DEED OF PARTNERSHIP

SRI AMMAN TEXTILES

THIS DEED OF PARTNERSHIP Executed at PALLIPALAYAM on this 03rd

Day of FEBRUARY - 2016 and Between

1. Sri. S KUMARASAMY, aged about 65Years, Son of Sri. Sengoda g Gounder,

residing at No. 3\686 kamarajar street avathipalayam, Kaliyanoor ,
Pallipalayam Agraharam P O Namakkal District 638 008. [Hereinafter
called party of the FIRST PART] PAN AUOPK1259K

2. Sri. S DURAISAMY aged about 68 Years, S/o. Sri. Sengoda gounder

residing at No. 5\11 Kulathukadu 1 St street Pallipalyam Agraharam
(Post), 638 008, Namakal District [Hereinafter called party of the
SECOND PART] PAN AUCPD5316J
3. Sri S RAJAN aged about 59. Years, Son of Sri. Sengada gounde, residing
at No. 3\681 Kamarajar street Avathipalayam Pallipalayam Agraharam
(Post), Namakkal District - 638 008. [Hereinafter called party of the THIRD
PART] PAN CTGPS4978A

4. Sri. P Natarajan aged about 57 Years, Son of Sri. Palaniappan residing at

No. 470 Union office Road Alamedu Alampalayam (Post), Pallipalayam,
Namakkal District 638 008. [Hereinafter called party of the FOURTH
PART] PAN ABCPN6477B

5. Sri. K Jeevanantham aged about 50 Years, Son of Sri. Koundiannan

residing at No. 39 Amman Nagar, Rs Road, Pallipalayam, Namakkal District
638 006. [Hereinafter called party of the FIFTH PART] PAN AHGPJ0559E
WHEREAS the aforesaid Four parts are decided to enter in a partnership
business under the name and style SRI AMMAN TEXTILES with effect from
03.02.2016 and the terms of the partnership is reduced into writing.

NOW THIS DEED OF PARTNERSHIP WITNESSETH AS FOLLOWS:

1. The name and style of the business shall SRI AMMAN TEXTILES
Carried on with its Principal place of business at

No. 3/690A, WATER TANK ROAD,

KAMARAJ STREET, AVATHIPALAYAM,
PALLIPALAYAM AGRAHARAM POST 638 008,

in NAMAKAL DISTRICT and/or at such other place(s) with branch or

branches as may be decided upon by the partners.
 (4)

2. The business of the firm shall be that to undertake and execute Textile Yarn and
Fabric purchase, production and sales of all kinds on contract basis and etc.,
and/or any other business as may be mutually agreed by the partners from time
to time.

3. The duration of the firm shall be one AT WILL. The terms and conditions of
this partnership business can be modified at ANY TIME with the mutual consent
of all the partners.

4. The Partnership and all the terms hereof shall come into effect as and from 3rd
day of FEBRUARY 2016.

5. The Capital account of the partnership business shall consists of the amount
contributed by the Partners from time to time and also the amount credited into
this account by way of Interest on Capital, Share of Profit and as partner's Salary. It
can be varied with the consent of the partners from time to time. Interest on such
capital account shall be charged at 12% per annum, or at such rate as may be
allowed as the maximum interest rate under the provisions of the Income Tax Act
1961 as amended from time to time.

6. Any further capital that may be required for running the Partnership business
may be contributed by any partner or partners. All such contributions shall be
credited into a separate current account(s) as distinguished from the respective
Capital account(s). Interest on such current account(s) shall be charged at the rate
of 12% per annum, or at such rate as may be allowed as the maximum interest rate
under the provisions of the Income Tax Act 1961, as amended from time to time.

7. If there is any debit balance in the accounts of the partners interest shall be
payable by the partner to firm at the rate provided in the above said clause 5 and/or
6.

8. Loans may be raised for the Partnership business by all the partners jointly only.
All such borrowings shall be immediately brought into the books of accounts of the
firm.
 (5)

9. The bankers of the firm shall be such banks as may be mutually agreed upon by
the partners from time to time. The bank accounts of the firm shall be operated by
the party of the First part Sri. S.KUMARASAMY INDIVIDUALLY.

10. The party of the First part Sri. S.KUMARASAMY, the party of the Second
part Sri. S.DURAISAMY , shall be the Managing Partners and have to manage the
day to day affairs as per the decision of all partners. For the services so rendered, all
partners are entitled to remuneration as mentioned below from out of the profits of
the firm which shall be calculated after deducting interest if any paid to partners as
mentioned elsewhere in this deed and depreciation as admissible under the Income
Tax Act, 1961 but before deducting Remuneration and commission to partners,
amounts set apart for reserves and taxes payable on the income of firm.[Which shall
hereinafter be referred as Book profit] However, the total remuneration payable to
all the partners shall not exceed the amount (which shall hereinafter be referred as
qualifying amount) calculated as under:-

(a) On the first Rs.3,00,000/- Rs. 1,50,000/- or at the rate

of the book-profit or in of 90% of the book-profit
case of loss whichever is more;

(b) On the balance of the at the rate of 60%

book-profit

In case book-profit is up to 150000/- (or) Loss remuneration to all the

partners shall be limited to Rs. 150000/- in total to all partners.
 (6)

11. The accounts of the Partnership firm shall be closed on 31st March every
year. The Net Profit or Loss of the firm shall be divided between the partners as
mentioned below.

S.No. PARTNERS PROFIT AND LOSS

SHARING RATIO

1. Sri. S.KUMARASAMY 20%

2. Sri. S.DURAISAMY 20%
3. Sri. S.RAJAN 20%
4. Sri. P.NATARAJAN 20%
5. Sri. K. JEEVANANTHAM 20%

12. In the event of any dispute, quarrel or misunderstanding arising among the
partners the same shall be referred to an arbitration consisting of three persons
appointed by the partners mutually. The Arbitrators' majority decision shall be
final and binding upon all the parties of Partnership.

13. If any Partner wants to retire from partnership business he shall inform the
other partners of his intention to retire either orally or in writing or in such other
manner as may be agreed by the partners from time to time.

14. The Partners shall attend diligently to the proper conduct of the business.

15. The partners of the firm shall have free access to the books of accounts of the
firm and also the right of either inspecting or taking copy of the whole or a
portion of the books of accounts of the firm.
 (7)

16. The normal running of the firm shall not be disturbed and not the firm be
dissolved by the happenings of events like death, retirement, insolvency, insanity
among any one of the partners.

17. The party of the First part Sri. S.KUMARASAMY, can represent and sign
individually on behalf of the firm on any agreements, undertakings, contracts,
representations, claims etc.,

18. If any one or more partner(s) retire(s) from this partnership the firm Name,
Goodwill, Licenses, Permits, etc., of the firm shall belong to the continuing
partner(s) who continue to carry on the partnership business with or without
admitting new partner(s)

19. In respect of any matters not specifically provided for in the foregoing clauses,
the aforesaid partners shall act in accordance with the provisions of THE
INDIAN PARTNERSHIP ACT 1932, as amended up to date.

IN WITNESS WHEREOF the aforesaid partners have set their hands on the day
and month above mentioned.

1.

2.

3.

4.

5.

WITNESSES :

1.

2.