CSR Policy

ELECTROCOATING AND INSULATION TECHNOLOGIES PRIVATE LIMITED CORPORATE SOCIAL RESPONSIBILITY POLICY

1. INTRODUCTION AND BACKGROUND OF THE COMPANY

Electrocoating And Insulation Technologies Private Limited an ISO 9001:2015 quality system certified company started in the year 2002 and engaged in manufacturing and selling of Epoxy Resins, Hardeners, Polyurethane and Resin formulations.

Electrocoating is managed by a team of well experienced & energetic professionals under the leadership of Mr. Ravindra Sadashiv Rane, Managing Director of the Company. Professionals are involved in each level and are characterized by the in-depth knowledge of the process and high sensitivity to customer requirements. Along with our constant endeavour to deliver quality to our customers, skills up-gradation of our employees and human resource development ranks high as a priority activity at Electrocoating.

2. OBJECTIVE OF THE CSR POLICY

The objective of this policy is to promote a unified and strategic approach to CSR across the Company by incorporating under one ‘Umbrella the diverse range of its philanthropic giving, identifying select constituencies and causes to work with, thereby ensuring a high social impact.

Ensure an increased commitment at all levels in the organization, by encouraging employees to participate in the Company’s CSR and give back to society in an organized manner through the employee volunteering program.

3. SCOPE AND APPLICABILITY

The scope of the CSR policy is to lay down the guiding principles to enable Board of Directors to determine the amount of money to be earmarked for the CSR expenditure in any financial year, the activities for which the amount has to be spent and allocation of funds among various CSR expenditure the geographical areas where the CSR activities are to be undertaken, priority for certain CSR activities over other CSR activities timings of the expenditure, periodicity of reporting. The policy is applicable across Electrocoating And Insulation Technologies Private Limited.

The policy is to be read in alignment with the requirements of section 135 of the Companies Act, 2013 (the Act) and the corresponding rules made thereunder, as amended from time to time (‘CSR Rules’), Schedule VII of the Act.

4. POLICY STATEMENT

4.1 CSR Vision Statement and Ideology

Our redefined ‘core purpose’ is to ‘challenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the world. In line with our core purpose, our CSR vision is to focus our efforts within the constituents of girls, youth & poor by innovatively supporting them through programs designed in the domains of education, health and environment, while harnessing the power of technology. By investing our CSR efforts in these critical constituents who contribute to nation building and the economy, we will enable our stakeholders and communities to grow.

For Electrocoating And Insulation Technologies Private Limited, responsible business practices include being responsible for our business process, products, engaging in responsible relations with employee, customers and the community. Hence for the Company, Corporate Social Responsibility goes beyond just adhering to statutory and legal compliances and create social and environmental value for our key stakeholders.

4.2 Total Outlay

Only when the CSR provisions are applicable to the Company, the Company shall spend in that financial year at least 2% of the average net profits of the Company made during the three immediately preceding financial years in pursuance of the CSR Policy. For this purpose, the net profit and average net profits shall be calculated in accordance with the provisions of section 198 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.

The administrative overheads not to exceed 5% of total CSR expenditure of the Company for the financial year relating to the general management and administration of CSR functions in the Company. Where the Company spends an amount in excess of requirements provided under section 135(5) of the Act, such excess amount may be set off against the requirements to spend under section 135(5) up to immediate succeeding three
financial years’ subject to the certain conditions.

Any unspent amount other than an unspent amount relating to an ongoing project, will be transferred to a fund specified in Schedule VII, within a period of six months of the expiry of the financial year. Further, unspent CSR funds of ongoing projects will be transferred within a period of 30 days from the end of financial year to a special account opened by the Company in any scheduled Bank called the “Unspent Corporate Social Responsibility Account”. Such amount shall be spent by the Company towards CSR within a period of 3 financial years from the date of such transfer, failing which, the Company shall transfer the same to a fund specified in Schedule VII, within a period of 30 days from the date of completion of third financial year.

4.3 CSR Thrust Areas

The Company will focus its efforts within the constituents of girls, youth & poor through programs designed in the domains of education, health and environment. The Company may also make contributions to its Corporate Foundations/Trusts towards the corpus for projects approved by the CSR Committee/Board.

Our commitment to CSR will be manifested by investing resources in any of the following areas specified in Schedule VII of the Companies Act, 2013 as amended from time to time along with General circulars as and when issued by the MCA:

The surplus arising out of the CSR activities will not be considered as a part of the business profits of the Company.