THIS DEED OF PARTNERSHIP EXECUTED ON THIS 27th DAY OF JANUARY, 2015 AMONGEST:

1. Smt.Devarapu Rattamma, W/o. vengayya, aged 46 years, resident of D. No. 57-7-13/11, Ramarao peta,
Palakol 534 260 and
2. Smt. Saladi Sailaja , W/o. Saladi Bhaskara, aged 49 years, resident of D. No.39-3-9-1, Karumurivari Street,
Palakol 534 260.
WHEREAS the above mentioned parties intend to carry the manufacturing of agarbatthis in a partnership and
thereby constituted themselves into a partnership firm as per the provisions of the Indian Partnership Act, 1932.
Further, they have agreed to the terms and conditions mentioned below to control their partnership business as follows:
NOW THIS DEED OF PARTNERSHIP WITNESSETH AS UNDER:
1.
2.
3.

The name and style of business of partnership shall be KAVERI INDUSTRIES.

The main place of business shall be situated at D.No.50-7-1A, 1 st Floor, Ramarao peta, Palakol - 534260.
The objects of the partnership shall be:
a. to carry the manufacturing of agarbatthis.
b. to carry such activities that are ancillary or incidental to the activities mentioned above.
SIGNATURE OF THE PARTNERS
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02.

03.
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c. to take up any other business as the partners may determine from time to time.
a. The partners shall invest capital as per need at their convenience as mutually agreed from time to time.
b. The capital either debit or credit shall bear simple interest computed at the rate of 12% per annum subject to the
limits prescribed u/s 40(b) of the Income Tax Act.
c. In case of inadequate profits/losses for any one financial year, the partners may mutually decide either to charge
interest at a lower rate or not to charge interest at all.
5. a. The affairs of the partnership shall be conducted by Smt. Devarapu Rattamma by devoting her full time for
common benefit and shall be designated as Managing partner.
a. They are authorized to exercise powers such as:
i.
to receive papers, registered letters, money orders etc., and to sign all papers connected with postal & telephone
departments
ii.
to sue and to be sued, withdraw/admit any liability in any suits or proceedings, filed on behalf of or against the
partnership,
iii.
to authorize, receipts and payment of monies and incur all expenses necessary for the business of partnership,
iv.
to make necessary purchases in goods/sites dealt for carrying the business,
v.
to draw, make, accept, endorse, discount, execute, issue promissory notes, bills of exchange, hundies and all other
negotiable instruments.
vi.
to attend proper execution of the firm,
vii.
to borrow if necessary by pledging, hypothecating or creating a charge upon the assets of the firm and to borrow
monies from others against sufficient security in such manner as they deem fit,
SIGNATURE OF THE PARTNERS
01.
03.
4.

02.

04.

viii.
ix.
x.
xi.
xii.
xiii.
xiv.
xv.
xvi.
xvii.
b.
c.

to recruit personnel and to deal with their services,

to receive money and to give valid receipts there on,
to authorize payments and to sign the vouchers there on,
to deal with Govt., or Quasi Govt., for obtaining licenses etc.,
to deal with all the matters which come across in conducting the business of the partnership,
to maintain necessary books of account showing the monies received or monies disbursed on behalf of the firm
at the principal place of business,
to maintain the statutory registers as required by law,
to make such records, books of account available for inspection by the partners/government agencies and shall
cause to provide or allow to make extracts thereof to the partners/other government agencies.
to sign and to make statements under any law.
to receive notices, orders, etc., under any law.
The other partner Smt. Saladi sailaja shall also take an active part in organizing the business as per the directions of
the managing partner and he shall be called as working partner.
The managing partners and working partners are eligible to draw remuneration as follows subject to the limits
prescribed U/S 40(b) of the Income Tax Act, 1961.
Sl.No.
01.
02.

01.
02.

NAME OF THE PARTNERS

Smt. Devarapu Rattamma
Smt. Saladi sailaja
SIGNATURE OF THE PARTNERS
03.
04.

SALARY P.M(Rs.)
Rs. 10,000/Rs. 8,000/-

d.

In case of inadequate profits/losses for any one financial year, the partners may mutually decide either to pay
salary at a lower rate or not to pay salary at all.
e. PROVIDED FURTHER that on ascertaining and determining the profits for the year in case the remuneration
under clause 5(c) exceeds the limits permissible under the relevant provisions of the Income Tax Act, 1961
the remuneration payable to the working partners shall be reduced proportionately from the sum payable for that
year.
f. The said salary may be drawn monthly or may be drawn in a year or the same may be accumulated in his account
depending upon the discretion of the partners who is entitled to the remuneration.
06. a. Bank account/s shall be opened in the style of KAVERI INDUSTRIES capable of being operated by EITHER
Smt. Devarapu rattamma OR Smt. Saladi Sailaja INDIVIDUALLY on behalf of the partnership firm.
7 The books of account shall be closed to determine Profits/Loss on every 31 st March.
8 The profit / loss, surplus or deficit after meeting all expenses incidental to the business, interest on partners capital and
salaries shall be distributed among the partners as follows:
Sl.No
Name of the Partners
Share
1.
Smt. Devarapu rattamma
50 %
2.
Smt. Saladi sailaja
50 %
Total:
100 %
9. The duration of the partnership shall be terminable AT WILL.
SIGNATURE OF THE PARTNERS
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10. No partner is allowed to retire for a minimum period of three years, but in exceptional cases, the partner by serving
three months notice, he can do so and in such an event, his capital shall be returned along with interest @ 12% until
the date of ceasing of partner.
11. This deed of partnership shall have effect from date mentioned above.
12. Dissolution of the firm shall not be effected in the event of death or insolvency of any one partner and it shall be
continued by admitting the legal heirs of such partner/s.
13. All the partners are liable to pay the debts of the firm which have been brought into books of account, jointly and
severally.
14. The partners are free to amend/add/delete/substitute any clause of this partnership deed.
15. The matters which are hereby silent shall be governed by the provisions of the Indian Partnership Act, 1932.
IN WITNESS where of the partners here to above have subscribed their hands out of free will and full consent on the
day mentioned above.
SIGNATURE OF THE PARTNERS
01.
03.
02.
Witness:.
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04.