CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY
Mazak India endeavors to be a good corporate citizen and believes that organizations should think beyond profit and look for the wellbeing of the society. The Company tries to satisfy its social obligations to a wider circle of stakeholders, especially in the communities in which it operates.
The CSR programme of the Company got a formal governing body in the form its Corporate Social Responsibility Committee (“Committee”) which was formed in March 2014 empowered by the Board of Directors. Mazak India has set up 2 key focus areas for its social projects to achieve utmost contribution at the grass root level.
Education is of paramount importance to empower an individual to lead a better life. The Committee recognizes the dearth of resources faced in the field of education, more particularly Primary Education and seeks to provide support in such scenarios.
a. Execution and Implementation
To ensure the beneficial use of funds, Mazak India will strive to undertake the following activities:
I. Providing funding for betterment of infrastructure facilities in schools and hostels,
ii. Providing for the basic stationery requirements of under privileged students,
iii. Supporting/adopting schools and/or colleges to achieve their academic needs,
The Committee shall provide resources and undertake projects directly, wherever possible, and in case of Financial Assistance given, it shall seek a detailed status and end-use of the finances and note the same at every Committee Meeting.
2.MEDICAL AND HEALTH CARE
The Committee seeks to promote the importance and need of medical attention to populace of the low-income group. The Committee shall identify medical institutions which give medical treatments to such masses and the Committee shall provide financial assistance to such patients/ patrons and institutions in order to enable them to acquire/ impart the necessary medical attention. The Committee shall provide resources directly, wherever possible, and in case of financial assistance given it shall seek a detailed status and end-use of the finances and note the same at every Committee Meeting.
The CSR Committee does not wish to limit itself to the aforementioned activities and pursuant to this belief the Committee shall undertake any CSR activity, as and when it is identified and approved in its meetings.
Any surplus arising out of the CSR activities of the Company shall not form a part of the business profits of the Company and shall be reinvested / deployed in the CSR activities.