CSR Policy
Corporate Social Responsibility Policy of PREMIER ALLOY AND CHEMICALS PVT LTD., 2018. Corporate Social Responsibility Policy of PREMIER ALLOYS AND CHEMICALS PVT LTD (PACPL) is Authorised by CSR Committee and approved by the Board of Directors of PACPL. This CSR policy (“Policy”) sets out the objectives and procedures to fulfill the Corporate Social Responsibility requirements to be followed by PACPL, pursuant to the Companies Act 2013.
CSR POLICY contents :
- Introduction and Background.
- Applicability of the Policy
- CSR Budget.
- Areas of focus.
- Executing Agencies / Partners. Due Diligence and monitoring of the CSR programs.
- Budgets and Expenditures.
- Roles and Responsibilities’
- CSR Committee.
- Monitoring and reporting Framework.
- Programme Monitoring and Evaluation.
- Documentation and Reporting.
Introduction and Background.
Management of the Company firmly believed that business objectives apart, they had an underlying responsibility towards empowering the under privileged people by providing them education and advancing social objectives including Medical assistance for treatment and after care for the patients and their families to the needy either directly or through Foundation / Trust. The core purpose and values of the Company is to transform lives of people surrounding the areas where the Company is situated and to improve the quality of life by assisting institutions that provide better access to better opportunities, goods and services to more.
Developing better ways of doing things leading to newer possibilities, enhancing performance to consistently produce outstanding results with lasting impact, create wealth and contribute to growth, building up, endearing relationships, achieve maximum common good in the best interest of Environment, Society, Customer,Supplier, Employee and Shareholders vision of inclusive and sustainable growth, are embedded in the Policy of Premier Alloys & Chemicals Pvt. Ltd.
Applicability of the Policy
2.1 This Corporate Social Responsibility Policy (“CSR Policy”) has been adopted by Premier Alloys & Chemicals Pvt Limited (“the Company”) in consonance to Section 135 of the Companies Act 2013, (“Act”), the Companies (Corporate Social Responsibility Policy) Rules 2014 (“CSR Rules”), and notifications/circulars issued by the Ministry of Corporate Affairs, Government of India from time to time
2.2 The Policy shall apply to all CSR projects/ programmes undertaken by the Company in India as per Schedule VII of the Act.
2.3 This policy shall be applicable to the Company and all its employees.
CSR Budget.
3.1The CSR Committee of the Board constituted under Section 135 of the Act will recommend project wiseexpenditure to the Board for its consideration and approval from time to time.
3.2 The total CSR budget for any financial year shall be an amount not less than 2% of the average net profits of the Company made during the three immediately preceding financial years computed in accordance with the requirements of Section 135 of Companies Act, 2013 and accordingly computed thereafter for future years as per the relevant applicable rules.
Areas of focus.
The Company will implement its CSR activities in accordance with provisions of Section 135 of the Companies Act 2013 and the Rules notified thereunder. Accordingly, the broad focus areas of the Company are Education, Environment, Health care and Disaster Relief etc., as provided under Schedule VII of Companies Act, 2013, are primary focus areas of CSR Policy of Premier Alloys & Chemicals Pvt. Ltd. The activities under the Education include primary, secondary and higher education, skill development of rural youth, providing scholarships to meritorious students of underprivileged and promoting preventive healthcare activities such as providing safe and healthy drinking water, aiding hospitals, Societies and Trusts providing Medical and after care Assistance to the needy etc. Further thematic areas will be prioritized to reach the underserved segments of the population like women, economically and geographically disadvantaged vulnerable and marginalized population. The company also lays emphasis on employee volunteering in all its CSR efforts.
Executing Agencies / Partners. Due Diligence and monitoring of the CSR programs.
The Company will seek to identify suitable programmes for implementation in line with the CSR objectives of the Company. In addition to direct contribution, these activities could also be done through :
- Voluntary Agencies (NGOs).
- Institutes / Academic Organisations.
- Trusts, Missions.
- Government, Semi-Government and autonomous Organisations.
- MahilaMandals / Samitis.
- Prime Minister Relief Fund.
Roles and Responsibilities’
6.1 Board
The Board of the Company will be responsible for:
➤ approving the CSR policy as recommended and formulated by the CSR Committee
➤ ensuring that the Company spends at least 2% of the average net profit before taxation made during the three immediate preceding financial years on theCSR activities specified in Schedule VII of the Act.
➤ Ensuring the implementation of activities effectively
➤ disclosing in its Annual Report brief content of the CSR policy and amount spent / to be spent as at end of each relevant Financial Year.
➤ ensuring annual reporting of CSR policy to the Ministry of Corporate Affairs, Government of India, as per the format prescribed under the CSR rules as amended from time to time (Annexure-I).
As per Section 135 of the Act, the reasons for under spending of the allocated CSR budget shall be specified in the Board’s Report.The surplus arising out of the CSR activities, if any, will not be considered as a part of the business profits of the company.
CSR Committee.
Composition of the CSR committee: The CSR Committee will consist of atleast two Directors.The CSR committee will be responsible for:
➤ formulating the CSR policy in compliance to Section 135 of the Act read with the rules made thereunder Identifying activities to be undertaken as per Schedule VII of the Companies Act 2013. Recommending to Board the CSR expenditure to be incurred. Recommending to Board, modifications to the CSR policy as and when required.
➤ regularly monitoring the implementation of the CSR policy
Monitoring and reporting Framework.
The Company’s CSR Committee shall monitor the implementation of the CSR Policy through periodic reviews of the activities being implemented from time to time as per the Act.
Programme Monitoring and Evaluation.
The Company’s CSR Committee shall monitor the implementation of the CSR Policy through periodic reviews of the activities being implemented from time to time as per the Act.
- CSR policy is implemented as per the Act and the Rules and all projects/programmes are duly carried out as budgeted.
- The expenditure on CSR will be accounted in a transparent manner.
- Periodical review and reporting by the CSR committee and the Board.
Documentation and Reporting.
The CSR Committee will prepare Annual CSR Report for approval of the Board. The documentation for CSR Projects will be provided in prescribed reporting format (Annexure 1)
CSR EXPENDITURE Rs141.89 Lakhs
Since 2017-18, PREMIER ALLOYS AND CHEMICALS PVT. LTD., under CSR has incurred an expenditure of Rs 141.89 Lakhs against the sanctioned budget of Rs 140.65 Lakhs, on various CSR activities covering the thrust areas such as Education, Health, Skill Development, Rural Development, Environment, Drinking Water & Sanitation.
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