INTERNAL CONTROL & PROCEDURE

MANUAL

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7.2 Procurement
Head of Management
7.2.1 Centralization of Procurement Process committee( GM)
Due to the volume of purchases in company it is required more controls over the purchasing process. In which procurement should be centralized in the
company. Basically, Company will have a centralized purchasing department that will be common to every department. All local and foreign (imports)
purchases will be managed and led by authorized personnel consist by two committees namely Management Committee and Procurement Committee.
Structure of the committee representatives and limits of authorization of representatives are defined below. Open quotation can be obtained for the
purchases up to Rs. 100,000/- and Seal quotations should be called for the purchases value exceeding Rs. 100,000/- and quotations should be evaluated
by the relevant Technical Evaluation Committee appointed by the Chairman- MNRCE (following limits are set par with the Board Decision 02/2013 on
28.01.2013) DGM-Procurement Head of Finance or Head of relevant
Or Authorized
Category Limitsdepartment or Authorized
representative representative
Managers/Site Engineers Local Purchases up to Rs 5000/-
Manager

Head of Procurement Local Purchases Rs. 5000/- to Rs. 10,000/-

Management Committee (Headed By GM) Local Purchases Rs. 10,000 - 200,000/-

Procurement Committee (Appointed by MNRCE Chairman) Local purchases Above Rs. 200,000/- up to Rs 100 million
Imports
Board of Directors Local purchases Above Rs 100 million
Imports

7.2.1.1 Management Committee

Headof management
committee (Chairman and
GM)

Head of purchasing Headof Finance Head of relevant Page 2

committee department
7.2.1.2 Procurement Committee

Head of Procurement
committee : (GM)

DGM - Admin DGM - Finance

DGM- Mechanical DGM -
Procurement

However, if company wants to do the immediate purchasing to avoid interruption of the process, DGM procurement /purchasing manager is authorized
to purchase material or spare parts for vehicles and machineries with the consent of General Manager and the Head of Finance but limited to the
authority level of Management committee and covering approval should be obtained from General Manager. . The purchasing manager should ensure
that necessity of purchasing requirement made by sites, plants or division and is actually required for immediate replacement or requirement if then he
will have been made the purchases or otherwise need to be followed the normal procedure described in this chapter.

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7.2.2 Purchase of Raw Materials and
Consumables

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NOTE 1
The manual Purchase Requisition is prepared by the Site Storekeeper for purchases of site requirements. Any of the Main Stores requirements or plants
will be generated through the system by the Store Keeper and approved by the Head of the relevant Division.

NOTE 2

The Relevant Authority (Please refer the Table below for Purchase Order approval authority limits) approves the Purchase Order based on the selected
quotation after checking the approved Purchase Requisition through the system. The Approved Purchase Requisition could be referred by the
procurement Manager when the Purchase Order is approved. The system will allow the generation of the Purchase Orders only after the approval is
given by the Relevant Authority. However the authority to select quotations and approve the Purchase Order by the Procurement manager is limited.

Purchase Value Approving Authority

Up to Rs.200, 000.00 Procurement Manager

From Rs.200, 000.00 to Rs.600, 000.00 Purchasing Committee

More than Rs.600, 000.00 Management Committee

NOTE 3

At the time of generating the Purchase Order, the Credit period given by the Supplier is entered in to the system database. Once the goods are received
and the Goods received Note is raised through the system, the Creditors age analysis will be updated.

In the event of a cash purchase the cheque is prepared prior to the receipt of the Good . This should be en-cashed and paid to the Supplier at the time of
receiving the goods. Our recommendation on cash payments limit would be Rs.20, 000.00.

With regard to Advance Payments this is updated separately in the system. Once the Goods Received Note is updated it will be included under purchase

NOTE 4

The quality Inspection Report is sent to the Purchasing Department to be used at the time of Supplier Evaluations. The Purchasing Committee will carry
out a Supplier evaluation for materials purchases once every six months. The following factors should be considered in evaluating the suppliers

 Quality of the goods received. (Quality Inspection Report will be used)

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  Timely Delivery of the goods

 Number of rejections.

 Supplier Terms and Conditions including the Price

NOTE 5

For the purchase at site the Goods Received Note (GRN) is prepared manually by the Store Keeper at the Site. A copy of the GRN will be sent to the
Main Stores (along with Purchase Order copy received at the site) for system updating. Based on the manual GRN the Storekeeper at Main stores
updates the system.

In case where the goods are received directly at Main stores, the store keeper generates the GRN through the system. A GRN copy will be finally sent to
the Finance Department from the Main Stores through the Purchasing Department.

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7.2.3 Imports

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NOTE 1
The Purchase Orders raised for Imports are approved by the Management Committee. The Purchasing Officer will create the Purchase Order through the
system upon the instruction of the Procurement Manager.

NOTE 2

The Application Form to open a Letter of Credit or/and Telegraphic Transfer and the letter of request to the bank for a pay order is approved by;

* Management Committee
* The Head of Finance

The Purchasing Officer will create the Purchase Order through the system upon the instruction of the Procurement Manager. With regard to a Deferred
Arrangement with the Supplier, the Credit Period given to the Company is updated in to the system at the time of generating the Purchase Order.

NOTE 3

Store Keeper at Site will raise manual Goods Received Note (GRN). A copy of the GRN will be sent to the Main Stores for system updating, The GRN
prepared at the Main Stores or Plant will be updated in to the system by the Store Keeper. The GRN copy will be sent to Finance Department through the
Purchasing Department.

NOTE 4

The payment for the Clearing Agent will be made by the Finance Department upon the receipt of the Bill from the Clearing Agent. This will include the
Supporting bills for the expenses incurred by the Agent on behalf of the Company that is to be reimbursed by the Clearing Agent.

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7.2.4 Fixed Assets Purchases

NOTE 1

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Based on the estimated work and jobs available for the year ahead a budget of capital equipment is prepared by the Purchasing Committee. This is
approved by the Management Committee.

NOTE 2

The authority to approve the Purchase Order for the purchase of Fixed Assets is carried on the following basis.

Purchase Value Approving Authority

Up to Rs.200,000.00 Procurement Manager

From Rs.200,000.00 to Rs.600,000.00 Purchasing Committee
More than Rs.600,000.00 Management Committee

However the capital approval form is approved by the Purchasing or Management Committee.

NOTE 3

The quality inspection report is sent to the Purchasing Department to be used for Supplier evaluations. The Purchasing Committee should evaluate its
Suppliers for Fixed Assets at the end of each year.

NOTE 4

The following supporting documents are sent to the Finance division for the payment.
* A copy of Purchase Order
* A copy of Capital Approval Form
* Original Invoice
* A copy of Advice of Dispatch
* Quality Inspection Report

7.2.5 Hiring the Fixed Assets

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NOTE 1

The authority to selects the appropriate quotation and approve the Purchase Order for Hiring of Fixed Assets is carried out on the following basis.
Payments are made according to the conditions of the agreement.

Purchase Value Approving Authority

Up to Rs.200, 000.00 Procurement Manager

From Rs.200, 000.00 to Rs.600, 000.00 Purchasing Committee
More than Rs.600, 000.00 Management Committee

NOTE 2

The Purchasing Department will create an Agreement Form for Long Term Hiring of Fixed Assets. The Original Agreement is sent to the Finance
Department and a copy is sent to the Site or Work Shop. The Agreement approving authorities are given below.
Agreement Value up to Rs. 600,000.00
* Purchase Committee
* Head of Finance
Agreement value over Rs. 600,000.00
* Management Committee
* Head of Finance

With regard to Leasing of Fixed Assets, the Purchasing Officer will call for quotations from Leasing Companies. The best quotations will be selected by
the Purchasing or Management Committee. Once the quotation is selected the Purchasing Department will sign a Lease Agreement. The approving
authorities are the same as the approving authorities for the Hiring agreement. (Refer NOTE 2).

NOTE 3

The Account Assistant at the site or Plant will prepare a Time Sheet specifying the hours on which the Hired Fixed Asset was used. This is prepared and
approved on each day the Hired Asset was used at the Site or Plant.

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7.2.6 Outsourcing the Transport

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NOTE 1

The authority to select the appropriate quotation and approve the Purchase Order for the procurement of Out Sourced Transport is carried out on the
following basis.

Purchase Value Approving Authority

Up to Rs.200,000.00 Procurement Manager

From Rs.200,000.00 to Rs.600,000.00 Purchasing Committee
More than Rs.600,000.00 Management Committee

NOTE 2

When the Advice of Dispatch (AOD) is prepared manually by the Store Keeper at the Site, a copy of the AOD will be sent to the Main Stores for system
updating. When goods are issued from the Main Stores the AOD is raised through the system and a copy is given to the Transporter with the goods. The
copy of the System generated AOD will be finally sent to the Finance Department through the purchasing department

With regard to transporting of purchases from Suppliers through outsourced transport, the Transporter's Invoice or Bill should be approved by the Project
Engineer at the Site or plant. This should be sent to the Finance Department through the Purchasing Department. In the event where the Transporters
Invoice is directly sent to the Head Office, the Payment is made based on the “Goods Received Note” raised for the material transported by the Out
Sourced Transporter. When Outsource transport is used to deliver goods, An “Advice of Dispatch” is raised by the issuing site main Stores or Plant. The
payment for this service will be made based on the “Advice of Dispatch” authorized by the recipient.

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7.2.7 Labour Subcontracting

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NOTE 01

The quotation for subcontracting arrangement is selected by the Head of Administration. The Contract Document with Sub Contractors should be
authorized by the Head of Finance, Head of Administration and the Head of Operations.

NOTE 2

The Contract Payment form is approved by the Plant Engineer or the Site Engineer after checking the Work Sheet maintained at the Site or plant.
NOTE 3

The Company should make sure that Employee provident Fund and Employee Trust Fund Contributions are paid to the sub Contracted employees by the
Sub Contractor. Prior to making the payment to the Sub Contractor, the Head of Finance should request for a list of the Employee provident Fund
payments made to the said employees during the previous period .

NOTE 4

In the event where there is an urgent requirement for the temporary labour, the Project Engineer will recruit the appropriate laborers and get the approval
form the Divisional Head via fax. Once the service is received the Project Engineer will certify the “Payment Requisition Form” prepared at the site /
plant and send it along with the bills to the Head office - Finance Division for the payment.

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7.3 Petty Cash
7.3.1 Petty Cash Advances (IOU)

7.3.2 Petty Cash Operating System

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NOTE-1
The maximum IOU amount is Rs.10, 000.00

NOTE-2
The settlement of IOU should be made within 3 working days after issue of cash. The date on which the IOU is required to make the settlement
should be stated on the IOU Voucher. Any deviation from the above should be done only with the prior authorization from the Authorized
representative.

NOTE – 3
If settlement is not made on or before the stipulated date action should be taken as follows:

* Float Holder/ AA should follow up on cash advances taken by the employees by reminding them of the settlements to be made, and mention
the reason for such delay on the face of the IOU Voucher.
* The details of any unsettled advances should be informed to the Head of Division, once in two weeks.
NOTE - 4
The cancelled IOU will be attached with the file cop of the petty cash voucher, and filed for future reference.

NOTE - 5
The upper limit for Petty cash expense is Rs: 5,000.00

NOTE - 6
Petty cash Voucher (PCV) should be pre - printed and serially numbered.

NOTE - 7
The Petty cash impress system should be followed, and the reimbursement of the float should be made when the disbursement of expense
reaches 75% of the total float value.

NOTE - 8
The petty cash expenses should be entered to the petty cash module by expenses wise,and Accountant/ Finance Manager will pass the journal
entry through the system.

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7.4 Payroll
7.4.1 Payment of Salary

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7.4.2 Salary Information Gathering Process

Note1
All the information should be collected on time giving all originating sources dead lines

Related documents are

Time sheets
Leave forms
Medical re- imbursement bills (If company has a policy of medical bill re-imbursement

Note 2
Processing will include:-

1 Including new employees, removing resigned employees. Information on salary withheld to the salary information sheet.

2 Overtime hours and rates applicable for each employee.

7.5 Accounts Receivables and Accounts Payables

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7.5.1 Accounts Receivables

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7.5.2 Accounts Payables
7.5.2.1 Accounts payable procedure for Material

Note 1
Receipt locations can be any location that the goods are delivered (ex ; Main Stores, Plants)

Note 2
Except for urgent payments it is recommended to issue cheques on specific days. Ex 2 Days a week. This procedure will enable the accounts
staff to plan ahead their work as well as the cash flow.

7.5.2.2 Accounts payable procedure for Subcontractors

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7.5.2.3 Accounts payable procedure for other regular bills

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7.6 Debt Collections

Note 1
The follow up will be on full payments as well as the retentions

Note 2
Refer accounts receivable process

Note 3
Initiating legal action should be done by the Administration Manager/DGM Administration

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7.7 Inventory

7.7.1 Budgeted Material Requirement

The company should maintain proper budgeted material requirement system to overcome the issues arising during day today operational activities, this is
not only applicable for inventory and also the other areas. Proper budgetary system enhances short term and long term working capital management by
avoiding bottle neck situation of the fund management. The following chart shows how to implement to implement the budgetary system for inventory
in each division of the company.

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7.7.2 Receiving Inventory

After making the inventory requisition from divisions, the purchasing department should be placed the required procedures described in chapter 7.2 .
Once the goods received from suppliers, the procedures described below need to be following for proper inventory management of the company.

Note 01 Responsible officers at the Plant / Site should inform the main stores regarding the rejection

Note 02 when part of the inventory accepts GRN should raise only for the received quantity.

Note 03 By using the manual invoice store keeper at head office will update the stock control system.

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 7.7.3

Issuing
Inventory

Issuing the
inventory from stores
describe under main
three
headings are
as follows;

7.7.3.1

Issuing
inventory from main stores to plant

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Note 01: At the security point they should maintain a file for AOD and gate pass .

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7.7.3.2 Issuing inventory from plant stores to plant

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7.7.3.3 Issuing inventory from one plant to another plant (Inter plant Issues)

Note 01: Plant B should raise GTN only to the quantity being issued to plant A

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7.7.4 Maintenance of Inventory

Note 01: Store Keeper is

responsible for proper maintenance

of Stores.

Note 02: Store Keeper should not involve with stock counting.

Note 03: Physical verification of stocks should be compare with bin card balances.

Note 04 : Accepted stocks variance should be decided by the management.

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7.7.5 Reporting of Inventory Movement

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7.7.6 Project Closure Procedure for Inventory and Fixed Assets at Sites

Note 01: Management has to decide the accepted level of variance for the Inventory but for Fixed Assets - There can't have any item missing.

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7.8 Fixed Assets
7.8.1 Financing Option for Fixed Assets Purchasing

Procedure for Leasing or Hire Purchasing

NOTE 01

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 Company should follow the Fixed Assets Purchase procedure to select the Fixed Assets to be purchased on Hire purchase term or Leasing term.

NOTE 02

Based on the value of the Leasing / Hire Purchase the Purchasing committee or Management committee should attend for the Quotations
evaluation.

REMARKS

Please refer the chapter 06, 05 and section 7.2.4 of chapter 7 for further procedures of Fixed Assets Management.

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7.9 Reconciliations
7.9.1 Cash Flow
Company is to maintain a minimum of ten percent (10%) of the operating cash flow between its operating and savings bank accounts at all times for day
to day operational activities. In the event that balances fall below that amount the Accountant, Finance Manager and DGM Finance should be notified
immediately.

7.9.2 Bank Reconciliations

 Bank statements are to be received unopened by the DGM Finance . The receiving party should review the contents for inconsistent check
numbers, signatures, cash balances and payees and endorsements at a minimum. After this cursory review is conducted, the official should initial
and date the bottom, right hand corner of the first page of each bank statement reviewed. The reviewed bank statement should then be forwarded
to financial Manager (an individual without check signing rights) to reconcile the bank accounts using the approved reconciliation form.
 The person charged with this responsibility should reconcile each account promptly upon receipt of the bank statements. All accounts will be
reconciled no later than 7 days after receipt of the monthly bank statements. In the event it is not possible to reconcile the bank statements in this
period of time.
 When reconciling the bank accounts, the following items should be included in the procedures:
 A comparison of dates and amounts of daily deposits as shown on the bank statements with the cash receipts journal.
 A comparison of inter-organization bank transfers to be certain that both sides of the transactions have been recorded on the books.
 An investigation of items rejected by the bank, i.e., returned checks or deposits.
 A comparison of wire transfers dates received with dates sent.
 A comparison of canceled checks with the disbursement journal as to check number, payee and amount.
 An accounting for the sequence of checks both from month to month and within a month.
 An examination of canceled checks for authorized signatures, irregular endorsements, and alterations.
 A review and proper mutilation of void check.
 Investigate and write off checks which have been outstanding for more than six months.
 Completed bank reconciliations should be reviewed by the Finance Manager or DGM Finance and initialed and dated by the reviewer.

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 The Finance Manager upon receipt of the completed bank reconciliations, prepares any general ledger adjustments.
 Copies of the completed bank reconciliations will be forwarded to the Treasurer for his/her review.

7.9.3 Reconciliations of Other General Ledger Accounts

 Each month the Finance Manager or DGM Finance should review the ending balance shown on balance sheet accounts such as the cash accounts,
accounts receivable, accounts payable and deferred revenue. Finance Manager and DGM Finance should review the bank reconciliations,
schedules of accounts receivable and deferred revenue and the aging of accounts payable to support the balances shown on the balance sheet.
 Assets - These accounts will include cash, petty cash, prepaid, property, equipment and fixtures, security deposits, and intangible assets.
 Cash - The balances in cash accounts should agree with the balances shown on the bank reconciliations for each month.
 Petty Cash - The balance in this account should always equal the maximum amount of all petty cash funds.
 Prepayments - The amounts in these accounts should equal advance payments paid to vendors at the end of the accounting period.
 Property, Equipment & Fixtures - The amounts in this account should equal the totals generated from the audited depreciation schedules. When
additional purchases are made during the year, the balances in the accounts may be updated accordingly.
 Security Deposits - The balance in this account should equal amounts paid in escrow to landlords and lessors and should not change frequently,
but should be updated as applicable.
 Liabilities - These accounts are described as accounts payable, payroll tax liabilities, loans and mortgages payable, and amounts due to others.
 Accounts Payable - The balance in this account should equal amounts owed to vendors at the end of the accounting period and the aging
report.
 Payroll Tax Liabilities - The amounts in these accounts should equal amounts withheld from employee paychecks as well as the employers
portion of the expense for the period, that has not been remitted to the government authorities.

 Due to Others - If there are any amounts owed to others at the end of the period they should be recorded and the correct balance maintained in
the general ledger accounts.
 Income/Expenses - These accounts are described as income from membership, contributions, publications, and other expense line items such
as salaries, consulting fees, etc.

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 Income - The amounts charged to the various cash accounts should be reconciled with funding requests, funders reports, draw down schedules, etc.

 Gross Salary Accounts - The balances in the gross salary accounts should be added together and reconciled with the amounts reported on quarterly
payroll returns.
 Consulting - The amounts charged should be reconciled to the contracts.

7.9 Financial Reporting

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7.9.1 Management Information System - Finance

The following Finance Reports will be prepared by the Accountants Assistant, Reviewed by The Accountant and finally to be approved by the
Finance Manager

 Monthly, quarterly and annual Financial Statements

 The monthly Debtors Age Analysis consisting of Retention and Mobilization advance Reconciliations
 The monthly Creditor’s Age Analysis
 The Mobilization Advance Reconciliation Report
 Monthly/yearly overall Cash Flow Statements
 Bank Guarantee and Mortgage Analysis
 Monthly Loans and Overdraft Analysis

7.9.2 Final Accounts Procedure

 Final Accounts will be generated on a consolidated, Project wise and Division wise basis.

 Accounts will be generated on a monthly, quarterly and annual basis.

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8.0 HUMAN RESOURECE AND ADMINISTRATION
8.1 Recruitment and Selection

Purpose of the procedure: This process will ensure a fair and transparent process which will enable the organization to identify and select individuals
who are capable of enhancing the performance.

8.1.1 Creation of a new position in a department

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8.1.2 Replacement for an existing position in a department

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 8.1.3
Recruitment
of a Deputy
General Manager (Existing and Newly Created positions)

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8.2 Recruitment Process

Note 1

Human Resource Manager is responsible for facilitating the requirements providing process, tools and training so that department heads are able to meet
standards and requirement in a consistent manner.

Note 2

For recruitment of a Deputy General Manager entire process will be handled by the General Manager and the Chairman.

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8.3 Maintenance of Personnel Files

Note 1

1) Employment application

2) Appointment letter and the employee employer agreement

3) Copy of birth certificate

4) Photograph

5) Specimen of signature

6) Academic proof

7) Reference checks (if necessary)

8) Written documentation of interview results

9) Performance appraisals (if the position requires them)

12) Salary history

13) Other documents required as statutory requirements

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8.4 Performance Management

Note 1 . Induction Programs

The induction should be properly planned and carried out. Each new recruit should be given a thorough training on his/her roll and all the other related
rolls and an overview of other departments.

Note 2 . Key Performance Indicators (KPIs)

Where there are practical difficulties in measuring the performance via KPIs the department head's discretion can be used to measure an employee's
performance.

Note 3 . Recommendation

It is recommended to have an annual award ceremony to distribute awards for best achievers within departments and inter-departments. This process
would enhance the competition between the departments and within the department which will motivate employees for better performance.

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8.5 Health & Safety
8.5.1 Occupational Safety

1. We Recommend that to appoint a health and safety officer to carry out health and safety functions or appoint an existing employee with proper
training.

2. Appropriate fire extinguishers be placed in the necessary location with proper service renewals.

3. A separate person be trained and assigned to carry out the task of a Safety officer at Head office, each plant and project. This person can carry
out the first aid for emergency situations.

4. First –aid box be maintained for each site/plant with sufficient amount of medicine.

5. Regular meetings should be held to provide adequate knowledge to field staff with the participation of all Project Managers, Plant Managers,
and Safety Officers.

6. Project Managers/Plant Managers and Safety Officers provide the field staff with necessary safety gear before commencement of the field work
and guide them on the importance of the use of safety gear at field work.

7. All locations with safety hazards should be properly named and marked as a safety hazard.

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8.6 House Keeping

Good housekeeping can save time, energy, and materials as well as reduce fire hazards and help limit injuries. Good work habits and good housekeeping
are essential to a safe workplace. The following loss prevention recommendations should be considered when creating or implementing a successful
housekeeping program: Administration Manager is responsible for ensuring good housekeeping at all locations. Regular monitoring visits are necessary.

1 Working Areas

a) Provide safe access to the job site.

b) Keep walking/working surfaces clear and clean.

c) Keep stairways, passageways, and gangways free of material, supplies, and obstructions.

d) Pick-up and place all debris or trash in its proper container.

2 Hazard waste should be disposed appropriately and safely.

3 Cleanliness at work places and office areas

HR manager should ensure to take steps for cleanliness at all places.

4 Work place area should have proper singe

8.7 The Human Resource and Administration Manager is responsible for formulating Corporate Social Responsibility policies and
implementing same.

The goal of CSR is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment,
consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders.

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Following are examples of Policies that the company can implement

1 Social Responsibility

- Company should adopt a positive feedback policy to all stakeholders

- Maintain an open dialog policy

- Fair Labour practices

2 Economic Responsibility

The company has a responsibility to all the stakeholders in monitory terms, such as providing value for money deliverables.

Provide secure working environment and continuity of work through economic stability of the company.

3 Environmental Responsibility

Below are some sustainable attributes that the company can adopt for a greener environment

- Using energy efficiency methods in production and usages.

- Recycling of waste

- Encourage paperless work methods

8.8 Insurance Management

It is recommended to obtain appropriate insurances for Maganeguma Road Construction Equipment Company Limited

1 Recommended Insurance types

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 a) Workmen Compensation

We recommend to obtain workmen compensation Insurance as there are high risk job functions involved.

b) Equipment and Motor Insurance

c) Health Insurance at the discretion of the management

2 Recommended Process;

Note 1 This should be done by the HR and Administration Manager

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8.9 Managing Legal Documentation and legal work

As the Administration Managers, he/she is responsible for overlooking legal impacts of the company on all matters;

1. Make sure all legal agreement are up to date and comply with current legal practices. This can be done by reviewing legal agreements with a
lawyer on regular basis.

2. Represent the company on all legal proceedings.

3. Act as an arbitrator on employee disputes which are minor and if both parties agree.

ANNEXTURES

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