may be due and payable by the borrower to the bank under the credit facilities of Rs. 22.500 millions with all interest charges, costs and expenses payable to and incurred by the abnk shown hereunder

b) interest @ bank’s prime lending rate less 3% p. a. (presently PLR 16% pa) i. e. 13%pa

Description of facilities	Amount of facilities	Charge if any
Overdraft (OD) / short term prime lending rate (STPLR) loans / Cheque Purchase (CP) / bill discounting (BD) / FCNR (B) loans	Rs. 17.500 Millions	First charge on fixed assets on pari passu basis with Indusind Bank
Letter of Credit / Guarantee	Rs. 5.000 millions	First charge on fixed assets on pari passu basis with Indusind Bank

c) for other fund based at negotiated rates

d)additional interest@ 25% ap or 2% higher than the normally applicable rate, whichever is higher

e) the borrower further agrees that the hypothecated assets shall also be security for all other monies that may be due and payable by the borrower to the bank on any account whatsoever, whether person or future, including the liability of the borrower as a surety of co obligate along with any other person

5) Name and Address and description of the person entitled to the charge.

ABN Amro Bank N V

74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai 400 021, Maharashtra, India

6) Date and brief description of instrument modifying the charge

Dated : 2^nd June, 2005

Supplemental Facility-Cum-Hypothecation Agreement and

Supplemental Special Hypothecation Agreement

(Collectively constitute a single charge for Rs.27.500 millions)

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The Bank having at the request of the Company has agreed to grant additional and/or modified facilities as shown hereunder :

Facility	Existing Limit	Revised Limit	Interest
Overdraft/Short Term Prime Lending Rate Loans / FCNR (B) Loan / Bill Discounting	INR 17.500 millions	INR 27.500 millions	Banks PLR presently12.75% Other At Negotiated rate
LC / Guarantee	INR 5.000 millions	INR 5.000 millions
Total	INR 22.500 millions	INR 32.500 millions

Against hypothecation of :

· All book debts and the tangible movable properties of the Company including raw materials, stocks, spares, semi-finished and finished goods, goods in process of manufacture and all goods manufactured therefrom belonging to the Company which now are or hereinafter from time to time during the subsistence of the security hereby created be brought in or stored in or about the Borrowers factories, premises, warehouses and godowns including any such goods in the course of transit or delivery on pari passu first charge basis with other lenders.

· The company’s fixed assets including pari passu charge on plant, machinery and equipment with other lenders, whether installed or not and whether now lying loose or in cases or being on or upon or at any time hereafter during the continuance of this security being on or upon or about the premises and godowns, factory or whether else the same may be or be held by any party to the order or disposition of the Company or in the course if transit on pari passu first charge basis with other lenders.

Fixed Assets

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

· Galleria / Showrooms

· Airconditioner

· Dies and Tools

· Computer software

Web Details

A Group of Few Words, But Many Facts

The true strength of a world-beating group with roots throughout the globe lies in what it has achieved. And facts speak a lot louder than words.

Today the Faber Group has good reason to say that it is the only global group in the kitchen hoods sector. In fact the group is present in 14 countries across 3 continents, with a total of 17 industrial divisions. Of these divisions, 11 are production plants producing 2.6 million items each year and generating an overall turnover that reached Euro 200 million in 2004

These are only some of the concrete facts that lie behind the Faber Group, a group with an unique, unrivalled heritage of experience, enthusiasm, ideas and innovation.

News

Franke acquires The Faber Group

Yesterday Franke signed an agreement to purchase all the remaining shares of Finfaber S.p.A., the holding company of the Faber Group in Fabriano, Italy. This acquisition will strengthen the Kitchen Systems business significantly by the addition of high quality extractor hoods. Franke had already acquired a 49% stake in the Faber Group in August 2004. The Faber Group is one of the three world leaders in extractor hoods or cookers. In 2004, Faber generated consolidated sales worth more than CHF 300 million and has some 1,500 employees in 14 companies around the world (11 production plants and a further 5 distribution companies). Manufacturing facilities are located in Italy, Turkey, Spain,France, Sweden, Russia, India, China and Argentina. Faber looks on this integration as an important step towards further growth on international markets, profiting by the multiple synergies of the two groups. The Faber Group will be integrated into the Franke Kitchen Systems Division. No changes in the Board : Mr. Abramo Galassi, founder of the company, and his son Mr. Alvaro Galassi will hold their position respectively as Chairman and CEO of the Group; Mr. Bruno Bigaran, CEO of Franke Italia Spa will act as second CEO of the Group. No changes as well at the Top Management level. The Franke Group is a global provider of products, services and custom solutions for a wide range of applications in the household food preparation and catering sectors. Franke, whose holding company is domiciled in Aarburg, Switzerland, has some 5,700 employees around the world, and is firmly established with 73 subsidiaries in 37 countries. The two divisions Franke Kitchen Systems (sinks, taps, cooking hobs, ovens, hoods etc. and washroom and sanitary systems) and Franke Foodservice Systems (products and services for quick service restaurants) are the global market leaders in their business sectors, exporting to over 100 countries. The activities of Franke also include Franke Coffee Systems with a broad product programme of fullyautomatic, professional and semi-professional coffee machines as well as the technology field and beverage containers. In the financial year 2004, Franke generated consolidated sales of CHF 1,628.0 million.

CMT REPORT [Corruption, Money laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.46
UK Pound	1	Rs.73.17
Euro	1	Rs.62.96

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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--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, 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