Corporate Social Responsibility Policy


W.e.f.: August 30, 2019                                      Current Version No.: Version 2

Previous Revision Date

Previous Version

March 22, 2019

1



1. Background:

In conformity with the requirements laid down under The Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter referred to as the "CSR Rules”) issued by the Ministry of Corporate Affairs ("MCA”), Government of India under Section 135 of the Companies Act, 2013 ("the Act”), the CSR Committee of the Board has formulated a CSR Policy, which was approved by the Board of Directors at their meeting held on March 22, 2019. The Policy is available on the website of the Company at  www.acuite.in.

2. Preamble:

Acuité Ratings & Research Limited (hereinafter referred to as "the Company”), realizes the impact that it can have on communities in which it operates and believes that it has an opportunity to change the lives of these communities and aims to be a partner in contributing to the social, economic and environmental development of India. 

3. CSR Objectives:

As a responsible corporate citizen, the Company is committed to sustainable development and inclusive growth. The key areas in which the Company will focus its efforts and the specific projects and activities under these areas are being worked on and more specifics will be finalized in due course. For the time being, in terms of the CSR rules issued by the MCA, the Company will be focusing on undertaking any of the projects / programs / activities listed below, as specified in Schedule VII to the Act:

  1. Eradicating hunger, poverty and mal-nutrition, promoting health care including preventive health care and sanitation including contribution to the "Swachh Bharat Kosh” set-up by the Central Government for promotion of sanitation and making available safe drinking water;

  1. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and differently abled and livelihood enhancement projects;                                In addition to the above, the Company also proposes to undertake financial literacy programmes and schemes for various sections of the society.

  1. Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;

  1. 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” setup by the Central Government for rejuvenation of river Ganga;

  1. Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art, setting up public libraries, promotion and development of traditional arts and handicrafts;

  1. Measures for the benefit of armed forces veterans, war widows and their dependents;

  1. Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports;

  1. Contribution to 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 Schedule Tribes, other backward classes, minorities and women;

  1. Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government;

  1. Rural development projects;

  1. Slum area development                                                               Explanation — For the purposes of this item, the term ‘slum area’ shall mean any area declared as such by the Central Government or any State Government or any other competent authority under any law for the time being in force.”

  2. Disaster management, including relief, rehabilitation and reconstruction activities.
4. CSR Expenditure:

Beginning with the financial year 2018-19, the Company is required to spend on its CSR activities every year, 2% of its average Net Profits during every block of three years. ‘Net Profit’ shall be calculated in the manner prescribed by the Act and the CSR Rules. Any ‘Income’ or ‘Surplus’ that may arise from its CSR activities would also be included in the CSR corpus and will not form part of business profits of the Company. The CSR activities of the Company shall not include any benefits which are exclusively for the employees of the Company or their family members.

5. Monitoring of CSR Projects:

The CSR Committee of the Board shall devise a "transparent monitoring mechanism” for the various CSR Projects / Programs / Activities undertaken by the Company including conduct of impact studies of CSR Projects / Programs on a periodic basis, wherever considered necessary. Simultaneously, it may also obtain feedback from various beneficiaries of CSR Projects / Activities / Programmes undertaken by the Company to measure their benefits, if deemed fit.

6. CSR Activities / Projects / Programs:

At the beginning of each financial year, the Company will prepare a list of CSR Projects / Activities / Programmes which it proposes to undertake during the financial year, specifying the modalities of execution in the areas / sectors chosen with implementation schedules for consideration by the CSR Committee and thereafter approval of the Board. The Company may take up any other Activities / Projects / Programs as it may consider appropriate and obtain necessary ratification by the CSR Committee / Board.

7. Amendments to the CSR Policy:

The Board of Directors of the Company shall have the powers to revise / modify / amend this Policy from time to time, as the Board may think fit, based on the recommendations made by the CSR Committee.

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Our exciting journey started in 2005 with rating of bank borrowers most of whom were small and medium enterprises. At that time, credit rating was a concept known only to large issuers of capital market instruments. Since then, like a caterpillar transforms itself into a beautiful butterfly, we transformed to rate bonds, bank facilities of large corporates and issuers across industries. Along came many achievements - SEBI Registration in 2011, RBI accreditation in 2012, 50,000 ratings in 2018, 5,000 Bond and Bank Loan Ratings in 2017, launch of India's first Android and iPhone app to disseminate rating, tamper-proof QR-code-enabled rating rationales, and SMERA Terminal to name a few.

Now is the time to re-emphasize our increasing footprint across all segments of ratings through the launch of our new name - 'Acuité'.

The name has changed. The spirit of upholding highest standards of analytical rigour, continuous improvement, excellence in our processes and quest for innovation remains the same. We would like to re-emphasize that we will continue to work hard to provide independent, unbiased and timely opinion of highest standard.

Acuité means 'sharpness and clarity of thought and vision'. Let our research and ratings help you take decisions with confidence.


Sankar Chakraborti
CEO