CORPORATE SOCIAL RESPONSIBILITY POLICY
It is true that a company takes everything for its functional needs from the society, community and the environment to emerge into the profitable entity. Since the source of all the prosperity is the environment and society itself, it becomes a key responsibility of the company to give back to the society and environment from which it has taken everything to grow.
With this view, Company considers CSR its responsibility and is determined to carry out its responsibilities.
With this, Mahavir Die Casters Private Limited intends to undertake CSR initiatives that create sustainable social, human and environmental capital. This process, when combined with the economic model of the business, will eventually create a developmental model that will gradually help to lift up the entire area, region or community that is the focus of the CSR efforts.
COMPANY’S VISION ON CSR
As a conscientious corporate citizen that works with a human touch, it believes in going beyond business to create goodness all around. This sentiment is well captured in our vision for CSR:
“Enhance the quality of life of people by providing them Help & Support in Education and Health.”
The CSR Policy of the Mahavir Die Casters Private Limited is to:
- Eradicating hunger, poverty, and malnutrition, promoting preventive health care and sanitation and making available safe drinking water;
- Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly and the differently abled and livelihood enhancement projects;
- Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
- Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining the quality of soil, air, and water;
- Protection of national heritage, art, and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries, promotion, and development of traditional arts and handicrafts;
- Measures for the benefit of armed forces veterans, war widows, and their dependents;
- Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports;
- Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities, and women;
- Contribution or fund provided to technology incubators located within academic institutions which are approved by the Central Government;
- Rural development projects; and
- Slum area development.
This Board-level Corporate Social Responsibility Committee (“CSR Committee”) comprises of four Directors. The current CSR Committee comprises of the following Board members:
- Sh. Raj Kumar Jain (Chairman)
- Sh. Shanti Lal Jain (Managing Director)
- Sh. Chand Jain (Director)
- Sh. Rajan Jain (Director)
Responsibilities of the CSR Committee:
- Evaluate various opportunities available to the Company, shortlist the most promising ones and formulate the CSR Policy.
- Recommend the budget for CSR expenditure.
- Regular monitoring and reporting of the CSR activities.
Responsibilities of the Company’s Board of Directors:
- Approve, after due modifications, the CSR strategy, and plan as presented by the CSR Committee.
- Disclose the CSR Policy in the Annual Report of the Company under the head Directors’ Report and also publish the same on the Company’s website.
- Review the CSR initiatives periodically to ensure its proper and adequate implementation in line with the CSR Policy.
- Specify reasons in the Directors’ Report in case the due amount is not spent.
The CSR initiatives of the Company as approved by the Board shall be implemented by one or a combination of the following:
- Company officials with knowledge and experience in the task required.
- Through external agencies, NGO, Trust etc.
CSR GOVERNANCE AND CONTROL
To implement, monitor and control the CSR Initiatives, the following process will be followed:
- The CSR Committee creates the recommended CSR Plan for the financial year with a list of activities along with budgets required and expected results.
- The Board evaluates the CSR Plan and approves it with due modifications if any.
- The CSR Committee will then allocate the specific tasks to specific people/implementing agencies along with budgetary support, timelines, and expected results.
- The implementing teams shall execute the various activities assigned to them as per the guidelines stated above. They shall monitor the activities and report on the progress of the CSR Committee at agreed intervals.
- The CSR Committee shall evaluate the progress of the projects on a quarterly basis and pass necessary instructions for their optimum implementation. It shall also keep the Board updated on the progress.
- At the end of the year, the CSR Committee will present a detailed CSR Report to the Board. It will also start working towards finalization of the next year’s plan for presentation to the Board subsequently.
- The CSR Report will be included in the Annual Report of the Company.
As directed by the law, the Company will spend 2% of the average net profits before tax of the Company made during the three immediately preceding financial years.
All direct and indirect expenses incurred by the Company in implementing the CSR programs will be included under the CSR allocation. Any surplus generated from such programs shall be used for CSR activities only and any unspent amounts shall be reported with a due explanation.