BANK GURANTEE

1. Where as M/s Global Marine India Pvt. Ltd. represented by Sri Anil
Kashyap, (here in after referred to as “the buyer”) having entered into an
agreement on 06th September 2010 with M/s Sai Rajeswari Infraprojects
Pvt.Ltd. (herein after referred as “the seller”) for purchase of iron ore of
40,000 WMT (+ or – 10%) on terms and conditions as mentioned in the
agreement. where as the said seller under the terms and conditions of
agreement dated 19-08-2010 is required to furnish Bank Guarantee for the
fulfillment of the supply of iron ore to the buyer, and where as the buyer
agreed to accept the Bank Guarantee from the said seller,
2. We, ………..Bank, ……….branch, Under take to pay the buyer an amount
not exceeding Rs. ……….. (Rupees ……….only) against any loss or damage
caused to or suffered by the reason of the seller not supplying the said iron
ore to the buyer.
3. We ……..Bank, ………branch do hereby undertake to pay the amounts
due and payable under the guarantee without any demur and reference to the
said seller stating that the amount claimed is due by way of loss of damage
caused to or suffered by the buyer by reason of not supplying the iron ore by
the said seller. Any such demand made on the bank shall be conclusive as
regards the amount due and payable by the bank under this guarantee.
However our liability under this guarantee shall be restricted to an amount not
exceeding Rs…………./- (Rupees ………. only).
4. We ………Bank, ……….branch, further agree that the guarantee herein
contained shall remain in full force and effect during the period that would be
taken for the performance of the said agreement and it shall continue to be
enforceable till the claims of the buyer under the said agreement are satisfied
or the buyer certifies that the terms and conditions of the said agreement
have been fully carried out by the said seller and accordingly discharges the
guarantee subject to clause no.5 below.
 5. We ….Bank, ……….branch undertake not to revoke this guarantee during
its currency except with the previous consent of the said buyer in writing.
6. Notwithstanding anything contained here above our liability under this
guarantee is restricted to Rs…………/- Rupees ………..only) and our
guarantee shall remain in force till 10th of October 2010 unless any action to
enforce a claim under this guarantee is taken against us within 15 days from
the date of expiry of the guarantee i.e., on or before 25th October 2010 all
your rights under the said guarantee shall be forfeited and we shall be
discharged from all liability there under.

Dated this day of August, 2010.