SPONGE IRON INDIA LIMITED
Norms set for the discharge of functions:
Production : All Norms as specified in MOU relating to production are being maintained.
Environmental management: All norms as specified by AP PCB in the consent orders are being meticulously followed
Safety : All Norms as specified in the Factories Act are being implemented.
Marketing, Contract Cell & Engineering & Projects Department:
Marketing:
Minimum price as fixed by Price Fixation Committee (PFC). PFC decides the price depending upon the availability of scrap, demand for sponge iron, competitor’s price of sponge iron prevailing at various regions, transportation cost involved to customers’ plant, etc. Following are the members of PFC:
1) Shri Ch. Suryanarayana, GM(W) – Chairman
2) Shri K. Ravindranath, CM(M) – Member
3) Shri Mohd. Imam, C(F&A) – Member
4) Shri K. Hari Kishan, Convener
Contract Cell:
Finalization of the contract to suit to the timely requirement of the Works Division
Engineering & Projects:
NIL
Finance & Accounts Department at Plant Office:
NORMS OF FINANCE & ACCOUNTS DEPARTMENT AT PLANT OFFICE:
All Bills will reach F&A Department. In F&A Department, they will be placed before Deputy Manager (Systems). Later they will be marked to Asst.Manager (Accts). From Asst.Manager (Accts), they will reach to the concerned sections. The time taken in this process wold be around 1 or 2 days.
An illustration is mentioned hereunder for payment of bills, for example, SUPPLIERS bills. The following procedure is adopted.
a. The bills received from Purchase Department along with the original copy of the GRN shall be scrutinized with reference to the Purchase Order (PO).
b. The BILLS shall be checked to see that:
1. The quantity of Stores as indicated in the bill is as per PO.
2. The quantity of the material indicated in the bill has duly been received and tallies with the quantities in the GRN.
3. The rates of the material charged in the bill are those indicated in the PO.
4. The Sales Tax/APVAT and other taxes such as excise duty etc. have been charged in terms PO.
5. The material has been supplied within the stipulated period, otherwise penal/liquidated damage charges in terms of the PO clause have been recovered.
6. The freight, insurance charges are to be paid by the supplier or whether these are payable by the Company in terms of the delivery clause of PO and Bank charges should be checked whether to be borne by the Party/Supplier or Company.
To follow the above mentioned conditions, it require 3 to 4 days of time.
After processing the bills for payment, the bills will be placed before Asst.Manager (Accts) for scrutiny. After this stage, they will be placed before Deputy Manager(Systems). Then they will be sent to RO/Cashier for payment either through cash or cheque. For this purpose, it will take 1 or 2 days.
SCHEDULE DATES OF PAYMENT:
1. Income Tax payment 7th day after TDS.
2. Professional Tax payment 15th day of the following month.
3. Sales Tax payment before 20th of the following month.
4. Remittance of Pension Fund 15th of following month.
5. Remittance of PF Trust 15th of following month.
6. PF Returns to RPFC – Before 25th of following month.
7. Fringe Benefit Tax, TDS 24Q & 26Q - Every Quarter.
8. ETDS – Every Quarter.
9. Annual Return of Form 24 and Form 26 along with Form 16 to Employees/Contractors – Annually.
10. Earned Leave Encashment – 20th of Every month.
11. Medical Reimbursement – 20th of Every Quarter.
12. Contingency Advance – Along with Salaries.
13. Over time payment – along with Salaries.