We, at ICHIBAN CROP SCIENCE LIMITED undertakes the Corporate Social responsibility as a genuine expression of goodwill and gratitude towards society.
The Company intends to make a positive difference to society and contribute its share towards the social cause of betterment of society and area in which companies operates. This entails transcending business interests and working towards making a meaningful difference to the society. It is recognized that integrating social, environmental and ethical responsibilities into the governance of businesses ensures the long term success, competitiveness and sustainability.
We, strongly believe that creation of large societal capital is as important as wealth creation for our shareholders. As a responsible organization, we are committed and are keen on developing a sustainable business model to ensure and activate our future growth drivers. In line with the regulatory expectations, we are putting in place a formal policy as a guide towards our social commitment going forward.
This policy is applicable to ICHIBAN CROP SCIENCE LIMITED. The Company has developed its CSR policy in accordance with section – 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 notified by the Ministry of Corporate Affairs. The policy shall apply to all the CSR projects/programmes undertaken by the Company across its working geographies.
POLICY OBJECTIVES
The objective of the CSR Policy (“Policy”) is to lay down the guiding principles in undertaking various Programs and projects by or on behalf of the company relating to Corporate Social Responsibility (“CSR”) within the meaning of section 135 of the Companies Act, 2013 read with Schedule VII of the Act and the CSR Policy Rules 2014. (“Rules”).
As a Corporate entity, we are thoroughly aware of our social responsibilities and are committed towards sustainability. The Company endeavors to make Corporate Social Responsibility (CSR) a key business process for attaining its CSR objectives. Our main objective under CSR policy is to actively contribute to the social and economic development of the communities in which we operate. We also trive for economic development that positively impacts the society at large with minimal resources and embrace responsibility for the Company’s actions and encourage a positive impact through its activities on hunger, poverty, malnutrition, environment, communities, stakeholders and the weaker section of the society.
MEANS OF UNDERTAKING CSR ACTIVITIES
Company will implement its CSR activities in either or / all of following ways,
- Company will implement CSR activities as per its policies decided by its Board either directly or through Trusts/Societies or section 8 Companies (Companies with charitable objects etc.) operating in India and set up by it or not.
- Companies can also collaborate with other Companies in their CSR projects but those Companies’ committees must report CSR activities as per Rules.
CSR ACTIVITIES FOR IMPLEMENTATION
Company in the initial phase will focus on the following areas for CSR projects from amongst the activities specified under Schedule VII of the Companies Act, 2013 and the Rules made thereunder:
- Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly, and the differently abled and livelihood enhancement projects;
- Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation.
- Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air and water.
- Rural Development Projects
ORGANISATIONAL MECHANISM AND RESPONSIBILITIES:-
ROLE OF CSR COMMITTEE
We, have constituted our Corporate Social Responsibility (CSR) Committee which has following members:-
| SL No | Name | Chairman/Member | Designation |
| 1 | Nikhil Aggarwal | Chairman | Managing Director |
| 2 | Ashish Ranjan Mohapatra | Member | Director |
| 3 | Omkar Nath Dhar | Member | Independent Director |
The CSR Committee of the Company is responsible for:
- Formulating and recommending to the Board the CSR policy which shall indicate activities to be undertaken in line with Section 135 read with Schedule VII of the Act.
- Recommending to the Board the CSR projects/activities to be undertaken by the Company.
- Recommending to the Board the CSR expenditure to be incurred.
- Recommending to the Board, modifications to the CSR policy as and when required.
- Regularly monitoring the implementation of the CSR policy and reporting to the Board.
- To carry such other functions as may be delegated to it by the board relating to CSR activities of the company.
ROLE OF BOARD OF DIRECTORS
The Board is responsible for:
· Approving the CSR policy as formulated by the CSR Committee, subject to necessary changes/modifications as the Board may deem fit.
· Ensuring that in each financial year the Company spends at least 2% of the average net profit before taxation excluding profits arising from overseas branches made during the three immediate preceding financial years in accordance with the provisions of section 135 of the Act and the Rules notified thereunder.
· Ensuring that every financial year funds committed by the Company for CSR activities are utilized effectively.
· Disclosing in its Annual Report the names of CSR Committee members, the content of the CSR policy and ensure annual reporting of its CSR activities on the Company website. Any other acts, deeds and things as may be required under law from time to time.
BUDGET
The Company shall make its best endeavor that in each financial year the Company spends at least 2% of the average net profit made during the three immediately preceding financial years. All the expenditure towards the programs shall be diligently documented. In case the Company is not able to spend its minimum CSR obligation in any financial year, it shall report reasons for the same in Directors Report.
For this purpose, “average net profit” shall be calculated in accordance with provisions of Section 198 of the Companies Act, 2013, after deducting there from the dividends that may be received from companies in India which are covered under and complying with the provisions of Sec 135 of the Companies Act 2013.
Any surplus generated out of the CSR activities shall not be added to the normal business profits of the Company.
MONITORING AND REPORTING FRAMEWORK
Company’s CSR Committee shall monitor the implementation of the CSR Policy through periodic reviews of the approved projects. The annual budget and list of CSR projects, and activities shall be presented to the CSR Committee for its approval. The CSR Committee will in turn recommend this to the Board for its final approval.
The monitoring and reporting mechanism for each project will be divided into following three areas:
I. PROJECT MONITORING
a) Project monitoring mechanism will ensure:
· The CSR policy is implemented as per the Act and the Rules.
· The CSR policy is implemented ensuring that all projects as budgeted are duly carried out.
b) CSR spends will be closely monitored:
Project monitoring may include periodic field visits, comprehensive documentation, and if required interaction with beneficiary communities. c) CSR spends will be audited in an accountable and transparent manner. d) Quarterly review of report of each project by the CSR Committee and six monthly reviews by the Board.
II. EVALUATION
a) Management Information System (MIS) monitoring mechanism and evaluation plan will be put in place.
b) In case of need, third parties will be engaged to ensure objective assessment across baseline and end line parameters of CSR projects.
III. REPORTING
The CSR Committee will prepare the annual CSR report to be filed by the Company on approval of the Board. This report will ensure:
· CSR projects are being properly documented.
· An MIS is maintained on expenditure across sectors and geographies and beneficiaries impacted.
AMENDMENT OF CSR POLICY
The CSR policy of the company may be amended at any time by the board of the company on the Recommendation of the CSR committee.
REPORTING OF CSR POLICY
On approval of the CSR policy or any amendments thereof, the contents of the policy shall be included in the Boards’ report.
At the end of each financial year, the CSR committee shall prepare a report of the CSR program in the prescribed form relating to the financial year and submit to the board for its inclusion in the Board’s report in the format recommended in the Companies (Corporate Social Responsibility Policy) Rules, 2014, as may be amended from time to time, as part of its annual report.
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Employee participation is an equally important part of developing responsible citizenship and ICHIBAN CROP SCIENCE LIMITED encourages and motivates its employees to spend time volunteering on CSR issues of their interest.