CORPORATE SOCIAL RESPONSIBILITY POLICY OF JAYON IMPLANTS PRIVATE LIMITED
Preamble:
Jayon Implants Private Limited (hereinafter referred as ‘Company’) is committed to undertake CSR activities in accordance with the provisions of Section 135 of the Companies Act, 2013 and related Rules. Social and environmental responsibility has always been at the forefront of the Company’s operating philosophy. We believe in promoting CSR to ensure a balanced interdependence with the society and environment.
Purpose of CSR Activities of Jayon Implants Private Limited.
Company will implement its CSR activities in accordance with Section 135 of the Companies Act 2013 and the Rules notified thereafter.
Following will be the focus areas:
- Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water.
- Promoting education, including special education and employment enhancing vocation 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.
The interventions in these areas will be prioritized to reach the below poverty level segments of the population, economically and geographically disadvantaged, vulnerable and marginalized population. Any other activities included in schedule VII may also be undertaken with the approval of the Board.
CSR Committee – Composition and Responsibility.
Composition of the CSR committee: will consist of following Directors:
- Mr. Jayasankar Thermal Chakkalil
- Mr. Vijay Kittathel
- Mr. Jayanath Ambazhath
Secretarial works of the Committee will be attended by Mr.Ashokan Thampan K, DGM of the Company.
The CSR committee will be responsible for:
- Formulating the CSR policy as per Section 135 of the Companies Act 2013.
- Identifying activities to be undertaken as per Schedule VII of the Companies Act, 2013.
- Recommending to the Board the CSR expenditure to be incurred.
- Recommending to the Board, modifications to the CSR policy as and when required.
- Regularly monitoring the implementation of the CSR policy.
Committee Meetings.
For smooth functioning of the Committee, the members shall meet as below to discuss such matters and to take such decisions as may be necessary;
- The CSR Committee shall hold a minimum number of two meetings in a financial year.
- The members of the Committee may mutually agree between them regarding time and place for the said meetings.
- The quorum for the CSR Committee Meeting shall be one-third of its total strength (any fraction contained in that one-third be rounded off as one) or two members, whichever is higher.
- The Members of the Committee may participate in the meeting either in person or through video conferencing or other audio visual means as may be convenient.
Responsibilities of Board of Directors
- Approving the CSR policy as formulated by the CSR Committee.
- Ensuring that in each financial year the Company spends at least 2% of the average net profit before taxation made during the three immediate preceding financial years and for giving the reasons for not spending the allocated CSR budget in the Board’s Report.
- Ensuring that every financial year funds committed by the Company for CSR activities are utilized effectively and regularly monitoring implementation.
- Disclosing in its Annual Report the names of CSR Committee members & the content of the CSR policy.
Implementation Structure
- The CSR activities shall be undertaken directly by the company.
- The Company shall specify the project or programs to be undertaken, the modalities of utilization of funds on such projects and programs and the monitoring and reporting mechanism.
Monitoring mechanism
- Each of the CSR projects and programs would have clearly defined output, outcome and process indicators which will have to be reported on at specified frequencies, which will be at least bi-annually.
- All projects and programs will be monitored by the CSR committee, based on these reports and regular field visits. The monitoring process will cover both program and financial reviews.
The CSR Committee will receive quarterly progress reports of all CSR activities of the company.
CSR Expenditures
- In every financial year, the Company shall spend a minimum of 2% of its average Net Profits in the immediately preceding three (3) financial years. Average Net profits shall mean the net profits of the Company as per the Profit & Loss Statement prepared in accordance with the Companies Act, 2013. For net profit calculation, Profit before Tax (PBT) should be considered.
- CSR Expenditure shall mean all expenditure incurred in respect of specific projects/programs relating to the approved CSR activities.
- CSR Expenditure shall not include expenditure on any item not in conformity or not in line with activities which fall within the purview of the CSR activities listed in Schedule VII.
- The surplus arising out of the CSR activities or projects shall not form part of the business profit of the Company.
Failure to spend the CSR Money
If the Company fails to spend the required amount in a particular financial year, it is the duty of the Committee to submit a report in writing to the Board of Directors specifying the reasons for not spending the amount, which in turn shall be reported by the Board of Directors in their Annual Report pertaining to that particular Financial Year.
Surplus, if any, arising out of the CSR projects or programs or activities shall not form part of the business profit of the Company
Display of CSR activities on Company’s website
The annual report of the CSR activities along with the contents of the CSR policy of the Company shall be displayed on the Company’s website.