Bank Gurantee

TO BANK OF BARODA HALOL BRANCH HALOL. 1. GSPC Gas Company Ltd. 2nd Floor, Block – 15 Udyog Bhavan, Sector – 11 Gandhinagar – 382 016. This Guarantee ( hereinafter referred to as the “ Guarantee”) is made on this 40 day of 2009 by Bank of Baroda Halol Branch, 5/6 Yamuna Kunj Soc. having their office at ( GSPC Gas Company Ltd. Gandhinagar ( hereinafter referred to as the “Guarantor”) in favor of a. GSPC Gas Company Ltd. having its registered office at 2nd floor, Block – 15 Udyog Bhavan, Sector – 11 Gandhinagar-382016, hereinafter referred to as “ GSPC GAS” (which expression unless it is repugnant to the context or meaning thereof shall mean and include its successors, administrators, assigns and executors) and GSPC Gas is hereinafter referred to as the “Seller”. WHEREAS M/s Indian Borax a company incorporated under companies act, whose registered office is at Synergy House II, Gorwa Subhanpura Road, Subhanpura, Baroda. Is hereinafter referred to as the “Buyer” (which expression shall unless repugnant to the context or meaning thereof shall include their successors, administrators, executors and assigns) has entered into a Gas supply Contract dated GSPC Gas / C& M / HALOL/ 2009-10/ 42 20/10/2009. AND WHEREAS under the terms of Clause 8 of the Contract the Seller shall supply the total quantity of Natural Gas contracted to be supplied under the contract to Buyer for which the seller shall raise invoices at a price stated in the Contract and for which the Buyer has under Clause 14 of the Contract agreed to furnish an irrevocable and unconditional Bank Guarantee, as payment security, from a Bank acceptable to the Seller and in a format acceptable to the seller, equivalent to full price of 40 days of the maximum quantity of Natural Gas to be supplied by the Seller under the Contract, for securing all payments due from the Buyer to the Seller under the Contract.

AND WHEREAS the Buyer has requested the Bank to furnish such a irrevocable and unconditional Bank Guarantee in favour of the seller, for an amount of Rs. 1,37,080/- ( Rs. One Lacs Thirty Seven Thousand Eighty Only.) for securing all payments to the Seller under the Contract. AND WHEREAS this Guarantee is being furnished to guarantee the nonpayment by the Buyer of any payments due to the Seller under the Contract. 1.

GUARANTEE

NOW THEREFORE we Bank of Baroda Halol Branch, 5/6 Yamunakunj Sco, Halol. Do hereby irrevocably and unconditionally guarantee (without referring the matter to the Buyer and without getting prior consent of the Buyer) the payment at all times throughout the period of the Contract on behalf of the Buyer any amounts payable to the Seller under the Contract upto a total of Rs. 1,37,080/- ( Rs. One Lacs Thirty Seven Thousand Eighty only.) (being equivalent to 40 days) Gas invoices under the aforesaid Contract, and we undertake to pay the Seller without cavil or argument or delay, any unpaid amount of any invoice raised by the Seller on the Buyer, on receipt of demand letter from the seller containing the following details: