July 5, 2023

To,
Mr. Mohan Rai,
Veer-O-Metals Private Limited
Bangalore

Private & Confidential

Dear Mr.Mohan,

Sub: Proposal for assistance in relation to Production Linked Incentive Scheme

(“PLI”) for IT Hardware 2.0

We refer to our discussions on Production Linked Incentive Scheme announced by Ministry

of Electronics and Information Technology (IPHW Division) on IT Hardware 2.0 to Veer-O-
Metals Private Limited (“Veer-O-Metals” or “the Company”). As requested, we are pleased to
submit our proposal to provide professional services to Veer-O-Metals with regard to the
above.

1. Our understanding of your needs

Veer-O-Metals is a Company incorporated in India and having its registered office at

Bangalore. The Company is engaged in the manufacture of IT enclosures, stamped
components, mechanical assemblies and precision sheet metal fabrication.

The Company being manufacturer of parts and accessories used in IT equipment wishes to
evaluate the eligibility for claiming incentives provided under the PLI Scheme. Given the
complexity of India’s regulatory environment, Veer-O-Metals wishes to avail services of a
professional firm that can provide necessary assistance. We believe that we have the right
blend of technical knowledge combined with relevant industry knowledge, to provide a level
of professional services that will be fully commensurate with the expectations of Veer-O-
Metals. In view of the above, Veer-O-Metals has accordingly requested our proposal.

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VALUFOCUS CORPORATE SERVICES PRIVATE LIMITED

Corporate Office: # 15 | IV Floor | 1st Main Road | Tata Silk Farm | Basavanagudi | Bangalore 560 004
Phone: 080 2676 6668
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July 5, 2023

2. Scope of work

Based on our understanding mentioned above, our scope of services shall be as follows:

Phase 1- Evaluation of eligibility under PLI Scheme on IT Hardware 2.0

 Understanding the products manufactured by Veer-O-Metals and its classification

under PLI Scheme; and

 Evaluate the eligibility under the Scheme based on the business plan and advise on
the opportunity available under the PLI Scheme.

Phase 2 – Assistance in relation to filing of necessary application before the

designated Project Management Agency (“PMA”)

 Review of the documents/ information provided by the Company in relation to the

filing of the application;

 Assistance in preparation of the application in prescribed form; and

DRAFT

 Representing the Company before the concerned Authorities in relation to the

application filed by the Company;

3. Our Fee

Our aim is to provide high quality service in a cost-effective manner and build a long-term
relationship with Veer-O-Metals. We believe that the essence of building such a relationship
is the quality of the service and the expertise that we provide. Our fees depend on the nature
of work to be performed and the level of personnel required for the same.

The professional fees mentioned below for services enumerated in Para 2 above are based
on our time estimates. Based on our understanding of the nature of work involved as
detailed in Para 1 above, and our projections of the time and costs that we expect to incur on
this engagement, our professional fee for Phase 1 shall be Rs.1,25,000/- (Payable on
confirmation of the engagement). Professional fee for Phase 2 would be discussed based on
the outcome of Phase 1.
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July 5, 2023

In addition to the above professional fee, out of pocket expenses in relation to this
assignment to be reimbursed by the Company separately. Out of pocket expenses shall also
include expenditure incurred on communication, travel, secretarial, printing & stationery and
courier charges.

Taxes at the applicable rates shall be billed to you in addition to the fees and
reimbursements.

4. Scope Limitation

In outlining our scope of services, we have excluded the following:

 The scope of work set out above would be restricted to PLI Scheme on IT Hardware 2.0
matters as defined above and shall not include advice or assistance in relation to other
Schemes/ laws in India. However, advice with regard to other regulatory matters could
be provided under a separate arrangement.

 In performing our aforesaid scope of work, we presume that the Company will provide us
with the requested information and documentation in a timely manner. We shall rely
upon the information, documentation, explanations and clarifications provided by the
DRAFT

management and other concerned personnel of the Company, in regard to the above
scope of work.

 The scope of work shall be restricted to assistance with the filings and representation
before the appropriate authorities in relation to application filed under the respective
Scheme for approval and entitlement. Assistance in relation to submission to be made
post approvals shall not be covered in the scope mentioned above. Any assistance
under post approval stage will be provided under a separate arrangement.

 The scope of work shall not include any issuance of certificate from a duly certified
Chartered Accountant required if any.

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July 5, 2023

 Our assistance under this engagement would be on a best effort basis and there is no
assurance that the authorities would accept positions.

We thank you for providing an opportunity for submitting this proposal.

We look forward to hearing from you on the same.

Best Regards

R P Srilalitha

DRAFT