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Face Value:₹ 2, Listed Since: 2009, ISIN Code: INE287C01037 Tickers: NSE : MIC BSE : 532540 Listed On: NSE,India, BSE,India

Company Policies

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Code Of Conduct

Purpose:

During course of employment every associate is expected to function efficiently, honestly, faithfully and to the best of his/her ability by continuously improving his/her performance. This policy helps an associate in understanding the code of conduct that is to be adhered to by all personnel in order to maintain the highest level of performance and work ethics. Punctuality, promptness, regular attendance are the basic needs of discipline, Mutual courtesy is expected among the staff members irrespective of the designation.

Human Resources Development:

It is the process of improving, moulding and changing the skills, knowledge, creative ability, aptitude, attitude values, commitment etc. based on present and future job and organizational requirement.

We believe that Employees are our most important asset rather resource and that effective Teamwork, Proper Communication, Coordination and Dedication tothe tasks are critical for the accomplishment of our Business Goals. We believe that the responsibility for the effectiveness of our Human Resources is with our managers. The HR Department will provide Guidance, Council and Coaching.HR Department is responsible to design and implement systems to provide equal Opportunity for growth and development of employees which should ultimately result into Organization Development.

We assure employees that there is no discrimination amongst employees on the basis of Sex, Religion, Caste, and Language etc., during selection and thereafter. We give pride of place to performance and Individual Rewards/ Awards/Promotions/ Training are based on it. It is our endeavor to ensure overall Personal Development of the Employee.

Leave Policy

Objeective:

To incorporate provisions to allow people to absent themselves for any personal contingency and to let them have a vacation at regular intervals.

There will be 11 (National & Festival) Holidays and 1 Optional holiday per calendar year.

The holiday list will be prepared by HR department and approved by the management, one week prior to the starting of following year and is circulated to all the employees and also affixed in the Notice Board.

TYPES OF LEAVES:

1. EARNED LEAVE

2. CASUAL LEAVE

3. SICK LEAVE

4. MATERNITY LEAVE

1. EARNED LEAVE: Employees who are on the rolls will be eligible for EL (leave with wages) calculated at the rate of 290 working days.

1.1 EL of 15 days will be credited in advance on the 1stof January.

1.2 Company holidays and weekly offs occurring during a period of EL are not included as part of leave. EL can be taken in conjunction with any other leave.

1.3 EL can be accumulated to a maximum of 30days. Exceeding the maximum accumulation will automatically lapse.

1.4 Advance Leave – If an Associate has exhausted the EL to his credit and needs to avail leave from his future eligibility of EL for any exigency, he can do so up to a maximum of 6 days.

1.5 Encashmentof EL– On separation employees who have completed a minimum 12 months of service in the company can encash EL in their credit to a maximum of 30 days. Encashment would be made on the following basis:

Current month’s basic salary X Number of days of actual EL balance 30

This amount will be taxable in the hands of the employee, subject to the tax laws in force.

2. CASUAL LEAVE:

2.1 Every employee on the rolls is entitled to 6 days casual leave per calendar year.

2.2 Every eligible employee will be credited with 6 days CL in the month of January. However, at the time of joining, leave will be credited for the period till the next regular crediting month i.e., January on a prorata basis.

2.3 At the end of each calendar year the CL not availed, will automatically lapse.

2.4 CL can be prefixed or suffixed by a holiday/weekly off day.

2.5 CL is non-cumulative and also not encashable.

2.6 CL can be combined with Earned leave.

3. SICK LEAVE:

3.1 Every employee on the rolls is entitled to 6 days Sick leave per calendar

3.2 Every eligible employee will be credited with 6 days SL in the month of January. However, at the time of joining, leave will be credited for the period till the next regular crediting month i.e., January on a prorata basis.

3.3 At the end of the calendar year SL can be carried forward to the next Calendar year.

3.4 SL can be accumulated up to a maximum of 30 days.

3.5 SL exceeding the maximum limit will automatically lapse.

4. MATERNITY LEAVE: Maternity benefit will be available to every female employee who has been in continuous employment with the company for a period of eighty days, and for a maximum of two occasions as per the following rules.

4.1 Eligible female employees are entitled to maximum of 12 weeks (84 days) of which at least six weeks shall be after the actual date of her delivery. All intervening holidays and weekends falling during this period of ML are counted as days of leave.

4.2 Any additional leave over and above the 12 weeks herein before mentioned will be at the discretion of the Managing Director/Management who can vary the terms of leave according to the merits of the case.

4.3 12 weeks maternity leave will be paid leave.

4.4 Eligible employees are allowed to use EL and SL in continuation with ML, after first having completed the 84 days of ML, subject to approval by Supervisor. For Associates with at least 2 years of permanent service with MIC up to 12 weeks of LWP may be allowed in addition to ML, EL and SL, Subject to approval by Supervisor,

4.5 Eligible employees will also be entitled to receive a medical bonus ofRs.1000/- when no pre-natal confinement or post-natal care is provided or if pregnancy coverage is not provided as part of any medical insurance cover.

4.6 Maternity benefit under ESI: employees covered under ESI scheme; the benefit should be claimed from ESI authorities as per the provisions of the ESI Act.

4.7 In case of miscarriage or medical termination of pregnancy under medical advice, a female employee shall, on production of medical certificates and reports of lab test conducted, will be entitled for leave with pay as maternity benefit for a period of 6 weeks immediately following the day of her miscarriage or her medical termination of pregnancy. A duly registered attending medical practitioner should certify this.

5. LEAVE WITHOUT PAY:

5.1 It will be allowed only after all other leave has been availed.

5.2 Leave without pay will be calculated only on the existing monthly gross salary of the employee.

6. Leave Entitlement for Trainees Employees who are not yet confirmed or who join as trainees are entitled only to casual leaves, which will accrue at the rate of one day for every 30 days of service. Any extra leave taken during probation will be on leave without pay basis.

Compensatory Off

  • One day compensatory day-off can be given when people are required to attend training or to work during the weekend – Saturday and Sunday or holidays.

  • A compensatory off is also applicable for a night out and working throughout the next day.

  • Compensatory day off has to be applied in the prescribed format and authorised by the Supervisor. Such days off cannot be encashed or added to earned leave entitlement.

GENERAL RULES GOVERNING LEAVES:

  1. Although leave is not a right but earned, yet it should not be normally refused unless there are Specific reasons for doing so. At the same time employees should not absent themselves without prior intimation as too much absenteeism affects the efficiency of the establishment concerned.

Redusing Absenteeism

1) Reduce Absenteeism:

  • Close monitoring of attendance of employees.

  • Prior permission is required in writing from the Controlling Supervisor /Manager before proceeding on leave. Noncompliance should be brought to HR Department notice immediately.

2) Punish Chronic Absentees:

  • Any employee absents from his duties for more than three days without intimation should be warned orally.

  • Any employee absconding from the duty for more than 9 days may be terminated from the service of the company on the grounds that he/she has abandoned the job on his/her own accord.

  • Good communication between the departments and HR department for taking prompt action.

  • Identifying chronic absentees list and following actions may be taken:

1st step: Counseling the employee on absenteeism.

2nd step: Reprimanding for absenteeism.

3rd step: Issue charge sheet.

4th step: If employee is proved guilty in the enquiry, appropriate punishment may be given.

3) Diagnosis for Absenteeism:

  • Find out reasons for absenteeism from the employee.

  • Crosscheck the reasons from his colleagues and family members.

  • In case of genuine reasons, give him opportunity to be punctual in his duties in future.

  • In case of problems at the work place, try to sort out the issues with the help of HOD.

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