KANODIA & CO.                                                         Temple Chambers,

Solicitors & Advocates                                                                                                          4^th Floor,

Phones: 22207298/22109532                                                                    6, Old Post Office Street,

Fax : +91(33)22480035                                                                                  KOLKATA - 700001.

Res:26557108/26550151                                                                           email: kanodiaco@vsnl.net

Ref. V74:04:702.                                                                                        June 24, 2004.

TO WHOM IT MAY CONCERN

                        Our clients: SPRING VALLEY DEVELOPERS PRIVATE LIMITED

                        Re: Proposed Villa Project “SPRING VALLEY”

                        Sub: No Encumbrance Report for the land comprised in project.

            This is to hereby place on record that we have perused, examined and considered the various title deeds which relate to the land measuring about 47 Acres approximately which has been negotiated for with its present owners by our client abovenamed and which is available and intended to be put in for the proposed project.

            The detailed particulars of the aforesaid land as also of the title deeds of the present owners thereof are mentioned in the Schedule attached hereto.

            The said land is presently owned by associates of the said Spring Valley Projects Private Limited who has unfettered authority to deal with the same.

            By the several title deeds, the said owners have purchased and acquired the various pieces and parcels of agricultural land thereunder absolutely and forever free from all encumbrances, charges, liens, trusts, mortgages, trusts, claims, demands, acquisitions, requisitions or attachments whatsoever and howsoever and the said owners have thereby and thereupon became and are the owners respectively of the said plots of land.

            Apart from the above mentioned area of 47 Acres, our said client has further negotiated and finalized purchase of additional area measuring about 42 Acres upon completion whereof the total area to comprise in the project would be about 89 Acres more or less. It is expected that all the said plots of land to comprise in the said project are to comprise in Mouza Kalikapur in the district of 24 Pargannas North, West Bengal, India.

            We, in terms of the instructions of our client hereby confirm that none of the aforesaid properties acquired by the said several land owners or any part thereof have been encumbered in any manner whatsoever by any one of them.

                                                                                              For Kanodia & Co.,

                                                                                                 (S. K. Kanodia)

                                                                                          (Regn. No. WB/347/76)

                                                                                                       Partner

Encl.: Schedule of Land Area;