Supplier Payment Arrangement Policy

Company Suppliers:

For company suppliers with invoices aging 45 days or above, check the selling percentages of the supplier invoices.

If the selling percentage is 70% or above, arrange the payment.

If the selling percentage for specific products is below 70%, request approval from the Director for the preparation of dated cheques.

If the selling percentage for specific products is below 40%, inform the purchasing department and request the supplier for extended credit terms.

Request bills for any advances to be applied.

Import Suppliers and Stock Lot:

For import suppliers with invoices aging 60 days or above, evaluate the selling percentages of the supplier invoices.

If the selling percentage is 70% or above, proceed with arranging the payment.

If the selling percentage for specific products is below 70%, seek approval from the Director for preparing dated cheques.

If the selling percentage for specific products is below 40%, inform the purchasing department and request extended credit terms from the supplier.

Request bills for any advances to be applied.

Subcontractors - RV Private Label:

For subcontractors with invoices aging 30 days or above, assess the selling percentages of the supplier invoices.

If the selling percentage is 70% or above, initiate payment arrangements.

If the selling percentage for specific products is below 70%, seek approval from the Director for preparing dated cheques.

If the selling percentage for specific products is below 40%, inform the purchasing department and request extended credit terms from the supplier.

Request bills for any advances to be applied.

VAT registered Suppliers: Ensure tax invoices are received and VAT portions are entered into the system before arranging payment.

All supplier invoices to be in the format of Tax Invoice or Invoice
and all to be Filed at the time of completion of the purchasing entries