Objective: To manage the fixed assets in a structured manner and to take reports on depreciation for Indian system using the provisions under Act 53.
Industry: Pharmaceutical manufacturing Industry
Challenge: Stedman Pharmaceuticals is a company manufacturing medicines. They have assets in their corporate office as well as their manufacturing facility. Being a manufacturing industry they had the provision for claiming depreciation under Act 53 and provision for claims under MODVAT/ CENVAT.
Solution: Smart Assets™ was installed in Stedman Pharmaceuticals. The fixed assets data, which was available in a spreadsheet format, was imported into the Smart Assets™. Smart Assets™ has a built in feature to calculate depreciation under Act 53 and also calculate depreciation for assets bought with Modvat.
Result: Stedman is using Smart Assets™ to calculate depreciation for all their fixed assets, in an error free manner.