Sulphur Mills Limited (“the Company”) is one of the Foremost Crop protection Agrochemical Companies in India. Sulphur Mills is reckoned worldwide as a One-Stop-Manufacturer “for providing innovative and highly value-added specialized formulations in Agrochemicals.”
Companies Act, 2013 has made Corporate Social Responsibility [CSR] as a mandatory responsibility for Companies. Therefore the Company, has decided to pursue its commitment to Corporate Social Responsibility and carry out the work directly and / or through other organisations. The CSR Committee shall endeavour to follow the guidelines of Section 135 of Companies Act, 2013 and Schedule VII.
The Company will carry out CSR activity around its operational locations or/and elsewhere in the country where people are in need for support.
As a Policy, the Company had identified the promotion of education as its main focus of CSR projects and initiatives mentioned in Schedule VII of the Companies Act, 2013.The Company is desirous to spend for distributing education materials like note-books etc to the students across the country.
CSR AMOUNT AND EXPENDITURE:
- The Company shall ensure that the Company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years computed in accordance with the provisions of Section 135 of the Act and the Rules, in pursuance of its Corporate Social Responsibility Policy.
- In the event, the Company is unable to spend this amount in any financial year commencing from financial year 2014-2015, the Board shall in its report specify the reasons thereof.
- If in any financial year CSR amount is not spent up to 2% of the profit of the Company, then in such situation, the Company will carry forward the unspent amount and add it to the budget of next year of CSR spending.
- The Surplus, if any, arising out of the CSR Projects or programs or activities shall not form part of the business profit of the Company.
MODALITIES FOR IMPLEMENTATION OF CSR PROJECTS:
- The Company will identify and implement projects / programs for the above activities by itself or /and through its trusts or welfare organisations and also by supporting initiatives of other institutions.
- It may also collaborate with local and central governments having similar objectives.
- Before any implementation/collaboration details will be placed before the CSR Committee and approved by the Board.
REVIEW AND MONITORING:
The CSR Committee of the Company will ensure an appropriate transparent review mechanism of all the work undertaken for serving the society, monitor implementation of CSR activities and utilization of the CSR amount. The reports, prepared from time to time, will comprise the projects undertaken along with the relevant information.
The CSR Committee shall review this policy whenever needed.
The Committee deliberated on the policy and recommended the same for the approval and adoption of the Board of Directors scheduled to meet after this meeting.