DEED OF PARTNERSHIP

VICTORY EXPORT

THIS DEED OF PARTNERSHIP Executed at ERODE on

this1st Day of FEBRUARY - 2019 and Between

1. Sri. S MANOJSARAVANAN, aged about 33 Years, S/o. PANDIRAJAN

SENTHILKUMAR, residing at No. 24A, Meenakchi Nagar, Mangalapuram,
Kancheepuram - 600122 [Hereinafter called party of the FIRST PART]
PAN AMQPM1043D

2. Sri. K IBRAHIM aged about 33 Years, S/o. KULAP JOHN at No. 30/9,
Palam Sandu, Gurunatha chetti street Pallipalayam 638006 [Hereinafter
called party of the SECOND PART] PAN ABYPI4216K
 3. Sri. S MUHAMEDRAFI aged about 32 Years, S/o. SYEDMUSTHAFA at
No. 40/17, Membar Ramasami Street, Devangapuram, Pallipalayam -
638006 [Hereinafter called party of the THIRD PART] PAN
AUVPM1151F

WHEREAS the aforesaid four parts are decided to enter in a

partnership business under the name and style

“VICTORY EXPORT”

with effect from 01.02.2019 and the terms of the partnership is

reduced into writing.

NOW THIS DEED OF PARTNERSHIP WITNESSETH AS

FOLLOWS:
1. The name and style of the business shall “VICTORY
EXPORT” Carried on with its Principal place of business
at

OLD No. 9,
9 PALAM SANDU, EDAPPADI ROAD PALLIPALAYAM –
638 011
in NAMAKKAL DISTRICT and/or at such other place(s)
with branch or branches as may be decided upon by the
partners.
2. The business of the firm shall be that to undertake and
execute Export and/or any other business as may be
mutually agreed by the partners from time to time.

3. The duration of the firm shall be one AT WILL. The terms

and conditions of this partnership business can be
modified at ANY TIME with the mutual consent of all the
partners.

4. The Partnership and all the terms hereof shall come into
effect as and from 1st day of FEBRUARY 2019.

5. The Capital account of the partnership business shall

consists of the amount contributed by the Partners from time
to time and also the amount credited into this account by
way of Interest on Capital, Share of Profit and as partner's
Salary.

6. Any further capital that may be required for running the

Partnership business may be contributed by any partner or
partners. All such contributions shall be credited into a
separate current account(s) as distinguished from the
respective Capital account(s).

7. If there is any debit balance in the accounts of the

partners interest shall be payable by the partner to firm at
the rate provided in the above said clause 5 and/or 6.

8. Loans may be raised for the Partnership business by all

the partners jointly only. Interest on such Loan(s) shall be
charged in the books of accounts of the firm. All such
borrowings shall be immediately brought into the books of
accounts of the firm.

9. The bankers of the firm shall be such banks as may be

mutually agreed upon by the partners from time to time. The
bank accounts of the firm shall be operated by all.

10. All the party shall be the Managing Partners and have to
manage the day to day affairs as per the decision of all
partners. For the services so rendered, all partners are
entitled to remuneration as mentioned below from out of the
 profits of the firm which shall be calculated after deducting
interest if any paid to partners as mentioned elsewhere in
this deed and depreciation as admissible under the Income
Tax Act, 1961 but before deducting Remuneration and
commission to partners, amounts set apart for reserves and
taxes payable on the income of firm.[Which shall hereinafter
be referred as Book profit] However, the total remuneration
payable to all the partners shall not exceed the amount
(which shall hereinafter be referred as qualifying amount)
calculated as under:-

(a) On the first Rs.3,00,000/- Rs. 1,50,000/- or at the

rate
of the book-profit or in of 90% of the book-profit
case of loss whichever is more;

(b) On the balance of the at the rate of 60%

book-profit
(4)

In case book-profit is up to 150000/- (or) Loss

remuneration to all the partners shall be limited to Rs.
150000/- in total to all partners.

11. The accounts of the Partnership firm shall be closed on

31st March every year. The Net Profit or Loss of the firm
shall be divided equally between the partners as mentioned
below.

S.No. PARTNERS PROFIT AND

LOSS
SHARING RATIO

1. S MANOJ SARAVANAN 33.34%

2. K IBRAHIM 33.33%
3. S MUHAMEDRAFI 33.33%

12. In the event of any dispute, quarrel or

misunderstanding arising among the partners the same
shall be referred to an arbitration consisting of three
persons appointed by the partners mutually. The
 Arbitrators majority decision shall be final and binding upon
all the parties of Partnership.

13. If any Partner wants to retire from partnership

business he shall inform the other partners of his intention
to retire either orally or in writing or in such other manner
as may be agreed by the partners from time to time.

14. The Partners shall attend diligently to the proper

conduct of the business.

15. The partners of the firm shall have free access to the
books of accounts of the firm and also the right of either
inspecting or taking copy of the whole or a portion of the
books of accounts of the firm.

16. The normal running of the firm shall not be disturbed

and not the firm be dissolved by the happenings of events
like death, retirement, insolvency, insanity among any one
of the partners

17. Any Partner can represent and sign individually on

behalf of the firm on any agreements, undertakings,
contracts, representations, claims etc.,

(5)

18. If any one or more partner(s) retire(s) from this

partnership the firm Name, Goodwill, Licenses, Permits,
etc., of the firm shall belong to the continuing partner(s)
who continue to carry on the partnership business with or
without admitting new partner(s)

19. In respect of any matters not specifically provided for in

the foregoing clauses, the aforesaid partners shall act in
accordance with the provisions of THE INDIAN
PARTNERSHIP ACT 1932, as amended up to date.
IN WITNESS WHEREOF the aforesaid partners have set
their hands on the day and month above mentioned.

1.

2.

WITNESSES :

1.

2.