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THIS DEED OF PARTNERSHIP entered on this the 01st day of March 2011

BETWEEN

1. Mr. Ranjit Jacob, son of Mr. Kuzhimuriyil Varghese Jacob, aged 54 years,
residing at 5/381, Kuzhimuriyil House, Chayalode P.O., Pathanamthitta
691556( hereinafter referred to as the party of the first part)

AND

2. Mr. George Mathew, son of Mr. Mathew Ittiavirah, aged 51 years,


residing at Villa No. 4, Palm Hill Villas, Pallimukku, Kallayam P.O.,
Trivandrum - 695043 (hereinafter referred to as the party of the second
part.)

WHEREAS the parties aforesaid are desirous of forming into a partnership


for the purpose of carrying on the business of letting on hire heavy
equipments and transporting of goods and materials.
AND WHEREAS in order to avoid any future differences and to have a better
understanding the parties hereto have agreed between themselves to
reduce the terms of partnership into writing by a formal instrument of
partnership and thereby regulate and control relationship between the
partners.

NOW THEREFORE THIS DEED WITNESSETH AS UNDER

1. The partnership shall commence from the 1st day of March 2011 and shall
be liable to be terminated at the will of the partners.

2. The partnership shall carry on the business under the name and style
‘Trinity Heavy Equipments and Transports’ and /or such other name or
names as the parties to this deed may mutually agree upon from time to
time.

3. The main objects of the partnership shall be to carry on the business of


owning , maintaining, operating and letting on hire heavy equipments,
crushing machines, cranes, bulldozers, excavators, earth moving
equipments, digging, drilling and dredging equipments, industrial and
other kinds of vehicles and transporting of goods, materials and
equipments of all kinds.

4. The partners are at liberty to start any other business, as they think fit,
from time to time.

5. The principal place of business of the firm shall be situated at Shop No.
236, Mukkola, Nettayam, Vattiyoorkavu P.O., Trivandrum - 695013. The
firm may carry on business from any other place or places as may be
desired by the partners from time to time.

6. The partners shall negotiate and enter into agreement with third parties
for and on behalf of the firm for taking on hire any premises for the
conduct of this business.

7. The parties may by mutual consent open branches of the business at any
place in India.

8. The initial capital of the firm shall be contributed by the partners as


under.

1. Party of the First Part Rs. 9, 00,000/-


2. Party of the Second Part Rs. 1, 00,000/-
-------------------
TOTAL Rs. 10, 00,000/-
=============

The partners may bring in additional capital in such proportion and on


such terms as may be mutually agreed upon by the partners from time to
time and as per the business requirements.

9. The partners may provide loans to the business if required and the same
shall carry interest at the rate mutually agreed upon by the partners but
at no time exceeding the prevailing bank lending rates in force.

10. The profit or loss of the business shall be shared equally between the
partners.

11. Both the partners shall carry on the day to day affairs of the business
with mutual consent and utmost co-operation and understanding.

12. Boththe parties to this agreement shall take active part in devoting their
best attention and endeavor to promote the success of partnership.
However the Second Partner viz. Mr. George Mathew shall be the
Managing Partner of the firm and he will have general control and
management of the business and he shall do all such matters and things
as are deemed proper and expedient for the carrying on of the business.
He shall be paid a monthly salary of Rs.30,000/- (Rupees Thirty
Thousand Only) for the financial year 2010-11 and for subsequent years
for the services to be rendered by him to the firm. The partners may by
mutual consent increase or decrease such salary from time to time.

13. TheFirst Partner shall also take an active part and shall assist the Second
Partner in carrying on the business activities of the firm and she shall be
paid a monthly salary of Rs.30,000/- (Rupees Thirty Thousand Only) for
the financial year 2010-11 and for subsequent years for the services to
be rendered by him to the firm. The partners may by mutual consent
increase or decrease such salary from time to time

14. The remuneration paid to the partners by way of salary shall not in the
aggregate exceed the limits fixed for deduction under Section 40 of the
Income Tax Act, 1961 or under any other relevant Sections of the said
Act. If the payment above fixed is found to be excessive such excess
shall be treated as drawings by the partners proportionately. However, if
the remuneration fixed is below the eligible remuneration for deduction
under Section 40 of the Income Tax Act, 1961 or under any other
relevant Sections of the said Act, then additional remuneration shall be
paid to them in the same proportion as above if the partners mutually
discuss and decide to pay accordingly.

15. It is agreed by and between the partners here to that simple interest at
12% per annum or as prescribed under Section 40(b) of the Income Tax
Act, 1961, shall be payable by the partnership on the amount standing to
the credit of the capital accounts of the partners.

16. The partners shall open and maintain a Bank Account for and on behalf of
the firm. Such banking account shall be opened and operated by either
party of the First Part or the party of the Second Part or such other
person as may be determined by the partners from time to time by way
of resolution passed to that effect.

17. The partners may borrow money for the purpose of business from
Individuals, Banks, and Corporations or from any other
Institutions/Agencies with or without security and the partners shall
jointly bind the partnership by making and executing any document for
pledge, hypothecation or mortgage of the assets of the business and
such other things as may be necessary in connection therewith.

18. The Books of Accounts of the business shall be maintained properly and
regularly and the same shall be open for inspection or to be copied by
any partner.

19. The Books of Accounts of the business shall be closed once in every year
on the 31st day of March and a statement of Assets and Liabilities as on
that date and a Profit and Loss Account for the year ending on that date
be drawn up. The respective share of profits or losses as reflected by
profit and loss account shall be adjusted in the capital accounts of the
partners.

20. The partners may by mutual consent, and according to the provisions of
The Indian Partnership Act, 1932, admit additional partners to the
partnership.

21. If at any time any partner desires to retire from the partnership, he may
do so by giving 6 months notice in writing to the other partners. The
partner so retiring shall be entitled to receive from the assets of the firm
any amount standing to the credit of his/her capital/current account as
recorded in the books of accounts of the firm as increased/reduced by
the profit/loss up to the date of his retirement together with the share of
goodwill which shall be computed using a suitable method as may be
mutually agreed upon by the partners. The amount due to the retiring
partner shall be paid within a period of three months form the date of
retirement

22. The firm shall not stand dissolved upon the death, retirement or
insolvency of any partner but shall continue with the admission of legal
heirs of the deceased/retired/insolvent partner or with the admission of
any other partner or partners; but upon dissolution and in other cases, it
shall be wound-up and the assets and liabilities shall be dealt with in
accordance with the provisions of the Indian Partnership Act, 1932.

23. In the case of death/insolvency of any of the partners, the legal heirs
shall be eligible for the payment of proportionate share of the deceased
partner together with share of goodwill computed by adopting suitable
method as may be mutually agreed upon by the partners.

24. Any of the above terms may be altered, varied, amended or added to by
mutual consent of the partners and the same shall be done without
executing any fresh deed of partnership. Any such alteration,
amendment or addition to this deed caused as per the resolution in
writing and duly signed by the partners shall be read as part of this deed
and shall have the same effect as if incorporated in this deed.

25. Disputes or differences arising out of or in connection with the business


or interpretations of this deed shall be referred to arbitration governed
by the Indian Arbitration Act, 1940, or any subsequent statutory
modifications thereto.

26. Any matter not specifically dealt with in this deed shall be determined in
accordance with the provisions of the Indian Partnership Act 1932.

IN WITNESS WHEREOF the parties hereto have set their respective hands to
this deed before the attesting witnesses at Trivandrum on this the day,
month and year first set out above.
RANJIT JACOB
(Party of the First Part)

GEORGE MATHEW
(Party of the Second Part)

In the presence of witness

1. Name :
Address :

2. Name :
Address :