Corporate Social Responsibility
Vishal Fabrics Limited views Corporate Social Responsibility as an opportunity to serve the society and work towards its betterment.
VFL has always believed in the philosophy of, “Thinking about others when thinking of self”.
VFL firmly believes that the society can be empowered by investing in education. For many years, progressive work in the field of education & knowledge enhancement and social care & concern have been taken up by us.
Complying with the CSR Policy of the Company, the CSR Initiatives for 2017-18 were focused on education. Education is one of the strongest contributors to a better society and also plays a decisive role in generating a sense of achievement, self-sustainability and all-inclusive development. To create a massive impact, a lot of innovation has been introduced in education.
VFL reckon that the benefits of every CSR activity must reach the people in every possible manner. And to achieve that, VFL starts off from the grassroots level, to eventually produce valuable fruits to the society.
VFL promotes education by providing educational material, computer & study material, student books & periodicals, teaching aids, library setups, scholarships, coaching classes, computer hardware & software for smart classes, school infrastructure, laboratory expenses, and other student welfare expenses.
Vishal Fabrics Limited directly executes all it’s educational welfare activities through its registered trust, ‘Milestone Educom Trust’, which has an impressive track record of making educational development a reality for four years.
During F.Y. 2017-2018, an amount of Rs. 34 lacs was spent towards the CSR activities in education, which is 2.21% of VFL’s profit generated after tax deduction.
In line with the provisions of the Companies Act, 2013 and Rules made thereunder, a Corporate Social Responsibility Committee has been formed on 28 May 2015 by the Board of Directors with Mr. Brijmohan Chiripal as the chairman of CSR committee.
Principle-wise CSR policies and internal policies
No. of Description of Principle Name of respective Policies-
- Business should conduct and govern themselves with Ethics, Transparency, and Accountability
- Business should provide goods and services that are safe and contribute to sustainability throughout their life circle.
- Business should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalized.
- VFL has mapped internal and external stakeholders
- Out of the above, VFL has identified the disadvantaged, vulnerable and marginalized stakeholders
- VFL is committed to the welfare of marginalized and vulnerable sections of the society by way of HR policies, CSR initiatives, shareholder’s grievance mechanisms etc.
- Business should respect and promote human rights.
- VFL remains committed to respect and protect human rights. The Company’s Code of Business Conduct & Ethics and human resource practices cover most of the aspects.
- VFL does not hire child labor, forced labor or involuntary labor.
- Business should respect, protect and make efforts to restore the environment.
- VFL’s policy is extended to the entire group and its subsidiaries/ joint ventures follow and adopt the practices/policies of the Company. VFL ensures that it is implemented at all these levels
- VFL has strategies/initiatives for enhancing its own performance (over which it is able to exercise control) related to issues concerning the environment
- VFL identifies and assesses potential environmental risks for its existing and new product
- VFL does not have any project unrelated to the Clean Development Mechanism
- VFL regularly undertakes many initiatives related to clean technology, energy efficiency, and renewable energy etc.
- The effluents/emissions/wastes generated by the manufacturing facilities of VFL are within the permissible limits given by CPCB / SPCB for 2017-18
- Business should support inclusive growth and equitable development.
- VFL has formulated a well-defined CSR policy and Internal Policy for focusing on Education, Health Care and Environment etc
- The programmes/projects are undertaken through in-house teams/ our foundation as well as in partnership with non-governmental organizations (NGOs) and governmental institutions to serve areas of community growth and sustainable development
- Every initiative is monitored and reviewed for its effective implementation, quantitatively and qualitatively
- During the year under review, VFL has spent an amount of Rs. 34 Lakhs on CSR activities mainly on education through Milestone Educom Trust and VFL also donated Rs. 66 lakhs
- VFL has taken steps to ensure that the community initiatives benefit the community. Projects evolve out of the felt needs of the communities, and they are engaged in the implementation of the welfare driven initiatives, as well. The Communities actively partner with VFL and take ownership of the projects, eventually as its positive outcome benefits them hugely.