June 17, 2011

Branch Manager

Subject: BANKING FACILITIES

Dear Mr. -----------------------

Thank you for your offer letter dated 28^th May 2011 for the banking facilities and our subsequent discussion with your General Manager South Mr. ---------------. We are returning the same duly signed but subject to our following reservations.

Please refer to your security first Pari Passu charge of Rs. 100 Million including 30% margin on the current as well as fixed assets of our company. We are dealing with other banks as well and there is only one charge is created to cover the bank financing either on fixed assets or on current assets.

There is cushion available in the fixed assets of our company and as such we are pleased to offer you First Pari Passu charge of Rs. 100 Million only on the fixed assets of the company and the same has been agreed by your General Manager South Mr. ----------------- on the phone.

You have not capped your mark-up on FE-25 loan facility whereas we proposed in our letter of request for the credit facilities dated 27^th January 2011, LIBOR+1.5% (copy enclosed). Kindly confirm. Furthermore no bank is charging 5% cash margin on the opening of the L/Cs. We request you to kindly delete this condition.

Thanks and regards,

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