CSR Policy

V-STAR CREATIONS PRIVATE LIMITED CORPORATE SOCIAL RESPONSIBILITY POLICY

Effective date 20/05/2014
Initiated by Managing Director
Recommended by CSR Committee of the BoD
Approved by Board of Directors of the company in its meeting dated 20.05.2014

1.0 Objective
V-Star Creations Private Ltd., (hereinafter described as “the Company”) since its inception has seen itself as a corporate citizen responsible to the society and has pioneered in undertaking activities which promote various social and charitable objectives. Its association with charitable organizations and women self-help groups to set up manufacturing units for producing readymade garments, providing employment to about 1500 rural women, stands testimony to its social commitment. The Company has also made regular donations to K Chittilappilly Foundation, a Company engaged in charitable activities. To streamline and provide more focus and direction to the activities undertaken by the company in this sphere, it is decided to formulate a policy on Corporate Social Responsibility. (hereinafter described as “the Policy”).2.0 Applicability
This policy will apply to the organisation as a whole, including all manufacturing, trading divisions both present and future and corporate office of the company.3.0 Compliance to Section 135 of the Companies Act, 2013
Clause 135 of the Companies Act, 2013 (hereinafter described as “ clause 135 ”) and the Companies (Corporate Social Responsibility Policy) Rules, 2014 (hereinafter described as “the rules ”) lays down the guidelines to be followed by companies incorporated under the Act while developing their CSR programme. A gist of clause 135, Schedule VII and the rules are attached as annexure. Clause 135 and the rules are applicable to V-Star by virtue of crossing a net profit of rupees five crore during a financial year.4.0 CSR Committee.
The company in its meeting of Board of Director dated 20-05-2014, for the first time constituted a CSR committee consisting of following Directors. The committee was entrusted the following tasks.
(a) Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII of the act.
(b) Recommend the amount of expenditure to be budgeted for the activities referred to in clause (a) above
(c) Monitor the Corporate Social Responsibility Policy of the company from time to time.

4.0 The CSR Policy.
The CSR committee met and deliberated on formulating a CSR policy for the Company taking into consideration various aspects and the requirements under the act and rules. This Corporate Social Responsibility Policy has been formulated and recommended by the CSR Committee of the Company pursuant to the provisions of Section 135(3) (a) of the Act, Schedule VII of the Act and the rules and the same has been approved by the Board of Directors in their meeting held on 20-05- 2014.

5.0 The CSR Budget
The amount of expenditure for each financial year will be recommended by the CSR Committee of the Company and the same will be approved by the Board of Directors with or without modification in their first meeting held in each financial year.

6.0 Territory for CSR spend
The Company shall give preference to the local area and areas around the branches and factories for spending the amount earmarked for CSR activities. The activities will be restricted to the geographical boundaries of India.

7.0 Areas of activities to be undertaken.
The activities will be executed directly or through trust, section 8 Company, society or NGOs or in collaboration with other companies. The Company shall be undertaking activities in the following areas.

7.1 Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water

  • Participating in the mid-day meal programs, providing financial assistance to orphanages, old age homes, child welfare organisations etc. for purchase of cereals, grocery, pulses etc. for providing nutritional food to the children and inmates.
  • To spread awareness about the life style to be followed to prevent disease like diabetes, cardiac and respiratory diseases.
  • Promoting camps against use of alcohol, smoking, drug abuse etc.
    Partnering with Heart care foundation for installing AED machine at public places.
  • To associate with schools, self-help groups, old age homes in setting up sanitation facilities.
  • To assist in installation of water purifiers, pumps and digging / renovation of wells in villages, townships, rural areas etc.
  • To provide all assistance to poor people to prevent diseases.
    Any other projects related to the above

7.2 Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects.

  • To provide Education Kit comprising study material, uniforms etc. to the poor students of Govt. Schools.
  • Adoption of Govt. Schools and / or providing financial assistance to set up various infrastructure facilities.
  • To provide financial assistance to promote vocation skills among children, women, elderly and differently abled people.
  • To extend support /educational assistance to children from financially backward families and underprivileged community as part of the company’s social responsibility.
  • To provide cash awards to students studying in Govt. School / Colleges and has secured high academic / professional records.
  • Any other projects related to the above

7.3 Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups

7.4 Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conversation of natural resources and maintaining quality of soil, air and water

  • In Association with various local authorities, as part of promotion of green environment, conduct awareness programs / distribute plastic reusable recyclable carry Bags to various households.
  • To provide all support for encouraging organic farming
  • Any other projects related to the above

7.5 Protection of national heritage, art and culture including restoration of building and sites of historical importance and works of art and setting up of public libraries

  • To provide financial assistance to local museums, heritage centers for upholding the heritage value.
  • To set up public libraries in association with local authorities in rural areas.
  • Any other projects related to the above

7.6 Measures for the benefit of armed forces veterans, war widows and their dependents

7.7 Training to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports

  • To provide financial assistance to centers engaged in promoting sports / providing training to promote rural sports, nationally recognized sports and Olympic sports.
  • Any other projects connected related to the above

7.8 Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Schedules Castes, the Scheduled Tribes, other backward classes, minorities and women

7.9 Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government.

  • To provide financial assistance to labs & R & D centers situated at institutions of national excellence and local academic institutions which are approved by the Central Government.
  • Any other projects connected related to the above

7.10 Rural Development projects

  • To carry out or provide financial assistance to various rural development projects in association with local bodies

8.0 Activities not to be counted as CSR by the Company.

  • Any amount of expenditure on an item not in conformity or not in line with activities mentioned in the sub-clauses 7.1 to 7.10 of clause 4 above.
  • Amount spent on projects or programs or activities that benefit only the employees of the Company and their families.

9.0 Audit of CSR Expenditure
The Company shall audit the amount of CSR expenditure in line with the activities or programs specified in this Policy on a quarterly basis and the report shall be presented to the CSR Committee.

10.0 CSR Monitoring and Reporting mechanism
The CSR Committee shall monitor the amount of expenditure as approved by the Board of Company on a quarterly basis and make report to the Board of Directors on half yearly basis. Apart from the above, the Directors’ Report of the Company shall include an annual report on CSR containing the particulars in the prescribed format.

11.0 Display of the CSR Policy in the website of the Company
This policy approved by the Board of Directors of the Company in their meeting held on 20-05- 2014 has been placed in the website of the Company.

12.0 Validity and authority for modification/ amendments
This CSR Policy approved by the Board of the Company is valid from 1st April, 2014 and will in force till such time it is modified or amended by the Board of Directors on recommendation of the CSR Committee.

Annexure I
ANNUAL REPORT ON CSR ACTIVITIES

1. A brief outline of the company’s CSR policy, including overview of projects or programmes undertaken or proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programmes:

The Board of Directors in their meeting held on 20th May, 2014, adopted CSR Policy and the policy enables the Company to carry out all the activities which are mentioned in the Schedule VII to the Companies Act, 2013. The CSR initiatives carried out by the Company during the year under review, was based on activities relating to education and all the projects approved during the financial year 2015-16 were within the broad framework of Schedule VII to the Companies Act, 2013.

2. The composition of the CSR committee: The Company has constituted a CSR Committee of the Board, consisting of Mrs. Sheela Kochouseph, Mrs. Joshna Johnson Thomas and Mr. Abraham Thariyan. The constitution is in line with the provisions of Section 135(1) of the Companies Act, 2013.Mrs. Sheela Kochouseph, is the Chairperson of the Committee.

3. Average net profit of the company for last three financial years: Rs.621.67 lakhs

4. Prescribed CSR Expenditure (2% of the amount as in item 3 above): Rs. 12.43 Lakhs

5. Details of CSR spent during the financial year:

a. Total amount spent for the financial year: Nil
b. Amount unspent: Rs. 0.68 Lakhs for the preceding year and Rs.12.43 Lakhs for the FY 2015-16
c. Manner in which the amount spent during the financial year: Attached

6. In case the company has failed to spend the 2% 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 report.

Reasons for not spending the amount, during the year under review, is given in the Directors’ Report.

7.A Responsibility statement of the CSR committee that the implementation and monitoring of CSR policy, is in compliance with CSR objectives and policy of the Company.

We hereby declare that implementation and monitoring of the CSR policy are in compliance with CSR objectives and policy of the Company.

 

Sheela Kochouseph,                                                                        Joshna Johnson Thomas                                                                   Abrham Thariyan
Chairperson                                                                                                 Member                                                                                           Member

Place: Kochi
Date:1st June, 2016