Ravi Foods Pvt. Ltd. (“RFPL”, “the Company”), maker of the Dukes brand, maintains Internal Financial Controls (IFC) so that its accounts are accurate, its assets are protected and its business is run in an orderly and lawful way. This policy follows Section 134(5)(e) of the Companies Act, 2013, and the auditor reporting requirements in Section 143(3)(i).
1. Objectives
- Orderly and efficient conduct of the business, including adherence to Company policies.
- Safeguarding of assets, including stock, plant and cash.
- Prevention and detection of fraud and error.
- Accuracy and completeness of accounting records.
- Timely preparation of reliable financial information.
2. Responsibilities
Board of Directors – lays down the controls and makes sure they are adequate and operating effectively; it states this in its Directors’ Responsibility Statement.
Audit Committee (where applicable) and management – review the system, deal with weaknesses found, and follow up on action.
Finance team – runs day-to-day controls, reconciliations and reporting.
Department heads – make sure their teams follow the approved procedures.
Statutory and internal auditors – test the controls independently and report their findings.
3. Key controls
- Authority limits: written limits for approving purchases, payments, expenses and contracts, with no single person handling a transaction from start to end.
- Purchase to payment: approved vendors, purchase orders, goods received checks and three-way matching before payment.
- Sales to receipts: approved price lists and credit terms, dispatch records, invoicing checks and regular follow-up of dues.
- Inventory: stock records, periodic physical verification at plants and depots, and review of differences.
- Fixed assets: an asset register, periodic verification and approval for disposals.
- Banking and cash: regular bank reconciliations, controlled signing authority and limits on cash.
- Payroll: approved changes only, and reconciliation of payroll to the books.
- Financial close and reporting: month-end procedures, review of journal entries and variance analysis.
- IT systems: user access limits, backups and change control for the accounting systems.
- Compliance: tracking of tax, GST, labour, food-safety and other statutory filings and payments.
4. Risk assessment
Management identifies the main financial risks, such as raw-material price changes, credit exposure, inventory loss and compliance lapses, and checks that a control exists for each one.
5. Monitoring and testing
Controls are tested through internal audit, management review and statutory audit. Weaknesses are recorded, a person is named to fix each one, and the fix is checked.
6. Reporting concerns
Anyone who suspects fraud, misuse of Company assets or an accounting irregularity should write to info@dukesindia.com marked “Confidential”. Reports are handled in confidence and no one is penalised for reporting in good faith.
7. Records
Accounting records and supporting documents are kept for the periods required by law and are protected against loss and tampering.
8. Review
This policy is reviewed each year by management and whenever the law, the business or the risks change.
Contact
Ravi Foods Pvt Ltd – Unit 2, 7-4-112/1, Madhuban Colony Road, Kattedan, Hyderabad – 500077, Telangana, India.
Phone: +91 78938 46784 / +91 040 2436 2238
Email: info@dukesindia.com