CSR Policy

The concept of Corporate Social Responsibility (CSR) was recognised and practised by the Founder/Promoter of the Company Late Shri Abbasaheb Garware and this was followed all through after him by ex-chairman Late Shri Ramesh Garware. The Company has been directly and also indirectly, carrying out various socially beneficial activities aiming to be a part of the process of progress and development of Society as whole.

In compliance of the provisions of the Companies Act 2013, the Company has formulated this Policy.

Vision & Objective :

Vision:

To actively help/ assist the weaker sections of the Society people, mainly in and around the geographical areas where Company’s plants/offices/customers are located. The Company plans to work together with other organisations including Charitable Trusts, NGOs, bodies working in Research and Educational fields, Government Agencies etc. as partners in this activity for achieving more efficiently a better, sustainable way of life for the weaker sections of society.

The objectives of the CSR Policy are to:

• Reiterate the commitment to common good – reflecting the importance that the Company’ has been giving in discharging its social obligations
• To generate, community goodwill and help reinforce the image of the Company as a socially responsible corporate citizen
• To create a sense of empathy and social awareness amongst employees by actively involving them in CSR activities and thus giving them an opportunity to participate in the process of serving the society at large

Basic Premises:

This CSR policy has been formulated in consonance to the provisions of Section 135 of the Companies Act 2013 read with Schedule VII (“the Act “) and in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014) notified by the Ministry of Corporate Affairs, Government of India in 2014.

In accordance with provisions of the above mentioned Act, and Rules, the Board of Directors of the Company has formed a Committee of Board of Directors named as Corporate Social responsibility Committee (CSR Committee).

Scope:

The Company will undertake all such CSR Activities, as may be decided/approved by the Board of Directors which falls within the purview of the Act, Rules, and amendments thereto from time to time.

The major focus areas of CSR activities would as under

• Promoting Education/Skill Development.
• Promoting research and development in Agriculture, Horticulture/aquaculture/fisheries etc.
• Promoting health care, medical help/assistance to the needy.
• Empowering women.
• Setting up homes and hostels for women and orphans.
• Undertake environmental friendly measures like tree plantation.
• Rural / Agricultural extension /development projects.

Besides undertaking direct CSR activities, the Company may make contributions to Prime Minister’s Relief Funds and any other Government approved Funds/Schemes or Organizations /Universities/Research Institutes etc. as permitted/allowed under the Act.

Implementation Process CSR:

• Programmes / activities to be undertaken by the Company under the head CSR shall be as approved by Board of Directors (the Board) in pursuance of recommendations of the CSR Committee of the Board If the CSR committee finds it desirable to do so it may recommend to the Board to carry over to the next year the whole or a part of the amount the company is expected to spend on CSR activities under the Companies Act 2013. The same would be given effect to, if approved by the Board.
• CSR Committee will recommend the annual budgeted expenditure to the Board for its consideration and approval.
• A specific budget shall be allocated for each specific CSR activity/project. This budget shall be project/activity driven. The time period / duration over which a activities will be spread, will depend on its nature, extent of coverage and the intended impact of the programme
• CSR expenditure shall include all expenditure including contribution to corpus of other eligible entities for projects or programs relating to CSR activities approved by the Board .
• The surplus, if any, arising out any CSR projects or programs or activities shall not form part of the business profit of the Company.
• The CSR projects/programmes/activities will be undertaken by the Company directly or through recognised organisations like Charitable Trusts /NGO/ Universities / Research Organisations etc. which fulfil eligibility criteria prescribed under the Act & Rules
• While implementing the CSR Policy due preference shall be given to the benefits of local area and areas of the Companies operations and areas in which company¡¦s customers are concentrated for spending the amount earmarked for CSR Policy / activities.

Monitoring & Reporting Process:

To ensure effective implementation of the CSR programmes / activities, a monitoring mechanism will be put in place depending upon type of CSR activity/project.

Programme monitoring mechanism will ensure that CSR spends achieve the objectives and are, within the budget sanctioned.

CSR spends will be audited in an accountable and transparent manner.

Evaluation:

Besides obtaining feedback from the beneficiaries, the CSR Committee may, if required, conduct impact studies on a periodic basis, by independent parties, depending upon type of CSR activity /project

This may also be done through field visits, comprehensive documentation, and regular interaction with beneficiaries.

Reporting and Documentation:

• The progress of CSR programmes / activities under implementation will be reported to CSR Committee on a periodical basis.
• Appropriate documentation of the CSR activities undertaken and expenditure incurred will be done on a regular basis.
• Quarterly reporting on CSR activities and review by the CSR committee and six monthly reviews by the Board will be done

General:

• In case of any doubt with regard to any provision of the policy and also in respect of matters not covered herein, a reference will be made to the Board of Directors by CSR Committee. In all such matters, the interpretation & decision of the Board of Directors shall be final.
• Any or all provisions of the CSR Policy would be subject to revision / amendment in accordance with the guidelines on the subject as may be issued from Government, from time to time.
• The Company reserves the right to modify, cancel, add, or amend any of these Rules.