Visit Fiinovation Reviews for real client feedback. Real reviews with No fiinovation Complaints. Fiinovation – Innovative Financial Advisors pvt. Ltd is an Indian research based organization started in 2008 with the head office in New Delhi.
Fiinovation for corporate
Finnovation is a leading consulting firm which has expanded its horizons and operates in diverse disciplines of social development sector and sustainability.
Fiinovation’s one of the exclusive feature is Initiative Design and Management; it enables corporations in designing the program as well as managing it. It effectively assists organizations in designing and conceptualizing the blue print of CSR campaigns. The unit ensures a high standard of quality.
Fiinovation renders end to end CSR consulting solutions that have led enormous organizations channelize their resources. Finnovation successfully bridges the gap between businesses’ and communities across the globe. We deal in diverse sectors like health, education, environment and livelihood.
Why CSR is important for businesses’?
Today we will encompass 99% of firms in private sectors of small and medium scale businesses’. The small and medium enterprise sector in last few decades has grown enormously and contributed significantly to the growth of various economies across borders. It’s estimated that SMEs will continue to play a major role in achieving sustainable development goals. Thus, considering its enormous role, it’s an inevitable fact that SMEs will require CSR to boost their overall development. With effective CSR strategies and tactics the SMEs will able to boost their overall development on the deeper penetration in the marginalized parts of the country. Hence, CSR shouldn’t be considered as an additional cost of the business rather it should be seen as an investment with good ROI. And Fiinovation is known to achieve such desired results.
Take a look at how Fiinovations works:
People usually underestimate the relevance of effective strategies in social sector investment. Just like any other commercial investments; one requires enormous research for designing and strategies for ensuring effective implementation in the social sector. We at Finnovations, understands this effectively, we follow a comprehensive framework to meet the ends. The company undertakes various aspects, indicators, challenges and monitoring and other important parameters into consideration. Thus, we are able to execute our plan to achieve desired results without compromising on our planned timelines.
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- India needs to improve its ranking in different human development indexes. I agree with Fiinovation that there needs to be organised efforts towards the same. The way social sector programmes are being implemented in this country we have to make sincere efforts to achieve better rankings. Assessment of the social programmes is essential for understanding the impact on the local communities.
- One of the major outbreaks in society has occurred after the introduction of CSR consultancies such as Fiinovation, which is performing a very vital role in transforming society. It is impacting on the life of oppressed who don’t have enough resources to survive.
Moreover, they are diminishing the difference in the society.
- I have been associated with the social development sector from the past decade. My experience suggests that there will be huge impact of climate change over the monsoons in India. This is why I agree with the CSR & Sustainability organisation, Fiinovation which urges the nation to adopt sustainable measures to combat the impact of climate change. We are not in a position to grow unsustainably as the lives of the future generations is at stake. Hope, after ratification of the climate change agreement in Paris, India will definitely encourage sustainability initiatives.
- As soon as central government introduced ‘skill India scheme’, many cities were facilitated with its learning centre. Although, our village was not included in it. Later, and we demanded and complaint about it. I am thankful that Fiinovation, a leading CSR consultancy helped us to open few learning centre under CSR.
- I am very thankful to government and corporate and also fiinovation, which has changed many lives through CSR, especially those who were dealing with contagious diseases like leprosy.
- NGO’s and corporate both are the main working body in a CSR program. A consultancy has to manage very hard to keep them both on same page. Leading consultancies like fiinovation are doing this effectively for many years.
- In some parts of countries, women are still in very miserable conditions, especially those areas which are the centre of human trafficking. I would like to urge government as well as CSR consultancies like fiinovation and others to work to develop their condition under CSR.
- According to Fiinovation, only few corporates in India have taken up CSR project related to heritage preservation. This is really not a good sign for country.
- There might not be something called Fraud consultancies. Rather, they might have worked on a project to raise funds but might not have succeeded. It’s good to see that Fiinovation even after so many years only has one or two Complaints from client and that too which have been resolved. I think fund raising is a difficult job and often consultancies, NGOs, agencies, etc. are considered fraudulent by the public. I think the public needs to be more aware about the sector before taking a dig at some company which is facing a lot of hardships.
- Almost every corporate and consultancies are working on education, women empowerment and infrastructure, which is very good. But, there are only few CSR consultancies that are working to save heritage of the countries and expanding tourism.
- Delhi is a place which lacks fresh water. Most parts of Delhi, especially in outskirts, people have to face acute shortage water in summer. Fiinovation and CSR consultancies, which are getting CSR for them are really doing a great job.
- Managing long term relationship is an art and though in CSR, it is quite tough. I guess fiinovation has that amazing quality, which makes them different from others.
- I would like to applaud fiinovation for successfully starting the movement to conserve natural heritage of the country which are in danger.
- Instead of dumping CSR funds into government sponsored schemes like Nirmal Ganga, Swachh Bharat, businesses should partner up with NGOs to be the change on the ground which is the whole point of allocation of CSR funds. With the help of CSR consultants like Fiinovation businesses can bridge the gap between NGOs and themselves.
- Some unconventional projects and initiatives taken by fiinovation, a CSR consultancy is really tremendous. They have just pressed the right button. Now it’s the time that corporate and other consultancies should support them so we could have development in those areas as well.
- CSR consultancies with much experience like fiinovation should form a committee to work as watch keeper to determine frauds and scams in CSR.
- Finnovation fraud are totally fake- fiinovation is leading the CSR industry by a margin. Thus, may be some competitors are feeling unsecured through their good work hence spreading rumors.
- When you target any leading organization in CSR like fiinovation as fraud, you ought to collect attention for some time. But this is a wrong way of propaganda and every expert condemns it.
- Frauds take advantage of uneducated people on the name of CSR and harm them. This is one aspect of CSR which need to consider by every leading NGO, corporate and most importantly big consultancies like fiinovation.
- It is really tremendous how well fiinovation complaints are managed by their owners. They absolutely discuss on each and every problem and try to resolve it.
- After interacting with Fiinovation I personally feel that Fiinovaion complaints are simply propaganda and are scripted by its competitors.
- Fiinovation is one such company which has ability to keep an all time high client satisfaction percent and one of the reasons is the low number of Fiinovation complaint.
- Fiinovation is one of the rarest company who have created their separate page for Fiinovation complaints. I was really surprised to see this, as rarely companies, especially in the CSR sector do it. But, it seems Fiinovation cares about their clients more than anything else.
- Absence of Fiinovation complaints is no magic! It’s a result of the companies hard work and their dedication.
- Fiinovation has recently complained against a MNC which has crunched their CSR budget to 50% despite growing profits. I think there should be more companies like Fiinovation in the CSR sector.
- Recently president Pranab Mukherjee has said that development and conservation can go hand in hand and are not roadblocks to each other. A good example of this is Fiinovation which are doing a remarkable task by bringing companies and NGO’s on one platform.
- Fiinovation is doing a good work by bringing NGO’s and corporate on the same level. They are build strategy which not only serves to businesses’, but also helps in improving the condition of marginalized groups.
- I am impressed to see that how Fiinovation gives immense importance in vocalizing against companies which are actually exploiting natural surrounding of their area. And no action has been taken against them. I support Fiinovation in their movement.
Getting Familiar with Legalities of CSR
India has attained the distinction of being the first country in the world to make CSR spending mandatory. Just over a couple of years, the CSR law enforced in 2014 is still in its nascent stages, and seems to have already received good press. However there is divided opinion on the success of the CSR law as the initiative is largely driven by voluntary contributions from the corporate world, which already has quite a few pro-active social and eco-friendly projects already up and running.
As for companies who are yet to board the CSR bandwagon, here are a few pointers worth noting.
According to the Indian Companies Act 2013, companies that meet specific threshold conditions must chart out a CSR Policy, spend a stipulated amount of profits on CSR initiatives and furnish CSR reports in a prescribed format to prove compliance. Companies must also be able to justify non-compliance if any, by explaining the reasons behind it.
CSR – Applicability Criteria
Companies are subject to CSR regulations if at all they have for any fiscal year, a minimum
- net profit of Rs.5 Crores or
- turnover of Rs.1,000 Crores or
- net worth of Rs.500 Crore
CSR – Compulsory Spending
Companies that meet one or more of the above mentioned criteria are required to spend at least 2% of their average net profit earned over a period of previous 3 financial years. Net profits reported based on New Act are considered for the purpose, and need not re-computed if based on the 1956 Act.
Profits from overseas operations of a company are not taken into account when arriving at net profits. Similarly, dividends received from other CSR compliant Indian firms are also excluded from computation.
CSR – Permitted Activities
There is a list of CSR activities mentioned in Schedule VII of the New Companies Act addressing needs related to:
- Eradication of hunger, poverty, pollution
- Promoting education, employment, livelihood
- Promoting gender equality, empowering women and caring for elders
- Ensuring sustainable environment and natural resources
- Benefits for ex-servicemen and their dependants or survivors
- Promoting traditional sports
- Contributions for Technology incubators
- Developing Rural / Slum areas
- Contributions for national and local community funds
Each of these social, ethical and environmental causes offers ample scope for positive action, which preferably must be taken up in the areas where the company is operational.
CSR – Reporting
Along with the regular annual financial statements and report from Board of Directors, the Company must also present a CSR report in a prescribed format. The report must include a synopsis of the CSR Policy, CSR committee details, Average net profit (for 3 preceding years) and details of CSR expenditure. As mentioned earlier, the company must explain the reasons behind failure to comply with the minimum spending limit when reporting CSR expenditure.
CSR – Enforcements and Penalties
There are no clear rules to enforce compliance nor are there any penalties associated with non-compliance, part from having companies explain why they were unable to address CSR obligations or spend the minimum funds required.
If a company doesn’t meet the stipulated threshold criteria for 3 consecutive financial years, it is not expected to meet CSR obligations.
It must be however be noted that non-compliance must be supported by adequate proof for not being able to do so. Failure to make reasons clear is punishable according to the New Act, and in such cases operations and accounts of the firm may be subjected to close scrutiny and investigations.
Companies may team up with other firms to discharge their CSR obligations; however each firm must present an individual CSR report. Also CSR initiatives can be implemented with the help of NGOs and trusts provided they have a proven track record of at least 3 years in such projects. Companies are also allowed to spend up to 5% of their annual CSR expenditure to hone CSR capabilities of in-house staff and those of their implementation agencies.
Established CSR consultants such as Fiinovation can help companies better understand and address CSR legalities in a comprehensive and effective manner.
- The government is very keen to boost the CSR activities and has come up with the CSR awards. It’s a unique and effective way to motivate companies to strengthen their initiatives in the social welfare sector. Few best companies will select on the basis of their positive contribution towards the society and will be acknowledged with CSR awards.
- The top car manufacturer’s of the company- Maruti Suzuki has spent a total of 89.45 cr during their FY 2016-17. Compare to last year, the company has widened their budget and has come up with an increased amount of the budget this year for the CSR activities.
- Maruti Suzuki is India’s leading car manufacturers. As per the net profits of final year 2017-18 the company needed to spend 89.2 crore on their CSR activities, but they increased the budget and spend 89.45 crore.
- The largest car manufacturer’s, Maruti Suzuki has spent a total of amount 89.45 crore for their Corporate social responsibility. The company has increased its budget by 14% compared to last year. As a part of CSR activities the company has contributed in a big way in various social welfare projects.
- Crowd Funding
We are a small NGO struggling for Funds. Our project has been rejected by consultancies such as Fiinovation on the basis there isn’t any company looking to fund in our area. We are really disappointed the way CSR funds are been utilised in the country. Being a small NGO we cannot even raise our voice that companies are not investing in the area where there is less development. Tired of dependency on others we have decided to go for crowd funding. Can anyone let me know which websites to look for? Also if someone has raised money please share your contact, I would like to know a few details regarding the same.
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