MIRA INFORM REPORT

Report Date :

04.10.2008

IDENTIFICATION DETAILS

Name :	TATVA CHINTAN PHARMACEUTICAL CHEMICALS PRIVATE LIMITED
Registered Office :	Laxmi Bhavan, Old Lakkadpitha Road, Vadodara – 390 001, Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	12.06.1996
Com. Reg. No.:	04 - 029894
CIN No.: [Company Identification No.]	U24232GJ1996PTC029894
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00509F
PAN No.: [Permanent Account No.]	AABCT0623N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Phase Transfer Catalysts, Quaternary Ammonium Compounds, Quarterly Phosphonium Compounds, Ionic Liquids, Ether Acetates

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 98000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experience and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at trade terms and conditions.

LOCATIONS

Registered Office :	Laxmi Bhavan, Old Lakkadpitha Road, Vadodara – 390 001, Gujarat, India
Tel. No.:	91-265-2437093
Fax No.:	91-265-2424495
E-Mail :	info@tatvachintan.com ajay@tatvachintan.com chintan@tatvachintan.com
Website :	http://www.tatvachintan.com
Factory :	Plot No. 502 / 8, 502 /17 and 502/18, GIDC Estate, Ankleshwar – 393 002, Gujarat, India
Tel. No.:	91-2646-253593 / 238991
Fax No.:	91-2646-238992
E-Mail :	info@tatvachintan.com

DIRECTORS

Name :	Mr. Chintan Nitinkumar Shah
Designation :	Director
Address :	11-12, Sudhan Laxmi Jain Society, Subhanpura, Baroda – 390 023, Gujarat, India
Date of Birth/Age :	29.04.1973
Qualification :	B.E. (Computer Science)
Date of Appointment :	12.06.1996
Name :	Mr. Ajaykumar Mansukhlal Patel
Designation :	Director
Address :	9-645 WadiFalia, Siddhmatani Sheri, Surat – 395 003, Gujarat, India
Date of Birth/Age :	27.02.1972
Qualification :	B.E. (Chemical)
Date of Appointment :	12.06.1996
Name :	Mr. Shekhar Rasiklal Somani
Designation :	Director
Address :	Mahavir Society, 51 -52, 202 Mahavir Apartment, Zaveri Sadak, Navasari, Gujarat – 396 445
Date of Birth/Age :	11.01.1974
Qualification :	(B. Pharm) Young Entrepreneurs
Date of Appointment :	12.06.1996
Name :	Sureshbhai J. Surti
Designation :	Director
Address :	39 Janak Vatika, Adol Road, Ankleshwar, Gujarat, INDIA
Name :	Jairambhai A. Dudhatra
Designation :	Director
Address :	100 Gaurav Flats, Athwa Lines, Surat, Gujarat, INDIA
Name :	Shabbit Taibibhai
Designation :	Director
Address :	Haribhavan, 2^nd Floor, Diwanpura Road, Bhavnagar, Gujarat, INDIA

KEY EXECUTIVES

Name :	M/S J J Gandhi and Company
Designation :	Company Secretary
Address :	231, Pheonix Complex, Besides Suraj Plaza, Sayajigunj, Vadodara – 390 005
Tel. No.:	91-265-2225022
Mobile No.:	91-9879020625/ 937420085
E-Mail :	jigandhi_cs@yahoo.co.in jjgandhics@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.06.2005

Names of Shareholders	No. of Shares
Mr. Chintan Shah	214300
Mr. Ajay Patel	174300
Mr. Shekhar Somani	222700
Mr. Rasiklal Somani	45300
Mr. Dashnaben Shah	67000
Ms. Priti Patel	117000
Ms. Kajal Somani	28300
Ms. Shital Shah	42000
Mrs. Raxaben Patel	42000
Mrs. Ranjanben Somani	24000
Ms. Sheetal Somani	2000
Mr. Samir Somani	11000
Chaitan N Shah, HUF	10000
Total	999900

As on 29.09.2007

Equity share breakup (percentage of total equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Phase Transfer Catalysts, Quaternary Ammonium Compounds, Quarterly Phosphonium Compounds, Ionic Liquids, Ether Acetates
Products :	Phase Transfer Catalysts Glycol Diethers Ionic Liquids Ester Acetates Bulk APls
Exports :	Subject exports its products and supplies in the domestic market.
Imports :
Products :	Raw Materials and Chemicals
Countries :	China, Japan and Europe
Terms :
Purchasing :	DP, L/C and DA (60 days)

GENERAL INFORMATION

No. of Employees :	19
Bankers :	Bank of Baroda, Industrial Estate Branch, GIDC, Ankleshwar – 393 002, Gujarat, India
Facilities :	Cash Credit Rs. 26.462 million from Bank of Baroda as per Hypothecation agreement dated 21.08.2006
	Types of Facilities	Amount (Rs. in Million)
	Term Loan – I	1.462
	Term Loan – II	5.000
	Cash Credit (Hypothecation of stocks and Book Debts)	15.000
	Inland / Import Letter of Credit (DP/ DA)	5.000
	Total	26.462
	It is secured by way of depositing / Hypothecation of Land and Building situated at GIDC Plot No. 502/8, Plot No. 502/17, and Plot No. 502/18 situated at Ankleshwar, Gujarat, India

Banking Relations :	Satisfactory
Auditors :
Name :	M/s Pathak Anjaria and Company Chartered Accountants (Mr. Premal J Pathak, Partner, M. No. 42634)
Address :	2^nd Floor, Leela Sadan, opposite Lakdi Pool, Dandia Bazar, Vadodara – 390 001, Gujarat, India
Associates/Subsidiaries :
Name :	Tatva Chintan Laboratories
Address :	502/17, GIDC, Ankleshwar – 393 002, Gujarat, India.
Year of Establishment :	1992
Line of Business :	Manufacturers Sodium Citrate, Potassium Citrate, Sodium Acid, Citrate, Methyl Parabens, Propyl Paruben, Sodium Methyl Paraben, Sodium Propyl Paraben, etc.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
999900	Equity Shares	Rs.10/- each	Rs. 9.999 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		9.999	9.999	4.011
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.562	4.480	5.615
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.561	14.479	9.626
LOAN FUNDS
1] Secured Loans		26.595	16.101	13.360
2] Unsecured Loans		8.966	5.838	6.444
TOTAL BORROWING		35.561	21.939	19.804
DEFERRED TAX LIABILITIES		2.648	0.000	0.000
TOTAL		57.770	36.418	29.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.326	17.512	15.909
Capital work-in-progress		0.000	0.834	0.325
INVESTMENT		0.000	0.000	0.255
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.466	10.015	10.679
	Sundry Debtors	22.931	20.474	11.512
	Cash & Bank Balances	2.096	2.099	2.091
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.746	2.598	1.949
Total Current Assets		55.239	35.186	26.231
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	25.829	16.936	13.076
	Provisions	0.000	0.236	0.237
Total Current Liabilities		25.829	17.172	13.313
Net Current Assets		29.410	18.014	12.918
MISCELLANEOUS EXPENSES		0.034	0.058	0.023
TOTAL		57.770	36.418	29.430

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		99.015	88.235	74.959
Other Income		0.908	0.936	10.269
Total Income		99.923	89.171	85.228
Profit/(Loss) Before Tax		8.736	4.725	3.796
Provision for Taxation		3.084	1.616	1.390
Profit/(Loss) After Tax		5.652	3.109	2.406
Export Value		36.796	NA	NA
Imports :
	Raw Materials	13.332	NA	NA
	Capital Goods	1.498	NA	NA
Total Imports		14.830	NA	NA
Expenditures :
	Increase/(Decrease) in Finished Goods	(6.127)	1.096	NA
	Financial Charges	2.721	2.345	NA
	Depreciation & Amortization	1.198	0.841	NA
	Other Expenditure	93.395	80.164	79.658
Total Expenditure		91.187	84.446	79.658

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	5.66	3.49	2.82
Net Profit Margin (PBT/Sales)	(%)	8.82	5.36	5.06
Return on Total Assets (PBT/Total Assets}	(%)	10.45	8.83	8.89
Return on Investment (ROI) (PBT/Networth)		0.45	0.33	0.39
Debt Equity Ratio (Total Liability/Networth)		3.14	2.70	3.44
Current Ratio (Current Asset/Current Liability)		2.14	2.05	1.97

LOCAL AGENCY FURTHER INFORMATION

This form is for	Modification of charge
Charge identification number of the modified	90110934
Corporate identity number of the company	U24232GJ1996PTC029894
Name of the company	TATVA CHINTAN PHARMACEUTICAL CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Laxmi Bhavan, Old Lakkadpitha Road, Vadodara – 390 001, Gujarat, India.
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Industrial Estate Branch, GIDC, Ankleshwar – 393 002, Gujarat, India Email: indank@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery and Vehicles.
Date of instrument Creating the charge	05.05.2008
Amount secured by the charge	Rs.74.893 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan : BPLR p.a. with monthly rest Cash Credit : 1% below BPLR Packing Credit Limit : as per Bank guidelines Terms of Repayment: Working Capital repayable on demand and Term Loan repayable as per schedule of loan agreement. Margin: 25% on all stocks 40% on all eligible book debts 25% Term Loan 25% on Inland/ Import Letter Extent and Operation of the charge: First charge on the movable properties of the company.
Short particulars of the property charged	Borrower’s stocks both present and future including raw materials, work in process, semi finished goods and finished goods such as chemicals, Pharmaceuticals Bulk Drugs, Intermediates, specialty fine chemicals, packing materials, stores etc. All present and future book debts, outstanding, money receivables, which is due and owing to the borrower in the course of its business. All tangible movable machineries and movable plants.
Date of latest modification prior to the present modification	27.03.2007
Particulars of the present modification	The original charge of Rs.22.950 Millions was increased to Rs.27.950 Millions which was further increased by Rs.26.500 Millions. This charge further enhanced the limit by Rs.20.443 Millions. Therefore, the earlier charge stand increased to total of Rs.74.893 Millions.

INDUSTRY

Compared with several core industries, the pharmaceutical industry had developed over the last three decades a robust growth face and also the lowest cost of medicines in the world. During the first half of 1998-99, the sales of pharmaceutical sector have increased by 18.8 percent. The profit after tax of major companies has increased by 57 percent.

Among the policy front, the Patents Bill 1998 was passed by the Rajya Sabha in the winter session, 1998. The Patents Bill 1998 has the provision to grant exclusive marketing tights to drug and agro-chemical products

The NPPA (National Pharmaceutical Pricing Authority), the body for drugs have revised the prices of 17 formulations; among the prices of 9 formulations have been increased.

The Indian pharmaceutical market worth Rs.100 billions is growing at 14 percent.

Major share of Indian drug market is dominated by 260 companies, both domestic and multi nationals.

Website details attached:

Subject is a globally recognized, integrated pharmaceutical company with core competencies in the development and manufacture of Active Pharmaceutical Ingredients (APIs),Phase Transfer Catalysts (PTC), Quaternary Ammonium Compounds (QUATS), Quaternary Phosphonium Compounds, Pyridinium Salts and Glymes.

"Their Strength lies in what they value: Customers, innovation, integrity, people and performance. Our mission is to put Customers at the heart of everything we do, and this is achieved through customer focus, personal and organizational Leadership and process excellence."

COMPANY PHILOSOPHY:

They believe their first responsibility is to the customers who use their products and services. In meeting their needs everything we do must be of high quality They must constantly strive to reduce their costs in order to maintain reasonable prices. Customer orders must be serviced promptly and accurately. Their suppliers and distributors must have an opportunity to make a fair profit.

They are responsible to their employees, the men and women who work with them throughout the world. Everyone must be considered as an individual. They must respect their dignity and recognize their merit. They must have a sense of security in their jobs. Compensation must be fair and adequate, and working conditions clean, orderly and safe. They must be mindful of ways to help their employees fulfill heir family responsibilities. Employees must fee! Free to make suggestions and complaints, there must be equal opportunity for employment, development and advancement for those qualified. They must provide competent management, and their actions must be just and ethical.

They are responsible to the communities in which they live and work and to the world community as well. They must be good citizens - support good works and charities and bear their fair share of taxes. They must encourage civil improvements and better health and education. They must maintain in good order the property they are privileged to use, protecting the environment and natural resources. 

CHEMICAL INVENTOR

In order to become a “CHEMICAL INVENTOR” that expands operations on a global scale, subject has pursued the unlimited potential of chemistry and continued to raise challenges since its inception.

Concern is characterized by a flexible and advanced production system and fast, reliable deliveries. There is a strong emphasis on quality assurance to meet customers' demands for products of a uniform quality.

subject is working on research and development based on their superior knowledge and advanced technical capabilities adapted to diverse market needs. Further they are creating new values in chemistry with drive and passion, in consideration of the global environment.

Research and Development:

• Subject is committed to doing world class research that develops innovative   products. A focused effort in defined Areas and a lasting interest in new technology are key features of our efforts.

• Subject is a technology driven company. All the technologies for the products,    being produced currently, have been developed in-house. The technologies are not only    cost effective, but also give quality products, consistently with higher purity. Subject has been investing aggressively in its R&D activities.

• Apart from developing the new technologies, the R&D efforts are also aimed at continuously upgrading the existing manufacturing techniques to improve the process, yield and quality.

• The pilot plant is equipped with glass assemblies, stainless steel (SS) reactors, centrifuges, filters, vacuum dryers, vacuum distillation unit, high pressure SS 316 autoclave etc. There are facilities to carry out reactions ranging from sub zero temperature to high temperature reactions.

• The scale-up studies to develop commercially feasible processes are done in pilot plants by a team of experienced scientists and chemists.

Mission and Vision:

Their strength lies in what they value: customers, Innovation, integrity, people and performance. Their mission is to put customers at the heart of everything we do, and this Is achieved through customer focus, personal and organizational leadership and process excellence.

Manufacturing Facilities:

An organization' capabilities and intent are strongly reflected in the product it manufactures. In other words, the manufacturing competencies and facilities echo truly, the R&D extent and the ability to implement it for the best of the market it targets.

Subject manufacturing strengths have established it as a producer of world class Speciality chemicals, Phase Transfer Catalysts and performance chemicals.

Their state-of-the-art environmentally-friendly manufacturing facility gives them the edge to compete globally.

REACTION CAPABILITIES:

Acetylation	» Chlorosulfonation	» Ethoxylation	» Methylation
» Amination	» Condensation	» Friedel Craft	» Nitration
» Ammonolysis	» Cyclization	» Hydrogenation	» Oxidation
» Benzoylation	» Diazotization	» Hydrolysis	» Quaternization
» Bromination	» Esterification	» Hydroxylation	» Reduction
» Chlorination	» Etherification	» Isomerization	» Sulphonation

Products:

Phase Transfer Catalysts

• QUATERNARY AMMONIUM COMPOUNDS
• QUATERNARY PHOSPHONIUM COMPOUNDS
• PYRIDINIUM SALTS
• METHYLATING AGENTS
• BROMINATING AGENTS

Glymes “Glycol Diethers”

Glymes, also known as glycol diethers, are some the most powerful solvents available today for an incredibly wide variety of industrial processes and products. Glymes are saturated polyethers with no functional groups, hence they are aprotic compounds that are relatively inert chemically. These features account for their excellent solvent properties.

Ionic Liquids:

Ionic liquids are excellent substitutes for traditional organic solvents in many typical organic reactions, often producing higher selectivities as well as higher yields, and enhancing the reaction rate. Additionally, they can serve as catalyst immobilization for the easy recycling of homogeneous catalysts without need for special functionalization, and have been successfully employed as electrolytes in electrochemistry. "Tailor-made" solvents (optimization of the ionic liquid's characteristics) can be achieved through a broad choice of anion and cation combinations.

Ester Acetates

Bulk API’s

Quality Systems

An integrated management system (embracing Environment, Health, Safety and Quality) adapted to the needs of the division is an important requirement for competitive processes. The norms 9001 (Quality Management Systems) and 14001 (Environmental Management Systems) of the International Standards Organization (ISO) provide the framework for this system as well as the international principles Sustainable Development and Responsible Care.

The products are produced in safe equipment and processes, whereas the consumption of raw materials and energy is based on minimal depletion of resources.

Quality Control Laboratory

As a worldwide exporter of specialty chemicals, phase transfer catalysts and performance chemicals, subject has a long history of applying quality assurance and good manufacturing practices in the development, production and quality control process They have set up a stringent quality control system for raw materials, packing materials, in process as well as final products.

Their QC laboratory is well equipped with the latest analytical instruments. Quality up-gradation of our products is the main focus of their QC department, resulting into achieving products of highest international standards.

Quality Assurance:

1. Comprehensive and integrated quality assurance system is in place as per ICH guidelines
2. The QA department is instrumental in

· Preparation of protocols and monitoring qualifications

· Strict process control

· Process validations

· Stability studies

· Impurity Profiles

· Training and Development

3. ISO-9001 2000 CERTIFICATE
   Our company is ISO-9001 2000 accredited by BVQi
4. EDMF's are under preparation for all the products
5. We are applying for "Certificate of Suitability" for Cetrimide and Chlorhexidine Gluconate 20%
6. A WHO GMP certification is under implementation. This is expected to enhance our presence in regulated markets

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.46.88
UK Pound	1	Rs.82.97
Euro	1	Rs.64.99

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	YES
--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/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, 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