PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

71 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS SECTION E: PRINCIPLE-WISE PERFORMANCE PRINCIPLE 1: BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH ETHICS, TRANSPARENCY, AND ACCOUNTABILITY 1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes / No. Does it extend to the Group/Joint Ventures/ Suppliers/Contractors/NGOs /Others? Yes. The subsidiaries of the Company also follow all the policies of the Parent Company. The Company gives due importance to ethics and transparency and it percolates down to the last level. The Company has a Code of Conduct duly approved by its Board of Directors. The said code is applicable to all Board Members and Senior Management. For all the employees, the Company has a set of rules and SOP to ensure the right conduct and preserve the financial interest of the Company. The Company keeps a close watch on its labour contractors to ensure that such policy is followed by them also. As far as other external stakeholders such as suppliers of goods and services (other than manpower), other contractors etc. are concerned, the Company cannot enforce the same. The Company, however, views such acts, if any, of bribery and corruption on the part of any of such external agencies either single handedly or in collusion with employee(s) very seriously and takes appropriate action. 2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so. There were no major complaints received in the past financial year which needs to be reported. PRINCIPLE 2: BUSINESSES SHOULD PROVIDE GOODS AND SERVICES THAT ARE SAFE AND CONTRIBUTE TO SUSTAINABILITY THROUGHOUT THEIR LIFE CYCLE. 1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/ or opportunities. All the finished products of the Company’s including its three prime products i.e. Dihydromyrcenol, Pine oil and Amber Fleur which are manufactured by using natural source raw materials generated during Paper pulping process in big paper mills of Europe, USA, Canada, etc. The Company has in place mechanism for re-use of 50% of treated effluent thereby saving fresh water. The company has made provision for rainwater harvesting & makes use of rainwater for 3 months in monsoon season. Company has its own effluent treatment plants, incineration plant & various other pollution control equipment’s to minimize its emissions. The company is having the goal of reaching zero discharge of wastewater from its operations. All plants are designed with best safety practices & getting third party HAZOP as well as third party audits are done periodically. All our products are used in the Fragrance formulations that ultimately go in the making of Soaps, Detergents, Fine fragrances, Insence sticks, floor cleaners, antiseptic usage, etc. which are part of home/personal care. Hence, they are safe for human beings & environment. 2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of product(optional): (a) Reduction during sourcing/production/ distribution achieved since the previous year throughout the value chain? The Company is committed to environmental sustainability and constantly endeavors for reduction and optimal utilization of energy, water, raw material by improving operational efficiency and using improved technology. The company has a sustainability agenda which highlights its commitment to creating value through the reduction or elimination of hazardous substances. (b) Reduction during usage by consumers (energy, water) has been achieved since the previous year? We are also continuously working towards the reduction in material consumption for all the products by improving the yields by better operational efficiency & improved processes.