Exhibit 4.47
 
 CREDIT ARRANGEMENT LETTER
   India Foils Limited
   (Rs. in million)Facilities
    
    
    LimitTerm Loan
    
    
    1020.0TOTAL
    
    
    1020.0
    Suvalaxmi Chakraborty
General Manager
 AcceptedFor India Foils LimitedAuthorized Signatory
 ICICI Bank LimitedICICI Bank Towers
    
    Tel. (+91-22) 2653 1414
    
    Regd. Off.: Landmark, Race Course Circle, Vadodara 390007, India.Bandra-Kurla Complex
    
    Fax(+91-22) 2653 1122
    
    Corp. Off.: ICICI Bank Towers, Bandra-Kurla ComplexMumbai
400 051, India
    
    Websitewww.icicibank.com
    
    Mumbai 400051, India, Tel. (+91-22)
2653 1414 Fax (+91-22) 2653 1122




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2 TERMS AND CONDITIONS
 The
following summary of Terms and Conditions (the Term Sheet) provides indicative terms and
conditions for the credit facilities to the Borrower. This Term Sheet is not meant to be, nor
should it be construed as a commitment by ICICI Bank to extend credit facilities. The Term Sheet is
intended to outline basic points of business understanding around which the credit facilities would be
constructed. It does not attempt to describe all the terms and conditions that would relate to the
credit facilities nor do the terms suggest specific documentation phrasing. The closing of any
financial transaction relating to the credit facilities would be subject to various conditions
precedent, including without limitation, the conditions set forth in this Term Sheet. The final
terms and conditions applicable to the credit facilities would be subject to inter alia, due
diligence of various agreements and contracts, validation of revenue assumptions, legal counsel
review, satisfactory transaction economics and internal credit.
 Facility
    
    Term LoansLimit
    
    Rs. 1020.0 millionCurrency
    
    Rupee facilitySecurity
    
    Secured by a first charge over the fixed assets of India Foils Limited.Tenor /
Repayment
schedule
    
    Amortisation schedule of the loan is attached.Interest
    
    The Company shall pay to ICICI Bank interest on the principal amount of the Facility outstanding from time to time
monthly in each year on
15th day of each calender month. The rates of interest for each Tranche of the Facility
(the Applicable Rate) shall be as follows:From February 2005 till January 2006:Nil interestFrom February 2006 till November 2007:7.00% per annum below the sum of the ICICI Bank Benchmark Advance Rate and the
Term Premium prevailing on the date of disbursement of such Tranche of the Facility, plus applicable interest tax or
other statutory levy, if any.The ICICI Bank Benchmark Advance Rate as on date is 10.50% per annum, the Term Premium as on date is 1.00% per annum
and the Applicable Rate as on date is 4.50% per annum.From December 2007 till November 2009:1.50% per annum below the sum of the ICICI Bank Benchmark Advance Rate and the
Term Premium prevailing on the date of disbursement of such Tranche of the Facility, plus applicable interest tax or
other statutory levy, if any.The ICICI Bank Benchmark Advance Rate as on date is 10.50% per annum, the Term Premium as on date is 1.00% per annum
and the Applicable Rate as on date is 10.00% per annum.From December 2009 till September 2011:1.00% per annum below the sum of the ICICI Bank Benchmark Advance Rate and
the Term Premium prevailing on the date of
disbursement of such Tranche of the Facility, plus applicable interest tax or
other statutory levy, if any.




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3 The ICICI Bank Benchmark Advance Rate as on date is 10.50% per annum, the Term
Premium as on date is 1.00% per annum and the Applicable Rate as on date is
10.50% per annum.Rate of interest is subject to revision from time to time.Redemption
Premium
    
    Rs. 30.0 million payable on September 15, 2011.Interest 
payment 
frequency
    
    Interest would be payable monthly, on the 15th day of each
month commencing from December 2007.Interest 
calculation
    
    Interest will be calculated on 365 day basis in respect of rupee loans.Prepayment
    
    The Company may pay any of the outstanding tranches (in part or full), on November 15th of each
year during the currency of the loan, without any prepayment premium or any other fee or charges except
interest accrued to date.




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4 AMORTIZATION SCHEDULE
 COMPANY NAME
    
    INDIA FOILS LTDASSISTANCE TYPE
    
    CORPORATE LOANDUE DATES FOR INTEREST
    

15THOF EACH MONTH COMMENCING FROM FEBRUARY 15, 2005.
 Installment of principal
    
    Principal amount of theamount of the facility
    
    facility outstanding after eachDue Dates for Payment
    
    (in Rs)
    
    payment (in Rs)February 15, 2005
    
    
    
    
    
    
    1,020,000,000December 15, 2007
    
    
    61,875,000
    
    
    
    958,125,000January 15, 2008
    
    
    
    
    
    
    958,125,000February 15, 2008
    
    
    
    
    
    
    958,125,000March 15, 2008
    
    
    61,875,000
    
    
    
    896,250,000April 15, 2008
    
    
    
    
    
    
    896,250,000May 15, 2008
    
    
    
    
    
    
    896,250,000June 15, 2008
    
    
    61,875,000
    
    
    
    834,375,000July 15, 2008
    
    
    
    
    
    
    834,375,000August 15, 2008
    
    
    
    
    
    
    834,375,000September 15, 2008
    
    
    61,875,000
    
    
    
    772,500,000October 15, 2008
    
    
    
    
    
    
    772,500,000November 15, 2008
    
    
    
    
    
    
    772,500,000December 15, 2008
    
    
    61,875,000
    
    
    
    710,625,000January 15, 2009
    
    
    
    
    
    
    710,625,000February 15,
2009
    
    
    
    
    
    
    710,625,000March 15, 2009
    
    
    61,875,000
    
    
    
    648,750,000April 15, 2009
    
    
    
    
    
    
    648,750,000May 15, 2009
    
    
    
    
    
    
    648,750,000June 15, 2009
    
    
    61,875,000
    
    
    
    586,875,000July 15, 2009
    
    
    
    
    
    
    586,875,000August 15, 2009
    
    
    
    
    
    
    586,875,000September 15, 2009
    
    
    61,875,000
    
    
    
    525,000,000October 15, 2009
    
    
    
    
    
    
    525,000,000November 15, 2009
    
    
    
    
    
    
    525,000,000December 15, 2009
    
    
    61,875,000
    
    
    
    463,125,000January 15, 2010
    
    
    
    
    
    
    463,125,000February 15, 2010
    
    
    
    
    
    
    463,125,000March 15, 2010
    
    
    61,875,000
    
    
    
    401,250,000April 15, 2010
    
    
    
    
    
    
    401,250,000May 15, 2010
    
    
    
    
    
    
    401,250,000June 15, 2010
    
    
    61,875,000
    
    
    
    339,375,000




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5 Installment of principal
    
    Principal amount of theamount of the facility
    
    facility outstanding after eachDue Dates for Payment
    
    (in Rs)
    
    payment (in Rs)July 15, 2010
    
    
    
    
    
    
    339,375,000August 15, 2010
    
    
    
    
    
    
    339,375,000September 15, 2010
    
    
    61,875,000
    
    
    
    277,500,000October 15, 2010
    
    
    
    
    
    
    277,500,000November 15, 2010
    
    
    
    
    
    
    277,500,000December 15, 2010
    
    
    61,875,000
    
    
    
    215,625,000January 15, 2011
    
    
    
    
    
    
    215,625,000February 15, 2011
    
    
    
    
    
    
    215,625,000March 15, 2011
    
    
    61,875,000
    
    
    
    153,750,000April 15, 2011
    
    
    
    
    
    
    153,750,000May 15, 2011
    
    
    
    
    
    
    153,750,000June 15, 2011
    
    
    61,875,000
    
    
    
    91,875,000July 15, 2011
    
    
    
    
    
    
    91,875,000August 15, 2011
    
    
    
    
    
    
    91,875,000September 15, 2011
    
    
    61,875,000
    
    
    
    30,000,000September 15, 2011
    
    
    30,000,000
    
    
    