Student Enterprising (SE) What and Why?

PARTNERSHIP DEED

This Indenture of Partnership made at Thane this 7th the day of JULY in the year Two Thousand Eight BETWEEN

1. JITENDRA, Aged 65 years, Hindu Indian Inhabitant, residing at G 25, Hoechst Quarters, Amarnagar, Mulund ( W) Mumbai hereinafter in this deed referred to as the party of the FIRST PART; and

2. Mrs. Kushboo Aged 30 years, Hindu Indian Inhabitant, residing at Type IV , 209, NITIE Quarters, Vihar Lake, Mumbai – 87. hereinafter in this deed referred to as the party of the SECOND PART; and

3. Mrs. Prasanna Aged 30 years, Hindu Indian Inhabitant, residing at Type IV , ………, NITIE Quarters, Vihar Lake, Mumbai – 87. hereinafter in this deed referred to as the party of the SECOND PART;

Both major and hereinafter in this deed referred to as “the Partners” which expression shall, unless and until be repugnant to the context or meaning thereof, also include their heirs, administrators, executors and / or assigns.

WHEREAS the said parties of the FIRST AND SECOND part as mentioned above are desirous of carrying on Business in partnership of Sales Training and Services w.e.f. 7th July 2008 in the name & style of MANDI MARKETING SERVICES on the terms and conditions agreed to amongst / between them which are reduced in writing now as set out hereunder.

NOW THIS INDENTURE OF PARTNERSHIP WITNESSETH AS FOLLOWS :

1. THAT the Partnership shall be deemed to have commenced with effect from 7th JULY 2008.

2. THAT the Partnership shall be conducted in the firm name and style M/S MANDI MARKETING SERVICES


3. THAT the Nature of the business of the Partnership shall be that of Sales Training and Services and/or any other business as the partners may agree upon from time to time.

4. That the business of the Partnership shall be conducted at and from Flat No. 2 D 1303, Dream Complex, Bhandup ( W ), Mumbai and / or such other place/s as the Partners may agree upon from time to time.

5. THAT the duration of the partnership shall be ‘AT WILL’.

6. THAT the Initial Capital to be brought in the business by the Partners would be of Rs. 1, 00, 000 /- (in words ; Rs ONE LAKH ONLY ), to be contributed in such proportion as the Partners may decide mutually. That the further Capital required for the purpose of the business of the firm shall be formed by the Partners as and when required and as agreed between them from time to time. It is agreed by & between the parties hereto that simple interest at the rate of 12% or at such other rate as may be mutually agreed upon may be paid by the Partnership Firm on the mount standing to the credit of Capital / Current Account of the Partners.

7. THAT the accounting year of the Partnership shall be Financial year that is April-March.

8. THAT it is agreed by & between the Partners hereto that both the Partners (hereinafter referred to as Working Partners) who are devoting their time and attention in the conduct of the affairs of the firm, as the circumstances and profession needs may require, shall be paid remuneration. The total remuneration payable to the working partners shall be worked out as under :-

In case of loss or book profit up to Rs. 75,000/- for the year
9.
Rs.50,000/- or 90% of the book profit, whichever is higher.
On the amount of book profit exceeding Rs.75,000/- but not exceeding Rs.1,50,000/- for the year
10.
60% of the excess over Rs.75,000/-
On the book profit exceeding Rs.1,50,000/- for the year
11.
40% of the excess over Rs.1,50,000/-

The total remuneration payable determined as above shall be distributed among the Partners in the following proportion :


9. However minimum remuneration to be given to ( no. of ) THREE partners shall be @Rs.2,000/- p.m.

10 . For the purpose of payment of the above remuneration the book profit shall be calculated in accordance with the provisions of Section 40(b) of the Income Tax Act, 1961 or any applicable provision that may be in force from time to time for the Income Tax Assessment of the Partnership Firm for the relevant accounting period.

11.THAT the yearly remuneration payable to the partners shall be credited to their current accounts at the close of the Accounting period when the Final Accounts of the partnership firm have been duly made up and the amount of remuneration due to them is duly determined. The partners shall be entitled to withdraw on account any amount against their salary & interest which shall be adjusted at the end of the accounting year.

12. THAT the partners shall be entitled to draw any amount from the partnership firm against the amount standing to their Capital and / or Current, Loan Account by mutual consent.

13. THAT the Partners shall be entitled to modify the above terms relating to remuneration, interest etc. payable to the partners by executing a Supplementary Deed and any such deed when executed shall have effect, unless otherwise provided, from the 1st day of the accounting period in which such supplementary Deed is executed and the same shall form part of this deed of Partnership.

14. THAT the net Profit or Loss of the Partnership business after charging interest & salary to Partners as per clause 6 & 8 shall be shared/borne by the Partners in the following ratio :

NAME OF THE PARTIES
SHARE
SHRI. Jitendra
50.0%
Mrs. Kushboo
25.0%
Mrs. Prasanna
25.0%

100 %

15. THAT no interest shall be charged on drawings made by the Partners.

16. THAT an account/s shall be opened in the name of the Firm with any Bank/s of repute and shall be operated jointly by the partners and as per the arrangements made with the Bankers.

17. THAT proper books of accounts relating to the transactions of the Partnership Firm shall be maintained and Profit & Loss Account and the Balance Sheet shall be drawn at the end of each accounting year and books shall be adjusted and closed accordingly. The statements of accounts prepared at the end of each year shall be signed by and binding on the Partners. The books of accounts and other records, documents, etc. relating to the affairs of the Partnership Firm shall be kept at the principal place of profession of the Firm and shall be open to inspection for all the Partners.

18. THAT no Partner shall, without the consent of the other Partners in writing, stand as a surety, guarantor or bailer for an outsider involving the Firm and the other Partner.

19. THAT if any Partner desires to retire from the Partnership Firm, he would be required to give at least one month notice in writing to the other Partner of his intention to do so & shall be deemed to have retired from the Partnership Firm at the expiry of the period of the period till the date of such retirement and the Retiring Partner’s account shall be settled at the earliest.

20. THAT unless otherwise agreed between the parties mutually, no goodwill shall be payable to any Partner in the event of his retirement from the Partnership. Nor shall any goodwill be payable either to the heirs of the deceased Partner or to the executor of an insolvent Partner.

21. THAT it is hereby agreed upon the Partners that the Firm shall not be dissolved due to the insolvency or demise or retirement of any Partner. In such cases the surviving / remaining Partners shall continue the business.

22. THAT all disputes & differences which may arise between the Partners &/ or heirs, executors, administrators etc. of the deceased or insolvent partner during or after the dissolution of the Partnership & whether in relation to the interpretation of any of the clauses of this deed or to any act which ought to be done by the Partners in dispute or in relation to any of the matters whatsoever touching the Partnership affairs, shall be referred to an arbitration as provided by the Indian Arbitration Act or any statutory modifications thereof for the time being in force.

23. THAT the provisions of the Indian Partnership Act, 1932 which is now in force or any statutory modification or re-enactment thereof shall apply to all the contingencies not expressly provided in this PARTNERSHIP DEED.

In WITNESSTH WHEREOF the parties have hereunto set their respective hands on the day and in the year hereinabove mentioned.

SIGNED & DELIVERED BY THE
WITHIN NAMED
SHRI.

SIGNED & DELIVERED BY THE
WITHIN NAMED
SHRI.

WITNESSES: 1……..