1. Purpose:
To outline the principles and guidelines for undertaking CSR activities to contribute to the sustainable development of society and the environment, as mandated by the Companies Act, 2013.
2. Scope
This policy applies to all CSR activities undertaken by Mimaki India Private Limited (hereinafter referred to as “MIPL”) in India.
3. CSR Vision:
To be a socially responsible corporate entity committed to improving the quality of life of the communities we serve through sustainable and impactful initiatives.
4. CSR Committee:
a) The Board has constituted a Corporate Social Responsibility Committee (CSR Committee or the Committee) as per the requirements of the Companies Act, 2013. The CSR Committee comprising of three (3) or more members out of which at least 2 members shall be the Director of the company.
b) The Committee shall identify programs/projects in which the CSR initiatives/ activities of the Company can be undertaken and recommend to the Board from time to time.
c) The Committee shall recommend to the Board, at the beginning of the Financial Year the amount to be spent on CSR activities for that Financial Year.
d) The Committee shall endeavor for CSR capacity building of the personnel of the Company and/ or of the institution carrying CSR activities of the Company and not more than 5% of the total CSR budget shall be spent on such CSR capacity building exercise.
e) The composition of the CSR Committee shall be disclosed in the Board’ Report.
5. CSR Activities
The Company may undertake any of the following activities as its CSR activities:
a) (Poverty Reduction and Healthcare) Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water;
b) (Education) Promoting education, including special education and employment enhancing vocational skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
c) (Gender Equality and Women Empowerment) Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, daycare centers, and such other facilities for senior citizens and measures for
reducing inequalities faced by socially and economically backward groups;
d) (Environmental Sustainability and Animal Welfare) Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air and water;
e) Contribution to the Prime Minister’s National Relief Fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;
f) (Skill Development) Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;
g) (Rural Development) Developing infrastructure and livelihood in rural areas, implementing water conservation projects and promoting rural education.
h) Such other activity as may be thought fit by the CSR Committee.
6. Amount of expenditure to be incurred on the CSR activities
a) The Company will endeavor to spend the following amounts for CSR activities in pursuance of this Policy:
(i) In every financial year, at least two (2%) percent of the ‘average net profits’ of the Company made during the three immediately preceding financial years. The ‘average net profits’ shall be calculated in accordance with the provisions of Section 198 of the Companies Act, 2013 and the rules made thereunder from time to time.
(ii) Any income arising from the activities mentioned above.
(iii) Surplus arising out of CSR activities.
b) Any surplus arising out of the CSR activities will not be part of the business profits of the Company.
c) The CSR Committee will approve the expenditure on CSR activities within CSR budget limits sanctioned by the Board for such activities.
7. Implementation
a) The CSR Committee will identify and approve CSR projects and programs in alignment with the company's CSR vision and objectives.
b) CSR activities will be implemented directly or through registered trusts, societies, NGO.
c) Collaborations with other companies or organizations are encouraged to achieve greater impact.
8. Monitoring and Reporting Process
a) The Committee shall monitor periodically the implementation and execution of the projects/ programs/ activities under CSR policy and to ensure compliance of the provisions related to CSR mentioned in the Companies Act, 2013 and rules made thereunder from time to time and report the same to the Board of Directors on a regular basis.
b) The Committee shall on completion of every Financial Year, submit to the Board, details of the CSR spent during the Financial Year and reasons for the actual spent being less than the limits prescribed by the law, if any.
c) The Committee shall recommend changes/ modifications to be carried out in the policy to the Board from time to time.
9. Role of Board
The role and responsibility of the Board shall include:
a) Approval of CSR policy after taking into account recommendations of the CSR Committee.
b) Reporting in the Board’s Report brief outline of this CSR policy including an overview of projects or programs, composition of the CSR Committee, average net profits of the Company for the last three financial years and prescribed CSR expenditure as required under the Companies Act, 2013 and rules made thereunder along with
(i) the total amount spent on CSR activities in the financial year and (ii) amount unspent, if any.
c) Ensure that the CSR activities are undertaken and executed by the Company as per this CSR policy and the applicable laws.
d) Specify in the Boards’ Report, the reasons, if the required amount is not fully spent on CSR activities.
10. Disclosure
The CSR policy will be displayed on the company’s website and will be disclosed in the annual report as per the statutory requirements.
11. Effective Date
This policy is effective from 30/Aug/2024 and will be reviewed annually for relevance and compliance.