ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY
[Pursuant to Section 134 (3) (o) of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014]
- A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken.
(a) The objective of the company is to contribute to the social, health related, economic development of the communities, animal welfare, sports and education, measures for reducing inequalities faced by socially and economically backward groups, so as to promote sustained growth for the society and community and in particulars take up the activities as included in Schedule VII of the Companies Act, 2013.
(b) The CSR Committee facilitates the Annual CSR action plan containing the clear terms of reference outlining the key tasks, duration of assignment, allocation of budget for different projects, method of implementation and review. The CSR budget shall be according to Companies Act, 2013.
(c) Any surplus arising out of the CSR projects or programs or activities shall not form part of the business profit of the Company. Any unpsent amounts shall be dealt with in accordance with the provisions of Companies Act, 2013 as amended from time to time. Any unspent amount, other than unspent amount relating to an ongoing project, will be transferred to a Fund specified in Schedule VII, within a period of six months of the expiry of the financial year.
(d) Project activities identified under CSR are to be directly handled by the company or implemented by agencies, which would include- Voluntary Organizations (VOs) formal or informal Elected local bodies such as Panchayats etc., Institutes/Academics Institutions, Trusts, Hospitals, Self Help Groups, Govt./Semi Govt./Autonomous Organizations or institutes, Mahila Mandals, Professional Consultancy Organizations etc.
(e) The Corporate Social Responsibility activities undertaken by the Company will be monitored by the Corporate Social Responsibility Committee duly constituted by the Board. The committee will be responsible to institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the company.
During the year 2021-22, the Company had identified certain projects/activities on which the CSR expenditure for the financial year was made. The activities included measures for reducing inequalities faced by socially & economically backward groups-slum re-development or EWS housing, promoting education and health care including preventive health care, facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups, animal welfare etc.
During the year 2021-22, the Company had in association with Dwarka Dass Mittal Charitable Trust, taken up the initiative of the project for Construction of 51 Houses for the Economically Weaker Section of the Community in Udiya Colony, Bathinda for economically weaker people living below poverty line, in jhuggi jhopri. It will take around one year and nine months from date of commencement of project to complete the project and would be a multi-year/ongoing project. The ground breaking ceremony of ongoing project for economically weaker section was performed by the then Hon. Finance Minister (Punjab) Mr. Manpreet Singh Badal on 2nd January, 2022. The project is going at fast pace and is expected to be completed by the end of year 2022-23.
- Composition of the Corporate Social Responsibility (CSR) Committee:
- Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the Board are disclosed on the website of the Company: https://www.bcl.ind.in/wp-content/uploads/2021/05/csr-policy-bcl-2021.pdf
- Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable: Not Applicable
- Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
- Average net profit of the company for last three financial years as per Section 135(5) of the Companies Act, 2013, (Rs. in lakhs) : Rs. 4924.32 Lakhs
- Prescribed CSR Expenditure (two per cent of the amount as in item 6 above) i.e. Two percent of average net profit of the Company as per Section 135(5) of the Act for the Financial Year 2021-22
- Two percent of average net profit of the Company as per Section 135(5) of the Act for the Financial Year 2021-22: (Two per cent of Rs. 4924.32 Lakhs): Rs. 98.49 Lakhs
- Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NA
- Amount required to be set off for the Financial Year, if any: Rs. 2.76 Lakhs
- Total CSR obligation for the Financial Year (a+b-c): Rs. 95.73 Lakhs
- (a) CSR amount spent or unspent for the financial year:
(b) Details of CSR amount spent against ongoing projects for the financial year:
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(d) Amount spent in Administrative Overheads- Nil
(e) Amount spent on Impact Assessment, if applicable- Not Applicable
(f) Total amount spent for the Financial Year- Rs. 100.78 Lakhs. (8b+8c+8d+8e)
(g) Excess amount for Set off, if any: Rs. 2.29 Lakhs
- (a) Details of Unspent CSR amount for the preceding three financial years : Nil/ N.A.
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not Applicable
- In case of creation or acquisition of capital asset, furnish the details relating to the asset so created acquired through CSR
spent in the financial year (asset-wise details). – Not Applicable
Date of creation or acquisition of the capital asset(s). – NA
(b) Amount of CSR spent for creation or acquisition of capital Asset – NA
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. – NA
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).-NA
- Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5). – Not Applicable