Corporate Social Responsibility

Corporate Social Responsibility Policy

 

PM Control Systems (India) Private Limited

 

 

Version

1 (2020)

Authorized by

Approved Board of Directors

 

 

 

This CSR policy (“Policy”) sets out the objectives and procedures to fulfill the Corporate Social Responsibility requirements to be followed by PM Control Systems (India) Private Limited, pursuant to the Companies Act 2013.

 

Corporate Social Responsibility Policy

 

 

Contents

  1. 1.Introduction
  2. 2.Company Philosophy for CSR Policy
  3. 3.CSR Activities
  4. 4.Budget for CSR Activities & CSR Expense
  5. 5.Identification of activities/projects
  6. 6.Implementation Process
  7. 7.Organizational Responsibilities
  8. 8.Monitoring by the Board
  9. 9.Compliance and Report to the Board
  10. 10.Management Commitment

 

Introduction

 

PM Control Systems (India) Private Limited(“PMC”) manufactures Steam Turbine Control and Compressor system, Duel Engine control systems, etc. Duel Fuel control systems for engines, Hydro and gas turbine control systems. We also trade in Turbine & engine controls, Governors, spare parts, Micronet controls & spares and these goods are utilized in stated industries comprising of Sugar, Fertilizers, Oil Refinery, Chemical and Oil and gas industries.

 

This Corporate Social Responsibility Policy (“the CSR Policy”) has been framed by PMC is in accordance with section 135, Schedule VII of the Companies Act, 2013 and CSR Rules issued by the Ministry of Corporate Affairs on February 27, 2014.

 

PMC believes that this position brings both opportunity and responsibility. PMC believes in applying its skills and resources where it can make the greatest impact on society. This belief is entwined in all the Community involvement programs and the same is accomplished through a skill-based approach, driving meaningful change in the community by establishing a 360 degree connect by Corporate Social Responsibility (“CSR”) program initiatives.

 

Unless the context otherwise requires, the definitions mentioned in the Companies Act 2013, shall apply to this CSR Policy.

 

 

Company Philosophy for CSR Policy

 

Companies Act, 2013 has formally introduced the Corporate Social Responsibility to the dashboard of the Indian Companies. PMC is much positive and appreciates the decision taken by the Government of India. The legal framework of CSR is an edge to Corporate Charitable/reformative approach towards the Society to which the Corporate is belonging to. By introducing the separate section for CSR in the Companies Act, 2013, the Government has given legal recognition to their community development approach.

 

The management of the PM Control Systems (India) Private Limited expresses its willingness and support to the CSR concept, its legal framework and shall be abided by it.

 

CSR Activities

 

Pursuant to Schedule VII of the Companies Act, 2013, the Board of Directors has approved the following activities as “CSR Activities” to be undertaken under the CSR policy of the Company under section 135 of the Companies Act, 2014, Schedule VII and other applicable rules, regulations, notifications, etc., issued/to be issued from time to time.

 

The approved CSR Activities as per Schedule VII of the Companies’ Act, 2013 are as follows:

 

  1. 1.Eradicating hunger, poverty and malnutrition, and sanitation and making available safe drinking water.
    1. 2.Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.
    2. 3.Promoting gender equality, empowering women, setting up homes and hostels for women orphans; setting up old age homes, daycare centre, and such other facilities for senior citizens, and measuring for reducing inequalities faced by socially and economically backward groups.
    3. 4.Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources, and maintaining of quality of soil, air, and water.
    4. 5.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 art and handicrafts.
      1. 6.Measures for the benefits of armed forces veterans, war widows and their dependents.
      2. 7.Training to promote of rural sports nationally recognized sports, Paralympic sports and Olympic sports.
      3. 8.Contribution to prime minister’s national relief fund or any other fund setup by the central govt. for socio economic development and relief and welfare of the schedule caste, tribes, other backward classes, minorities and women.
      4. 9.Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government.
      5. 10.Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged inresearch in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
      6. 11.Rural Development Projects.
      7. 12.Slum area development.
      8. 13.Disaster management, including relief, rehabilitation and reconstruction activities

 

 

 

Budget for CSR Activity & CSR Expense

 

The Company shall allocate the budget for CSR activities. The minimum budgeted amount for a financial year shall be 2% of the average net profit of three immediately preceding financial years. The Company may allocate more funds/amount than the amount prescribed under section 135 of the Companies Act, 2013, for the CSR activities for any financial year. The Board shall calculate the total fund for the CSR activities and utilized for CSR activity for a respective financial year.

 

CSR expenditure shall include all expenditure including contribution to the corpus for projects or programs relating to CSR activities approved by the Board but does not include any expenditure on an item not in conformity or not in line with activities that fall within the approved CSR activities.

 

 

 

Identification of activity/projects

 

Out of approved CSR activities, the Board shall decide which activity/project should be given priority for the respective financial year. While arriving at the decision of the activity to be undertaken for the respective year, the Board shall analyze the basic need of the community/ area in which the Organization operates or at the place where its registered office is situated. The Board shall record its findings and prioritized the CSR activities.

 

 

Implementation Process

 

After prioritizing the activity, the Board shall finalize the detailed implementation project/program, including planning for expenses against the total budget allocated for CSR activities.

 

 

Organization Responsibility

 

At the organizational level for implementation of agreed CSR activity, the Board may constitute an implementation team or authorized any of the Department of the Company to organize for the implementation of the CSR activity. The team or respective department shall monitor the implementation process from time to time and place a report to the Board regarding the progress of the activity implementation, quarterly. The respective department or implementation team would be responsible for reporting any irregularity to the Committee on an immediate basis.

 

 

Monitoring by the Board

 

The Board of Directors shall constantly monitor the implementation of the CSR activities. The team or respective department shall place a progress report, including details of expenses, before the Board half yearly. The Board shall review the same and suggest recommendations, if any, to the team or respective department about the implementation process.

 

 

Compliance and Reporting to Board

 

Apart from quarterly reporting to the Board about the implementation of CSR activity, a detailed report containing the implementation schedule, the total budget allocated, actual expenses incurred, surplus arising, if any, result achieved, further work to do in the concern CSR activity, Recommendation for the CSR activities for next year, etc. should be placed before the Board for its consideration. Any surplus arising out of the fund allocated for CSR activity shall not be part of the business profit of the Company.

 

 

Management Commitment

 

Our Board of Directors, our Management, and all of our employees subscribe to the philosophy of compassionate care. We believe and act on an ethos of generosity and compassion, characterized by a willingness to build a society that works for everyone. This is the cornerstone of our CSR policy.

 

Our Corporate Social Responsibility policy conforms to the relevant section of the Corporate Social Responsibility, Rules made under Companies Act, 2013 and amendment(s) to be made thereto in future.

 

Composition of CSR Committee
CSR Committee of the Company composes of the directors of the Company namely, Mr. Christopher Quee San Chia, Mr. Chia Kim San Nicholas & Mr. Vineet Nanda

CSR Projects Approved by the Board
F.Y. 2020-2021: Animal And Bird Care
F.Y. 2021-2022: Plantation And Prevention Of Environment Pollution