o 056780

DEED OF PARTNERSHIP

THIS DEED OF JlARTNERSHIP is made at Raipur [Chhattisgarh] on this 29th day of September,
2018; BY AND BETWEEN:

(1) D.GANPAT~ Slo Shri D.Yadav Rao, aged about 40 years, resident of Clo V. srinivas rao,
Near nee1 karal bar, Charoda, Durg Chhattisgarh [hereinafter called Partner of the FIRST
PART];' .

(2) SANJAY SI~GH RAJPUT Slo Shri Kuleshawr Singh, aged about 39 years, resident of
H.No.145, Thengabhat, Durg, Chhattisgarh [hereinafter called Partner of the SECOND
PART]; I
.(3) PRINCE KTiMAR SINGH Slo Shri SurenclraBahadur Singh, aged about 29 years, resident
, of H.No.63l; ,Ward No.5, Dhanlaxmi Nagar, Bhanpuri, Birgaon, Raipur Chhattisgarh
" [hereinafter <tJl~dPartner of the THIRD PART];
..

VARDHAN' AGRO VAIDMAN AGRO

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 THE EXPRESSION, the partners hereto of the FIRST, SECOND and THIRD part shall unless
contrary or repugnant to the context, include heirs, executors, legal representatives, and
administrators of their respective parts and;

WHEREAS the partners hereto of the FIRST, SECOND and THIRD part are desirous of joining
hands with one another to commence and carry on the business in the partnership and;

WHEREAS it is deemed expedient to reduce into writing the terms, conditions & stipulations,
under which the said partnership shall be carried OJil.

NOW THIS INDENTURE WITNESSES AS FOLLOWS:

(1) COMMENCEMENT AND NATURE OF BUSINESS OF PARTNERSHIP FIRM:

The Partnership business shall stand commenced from the twenty ninth day of September,
two thousand Eighteen (29.09.2018) and shall be for carrying business of:

(a) To undertake, assist, aid, finance and promote development and manufacture of agricultural
implements, agricultural machinery and other material and equipment required for
agriculture and other agricultural based industry in Chhattisgarh and India.

(b) To organize, conduct or manage engineering or require shop or workshop of all description
and to manufacture, import, export, buy sell or otherwise deal in agriculture machinery,
implements, machines, tools and metals of all kinds.

(c) To promote or conduct any agricultural, commercial or industrial enterprise, establishment

company or concern.

(0·. Any other business as the Partners may decide mutually from time to time.

(2) NAME OF THE PARTNERSHIP FIRM:

ThePartnership business shall be carried on under the firm's name and style of "VARDHAN
AGRO" or any other name as the Partners may agree upon from time to time.

FIRST ACCOUNTING YEAR OF THE PARTNERSHIP FIRM:

The first accounting year of the firm shal1 start from 01.10.2018 and will be up to end on
31.03.2019 and the accounting year of the firm shall be financial year and it shall be open to
the partners to change the same by mutual agreement.
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VARDHAN AGRO VARDHAN AGRlI VARDHAN AGRO

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 (6) KEEPING OF BOOKS OF ACCOUNT OF PARTNERSHIP FIRM:
The usual books of account shall be kept and maintained properly posted up and shall not be
removed from the place ()f business without the previous consent of all the partners. Each
partner shall have free access to them at all time and shall be at liberty to make such extracts
there from as he may think fit.

(7) BANK ACCOUNT:

Each partner shall pay all moneys, cheques and negotiable instruments received on account
of the firm into the firm's bank account(s), which shall be operated upon by any partner and
all the partners will be competent to operate the bank account individually.

(8) CAPITAL REQUIREMENT OF THE PARTI~ERSHIP FIRM:

Capital requirement of the Partnership shall be furnished or arranged for by all the partners
equally or as they shall mutually agree. Interest @ 12% per annum or as may be prescribed
under section 40(b)(iv) of the Income-tax Act, 1961 or any other applicable provisions as
may be in force in the Income-tax assessment of the Partnership Firm for the relevant
accounting period shall be-payable to the partners on the amount standing to be credit of the
account of the partners. Such interest shall be calculated & credited to the account of each
partner at the close of the accounting year.

(9) APPLICABILITY OF INTEREST:

However, in the case of loss or lower income, rate of interest can be NIL or lower than 12%
as may be agreed to by and between the partners from time to time.

(10) REMUNERATION OF WORKING PARTNERS:

Partner of FIRST, SECOND and THIRD part have agreed to work in the Partnership Firm as
working partners. In order to remunerate the working partners for their working it is decided
that the remuneration payable to partners shall be as under:-

(i) The remuneration payable to working partners shall be calculated at the prescribed
percentage of the "BOOK PROFIT" under relevant provision of the Income Tax
Act, as amended from time to time;

(ii) For the purpose of above calculation, "BOOK PROFIT" shall be computed as
defined in Section 40(b) of the Income Tax Act, 1961 or any other applicable
- ",.,,111.; '~f,lrpvision as may be in force for the Income Tax assessment of the Partnership Firm

'~~,$i:~ll foil'jr the relevant accounting period.

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t~(ij' :~,~/The remuneration payable to the abov~ said ~artner shall be credited to their
. -- account(s) at the close of the accounting penod when final accounts of the
partnership are made up and the amount of remuneration shall fall due to him as
determined in the above manner.

The present slab as per Income Tax Act, 1961 is as under:

(a) On the first Rs.3,00,0001- of Rs.l,50,0001- or at the rate of 90%

book profit or in case ofloss of the book profit, whichever is
more
On the balance of the book At the rate of 60%
profit

-,. -
., OCT ZO~8
VARDH.4I~ AGRO VARDHANAGR
VARDHANAGRO
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 (v) The total remuneration so calculated will be distributed amongst the working
partners as under:-

PARTNER OF THE FIRST PART 33.33%

[D.GANPATI]

PARTNER OF THE SECOMD PART 33.33%

[SANJA Y SINGH RAJPUT]

PARTNER OF THE THIRD PART 33.34%

[PRINCE KUMAR SINGH]

However, in case of loss or lower income, remuneration can be NIL or lower than above as
may be agreed to by and between the partners from time to time. The partners may change
the remuneration at any time after recording it in writing.

(11) SHARING OF PROFITS AND LOSSESS OF THE PARTNERSHIP FIRM:

The net profit or loss of the partnership business as per the accounts maintained by the
Partners after deduction of all expenses relating and incidental to the business of the
partnership including rent, salaries other establishment expenses as well as interest on capital
and/or remuneration to working partner (if any) in accordance with the clauses of the
Partnership deed shall be divided and distributed among the partners on the close of the
accounting year in the following proportion:-
PROFIT & LOSS SHARING RATIO
PARTNER OF THE FIRST PART : 33.33%
[D.GANP ATI]

PARTNER OF THE SECOND PART 33.33%

[SANJA Y SINGH RAJPUT]

PARTNER OF THE THIRD PART 33.34%

[PRINCE KUMAR SINGH]

100%

~~
~'I~~'ners, may, from time to time, change the profit sharing ratio, depending upon the
~~-_l'l.......
A.LlO'a~Clinhand, individual contribution of capital by the partners, working contribution by the
idual partners etc. Hence partners may, from time to time agree to share the profit or loss
the firm in different ratio for different projects, as they may agree in writing from time to
time;

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VARDHANAGRO VARDliAN AOIlO
VARDH~~J9..
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 (13) PROPERTY OF THE PARTNERSHIP FIlUv1: .
(a) That any Land, Building, Machinery, vehicle, or any Movable or Immovable assets,
purchased in the name of any partner with the capital of the firm can be treated as
. property of this firm as per mutual consent.

(b) That each partner shall be individually entitled/authorized to receive cheques / cas~
from any autonomous Corporation, Department or Departments, Government/Semi
Government, Firms, Limited Public Ltd., Companies and any other entities including
individuals and can authorize person(s) to issue receipts or acknowledge the receipt of
cheques or cash from such entities.

(14) AUTHORITY:
That this firm shall apply for obtaining registrations, permits, lease or leases, licences,
permits, and or authority letters, that would be necessary in the regular course of business and
this all shall be done by all the partners with his signature individually, for which they are
unanimously authorized by all the parties 1[0 this. The authorization to partners is full and
complete and no separate power of attorney shall be required to be given to them.

(15) GOOD WILL OF PARTNERSHIP FIRM:

That the GOOD WILL of the firm shall be the property of this firm vested in the continuing
partners of the firm and that the retiring, insolvent or legal heir or heirs of the deceased
partner or partners shall not be entitled to have any claim or right in respect of "GOOD
WILL" of the firm at any time in any circumstances, In the event of dissolution of the firm
with the consent of all the partners, Goodwill of the firm shall be enjoyed i.e. the ownership
of the Goodwill shall vest with the Partner who bids higher value than the other partners and
willing to pay the bid amount within reasonable time as may be decided by the partners.

(16) EQUAL RIGHTS OF PARTNERS OF PARTNERSHIP FIRM:

(a) That all the partners shall have individually rights and privileges to use, to make or
put claims, to pass receipts, to accept payments, to purchase or sell goods on cash or
credit, to enter into contracts, to enter into agreements, to cancel contracts or
agreements, to enter into lease agreement, to purchase or sell raw materials, finished
products, machinery, plants, parts and tools, to transfer, to mortgage, to pledge goods,
and properties, to represent this firm before all offices and courts, Civil and Criminal
or Revenue, Taxation, Railway, Customs Excise, Labour Unions, and labour
Authorities, Local bodies, to present documents, either made by this firm in favour of
others and or made by others in favour of this firm for registration, to have inspection
",'" .~- , ~,v· u» I ~ and take copies of records, to appoint commission, to have negotiations, to have
'& Rtgti~?M1.f2(m / i: jl\rbitrations, to appoint, engage, dismiss, suspend or charge sheet labourers and or
\ 'Ii-., J, > .~ /11 st~ff and in short to do all necessrurywork in the regular course of business and as
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•••rI1l01')."'_~, well to appoint or suspend the agencies or agents for either sale or purchase of goods.

(b) Each Partner shall be just and faithful to the others or other of them and shall at all
times give to such other or others of them full information and truthful explanation of
all matters relating to the affairs of the Partnership and offer every assistance in his
<t't- po in carrying on the business for their mutual advantage.
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. ~"I~:+f~?sEL\L~pRTGAGE O~ SHARE OF PAR~NE~?F PARTNERSHIP FIRM: .

. . Uli>No,I-,e,G, -f!IIIli if
partner shall WIthoutthe consent m,writing of the othe~ partners, shall sell, assign,
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mortgage hISshare or interest and nght in this partnership firm.
h'
-, c.' 1: -'(8)""!M1JtAGEMENT OF PARTNERSHIP FIRM:
''''''>iI!;~,;:.:'';trY the partners are authorized to manage, carry on the business of partnership to the best of
their ability and judgement for the greatest common advantage to all. They are individually
authorized to enter in to any contract/agreement for on behalf of the firm in connection with
the business of the partnership firm; to exercise all powers necessary for performing business
activities to the best advantage of the partnership business and to represent the firm before
any State/Central Govt. Offices and all other concerns for the all business matters.

VARDHANAGRO
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Partner
 (19) CONSENT OF ALL OTHER PARTNERS OF PARTNERSHIP FIRM:
Neither partner shall without the consent of other partners:
•
(a) Lend any of the moneys or deliver upon any of the goods to any person or persons
on credit to whom the other partner or partners shall have forbidden him to trust.

(b) Give any security or promise for the payment of money on account of the firm
unless in the ordinary course of business.

(c) Enter into any bond or become bailee or surety of any person or knowingly cause or
suffer to be done anything whereby the partnership property may be discharged.

(d) Draw, accept or endorse any bill of exchange or promissory note on account of the
firm, unless in the ordinary course of'business.

Any partner committing in breach of any of the foregoing stipulation shall indemnify the
other partners from all losses and expenses on account thereof.

(20) EFFECT OF DEATH, RETIREMENT, INSOLVENCY AND LUNACY OF ANY

PARTNER:
The death or retirement of any partner shall not dissolve the firm. In the event of the death of
a partner the legal heirs and/or lawful claimants of the deceased partner shall be treated as a
partner instead of deceased partner.

(21) ARBITRATION CLAUSE:

All disputes and differences whatsoever which shall either during the partnership or
afterwards arises among the partners or their respective representative of any other partner to
any matter in any way relating to the partnership business or the affairs thereof duties of
liabilities of any partner under these presents shall be referred to a single arbitrator in case the
partners agree upon one or otherwise to three arbitrators one to be appointed by partner of the
first part, one.by second part and one by third part to the difference in accordance with and
the subject to the provision to the Arbitration and Conciliation Act, 1996 or any other
statutory modifications thereof for the time being in force.

. BILITY OF INDIAN PARTNERSHIP ACT 1932:

all points not mentioned herein above the provisions of Indian Partnership Act 1932
~~""'-
•..,~~ .other statutory modifications thereof for the time being in force shall be applicable.

IN WITNESSES WHEREOF the partners here to have set their respective hands the day and year
first hereinabove written.

VARDHAN AGRO
SIGNED BY THE WITHINNAMED ]
PARTNER OF THE FIRST PART ]
(D.GANPATI) ]

SIGNED BY THE WITHINNAMED ]

PARTNER OF THE SECOND PART ]
(SANJAY SINGH RAJPUT) ] VARDHANAGRO
SCT\~
• 1~%>fot Partner

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VARDHANAGRO
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 IN THE PRESENCE OF

2. NAME: Shri Kushal Singh 2. NAME: Smt. Vandana Singh

3. ADDRESS: Bhanpuri, 3. ADDRESS: Bhanpuri,

Raipur (C.G.) - 492001 Raipur (C.G.) - 492001

4. AGE: 26 4. AGE: 29

5. FATHER'S NAME: Surendra Bahadur Singh 5.FATHER'S NAME: Atul Singh

VARDMAN AGRO VARDHAN AGRO

ScA0A"l
_ RJ2W\- Partner

WITNEsa VARDHAN AGRO

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• OCT Z018