The concept of Corporate Social Responsibility has gained prominence from all the avenues. Organizations have realized the fact that the regulator alone will not be able to get success in its endeavor to uplift the downtrodden of society. With the rapidly changing corporate environment and more operational freedom, Primera Medical Technologies Private Limited has adopted CSR as a strategic tool for sustained growth of the organization. Corporate Social Responsibility means not only investments of funds for Social Activity but also integration of Business Processes with the Social Processes.
Primera Medical Technologies Private Limited has a contact with the outside society and uses the resources of the society, so it must do something in order to provide benefits to the society. The company is engaged in the production processes / business of Information Technology and the impact of the introduction of any production activity in the near about areas change the traditional lifestyle of the original residents and indigenous communities and also change the socio-economic profile of the Area. Hence, the primary most beneficiaries of CSR should be those staying within the nearby areas of the project. Poor and needy section of the society living in different parts of the country should be the second beneficiaries.
In the light of the above, policy on Corporate Social Responsibility of Primera Medical Technologies Private Limited is broadly framed taking into account the following measures: –
a) Welfare measures of the community at large including employees and their families, so as to ensure that the society gets the maximum benefits.
b) It will take care of the land less and the project affected persons and proper rehabilitation of the displaced persons on the basis of the policy and the expenditure made on such would be included in the project cost.
c) Contribution to the society at large by way of social, cultural and economic development, imparting education, training and social awareness programmes specially with regard to the economically backward class for their development and generation of income to avoid any liability of employment.
d) Protection and safeguard of environment and maintain ecological balance.
The main objective of the CSR policy is to lay down the guidelines for all the businesses engaged in the similar product line to make CSR a key business process for sustainable development for the Society. It aims at supplementing the role of the Government in enhancing the welfare measures of the society based on immediate and long term social and environmental consequences of their activities. Primera Medical Technologies Private Limited will act as good corporate citizen, by way of acting always for the good of the society.
The Company will spend the amount so allocated as CSR expenditure on projects or programs or activities (either new or ongoing) carrying out any one or more of the following activities:
- Promotion of education
- Ensuring water supply and making available safe drinking water
- Promotion of health care by providing Indoor medical facilities and medicines including preventive healthcare and sanitation
- Ensuring environmental sustainability, ecological balance and protection of flora and fauna
- Ensuring Animal Welfare, agro forestry and maintaining quality of soil, air and water
- Conservation of natural resources
- Social Empowerment
- Employment enhancing vocational skills and special education specially among children, women, elderly and the differently abled
- Social Business projects
- Promotion of Gender equality
- Reduction of child Mortality and improving maternal health
- Eradication of hunger, poverty and malnutrition
- Setting up public libraries
- Contribution to Prime Ministers Relief Fund or any other fund set up by the Central or the State government for socio-economic developments
- Funds set up by the Central or the State government for the welfare of the Scheduled castes, the scheduled tribes and other backward classes, minorities and women
- Slum Area Development
- Setting up homes and hostels for women
- Setting up old age homes, day care centers and other facilities for senior citizens
- Measures for the benefit of armed veterans, war widows and their dependents
- Training to promote rural sports, national level sports, Paralympics and Olympic sports
- Rural development projects
- Livelihood Enhancement Projects
- Promotion and development of traditional arts and handicrafts
- Contribution or funds provided to technology incubators located within academic institutions approved by the central government
- Protection of national heritage, art and culture.
- Programs for restoration of building and sites of historical importance and work of art.
- Such other activity as may be prescribed by the Central Government from time to time
The above CSR activities are illustrative and are not exhaustive. Further programs and / or activities can be identified through review, evaluation and assessment by the CSR Committee from time to time.
These CSR activities would specifically exclude activities undertaken in pursuance of its normal course of business.
Annual spends and allocation of funds
1. The company would spend not less than 2% of the average Net Profits of the Company made during the three immediately preceding financial years. The surplus arising out of the CSR activity will not be a part of the business profits of the Company. The Corpus would thus include the 2% of the average net profits, as aforesaid and any income arising there from and surplus arising out of CSR activities.
2. The “average net profit” as mentioned above would be calculated in accordance with the provisions of Section 198 Act.
3. The Company may build CSR capacities of its personnel and / or those of its implementing agencies through institutions with established track records of at least three financial years, but such expenditure shall not exceed 5 % of total CSR expenditure of the company in one financial year.
4. The CSR projects or programs or activities undertaken in India only would amount to CSR Expenditure. 5. However, if the Company ceases to be covered under sub-section (1) of Section 135 of the Act for three financial years, then it shall not be required to, comply with the provisions laid down under sub-section (2) to (5) of the said section, till such time it meets the criteria specified in sub-section (1) of the Act.