CSR
Corporate social responsibility policy (CSR)
We at Polymatech are looking forward at corporate success and social welfare while actively supporting the view of the Ministry of Corporate Affairs of India in implementing the Corporate Social Responsibility (CSR) activities laid by the Ministry of Corporate Affairs.
We are taking our steps towards earmarking a part of our income for carrying out the social responsibilities. We believe that social responsibility is not just a corporate obligation that has to be carried out but it is one's dharma and responsibility. Therefore, we believe our philanthropic endeavors would be a reflection of our spiritual conscience and thus provides us a way to discharge our responsibilities to the various sections of the society.
Corporate Social Responsibility Purpose Statement
The Company shall seek to positively impact the lives of the disadvantaged by supporting and engaging in activities that aim to improve their wellbeing. Across the different programme areas identified by the company, it would be our endeavor to reach the disadvantaged and the marginalized sections of the society to make a meaningful impact on their lives.
Corporate Social Responsibility Committee
The Company has constituted Corporate Social Responsibility Committee (“the Committee”) comprising of following Directors:
1. Mr. Nandam Eswara Rao- Member
2. Mrs. Nandam Uma - Member
3. Mrs.Rapala Virtanen Tarja Hannele - Member
Board of Directors of the Company may re-constitute the Committee, as and when required to do so, by following the sections, sub-sections, rules, regulations, notifications issued or to be issued, from time to time, by the Ministry of Corporate Affairs or the Central Government of India.
The Committee shall exercise powers and perform the functions assigned to it by the Board of Directors of the Company pursuant to section 135 of the Companies Act, 2013 and CSR Rules notified with regard thereto.
CSR Activities:
We hereby are committed to identify and support programmes aimed at:
• Eradication of extreme hunger, poverty and malnutrition
• Promoting health care including preventive health care
• Contribution to the Swach Bharat Kosh set up by Central Govt
• Promotion of education
• Employment enhancing vocational skills especially among children, women, elderly and the differently abled and livelihood enhancement projects
• Gender equality and women empowerment
• 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
• Environment sustainability, protection of flora and fauna, animal welfare, agro forestry
• Conservation of natural resources and maintaining quality of soil, air and water
• Contribution to the Clean Ganga Fund set up by Central Govt
• 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
• Measures for the benefit of armed forces veterans, war widows and their dependents
• Training to promote rural sports, nationally recognized sports,
Paralympics sports and Olympic sports
• Contribution to Prime Minister’s relief fund and other such state and central funds
• Contribution to incubators funded by Central Government or State Government or any agency or Public Sector Undertaking of Central Government or State Government
• Contributions to public funded Universities, IITs, National Laboratories and Autonomous Bodies (established under the auspices of ICAR), ICMR, CSIR, DAE, DRDO, DST
• Ministry of Electronics and Information Technology engaged in conducting research in science, technology, engineering and medicine aimed at
promoting Sustainable Development Goals (SDGs)
• Rural / Slum area development projects
• Any other programme that falls under CSR Policy and which are aimed at the empowerment
of disadvantaged sections of the society.
Scope
This policy shall apply to all projects/programmes that would be undertaken by the company as part of the Company's Corporate Social Responsibility. The policy shall be developed, reviewed and updated periodically with reference to relevant changes in corporate governance, international standards and sustainable and innovative practices. The policy will maintain, at all times, compliance and alignment with the activities listed in Schedule VII and Section 135 of the Companies Act 2013 and the rules framed thereunder.
Governance
The approval of the CSR policy and oversight is the responsibility of the Company's Board of Directors. The responsibility of the CSR committee is to formulate the policy and to administer the policy through implementing partner(s) or via self-implementation. The CSR Committee shall provide guidelines for projects/partner selection to the respective HR or CSR teams, wherever applicable, if required. The CSR committee is to ensure that projects/programmes are compliant with regulations and are monitored and reported effectively.
As the Company's CSR activities evolve, the policy may be revised by the CSR committee and approved by the Board of Directors.
CSR Spend
The CSR Committee shall recommend to the Board the amount of expenditure to be incurred on the CSR activities to be undertaken by the company as specified in Schedule VII of the Companies Act 2013, as amended from time to time. In case of any surplus arising out of CSR projects, the same shall not form part of business profits of the Company.
Implementation
The Company shall undertake CSR project/ programmes identified by the CSR Committee and approved by the Board of Directors in line with the CSR Policy.
The Company shall implement its CSR programmes / projects:
• Through an implementation partner that can be a public charitable trust or a society registered under applicable Acts or a Company registered under Section 8 of the Companies Act 2013; or
• On its own, through the relevant HR or CSR department:or
• Through its own foundation (if applicable) specifically created for implementing its CSR initiatives.
The Company may enter into partnerships or alliances with NGOs, Trusts, or other Corporate Foundations etc. to effectively implement its CSR programmes/projects. The Company can also implement programme in collaboration with other company(ies), if permissible and feasible.
CSR Programmes/Projects
The Company would be adopting a focused and a structured approach towards implementing its CSR initiatives approved by the Board of Directors.
Monitoring and Reporting
The CSR Committee will oversee the implementation and monitoring of all CSR projects / programmes and periodic reports shall be provided for review to the Board. The Company will institute a well-defined, transparent monitoring and review mechanism to ensure that each CSR project / programme has:
1. Clear objectives developed out of the societal needs that may be determined through need assessment studies and research (secondary or primary);
2. Clear targets, time lines and measureable indicators, wherever possible;
3. A progress monitoring and reporting framework that is aligned with the requirements of Section 135 of the Companies Act 2013 and the CSR Rules.