Strictly Confidential

Reference: HRD/APPT/0001

16/03/2017
DESHPANDE SANJAY DIGAMBAR
PENTAGON A-1001,
Opp. Speedwell Party Plot,
Mota Mava,
Rajkot-360005
Mob: 08980005813
E mail: sd_deshpande@yahoo.com

Dear Mr. Deshpande ,

Congratulations and Welcome to the Raghav Cotspin Pvt ltd.

With reference to the your application and in respect of your interest in our organization, and
subsequent interview you had with us, we are pleased to appoint you in our organization as position
President (Operations) w.e.f 16/03/2017 on the following terms and conditions.

1. JOB RESPONSIBILITIES AND ACCOUNTABILITIES:

Your job responsibilities and accountabilities include:

1. Production Planning
2. Quality Control
3. Over all maintenance
4. Staff / Worker Selection and Worker Control
5. Material Handing Packing and Dispatch
6. Sales & Co-Ordinate With Sales
7. Reporting To MD

The above list is not an exclusive and exhaustive list. This list can be modified from time to time
depending upon the business requirements which may not necessarily be mentioned or
communicated to you in writing.

2. PLACE OF POSTING:

Your primary posting will be at Rajkot. However, during employment with the Company, you may be
transferred to any of the office or location of the Company or its Subsidiaries, Affiliates or Associates
in India or Abroad. Your services may be assigned or you may be send on deputation to any of the
Group Companies/ Affiliates, Associates, Subsidiaries of the Company as may be desired by the
Company.

3. COMPENSATION & OTHER BENEFITS:

Your compensation on total Cost to Company (CTC) basis, as mutually agreed, is detailed in mention
under. The composition of CTC will comprise of Base Pay and Retirals. Company shall as per
applicable regulations; statutes withhold/deduct taxes, cess and

1
 Strictly Confidential

The compensation details are strictly confidential between the Company and yourself and it is
expected that such confidentiality shall be maintained at all times.

CTC Finalized 2400000

Basic 70000
HRA 35000
Trans/Fuel & Veh Mnt Remb 5077
Telephone & Internet Reimbursement 3846
Medical Reimbursement 1923
Child Education Reimbursemnt 154
Washing Allowance 308
Misc. Allw 71932
Gross 188240
PF ( optional) 8400
Gratuity ( optional) 3360
Monthly Gross 200000
Annual CTC 2400000

4. COMPENSATION & CAREER PROGRESSION:

Any increase in your CTC/compensation in future and future career growth prospects in the company
shall depend entirely on your efficiency, hard work, good conduct and due compliance of Company's
policies and internal regulations. In no case increase in compensation or career progression can be
asked, demanded or deemed granted based on passage of time or automatic as a matter of right.

5. ON REACHING THE AGE OF SUPERANNUATION:

You will retire from the service of the company on attaining the superannuation age of 60 (Sixty)
years, as recorded by the company based on the information given by you as per municipal/local body
or Government records. Company however in its sole discretion may decide to retain your services,
but not as a permanent employee, after completion of your superannuation date.

6. TERMINATION:

I. This employment contract can be terminated by either you or the Company by giving One month
prior written notice or payment of Basic salary as stated in Annexure 1, in lieu thereof, subject to
smooth transition/handing over to avoid disruption in business. The Basic salary for reference will
be the one that is prevailing at the time of termination.

However, in the event of your resignation, the Company in its sole discretion will have an option to
accept the same and relieve you prior to completion of the stipulated notice period of two months,
without any pay in lieu of the notice period.

II. Your services are liable to be terminated forthwith without any notice or salary or any compensation
in lieu thereof for any of the following reasons:

a) Any act of misconduct, without being exhaustive and without prejudice to the general meaning of
the term "misconduct" in the case of reasonable suspicion of misconduct, commission of an act
involving moral turpitude, any act of indiscipline or inefficiency.

2
 Strictly Confidential

b) Your performance has not been as per the expectations laid down by the Management or the
management feels that you do not have the potential to deliver in line with the role you have been
recruited for.

c) In case particulars mentioned in your application or unsubstantiated or discussions, papers

submitted by you to the Company are found false or any certificates/testimonials or documentary
evidences submitted by you are found to be false or incorrect and/ or that you have suppressed
and/or withheld any information.

d) If you have indulged in passage of Confidential information of the company, to any third party or
otherwise or have willfully and deliberately violated or have breached any policies or internal
regulations and code of conduct and ethics guidelines of the Company.

7. MEDICAL FITNESS & VERIFICATION OF PARTICULARS :

Your appointment & continuation in service of the Company is subject to your being declared and
remaining medically fit by a Medical Officer or a Doctor specified by the Company. The Management
has the right to get you medically examined by a Registered Medical Practitioner, during the period of
your service. In case you are found medically unfit, company in its sole discretion terminate your
services by giving you three months notice or Basic Salary in lieu thereof.

8. DUTIES AND OBLIGATIONS :

a. You shall strive hard to promote the interest of the Company and shall not undertake any activity
of any nature whatsoever which is not in line with the Code of Conduct & Ethics of the Company
or, construed or deemed to be detrimental and prejudicial to the interest and goodwill of the
Company. Non compliance of the Code of Conduct & Ethics shall cause you to bear all material
losses faced by the Company as a direct result of such non-compliance. Calculations of the
losses to be borne in this case shall be governed by the Company.

b. The Company expects you to work with a high standard of ethical practices, initiative, efficiencies,
during your employment. You will perform, observe and confirm to such duties, directions and
instructions assigned or communicated to you by the Company and those in authority over you.

c. It is agreed and understood that in certain category of jobs and positions in the Company,
including yours, Company makes or will make substantial investments and expenses to train
employees with state of the art technology and global insight in various aspects of work to be
undertaken by the employee which leads to a tremendous value addition to the profile of such
employees. Accepting and recognizing such an investments and expenses incurred or to be
incurred by the Company, such employees willfully agree to execute special non compete and a
periodically binding agreement with the company. You may upon accepting such considerations
chose to allow the company to make such investment upon your executing such an agreement.

d. You agree to follow & comply with all the internal regulations, guidelines and policies of the
company as may be framed due to business exigencies or otherwise. You also accept the
obligation to be in full compliance of all statutory laws & regulations for & on behalf of the
company as may be so expected or desired including the Cyber, IPR & other laws so as to not to
in any manner prejudice the rights and interests of the Company.

e. You will not, unless specifically authorized by your superior officer in writing, give any interview in
any newspaper, magazine or write to press or media (print or electronic).

3
 Strictly Confidential

f. You verily agree and confirm by accepting the offer of appointment that the Company's internal
information and its various business and operational practices and details including but not
limited to the details of Company's business processes, communications/mails, list and details of
customers/ clients, technical know-how, financial records, commercial plans, business plans etc,
which come into your knowledge or information are of a confidential/secret nature & you will
always maintain the confidentiality of such information, details or processes. Divulging of any
such information or details in part or in whole can cause irreparable loss and injury to the
Company and you duly accept and respect the same. You hereby confirm and acknowledge that
fully appreciating the said confidentiality and sensitivities of such information, you will not directly
or indirectly share or divulge to any third person during the period of your service and for a period
of two years after cessation of your employment with the Company in written form or by word of
mouth or otherwise.

g. For so long as you remain employed by Company, you shall not directly or indirectly conduct
and/or solicit businesses that are the same or similar to those of Company from customers or
clients of Company, nor engage in (as an employee, principal, shareholder, partner, consultant or
any other capacity) any enterprise conducting business activities that are the same or similar to
those of Company, nor engage in any enterprise with ex-employees, principals of the Company.

h. You agree to deliver materials in form and content acceptable to Company. You also further agree
that the materials are prepared as a work-for-hire and that all rights, including copyright, belong
exclusively to the Company and that the materials when published will not violate or infringe the
rights of others.

i. You also hereby grant, transfer, and assign to Company all of your rights titled and interest, if any,
in any/all written materials, including but not limited to programmed instructional materials, sound
recordings, pictorial reproductions, drawings, and other graphic representations, and works of
similar nature upon which you may be engaged in connection with his retention by the Company,
including rights to reproduce in all forms or formats and the copy rights thereto, if any, and you
agree that the Company may copyright said materials in its name and secure renewal, reissues,
and extensions of such copyright for such period of time as the law may permit.

It is agreed by you that you understand that all materials used and/or developed by you are the
property of Company and should any such materials or portions thereof are in your possession at
any time, you agree to deliver them to the Company forthwith upon request.

If you during the course of your employment make any discovery, invention, process or
improvement, patentable or otherwise, the same shall be, as is being hereby accepted by you, will
be deemed to have been so made by you for an on behalf of the company and such discovery,
invention, process or improvement shall legally, and absolutely be considered to have been made
by you for the Company and be the sole and absolute property of the Company. If and when
required to do so by the Company, you shall at the Company's expense, take out or apply for
Registration of Copy Right, Patent, Licenses or other intellectual property and other legal rights,
privileges or protection as may be so required in respect of any such discovery, invention, process
or improvement so that the beneficial ownership thereof shall always vest and deemed to vest,
belong and accrue to the Company alone. You further agree that you shall execute and sign all
instruments, acts, deeds and things, which may be required by us for registering, assigning,
transferring or otherwise vesting the same and all beneficial ownership arising in respect thereof
in favor of the Company, Group Companies, Affiliates, Subsidiaries & you hereby surrender all
your rights in respect thereto by your own free will and choice..

j. You will not enter into any commitments or dealings on behalf of the Company for which you have
no express and/or written authority.

k. You will be responsible for the safe keeping and return in good condition and order of all the
properties of the Company, which may be in your use, custody, care or charge. For any loss,
damage or non return of any property of the company in your possession and care, the company
will have a right, in its sole discretion, to either take steps to recover the said properties of the

4
 Strictly Confidential

company by due process of law or recover the original value of all such materials from you.
Company shall have a further and additional right to take such other action as it deems proper in
the event of your failure to account for or return such material or property as would be entrusted
to you during the course of your employment to you or on your direction.

l. You hereby recognize that irreparable damage will result to the Company, and to the business of
the Company, in the event of breach by you of any of the terms and conditions contained above,
especially with respect to Confidentiality, Non-competition, Intellectual Work Product or
Assignment of Copyright above. As such, in the event of breach of any of the above, the
Company shall be entitled to restrain you from any continued violation of any of the terms and
conditions. This shall be in addition to any action for damages the Company may have for breach
of any part of the terms and conditions. In the event you breach this agreement, the Company
shall be indemnified by you for its reasonable legal costs and fees.

m. In the event any provision of these terms and conditions is deemed to be void, invalid, or
unenforceable, that provision shall be severed from the remainder of these terms and conditions
of the appointment letter so as not to cause the invalidity or unenforceability of the remainder of
these terms and conditions of the appointment letter. All remaining terms and conditions shall then
continue in full force and effect. If any provision shall be deemed invalid due to its scope or
breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by
law.

n. The Company and you agree that upon the termination of your employment with the Company for
any reason whatsoever, you will promptly return to the Company at once all the Companys
assets that is/are held by you, including but not limited to all reports, proposals, contracts,
manuals, records, training materials, and other Confidential Information as described in this
appointment letter as well as equipment like Laptop / Notebook, if any, given to you by the
Company for use in performance of your duties. The return of such materials shall be done within
3 (three) calendar days after termination.

o. Both the Company and you on acknowledging this appointment letter, submit to jurisdiction in
India for adjudication of any disputes and/or claims between you and the Company under this
agreement. Furthermore, both the Company and you hereby agree that the courts of India shall
have exclusive jurisdiction over any disputes relative to this appointment letter.

10. DUTY OF CONFIDENTIALITY AND DOCUMENTS

a. You will keep confidential all information pertaining to Raghav Cotspin Pvt. Ltd.or its business
which you encounter while performing services hereunder for a period of two years after each
respective piece of information is encountered, except any such information which is or comes
into the public domain or which is or becomes available to you from a source other than Raghav
Cotspin Pvt. Ltd.which is not bound by confidentiality. Such duty of confidentiality will also apply
after termination of the employment.

b. All written information relating to the affairs of Raghav Cotspin Pvt. Ltd.such as business relations,
price lists, calculations etc., will be kept in a proper and confidential manner and will not be
disclosed to any third party. Such information and all other materials belonging to Raghav Cotspin
Pvt. Ltd. and being in your possession will be returned to Raghav Cotspin Pvt. Ltd.promptly on
your actual leaving. You will not be entitled to retain any such information or materials, or copies
thereof in any form including electronic media.

11. INTELLECTUAL PROPERTY RIGHTS

a. All intellectual property rights, including copyrights, trademark rights, rights, patentable inventions
rights, computer software rights, data processing systems rights, and rights to programs,
methods, standards etc. obtained by you in the course of the employment will be the property of
Raghav Cotspin Pvt. Ltd.without any consideration. This will also apply to similar rights obtained
by you following termination of the employment where the right results in whole or in part from

5
 Strictly Confidential

work performed during the employment with Raghav Cotspin Pvt. Ltd.You will not receive any
separate consideration for the assignment or utilization of the said rights Sas such consideration
is included in your remuneration.

b. The intellectual property rights of Raghav Cotspin Pvt. Ltd.under the Clause 12(a) will apply to all
intellectual property rights obtained during the period whenever the Appointment Letter is valid.

c. You will promptly notify Raghav Cotspin Pvt. Ltd.upon becoming aware that an intellectual
property right has been obtained as a result of your work, or that such right must be expected to
be obtained.

d. You will reasonably assist Raghav Cotspin Pvt. Ltd.in protecting and using its intellectual property
rights, including, without limitation, the signing of all necessary documents.

e. Raghav Cotspin Pvt. Ltd. may use this Contract of Employment as documentation for purposes of
registering the said rights.

12. POST -EMPLOYMENT OBLIGATIONS:

You by accepting this offer of employment and the terms stated herein do further agree that you will
not join any person, firm or organization directly or indirectly in any manner whatsoever which has a
business or operation directly or indirectly in competition with the operation and business of the
Company within or outside India for a period of two years after the cessation of your employment with
the company. You do further agree and admit that keeping the sensitivities involved in mind, Company
will have a full right, apart from any other remedy that may be available to the Company under laws of
the land, to seek ex parte injunction order against you and you will not object to the same, should the
company seek to enforce such a right against you in the event of there being a breach or a possibility
of a breach by you of this term.

13. GENERAL:

a. You may be selected and sponsored by the Company for familiarization/ training assignments with
our technical collaborators or any other institutions/ organizations in India and/or abroad. You will
diligently and beneficially take part in the training and such assignments. The cost of such training
including the travel fare and related expenses will be borne by the Company subject to any specific
agreements which may be drawn up and executed by the Company and you for such purposes.

b. Your age mentioned in the Matriculation / Higher Secondary Certificate will be deemed to be the
conclusive proof of your date of birth.

c. You will intimate in writing to the Management any change of address within a week from change of
the same, failing which any communication sent by us to you, on your last recorded address /
address as indicated above, shall be deemed to have been served upon you.

d. The present designation is subject to change depending upon work assignment from time to time.

e. Please submit the following documents, if not submitted earlier;

Certificates in support of your educational professional qualifications, experience, date of

birth and other testimonials in original together with copies thereof.

Six copies of your recent passport size photographs in blue background only.

Relieving letter as well as experience certificate from your last employer in case you
are/were employed.

6
 Strictly Confidential

Acceptance letter and all future correspondence should be addressed to:

Mr.Hiteshbhai Gajera
Director
Gondal, Rajkot

We look forward to you having a long, successful and pleasant association with Raghav Cotspin Pvt.
Ltd.

Sincerely yours,

For Raghav Cotspin Pvt. Ltd..

Mr.Hiteshbhai Gajera
Director

ACKNOWLEDGEMENT & ACCEPTANCE

I have read the contents of this letter and accept the appointment and employment on the terms and
conditions mentioned above. I hereby also confirm having received the original appointment letter.

NAME: SIGNATURE: ______________

DATE: PLACE:

Enclosed:

7
 Strictly Confidential