Coral Drugs Private Limited is inspired by a saying, “The well being of the people is the supreme law.” While pursuing its business strategy of introducing products that give its consumers health & wellness, Coral operates in a manner that not just continues to generate an attractive return for shareholders, but also minimizes its impact on the environment and helps in replenishing the planet, while lending a helping hand to the community.
Coral believes that an organization will be able to achieve sustainable economic growth only when it can deliver equitable development for all. Translating this belief into actions, Coral continually strives to combine environmental, social and governance aspects with all facets of business operations and stakeholders dealings. This is implemented through a comprehensive corporate responsibility policy supported by a robust governance structure.
In the light of the above, policy on Corporate Social Responsibility of Coral Drugs Private Limited is broadly framed taking into account the following measures:
- Welfare measures of the community at large, including employees and their families, so as to ensure that the society gets the maximum benefits.
- Production of world class medicines.
- Addressing challenges of improved access to medicines and affordability.
- Contribution to the society at large by way of social, cultural and economic development, imparting education, training and social awareness programs, especially with regard to the economically backward class for their development and generation of income to avoid any liability of employment.
- Protection and safeguard of environment and maintaining ecological balance.
In this Policy unless the context otherwise requires:
- ‘Act’ means Companies Act, 2013;
- ‘Corporate Social Responsibility’ means Corporate Social Responsibility (CSR) as defined in Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility) Rules, 2014;
- ‘Ministry’ means the Ministry of Corporate Affairs;
- ‘Net Profit’ means net profit as defined in Section 135 of the Companies Act 2013 and Companies (Corporate Social Responsibility) Rules, 2014 defines Net Profit as set out below;
- Words and expressions used in this CSR policy and not defined herein but defined in the Act shall have the meaning respectively assigned to them in the Act.
Net Profit as per financial statements prepared in accordance with the applicable provisions of the Act, but shall not include the following, namely:
- Any profit arising from any overseas branch or branches of the company, whether operated as a separate company & or otherwise; and
- Any dividend received from other companies in India, which are covered under and complying with the provisions of Section 135 of the Act
The main objective of the CSR policy is:
- To embrace responsibility for the company’s actions and encourage a positive impact through its activities on hunger, poverty, malnutrition, environment, community, stakeholders and the society.
- To aim 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.
The company will act as good corporate citizen, by way of acting always for the good of the society.
IV. Focus Areas
In accordance with the requirements under the Companies Act, 2013. Coral Drugs CSR activities, amongst others look forward to:
- Hunger, Poverty, Nutrition & Health: Eradicating hunger, poverty and malnutrition, promoting healthcare including preventive health care and sanitation including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation and making available safe drinking water;
- Education: Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently-abled and livelihood enhancement projects;
- Rural Development Projects: Strengthening rural areas by improving accessibility of housing, drinking water, sanitation, power and livelihoods, thereby creating sustainable villages.
- Prime Minister’s National Relief Fund: Contribution to the Prime Minister’s National Relief Fund or any other 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;
- Gender Equality & Empowerment of Women: Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
- Environmental Sustainability: Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set up by the Central Government for rejuvenation of river Ganga;
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.
V. Location for CSR Efforts
The committee will decide on the locations for CSR activities.
VI. Monitoring and Surveillance
The CSR Committee of Directors at the Board level shall be responsible for the monitoring of activities of the company for review of CSR policy and the implementation of the same in the due course of time.
- The CSR expenditure and action shall be bound for review at the discretion of the Board of Directors of the Company.
- Cost benefit and justification includes the amount of financial involvement, detailed project report carried out by the third parties or external agencies.
- The CSR expenditure made by the company shall be annexed to the Director’s report by way of a separate report, and the details of such shall be fully contained or otherwise, explained therein.
VII. Annual spends and allocation of funds
- 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.
- The “average net profit” as mentioned above would be calculated in accordance with the provisions of Section 198 Act.
- 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.
- The CSR projects or programs or activities undertaken in India only would amount to CSR Expenditure.
- 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.
VIII. Governance Structure
1. In compliance with the requirements of Section 135 of the Act, the CSR governance structure will be headed by the CSR Committee that will be ultimately responsible for CSR projects undertaken. The committee will report to the Board of Directors of the Company
1.1 Composition of CSR Committee
- Mr. Binay Kumar Bhuwania
- Mr. Rohit Bhuwania
- Ms. Meena Bhuwania
- Formulate and update CSR policy, which will be approved by the Board of Directors.
- Suggest areas of intervention to the Board.
- Approve the projects as specified in point V of the CSR policy.
- Put the monitoring mechanisms in place to track the progress of each project.
- Recommend the amount of expenditure for the CSR Activities to the Board.
The Committee shall hold meetings as and when required, to discuss various issues on implementation of the CSR Policy of the Company.
The quorum for a meeting of the Committee on CSR shall be one third of its total strength or two members, whichever is higher.
IX. General Policy Guidelines
- The CSR programs and/or activities so selected/identified may be carried out by the Company through its officials, employees, representatives, any relevant forum/platform/organization, etc. as may be decided by the CSR committee.
- The Company may collaborate or pool resources with other companies to undertake CSR activities and any expenditure incurred on these collaborative efforts would qualify for computing statutory CSR spending.
- The company can also conduct its CSR activity through Trusts, Societies or Companies formed for charitable purposes, operating in India and having established track record of at least three years in carrying on activities in related areas.
- Any of the Stakeholders can interact; communicate with/to the CSR Committee Members forwarding their recommendations/ suggestions, for consideration by the CSR Committee.
- Any Contribution directly or indirectly to any political party under section 182 of the Act, shall not be considered as CSR activity.
- Any or all provisions of the CSR Policy would be subject to revision/amendment in accordance with the guidelines on the subject as may be issued from Government, from time to time. The CSR Committee reserves the right to modify, add, or amend any of provisions of this Policy subject to approval of the Board.