Asset Management Procedure
Rev
Reason for Revision Prepared By Approval By
No.
Update new Rishi pal Manoj choudhary
01
equipment (Maintenance head) (Plant Head)
CONTENTS
1.0. PURPOSE. .........................................................................................................
2.0. SCOPE. ..............................................................................................................
3.0. RESPONSIBILITYS ...........................................................................................
4.0. DEFINITION. ......................................................................................................
5.0. PROCEDURE.....................................................................................................
6.0 COMPLIEANCE………………………………………………………………………..
7.0 RECORDS & DOCUMENTS………………………………………………………………………………………
Office : 137,Sector -3, IMT Manesar, Gurgaon, Haryana INDIA. Ph. : +91-124-4369014-16, Fax : +91-124-4369015
Works : C-65, Vigyan Nagar, RIICO Industrial area, Shahjahanpur, Alwar, Rajasthan INDIA. Ph. : +91-1494-235235
E-mail: info@sidharthautomatindia.com Website: www.sidharthautomatindia.com, CIN No. U27310HR2006PTC042098
ASSET MANAGEMENT SYSTEM;-
This is usually a formal document used by organizations to ensure that all assets (IT equipment,
machinery, vehicles, buildings, software licenses, etc.) are properly tracked, maintained, and disposed
of in compliance with policies and standards
1. Purpose
This procedure establishes guidelines for acquiring, recording, safeguarding, maintaining, and
disposing of organizational assets to ensure accountability, efficiency, and compliance with
regulatory requirements.
2. Scope
This procedure applies to all physical and intangible assets owned, leased, or managed by the
organization, including but not limited to:
IT hardware and software
Office equipment
Machinery
Paint shop Equipment’s
Intellectual property and licenses
3. Responsibilities
Asset Owner / Custodian: Responsible for daily use, safekeeping, and reporting of
assigned assets.
Finance / Accounts Department: Maintains the Asset Register, monitors depreciation,
and ensures compliance with accounting standards.
Procurement Department: Ensures proper acquisition and tagging of assets.
Office : 137,Sector -3, IMT Manesar, Gurgaon, Haryana INDIA. Ph. : +91-124-4369014-16, Fax : +91-124-4369015
Works : C-65, Vigyan Nagar, RIICO Industrial area, Shahjahanpur, Alwar, Rajasthan INDIA. Ph. : +91-1494-235235
E-mail: info@sidharthautomatindia.com Website: www.sidharthautomatindia.com, CIN No. U27310HR2006PTC042098
IT / Maintenance Department: Provides maintenance, upgrades, and disposal support
for IT and non-IT equipment.
Internal Audit: Conducts periodic asset verification.
4. Procedure
4.1 Acquisition of Assets
1. All asset purchases must be approved in accordance with the Procurement Policy.
2. Upon receipt, each asset must be:
o Verified against the purchase order and invoice.
o Assigned a unique Asset Identification Number (tag/barcode/RFID).
o Recorded in the Asset Register with details (description, serial no., cost, location,
custodian, warranty, expected life).
4.2 Asset Register
The Asset Register must be maintained in an ERP system or spreadsheet.
It should capture: acquisition date, purchase cost, location, custodian, condition,
depreciation, and disposal records.
Updates must occur immediately after acquisition, transfer, or disposal.
4.3 Asset Use & Custody
Assets are issued to staff through an Asset Handover Form.
Custodians are responsible for proper use and safeguarding.
Unauthorized transfer, lending, or disposal of assets is prohibited.
4.4 Asset Maintenance
Preventive and corrective maintenance schedules must be followed.
Service and repair history should be documented.
IT assets must receive regular updates, patches, and security checks.
4.5 Asset Verification
A physical asset verification must be conducted at least annually.
Missing, stolen, or damaged assets must be reported immediately and investigated.
Office : 137,Sector -3, IMT Manesar, Gurgaon, Haryana INDIA. Ph. : +91-124-4369014-16, Fax : +91-124-4369015
Works : C-65, Vigyan Nagar, RIICO Industrial area, Shahjahanpur, Alwar, Rajasthan INDIA. Ph. : +91-1494-235235
E-mail: info@sidharthautomatindia.com Website: www.sidharthautomatindia.com, CIN No. U27310HR2006PTC042098
4.6 Asset Transfer
Transfers between departments must be documented using a Transfer Form and updated
in the Asset Register.
4.7 Asset Disposal
1. Assets reaching end-of-life must be evaluated for disposal.
2. Disposal methods include resale, donation, recycling, or destruction (following
environmental and data security standards).
3. Disposal must be approved by Management and recorded in the Asset Register.
5. Compliance
All employees must comply with this procedure.
Non-compliance may result in disciplinary action.
6. Records & Documentation
Asset Register
Acquisition forms & invoices
Handover and transfer forms
Maintenance logs
Disposal records
7. Review
This procedure must be reviewed accordingly management team.
Office : 137,Sector -3, IMT Manesar, Gurgaon, Haryana INDIA. Ph. : +91-124-4369014-16, Fax : +91-124-4369015
Works : C-65, Vigyan Nagar, RIICO Industrial area, Shahjahanpur, Alwar, Rajasthan INDIA. Ph. : +91-1494-235235
E-mail: info@sidharthautomatindia.com Website: www.sidharthautomatindia.com, CIN No. U27310HR2006PTC042098
