CSR Policy

Corporate Social Responsibility (CSR) Policy

 

I.  Legal Framework

 

The Vehicle of Corporate Social Responsibility (CSR) has been driven in Companies Act, 2013 in order to fulfill various social obligations of corporates. We at Stonemen Crafts India Private Limited have formulated CSR policy in accordance with the Section 135 of Companies Act, 2013, along with Schedule VII of Companies Act, 2013 and Companies (CSR Policy) Rules2014.

 

II.         Vision

 

Driven by our core purpose, our CSR vision has been to focus efforts on girl child, women by innovatively supporting them through programmes designed in the domains of education, health and environment. Additionally, we will support the environment through scaling up our tree plantation programme. Contribution towards health care by providing Medical Equipments, medical relief to poor is also within the parameters of CSR activities of the Company. 

Stonemen pledges to contribute at least 2% of the average net profits of the Company made during the 3 immediately preceding financial years specifically towards CSR initiatives. Company will ensure that majority of the budget is invested in long term and high impact projects of girl child education and women’s empowerment, and that of supporting the environment, health care activities. The Company will continue to support the local needs of the communities within which it operates by investing in projects which address these needs.

 

The vision is to contribute to the social and economic development of the community and to directly or indirectly take up programmes that benefit the society by making sustained positive contribution towards the welfare of society at large.

 

III.       Policy and Objective

 

        1. To accelerate the objective, the company aligns CSR activities with the applicable rules, regulations and laws as may be applicable from time to time.

        2. Stonemen participate in ways that support and promote Education, Health Care, Rural Development, Environment Sustainability, Girl Child Nurturing and Upliftment, Women Empowerment, sports promotion, distribution of food to needy people.

        3. Giving Back to the Society as Company has received through this society only. We are Socially Accountable and environmentally conscious as more visible and successful a corporation is, the higher is its      responsibility towards society, its stakeholders, and the public.

        4. Our policy is to provide “Selfless Service” to the society.

        5. Our CSR Policy sets out our commitment towards society that our activities extend beyond business and include initiatives and endeavors for the benefit and development of the community and society at large.

        6. Our company is committed to operate and grow its business in a socially responsible way with a vision to be an environmental friendly corporate citizen.

 

IV.        Areas to Emphasize

 

                   (i)          Education & Skill Development: Promoting education, including special education and employment enhancing vocation skills especially among Girl Child, Women and differently abled children.

                  (ii)         Rural Development: Promoting rural development by adopting appropriate measures.

                  (iii)       Healthcare: Promoting health care by providing Medical Equipments, medical relief to poor. Prioritizing health by spreading awareness and education, supporting health and government officials in their attempts to mitigate the effects of the pandemic.

                  (iv)       Environment: Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, plantation, conservation of natural resources and maintaining quality of soil, air and water;

                  (v)         Other welfare activities company may undertake: Company may contribute to other areas as permitted under Schedule VII of the Companies Act, 2013. (Annexure-1)

 

V.          CSR Committee

 

Our company has constituted CSR committee in accordance with section 135 of the Companies Act, 2013 which shall comprise 2 (TWO) members as listed below and subject to the requirements of the Act, the Board may increase or decrease the size of the committee.

 

  1. Mr. Rajat Asthana                        Chairman CSR Committee
  2. Mr. Shishir Asthana                     Member CSR Committee

 

VI.        Responsibility of CSR Committee:

 

a)   To review and formulate CSR Policy.

b)   To recommend to the Board changes to CSR Policy as and when required.

c)    To recommend the amount of expenditure to be incurred on the activities to be undertaken by the company.

d) To monitor the CSR Policy from time to time.

 

VII.      CSR Budget

 

The CSR Commitment of the Company for each financial year as approved by the board shall comprise of the following:

  • 2% (two percent) of the average Net Profits of the Company for the last 3 (three) financial years;

 

VIII.    CSR Expenditure

 

  • Board of the company shall ensure that the administrative overheads shall not exceed five percent of total CSR expenditure of the company for the financial year.
  • The CSR Commitment shall be used exclusively for undertaking specific CSR activities as listed in the Areas of emphasize above which are in compliance with the requirements of Section 135 of the Act and CSR Rules.
  • Modalities of execution of such CSR Activities and implementation schedules for the same shall be updated from time to time.
  • Surplus arising out of CSR activities shall not form part of the business profits of the Company.
  • CSR Activities will be funded during the Financial Year with an aim to contribute for the CSR.
  • Commitment in relation to such financial year by the end of the relevant financial year.
  • Any amount spends in excess of the requirement shall be set off in accordance of the Act and CSR Rules as amended from time to time.

 

IX.     Implementation

 

  • Our company shall undertake its CSR activities as approved by the CSR committee itself or through implementing Agency Stonemen Help Foundation, a section 8 Company in accordance with The Companies (CSR) Rules, 2014 as amended from time to time.
  • The CSR projects or programs or activities that benefit only the employees of the company and their families shall not be considered for CSR.
  • After prioritizing the activities, Committee shall finalise the detailed implementation of project/programmes, including planning for expenses against the total budget allocated for CSR activities.

 

X.          Monitoring by the Board

 

The Board of Directors shall constantly monitor the implementation of the CSR activities. The Board shall review the same and suggest recommendation, if any, to the committee with regard to implementation process.

 

XI.        Reporting

 

The Board of Directors of the Company shall provide the following information in its Board Report to its shareholders as well as on the website of the Company:

 

  • Brief details of CSR Policy for the year;
  • Website link www.stonemencrafts.com of CSR Policy, CSR Committee & CSR Projects etc.
  • Composition of CSR Committee (Members, Meetings & Attendances);
  • Average net profits of the Company for last three financial years;
  • Prescribed CSR expenditure;
  • Total amount to be spent in a financial year and amount unspent, if any, along with the reasons;
  • Manner in which the amount spent on CSR Activities during a financial year
  • Reasons for the Company failing to spend the amount required under the Act (if any), on the CSR Activities;
  • Responsibility statement from CSR Committee that the implementation and monitoring of CSR Policy is in compliance with CSR objectives.
  • The CSR Committee will recommend the Annual Action Plan for CSR to the Board for its approval.

 

XII.       Self-Governance

 

The Company, its Board of Directors, employees, officers, CSR Committee members, its invitees, shall not:

  • directly or indirectly engage in lobbying of CSR activities;
  • Accept any kind of favors and gifts, in any form, from any prospective or potential CSR Partners or beneficiaries as a result of consideration of the proposal to grant funds to such CSR Partners or beneficiaries under this Policy.

 

XIII.    Policy Review and Future Amendment

 

The CSR Committee shall review the CSR Policy from time to time and make suitable changes as may be required and submit the same for the approval of the Board of Directors of the Company.