PARTNERNERSHIP DEED

THIS DEED OF PARTNERSHIP EXECUTED ON THIS DAY 28-11-2019

BY AND BETWEEN:
1. Shri Prashanth C S S/o Srinivas Murty, aged about 34 Years, residing
at Pandavapura Taluk, Chinakuurali Village, Mandya District - 571455,
here in after called the Party of the First Part.
2. Shri Idris Khan S/o Y P Mustafa Hakeem Pasha, aged about 34 Years,
residing at #341 K Bettahalli Post, Damadahalli Grama, Pandavapura
Taluk, Mandya District - 571434, here in after called the Party of the
Second Part.

Whereas above said partners are carrying the business in the name and
style of “INDIAN PAINTS AND CHEMICALS” Katha No176/4 Kasaba
Hobali, Pandavapura Taluk, Yelekere Grama, Mandya District-571247.
Whereas the above said partners deem it necessary to expedient that there
should be deed contain terms and conditions which witnesses as follows:-

1. NAME OF THE FIRM : - The name and style of the partners business
shall be INDIAN PAINTS AND CHEMICALS

2. PLACE OF THE FIRM : - The place of the partnership business shall be

at Katha No176/4 Kasaba Hobali, Pandavapura Taluk, Yelekere Grama,
Mandya District-571247.

3.NATURE OF BUSINESS :- of the partnership shall be as under

4. CAPTITAL :- The capital of the partnership business shall be a Total sum

of Rs. 10,00,000.00/-(Ten Lakh only) which shall be contributed by the
partners in equal share of Rs. 5,00,000.00/-(Five lakh only) each, such
capital shall be contributed as and when the required by the
partnership business

5. PROFIT OR LOSS SHARING RATIO : - The profit or loss shall be belong

to borne by the partners in equal shares.

6. DATE OF COMMENCEMENT OF BUSINESS : - The partnership

Business shall have commenced with effect from 28-11-2019

7. MANAGEMENT: - Shri Pavan kumar V second partner shall be the

managing partner of the firm. He shall maintain the usual books of
accounts and enters the transactions of firm and money received and
disbursed by the firm. The books of accounts shall be kept in the registered
office of the firm and shall not be removed from the office by any partner off
the firm except for the purpose of audit, for the production of account to the
office of the purpose of audit for the production of account to the office of
the Income Tax, etc., the books of accounts shall be open for inspection in
the office of the Firm by the partners at reasonable timings.
8. BOOKS OF ACCOUNTS : - Regular books of accounts recording all
transactions off the partnership business shall be maintained by the firm at
the place of business and all, the partners shall have free access to there
accounts other business accounts and documents. Etc.,

9. ACCOUNTING YEAR :- The firm shall close the books of accounts on 31 st

March of every year and duely making previous for profit and loss account,
balance sheet be drawn and the same shall be audited by the firms
auditors.

10. OPERATION OF BANK ACCOUNTS :-

The firm shall open a current account in the name of [Partnership Firm
Name] at any bank and such account shall be operated by [First Partner]
and [Second Partner] jointly as declared from time to time to the Banks.

11. DRAWINGS : - All the partners are entitled to draw any amounts with
the consent of the all other partners.

12. BORROWINGS : - The firm may borrow such in necessary for the
Business of the partnership firm in the form of the term deposits, pigmy
savings deposits, loan from public, friends or relatives or from Financial
institutions, commercial banks, or in such other manner as in Deemed
expedient in the opinion of the partners from time to time all the borrowings
shares be made by joint signatures of the managing partner and the
executive partner, an borrowing shall be made by any other partner for and
of behalf of the partnership which is not in accordance with the partnership
shall be indemnified by the concerned partner.

13. INTREST ON CAPITAL :- The partners have mutually agreed that an

interest at the rate of 12% per annum or such other rates as may be
agreed between them from time to time considering the business needs
financial position of the firm or for any other reasons which they may think
proper by the firm for any reasons which not exceed 12% per annum or
such other maximum chargeable rated as may be prescribed by section
40/(B) of the income tax act, 1961 or any amendments thereof which may
be forced in the relevant financial year shall be payable at to a partners on
the amount standing to the credit of the partners.

14. REMUNERATION TO WORKING PARTNER :- The working partners of

the firm shall be entitled to a monthly remuneration of Rs. 25,000.00/-
(Two Thousand only) & are entitled to withdraw the same .such
remuneration paid credited/Paid shall be treated as expenditure of the
partnership business and shall be debited to the firms Profit & Loss
Account before arriving at the divisible profit & loss.

15. RETIREMENT : - If any partner intends to retire the partnership

business any time he has to give at least three months notice to the other
partners

16. DEATH : - In case of death of any of the partners, the partnership

business shall not dissolve. The legal heirs or legal representatives shall give
three months notice to the other partners with regard to their intention to
retires or continue in the partnership business. The legal heirs or legal
representatives have no voice in the good will of the partnership business.

17. DISSOLUTION : - At the time of dissolution the assets of the firm have
to be realized. Any liability has to be discharged and capital has to be
repaid. The surplus deficiency if any shall shared equally.

18. DURAION : - The duration of the partnership business shall be ”at

will”.

19. DISPUTES : - In case of any dispute the provisions of the Indian

partnership Act of 1932 shall apply.

In witness where as all the partners above named have set their hands to
this deed, the day, month, year first above mentioned in the presence of the
presence of the following witnesses:-

WITNESS SIGNATURE OF THE PARTNERS

1. 1.

2.
2.

“DRAFTED BY ME”