FOR THE YEAR 2017-2018
CSR policy encompasses the company's philosophy for delineating its responsibility as aCorporate Citizen and lays down the guidelines and mechanism for carrying out sociallyuseful activities / projects and programmes for welfare and sustainability development ofcommunity at large and is titled "ESAB's CSR Policy".http://www.esabindia.com/investor_relations/ corporate_social_responsibility_policy.htm
|2. Composition of CSR Committee || |
|Ms Sabitha Rao ||- Chairperson |
|Mr Daniel A Pryor ||- Member |
|Mr Rohit Gambhir ||- Member |
3. Average Net Profit of the Company for last three preceding financial years = $ 4654lakhs.
2016-17 - $ 4678 lakhs.
2015-16 - $ 4463 lakhs.
2014-15 - $ 4822 lakhs.
4. Prescribed CSR Expenditure : 2% on $ 4654 lakhs = $ 93 lakhs.
5. (a) Total amount to be spent for the financial year = $ 93 lakhs.
(b) Amount unspent = $ 93 lakhs - $ 4.30 lakhs = $ 88.70 lakhs.
(c) Manner in which the amount spent during the financial year
($ in lakhs)
| ||Details of CSR Amount spent as on 31 March 2018 |
|S. No. CSR Project or activity identified ||Sector in which the project is covered ||Projects or Programs 1) Local area or other 2) Specify the state and district where projects or programs were undertaken ||Amount outlay (budget) project or program wise ||Amount spent on the projects or programs Sub-heads 1) Direct expenditure on projects and programs 2) Overheads ||Cumulative expenditure upto the reporting period ||Amount spent Direct or through implementation agency |
|1 2 ||3 ||4 ||5 ||6 ||7 ||8 |
|1 Education ||Employment enhancing vocational skills / promotion of education ||West Bengal Kolkata ||93.00 ||4.30 ||4.30 ||Through Agency |
|TOTAL || || || || ||4.30 || |
6. Justification for unspent money out of 2% of the average net profit of thelast 3 financial years
The Company has been actively involved in promoting education on safe welding practicesincluding usage of all personal protective equipment during welding to ensure safety ofthe welders especially in smaller towns through deployment of consultants. The Companyhas identified and initiated talks with certain vocational institutions for a possibletie-up where it could contribute by way of education on welding through deployment ofpersonnel and also through contributions in the form of Equipment and/or weldingconsumables.
The Company's policy on CSR envisages expenditure in areas falling within the purviewof Schedule VII of the Companies Act 2013. The spends are in addition to ongoinginitiatives for promoting safe welding practices the Company is concentrating onproviding employment enhancing vocation / skill development training and promotinglivelihood enhancement projects as an identified area. Towards this end the Company iscurrently in talks with certain vocational centers / beneficiaries of these projectsunderstanding their needs shortlisting the partnering agencies and the implementing NGOshaving the necessary expertise in this field. The Company is evaluating plans to scale upthe identified CSR activities in a structured and controlled manner to ensure maximumadvantage to the relevant communities.
The Company had also embarked on some restructuring exercise at its plants involvingsignificant management time and had incurred expenditures in taking care of the welfare ofthe employees of these plants. As a result of all these the Company was not able to expendthe full year budgeted figure on CSR projects.
7. Responsibility Statement of the CSR Committee for the implementation andmonitoring of CSR policy in compliance with CSR objectives and Policy of the Company.
The Company understands that in order to continue to prosper over the long termcommunity environment and society at large must also prosper. The Company's activitiesare aimed at driving the above values through its initiatives in the areas of educationenvironment and customer protection and has been committed to improving its initiatives oneducation and customer protection.
The Company's focus of its CSR activities was on imparting skilled education on weldingand customer protection. Being an OHSAS 18001 certified Company the Company focusedmainly on its activities on environment protection. These initiatives are built upon thestrong base of performance in environmental sustainability applicable laws and theCompany's CSR policy.
|Sd/- ||Sd/- |
|Rohit Gambhir ||Sabitha Rao |
|Managing Director ||Chairperson CSR Committee |
|30 May 2018 || |