Contents of CSR Policy – GSP Crop Science Private Limited
GSP Crop Science Private Limited (herein after referred to as “GSP” or “Company”) operates in a manner that not just continues to generate an attractive return for shareholders, but also minimizes its negative impact on the environment and helps in replenishing the planet through its continuous efforts for making positive impact on the environment and stakeholders including consumers, employees, investors, communities
“GSP” aims to form a corporate self-regulatory mechanism whereby its integrated business model monitors and ensures its active compliance with the spirit of the law, ethical standards and international norms.
Title & Scope
It lays down the guidelines and mechanism for undertaking socially useful programmes for welfare & sustainable development of the community, in and around its area of operations and other parts of the country.
This policy shall apply to all Corporate Social Responsibility (CSR) initiatives & activities taken up by the Company at the various locations in India, for the benefit of different segments of the society at large.
This policy is in compliance of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014.
This policy is effective from April1, 2014.
CSR Vision Statement and Guiding Principles
GSP is committed to build a sustainable organisation for the benefits of its present and future generations of stakeholders. The Company shall integrate and follow responsible practices into its business strategies and operations to achieve the three Goals:
- Economic Prosperity
- Social Development
- Environmental Integrity
Towards this commitment, the Company shall spent on the activities as mentioned in Schedule VII to the Companies Act, 2013 as amended from time to time and carry out its activities accordingly.
For achieving its CSR objectives, GSP shall endeavour to allocate 2% of the average Net Profit made by the Company during immediately preceding three Financial Years as prescribed under the Companies Act, 2013 and the Rules.
Note: It is clarified that surplus arising out of CSR projects/programs shall not forms part of business profits of the Company.
Manner of Implementation
CSR programs, projects or activities, will be implemented through one or more of the following methods:
- Directly by the Company or through “Sadgurushree Vallabhacharya Charitable Trust (SVCT)”formed by Mr. Vrajmohan R. Shah, Promoter Director of the company; engaged in Social and Charity work since year 2007.
- Collaborating with various organisation, which are registered as a Trust or a section 8 company under the Companies Act, 2013 or Society or NGOs or any other form of entity incorporated in India that specialise in the aforesaid activities.
- Contribution to various funds which are aligned with our CSR Activities; e.g. Prime Minister’s National Relief Fund.
- Any other fund set up by the Central Government for socio-economic development and relief; for the welfare of Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women.
- Collaborating or pooling resources with other companies to undertake aforesaid CSR activities.
Since GSP has pan-India operations, it can carry out CSR activities anywhere within India. GSP shall give preference to the local area and areas around it where it operates, for spending the amount.
The allocated CSR budget or Corpus will be utilized for CSR activities undertaken within India, which are not:
- Exclusively for the benefit of employees of the Company or their family members.
- Undertaken in pursuance of normal course of business of the Company.
Powers for Approval
- Corporate Social Responsibility Committee (CSR Committee) of the Board shall formulate and recommend to the Board a CSR policy of the Company for a Financial Year including the amount of expenditure to be incurred on CSR programs, projects and activities.
- The Board shall, after taking into account the recommendations made by the CSR Committee, consider and approve the CSR Policy as it may consider appropriate.
- The Board of Directors of the Company shall ensure that Company spends the requisite amounts specified under the Companies Act, 2013 on CSR activities failing which it shall specify in its report the reason for not spending the amount.
- The Board or CSR Committee shall delegate necessary powers for execution and implementation of the CSR Policy. The delegation shall also include powers for meeting the requirements arising out of immediate & urgent situations.
To ensure effective implementation of the CSR programmes, the Company shall put in place, suitable monitoring mechanism.
In case a project or programme is implemented through implementing agency, the Progress is monitored through periodical progress reports with supporting documents pertaining to the expenses incurred on different heads.
CSR Committee of the Company shall periodically monitor the progress of CSR projects, programs and activities incorporated in the CSR Policy.
Contents of CSR Policy will be displayed on the Company’s corporate website www.gspcrop.in
An annual report on CSR containing the particulars as prescribed under the Companies (Corporate Social responsibility Policy) Rules, 2014 shall form part of Annual Report of the Company.
The Company reserves the right to modify, cancel, add, or amend its CSR Policy subject to the provisions of the Companies Act, 2013 and Rules framed thereunder.
Contents of CSR Policy – FY 18-19 – GSP Crop Science Private Limited
Corporate Social Responsibility (CSR) is the contribution from the Corporate towards Social and Economic development of Society. The purpose of CSR is to catalyse sustainable growth and development by creating an enabling environment for the Company to work in partnership with various stakeholders as well as Community Organizations in the field of CSR. The Company’s philosophy for CSR has always been to initiate and support sustainable projects in various sectors particularly to uplift the lives of the people in those areas in which the plants of the Company are located.
Your Company undertook various activities during the year in line with its CSR Policy prescribed under Schedule VII of the Companies Act, 2013. The activities undertaken mainly pertain to promoting education, healthcare including preventive health care, Eradicating hunger, poverty and malnutrition, Promoting Social Equality, setting up and maintaining old age homes and animal welfare. While the focus of CSR initiatives were in the areas around Company operations, your Company has also undertaken projects where societal needs were existing. During the year, company also catered for various religious and social causes which is not considered in the CSR outlay since it does not fall within the purview of activities mentioned under Schedule VII.
Composition of CSR Committee:
The Board of Directors of your Company has constituted the Corporate Social Responsibility (CSR) Committee of Directors. CSR Committee is formed as per the applicable laws of the Companies Act, 2013 and the Committee is responsible for the implementation/monitoring of the policy and various projects/activities undertaken under this policy.
Name of Committee members:
- Vrajmohan R. Shah – Director
- Kenal V. Shah – Managing Director
- Bhavesh V. Shah – Joint Managing Director
Average Net Profit/Loss of the Company for last three financial years (Amount in Rs.):
|Net Profit / Loss calculated in accordance with Section 198 of the Companies Act, 2013||(5,93,00,000)||28,16,80,000||23,57,35,000|
|Total Net Profit of last 3 years (A+B+C)||45,81,15,000|
|Average Net Profit of last 3 years||15,27,05,000|
Prescribed CSR Expenditure:
For the year under review, the Company is mandatorily required to spend Rs. 30,54,100/- (2% of Rs. 15,27,05,000/ – Average Net Profit of last 3 years)
Details of CSR spent during the financial year:
- Total amount spent for the financial year: Rs. 58,50,000/-
- Amount unspent, if any: Not Applicable since excess amount is spent
- Manner in which the amount spent during the financial year is detailed below (Amount in Rs.):
|Sr. No.||CSR Project or Activity Identified||Sector in which the Projects are Covered||Location – Projects or programs in Local area or other areas where it was undertaken||Amount outlay (Budget) Project wise (Amount in Rs.)||Actual Expenditure incurred during FY 2018-19 (Amount in Rs.)||Cumulative expenditure upto the reporting period (Amount in Rs.)||Amount spent: Direct or through implementing agency*|
|1||Education Aid||Promoting Education||Ahmedabad, Vadodara, Mumbai||17,63,580/-||17,38,580/-||17,38,580/-||SVCT|
|2||Food Distribution||Eradicating Hunger and Poverty and malnutrition||Ahmedabad||4,63,285/-||4,38,285/-||21,76,865/-||SVCT|
|3||Medical Aid||Promoting Health care including preventive health care||Ahmedabad, Mumbai||6,55,075/-||6,30,075/-||28,06,940/-||SVCT|
|4||Old Age Homes||Assistance to Senior Citizens||Ahmedabad, Kotyark||3,34,300/-||3,09,300/-||31,16,240/-||SVCT|
|5||Financial Aid for feeding Animals||Animal Welfare||Ahmedabad, Matura||1,94,000/-||1,69,000/-||32,85,240/-||SVCT|
|6||Appropriate Donation/sponsorship to community/social/charitable Institutions of repute engaged in activities in line with our CSR Policy||Promoting Social Equality||Ahmedabad, Banaskhantha||25,89,760/-||25,64,760/-||58,50,000/-||SVCT|
The amount stated as Actual Expenditure incurred during FY 2018-19 relates to Direct Expenditure.
*Sadguru Shree Vallabhacharya Charitable Trust (SVCT) is a trust formed in 2007 by Mr. Vrajmohan R. Shah, one of the Promoter Directors of the Company, with an aim and objective to carry out Social and Charitable work
In case the Company has failed to spend two per cent of the average net profit of the last three financial years or any part thereof, the Company shall provide the reasons for not spending the amount in its Board’s Report:
The Company had spent Rs. 58,50,000/- which was in excess of the mandatory requirement of 2% of Net Profit computed u/s 198 of the Companies Act, 2013 amounting to Rs. 30,54,100/-
The Company recognizes its obligations to act responsibly, ethically and with integrity in its dealings with employees, community, customers and the environment as a whole.
The CSR Committee confirms that the implementation and monitoring of the CSR Policy is in compliance with CSR objectives and Policy of the Company.
GSP CROP SCIENCE PRIVATE LIMITED
CORPORATE IDENTIFICATION NUMBER (CIN: U24120GJ1985PTC007641) Regd. Office: 403, Lalita Complex, 352/3, Rasala Road, Nr. Jain Temple,
Navrangpura, Ahmedabad -380 009, Gujarat. India