MIRA INFORM REPORT

Report Date :

09.09.2008

IDENTIFICATION DETAILS

Name :	CHEMOSVIT FOLIE, A.S.
Registered Office :	Šturova 101, 059 21 Svit
Country :	Slovakia
Financials (as on) :	2006
Date of Incorporation :	03.01.1996
Com. Reg. No.:	10283/P
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of Plastics Products

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 :	EUR 125.000,00
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name of the company

CHEMOSVIT FOLIE, A.S.

Principal Address

Štúrova 101
059 21 Svit
Slovakia
Tel: +421-52-7151111, +421-52-7151112, +421-52-7755010
Fax: +421-52-7152374
Email: lach.m@chemosvit.sk
Internet: www.chemosvit.sk

Registered office:
Štúrova 101
059 21 Svit
Slovakia

ICON number

914880

National ID

31719724
VAT number: SK2020517290
International VAT number: SK2020517290

Registration status: 03.01.1996 - registered company
Activity status: 03.01.1996 - active company

CREDIT INFORMATION SUMMARY

Insolvency Information: According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

Maximum Credit: EUR 125.000,00

Payment Practices: Payments are made according to terms

Further Rating Information: Researched company is categorized as a big company.
Turnover volume of SKK 2.766.753.000 in the year 2006 increased by 106,32% compared with 2005. In the previous period this change was 4.975,21%.
Fixed assets increased by SKK 93.026.000 and are 22,06% of total assets.

Cash flow from results of SKK 21.109.000 increased by 402,24% compared with last year result.

Debt Collection: There is no record of any debt collection action.against this company exceeding a single case volume of EUR 500.

COMPANY DETAILS

Established:

03.01.1996

Registration:

No. 10283/P 03.01.1996 Prešov, Slovakia

Legal Form:

01.05.2004 joint stock company

History:

CHEMOSVIT FOLIE, a.s. ( 07.12.2004 - ) REKREATOUR, a.s. ( 01.05.2004 - 06.12.2004 ) Štúrova 101 Svit 059 21 ( 26.05.2005 - ) Jilemnického 31 Svit 059 21 ( 01.05.2004 - 25.05.2005 )

Capital:

Nominal capital:

SKK 600.000.000,00

since 26.09.2007

Management:

Full Name	Function	Address
Ing. ĽACH Michal	Chairman of the executive board	Oravská 3133/10 05801 Poprad Slovakia
Ing. BALOG Vladimír	Deputy chairman of the executive board	Dostojevského 2563/13 05801 Poprad Slovakia
Ing. BALÁŽ Milan	Member of the executive board	Úvažie 1149/9-A Bytča Slovakia
Dr. BERNÍK Peter	Member of the supervisory board	Hviezdoslavova 4052/63 Poprad Slovakia
Ing. DULOVIČ Ladislav	Member of the supervisory board	Tolstého 2327/13 Poprad Slovakia
HYBEN Marek	Member of the supervisory board	Družstevná 459/53 059 38 Štrba Slovakia
Ing. OLEKŠÁK Ján	Signing clerk	350 059 86 Nová Lesná Slovakia
Ing. ĽACH Michal	General Director	Oravská 3133/10 05801 Poprad Slovakia

KEY DATA ON OPERATIONS

Subject of Operation:

NACE
  main activity:
  2220 Manufacture of plastics products

  7910 Travel agency and tour operator activities
  5510 Hotels and similar accommodation
  4710 Retail sale in non-specialised stores
  5500 Accommodation
  1720 Manufacture of articles of paper and paperboard
  8292 Packaging activities
  5810 Publishing of books, periodicals and other publishing activities

NACE codes given are based on the most recent NACE Revision 2.

Key Data:

Amounts shown in Slovak Koruna (SKK)
	2006	2005	2004	2003
Turnover	2.766.753.000	1.340.973.000	26.422.000	27.985.000
Non-current assets	340.538.000	247.512.000	27.006.000	23.980.000
Equity	574.299.000	534.431.000	23.828.000	23.476.000
Sum of Liabilities	952.569.000	757.122.000	4.770.000	3.602.000
Profit for accounting period	6.042.000	3.765.000	0	332.000
Loss for accounting period	0	0	1.094.000	0
Operating result - profit (before tax)	37.855.000	7.084.000	0	499.000
Operating result - loss (before tax)	0	0	956.000	0

Workforce:

	2005
Total workforce	1.000 - 1.999 (estimated)

Imports:

unknown

Exports:

unknown

FINANCIAL INFORMATION

Financials:

Amounts shown in Slovak Koruna (SKK)		2006	2005	2004	2003
	Balance sheet
	ASSETS
	TOTAL ASSETS	1.543.714.000,00	1.291.736.000,00	30.059.000,00	27.079.000,00
	AMOUNTS RECEIVABLE FOR SUBSCRIBED CAPITAL	0,00	0,00	0,00	0,00
	NON-CURRENT ASSETS	340.538.000,00	247.512.000,00	27.006.000,00	23.980.000,00
	Intangible fixed assets	3.686.000,00	785.000,00	0,00	0,00
	Incorporation expenses	0,00	0,00	0,00	0,00
	Research and development costs	0,00	0,00	0,00	0,00
	Software	3.621.000,00	785.000,00	0,00	0,00
	Valuable rights	65.000,00	0,00	0,00	0,00
	Goodwill	0,00	0,00	0,00	0,00
	Other intangible fixed assets	0,00	0,00	0,00	0,00
	Intangible fixed assets in acquisition	0,00	0,00	0,00	0,00
	Advance payments for intangible fixed assets	0,00	0,00	0,00	0,00
	Tangible fixed assets	272.805.000,00	171.622.000,00	27.006.000,00	23.980.000,00
	Land	0,00	0,00	5.249.000,00	1.757.000,00
	Structures	0,00	0,00	21.245.000,00	21.778.000,00
	Separate movable assets and sets of moveables	246.393.000,00	135.540.000,00	350.000,00	395.000,00
	Natural agricultural assets	0,00	0,00	0,00	0,00
	Livestock and draught animals	0,00	0,00	0,00	0,00
	Other tangible fixed assets	0,00	0,00	0,00	0,00
	Tangible fixed assets in acquisition	8.635.000,00	35.287.000,00	162.000,00	50.000,00
	Advance payments for tangible fixed assets	17.777.000,00	795.000,00	0,00	0,00
	Correction item to acquired assets	0,00	0,00	0,00	0,00
	Long-term financial investments	64.047.000,00	75.105.000,00	0,00	0,00
	Shares and ownership interests in subsidiaries	63.402.000,00	74.521.000,00	0,00	0,00
	Shares and ownership interests in associates	645.000,00	584.000,00	0,00	0,00
	Other long-term securities and ownership interests	0,00	0,00	0,00	0,00
	Loans to entities in consolidation field	0,00	0,00	0,00	0,00
	Other long-term financial assets	0,00	0,00	0,00	0,00
	Loans due in one year	0,00	0,00	0,00	0,00
	Long-term financial assets in acquisition	0,00	0,00	0,00	0,00
	Advance payments for long-term financial assets	0,00	0,00	0,00	0,00
	CURRENT ASSETS	1.200.111.000,00	1.041.785.000,00	3.018.000,00	2.857.000,00
	Inventory	467.096.000,00	422.771.000,00	883.000,00	884.000,00
	Material	164.711.000,00	205.580.000,00	455.000,00	429.000,00
	Work-in-progress and semi-finished products	67.444.000,00	82.618.000,00	0,00	0,00
	Construction contracts with anticipated expiry period exceeding one year	0,00	0,00	0,00	0,00
	Finished products	225.323.000,00	120.041.000,00	0,00	0,00
	Livestock	0,00	0,00	0,00	0,00
	Merchandise	9.562.000,00	13.749.000,00	311.000,00	379.000,00
	Advance payments for inventory	56.000,00	783.000,00	117.000,00	76.000,00
	Long-term receivables	24.355.000,00	0,00	0,00	0,00
	Trade receivables	0,00	0,00	0,00	0,00
	Receivables from subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other receivables from entities in consolidation field	0,00	0,00	0,00	0,00
	Receivables from partners, members and consortium	0,00	0,00	0,00	0,00
	Other receivables	24.355.000,00	0,00	0,00	0,00
	Deferred tax assets	0,00	0,00	0,00	0,00
	Short-term receivables	700.638.000,00	604.489.000,00	1.870.000,00	880.000,00
	Trade receivables	655.453.000,00	566.404.000,00	1.729.000,00	72.000,00
	Receivables from subsidiaries and controlling entity	0,00	0,00	0,00	500.000,00
	Other receivables from entities in consolidation field	0,00	0,00	0,00	0,00
	Receivables from partners, members and consortium	0,00	0,00	0,00	0,00
	Social security	0,00	0,00	0,00	0,00
	Tax assets	18.306.000,00	37.401.000,00	1.000,00	192.000,00
	Other receivables	26.879.000,00	684.000,00	140.000,00	116.000,00
	Financial accounts	8.022.000,00	14.525.000,00	265.000,00	1.093.000,00
	Cash in hand	648.000,00	280.000,00	81.000,00	132.000,00
	Bank accounts	7.374.000,00	14.245.000,00	184.000,00	961.000,00
	Bank accounts bound for period exceeding one year	0,00	0,00	0,00	0,00
	Short-term financial assets	0,00	0,00	0,00	0,00
	Short-term financial assets in acquisition	0,00	0,00	0,00	0,00
	ACCRUED AND DEFERRED ITEMS	3.065.000,00	2.439.000,00	35.000,00	242.000,00
	Prepaid expenses	3.049.000,00	1.998.000,00	35.000,00	67.000,00
	Accrued income	16.000,00	441.000,00	0,00	175.000,00
	LIABILITIES
	LIABILITIES AND EQUITY	1.543.714.000,00	1.291.736.000,00	30.059.000,00	27.079.000,00
	EQUITY	574.299.000,00	534.431.000,00	23.828.000,00	23.476.000,00
	Registered capital	550.000.000,00	550.000.000,00	24.252.000,00	24.252.000,00
	Registered capital (paid)	550.000.000,00	550.000.000,00	24.252.000,00	24.252.000,00
	Treasury stocks and treasury shares	0,00	0,00	0,00	0,00
	Changes in registered capital	0,00	0,00	0,00	0,00
	Capital funds	14.917.000,00	-18.909.000,00	0,00	0,00
	Share premium	0,00	0,00	0,00	0,00
	Other capital funds	0,00	0,00	0,00	0,00
	Legal reserve fund (Non-distributable fund) from capital contributions	0,00	0,00	0,00	0,00
	Asset and liability revaluation reserve	14.917.000,00	-18.909.000,00	0,00	0,00
	Financial investments revaluation reserve	0,00	0,00	0,00	0,00
	Revaluation reserve from mergers and separations	0,00	0,00	0,00	0,00
	Funds from profit	380.000,00	0,00	17.000,00	0,00
	Legal reserve fund	380.000,00	0,00	17.000,00	0,00
	Non-distributable fund	0,00	0,00	0,00	0,00
	Statutory and other funds	0,00	0,00	0,00	0,00
	Profit/Loss from prior years	2.960.000,00	-425.000,00	653.000,00	-1.108.000,00
	Non-distributed profit from prior years	2.960.000,00	0,00	1.446.000,00	0,00
	Accumulated losses from prior years	0,00	-425.000,00	-793.000,00	-1.108.000,00
	Profit/Loss for current accounting period	6.042.000,00	3.765.000,00	-1.094.000,00	332.000,00
	SUM OF LIABILITIES	952.569.000,00	757.122.000,00	4.770.000,00	3.602.000,00
	Provisions	17.464.000,00	19.844.000,00	235.000,00	1.770.000,00
	Legal provisions	0,00	0,00	0,00	1.445.000,00
	Other long-term provisions	0,00	0,00	0,00	0,00
	Current provisions	17.464.000,00	19.844.000,00	235.000,00	325.000,00
	Long-term liabilities	5.423.000,00	2.457.000,00	203.000,00	86.000,00
	Long-term trade liabilities	0,00	0,00	0,00	0,00
	Long-term liabilities unbilled	0,00	0,00	0,00	0,00
	Long-term liabilities to subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other long-term liabilities to entities in consolidation field	0,00	0,00	0,00	0,00
	Long-term advance payments received	0,00	0,00	0,00	0,00
	Long-term bills of exchange to be paid	0,00	0,00	0,00	0,00
	Bonds issued	0,00	0,00	0,00	0,00
	Social fund payable	1.242.000,00	303.000,00	19.000,00	13.000,00
	Other long-term payables	344.000,00	343.000,00	0,00	0,00
	Deferred tax liability	3.837.000,00	1.811.000,00	184.000,00	73.000,00
	Short-term liabilities	416.436.000,00	376.257.000,00	4.332.000,00	1.746.000,00
	Trade payables	365.728.000,00	310.230.000,00	3.154.000,00	802.000,00
	Liabilities unbilled	6.162.000,00	219.000,00	201.000,00	83.000,00
	Liabilities to subsidiaries and controlling entity	0,00	0,00	0,00	0,00
	Other liabilities to entities in consolidation field	12.000.000,00	33.800.000,00	0,00	0,00
	Payable to partners and consortium	50.000,00	50.000,00	0,00	0,00
	Employee liabilities	15.350.000,00	15.223.000,00	439.000,00	481.000,00
	Social security payables	14.064.000,00	13.435.000,00	384.000,00	313.000,00
	Tax liability and subsidies	2.910.000,00	2.931.000,00	154.000,00	67.000,00
	Other payable	172.000,00	369.000,00	0,00	0,00
	Bank loans and financial assistance	513.246.000,00	358.564.000,00	0,00	0,00
	Long-term bank loans	128.275.000,00	116.564.000,00	0,00	0,00
	Short-term bank loans	384.971.000,00	242.000.000,00	0,00	0,00
	Short-term financial assistance	0,00	0,00	0,00	0,00
	ACCRUED AND DEFERRED ITEMS	16.846.000,00	183.000,00	1.461.000,00	1.000,00
	Accrued expenses	309.000,00	183.000,00	0,00	0,00
	Deferred income	16.537.000,00	0,00	1.461.000,00	1.000,00
	BALANCE SHEET TOTAL	1.543.714.000,00	1.291.736.000,00	30.059.000,00	27.079.000,00
	Statement of Profit and Loss
	Turnover	2.766.753.000,00	1.340.973.000,00	26.422.000,00	27.985.000,00
	Sales of goods bought for resale	59.632.000,00	216.886.000,00	5.862.000,00	7.141.000,00
	Cost of goods sold	57.289.000,00	205.941.000,00	3.197.000,00	4.249.000,00
	Gross margin	2.343.000,00	10.945.000,00	2.665.000,00	2.892.000,00
	Production	2.902.460.000,00	1.281.738.000,00	20.748.000,00	21.023.000,00
	Sales of products and services	2.707.121.000,00	1.124.087.000,00	20.560.000,00	20.844.000,00
	Changes in stock of finished products and work-in-progress	90.109.000,00	119.506.000,00	0,00	0,00
	Own work capitalized	105.230.000,00	38.145.000,00	188.000,00	179.000,00
	Consumables and services purchased	2.472.996.000,00	1.112.845.000,00	13.058.000,00	13.657.000,00
	Consumed material, energy and other non-inventory items	2.049.681.000,00	926.313.000,00	9.431.000,00	9.618.000,00
	Services	423.315.000,00	186.532.000,00	3.627.000,00	4.039.000,00
	Added value	431.807.000,00	179.838.000,00	10.355.000,00	10.258.000,00
	Personnel expenses	385.966.000,00	166.873.000,00	10.565.000,00	10.016.000,00
	Wages and salaries	274.831.000,00	118.163.000,00	7.172.000,00	7.113.000,00
	Remuneration of board and co-operative members	0,00	241.000,00	544.000,00	60.000,00
	Social insurance	99.401.000,00	43.004.000,00	2.489.000,00	2.558.000,00
	Other social security expenses	11.734.000,00	5.465.000,00	360.000,00	285.000,00
	Taxes and charges	1.484.000,00	770.000,00	414.000,00	452.000,00
	Depreciation of intangible and tangible fixed assets	15.067.000,00	438.000,00	325.000,00	329.000,00
	Sales of fixed assets and inventory	70.368.000,00	67.315.000,00	242.000,00	54.000,00
	Net book value of fixed assets and inventory sold	69.682.000,00	65.366.000,00	257.000,00	49.000,00
	Use of and reversal of provisions recorded in operating income and recognition of complex deferred expenses	19.481.000,00	235.000,00	325.000,00	1.446.000,00
	Provisions created for operating activities and amortization of complex deferred expenses	17.101.000,00	19.844.000,00	235.000,00	325.000,00
	Provisions reserved and recognised in operating income	1.360.000,00	74.000,00	0,00	74.000,00
	Provisions created in operating costs	2.470.000,00	1.360.000,00	0,00	74.000,00
	Other operating income	12.627.000,00	15.805.000,00	54.000,00	154.000,00
	Other operating expenses	6.018.000,00	1.532.000,00	136.000,00	242.000,00
	Transfer of operating income	0,00	0,00	0,00	0,00
	Transfer of operating expenses	0,00	0,00	0,00	0,00
	Operating profit/loss (before tax)	37.855.000,00	7.084.000,00	-956.000,00	499.000,00
	Proceeds from sale of securities and ownership interests	0,00	0,00	0,00	0,00
	Security and ownership interest disposals	0,00	0,00	0,00	0,00
	Revenues from long-term financial investments	0,00	0,00	0,00	0,00
	Revenues from securities and ownership interests in subsidiaries and associates	0,00	0,00	0,00	0,00
	Revenues from other long-term securities and ownership interests	0,00	0,00	0,00	0,00
	Revenues from other long-term financial investments	0,00	0,00	0,00	0,00
	Revenues from short-term financial assets	0,00	0,00	0,00	0,00
	Expenses related to short-term financial assets	0,00	0,00	0,00	0,00
	Gains from revaluation of securities and financial derivative instrument transactions	6.225.000,00	0,00	0,00	0,00
	Expenses related to revaluation of securities and financial derivative instrument transactions	0,00	0,00	0,00	0,00
	Interest income	367.000,00	100.000,00	13.000,00	11.000,00
	Interest expense	12.590.000,00	1.863.000,00	0,00	0,00
	Foreign exchange gains	51.411.000,00	14.097.000,00	7.000,00	9.000,00
	Foreign exchange losses	73.291.000,00	13.137.000,00	0,00	0,00
	Other revenue from financing activities	0,00	9.000,00	83.000,00	23.000,00
	Other costs of financing activities	1.909.000,00	898.000,00	130.000,00	37.000,00
	Provisions used and reserved in revenues from financing activities	0,00	0,00	0,00	0,00
	Provisions created for financing activities	0,00	0,00	0,00	0,00
	Provisions reserved and recognised in revenues from financing activities	0,00	0,00	0,00	0,00
	Provisions created in costs for financing activities	0,00	0,00	0,00	0,00
	Transfer of financial revenues	0,00	0,00	0,00	0,00
	Transfer of financial costs	0,00	0,00	0,00	0,00
	Profit/Loss from financing activities (before tax)	-29.787.000,00	-1.692.000,00	-27.000,00	6.000,00
	Income taxes on ordinary activities	2.026.000,00	1.627.000,00	111.000,00	173.000,00
	Income taxes on ordinary activities - current	0,00	0,00	0,00	22.000,00
	Income taxes on ordinary activities - deferred	2.026.000,00	1.627.000,00	111.000,00	151.000,00
	Profit/Loss from ordinary activities (after tax)	6.042.000,00	3.765.000,00	-1.094.000,00	332.000,00
	Extraordinary revenue	0,00	0,00	0,00	0,00
	Extraordinary expenses	0,00	0,00	0,00	0,00
	Income taxes on extraordinary activities	0,00	0,00	0,00	0,00
	Income taxes on extraordinary activities - current	0,00	0,00	0,00	0,00
	Income taxes on extraordinary activities - deferred	0,00	0,00	0,00	0,00
	Profit/Loss from extraordinary activities (after tax)	0,00	0,00	0,00	0,00
	Profits of partnership transferred to partners	0,00	0,00	0,00	0,00
	Profit/Loss for accounting period	6.042.000,00	3.765.000,00	-1.094.000,00	332.000,00
	Other
	Liabilities	421.859.000,00	378.714.000,00	4.535.000,00	1.832.000,00
	Receivables	724.993.000,00	604.489.000,00	1.870.000,00	880.000,00

Approximate Exchange Rates:

2007: 33,781 SKK = 1 EUR 2006: 37,248 SKK = 1 EUR 2005: 38,593 SKK = 1 EUR 2004: 40,045 SKK = 1 EUR 2003: 41,491 SKK = 1 EUR 2007: 24,713 SKK = 1 USD 2006: 29,724 SKK = 1 USD 2005: 31,022 SKK = 1 USD 2004: 32,255 SKK = 1 USD 2003: 36,773 SKK = 1 USD

Financial Comments:

The balance sheet data are from official sources. The company is obliged by law to publish its financial statements.

Ratios:

	2006	2005	2004	2003
Current Ratio Current assets / Current liabilities	1,41	1,64	0,51	1,50
Quick Ratio (Current assets-Inventory) / Current liabilities	0,85	0,97	0,36	1,07
Leverage (%) Long-term liabilities / Equity*100	23,28	22,27	0,85	6,52
Debt Ratio (%) Sum of Liabilities+Accrued and deferred items/Total Assets*100	62,80	58,63	20,73	13,31
Sales to Total Assets Turnover/Total Assets	1,79	1,04	0,88	1,03
Collection period in days Receivables / Turnover * 360	94,33	162,28	25,48	11,32
Liabilities Maturity date Liabilies / Turnover * 360	54,89	101,67	61,79	23,57
Inventory rotation in days Inventory / Turnover*360	60,78	113,50	12,03	11,37
Return on Sales (%) ROS Profit/Loss for accounting period/Turnover*100	0,22	0,28	NEGATIVE	1,19
Return on Assets (%) ROA Profit/Loss for accounting period/Total Assets*100	0,39	0,29	NEGATIVE	1,23
Return on Equity (%) ROE Profit/Loss for accounting period/Equity*100	1,05	0,70	NEGATIVE	1,41

ADDITIONAL INFORMATION

Contact With Company:

Name and surname: Mr.Lach

Additional information:

The company CHEMOSVIT FOLIE, a.s. took over a part of the activities from the company CHEMOSVIT, a.s. since 01.07.2005.

Central Register of Right of Liens:

no

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.26
UK Pound	1	Rs.79.00
Euro	1	Rs.63.53

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