ECOAT LIMITED: Mortgages

All moneys assign. Of plant & machinery all the company's plant, machinery, vehicles, equipment and other items of property as listed below as well as all future plant, machinery, vehicles, equipment and other items of the same or similar types which may be acquired by the company hereafter including any future accretions, additions or alter- ations thereto, replacements thereof and items substituted therefore. Electrophoretic painting plant for automotive components supplied to the company by autofin LTD under a contract dated 31 august 1994 specification no. E2800 dated 28 july 1994/serial no.S2049 /ga/1 incorporating but not limited to monorail conveyor pretreatment plant electrocoat paint tank ultra filtration and demin treatment plant and storing oven.

All monies debenture all the company's undertaking property and assets whatsoever and wheresoeve both present and future including good- will and uncalled capital. The charge shall as regards all estate or interest legal or equitable in all freehold or leasehold property all profits a prendre easements, rights of way, rights under convenant, agreements, undertakings and indemnities and rights to compensation, statutory or otherwise, or income attaching thereto which shall at any time hereafter during the continuance of this security become the property of the company and all present and future proceeds of insurance receivable by the company, and its goodwill and uncalled capital for the time being be a specific charge and as regards all freehold or leasehold property shall constitute a legal mortgage and shall as regards the other property hereby charged be a floating security but so that the company shall not be at liberty to create any mortgage or charge ranking in priority to or pari passu with these presents or sell or assign or grant any license to occupy any of the properties hereby charged without the prior written consent of the bank. The debenture further provides that the company shall not without the prior written consent of the bank assign or charge its book debts.

Transporter type electrophoretic painting plant s/no S2049.