MIRA INFORM REPORT

Report Date :

24.10.2008

IDENTIFICATION DETAILS

Name :	LANDI RENZO S.P.A.
Registered Office :	Via Nobel, 2/4 Corte Tegge 42025 - Cavriago (RE)
Country :	Italy
Financials (as on) :	31.12.2007
Date of Incorporation :	18.05.1978
Com. Reg. No.:	RE033-8255
Legal Form :	Joint Stock Company
Line of Business :	Distribution of Natural Gas (methane) Manufacture of Heat Exchangers. Installations of Boilers, Tanks and Gasometers Plants.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	Eur 1.361.000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Landi Renzo S.p.a.

Via

Nobel,

2/4 CORTE TEGGE

42025

- Cavriago

(RE)

-IT-

SUMMARY

Fiscal Code	:	00523300358
Legal Form	:	Joint stock company
Start of Activities	:	18/05/1978
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	100.000.000/150.000.000 Eur
Number of Employees	:	from 201 to 250

CREDIT ANALYSIS

CREDIT OPINION	:	1.361.000 - Eur
Score	:	Risk low
Creditworthness Rate	:	Excellent
		Financial/patrimonial analysis very good - Credit with very low risk

ACTIVITY

Distribution of natural gas (methane)

Manufacture of heat exchangers.

Installations of boilers, tanks and gasometers plants.

Installing of hygienic facilities, hydrosanitary systems and water distribution systems.

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 00523300358

Foreign Trade Reg. no. : 002399 of Reggio Emilia since 05/12/1991

Chamber of Commerce no. : 138031 of Reggio Emilia since 26/06/1978

Firms' Register : RE033-8255 since 19/02/1996

V.A.T. Code : 00523300358

Establishment Date	: 18/05/1978
Start of Activities	: 18/05/1978
Legal Duration Date	: 31/12/2100
Nominal Capital	: 11.250.000	Eur
Subscribed Capital	: 11.250.000	Eur
Paid up Capital	: 11.250.000	Eur

MEMBERS

KPMG S.P.A.

- Fiscal Code : 00709600159

Via

VITTOR PISANI

, 25

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditing company	07/03/2007

Tommasi Di Vignano

Tomaso

Born in Brescia

(BS)

on 14/07/1947

- Fiscal Code : TMMTMS47L14B157W

Residence :

Via

Pietro Borsieri

, 3

- 00100

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2007

No Protests registered.

Domenichini

Giovannina

Born in Casina

(RE)

on 06/08/1934

- Fiscal Code : DMNGNN34M46B967P

Residence :

Vicolo

Bonini

, 1

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2007
Board Chairman	16/05/2007

No Protests registered.

Landi

Stefano

Born in Reggio Emilia

(RE)

on 30/06/1958

- Fiscal Code : LNDSFN58H30H223B

Residence :

Via

Monte Pasubio

, 10

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	14/02/2008
Director	16/05/2007

No Protests registered.

Gabbi

Paolo

Born in Casina

(RE)

on 17/01/1937

- Fiscal Code : GBBPLA37A17B967J

Residence :

Via

San Filippo

, 6

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2007

No Protests registered.

Pedroni

Carlo Alberto

Born in Reggio Emilia

(RE)

on 28/12/1948

- Fiscal Code : PDRCLL48T28H223A

Residence :

Via

Dei Lavoratori

, 5/1

- 42020

Quattro Castella

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/04/2008
Managing Director	23/04/2008

No Protests registered.

Ovi	Alessandro Maria

Born in Carpineti

(RE)

on 14/01/1944

- Fiscal Code : VOILSN44A14B825I

Residence :

Via

San Filippo

, 5

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2007

No Protests registered.

COMPANIES CONNECTED TO MEMBERS *

*checkings have been performed on a national scale.

*In this module are listed the companies in which members hold or held positions.

DOMENICHINI

GIOVANNINA

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
DOMENICHINI GIOVANNINA	Reggio Emilia (RE) - IT -	DMNGNN34M46B967P	Proprietor	Active	Registered
FAST IMMOBILIARE - S.R.L.	Reggio Emilia (RE) - IT -	01567240351	Liquidator	Dismiss	Ceased
G.A.F. GRUPPO ARTIGIANI FONDITORI - S.R.L.	Reggio Emilia (RE) - IT -	00128940350	Director	Dismiss	Ceased
GI RE FIN S.P.A.	Milano (MI) - IT -	00742190358	Sole Director	Dismiss	Ceased
GIREFIN S.P.A.	Milano (MI) - IT -	00742200355	Director	Active	Registered
GIREFIN S.P.A.	Milano (MI) - IT -	00742200355	Board Chairman	Active	Registered
IMMOBILIARE L.D. PARMA - S.R.L.	Reggio Emilia (RE) - IT -	00925360356	Sole Director	Active	Registered
ITALFOND LEGHE SRL	Reggio nell'Emilia (RE) - IT -	00128760352	Sole Director	Dismiss	Ceased
MED S.P.A.	Reggio Emilia (RE) - IT -	01917730358	Director	Active	Registered

LANDI

STEFANO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
CONSORZIO GAS ECOLOGICI PER AUTOTRAZIONE DETTO CONSORZIO ECOGAS	Roma (RM) - IT -	91022090681	Director	Dismiss	Registered
FINECOBANK BANCA FINECO S.P.A. O IN FORMA ABBREVIATA FINECOBANK S .P.A., OVVERO	Milano (MI) - IT -	01392970404	Director	Dismiss	Registered
FINECOBANK BANCA FINECO S.P.A. O IN FORMA ABBREVIATA FINECOBANK S .P.A., OVVERO	Milano (MI) - IT -	01392970404	Assistant board Chairman	Dismiss	Registered
G.A.F. GRUPPO ARTIGIANI FONDITORI - S.R.L.	Reggio Emilia (RE) - IT -	00128940350	Director	Dismiss	Ceased
GIREFIN S.P.A.	Milano (MI) - IT -	00742200355	Managing Director	Active	Registered
GIREFIN S.P.A.	Milano (MI) - IT -	00742200355	Director	Active	Registered
GIREFIN S.P.A.	Milano (MI) - IT -	00742200355	Sole Director	Dismiss	Registered
GIREIMM S.R.L.	Milano (MI) - IT -	05733380967	Sole Director	Active	Registered
IMMOBILIARE L.D. - REGGIO - S.R.L.	Reggio Emilia (RE) - IT -	00928320357	Liquidator	Dismiss	Ceased
IMMOBILIARE PANDA - S.R.L.	Reggio Emilia (RE) - IT -	01103140354	Sole Director	Dismiss	Ceased
LANDI S.R.L.	Reggio Emilia (RE) - IT -	00150130359	Director	Dismiss	Registered
MED S.P.A.	Reggio Emilia (RE) - IT -	01917730358	Managing Director	Active	Registered
MED S.P.A.	Reggio Emilia (RE) - IT -	01917730358	Director	Active	Registered
MED S.P.A.	Reggio Emilia (RE) - IT -	01917730358	Board Chairman	Active	Registered
PALLACANESTRO REGGIANA S.R.L.	Reggio Emilia (RE) - IT -	00532610359	Director	Active	Registered
PALLACANESTRO REGGIANA S.R.L.	Reggio Emilia (RE) - IT -	00532610359	Managing Director	Active	Registered
PALLACANESTRO REGGIANA S.R.L.	Reggio Emilia (RE) - IT -	00532610359	Board Chairman	Active	Registered
PALLACANESTRO REGGIANA S.R.L.	- -	00532610359	Director	Dismiss	Registered
REGGIO EMILIA INNOVAZIONE SOC. CONS. A R.L.	Reggio Emilia (RE) - IT -	01146640352	Director	Active	Registered
REGGIO EMILIA INNOVAZIONE SOC. CONS. A R.L.	Reggio Emilia (RE) - IT -	01146640352	Board Chairman	Active	Registered

PEDRONI

CARLO ALBERTO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
BERLONI HOLDING S.P.A.	Pesaro (PS) - IT -	00451260418	Managing Director	Dismiss	Registered
BERLONI HOLDING S.P.A.	Pesaro (PS) - IT -	00451260418	Director	Dismiss	Registered
BERLONI S.P.A.	Pesaro (PS) - IT -	02037630411	Managing Director	Dismiss	Registered
BERLONI S.P.A.	Pesaro (PS) - IT -	02037630411	Director	Dismiss	Registered
FERRETTI*CRAFT S.R.L.	Bologna (BO) - IT -	00386290407	Attorney with special power	Dismiss	Ceased
MOBIROLO S.P.A.	Reggiolo (RE) - IT -	00273340356	Director	Active	Registered
VO2 MAX TEAM SRL	Reggio Emilia (RE) - IT -	02229520354	Director	Active	Registered
VO2 MAX TEAM SRL	Reggio Emilia (RE) - IT -	02229520354	Board Chairman	Active	Registered

The indication "REGISTERED" as Firm Status could refere to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

CAPITAL SHAREHOLDERS

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
Landi Renzo S.p.a.	Cavriago - IT -	00523300358	125.000 .Eur	5,00
Girefin S.p.a.	Milano - IT -	00742200355	2.375.000 .Eur	95,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
Landi Renzo S.p.a.	Cavriago - IT -	00523300358	125.000 .Eur	5,00	Active
Med S.p.a.	Reggio Emilia - IT -	01917730358		100,00	Active

STRUCTURE AND COMPANY ACTIVITY

In order to carry out its activities the firm uses the following locations:

-

Legal and operative seat

(Factory )

in :

Via

Nobel

, 2/4 Loc. Corte Tegge

- 42025 -

Cavriago

(RE)

- IT -

PHONE

: 0522/9433

FAX	: 0522/944044

Email

: info@landi.it

-

Branch

(Factory )

since 01/04/2008

in :

Via

Lazzaretti

, 7/C

- 42100 -

Reggio Emilia

(RE)

- IT -

Employees

: 245

Fittings and Equipment

for a value of 4.360.000

Eur

Stocks

for a value of 18.800.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

Import comes generally from the following nations:

- Germania

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Changes to the legal form

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	21/05/1987

Ex-Members / Ex-Positions

Paleari

Pierangelo

Born in Sesto San Giovanni

on 03/05/1941

- Fiscal Code : PLRPNG41E03I690S

Residence :

Via

Corridoni

, 209

- 20099

Sesto San Giovanni

(MI)

- IT -

Position

Permanent Auditor

Malagutti

Gianfranco

Born in Reggio Emilia

on 02/12/1940

- Fiscal Code : MLGGFR40T02H223Z

Residence :

Via

G.r. Fogliani

, 29

- 42100

Reggio Emilia

(RE)

- IT -

Position

Temporary Auditor

Oliva

Fiorenzo

Born in Gerenzano

on 23/06/1958

- Fiscal Code : LVOFNZ58H23D981J

Residence :

Via

Della Posta

, 8/10

- 20123

Milano

(MI)

- IT -

Position

Temporary Auditor

Pesaresi

Gabrilele

Born in JESI

on 08/06/1957

- Fiscal Code : PSRGRL57H08E388S

Residence :

Via

PICCINNI NICOLA

, 5

- 20100

Milano

(MI)

- IT -

Position

Temporary Auditor

Merlatti

Romano

Born in Reggio Emilia

on 31/05/1933

- Fiscal Code : MRLRMN33E31H223A

Residence :

Via

San Zenone

, 8

- 42100

Reggio Emilia

(RE)

- IT -

Position

Supervisory Board Chairman

Permanent Auditor

Sabatini

Ferruccio

Born in Reggio Emilia

on 18/10/1935

- Fiscal Code : SBTFRC35R18H223Z

Residence :

Via

Viani

, 12

- 42100

Reggio Emilia

(RE)

- IT -

Position

Temporary Auditor

Landi

Stefano

Born in Reggio Emilia

on 30/06/1958

- Fiscal Code : LNDSFN58H30H223B

Residence :

Via

Monte Pasubio

, 10

- 42100

Reggio Emilia

(RE)

- IT -

Position

Managing Director

Boerhoop

Jan

Born in Amsterdam

on 27/06/1948

Position

Director

Landi

Silvia

Born in REGGIO EMILIA

on 08/06/1960

- Fiscal Code : LNDSLV60H48H223N

Residence :

Via

GABBI

, 9

- 42100

Reggio Emilia

(RE)

- IT -

Position

Director

LANDI

STEFANO

Born in REGGIO EMILIA

on 30/06/1958

- Fiscal Code : LNDSFN58H30H223B

Residence :

Via

MONTE PASUBIO

, 10

- 42100

Reggio Emilia

(RE)

- IT -

Position

Director

The firm absorbed by merging of

LANDI S.R.L.

Viale

REGINA ELENA

, 17

, 42100

, Reggio Emilia

(RE)

- IT -

Fiscal Code: 00150130359

Date

:

25/03/2008

Project of merging by taking over of

LANDI S.R.L.

Viale

REGINA ELENA

, 17

, 42100

, Reggio Emilia

(RE)

- IT -

Fiscal Code: 00150130359

Date

Merging/Splitting-up Project :

27/11/2007

Splitting-up and setting-up of a new company

GIREIMM S.R.L.

, Milano

- IT -

Date

Splitting-up :

07/05/2007

The firm absorved

ITALFOND LEGHE SRL

Via

CAFIERO

, 21

, 42100

, Reggio nell'Emilia

(RE)

- IT -

Fiscal Code: 00128760352

Date

:

05/08/1999

The firm absorbed by merging of

ITALFOND LEGHE SRL

Via

CAFIERO

, 21

, 42100

, Reggio nell'Emilia

(RE)

- IT -

Fiscal Code: 00128760352

Date

:

05/08/1999

PAYMENTS ANALYSIS

The average term of debts to suppliers is shorter than the sector one.

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

During last Year, the subject of inquiry has not been monitored by our company.

PROTESTS

Protests checking on the subject firm has given a negative result.

LEGAL PROCEDURES

None reported, standing to the last received edition of the Official Publications.

IMMOVABLES *

*No specific (mortgage/cadastrial registrations) inspections have been requested.

Immovable Type	Value
Real estates	878.570 .Eur

NB.: For Capital Companies the value of the Immovables is the one reported in the last available financial documents.

FINANCIAL AND ECONOMICAL ANALYSIS

Company's starting of activities dates back to 1978.

During the last years, it recorded positive net results (r.o.e. 14,8% in 2007)

The operating result was positive in the last financial year (14,47%)

It shows a good range of liquidity.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2007

(in Eur

x 1 )

Item Type	Amount	Source
Sales	131.085.059	filed balance sheet
Profit (Loss) for the period	13.166.618	filed balance sheet

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	106.509.637	filed balance sheet
Profit (Loss) for the period	11.245.170	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	65.212.648	filed balance sheet
Profit (Loss) for the period	5.892.930	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	48.162.649	filed balance sheet
Profit (Loss) for the period	2.669.842	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	34.961.571	filed balance sheet
Profit (Loss) for the period	532.953	filed balance sheet

BALANCE SHEETS

From our constant monitoring of the Public Administration, actually, no more recent balance sheets result to be filed.

Balance Sheet as at 31/12/2007 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/12/2006 - Months 12 - Currency Eur - Amounts x 1

Years		2007	2006
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		14.348.179	13.737.651
. Intangible assets		2.761.913	671.755
. Tangible fixed assets		4.355.999	4.966.442
. . Land and buildings			878.570
. . Plants, Equipm.and Machinery		4.355.999	2.838.916
. Long-term Investments		7.230.267	8.099.454
. . Financial loans		7.230.267	6.808.312
. . Own shares			1.291.142
CURRENT ASSETS		115.715.181	50.127.945
. Stock		18.803.637	19.258.114
. Credits		45.883.666	24.779.947
. . Credits to clients		40.437.963	20.502.604
. . Other credits		5.445.703	4.277.343
. Short-term financial assets		204.680	188.224
. Liquid assets		50.823.198	5.901.660
ACCRUED INCOME-DEFERR. ASSETS			1.221.471
TOTAL ASSETS		130.063.360	65.087.067
.
LIABILITIES
NET WORTH		88.922.878	30.876.625
. Company's capital		11.250.000	2.500.000
. Reserves		64.506.260	15.840.313
. Reserves company's own shares			1.291.142
. Retained profits (losses)
. Profit (loss)		13.166.618	11.245.170
PROVISION FOR RISKS AND LOSSES		1.477.184	1.152.380
SEVERANCE INDEMNITY FUND		1.279.715	1.588.710
DEBTS		38.383.583	31.342.536
. Financial M/L terms		1.327.875	3.739.639
. . Financial M/L term banks		1.189.676	3.580.751
. . Financial M/L bonds
. . Other financial M/L debts		138.199	158.888
. Financial short-term debts		2.416.094	1.473.304
. . Financial short-term banks		2.395.405	1.419.249
. . Financial short-term bonds
. . Other financial short-term debts		20.689	54.055
. M/L term debts to suppliers
. Short-term debts to suppliers		29.547.730	24.483.458
. Sundry M/L debts
. Sundry short-term debts		5.091.884	1.646.135
ACCRUED EXPENSE			126.816
TOTAL LIABILITIES		130.063.360	65.087.067
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		131.627.485	111.919.280
. Revenues from sales/services		131.085.059	106.509.637
. Change of stock (products)			4.824.762
OPERATING EXPENSES		112.798.623	95.816.806
. Purchasing expenses		78.164.864	66.793.507
. Change of stock (raw material)			-1.788.041
. Expenses from services		23.407.842	21.364.303
. Expenses from leasing		531.016	1.445.270
. General expenses/sundry charges		377.051	235.431
. Staff expenses		7.871.469	6.219.808
. Depreciation/Devaluation costs		2.446.381	1.546.528
FINANCIAL REVENUES (CHARGES)		1.659.752	1.881.264
. Financial charges		-512.511	-691.408
. Financial revenues		2.172.263	2.572.672
FINANCIAL ASSETS CORRECTION			-2.280
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		162.964	1.645
PROFIT (LOSS) FOR THE PERIOD		20.651.578	17.983.103
TAX		7.484.960	6.737.933
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		13.166.618	11.245.170

RATIOS	Item	O.V.	O.V.	as at 31/12/2007	as at 31/12/2006	Sector Average
Fixed assets ratio	Units	=> 1	l	6,37	2,63	1,72
Net Short-term indebtedness	Units	- 1	l	n.c.	0,70	2,91
Current ratio	Units	=> 1	l	3,12	1,81	1,21
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	2,61	1,11	0,93
Return on Sales	%		l	11,91	12,00	3,77
Average stock waiting period	dd		l	51,62	65,08	54,69
Credits to clients average term	dd		l	111,02	69,26	136,00
Debts to suppliers average term	dd		l	104,14	98,35	162,53
Net financial revenues/ charges incidence	%		l	1,26	1,76	- 0,92
Labour cost incidence	%		l	6,00	5,83	19,63

O.V. = Optimal Value. When not present refer to the sector's.

A coloured item indicates the opinion of the rate during the last financial year

(green=good; orange=not optimal; red=insufficient; n.c.=not computable)

CREDIT OPINION

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

1.361.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	487.003
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

Monthly family expences average in the region (in Eur.) :

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

SECTOR DATA

The values are calculated on a base of 413 significant companies.

The companies cash their credits on an average of 136 dd.

The average duration of suppliers debts is about 162 dd.

The sector's profitability is on an average of 3,77%.

The labour cost affects the turnover in the measure of 19,63%.

Goods are held in stock in a range of 54 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 20,11% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.775.

The insolvency index for the region is 0,46, while for the province it is 0,38.

Total Bankrupt companies in the province : 1.365.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.95
UK Pound	1	Rs.79.56
Euro	1	Rs.63.65

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

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%)

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