This policy is framed in terms of Section 135 of the Companies Act, 2013 (the Act) indicating the policy of the company with respect to undertaking certain specified activities by the company towards fulfillment of Corporate Social Responsibility (CSR) of the company.
The aim of this policy is to lay down the parameters within which the company can apply allocated funds as per budget towards CSR activities. The subsidiary aim of this policy is to ensure that while meeting those objectives, the company is able to comply with the statutory scheme of the Act so far as it pertains to the Corporate Social Responsibility. In this process, the company aims to carry out certain activities involving budgeted financial outlay for the purpose of promoting the broad social welfare and development of the environment and wellbeing of people. In accordance with the statutory scheme of the Act, it is necessary to ensure that no amount allocated for CSR Activities are directed to provide exclusive benefits to the employees of the Company. Further the CSR Activities shall be undertaken as far as may be possible for the benefit of people in the local areas. Local areas need not be confined to be areas in and around the factories and units of the Company and it could be extended to cover all areas within the State of Tamilnadu without prejudice to accidental or incidental benefit of such activities accruing to people of other States of India. While undertaking CSR Activities the Company shall ensure that there is no discrimination on the basis of caste, creed, rank, race, religion or any other such narrow factors between the beneficiaries who are entitled to avail the benefits of the CSR Activities. The target segment for receiving benefits of any CSR Activity shall be the under privileged and economically weaker sections of the society. No part of the amount earmarked / allocated for undertaking CSR Activities shall, directly or indirectly, be of any benefit to any political parties or to their cadres exclusively.
The CSR activities to be pursued by the company are intended to be confined initially to the areas broadly specified hereunder. The CSR committee is entitled to recommend suitable changes from time to time to this policy depending upon changes to the statutory scheme of the Act and other relevant grounds.
- Formal Schools for Elementary and Primary Education
- Pre-Schools for Child Care.
- Educating Girl children
- Skill Development of Rural Youth
- Primary health care centre
- Mother and Child care projects
- Immunization programs with a thrust on polio eradication
- Health care for visually impaired, and physically challenged
- Preventive health care
- Blood Donation, Dental & Eye Checkup Camps, Health Check up Camps, AIDs awareness camps; Camps for educating the masses on food habits, living style and other traditional methods for healthy and long life.
- Formation of Self Help Groups for women empowerment
- Vocational training through our Machine Shop and thereby creating
- Employment Opportunity
- Watershed development
- Partnership with Industrial Training Institutes
Basic Infrastructure Development:
- Basic infrastructure facilities (Laying Roads)
- Safe drinking water
- Sanitation & hygiene
- Renewable sources of energy (Tree Plantation, Solar Lights etc.)
Other Thrust Areas:
While undertaking CSR activities, the company may Endeavour to apply funds allocated for CSR purposes in promoting a hospital for the underprivileged and economically weaker sections of the society and also aim to provide a low cost housing project aimed towards slum redevelopment or rehabilitation. The company may also undertake subject to budgetary allocation, innovative programs for rural development and conservation of natural resources. The company may also undertake skill development projects aimed to develop the skills of rural educated youth without any preference or partiality in order that such rural youth are able to gain a way of life with dignity and respect. Any activity undertaken by the company in this respect shall be aimed at harnessing the talents of the rural youth towards the agricultural sector and the MSME sector.
Size of the CSR Budget:
The CSR budget shall be equal to 2% of the post tax profits of the company which shall be reckoned in the manner stipulated in the Act. The company is however at liberty to spend more money than the above outer limit if no meaningful completion of projects undertaken is possible or to meet project related cost overrun. If during a financial year, the budgeted / allocated funds could not be deployed completely such remaining funds may be utilized during the next succeeding years towards meeting the objectives and fulfilling the statutory requirements.
The Company may execute its CSR objectives by own or declare a trust for the purpose of carrying out the same. If the Company decides to declare a Trust, the members of the CSR committee shall be entitled to be Trustees of the Trust. In addition, a board of Trustees may be formed by inducting men of integrity and repute in order to frame and implement the CSR policy in a manner more beneficial to the society than what the policy professes to achieve. At the end of any financial year or at any time as the board of directors of the company may decide, funds shall be transferred to the trust for being spent by the trust in CSR activities. The trustees shall be bound to follow the objectives of the trust and ensure that the trust money is applied for the purposes of the trust objectives. The name of the trust shall be ANUGRAHA VALVE CASTINGS CSR TRUST of which the company shall be the author. One or more persons may be employed by the Trust for the purpose of undertaking, supervising and monitoring the CSR Activities and for collection of data and studying the benefits attained by such activities by the beneficiaries of the CSR Activities.
Accounts and Audit:
There shall be proper books of accounts, registers and records with respect to every activity undertaken as per this CSR Policy. Every project / activity undertaken by the company until the setting up of the trust and by the trust thereafter, shall always be subject to a special audit by an expert with a view to assuring to the board of directors of the company that the activities are undertaken towards achieving the objectives of this policy. The expert shall submit a CSR Audit Report which shall contain a specific statement with respect to the amount actually earmarked / allocated for each activity and the amount actually utilized in undertaking the said activity and any cost overrun / time overrun with respect to each project and in addition to that, if the same project or different project are undertaken at different places, place-wise allocation, utilization, cost overrun, time overrun shall be given.
Collaborative partnerships may be formed with the Government, the District Authorities, the village panchayats, NGOs and other like-minded corporate or non-corporate entitles. Company aims to reach, leverage and integrate its CSR Activities with those of other Corporate entities so as confer greater benefits to the under privileged and economically weaker sections of the Society and utilise valuable inputs gained by every participant entity through their experience and expertise. However it must be ensured that the amount of the Company spent on such activities must be capable of being identified and accounted separately.
The company’s website shall direct to a separate CSR Web Page wherein activities carried out through the Trust will be disseminated on its website. Company will also disclose necessary particulars in the Board’s Report to the extent necessary under the Act.
CSR Policy has been framed by the CSR Committee of the Board of Directors of the Company and duly approved by the Board.