Loan Agreement [Amendment] - Wipro Ltd. and ICICI Ltd.
WIPRO LIMITED
Note setting out amendment to the Loan Agreement (Foreign Currency) dated March
21, 1996 as amended by the Amendatory Agreement dated June 27, 1996 for Rupee
Loan of Rs. 7,82,83,152 for Global Research & Development Laboratory entered
into between Wipro Limited as the Borrower and ICICI as the Lender.
I. In page 3 of the Amendatory Agreement dated June 27, 1996, in Clause 1,
under the heading DEFINITIONS, the following shall be added as Section
1(h):
"Short Term Prime Rate" means the percentage rate per annum decided by
the Lender from time to time as applicable to funding of rupee amounts
for a period of one (1) year (excluding interest tax or other statutory
levy) as notified by the Lender from time to time.
II. In page 6 of the Amendatory Agreement dated June 27, 1996, Clause 4
under the heading INTEREST shall be substituted by the following:
a) The Borrower shall pay to the lender interest on the principal amount
of Rs.7,82,83,152 disbursed on March 27, 1996 out of the Loan and
outstanding from time to time quarterly in each year, on January 15,
April 15, July 15 and October 15, at 20% per annum plus applicable
interest tax, till January 14, 1998.
b) The Borrower shall pay to the Lender interest on the principal amount
of Rs. 5,03,00,000 out of the Loan outstanding as on January 15, 1998
and outstanding from time to time, quarterly in each year, on January
15, April 15, July 15 and October 15, at 1.75% over the Short Term
Prime Rate prevailing on January 15, 1998 plus applicable interest tax
or other statutory levy, if any, with effect from January 15, 1998.
Provided that the aforesaid interest rate in respect of the amount of
Rs.5,03,00,000 out of the Loan outstanding as on January 15, 1998 will
be reset annually, commencing from January 15, 1999 (the "Reset
Date(s)") based on the then prevailing Short Term Prime Rate and the
Borrower shall pay interest at such reset rate as may be notified by
the Lender to the Borrower.
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2
III. In SCHEDULE II, the AMORTIZATION SCHEDULE shall be substituted by the
following
(Amount in Rs.)
DATE OF PAYMENT PAYMENT OF PRINCIPAL AMOUNT
PRINCIPAL OUTSTANDING AFTER
EACH PAYMENT
78,283,152
January 15, 1997 5,592,000 72,691,152
April 15, 1997 5,592,000 67,099,152
July 15, 1997 5,592,000 61,507,152
October 15, 1997 5,592,000 55,915,152
January 15, 1998 5,615,152 5,03,00,000
January 15, 1999 15,000,000 35,300,000
January 15, 2000 15,000,000 20,300,000
January 15, 2001 20,300,000 --
All other terms and conditions of the Loan Agreement (Foreign Currency)
dated March 21, 1996 and the Amendatory Agreement dated June 27, 1996
entered into between the Borrower and the Lender shall remain
unchanged.
IN WITNESS WHEREOF the Borrower has caused its common seal to
be affixed hereto and to a duplicate hereof on the day, month and year written
below and the Lender has caused the same and the said duplicate to be executed
by the hand of Shri. V.M. Ketkar, an authorized official of the Lender.
The COMMON SEAL OF WIPRO LIMITED has pursuant to the Resolution of its Board of
Directors passed in that behalf on the 4th day of March, 1995 hereunto been
affixed in the presence of Shri Satish Menon, [ILLEGIBLE] and Shri J. Shankar
who have signed these presents in token thereof.
SIGNED AND DELIVERED BY the withinnamed Lender by the hand of Shri V.M. Ketkar,
an authorized official of the LENDER.
Dated at Bangalore, this 15th day of December, 1999.
SIGNATURES ILLEGIBLE
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3
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED, a
Company incorporated under the Indian Companies Act, 1913 (VII of 1913) and
having its Registered Office at 163, BackBay Reclamation, Bombay - 400 020 and a
Branch Office at Raheja Towers, 26-27 M. G. Road, Bangalore 560 001 (hereinafter
referred to as "the Lender", which expression shall, unless it be repugnant to
the subject or context thereof, include its successors and assigns).
W H E R E A S
1. By signing Agreement (Foreign Currency) dated the 21st day of March,
1996 made between the Borrower and the Lender, as amended from time to
time, (hereinafter referred to as "the Principal Agreement") the Lender
have agreed to lend and advance to the Borrower and the Borrower has
agreed to borrow from the Lender a sum of US $2,229,654.
2(a) Pursuant to the Principal Agreement, the Lender have lent and advanced
to the Borrower and the Borrower has borrowed from the Lender a sum of
US $ 2,229,654 out of the Foreign Currency Loan of US $ 2,229,654.
2(b) At the request of the Borrower, the Lender have now agreed to lend and
advance to the Borrower and the Borrower has agreed to borrow from the
Lender, a sum of US $ 2,229,654 by way of a Rupee Loan not exceeding
Rs.782,82,152. To give effect to the reduction in the Foreign Currency
Loan and to provide for the Rupee Loan and terms thereof, the Lender
and the Borrower have agreed to sign an Amendatory Agreement, being
these presents.
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4
[GRAPHIC OMITTED]
INDIA
TWENTY RUPEES
AMENDATORY AGREEMENT
THIS AMENDATORY AGREEMENT made this 27th day of June, One Thousand Nine
Hundred Ninety Six between Wipro Limited a Company within the meaning of the
Companies Act, 1956 of 1956, and having its Registered Offices at Bahktawar,
14, Nariman Point, Bombay 400 021 (hereinafter referred to as [ILLEGIBLE]
<PAGE>
5
5. In Article IV, the following Sub-Section be added at the end of the
existing Section 4.1 "Terms of Disbursement" :-
"The amount of the Loan shall be credited by the Lenders to the special
bank account of the Borrower specified in Section 2.3 of the Loan
Agreement".
6. In Article VI - "Predisbursement Conditions", the following section be
added as sub-section 6(j):
"(j) The Borrwer shall utilise the Loan only for Project related import
of capital goods/rupee expenditure and the Borrower shall, within 15
days of the date(s) of disbursement, furnish a certificate from an
Auditor to the Lenders to the affect that the amounts disbursed are
utilised for the aforesaid purpose."
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6
2) In Article IV, Section 4.11 be substituted as follows:
"Without prejudice to any of the obligations of the Borrower in terms
of the Loan Agreement, in the event of default by the Borrower in
making payment in discharge of any of its obligations under the Loan
Agreement on the due dates then, notwithstanding anything to the
contrary contained in the Loan Agreement, the liability of the Borrower
thereafter in respect of such amounts shall be in rupees, which shall
be determined and notified by the Lenders to the Borrower in accordance
with the provisions of sub-section 4.10(a) hereinabove (hereinafter
referred to as "the rupee tied defaulted amounts").
Notwithstanding anything to the contrary contained in the Loan
Agreement, the rupee tied defaulted amounts will carry interest/further
interest at the maximum lending rate of the Lenders on Rupee Loan(s) as
prevailing from time to time or at the applicable rate under the Loan
Agreement, whichever is higher. Such interest will be computed from the
respective due dates and shall become payable upon the footing of
compound interest with quarterly/half-yearly/yearly rests as provided
in the Loan Agreement. The maximum lending rate of the Lenders on Rupee
Loan shall until creation of final security for the Loan(s) be
increased by 1.05% per annum".
3) In Article VII, Section 7.4 - sub-section (v) be substituted as
follows :-
" (v) The Nominee Director(s) shall be entitled to receive all notices,
agenda, minutes, of Board Meetings, etc. and to attend all General
Meetings and Board Meetings and meetings of any Committees of the Board
of which he is a member."
4) In Article VII, Section 7.3B (vii) be substituted as follows:
IMPOSTS, COSTS AND CHARGES
i) The Borrower shall, during the currency of the Loans under all
such imposts, duties and taxes (including interest and other
taxes, if any) as may be levied from time to time by the
Government or other authority with the sanction of law pertaining
to or in respect of the Loans;
ii) The Borrower shall pay all other costs, charges and expenses
(including cost of investigation of title to the Borrower's
properties and protection of the Lenders' interests) in any way
incurred by the Lenders and such additional stamp duty, other
duties, taxes, charges and other penalties if and when the
Borrower is required to pay according to the laws for the time
being in force in the State in which its properties are situated
or otherwise;
iii) In the event of the Borrower failing to pay the monies referred to
in sub-clause (i) and (ii), the Lenders will be at liberty (but
shall not be obligated to pay the same. The Borrower shall
reimburse all [ILLEGIBLE] by the Lenders in accordance with the
provisions contained herein."
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7
ARTICLE - I
DEFINITIONS
1.1 The following terms shall bear the following meanings:
(a) "DUE DATE" means, in respect of
i) an instalment of principal - the date on which the instalment
falls due as stipulated in Schedule V hereto.
ii) interest - the date on which interest falls due as stipulated in
Schedule IV hereto.
(b) "Financing Plan" means the financing plan as described in Schedule
hereto.
(c) "General Conditions" means the GENERAL CONDITIONS APPLICABLE TO FOREIGN
CURRENCY LOANS PROVIDED BY FINANCIAL INSTITUTIONS.
(d) "Loan" or "Loans" or "Loan(s)" - means the amount specified in Section
2.1 of Article II hereof agreed to be provided by the Lenders for
Project related rupee expenditure or (as the context requires) so much
thereof as may be outstanding from time to time.
(e) "Project" - means the project to be financed as described in Schedule I
hereto.
1.2 GENERAL CONDITIONS
The Loan(s) hereby agreed to be granted by the Lenders shall be
subject to the Borrower complying with the terms and conditions set out herein
and also in the General Conditions, a copy of which is annexed hereto. The
General Conditions shall be deemed to form part of this Agreement and shall be
read as if they are specifically incorporated herein.
Provided, however, that the General Conditions shall in their
application to this Agreement stand modified as follows:-
1) The words "Commitment Charge" wherever they appear shall be substituted
by "Front End Fees".
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[GRAPHIC OMITTED]
INDIA
TWENTY RUPEES
LOAN AGREEMENT
THIS AGREEMENT made this 21st day of March, One Thousand Nine Hundred
and Ninety Six at Bangalore between Wipro Ltd., a company within the meaning of
the Companies Act, 1956 (1 of 1956) and having its Registered Office at
Bakhtawar, 229, Nariman Point, Bombay 400 021 (hereinafter referred to as "the
Borrower" which expression shall, unless it be repugnant to the subject or
context thereof, include its successor's and assigns);
AND
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED, a public
company incorporated under the Indian Companies Act, 1913 (7 of 1913) and having
its registered office at 163, Backbay Reclamation, Bombay 400 020 and a Zonal
Office at "Raheja Towers", East Wing, 11 Floor, 26-27, M.G. Road, Bangalore 560
001 (hereinafter referred to as "the Lenders" which expression shall, unless it
be repugnant to the subject or context thereof, [ILLEGIBLE].
<PAGE>
9
LOAN AGREEMENT
(Foreign Currency)
BETWEEN
WIPRO LTD.
AS BORROWER
AND
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED
AS LENDERS
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10
IN WITNESS WHEREOF the Borrower has caused its Common Seal to be
affixed hereto and to a duplicate and the Lender has caused the same and the
said duplicate to be executed in duplicate on the day, month and year first
above written as hereinafter appearing.
THE COMMON SEAL OF WIPRO LTD. has pursuant to the Resolution of its Board of
Directors passed in that behalf on the 4th day of March 1996 hereunto been
affixed in the presence of Shri J. Shanker, Corporate Treasurer and Shri Kapil
K. Jain, Corporate Finance Manager, who have signed these presents in token
thereof.
SIGNED AND DELIVERED BY the withinnamed Lender by the hand of Shri V.M. Kelkar,
Senior Vice President, an authorised official of the Lender.
[SIGNATURES ILLEGIBLE]
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11
SCHEDULE II
AMORTIZATION SCHEDULE
(in Rupees)
Date Payment Due Payment of Principal Amount
Principal Outstanding after
each payment
7,82,82,152
15/01/1997 55,92,000 7,20,91,152
15/04/1997 55,92,000 6,70,99,152
15/07/1997 55,92,000 6,15,07,152
15/10/1997 55,92,000 5,59,15,152
15/01/1998 55,92,000 5,03,23,152
15/04/1998 55,92,000 4,47,31,152
15/07/1998 55,92,000 3,91,39,152
15/10/1998 55,92,000 3,39,47,152
15/01/1999 55,92,000 2,79,55,152
15/04/1999 55,92,000 2,23,03,152
15/07/1999 55,92,000 1,67,71,152
15/10/1999 55,92,000 1,11,79,152
15/01/2000 55,92,000 55,87,152
15/04/2000 55,87,152
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SCHEDULE I
PARTICULARS OF THE LOAN
The Borrower has requested the Lender and the Lender have agreed to reduce the
Foreign Currency Loan of US$2,229,654 lent and advance vide the Principal
Agreement, by US$2,229,654 and lend and advance a rupee loan of Rs.782,83,152.
<PAGE>
13
7.1 SECURITY FOR THE LOAN
(A) The Rupee Loan together with all interest, liquidated damages, premia
on prepayment costs, expenses and other monies whatsoever stipulated in
this Agreement shall be secured by an exclusive charge, by way of
hypothecation in favour of the Lender of all the Borrower's moveable
properties as more particularly described in Schedule IA of the
Principal Agreement, together with their spares tools and accessories
and also such other additional equipment, plant and machinery and
accessories thereof, present and future, acquired / to be acquired by
the Borrower out of the Rupee Loan and approved by the Lender, so as to
create security adequate enough to maintain a security margin of at
least 25% i.e. as asset coverage of at least 1.33 times on the assets
charged to the lender as security for the Rupee Loan throughout the
currency of the Rupee Loan.
7.2 CREATION OF ADDITIONAL SECURITY
If, at any time during the subsistence of this Agreement, the Lender is
of the opinion that the security provided by the Borrower has become
inadequate to cover the balance of the Loan then outstanding, then, on
the Lender advising the Borrower to that effect, the Borrower shall
provide and furnish to the Lender, to the satisfaction of the Lender
such additional security as may be acceptable to the Lender to cover
such deficiency.
8. SPECIAL CONDITIONS
The Rupee Loan hereby granted shall also be subject to the Borrower
complying with the special conditions set out in Schedule VI of the
Principal Agreement.
9. EFFECTIVE DATE OF AGREEMENT
This Agreement shall become binding on the Borrower and the Lender on
and from the date first above written. It shall be in force till
all the monies due and payable under this Agreement are fully paid off.
10. PRINCIPAL AGREEMENT IN FULL FORCE
The Borrower agrees and confirms that save for modifications mentioned
herein. The principal Agreement shall remain in full force and effect
as shall be read in conjunction with these presents and be enforced as
if the provisions of these presents were incorporated therein by way of
addition.
11. LIABILITIES FOR THE LOAN UNDER PRINCIPAL AGREEMENT
The Borrower and the Lender confirm that consequent to the amount of
Rs.782,83,152 being provided as Rupee Loan, the Foreign Currency amount
lent and advanced under the Principal Agreement shall stand reduced by
US$2,229,654.
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5. REPAYMENT:
The Borrower undertakes to repay the principal amounts of the Rupee
Loan in accordance with the Amortization Schedule set forth in Schedule
II hereto.
6. CONVERSION RIGHT IN CASE OF DEFAULT
If the Borrower commits a default in payment or repayment of two
consecutive instalments of principal amounts of the Loan or interest
thereon of any combination thereof, then the Lender shall have the
right to convert (which right is hereinafter referred to as "the
conversion right") at its option the whole of the outstanding amount of
the Rupee Loan, into fully paid up equity shares of the Borrower, at
par, in the manner specified in a notice in writing to be given by the
Lender to the Borrower (which notice is hereinafter referred to as the
"notice of conversion") prior to the date on which the conversion is to
take effect, which date shall be specified in the said notice (which
date is hereinafter referred to as the "date of conversion").
It shall not be construed as a default, if the Borrower approaches the
Lender well in advance for postponement of principal or interest, as
the case may be, and the Lender agrees to the same.
(i) On receipt of notice of conversion, the Borrower shall allot and
issue the requisite number of fully paid-up equity shares to the
Lender as from the date of conversion and the Lender shall accept
the same in satisfaction of the principal amount of the loan to
the extent so converted. The part of the loan so converted shall
cease to carry interest as from the date of conversion and the
loan shall stand correspondingly reduced. Upon such conversion,
the instalments of the loan payable after the date of conversion
as per Schedule II hereto shall stand reduced proportionately by
the amounts of the Loan so converted. The equity shares so
allotted and issued to the Lender shall carry, from the date of
conversion, the right to receive proportionately the dividends and
other distributions declared or to be delcared in respect of the
equity capital of the Borrower. Save as aforesaid, the said shares
shall rank pari passu with the existing equity shares of the
Borrower in all respects. The Borrower shall, at all times,
maintain sufficient unissued equity shares for the above purpose.
(ii) The conversion right reserved as aforesaid may be exercised by
the Lender on one or more occasions during the currency of the
Rupee Loan on the happening of the event specified above.
(iii)The Borrower assures and undertakes that in the event of the
Lender exercising the right of conversion as aforesaid, the
Borrower shall get the equity shares which will be issued to the
Lender as a result of the conversion, listed with those Stock
Exchange(s) where the Borrower's shares are listed.
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15
g) Section 4.2 "ADJUSTMENT OF OVERDUES" of Article IV be
substituted by the following:
"Section 4.2 - ADJUSTMENT OF OVERDUES
The Lender may deduct from sums to be lent to the Borrower any
monies then remaining due and payable by the Borrower to the
Lender".
h) In Section 4.11 "LIQUIDATED DAMAGES ON DEFAULTED AMOUNTS", "2%"
shall be substituted by "2.1%".
3. AMOUNT AND TERMS OF LOAN:
The Borrower agrees to borrow from the Lender and the Lender agrees to
lend to the Borrower, on the terms and conditions contained herein as
also in the General Conditions, sum to the maximum extend of
Rs.782,83,152/- as set out in Schedule I hereto.
4. INTEREST:
(i) The Borrower shall pay to the Lender interest on the principal
amount of the Rupee Loan outstanding from time to time, quarterly
in each year, on January 15, April 15, July 15 and October 15. The
rate of interest for each disbursement shall be 3% over the ICICI
Advance Rate (exclusive of interest tax) as prevailing on the date
of each disbursement out of the Loan.
(ii) The Lender may, in its sole discretion charge interest on the Loan
at the weighted average rates. For the purpose of this clause
"weighted average rates" means the weighted mean of the rates of
interest applicable to the Loan.
Provided that the aforesaid interest rate will be reset on the
expiry of three years from the date of first disbursement out of
the Loan and the Borrower shall pay interest at such reset rate as
may be notified by the Lender to the Borrower.
Provided further that in the event of an increase in the rate of
interest arising out of such reset, the Borrower shall have the
option of prepay to the Lender on such reset date the entire
outstanding of the Loan together with all outstanding interest and
other charges and monies payable thereon.
(iii)Disbursements made pending creation of final security as
stipulated in the Agreement hereof shall carry further interest at
the rate of 1.05% per annum till creation of such security.
(iv) The Borrower shall also pay to the Lender, interest on all other
monies payable to the Lender under this Agreement, at the maximum
lending rate of the Lender on Rupee Loans as prevailing from time
to time or at the Applicable Rate under this Agreement, whichever
is higher. Such interest shall also be paid quarterly on the same
dates as referred to in sub-clause (i) above.
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d) Section - 14.2 "EVIDENCE OF DEBT" be substituted by the
following :-
"Section - 14.2 "EVIDENCE OF DEBT"
a) The words "Loan" or "Loans" wherever they approve shall be
read as the "Rupee Loan" or "Rupee Loans".
b) The words "Loan Agreement" wherever they approve shall be read
as "Amendatory Agreement".
c) The Lender shall maintain, in accordance with its usual
practice, accounts evidencing the amounts from time to time
lent by and owing to it under the Amendatory Agreement and the
security documents executed in favour of the Lender.
d) In any legal action or proceedings arising out of or in
connection with the Amendatory Agreement, the entries made in
the accounts maintained pursuant to sub-clause (c) above shall
be prima-facie evidence of the existence and amount of
obligations of the Borrower as therein recorded".
e) Sub-Clause (1) of Section 4.3 of Article IV "INTEREST" be
substituted by the following :-
"All interest on the Rupee Loans and on all other monies accruing
due under the Amandatory Agreement shall, in case the same be not
paid on the respective due dates, carry interest/further interest
at the maximum lending rate of the Lender on Rupee Loan(s) as
prevailing from time to time or at the applicable rate under the
Amendatory Agreement, whichever, is higher. Such interest will be
computed from the respective due dates and shall become payable
upon the footing of compound interest with quarterly rests as
provided in the Loan Agreement. The maximum Lending rate of the
Lender on Rupee Loan shall until creation of final security for
the Loan(s), be increased by 1.05% per annum.
f) Section 4.1 'TERMS OF DISBURSEMENT' of Article IV be substituted
by the following :-
"Section 4.1 - TERMS OF DISBURSEMENT
i) The Loans will be disbursed by the Lender in one or more
instalment(s) as may be decided by the Lender subject to the
Borrower complying with the provisions of the Amendatory
Agreement and the disbursement procedure stipulated by the
Lender and the expenditure incurred on the Project being in
consonance with the details mentioned in the Amendatory
Agreement. All disbursements shall be by
cheque(s)/authorisation(s) and the collection/remittance
charges will be borne by the Borrower. The interest on the
Loans will accrue as from the date of the
cheque(s)/authorisation(s) of the Lender.
ii) In the event of the Lender agreeing to disburse any amount of
the Rupee Loan(s) pending creation of final security as
stipulated in the Amendatory Agreement, the same may be
disbursed on such terms as may be decided by the Lender.
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b) "Section 4.16 - PLACE AND MODE OF PAYMENT BY THE BORROWER" be
substituted by the following:
"Section 4.16 - PLACE AND MODE OF PAYMENT AND CREDIT THEREFOR"
All monies payable by the Borrower to the Lender shall be paid to
the Lender at their office at Bombay/Bangalore or at such other
place(s) as may be specified by them by telegraphic, telex or mail
transfer to the account of such office(s) or by cheque or bank
draft drawn in favour of the respective Lender on a scheduled bank
at Bombay/Bangalore or such other place(s) or to such other
account(s) as the Lender may notify to the Borrower and shall be
so paid as to enable the respective Lender to realise, at par, the
amount on or before the relative due date.
Credit for all payments by local cheque/bank draft will be given
to the Lender immediately next working day after the date of
receipt of the instrument or the relative due date, whichever is
later.
Credit for all payments by outstation cheque/bank draft will be
given only on realisation or on the relative due date, whichever,
is later."
c) Sub clause (v) of section 7.4 - 'NOMINEE DIRECTOR' be substituted
by the following :-
(v) The Nominee Director(s) shall be entitled to receive all
notices, agenda, minutes of Board Meetings, etc. and to attend
all General Meetings and Board Meetings and meetings of any
Committees of the Board of which he is a member.
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NOW THESE PRESENTS WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN
THE PARTIES HERETO AS FOLLOWS:-
DEFINITIONS
1. For the purpose of this Agreement the following terms shall have the
following meanings:-
a) "Due Date" means in respect of
i) an instalment of principal - the date on which the instalment
falls due as stipulated in Schedule II hereto.
ii) interest - the date on which interest falls due as stipulated
in Section 4 hereto.
b) "Financing Plan" means the financing plan as described in the
Principal Agreement.
c) "General Conditions" means the GENERAL CONDITIONS No.GC-I-86
APPLICABLE TO RUPEE LOANS PROVIDED BY FINANCIAL INSTITUTIONS.
d) Foreign Currency Loan means US$2,229,654 lent and advanced by the
Lender to the Borrower under the Principal Agreement and so much
thereof as may be outstanding from time to time.
e) "Rupee Loan(s)" means the amount specified in Section 3 hereof
agreed to be provided by the Lender for the Project so much
thereof as may be outstanding from time to time.
f) "Project" - means the project as described in the Principal
Agreement.
g) "ICICI Advance Rate" means the percentage rate per annum decided
by ICICI from time to time as applicable for Rupee Loans to Prime
Borrowers plus applicable interest tax or other statutory levy, as
notified by ICICI from time to time.
2. BORROWER'S CONFIRMATION
The Borrower agrees and confirms that notwithstanding anything to the
contrary contain in the Principal Agreement, the obligations of the
Borrower to borrow the Rupee Loan and in relation to the repayment of
principal and payment of interest and all other monies in respect of
the Rupee Loan shall be in accordance with the provisions set out in
these presents and the General Conditions No.GC-1-86 applicable to
rupee loans provided by financial institutions. The General Conditions
shall be deemed to form part of this Agreement and shall be read as if
they are specifically incorporated herein. Provided, however, that the
General Conditions No. GC-1-86 shall in their application to this
Agreement stand modified as follows :-
a) The words "commitment charge" wherever they appear shall be
substituted by "front end fee".
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19
ARTICLE - II
AGREEMENT AND TERMS OF LOAN
2.1 (A) AMOUNT AND TERMS OF LOAN
The Borrower agrees to borrow from the Lenders and the Lenders agree to
lend to the Borrower, on the terms and conditions contained herein as
also in the General Conditions, a loan not exceeding US $ 2,229,654
equivalent to about Rs. lacs.
2.1(B) DISBURSEMENTS
Disbursements out of the Foreign Currency Loan shall be made in
accordance with the Disbursement Procedure of the Lenders.
2.2 INTEREST
i) The Borrower shall pay to the Lender interest on the loan(s) at the
rate(s) and in the manner provided in Schedule IV hereto.
ii) Disbursements made pending creation of final security as stipulated in
Article III shall carry further interest at the rate of 1.05% per annum
with creation of such security.
iii) Provided, however, interest on rupee tied defaulted amounts,
arrears of liquidated damages and sums incurred by the Lenders by
way of expenses in terms of Sections 4.11, 4.5 and 4.7 respectively of
the General Conditions shall be payable quarterly on February 7, May 7,
August 7 and November 7.
2.3 SPECIAL BANK ACCOUNT
The Borrower shall:
(a) Keep the drawals from the loan in special accounts in the name of
the Borrower with a scheduled bank to be approved by the Lenders,
the payments from which account shall be subject to verification
by any person authorised in this behalf by the Lenders. The
Borrower shall also obtain and furnish to the Lenders a letter in
a form approved by the Lenders from the said bank forgoing its
right of set-off or lien in respect of such account.
(b) Keep such records as may be required by the Lenders to facilitate
verification of the entries in the said account. The Borrower
shall also authorise the said bank to furnish to the Lenders, as
and when required by it, certified true copy of the said account
with details for verification by the Lenders, at the expense of
the Borrower.
<PAGE>
20
ARTICLE - III
SECURITY
3.1 SECURITY FOR THE LOAN
The Loan together with all interest, liquidated damages, premia on
prepayment costs, expenses and other monies whatsoever stipulated in
this Agreement shall be secured by an exclusive charge, by way of
hypothecation in favour of the Lender of all the Borrower's moveable
properties as more particularly described in Schedule I A hereto,
together with their spares, tools and accessories and also such other
additional equipment, plant and machinery and accessories thereof,
present and future, acquired/to be acquired by the Borrower out of
the Loan and approved by the Lender, so as to create security adequate
enough to maintain a security margin of at least 25% i.e., an asset
coverage of at least 1.33 times on the assets charged to the lender as
security for the Loan throughout the currency of the Loan.
(B) The Borrower shall make out a good and marketable title to its
properties to the satisfaction of the Lenders and comply with all such
formalities as may be necessary or required for the said purpose.
3.2 CREATION OF ADDITIONAL SECURITY
If at any time during the subsistence of this Agreement, the Lenders is
of the opinion that the security provided by the Borrower has become
inadequate to cover the balance of the Loans then outstanding, then, on
the Lenders advising the Borrower to that affect, the Borrower shall
provide and furnish to the Lenders, to the satisfaction of the Lenders
such additional security as may be acceptable to the Lenders to cover
such deficiency.
<PAGE>
21
(c) Not transfer the Loan or any portion thereof from the said special
account for [ILLEGIBLE]
2.4 LAST DATE OF WITHDRAWALS
Unless the Lenders otherwise agree, the right to make drawals from the
Loans shall cease on May 31, 1996.
2.5 REPAYMENT
The Borrower undertakes to repay the principal amount of the Loans in
accordance with the Amortization Schedule set forth in Schedule V
hereto.
2.6 CONVERSION RIGHT IN CASE OF DEFAULT
(i) If the Borrower commits a default in payment or repayment of any
instalment of principal amount of the Loans or interest thereon or any
combination thereof, then, the Lenders shall have the right to convert
(which right is hereinafter referred to as "the conversion right") at
its option 20% of the rupee equivalent of the defaulted amount
determined in accordance with Section 4.11 of Article IV of the General
Conditions into fully paid up equity shares of the Borrower, at par, in
the manner specified in a notice in writing to be given by the Lenders
to the Borrower (which notice is hereinafter referred to as the "notice
of conversion") prior to the date on which the conversion is to take
effect, which date shall be specified in the said notice (hereinafter
referred to as the "date of conversion").
(ii) On receipt of notice on conversation, the Borrower shall allot and
issue the requisite number of fully paid-up equity shares to the
Lenders as from the date of conversion and the Lenders shall accept the
same in satisfaction of the said defaulted amount(s) in respect of the
Loans to the extent so converted. The amount so converted shall cease
to carry interest as from the date of conversion and the outstanding
amount in respect of the loans shall stand correspondingly reduced. The
equity shares so allotted and issued to the Lenders shall carry, from
the date of conversion, the right to receive proprotionately the
dividends and other distributions declared or to be declared in respect
to the equity capital or the Borrower. Save as aforesaid, the said
shares shall rank pari passu with the existing equity shares of the
Borrower in all respects. The Borrower shall, at all times, maintain
sufficient unissued equity shares for the above purpose.
(iii) The conversion right received as aforesaid may be exercised by the
Lenders on one or more occasions during the currency of the Loans on
the happening or the default as specified in this Section.
(iv) The Borrower assures and undertakes that in the event of the Lenders
exercising the right of conversion of aforesaid, the Borrower shall get
the equity shares which will be issued to the Lenders as a result of
the conversion, listed with the Stock Exchange(s) at Bombay, Bangalore
and such other Stock Exchange(s) as may be decided by the Lender.
<PAGE>
22
ARTICLE - IV
APPOINTMENT OF NOMINEE DIRECTOR(S)
The Borrower agrees that the Lenders shall be entitled to appoint and
withdraw from time to time one Director on the Board of Directors of the
Borrower during the currency of this Agreement.
<PAGE>
23
MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
168 LTI LIMITED ??88/RND/CA25.22.09.95 WAVE BRIDGE LINK [ILLEGIBLE]
169 PROJECT MGT [ILLEGIBLE] 6218/RND/CA25/8.6.95 UTP CABLE CAT 965,000.00
170 LTI LIMITED 5288/RND/CA25/ WAVE BRIDGE LINK [ILLEGIBLE] [ILLEGIBLE]
171 NEC SINGAPORE PTE 6345/RND/CA25/ EPASX SYSTEMS [ILLEGIBLE]
172 PCS TECHNOLOGIES 4190/ITD/CA110 ETHERNET 314,000.00 522124.03 95
173 BUILDING NETWORK AUTOMATION 5639/RND/CA255 8.6.95 COMMUNICATION 263623 12 95
174 LTI LIMITED 5088/RND/CA25-22.08.95 WAVE BRIDGE LINK K02/02/11/95
175 LANBIT COMPUTER INC. 6034/RND/CA25/15.9.95 TRANSCEIVER 109200.00 U13.10.95
----------
5642030.89
----------
ELLANEOUS 176 HITECH ELECTRICAL WL/MIS/???/12.92.95 SPEAKER TRANSFERMER 17000.00 [ILLEGIBLE]
177 MEKASTER TELEMATICS LTD 5102/RND/CA25-???? TELNET LINK [ILLEGIBLE]
178 DIRECT MKG PVT LTD WL/MIS/297/30.3.95 CEASE FIRE 2,600.00 [ILLEGIBLE]
179 JAYSHEEL TRADING PVT LTD WL/MIS/365/18.9.95 CEASE FIRE 70900.00 477.5.9.95
180 JAYSHEEL TRADING P LTD WL/MIS/403/29 01.96 FIRE EXTINGUISHERS 58050.00 ??30.12.95
181 BLUE STAR LIMITED WL/MIS/376/19 10 95 WATER COOLER 5/1/11.9.95
182 BLUE STAR LIMITED WL/MIS/376/19 10 95 WATER COOLER 47210.00 545/11.9.95
183 DATA PRINT SYSTEMS WL/MIS/391/22 12 95 OHP 67500.00 770/29.11.95
184 BLUE STAR LIMITED WL/MIS/295/14.3.95 WATER COOLER 22,500.00 5 1/15.3.95
----------
384760.00
----------
-------------------------------------------------------------------------------------------------------------------------------
TOTAL 40,925,550.31
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
145 [ILLEGIBLE] ???? 5/285/28.11.96 LIGHT FIXTURE [ILLEGIBLE]
------------
20055495.??
------------
NDITIONING 146 GETHA ELECTRICALS WIL/MIS/355/22.8.95 ELECTRICAL WORK 2,302,000.00
CALS 147 KEB NIL/24 03.95 TEMP POWER DEPOSIT 73,800.00 NIL/24.03.95
148 LOTUS ENERGY SYSTEMS 6021/FND/18.7.95 DIESEL GENERATOR 3,810,164.00 02/08.08.95
149 KEB DEPOSIT/500 KVAHT POWER PT POWER 750,000.00
150 DYNAM ELECTRO CONTROLS WIL/MIS/347/29.7.95 AVE PANEL 354,640.00 [ILLEGIBLE]
151 NEW PARVEEN ELECTRICALS WIL/MIS/264/3.1.95 ELEC INSTALLATION 629,997.74
152 NEW PARVEEN ELECTRICALS LETTER DT 15.3.95 LIAISON CHGS 45,000.00 CHECK REQ.
153 KEB DEPOSIT/METER METER DEPOSIT 44,000.00
------------
6707601.74
------------
154 LOTUS ENERGY SYSTEMS P LTD WIL/MIS/346/27.7.95 INSTALL OF DG 140,812.00 129/19.9.95
155 LOTUS ENERGY SYSTEMS P LTD WIL/MIS/345/27.7.95 EXHAUST SYSTEMS 182,619.00 226/19.9.95
156 LOTUS ENERGY SYSTEMS P LTD WIL/MIS/345/27.7.95 EXHAUST SYSTEMS 227/19.9.95
157 PILAZETA BATTERIES 4185/ITD/6.3.95 LEAD ACID BATTERY 242,197.50 147/01.03.95
158 DELTA POWER EQUIPMENTS 5056/FND/CA25/24.7.95 VOLTAGE STABIISER 53,150.00 351/12.9.95
159 EMERSON ELECTRIC (THRO LC) 6020/FND/CA25/23.6.95 UPS 4,265,871.00 2/23.8.95
160 DB ELECTRONICS 4184/ITD/CA112/6.3.95 30 KVS UPS 459,680.00 23/27.3.95
-----------
5822679.50
-----------
161 BUILDING NTWORK AUTOMATION 5039/FND/CA25/8.6.95 COMMUNICATION 522,414.00 2398/9.9.95
162 BUILDING NTWORK AUTOMATION 5039/FND/CA25/8.6.95 COMMUNICATION 2629/19.12.95
163 SRAVANA ENGG INDUSTRIES WIL/MIS/386/21.12.95 COMMUNICATION TOWER 91,284.89 66/21.12.95
164 UNGERMANN-BASS (THRO LC) 6019/FND/CA25/16.6.95 HUBS, SWITCHS 2,012,732.00 369524/26.7.9
165 UNGERMANN-BASS (THRO LC) 6019/FND/CA25-16.6.95 HUBS,SWITCHS 369349/24.7.9
166 I T I LIMITED 5088/FND/CA25-22.09.95 WAVE BRIDGE LINK K01A/02/11/95
167 UNGERMANN-BASS (THRO LC) 6019/FND/CA25/16.6.95 HUBS,SWITCHS 370018/31.7.9
</TABLE>
<PAGE>
MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
109 BAKELITE HYLAM LTD WIL/MIS/401/20.01.96 LAMINATE SHEETS 143558.94 3543/28.12.95
110 WIPRO LIGHTING WIL/MIS/332/22.6.95 LUMINARIES 280,437.50 280/26.5.95
111 PRIYESH ENTERPRISES WIL/MIS/380/10.11.95 TILES 216000.00 695/27.11.95s
112 PRAMITHA ENTERPRISES WIL/MIS/393/27.12.95 VENETION BLIND [ILLEGIBLE] 173/3.12.95
113 ACM SERVICES WIL/MIS/368/15.9.95 LAYING TILES 33456.O0 847/26.9.95
114 BAKELITE HYLAM LTD WIL/MIS/338/24.7.95 LAMINATE SHEET 1400/19.7.95
115 ACM SERVICES WIL/MIS/368/15.9.95 LAYING TILES 851/16.10.95
116 DELTA POWER EQUIPMENT CC 4186/ITD/CA112/6.3.95 STABILIZERS 1,300.00 875/23.3.95
117 PRIYESH ENTERPRISES WIL/MIS/378/15.9.95 TILES 52920.00 633/26.9.95
118 DUBAS ENGINEERING PVT LTD 4187/ITD/CA112/6.3.95 STEEL RACKS, CABLES 35,000.00 3/17.4.95
119 PRIYESH ENTERPRISES WIL/MIS/367/23.9.95 TILES 23820.00 654/16.10.95
120 VOLTAS LIMITED WIL/MIS/314/4.5.95 SPILT AIRCONDITION 287,750.00 568049/3.7.95
121 NEW PARVEEN ELECTRICALS&ENGG SSN/MIS/97.9.95 SHIFTING RVU [ILLEGIBLE]
122 RAMKUMAR & PRAKASH WIL/MIS/325/6.5.95 FALSE CEILING 64,169.64 NIL/22.8.95
123 PRAVITHA ENTERPRISES WIL/MIS/275/10.11.95 VENETIAN BLINDS 98475.00 1195/18.01.95
124 EXXON AGENCIES WIL/MIS/412/15.2.96 SOFAS 43641.00 36/19.7.95
125 FEATHERLITE SEATING SYSTEM WIL/MIS/379/08.11.95 SUPPLY CHAIR 630000.00 149/30.09.95
126 BLUE STAR LIMITED WIL/MIS/336/27.6.95 AIR CONDITIONER 761,300.00 40782128.7.95
127 FEATHERLITE SEATING SYSTEM WIL/MIS/379/08.11.95 SUPPLY CHAIR 156/13.10.95
128 WOODSNERA WIL/MIS/342/18.7.95 INTERIORS 1,701,074.00 55/56
129 FEATHERLITE SEATING SYSTEM WIL/MIS/379/08.11.95 SUPPLY CHAIR 167/27.10.95
130 BAKELITE HYLAM LTD WIL/MIS/338/24.7.95 LAMINATE SHEET 130,253.48 1213/5.7.95
131 GETHA ELECTRICALS WIL/MIS/374/17.10.95 ELECTRICAL CABLE 180569.00 578/06.11.95
132 FEATHERLITE SEATING WIL/MIS/400/21.01.95 CHAIRS 355000.00 251/05.02.96
133 BLUE STAR LIMITED WIL/MIS/381/10.11.95 AIRCONDITIONING 187525.00 136/15.12.95
134 M SOLAMANI WIL/MIS/327/1.6.95 INTERIROS 67,176.00 NIL/1.6.95
135 MANI SALES (BLR) WIL/MIS/396/08.1.96 LIGHT FIXTURE 193843.00 10221/26.12.9
136 RAMKUMAR & PRAKASH WIL/MIS/335/23.6.95 FALSE CEILING 112,870.00 NIL/17.7.95
137 MANI SALES (BLR) WIL/MIS/285/29.11.95 LIGHT FIXTURE 168111.88 9913/9.10.95
138 WIPRO LIGHTING WIL/MIS/332/22.6.95 LUMINARIES 0.00 1001/29.7.95
139 MANI SALES (BLR) WIL/MIS/285/29.11.95 LIGHT FIXTURE 9914/9.10.95
140 FORMICA INDIA DIVISION WIL/MIS/302/13.4.95 LAMINATE SHEET 161,710.00 1338/18.6.95
141 MANI SALES (BLR) WIL/MIS/285/29.11.95 LIGHT FIXTURE 10059/17.11.9
142 PRAMITHA ENTERPRISES WIL/MIS/337/28.6.95 VENETIAN BLINDS 1175/3.12.95
143 FEATHERLITE COLLECTION WIL/MIS/326/3.6.95 CHAIRS 62/30.06.95
144 MANI SALES (BLR) WIL/MIS/285/29.11.95 LIGHT FIXTURE 10101/27.11.9
</TABLE>
<PAGE>
MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
73 AMTREX APPLIANCES LTD WIL/MIS/366/21.09.95 SPLIT AIRCONDITIONER 373220.03
74 WIPRO LIGHTING WIL/MIS/332/22.6.95 LUMINARIES 0.00 754/12.7.95
75 SHREE MUKESH ENTERPRISES WIL/MIS/405/3.2.95 72759.00
76 TECHNOVATIONS WIL/MIS/351/15.7.95 DISPLAY BOARD 12,645.03 234/17.7.95
77 POTENTIAL SERVICE CONSULTANTS NIL/5.10.95 CONSULTINGS CHG 30000.00
78 BAKELITE HYLAM LTD WIL/MIS/392/27.12.95 LAMINATE SHEETS 2096/11.9.95
79 SYNERGY ART FOUNDATION LTD WIL/MIS/382/27.11.95 PAINTING 7768.00 023/15.07.95
80 BAKELITE HYLAM LTD WIL/MIS/338/24.7.95 LAMINATE SHEET 1030/23.6.95
81 HITECH ELECTRICAL ENTERPRISES WIL/MIS/371/22.9.95 SPEAKERS 31450.00 15/9.9.95
82 PEAK SYSTEMS WIL/MIS/387/22.12.95 AIRCONDITIONING WORK 891/10.6.95
83 HITECH ELECTRICAL ENTERPRISES WIL/MIS/371/22.9.95 SPEAKERS 22/25.9.95
84 WIPRO LIGHTING WIL/MIS/274/3.1.95 LUMINAIRES 6,158.45 2393/10.02.95
85 THE ROYAL FURNISHING CO. WIL/MIS/369/25.9.95 CARPET 157579.18 778/4.8.95
86 SRI VIVEK ENTERPRISES WIL/MIS/299/4.4.95 TILES 84,000.00 NIL/20.8.95
87 ROOPASRI ENTERPRISES ENS/RND/021/MIS/15.9.9 TILE POLISHING 6806.25 NIL/22.9.95
88 SRI VIVEK ENTERPRISES WIL/MIS/310/3.5.95 CIVIL WORK 218,516.62 NIL/1.9.95
89 CHANDRABANU GUP THA WIL/MIS/370/28.9.95 FALSE CEILING 350000.00
90 MANI SALES (BLR) WIL/MIS/285/29.11.95 LIGHT FIXTURE 10075/21.11.9
91 AMTREX APPLIANCES LTD WIL/MIS/372/28.9.95 SPLIT AIRCONDITIONER 467400.00 32/10.11.95
92 FORMICA INDIA DIVISION PO/286/302/296 TDS WRG PAID
93 MANI SALES (BANGALORE) WIL/MIS/373/12.10.95 LIGHT FIXTURE 61990.00 9873/26.8.95
94 BAKELITE HYLAM LTD WIL/MIS/301/12.4.95 LAMINATE SHEET 350,143.76 230/24.4.95
95 MANI SALES (BANGALORE) WIL/MIS/373/12.10.95 LIGHT FIXTURE 9765/26.8.95
96 FORMICA INDIA DIVISION WIL/MIS/309/2.5.95 LAMINATE SHEET 1357/29.4.95
97 VIVEK ENTERPRISES WIL/MIS/375/16.10.95 CIVIL WORK 10500.00 NIL/6.10.95
98 FEATHERLITE COLLECTION WIL/MIS/326/3.6.95 CHAIRS 488,250.00 82/18.7.95
99 THE BOMBAY BURNAG TRADING WIL/MIS/402/20.1.96 LAMINATE SHEETS 2052/26.10.95
100 SHREE MUKESH ENTERPRISES WIL/MIS/389/22.12.95 INTERIORS NIL/20.12.95
101 THE BOMBAY BURNAG TRADING WIL/MIS/402/20.1.96 LAMINATE SHEETS 32342.00 2217/04.12.95
102 MANI SALSE (BANGALORE) WIL/MIS/411/13.2.96 LIGHTING 10132/1.12.95
103 WOODEN ERA WIL/MIS/397/9.01.96 INTERIORS 400717.00
104 SHREE MUKESH ENTERPRISES WIL/MIS/389/22.12.95 INTERIORS NIL/16.12.95
105 BAKELITE HYLAM LTD WIL/MIS/401/20.01.96 LAMINATE SHEETS 3883/20.01.95
106 PRAMITHA ENTERPRISES WIL/MIS/337/28.6.95 VENETIAN BLINDS 175,812.00 1135/6.9.95
107 BAKELITE HYLAM LTD WIL/MIS/401/20.01.96 LAMINATE SHEETS 3617/30.12.95
108 BLUE STAR LIMITED WIL/MIS/394/16.7.95 AIRCONDITIONER 970,325.00 90/21.9.95
</TABLE>
<PAGE>
MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
37 FORMICA INDIA DIVISION WIL/MIS/334/25.8.95 LAMINATE SHEET 44,923.04 1584/25.6.95
38 DUBAS ENGG PVT LTD 4187/ITD/CA112 STEEL BACK 35,000.00 3/17.4.95
39 THE BOMBAY BURNAG TRADING WIL/MIS/359/25.8.95 LAMINATE SHEETS [ILLEGIBLE] 1938/19.9.95
40 VOLTAS UNITED WIL/MIS/314/4.5.95 SPILT AIRCONDITION 558048/3.7.95
41 MANI SALSE (BANGALORE) WIL/MIS/411/13.2.95 LIGHTING 10160/8.12.95
42 BAKELITE HYLAM LTD WIL/MIS/301/12.4.95 LAMINATE SHEET 0.00 155/16.4.95
43 FEATHERLITE PRODUCTS P LTD WIL/MIS/281/13.2.95 CHAIRS 82,789.00 832/28.02.95
44 FORMICA INDIA DIVISION WIL/MIS/309/2.5.95 LAMINATE SHEET 21,712.80 1404/5.5.95
45 VOLTAS LIMITED WIL/MIS/275/4.2.95 AIRCONDITIONER 11,000.00 557119/18.4.9
46 FORMICA INDIA DIVISION WIL/MIS/309/2.5.95 LAMINATE SHEET 1339/18.4.95
47 SHREE MUKESH ENTERPRISES WIL/MIS/383/27.11.95 INTERIORS 52520.00 NIL/27.11.95
48 BLUE STAR LIMITED WIL/MIS/328/7.6.95 AIRCONDITIONING 1,077,445.00 71/7.8.95
49 BALAJI ENTERPRISES WIL/MIS/294/10.3.95 BIRLA 3M MATTING 2,200.00 411/10.03.95
50 FEATHERLITE COLLECTION WIL/MIS/326/3.6.95 CHAIRS 101/03.08.95
51 MANI SALSE (BANGALORE) WIL/MIS/411/13.2.96 LIGHTING 51600.00 10198/20.12.9
52 SHREE MUKESH ENTERPRISES WIL/MIS/390/22.12.95 INTERIORS 236475.00
53 PRAMITHA ENTERPRISES WIL/MIS/406/3.2.96 VENETIAN BLIND 32250.00
54 SRAVANA INDUSTRIES WIL/MIS/417/29.02.96 CABLE TRENCH 37075.00 3/14.02.95
55 COIR BOARD SHOWROOM & SLS ENS/RND/MIS/017/11.8.9 COIR MATS 13,951.00 NIL/11.9.95
56 ACM SERVICES WIL/MIS/408/9.2.96 VINAL TILES 51480.00 873,868/29.1.9
57 SRAVANA ENGG ENTERPRISES WIL/MIS/363/09.9.95 PANEL CONNECTORS 193,013.60 063/16.11.95
58 SRAVANA ENGG ENTERPRISES WIL/MIS/330/20.6.95 CABLE TRENCH 36,712.78 39/05.07.95
59 ACM SERVICES WIL/MIS/353/25.9.95 LAYING OF TILES 14,160.00 834/14.8.95
60 SRI VIVEK ENTERPRISES WIL/MIS/331/20.6.95 CIVIL WORK 210,645.42 NIL/11.9.95
61 ACM SERVICES WIL/MIS/353/25.9.95 LAYING OF TILES 842/15.9.95
62 WIPRO LTD LIGHTING DIVN WIL/MIS/333/22.6.95 LUMINARIES 9,783.49 306/24.05.95
63 PRIYESH ENTERPRISES WIL/MIS/352/25.8.95 SUPPLY OF TILES 75,600.00 587/14.8.95
64 GETHA ELECTRICALS WIL/MIS/220/27.6.95 CONTROL PANELS 777,285.00
65 PRIYESH ENTERPRISES WIL/MIS/352/25.8.95 SUPPLY OF TILES 617/15.9.95
66 PRAMITHA ENTERPRISES WIL/MIS/337/28.6.95 VENETIAN BLINDS 1158/23.10.95
67 BAKELITE HYLAM LTD WIL/MIS/344/25.7.95 LAMINATE SHEET 350143.75 1679/8.8.95
68 TREVENI WOOD WORKS WIL/MIS/339/4.7.95 INTERIORS 105,430.00 NIL/4.7.95
69 BAKELITE HYLAM LTD WIL/MIS/344/25.7.95 LAMINATE SHEET 1697/9.8.95
70 CHANDRABANU GUPTA WIL/MIS/216/10.7.95 FALSE CEILING 196,600.00
71 BAKELITE HYLAM LTD WIL/MIS/364/25.8.95 LAMINATE SHEET 28011.50 1712/10.8.95
72 SHREE MUKESH ENTERPRISES WIL/MIS/389/22.12.95 INTERIORS 94024.00 NIL/18.12.95
</TABLE>
<PAGE>
MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 SRI BYRAWESHWARA PLUMBING WORK WIL/MIS/362/25.8.95 CIVIL WORK 248,925.00
2 SRI BYRAWESHWARA PLUMBING WORK WIL/MIS/361/25.8.95 CIVIL WORK 258,345.00
3 M. SOLAMANI & SONS WIL/MIS/272/28.1.95 INTERIORS 142,674.??] [ILLEGIBLE]
4 SRAVANA ENGG ENTERPRISES WIL/MIS/360/1.9.95 CABLE TRENCH 100,500.00
5 RAMKUMAR & PRAKASH WIL/MIS/276/4.2.95 FALSE CEILING 47,017.00 FB/24.6.95
6 SRAVANA ENGG ENTERPRISES WIL/MIS/359/25.8.95 CABLE TRENCH 50,920.00 48/1.9.95
7 AVIK PRODUCT DEVELOPMENT WIL/MIS/285/22.2.95 SOFT MUSIC SYSTEM 17,000.00 187/23.2.95
8 KEB/1C 191 NOTICE DT 6.9.95 SUPERVISION CHGS 66,867.00
9 PRAJWAL ENTERPRISES WIL/MIS/284/21.2.95 VENETION BLIND 13,937.50 55/27.02.95
10 WIPRO LIGHTING WIL/MIS/343/24.7.95 LUMINARIES 19,888.00 755/12.7.95
11 BAKELITE HYLAM LTD WIL/MIS/392/27.12.95 LAMINATE SHEETS 328519 12 95
12 NEW PARVEEN ELECTRICALS WIL/MIS/350/8.8.95 CIVIL WORK 24,060.00
13 SOLAMANI & SONS WIL/MIS/287/14.3.95 INTERIORS 697,929.58 3214 9.95
14 BLUE STAR LIMITED WIL/MIS/349/4.8.95 AIR CONDITIONER 271,360.00 31/21.9.95
15 THE ROYAL FURNISHING CO. WIL/MIS/283/21.3.95 CARPET 27,360.00 576/28.02.95
16 SHASHIDHARA S WIL/MIS/344/21.8.95 CIVIL WORK 53,425.71 NIL/25.3.95
17 PEAK SYSTEMS WIL/MIS/387/22.12.95 AIRCONDITIONING WORK 10240.00 1553/24.08.95
18 LOTUS ENERGY SYSTEMS P LTD WIL/MIS/348/27.7.95 NOISE CONTROL 670,000.00 24/10.10.95
19 WIPRO LIGHTING WIL/MIS/276/8.2.95 LUMINAIRES 0.00 3056/23.2.95
20 LOTUS ENERGY SYSTEMS P LTD WIL/MIS/348/27.7.95 NOISE CONTROL 0.00 26/18.10.95
21 WIPRO LIGHTING WIL/MIS/274/3.1.95 LUMINAIRES 2694/10.02.95
22 NEW PARVEEN ELECTRICALS WIL/MIS/322/14.7.95 TEMP CONNECTION 28,548.00 1/3.4.95
23 BAKELITE HYLAM LTD WIL/MIS/392/27.12.95 LAMINATE SHEETS 60500.00 3163/30.11.95
24 GETHA ELECTRICALS WIL/MIS/288/9.3.95 ELECTRICAL WORK 52,025.07 534/04.03.95
25 FEATHERLITE SEATING WIL/MIS/400/21.01.96 CHAIRS 24/24.01.96
26 GROUP 4 SECURITIES CIRCUIT TV 356313.00
27 FORMICA INDIA DIVISION WIL/MIS/277/1.4.95 LAMINATE SHEET 11,694.87 1129/16.2.95
28 DATA PRINT SYSTEMS WIL/MIS/296/13.3.95 OVERHEAD PROJECTOR 22,500.00 235/13.03.95
29 TEEKAYS DESIGN & DEVELOPMENT WIL/MIS/315/4.5.95 INTERIORS 1,522,513.00
30 WIPRO LIGHTING WIL/MIS/276/8.2.95 LUMINARIES 20,521.28 3057/23.2.95
31 RAMKUMAR & PRAKASH WIL/MIS/312/3.5.95 FALSE CEILING 98,000.00 FB/24.6.95
32 SRAVANA ENGG ENTERPRISES WIL/MIS/311/4.5.95 PANEL CONNECTORS 43,197.39 046/7.8.95
33 FORMICA INDIA DIVISION WIL/MIS/286/1.3.95 LAMINATE SHEET 64,684.00 1199/13.3.95
34 FORMICA INDIA DIVISION WIL/MIS/286/1.3.95 LAMINATE SHEET 1236/20.03.95
35 N SURESH WIL/MIS/357/24.8.95 PAINTING 334,000.00 R.NO.1/25.7.9
36 FORMICA INDIA DIVISION WIL/MIS/298/4.4.95 LAMINATE SHEET 26,520.44 1312/7.4.95
</TABLE>
<PAGE>
CASTLE STREET PROJECT
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
169 Building Network Automation 4039/ITD/10.06.94 COMMUNICATION 1612/16.8.94 [ILLEGIBLE]
170 RCS TECHNOLOGY 4086/ITD/CA19 ENTERNET HUB 206/26.9.94 167,000.00
171 PAM ELECTRONICS 4087/ITD/CA19 MEDIA CONNECTORS 487/30.9.94 52,500.00
------------
1033159.50
------------
MISCELLANEOUS 172 ANALOG & DIGITAL SYSTEM 4016/ITD/005 E. TRANSCEIVER 30,498.00
173 Pramitha Enterprises 185/25.08.94 VENETIAN BLINDS 1005/26.9.94 67,282.00
174 EUREKA FORBES 4040/ITD/CA/007 VACUUM CLEANER 53/23.6.94 11,580.00
175 TORSTEEL RESEARCH FOUND NIL/28.7.94 CONSULTATION FEE 11581/8.7.94 2,933.00
176 Ravi Naidu Isand SAND/CEMENT SHIFT NIL/22.4.94 3,400.00
177 Safex Fire Protection Systems 177/16.08.94 FIRE SERVICE NIL/13.12.94 81,000.00
178 AUF TOOLS CENTRE 4066A/ITD/CA19 TOOL KITS 1543/01.08.94 5,442.90
179 ELECTRONIC & CONTROLS 19170/RND/AVC AMC NIL 7,848.50
180 Safex Fire Services WIL/R0/BNG/178 FIRE SERVICE 408/25.8.94 28,570.00
181 Pramitha Enterprises 146/13.07.94 VENETIAN BLINDS 962/4.8.94 49,170.75
182 Tor Steel Research Fou /16.05.94 CONSULTATION FEE 2741/24.5.94 19,552.00
183 Tor Steel Research Fou /14.04.94 CONSULTATION FEE 2741/24.5.94 12,709.00
184 K A ELECTRONICS 4011/ITD/KA008 TRANSFORMERS 12,000.00
185 Safex Fire Services SSN/fire ext FIRE SERVICE 13,624.60
------------
345610.75
------------
-------------------------------------------------------------------------------------------------------------------------------
TOTAL 18,517,080.69
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
CASTLE STREET PROJECT
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
139 Sunpower Engineers & Consul 155/25.07.94 SPARES FOR DG 63/12.7.94 31,193.30
140 GMMCO 73/12.04.94 DG SET H23/20.5.94 655,000.00
141 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 3/23.5.94 0.00
142 Paharpur Cooling Towers [ILLEGIBLE] COOLING TOWER 0.00
143 Lotus Energy Systems Ltd. 159/03.08.94 SPARES FOR DG 10/3.10.94 225,000.00
144 Paharpur Cooling Towers 81/19.04.94 COOLING TOWER 154/10.05.94 33,280.00
145 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 57/10.6.94 0.00
146 New Praveen Electricals 97/10.05.94 ELEL INSTALLATION 6/23.7.94 1,155,888.00
147 Sri Manjunatha chain pull 139/29.06.94 DG UNLOADING CHRGS 21/21.6.94 2,151.00
148 Deebe Power Systems P Ltd. 186/26.8.94 ELECL INSTALLATION 25,000.00
149 New Praveen Electricals SSN approval ELELC INSTALLATION 1550/05.04.94 64,364.20
150 WIPRO Lighting 89/27.04.94 LIGHTS FITTINGS 138/11.5.94 0.00
151 Mahaveer Electric Co. 82/19.04.94 CEILING FANS 711/22.4.94 29,897.05
152 WIPRO Lighting 48/07.03.94 LIGHT FITTINGS 742/17.3.94 1,040.00
153 K A ELECTRONICS 4088/ITD/CA19 TRANSFORMER 600/16.9.94 9,400.00
154 GMMCO 122/04.06.94 DG SET 37/15.7.94 157,000.00
155 Venkatesh Pai WIL/RO/BNG/249 PLUMBING WORKS NIL/25.10.94 26,617.00
156 SRAVANA ENGG INDUSTRIES WIL/RO/BNG/257 ELECTRICAL WORK 658/06.12.94 62,136.83
157 K A ELECTRONICS 4088/ITD/CA19 TRANSFORMER 610/22.9.94 6,000.00
158 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 59/10.6.94 0.00
159 WIPRO Lighting 78/18.04.94 LIGHTS FITTINGS 895/16.5.94 125,675.00
160 LAKSHMI Enterprises 124/13.06.94 DG ROOM NIL/25.5.94 14,763.50
161 GMMCO Ltd 56/08.03.94 DG SET M12/11.5.94 690,000.00
-----------
6314445.88
-----------
PS 162 D B Electronics (thro LC) 19164/RND/25.02.94 P AND M 1,653,597.00
163 K A ELECTRONICS 4062/ITD/CA/031 TRANSFORMER 559/10.08.94 10,800.00
164 DUBAS ENGG P LTD 4015A/ITD/9495/014 COOLANT OIL 14/20.7.94 52,875.00
165 GARCICON (INDIA) P LTC 4090A/ITD/CA19 CHEMICAL 9495030/15.9 6,002.50
166 Pilazetta UPS 19163/RND/16.03.94 BATTERIES 3/7.5.94 919,360.00
-----------
2642634.50
-----------
COMMUNICATION 167 RCS TECHNOLOGIES 4106/ITD/CA19 EHTERNET TRANSEVERS 243/17.10.94 395,000.00
168 Building Network Automation 4012/ITD/28.04.94 COMMUNICATION 1534/21.6.94 221,108.00
</TABLE>
<PAGE>
CASTLE STREET PROJECT
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
103 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 62/12.7.94 49,302.47
104 Dubas Engineering Stabilise 19 69/RND/09.03.94 STABILISERS 10/12.5.94 340,160.00
105 WIPRO Lighting 48/07.03.94 LIGHT FITTINGS 93/17.3.94 17,701.79
106 Delta Power Equip. [ILLEGIBLE] VOLTAGE STABILISER 251/14.7.94 [ILLEGIBLE]
107 SRI SHAKTH ELECTRICAL ELEC. LABOUR WORK NIL/21.5.94 900.00
108 Dubas Engineering 19170/RND/09.03.94 P AND M 112,360.00
109 B. Venkatesh Pai 144/13.07.94 CIVIL WORK NIL/26.7.94 24,641.40
110 Sunpower Engineers elec 118/31.05.94 SPARES FOR DG 53/18.5.94 9,152.00
111 WIPRO Lighting 103/18.05.94 LIGHTS FITTINGS 0.00
112 GETHA ELECTRICALS WIL/RO/BNG/265 ELECTRICALS 512/21.01.95 29,038.00
113 B. Venkatesh Pai 153/25.07.94 CIVIL WORK NIL/6.7.94 19,586.00
114 GMMCO 122/04.06.94 DG SET 36/15.7.94 157,000.00
115 WIPRO Lighting 89/27.04.94 LIGHTS FITTINGS 91/30.6.94 79,237.50
116 Sunpower Engineers elec 95/03.03.94 DG SET INSTALLATION [ILLEGIBLE] [ILLEGIBLE]
117 Lotus Energy Systems 128/22.6.94 SPARES FOR DG 5/4.7.94 17,100.00
118 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 66/20.7.94 243,154.23
119 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 4/25.5.94 15,169.00
120 S Lalit Electricals 102/17.05.94 23993/14.5.94 0.00
121 Lotus Energy Systems Ltd 159/03.08.94 SPARES FOR DG 9/29.9.94 225,000.00
122 S.Lalit Electricals 102/17.05.94 23950/5.5.94 0.00
123 Sunpower Engineers Elec 96/03.05.94 DG SET INSTALLATION 71/26.9.94 20,265.00
124 WIPRO Lighting 46/17.03.94 LIGHT FITTINGS 47,500.00
125 Sunpower Engineers Elec 96/03.05.94 DG SET INSTALLATION 58/10.6.94 0.00
126 WIPRO Lighting 48/07.03.94 LIGHT FITTINGS 743/17.3.94 2,795.00
127 Potential Service Consultants NIL/19.03.94 ELECL CONSULTENCY 279/8.8.94 39,425.00
128 Dubas Engg P Ltd 19170/RND/CASTLE CONNECTIVE CABLES 112,360.00
129 Sunpower Engineers 127/20.06.94 SPARES FOR DG 61/30.6.94 8,603.00
130 Dubas Engg P Ltd 19169/RND/CASTLE STABILIZER 125,080.00
131 Venkatesh Pai 119/31.05.94 CIVIL WORK NIL/14.6.94 37,002.00
132 DUBAS ENGG P LTD 19169/RND/CASTLE STABILIZER 0.00
133 GETHA ELECTRICALS WIL/RO/BNG/279 ELECTRICALS 511/19.01.95 36,272.25
134 Sunpower Engineers & Consult WIL/RO/BNG/140 CLADDING-EXHAUST PIPE 67/25.7.94 48,365.00
135 Sunpower Engineers And Consul 189/26.08.94 ELECL INSTALLATION 70/26.8.94 9,903.50
136 S. Lalit Electricals 102/17.05.94 LUMINAIRS 24023/26.5.94 18,807.20
137 G. Sathyamurthy KEB Deposits ELEC DEPOSIT 728,000.00
138 Mahaverr Electric Co. 101/17.05.94 CEILING FAN 58155/2.6.94 36,052.33
</TABLE>
<PAGE>
CASTLE STREET PROJECT
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
73 Featherlite Seating Sys 88/27.04.94 CHAIRS 69/22.6.94 0.00
74 Priyesh Enterprises 4177/03.03.94 TILES 314/31.3.94 20,565.93
75 Featherlite Seating Sys 88/27.04.94 CHAIRS 54/9.6.94 288,000.00
76 Triveni Wood Works WIL/RO/BNG/145 PELMETS FIXING NIL/18.6.94 3,478.00
77 Sravana Engg 119/04.06.94 INTERIORS 543/29.6.94 [ILLEGIBLE]
78 TRIVENI WOOD WORKS WIL/RO/BNG/210 INTERIORS NIL/12.09.94 30,097.50
79 Sravana Engg 120/04.06.94 INTERIORS 644/29.6.94 36,018.00
80 Formica India 38/09.04.94 INTERIORS 4500/22.3.94 125,348.84
81 Sravana Engg 121/04.06.94 INTERIORS 646/28.7.94 17,536.73
82 M Solamani 37/15.02.94 INTERIORS NIL/11.02.95 72,288.50
83 Getha Electricals WIL/RO/BNG/250 PANEL FOR COMPRESSOR 293/19.5.94 17,646.00
84 Getha Electricals 71/12.04.94 ELEL INSTALLATION 171/7.7.94 253,249.25
85 Getha Electricals 125/15.06.94 ELECL INSTALLATION 167/2.6.94 143,040.50
----------
6059480.9
----------
AIR 86 Voltas Ltd 95/03.05.94 AC PLANT 53536/18.5.94 97,800.00
CONDITIONING 87 Voltas Ltd A/cond 50/07.03.94 AC PLANT 001497/10.8 115,800.15
88 Voltas Ltd 86/22.04.94 AC PLANT 53537/18.5.94 48,900.00
89 Raman & Associates A/C 2ND FL NIL/23.02.94 AC CONSULTENCY NIL/23.5.94 15,000.00
90 Voltas Limited 181/20.08.94 AC PLANT 123/2.9.94 0.00
91 Amtrex Appliances WIL/RO/BNGF/192 Sofit airconditioner 39/7.10.94 53,318.00
92 Voltas Limited 181/20.08.94 AC PLANT 121/2.9.94 0.00
93 Voltas Ltd A/cond 50/07.03.94 AC PLANT 001450/13.5 735,644.00
94 Voltas Limited 181/20.08.94 AC PLANT 124/2.9.94 0.00
95 Raman & Associates A/C 2ND FL NIL/23.02.94 AC CONSULTENCY NIL/14.7.94 0.00
96 Voltas Limited 162/04.08.94 AC PLANT 353,000.00
97 Voltas Ltd 77/15.04.94 AC PLANT 515202/15.4 86,586.00
98 Voltas Limited 181/20.08.94 AC PLANT 122/2.9.94 615,701.00
----------
2121749.15
----------
ELECTRICALS 99 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION R NO2/18.5.94 0.00
100 B Venkatesh Pai WIL/RO/BNG/206 CIVIL WORK NIL/29.08.94 14,654.00
101 Sunpower Engineers elec 96/03.05.94 DG SET INSTALLATION 56/10.6.94 78,208.00
102 WIPRO Lighting 48/07.03.94 LIGHT FITTINGS 94/17.3.94 47,473.50
</TABLE>
<PAGE>
CASTLE STREET PROJECT
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
37 K. Bhaskaran 167/09.08.94 ENAMEL PAINTING NIL/8.8.94 5,519.00
38 Getha Electricals WIL/RO/BNG/243 UPS bypass panel [ILLEGIBLE] 46,207.00
39 Getha Electricals 170/12.08.94 AMF PANEL SHIFTING 508/14.12.94 31,244.00
40 Pure Water House 85/22.04.94 WATER FILTER [ILLEGIBLE] [ILLEGIBLE]
41 [ILLEGIBLE] 156/30.07.94 FALSE CEILING NIL/27.9.94 28,012.00
42 Getha Electricals WIL/RO/BNG/215 Electricals 288/11.5.94 6,179.00
43 Triveni Wood Works 157/01.08.94 FALSE CEALING NIL/12.9.94 77,010.00
44 Sri Ram Enterprises 4034/RND/07.06.94 SRF TWILL WEAVE FABRIC 1273/8.6.94 6,500.00
45 Getha Electricals 110/21.05.94 ELECL INSTALLATION 292/19.5.94 95,551.00
46 SUNPOWER ENGG & CONSULT WIL/RO/BNG/235 M S PIPE 72/10.10.94 6,650.00
47 Solamani & Sons 115/25.05.94 PARTITIONS 25/14.11.94 438,208.00
48 Sravana Engineering Ind 41/18.02.94 CONNECTOR PIPES 631/2.5.94 47,670.37
49 Sravana Engg 106/19.05.94 INTERIORS 642/29.05.94 34,054.50
50 FORMICA INDIA DIVISION WIL/RO/BNG/268 TABLE LAMINATION 759/14.11.94 5,002.48
51 Techno Sales Corporation 154/21.07.94 285/18.7.94 0.00
52 FORMICA INDIA WIL/RO/BNG/175 TABLE LAMINATION 355/29.7.94 21,008.17
53 Techno Sales Corporation 154/21.07.94 SUN CONTROL FILMS 304/25.7.94 92,613.50
54 C Ranganathan 66/24.03.94 PAINTING NIL/15.6.94 95,100.00
55 Mahaveer Electric Co 130/22.06.94 CEILING FAN 58569/23.6.94 36,931.55
56 Getha Electricals 71/12.04.94 ELEL INSTALLATION 299/25.5.94 68,149.57
57 Supreme Electricals SSN/INTERCOM ELECL INSTALLATION 8,650.00
58 Sravana Engineering 87/22.04.94 INTERIORS 638/1.6.94 47,493.37
59 Triveni Wood Works 152/21.07.94 INTERIORS NIL/18.8.94 115,797.75
60 ACM Services 4178/3.3.94 TILES 694/31.3.94 4,000.60
61 Sravana Engg 138/28.06.94 INTERIORS 645/28.7.94 37,068.50
62 M. Solamani & sons 84/21.04.94 INTERIORS 21/8.7.94 80,935.82
63 Master Builders 94/03.05.94 INTERIORS 34/24.5.94 43,153.00
64 Getha Electricals WIL/RO/BNG/215 SUSI-SUGANA MOTOR 177/24.8.94 2,901.00
65 Ramkumar & Prakash 92/21.7.94 A FALSE CEILING NIL/31.5.94 16,478.00
66 PRAJWAL ENTERPRISES WIL/RO/BNG/260 VENETION BLIND 17/21.12.94 0.00
67 Sravana Engg 109/20.05.94 INTERIORS 639/1.6.94 5,005.90
68 Ramkumar & Prakash 34/08.02.94 FALSE CEILING NIL/23.3.94 103,847.00
69 Getha Electricals 126/15.06.94 ELECL INSTALLATION 298/25.5.94 43,490.30
70 Getha Electricals ELEL INSTALLATION 19,552.00
71 Getha Electricals 129/22.06.94 ELECL INSTALLATION 300/27.5.94 10,167.00
72 Sravana Engineering 75/14.04.94 INTERIORS 632/2.5.94 26,424.83
</TABLE>
<PAGE>
CASTLE STREET PROJECT
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO.DATE JOB DESCRIPTION B. NO.DATE AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 Formica India 67/03.05.94 TABLE LAMINATION 63/30.4.94 175,068.00
2 Formica India 74/13.04.94 TABLE LAMINATION 23/19.4.94 10,584.00
3 PRAJWAL ENTERPRISES WIL/RO/BNG/260 VENETION BLIND 26/21.12.94 0.00
4 Formica India 91/28.04.94 TABLE LAMINATION 285/2.7.94 207,279.70
5 Formica India 91/28.04.94 TABLE LAMINATION [ILLEGIBLE] 0.00
6 SRAVANA ENGG INDUSTRIES WIL/RO/BNG/273 M S TROLLEYS 662/03.02.95 84,457.28
7 Formica India 91/28.04.94 TABLE LAMINATION 73/30.4.94 0.00
8 M. Solamani & Sons 39/17.02.94 TABLE DRAWERS 19/14.6.94 509,456.67
9 Sravana Engg. 90/27.04.94 INTERIORS 533/2.5.94 10,460.00
10 Sravana Engineering Ind 32/05.02.94 INTERIORS 18/30.3.94 291,000.00
11 Solamani & Sons 100/13.06.94 INTERIORS 20/14.6.94 86,947.98
12 C. Ranganathan 45/02.03.94 PAINTING NIL/15.6.94 70,907.00
13 Sravana Engg Industries WIL/RO/BNG/193 cable trench cove 6,745.00
14 GOPINAT G.V. 4054/ITD/CA/019 TABLE TRAY NIL/14.7.94 12,220.00
15 Getha Electricals WIL/RO/BNG/254 Copper Cable 199/28.11.94 67,616.00
16 FORMICA INDIA WIL/RO/BNG/175 TABLE LAMINATION 451/25.8.94 [ILLEGIBLE]
17 Sravana Engineering Indust WIL/RO/BNG/211 Table Stand 652/21.9.94 14,114.57
18 Featherlite 60/01.03.94 FURNITURES 7/21.4.94 121,601.90
19 Triveni Wood Works WIL/RO/BNG/210 WORK SURFACE NIL/12.9.94 19,125.00
20 TRIVENI WOOD WORKS WIL/RO/BNG/242 INTERIORS NIL/10.01.95 54,954.70
21 ACM Services WIL/RO/BNG/137 TILES 726/14.7.94 1,277.80
22 Getha Electricals 71/12.04.94 ELEL INSTALLATION 168/13.6.94 609,669.25
23 Priyesh Enterprises WIL/RO/BNG/136 TILES 353/14.7.94 6,627.45
24 Getha Electricals 71/12.04.94 ELEL INSTALLATION 173/21.4.94 78,206.00
25 Sravana Engg Industries WIL/RO/BNG/166 INTERIORS 648/23.8.94 59,806.50
26 Woodnera paid L75lacs to ?? 72/12.04.94 FURNITURE 22/25.8.94 429,850.00
27 Exxon Agencies WIL/RO/BNG/182 CHAIRS 52854/1.9.94 27,472.00
28 PRAMITHA ENTERPRISES WIL/RO/BNG/217 VENETIAN BLINDS 1033/10.11.94 29,547.00
29 G Sathya Murthy WIL/RO/RND/188 CIVIL WORK NIL/28.8.94 53,778.00
30 Priyesh Enterprises WIL/RO/BNG/220 supply of tiles 427/09.11.94 16,964.70
31 N.S. Rajendren NIL/25.08.94 STRUCTURAL ANALYSIS NIL/16.8.94 9,776.00
32 ACM Services WIL/RO/BNG/221 laying tiles 771/9.11.94 3,013.20
33 Pramitha Enterprises 165/09.08.94 VENETIAN BLINDS 975/29.8.94 61,422.91
34 ACM Services 4178/3.3.94 TILES 709/14.5.94 0.00
35 Triveni Wood Works 168/10.08.94 DOORS AND PARTITIONS NIL/13.9.94 122,659.99
36 Priyesh Enterprises 4177/03.03.94 TILES 327/14.5.94 0.00
</TABLE>
<PAGE>
SCHEDULE 1
PROJECT
The Borrower is implementing an expansion project at its [ILLEGIBLE]
Research and Development Laboratory at Bangalore, Karnataka. The Borrower has
requested the Lender to provide a Foreign Currency Loan of US$2,229,654
equivalent to about [ILLEGIBLE] lacs to meet a part of the cost of the project,
which the Lender has agreed to provide.
<PAGE>
ARTICLE VI
EFFECTIVE DATE OF AGREEMENT
This Agreement shall become binding on the Borrower and the Lenders on
and from the date first above written. It shall be in force till all the monies
due and payable under this Agreement are fully paid off.
<PAGE>
ARTICLE V
SPECIAL CONDITIONS
The Loan(s) hereby granted shall also be subject to the Borrower
complying with the special conditions set out in Schedule VI hereto.
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
TYPE S.NO PARTY ORDER NO/DATE JOB DESCRIPTION AMOUNT
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FILTERS 1 SYNOPSYS [ILLEGIBLE] COMPILER 2,635,000.00
2 CADENCE DESIGN [ILLEGIBLE] VERLOG.XL 2,455,000.00
SYSTEMS ASIA
3 ACER SALES AND [ILLEGIBLE] COMPUTERS 2,898,000.00
DISTRIBUTION
4 UNGERMANN BASS [ILLEGIBLE] HUBS 705,000.00
5 ACER SALES AND [ILLEGIBLE] COMPUTERS 3,559,000.00
DISTRIBUTION
6 NETWORK AUTOMATION [ILLEGIBLE] CABLES 649,000.00
TECHNOLOGY
7 LANBIT COMPUTER INC. [ILLEGIBLE] TRANSCEIVER 109,000.00
8 PEAC INTERNATIONAL [ILLEGIBLE] MODULE 515,000.00
9 PEAC INTERNATIONAL [ILLEGIBLE] MODULE 335,000.00
10 AT&T [ILLEGIBLE] CABLE CORD 957,000.00
-------------
14,817,000.00
-------------
</TABLE>
<PAGE>
[ILLEGIBLE]
of Directors passed in that behalf on
the 4th day of March, 1998 hereunto been
affixed in the presence of Shri J.
Shankar, Corporate Treasurer and Shri
Kapil K. Jain, Corporate Finance
Manager, who have signed these presents
in token thereof.
SIGNED AND DELIVERED by the
withinnamed Lenders by the total
of [ILLEGIBLE], an authorised
official of the Lenders
<PAGE>
: 31 :
SCHEDULE VI
SPECIAL CONDITIONS
The Borrower shall out of the envisaged cash amount of Rs. 8476 lacs
during the period April 1, 1995 to March 31, 1996 utilised a sum of RS. 6202
lack for a meeting a part of the cost of the project and/or other requirements
of funds. The borrower shall furnish an undertaking in the form required by the
Lender whereyb they shall take the responsibility for making payments
satisfactory to ICICI [ILLEGIBLE]
<PAGE>
SCHEDULE V
Principal amount
Due Date Payment of outstanding after
of payment principal each payment [ILLEGIBLE]
[ILLEGIBLE]
07/02/1997 [ILLEGIBLE] [ILLEGIBLE]
07/05/1997 [ILLEGIBLE] [ILLEGIBLE]
07/08/1997 [ILLEGIBLE] [ILLEGIBLE]
07/11/1997 [ILLEGIBLE] [ILLEGIBLE]
07/02/1998 [ILLEGIBLE] [ILLEGIBLE]
07/05/1998 [ILLEGIBLE] [ILLEGIBLE]
07/08/1998 [ILLEGIBLE] [ILLEGIBLE]
07/11/1998 [ILLEGIBLE] [ILLEGIBLE]
07/02/1999 [ILLEGIBLE] [ILLEGIBLE]
07/05/1999 [ILLEGIBLE] [ILLEGIBLE]
07/08/1999 [ILLEGIBLE] [ILLEGIBLE]
07/11/9999 [ILLEGIBLE] [ILLEGIBLE]
07/02/2000 [ILLEGIBLE] [ILLEGIBLE]
07/05/2000 [ILLEGIBLE] [ILLEGIBLE]
<PAGE>
SCHEDULE IV
(Euro Bond '96 Loan)
The following provisions shall apply to the Euro Bond '96 Loans:
1. APPLICATION OF PROCEEDS
No part of the Euro Bond '96 Loan shall be used for any purpose other
than for import of capital goods/project related rupee
expenditure.
2. INTEREST
The Borrower shall pay to the Lender interest on the principal amount
of the Euro Bond '96 Loan outstanding from time to time quarterly on
February 7, May 7, August 7 and November 7 at a fixed rate of 11% per
annum.
3. COMPUTATION OF INTEREST & OTHER CHARGES
Interest and other charges shall accrue from day to day and shall be
calculated on the basis of a year of 360 days consisting of 12 months
of 30 days each and in the case of an incomplete month, the number of
days elapsed.
4. REPAYMENT
The Euro round '96 Loan is repayable in accordance with the
Amortization Schedule set forth, in Schedule hereto.
5. PREPAYMENT AND FORWARD CONTRACTS
Unless expressly agreed to by the Lender and subject to payment of such
premium as may be stipulated by the Lender, the Borrower shall not be
entitled to prepay in whole or in part the Euro Bond '96 Loan before
the due date nor shall be entitled to enter into forward contracts the
due date nor shall be entitled to enter into forward contracts to buy
foreign currencies in respect of the Euro Bond '96 Loan or in respect
of payment of interest or other payments herein.
6. DUE DATE
If the Due Date referred to herein falls on a day which is not a
business day, Due Date shall be extended to the next succeeding
business day, unless such day falls in the next succeeding calendar
month, in which event, such due date shall be the immediately
preceeding business day. Business day shall be construed as a reference
to a day (other than Saturday or Sunday) on which banks are generally
open for business in New York City.
7. LAST DATE OF WITHDRAWAL
Unless otherwise agreed to by the Lender, no part of the Euro Bond '96
Loan shall be drawn after May 31, 1996.
<PAGE>
SCHEDULE III
(PARTICULARS OF LOAN)
The Loan referred to in Section 2.1 herein is Loan not exceeding US $
2,229,654 equivalent to about Rs. 800 lacs, which is agreed to be provided as
follows :
US $2,229,654 equivalent in aggregate to US $ 2,229,654 (hereinafter referred to
as "the Euro Bond '96 loan) (which expression shall, unless expressely provided
otherwise, mean the aggregate of the amounts of various foreign currencies or
their equivalents in other foreign currencies used for their purchase expressed
in US$ equivalent or so much thereof as may be outstanding from time to time)
out of the facility available to the Lender from proceeds of the Euro Board
Issue, 1996.
<PAGE>
SCHEDULE II
FINANCING PLAN
A. The total estimated cost of the Project is Rs. 1250 made up as
under :
(Rs in lacs Rupee
equivalent
Rupee of foreign currency
Cost Cost
Plant & Machinery
a) Imported 458
b) Indigenous 177
Miscellaneous fixed assets
a) Imported 73
b) Indigenous 377
TOTAL 564(A) 531(B)
Total of Rupee &
foreign currency cost (A&B) 1085
Margin money for working
capital 165
TOTAL [ILLEGIBLE]
a. The proposed sources of financing are as follows:
1) Foreign Currency Loans 800
2) Internal Accruals 450
TOTAL 1250
<PAGE>
List of assets to be acquired out of the Foreign Currency Loan of US $ 2,229,654
equivalent to about Rs. 800 lacs.
(Rs in lacs)
Local Import Total
Interiors
Seating arrangement with 6.60 6.60
existing furniture (new
partitions & individual
storage etc.)
[ILLEGIBLE] modifications & upgradation 19.98 ---- 19.98
Chairs (120 in seating place + 8.51 ---- 8.51
110 in the labs)
Reception upgrade 2.71 ---- 2.71
ELECTRICAL/UPS/DG
Electrical: rewiring, new light 5.85 ---- 5.85
fixtures & fan points in open
hall
UPS (120 EVA ---- 30.00 30.00
Computers (100 Nos. ---- 53.25 53.25
Acer machine)
COMMUNICATION
LAN upgraded (300 nodes) 18.00 ---- 18.00
EPABX with voice mail 8.00 ---- 8.00
----------- ----------- -----------
TOTAL 59.65 83.25 52.90
----------- ----------- -----------
<PAGE>
<TABLE>
<CAPTION>
[ILLEGIBLE] PROJECT
-------------------------------------------------------------------------------------------
ASSET TYPE S.NO PARTY ORDER NO/DATE JOB DESCRIPTION AMOUNT
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GN Tools 1. HCL-HP 5009/RND/CA-14 Computers 4,000,000.00
2. Onward Technologies 5504/RND/CA-04 Quad Design 1,709,000.00
3. Synopsys Inc 6030/RND/CAIOS & 105.6 LS/NDF
INTERFACE 2,720,000.00
4. Cadence 20318/ITD/CA116/5.4.95 ALLEGRO 4,079,000.00
-------------
12,508,000.00
-------------
</TABLE>