CSR
Making a difference at the grassroots
At Sparkonix, we believe that life acquires a deeper meaning only when it is spent in service of others. Over the past five decades of its existence, Sparkonix’s commitment to social good has only strengthened year after year. In all these years, a number of CSR initiatives by the company have sought to better individual lives at grassroots level.
Keeping with the company’s vision of making a difference to each individual life, we facilitate finance and execute social responsibility activities in various domains. These include:
- Skill and entrepreneurship development
- Education for underprivileged children
- Financial aid to deserving NGOs and social causes
- Aid or assistance, on case to case basis, for families of our employees
Similarly, recognizing the urgent need to combat climate change, we work diligently to reduce our carbon footprint while taking other initiatives to ensure a cleaner and greener future for the planet.
Our CSR Policy
1. Context
Sparkonix (India) Private Limited is a manufacturer of Special Purpose EDM machines. To achieve our mission of maximizing wealth for all stakeholders and sustained economic performance, we believe lending a helping hand for sustainable socio-economic development and environmental conservation are the key factors for holistic growth.
2. Objectives
This Policy shall be read in line with Section 135 of the Companies Act 2013, Companies (Corporate Social Responsibility Policy) Rules, 2014 and such other rules, regulations, circulars, and notifications (collectively referred hereinafter as Regulations) as may be applicable and as amended from time to time and will, inter-alia, provide for the following:
- Establishing a guideline for compliance with the provisions of Regulations to dedicate a percentage of Company’s profits for social projects.
- Ensuring the implementation of CSR initiatives in letter and spirit through appropriate procedures and reporting.
- Creating opportunities for employees to participate in socially responsible initiatives.
- All CSR projects which we are going to undertake will be in line with the CSR policy and also as per those activities enlisted in Schedule VII of the Companies Act, 2013.
3. Focus Area
- Education and vocational skills: Promoting education, including special education and employment enhancing vocation skills, especially among children, women, elderly and the differently abled and livelihood enhancement projects.
- Hunger, Poverty, Malnutrition and Health: Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation.
- Disaster Management: Disaster management, including relief, rehabilitation and reconstruction activities.
- Contribution to the Prime Minister National Relief Fund, PM CARES or any other fund set up by the Central Government and approved by the Ministry of Corporate Affairs for CSR contributions.
- Gender Equality and Empowerment of Women: Promoting gender equality and empowering women; setting up homes, hostels and day care centres for women and orphans; setting up old age homes and other similar facilities for senior citizens; and adopting measures for reducing inequalities faced by socially and economically backward groups.
- Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government.
- Disaster management, including relief, rehabilitation and reconstruction activities.
4. Modes of Implementation:
Work directly or with non-governmental organizations (NGOs), registered trusts, companies registered under Section 8 of Companies Act, 2013 or any other form of entity incorporated in India that specialise in the said activities and are aligned with our areas of focus.
5. CSR Funds:
The corpus for the purpose of carrying on the aforesaid activities would include the followings:
- 2% of the average Net Profit made by the Company during immediately preceding three Financial Years.
- Surplus, if any, arising out of CSR activities carried out by the company will be further used in development of the CSR projects and such surplus will not be part of business profit of the company.
6. Composition of CSR Committee:
The CSR committee will comprise of the following members:
- Mr. Ramesh Anant Patwardhan – Chairman
- Mr. Subhash Vijay Patwardhan – Member
- Mr. Gautam Shriniwas Khare – Member
- Mr. Vinayak Anant Patwardhan – Member
7. Monitoring Process:
Sparkonix (India) Pvt. Ltd. through its representatives will receive requests for funding of projects throughout the year. The projects will be prioritized based on their areas of focus and their potential impact. The CSR Committee will deliberate on the proposals and approve proposals for implementation at its discretion. The CSR Committee of the Board will oversee these operations & will regularly report to the Board.