PARTNERSHIP DEED

This deed of partnership is made on this 03 rd day of January 2022

between:

1. Mr Ajit Singh s/o Mr Kedar Singh aged 42 years R/o 8/587, Poni
Road, Viklang Gate, Shuklaganj, Uttar Pradesh – 209861, Party
of First part.
 (2)

2. Mr Mohd. Aafak s/o Mr Mohd. Irfan aged about 23 years R/o

Mohalla-pothiya, Near Jamma Masjid, Nai(229),
Mewat, ,Haryana – 122508, Party of Second part.

3. Mr Davendra Pratap Singh s/o Mr Jaypal Singh aged 42 years R/o

225, Gali No.5, Saroj Nagar, Eata Chungi Bye Pass, Aligarh,
Uttar Pradesh – 202001, Party of Third part.

Which expression shall include the heirs, executors, administrators

and the representatives of the respective parties.

WHEREAS the parties to this deed have entered into an agreement to

form a partnership firm to carry on the business of Trading and
Service provider in the field of construction and its raw material
and such other related services as mutually decided by the partners
from time to time in partnership under the name and style of M/S SG
Trading.

AND it is deemed expedient and desirable to reduce the terms and

conditions governing to this deed of partnership into writing:

NOW, THEREFORE, THIS DEED OF PARTNERSHIP WITNESSETH

AS UNDER:

1. That all the parties have joined each other and have mutually
agreed to be partners by forming a partnership firm w.e.f. 03 rd
January 2022.

2. That the partnership business shall be carried on in the name

and style of M/S SG Trading, which may be changed from time
to time with mutual consent of all the parties to this deed.

3. That the principal place of business of the partnership firm

shall be at 8/587, Poni Road, Viklang Gate, Shuklaganj,
Uttar Pradesh – 209861, which may be changed from time to
time with mutual consent of all the parties to this deed.

4. That this partnership is formed with the primary object of

carrying the services relating to construction and its raw
material and other services related to above objectives.

5. That the duration of the partnership shall be At Will and may

be dissolved by any partner giving not less than one month’s
previous written notice of his intention in that behalf. If all the
parties agree, any or more of the parties can also retire from
partnership.
 (3)

6. That the capital Rs. 10,000/- (Ten Thousand) of the firm shall
be brought in and contributed by the partners in their capital
contribution ratio as follows:

First Party 40% Rs. 4,000/- (Rs Four Thousand Only)

Second Party 40% Rs. 4,000/- (Rs Four Thousand Only)

Third Party 20% Rs. 2,000/- (Rs Two Thousand Only)

PROVIDED that the partners may by mutual agreement

increase or decrease the capital and their respective
contribution thereto and provided further that the partners may
raise loans from the bank, financial institutions and other
parties to augment the fund requirement of the firm as may be
considered expedient.

7. It is hereby agreed amongst the parties hereto that all the

partners shall be entitled to simple interest of 12% p.a. or such
rate as may be prescribed in the Income Tax Act, 1961, on the
amount of capital contributed or any loan/advances given by
them to the firm. It is also agreed that if there is any debit
balance in the account of any partner(s), simple interest @ 12%
p.a. or such rate as may be prescribed in the Income Tax Act,
1961, shall be payable by such partner(s). Further interest may
be paid/charged to/from the partners at such rates as
prescribed u/s 40(b) of the Income Tax Act, 1961. Such interest
shall be calculated on daily product basis and credited/debited
to their respective account at the end of the accounting year.

8. All the assets (Movable, Immovable and Intellectual Property),

purchased by the firm shall be clear, marketable, and free from
all encumbrances.

9. That all the parties have agreed to keep themselves actively

engaged in conducting the affairs of the business of the
partnership firm. It is hereby agreed to, that in consideration of
the said parties keeping themselves actively engaged in the
business of the partnership firm and working as a working
partner, shall be entitled to remuneration. Such amount shall
be distributed to the said working partners in the following
proportion:

Mr Ajit Singh 40%

Mr Mohd. Aafak 40%

 (4)

Mr Davendra Pratap Singh 20%

The remuneration payable to the said working partners shall be

computed in the manner laid down under section 40(b)(v), read
with Explanation 3 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
year. The remuneration is to be calculated as percentage of
books profits for each accounting year in the following manner:

(a) If book profit is negative: Rs. 150000/-

(b) If book profit is positive

(i) On first Rs. 300000/-: Rs. 150000/- or 90% of

book
of book profit profit, whichever is more

(ii) On the balance of the: 60% of book profit

book profit

For the purpose of the above calculation, the book profit shall
be calculated on the basis of book profits as shown by the books
and computed as according to the provision of the Income Tax
Act, without deducting the remuneration paid or payable to the
partner for the relevant accounting year.

Such remuneration shall be calculated at the close of the

accounting year and shall be credited to the account of the
working partners. The working partner(s) shall be entitled to
withdraw amount out of remuneration for his/their personal
use from time to time.

The partner(s) shall be entitled to withdraw any amount during

the year from the partnership towards his/their yearly
remuneration, share of profit or out of his current, loan or
capital account from time to time as may be decided by the
partners by mutual consent.

9. That at the end of every 31st March of calendar year, a general

account shall be prepared and the net profit of the partnership
business as per the accounts maintained by the partnership
firm after deducting out all expenses relating to renting, job
and/or other activities of the partnership including rent,
salaries, and other establishment expenses as well as interest &
remuneration, if any, payable to the partners in accordance
 (5)

with this deed of partnership or any supplementary deed as

may be executed by the partners shall be divided and
distributed amongst the partners as under :

Mr Ajit Singh 40%

Mr Mohd. Aafak 40%

Mr Davendra Pratap 20%

Singh

The losses, if any, including loss of capital loss suffered in any

year shall also be apportioned in equal proportion.

10. That proper books of accounts of the partnership business shall

be kept wherein all the transactions relating to the business of
the firm shall be recorded. These books of accounts and other
documents relating to the Partnership business shall be kept at
the office of the firm. However, such books or records can be
removed from the branch office with the consent of the other
partner(s) hereto, but each partner shall have full and easy
access to the document and books of account at all reasonable
times and shall be at liberty to check them and to make such
extracts there from as the partner(s) may think proper or
necessary.

11. That the firm shall maintain one or more than one bank
account(s) with one or more than one Bank of repute as may be
decided upon by the partners for the time being of the firm and
such account or accounts shall be operated upon including the
power to overdraw any such account by such one or more than
one partner or all or any of the partners, or servant, agent or
attorney of the firm as may be indicated in the instructions to
the Banks given by the firm from time to time.

12. That any of the partners hereto shall be at liberty, to retire from
the partnership by giving one-month previous notice in writing
to other partners regarding his intention to do so. On such
retirement, the profit & loss account shall be made out up to
the date of retirement and results up to that period shall be
debited and credited as the case may be to the personal
accounts of the partners. The other partner(s) shall be entitled
to continue the said partnership business under the same name
and style of the firm provided the continuing partner(s) pay to
the outgoing partner amount standing to the credit of the
outgoing partner at the time of his retirement. The said amount
may be paid by the continuing partner(s) to the outgoing
partner in one or more installments as may be agreed.
 (6)

13. That each partner shall be just and faithful to the other partner
in all transactions relating to the partnership and shall be
always responsible to give other a just and faithful account of
the partnership affairs.

14. That the partners hereto shall jointly and/or severally be

entitled to:

1) Refer any dispute relating to the business of the firm to

arbitration.

2) To sign and execute agreements for sale, purchase or to

give power of attorney general of special to staff or any
other person and to execute any other deed, agreement or
document which may be necessary for the business of the
firm on behalf of the firm.

3) To withdraw money from the Government Treasury or

Government Officials on behalf of the partnership.

4) To appoint, dismiss, suspend managerial, clerical, and

other staff for the business of the firm and to fix their
remuneration.

15. That on the death of any of the partners hereto, the partnership
shall be dissolved and on final settlement the outstanding
amount to the credit of the firm shall be paid to all the partners
along with legal hire of died partner.

16. That all matters of difference relating to the said partnership

shall be referred to arbitration according to and subject to the
provisions of Arbitration Act in force for the time being.

17. That any of the above terms may be varied or altered or added
to by mutual consent of the partners hereof to be either
expressed in writing or implied from conduct.

18. That in all other matters the provisions of Indian Partnership

Act shall apply.

19. That the Parties hereto reserves the right to add, delete, alter,
amend or modify any of the clause of this deed and insert other
matters as may deem fit with the mutual consent of continuing
partners from time to time by writing a substitution deed of
partnership.
 (7)

20. That the parties hereto shall give due intimation of the change
to the Registrar of Firms as required by the Indian Partnership
Act and sign the papers necessary thereof.

IN WITNESS WHEREOF the parties hereto have set their respective

hands to this agreement in their full senses on this the day
hereinabove mentioned.

1. Signed, Sealed, and delivered Signature of the First part

in the presence of Siddharth
Tiwari

(Mr Ajit Singh)

Signature
2. Signed, Sealed, and delivered Signature of the Second part
in the presence of Ashish
Pandey

(Mr Mohd Aafak)

Signature
Signature of the Third part

(Mr Davendra Pratap Singh)

(8)