Primacy Industries Limited

The Board of Directors (the “Board”) of Primacy Industries Limited (the “Company” or “PIL”) acting upon the recommendation of its Directors and the Corporate Social Responsibility Policy Committee (the “Committee”) has adopted the following policy and procedure with regard to the Company’s Social Responsibility:

  • Corporate Social Responsibility Philosophy:

    PIL strives to be a socially responsible company and strongly believes in development which is beneficial for the society at large. It is our co-extensive responsibility to pay back in return to the society in terms of helping needy people by providing sustainable development, etc., keeping the environment clean, healthy and safe for the society by adhering to the best practices and technologies, and so on. It is the Company’s intent to make a positive difference to society in which the Company lives and operates.

  • Policy Objective:

    The objectives of this policy are to set a guiding principle for carrying out CSR activities by the company and also to set up process of execution, implementation and monitoring for the CSR activities to be undertaken by the company.

  • List of Activities / Projects

    The company shall undertake any of the following Activities/ Projects or such other activities / projects as may be notified by the Ministry of Corporate Affairs:

    1. Eradicating hunger, poverty and malnutrition, promoting, preventive health care, (particularly for children of special needs) and sanitation and making available safe drinking water;

    2. Promoting education, including special education and employment enhancing vocation skills especially among children and children of special needs, women, elderly and the differently abled and livelihood enhancement projects;

    3. Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers particularly for children of special needs and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically groups;

    4. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air, water;

    5. Protection of national heritage, art and culture including restoration of building and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts;

    6. Measures for the benefit of armed forces veterans, war widows and their dependents;

    7. Training to promote rural sports, nationally recognized sports, Paralympics and Olympic sports;

    8. 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 economically backward classes, minorities and women;

    9. Contribution to funds provided to technology incubators located within academic institutions which are approved by the Central Government;

    10. Rural developments projects;

    11. Providing seed capital including creating of any corpus fund to help tide over any temporary funding gap. Such corpus fund could be deployed with or without interest depending upon the identified need, to help self-help groups to further the cause sustainable livelihood for the economically weaker sections of society.

    12. Any other activities in relation of the above and all other activities which forms part of CSR as per schedule of the Act, 2013 (the “Act) as amended from time to time. (Collectively referred to as "CSR Actives ").

    The CSR Activities shall be undertaken for the benefit of the public (not for the employees of the Company and their families). Provided that the preference shall be given to the areas/Locality where the company has its activities now for the time being Dakshina Kannada and Udupi Districts of Karnataka and Katchchh District of Gujarat.

  • Quantum of Amount to be spent on CSR Activities
    1. The Company, in every Financial year, shall endeavor to spend the feasible amount, which shall not be restricted by the statutory limit of a specified percentage of its average net profits immediately preceding three financial years. However, the aforementioned expenditure in any financial year shall be at least 2% of Company’s average Net profits for the three immediately preceding financial years.

    2. Any surplus arising out of CSR Activities shall not from part of the business profit of the Company and same shall be spent for undertaking any CSR activities only.

  • Implementation of CSR Activities
    1. The company may undertake CSR Activities through a registered trust. It will keep its option open to undertake CSR activities in future through any company, established by it, its holding or subsidiary company under section 8 of the Act for such non-profit objectives.

      Provided that the company can spend the CSR amount through any other institutions having an established track record of 3 years in undertaking similar programs.

    2. The Company may collaborate with any other companies for undertaking the CSR Activities subject to fulfillment of separate reporting requirements as prescribed in the Companies (Corporate Social Responsibility Policy) Rules 2014 (the "rules").

    3. The Company may build CSR capabilities of its personnel as well as those of implementing agencies through institutions with established track records of at least three financial years.

    4. The CSR Activities shall not include any activity undertaken by the company in pursuance of normal course of business of the Company.

    5. The Company shall not make any payment directly or indirectly to political party (ies) for CSR Activities.

  • Procedure for CSR Activities
    1. The Committee shall recommend to the Board, the CSR Activities to be undertaken for the financial year along with the detailed plan, modalities of execution, implementation schedule, monitoring process and amount to be incurred on such activities;

    2. The board shall give its approval based on the recommendation of the committee and in compliance of this policy; or may give enabling authority to the committee or company officials as the board may deem appropriate.

    3. The committee, after approval, shall furnish the half-yearly report giving status of the CSR activities undertaken, Expenditure incurred and such other details as may be required by the board.

  • Role of the committee

    The committee shall carry out of the following:

    1. Recommend the CSR Policy to the board;

    2. Identify the project/ activities to be undertaken by the company for CSR;

    3. Recommend to the board CSR Activities to be undertaken along with detailed plan, modalities of execution, implementation schedule, monitoring process and amount to be incurred on such activities;

    4. Monitor the CSR Policy of the company from time to time;

    5. Ensure compliance of CSR Policy;

    6. To place before the board responsibility statement that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and policy of the company;

    7. To display the CSR Policy on the company’s websites;

    8. Such other functions as may be delegated by the board from time to time.

    Words and expressions used and defined in this policy shall have the same meanings respectively assigned to them in the Act and the Rules.