Annual Report Goldstar - 2017 18 1

Goldstar Power Limited| Annual Report 2017-2018 1
CONTENTS
COMPANY OVERVIEW
About Us………………………………………………………………… 3-4
Our Values, Mission and Vision……………………………….. 5

Our Product Portfolio……………………………………………. 6-12
Chairman’s Communiqué…………………………..…………… 13-14
Board of Directors………………………………………………… 15-19
Corporate Information…………………………………………… 20-23
Listing Ceremony…………………………………………………. 24-30
Awards & Recognition…………………………………………… 31-33
STATUTORY REPORTS
Notice of AGM……………………………………………………. 35-42
Report of Board of Directors…………………………………….. 43-68
Annexure-I: Extract of Annual Return…………………………. 69-81
Annexure-II: Form AOC-2…………………………………………………. 82-83
Annexure-III: Independent Auditors Report…………………………… 84-92
Annexure-IV: Secretarial Auditors Report……………………………… 93-101
Annexure-V: Particulars pursuant to Section 197 (12)…………………. 102
Annexure-VI: Nomination and Remuneration Policy…….................... 103-112
Annexure-VII: Management Discussion and Analysis Report……… 113-118
Annexure-VIII: Certification from MD, CFO under Reg-17(8)……… 119-120
FINANCIAL STATEMENTS (STANDALONE)

Balance Sheet……………………………………………………… 121-122
Statement of Profit and Loss……………………………………. 123
Cash Flow Statement…………………………………………….. 124-125
Notes………………………………………………………………… 126-139
Significant Accounting Policies ………………………………… 140-144
Attendance Slip ……………………………………………………….. 145
Proxy Form ………………………………………………….. 146-147
Route Map to the Venue of AGM…………………………….. 148

ABOUT US
Successfully travelled around 35 years of long journey from a Partnership Firm to

a well managed corporate i.e., GOLDSTAR POWER LIMITED. Today Goldstar is
the highly reputed name in the power industry. Our Company spread over an
area of Approx, 125000 Sq. Ft., ours is India’s only fully integrated unit having all
production facility at a single place under single control.
Incorporated in the year 1999, we are a battery manufacturing Company,

manufacturing & marketing our products under our flagship brand ―GOLDSTAR.
Our Company, Goldstar Power Limited is located at Hapa, Jamnagar on
Jamnagar-Rajkot Highway, Gujarat with an integrated plant wherein Battery
Scrap and discarded batteries procured from dealers and retailers are converted
to finished product.
We believe in manufacturing and delivering quality products and are dedicated

towards supply of quality products by controlling the procurement of standard
raw material, monitoring the process parameters, maintaining appropriate
measures to manage hazardous materials and to comply with applicable statutory
and regulatory requirements of our products. Integrated plant and quality driven
products are our major strengths. With its state of art manufacturing facilities
with installed capacity of 50,000 batteries per month at Jamnagar in Gujarat. The
company has developed a niche space for itself for Lead Acid Batteries for
Automotive, Industrial, Motorcycle, UPS, Solar, Genset and Inverter application.
Our product range covers various types of batteries including Fully Automotive
Batteries for Car, Tractor and Heavy Duty Trucks, Tubular Batteries for Inverter
and Solar Application, SLI and Tubular Batteries for E-Rickshaw, SMF-VRLA
Batteries for UPS Application, Motorcycle Batteries, Solar Batteries, Pure Lead
and Alloy batteries.

The Company achieved ISO 9001:2015 certification.
As an ISO 9001:2015 company, it assures that it maintains consistent high
standards. GOLDSTAR is committed to providing its customers with superior
quality products and has implemented rigorous quality system. Goldstar is an
Indian Brand in batteries which is having global presence and slowly but firmly
going ahead towards becoming leader by providing alternative power solution. Our
quality is backed by experience of more than 30 years, a dedicated team of
professionals and technicians. Our new designed batteries come with trendy look
and colors suitable to its application.
Our manufacturing facility is equipped with requisite infrastructure including

machinery, other handling equipment to facilitate smooth manufacturing process.
We Endeavour to maintain safety in our premises by adhering to key safety norms.
Our manufacturing process is integrated from procurement of raw materials to final
testing.
Currently our Company caters to all three segments of market viz. exports,
domestic/after sales market and OEM. We have a widespread customer base with
our domestic customer base situated in various regions of the country and our
international customers situated across varied countries like Dubai, Uganda, Nepal,
Lebanon, Afghanistan, Oman, Yemen etc.

Our Values, Vision and Mission
“To be global battery manufacturing company with a

diversified and multinational presence”
e by providing
“To create richer lives and better society
products, systems and services with a superior level
of value and quality based on the latest advances in
technology”
“To improve and to be accessible, inclusive and

diverse”
“T o provide high quality products utilizing vision and

insight to exceed customer’s expectations and to be
the first choice for our customers”
“Make better batteries, so that people live a better life”
“Customer Satisfaction is our own satisfaction”
INTEGRITY – Integrity and Honesty in our dealings.

We will ensure honesty and fair ness in all our
c
actions.
ETHICS – Success or Failure will come down to an

ethical decision, one on which those now living will
be judged for generations to come. We have a very
strong ethics”
VALUEPEOPLE – we will treat all people with

co urtesy, dignity and respect.
UNIQUE CULTURE – We hold ourselves e and each

other accountable, work well in tea ms, collaborate,
and embrace a lean, flat and horizontal Structure.

PRODUCT PORTFOLIO
“Products are made in the Factory, but the Brands are created in the Mind”

MES SA G E F R O M T H E C H A I R M A N O F G O LD S TA R
DEAR
DEAR SHAREHOLDE
SHAREHOLDERS,
RS,
pleasure
It is my immense ple asureto to
present
present
the 19
19th
th Annual R
Report of “M/s
eport of
Goldstar Power Lim
Limited”.
ited”. Firstly I
would like to th ank
thank the
the most
most
OUR FOCUS DURING important pillar
pillarofofo our
ur success
success “Our
THE YEAR HAS BEEN shareholders” who rep ost their trust in
repost
the company
company during
during the
the Initial
Initial Public
TO STRENTHEN OUR
Offer (IPO). We Goldstar
Goldstar Power Limited
RELATIONSHIPS
get honored to
to have
havessuch
uch investor who
WITH OUR EXISTING made
madetrust andand co
trust nfidence in
confidence in the
CUSTOMERS WHILE company by
by flowing
flowingt there
here investment
ADDING NEW for duel growth. We feel
feelhonored
honored to
to ou
CUSTOMERS ACROSS communicate with
withyou
y at at the
the 19
19th
th
MARKETS AND Annual General

General M
Meeting
eeting of
of your
company “GoldstarPower
PowerLimited”
Limited”
ng
REGIONS
after successful
successfullisting
listi on
onNSE
NSE Emerge
Platform of National S
Stock
tock Exchange of
India
India Limited
Limited Dated
Dated 110/10/2017.
0/10/2017.

We as a company always try to cater the demand and to fulfill the need of
industry with our standard and unique business model. Your company has
utmost managerial capacity and experienced staff who always trying towards the
goal of the company. Our efforts are dedicated to becoming hallmark of
professional excellence by surpassing performance benchmark. Each milestone
in the journey confers us with new learning and insights that help us grow into a
more proficient organization. Client satisfaction is our top priority and we are
willing to walk extra miles to accomplish it.
We constantly strive to optimally contribute our revenues for the betterment of

the society in which we co-exist. We believe in nurturing long term professional
association with clients by providing highest standards of service that up to their
expectations. We are committed to find ways and means to mark our presence in
all potential markets and reach new customers with world class battery products.
With absolute focus on high quality, high margin products, we aspire to become
a globally reputed player in Battery Manufacturing Products. Going forward, we
are anticipating good growth across segments.
I must acknowledge the immense contribution of the entire team of the Goldstar,
who push their boundaries, rise above challenges and leave no stone unturned to
achieve consumer satisfaction. I am thankful to all our stakeholders, our
Bankers, our Investors, our Vendors and most importantly our customers for
their trust and faith. A special thanks to our wonderful team for their sincere
efforts, consistently, to help us achieve the earmarked growth targets towards the
success of “Goldstar Power Limited”. I look forward to your continuous support to
scale newer heights of success in future as well.
As we look to the years ahead we renew our pledge to remain committed to

excellence, keep abreast of changes and innovations, adopt better management
and construction techniques and successfully overcome all challenges before us.
Warm Regards,
Mulji M. Pansara
Chairman
(DIN: 00300722)

BO A RD O F D I R E CT O RS
Mr. Mulji Pansara

Chairman
(DIN: 00300722)
Shri Muljibhai Pansara is the Chairman and

Promoter of Our Company. He has been the
Director of the Company since incorporation and
is also one of the subscribers of MOA of our
Company. He has an experience of about more
than four decades in our Industry. He is a
mentor to our Board of Directors and is a guiding
force of our Company.
In the year 1982 Shri Muljibhai entered in to

Battery business keeping roots of Agriculture
intact. Since inception, Shri Muljibhai is keeping
pace with technology as guiding force for
development of the business. Though it was new
business for him, he is never required to look
back because of his vision and hard working
attitude.
His strong belief in Hardworking, Honesty,

quality consciousness and healthy business
practices has put GOLDSTAR at a distinct place.

Mr. Amrutlal Pansara

Whole-Time Director
(DIN: 00300786)
Shri Amratlal Pansara is the Promoter and

Whole Time Director of Our Company. He
has been the Director of the Company since
incorporation and is also one of the
subscribers of MOA of Our Company. He
has an experience of about more than 18
years in our Industry. He looks after all
technical and machinery related aspects of
our Company.

Mr. Navneet Pansara

Managing Director
(DIN: 00300843)
Mr. Navneet Pansara aged 31 years the

Managing Director of Our Company. He is
Director of our Company since January 19,
2006. He is a Bachelor of Business
Management. He has an experience of over a
decade in our Industry. He currently looks
after overall management of our Company
including general administration.

Mr. Vishal Pansara

Whole Time Director
(DIN: 02230565)
Mr. Vishal Pansara is the Whole Time

Director of our Company. He has been a
Director of our Company since July 1,
2008. He has completed Post Graduation in
Marketing Management from Ahmedabad
Management Association. He currently
heads marketing department of our
Company.

Mrs. Dhruti Pansara

Director & CFO
(DIN: 01943399)
Dhruti Pansara, aged 33 years, is the

Director of our Company since December
21, 2007. She has been appointed as Chief
Financial Officer of our Company since July
24, 2017. She had done her Masters in
Business Management from Saurashtra
University. She heads the finance
department of our Company and looks after
overall accountancy, finance and taxation
aspects of our Company.

CORPORATE INFORMATION
BOARD OF DIRECTORS
Chairman
Mr. Mulji Pansara
(DIN: 00300722)
Managing Director
Mr. Navneet Pansara
(DIN: 00300843)
Executive Directors
Mr. Amratlal Pansara

Whole-Time Director
(DIN: 00300786)
Mr. Vishal Pansara

Whole-Time Director
(DIN: 02230565)
Mrs. Dhruti Pansara

Director & CFO
(DIN: 01943399)
Independent Directors
Mr. Chetan Khattar

(DIN: 00020777)
Mr. Jayant Virani

(DIN: 07831403)
Mr. Hemraj Patel

(DIN: 07830488)
KEY MANAGERIAL PERSONNEL
Chief Financial Officer
Mrs. Dhruti Pansara
(W.e.f 24th July, 2017)
Company Secretary & Compliance Officer
Mr. Darshak Thaker
STATUTORY AUDITORS
Doshi Maru & Associates

Chartered Accountants
SECRETARIAL AUDITORS
MJP Associates
Practising Company Secretaries

REGISTER & SHARE TRANSFER AGENT
Link Intime India Private Limited

C-101, 1st Floor, 247 Park, L.B.S Marg,
Vikhroli (West), Mumbai
Tel: 022- 49186200
Email: [email protected]
Website: www.linkintime.co.in
Investor Grievance Id: [email protected]
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058
PRINCIPLE BANKER
REGISTERED OFFICE
GOLDSTAR POWER LIMITED

Behind Ravi Petrol Pump,
Rajkot Highway, At & Post Hapa,
Dist. Jamnagar,
Gujarat-361120, India
Tel: 0288-2571120/21
Email: [email protected]
Website: www.goldstarpower.com
CIN: L36999GJ1999PLC036274

Board’s Committee
AUDIT COMMITTEE
Chairman
Mr. Jayant Virani
Members
Mr. Chetan Khattar
Mr. Hemraj Patel
NOMINATION AND REMUNERATION COMMITTEE
Chairman
Mr. Hemraj Patel
Members
Mr. Jayant Virani
Mr. Chetan Khattar
STAKEHOLDERS RELATIONSHIP COMMITTEE
Chairman
Mr. Chetan Khattar
Members
Mr. Jayant Virani
Mr. Hemraj Patel

“GLIMPSES OF LISTED CEREMONY ON
OCTOBER 10, 2017”
October 10, 2017, the penultimate day had becomes a Golden day in
the History of “Goldstar Power Limited” on its debut on Emerge platform
of the National Stock Exchange of India Limited by getting listed”.

Lightening of Lamp by Shri Muljibhai Pansara, Chairman, Shri Navneet
Pansara, Managing Director, Shri Vishal Pansara, Whole Time Director,
Shri Ashish Goyal, Vice President- National Stock Exchange

Dignitaries on Stage

Shri Muljibhai Pansara, Chairman, ringing the Listing Bell~
Golden era of Goldstar starts (Shri Navneet Pansara, Managing
Director & Shri Vishal Pansara, Whole Time Director, also
accompanying)

Proud Moment for Goldstar Power Limited
Finally Goldstar Power Limited Listed on National Stock Exchange

for the First Time noOctober 10, 2017.
The IPO of Rs. 724.50 Lacs received an overwhelming response. We

must thank all t eh shareholders for the confidence they have
shown in the business and the management.

Shri Muljibhai Pansara, Chairman Shri Ashish Goyal, VP-NSE,
addressing the Ceremony addressing the Ceremony
Shri Muljibhai Pansara, Chairman Shri Muljibhai Pansara, Chairman

accepting Listing Certificate from giving Memento to Shri Ashish
Shri Ashish Goyal, VP-NSE Goyal, VP-NSE

Shri Navneet Pansara, Managing Shri Navneet Pansara, MD giving
Director, addressing the Memento to Smt. Madhu Lunavat,
Ceremony Director, Pantomath Capital Advisory
Pvt. Ltd (Lead Manager to IPO)
Shri Vishal Pansara, Whole Time Team Goldstar with Sh. Ashish Goyal,
Director, addressing the VP-NSE, Smt. Madhu Lunavat, Director,
Ceremony Pantomath & CS Bhavin Mehta,
Partner, MJP Associates, Practising
Company Secretaries

AWARDS AND RECOGNITIONS
“Goldstar
“Golds Power Limited”
star Power Limited”
“Receiving
“Receivi ng Certificate
Certificate from
from
National
National Stock Exchange for
getting listed 10thth October,
listed on 10 October,
2017”.
“National
“Nation Stock Exchange”
al Stock Exchange”
“Celebrating
“Celebrat 100IPO
ing 100 IPOListing
Listing
on NSE
NSE EMERGE Platform
received
received ononNovember
November20,20,
2017”.

“Goldstar
“Goldstar Power
PowerLimited”
Limited”
“Receiv
“Received an”EMERGING
edan” EMERGING
SME S TAR AWARD” at
STAR
SME Emerging
Emerging Stars
Stars
Conclav e2018
Conclave 2018organized
organized by
Penta We alth Management
Wealth
on January
January 20, 2018”
20, 2018” at at
Ahmed
Ahmeda abad.
bad.
“Goldstar
“Gold PowerLimited”
dstar Power Limited”
“Received
“Receiv ed an
an “SKOCH
“SKOCH
ORDER
ORDER OF MERIT
OF MERIT
AWARD”
AWARD” for for qualifying
amongst
among SME’S IN
st TOP 100 SME’S IN
INDIA in the event of Skoch
INDIA
Awards
Award 2018 at Constitution
s 2018
Club, New
Club, NewDelhi
Delhi
on on
10th10th
March,2018.
March, 2018.

STATUTORY
REPORTS

Notice
of
Annual General Meeting
2017-2018
“PRODUCTS ARE MADE IN THE FACTORY, BUT THE
BRANDS ARE CREATED IN THE MIND”

NOTICE IS HEREBY GIVEN THAT THE 19TH ANNUAL GENERAL MEETING OF
THE MEMBERS OF GOLDSTAR POWER LIMITED WILL BE HELD ON
SATURDAY, 29TH SEPTEMBER, 2018 AT 11:00 A.M. AT THE REGISTERED
OFFICE OF THE COMPANY SITUATED AT BEHIND RAVI PETROL PUMP,
RAJKOT HIGHWAY, AT & POST HAPA, DIST. JAMNAGAR-361120, GUJARAT,
INDIA TO TRANSACT THE FOLLOWING BUSINESS:
 Ordinary Business:
1. To receive, consider and adopt the Audited Financial Statements of the Company
for the year ended March 31, 2018 and the reports of the Board of Directors and
Auditors thereon.
2. To appoint a Director in place of Shri Muljibhai M. Pansara, Chairman, [DIN:

00300722] as a director, who retires by rotation and being eligible, offers himself
for re-appointment.
By Order of the Board of Directors,

Date: September 05, 2018 For, Goldstar Power Limited
Place: Jamnagar
Darshak Thaker
(Company Secretary & Compliance Officer)
(Membership No: A46919)

NOTES:
1. A Member entitled to attend and vote at the Annual General Meeting (“the
meeting”) is entitled to appoint a proxy to attend and vote on poll and the
proxy need not be a member of the Company. A person can act as proxy on
behalf of members not exceeding fifty (50) and holding in the aggregate not
more than ten percent of the total share capital of the Company carrying
voting rights. A member holding more than ten percent of the total share
capital may appoint a single person as proxy and such person shall not act as
a proxy for any other person or member.
2. The instrument of Proxy, in order to be effective, should be deposited at the

Registered Office of the Company, duly completed and signed, not less than
48 hours before the commencement of the meeting. Proxies submitted on
behalf of limited companies, societies, etc., must be supported by appropriate
resolutions/authority, as applicable.
3. Corporate Members intending to send their authorised representatives to attend

the meeting, pursuant to Section 113 of the Companies Act, 2013 are requested to
send to the Company, a certified copy of the relevant Board resolution together
with respective Specimen signatures of those representative(s) authorized under
the said resolution to attend and vote on their behalf at the meeting.
4. Brief Profile of the Directors Retiring by Rotation & being eligible offering
themselves for the re-appointment and/or the Independent Directors being re-
appointed has been provided hereto and forming part of Annual Report as per
requirements of Securities and Exchange Board of India (Listing Obligations
and Disclosures Requirements) Regulations, 2015/ Secretarial Standards.
5. Attendance Slip, proxy form and the route map of the venue of the Meeting has
been provided hereto and forming part of Annual Report.

6. The requirement to place the matter relating to ratification of appointment of
Auditors by members at every Annual General Meeting is done away with vide
notification dated May 7, 2018 issued by Ministry of Corporate Affairs, New
Delhi. Accordingly, no resolution is proposed for ratification of appointment of
M/s. Doshi Maru & Associates, Chartered Accountants, (FRN: 0112187W)
Statutory Auditors, who were appointed in the 17 th Annual General Meeting,
held on June 31, 2017 to hold the office till the conclusion of the 20th Annual
General Meeting.
7. The Register of Member and Share Transfer Books will remain closed from
Saturday, 22nd September, 2018, to Saturday, 29 th September, 2018 (both
days Inclusive) for the purpose of Annual General Meeting. The book closure
dates have been fixed in consultation with the Stock Exchange.
8. The Register of Directors and Key Managerial Personnel (KMP) and their
Shareholding and Register of Contracts or Arrangements in which Directors
are interested maintained under Section 170 and Section 189 of the
Companies Act, 2013 respectively will be available for Inspection by the
Members at the Annual General Meeting.
9. Members desirous of getting any information about the Accounts and/ or

Operations of the Company or any questions at the Annual General Meeting
are requested to write to the Company so as to reach the Company’s
Registered Office at least 7 days before the Annual General Meeting to enable
us to keep the information ready at the Meeting.
10. The persons whose name is recorded in the Register of Members or in the
Register of Beneficial Owners maintained by the Depositories as on Friday,
21st September, 2018 i.e., cut-off date only shall be entitled to vote at the
AGM.

11. Members/proxies are requested to:
a. Bring the Copy of the Annual Report and Attendance Slip with them at
the Annual General Meeting;
b. Quote their Regd. Folio Number/ DPID and Client ID Nos. in all their
correspondence with the Company or its Registrar and Share Transfer
Agent;
12. All documents referred to in the accompanying Notice shall be open for
inspection at the Registered Office of the Company during normal business
hours (9 A.M. to 5 P.M.) on all working days except Saturdays and Sundays,
up to and including the date of the Annual General Meeting of the Company.
13. Member’s voting rights shall be in proportion to his/her share of paid up share
capital of the company. In case of Joint holders attending the meeting
together, only whose name appearing first, will be entitled to vote.
14. As per the Notification issued by Ministry of Corporate Affairs dated March 19,
2015 with reference to the Companies (Management and Administration)
Rules, 2014, Companies covered under chapter XB and XC as per SEBI (ICDR)
Regulations, 2009 will be exempted from E-voting provisions. Company is
covered under XB and is listed on SME platform of NSE EMERGE. Hence,
Company is not required to provide E-voting facility. However, voting through
permitted mode under the Companies Act, 2013 will be allowed at the venue of
the Meeting.
15. The format of Register of Members prescribed by the Ministry of Corporate

Affairs under the Companies Act, 2013 requires the Company/ Registrar and
Transfer Agents to record additional; details of Members, including their
Permanent Account Number (PAN), email address, and the Securities and
Exchange Board of India (“SEBI”) has mandated the submission of Permanent
Account Number (PAN) by every participant in the Securities Market. Members
holding shares in the electronic form are, therefore, requested to submit their
PAN to their Depository Participant(s).

16. Pursuant to the provisions of Section 101 and 136 of the Companies Act, 2013
read with the Company (Account) Rules, 2014 Annual Report for the Financial
Year 2017-2018, Notice of the 19 th Annual General Meeting of the Company
along with the Attendance Slip and Proxy Form, are being sent by electronic
mode to all the members whose email addresses are registered with the
Company/Depository Participant(s) unless any member has requested for a
Hard copy of the same. For Members who have not registered their email
address, physical copies of the Annual Report is being sent through permitted
mode. Members may also note that the Annual Report for the Financial Year
2017-18 will also be available on the Company’s Website
www.goldstarpower.com under Investors section for download.
17. To prevent Fraudulent Transactions, Members are advised to exercise due

diligence and notify the company immediately any change in the address or
demise of any member as soon as possible to their Depository Participants
with whom they are maintaining their Demat Accounts. Members are also
advised not to leave their Demat account(s) dormant for long. Periodic
statement of holdings should be obtained from the Concerned Depository
Participant and holdings should be verified.
18. To promote green initiatives, Members are also requested to update their email
address with their Depository Participants to enable the Company to send
future communications electronically.
19. A person who is not a member as on cut-off date should treat this Notice for
Information purpose only.
20. The NRI shareholders are requested to inform the Company immediately
about:
 The change in the Residential Status on return to India for Permanent

Settlement.
 The particulars of NRO bank account in India if not furnished earlier.

21. With a view to serving the Members better and for administrative
convenience, an attempt would be made to consolidate multiple folios.
Members who hold shares in identical names and in the same order of names
in more than one folio are requested to write to the company to consolidate
their holdings in one folio.
22. The Company has appointed CS Purvi G. Dave, Partner, MJP Associates,
Practising Company Secretary to act as a Scrutinizer, to scrutinize the
entire voting process in the Annual General meeting in a fair and transparent
manner. The Scrutinizer shall immediately, after the conclusion of voting
period, unblock the votes in the presence of at least two witnesses not in the
employment of the company and not later than 3 days from the conclusion of
meeting, make a Scrutinizer’s report of the votes cast in favour or against, if
any, to the Chairman of the Company, who shall counter sign the same.
23. The results shall be declared at or after the Annual General Meeting of the
Company. The results declared along with the Scrutinizer’s Report shall be
placed on the Website of the Company www.goldstarpower.com and also on
the website of RTA, Link Intime India Private Limited immediately after the
result is declared by the Chairman and communicated to NSE Limited.
24. The Company’s Register and Share Transfer Agents (RTA) is LINK INTIME
INDIA PRIVATE LIMITED, C-101, 247 Park, L.B.S Marg, Vikhroli (West),
Mumbai – 400 083.

Place: Jamnagar
Darshak Thaker
Company Secretary & Compliance Officer
(Membership No: A46919)

“ANNEXURE TO NOTICE”
Information required to be furnished/ disclosed as per requirements of Secretarial

Standard on General Meetings (SS-2) and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015:
Director’s Name Mr. Mulji M. Pansara
DIN 00300722
Date of Birth 04th May, 1962
Date of Appointment as a Director in the

12th July, 1999
Company
No. of Equity Shares held in the Company 27,72,942 Equity Shares
Experience in Specific Functional Area Experience of around 4 decades in the

Field on Battery Industry.
Directorship held in other Indian 1. BLUE STAR WIND ENERGY

Companies (Excluding Directorship in PRIVATE LIMITED.
Goldstar Power Limited)
Membership / Chairmanship of
Committees public Limited Companies
Nil
(Excluding Membership/ Chairmanship of
Goldstar Power Limited)
Relationship with other Directors, As per section 2(77) of the Companies Act,
Managers and other Key Managerial 2013, Mr. Mulji Pansara (DIN: 00300722)
Personnel of the Company. is relative of Directors i.e. Brother of Mr.
Amrutlal Pansara, (DIN: 00300786), Father
of Mr. Navneet Pansara, (DIN:
00300843),Father of Mr. Vishal Pansara,
(DIN: 02230565) and Father in Law of Mrs.
Dhruti Pansara, (DIN: 01943399)
Place: Jamnagar
Mulji Pansara
Chairman
[DIN: 00300722]

Board Report
2017-2018
“Quality is never an Accident,

It is Always the Result of an Intelligent Effort”
- John Ruskin

To,
The Members,
GOLDSTAR POWER LIMITED,
Your Directors are pleased to present their 19 th Annual Report on the

business and operations of the company together with the Audited Financial
Statements for the financial year ended on 31st March, 2018.
FINANCIAL HIGHLIGHTS:
Your Company’s performance for the year ended on 31 st March, 2018, is

summarized as under:
(Amount in Rs)
Sr.
PARTICULARS 2017-18 2016-17
No
1. Revenue from Operation (Net) 43,23,73,728.00 54,81,19,993.64
2. Other Income 11,103,671.05 58,11,558.25
3. Total Revenue (1+2) 443,477,399.05 55,39,31,551.89
4. Cost of raw material consumed 34,03,85,936.15 43,42,38,858.05
5. Employees Benefits Expense 2,49,66,010.00 2,20,13,670.00
Changes in Inventories of Finished
6. goods, work-in-progress and Stock-in- (63,31,527.63) 31,28,287.22
Trade
7. Finance Cost 1,42,02,651.33 1,64,60,502.22
8. Depreciation & Amortization Exp. 1,30,95,665.00 1,35,70,065.00
9. Other Expenses 5,21,35,187.97 5,27,06,927.28
10. Profit/ (Loss) Before Tax 50,23,476.23 1,18,13,242.12
11. Current Tax 15,90,572.92 25,00,000.00
12. Deferred Tax 11,58,000.00 34,06,000.00
13. Profit/ (Loss) After Tax (PAT) 28,89,805.76 59,07,242.12

1. FINANCIAL PERFORMANCE:
During the year, Our Company has offered shares to the Public under the
Regulation of the Securities and Exchange Board of India 1996 as amended
from time to time and the Shares of the Company have been listed on National
Stock Exchange Emerge Platform.
During the year under Report, your Company has recorded the Revenue from
Operations of Rs. 43.23 Crores as compared to Rs. 54.81 Crores of previous
financial year 2016-17. However, the net profit after tax has been significantly
decreased from Rs. 59.07 Lacs of previous financial year to Rs. 28.89 Lacs.
During the year under Report, cost of core raw material had been fluctuated
significantly due to metal price fluctuation, and resultantly, it causes shortage
of material and the overall demand for the products reduced drastically, and
as a result, the turnover is affected. Consequently, the OEM demand also
decreases. The Company’s maximum share of total sales was depending on
OEM business and thus the total turnover was affected during fiscal 2017-18,
and margins on the products also affected, which resulted into decrease in
total income and net profit also.
However, the Board assures that Company has already started to work on its
new products and it is expected to launch the products in fiscal 2018-19.
Further, Company is also trying to develop synergy with new customers on
OEM basis, which will have impact of increase in revenue and also
profitability of the Company. The company is also concentrating on export
business to reduce the loss of dependency on OEM business.
2. DECLARATION OF DIVIDEND:
With a view to use the internal accruals for growth of the Company and to
strengthen the financial position of the company, your directors do not
recommend any dividend for the year under Report Moreover, no amount is
being transferred to Reserves during the Financial Year 2017-18.

3. TRANSFER OF AMOUNT TO RESERVES:
Pursuant to provision of Section 134(1) (j) of the Companies Act, 2013, the
company has not proposed to transfer any amount to general reserves
account of the company during the year under review. The company has
retained the profit in the Profit & Loss Account.
4. CHANGE IN NATURE OF BUSINESS:
The Company is engaged in the business of manufacture, produce and

assembles all types of batteries, including storage batteries, dry batteries,
solar power batteries etc. There are no changes in the nature of business of
the Company during the year under Report.
5. CHANGE OF NAME OF COMPANY:
Members are aware that the Company had passed Special Resolution at the
Extra Ordinary General Meeting of the Company held on 15 th July, 2017 for
change of name of the Company from Goldstar Battery Private Limited to
Goldstar Power Private Limited. The Registrar of Companies, Gujarat had
issued fresh Certificate of Incorporation consequent to change of name, on 21 st
July, 2017, and name of the Company changed to Goldstar Power Private
Limited with effect from that date.
6. CONVERSION OF CLASS OF COMPANY FROM PRIVATE LIMITED TO

PUBLIC LIMITED COMPANY:
Members are aware that Special Resolutions were passed at the Extra
Ordinary General Meeting of the Company held on 15 th July, 2017, to obtain
approval of Shareholders for conversion of the Company into Public Limited as
well as for adoption of new set of Articles of Association. Consequently, on 21 st
July, 2017, the Registrar of Companies, Gujarat had issued Certificate of
Incorporation consequent to conversion into public limited Company, and the
name of the Company was changed from “Goldstar Power Private Limited” to
“Goldstar Power Limited”.

7. SHARE CAPITAL AND OTHER CHANGES:
During the F.Y 2017-2018, following changes made in the Capital Structure of
the company are as follows:
 AUTHORISED SHARE CAPITAL:-
The Authorised Share Capital of the Company has been increased from Rs 5
Crore to 15 Crores by passing an Ordinary Resolution in the Annual General
Meeting of the Company held on Monday, 31 st July, 2017 respectively.
 BONUS SHARES:-
During the year the Company has increased its issued and paid up Equity
Share Capital by issuing 65,00,000 (Sixty Five Lacs) equity shares as Bonus
shares having face value of Rs. 10.00/- each to the existing shareholders by
way of capitalization of its reserve in the proportion in the proportion of 5 (five)
shares for every 1 (one) shares held by existing members by passing board
resolution in the Board of Directors Meeting of the company held on 2nd
August, 2017.
 PAID UP SHARE CAPITAL:-
The paid-up share capital of the company increase from Rs. 1,30,00,000/-
(One Crore Thirty Lacs) divided into 13,00,000 (Thirteen Lacs) equity shares of
Rs. 10/- each to Rs. 10,69,80,000/- (Ten Crore Sixty Nine Lacs Eighty
Thousand) divided into 1,06,98,000 (One Crore Six Lacs Ninety Eight
Thousand) equity shares of Rs. 10/- each during the F.Y. 2017-2018.
[
 INITIAL PUBLIC OFFER (IPO):-
During the year under Report, the Company came out with an Initial Public
Offer of 28,98,000 Equity Shares with face value of Rs. 10/- each at an issue
price of Rs. 25/- (including Share Premium of Rs. 15/- per equity share)
aggregating to Rs. 724.50 Lacs. The said public issue was authorised by the
Members, in their Annual General Meeting of the Company held on Monday,
31st July, 2017. The IPO opened for Subscription on 27 th September, 2017 and
closed on 29th September, 2017.

 LISTING OF SHARES:-
The Equity Shares of the Company were listed on 10 th October, 2017 at NSE
Emerge (An SME Platform of National Stock Exchange of India Limited). The
script code of Company is “GOLDSTAR”.
8. REGISTRAR AND SHARE TRANSFER AGENTS:
The Company has appointed M/s Link Intime India Private Limited as its
Registrar & Share Transfer Agent.
9. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The changes in the Directors and Key Managerial Personnel are as follows:
INDEPENDENT DIRECTORS:
Since the Company got its Equity Shares listed on NSE Emerge in the month
of October, 2017 the Company was required to appoint Independent Directors
in accordance with the provisions of the Companies Act, 2013.
The Board of Directors appointed Mr. Jayant Virani, Mr. Chetan Khattar and
Mr. Hemraj Patel as Additional (Non-Executive) Director under Independent
Category on the Board w.e.f 24th July, 2017 and they hold office until the
ensuring 19th AGM and are eligible for Appointment as Independent Director in
the Annual General Meeting by the members of the Company. Accordingly
requisite resolutions are recommended for approval of Members and form part
of the Notice convening the AGM.
Further, sub section (13) of Section 149, provides that the provisions of
retirement by rotation as defined in sub section (6) and (7) of Section 152 of
the Companies Act, 2013 shall not apply to such Independent Directors.
Hence, none of the Independent Directors shall retire at the ensuring AGM.

 KEY MANAGERIAL PERSONNEL (KMP):
The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and
203 of the Companies Act, 2013 are as follows:
 Change in Designation:
Mr. Mulji Pansara, Director, appointed as the Chairman and Mr. Amrutlal
Pansara, Director, appointed as Whole-Time Director, w.e.f 24th July, 2017.
The Designation of Mr. Navneet Pansara was changed to Managing Director

from Director, Mr. Vishal Pansara to Whole-Time Director from Director and
Mrs. Dhruti Pansara to Chief Financial Officer (CFO) from Director W.e.f. 24 th
July, 2017.
 Appointment of Whole Time Director:
The Board of Directors inform the members of the Company that on

Conversion of the company from Private to Public, a change in the designation
of the board took place and Mr. Amratlal Pansara, (DIN: 00300786), Mr. Vishal
Pansara, (DIN:) were appointed as Whole-Time Directors of the Company on
the Board w.e.f. 24th July, 2017 for a term of Five years under the provisions of
section 196, 203, and applicable provisions of the Companies Act, 2013.
 Appointment of Chief Financial Officer:
Since the Company has got its Equity Shares Listed on SME Platform of
National Stock Exchange of India Limited in the month of October, 2017, the
Company was required to appoint Chief Financial Officer (CFO) as its Key
Managerial Personnel (KMP) on its Board in accordance with the provisions of
the Companies Act, 2013.
Mrs. Dhruti Pansara, (DIN: 01943399), was appointed as the Chief Financial
Officer (CFO) of the Company by passing a resolution in the Extra-Ordinary

General Meeting held on Monday, 24th July, 2017. She looks after the routine
financial matters of the Company. She is responsible for efficient flow of funds
and management of smooth administration of the Company. She is associated
with the Company since 2007.
 Appointment of Company Secretary & Compliance Officer:
As per Rule 8 of the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014 there is need to appoint a Company Secretary &
Compliance Officer in the Company as it is listed on National Stock Exchange
Emerge Platform. Consequent to this expansion; the Company will have to
comply with various Laws/Acts/Rules/Regulations in future.
Moreover, for efficient administration of a Company, particularly with regard to

ensuring compliance with statutory and regulatory requirements and
implementation of decisions of the Board of directors in an appropriate and
systematic manner, a Company Secretary is required to be appointed.
The Board had appointed CS (Mr.) Darshak Thaker, (Membership No: A46919)
an Associate Member of the Institute of Company Secretaries of India (ICSI) as
the Company Secretary and Compliance Officer of the Company by passing a
resolution in Extra-Ordinary General Meeting of the Members of the Company
held on Monday, 24th July, 2017.
10. DIRECTORS LIABLE TO RETIRE BY ROTATION AND BE ELIGIBLE TO GET

RE-APPOINTED:
Pursuant to Section 149, 152 and other applicable provisions of the

Companies Act, 2013, one-third of such of the Directors as are liable to retire
by rotation, shall retire every year and, if eligible, offer themselves for re-
appointment at every AGM.

Pursuant to the provisions of Section 152(6) and other applicable provisions of
the Companies Act, 2013. Mr. Muljibhai Pansara, though appointed as
Chairman on the board w.e.f 24 th July, 2017 for a term of Three Years. He has
been associated with the Company since the Incorporation of the Company, is
liable to get retired by rotation being eligible has offered himself for re-
appointment at the ensuring 19 th AGM of the Company. The Board
recommends his re-appointment for consideration by the Members of the
Company at the 19th Annual General Meeting. Accordingly, requisite resolution
shall form part of the Notice convening the AGM.
11. COMPOSITION OF BOARD OF DIRECTORS:
The Board of Directors of Goldstar Power Limited is a balanced one with an

optimum mix of Executive and Non Executive Directors. They show active
participation at the board and committee meetings, which enhances the
transparency and adds value to their decision making. The Board of the
Company is headed by an Executive Chairman. Chairman takes the strategic
decisions, frames the policy guidelines and extends wholehearted support to
Executive Directors, business heads and associates.
As on 31st March, 2018 the Key Managerial Personnel (KMP) of the Company
consists of the Following:
Sr. Particulars DIN/PAN Designation Date of

No Appointment
1. Mr. Muljibhai 00300722 Promoter & 12.07.1999
Pansara Chairman
2. Mr. Navneet 00300843 Managing 24.07.2017

Pansara Director
3. Mr. Amrutlal 00300786 Promoter & 24.07.2017

Pansara Whole-Time
Director
4. Mr. Vishal 02230565 Whole-Time 24.07.2017
Pansara Director

5. Mrs. Dhruti 01943399 Director & Chief 24.07.2017
Pansara Financial Officer
6. Mr. Jayant 07831403 Non-Executive 31.07.2017

Virani Independent
Director
7. Mr. Chetan 00020777
Khattar Non-Executive 31.07.2017
Independent
Director
Mr. Hemraj Patel 07830488
8. Non-Executive 31.07.2017
Independent
Director
9. Mr. Darshak ALEPT5324M Company
Thaker Secretary & 24.07.2017
Compliance
Officer
12. EXTRACT OF ANNUAL RETURN:
Extract of Annual Return in Form MGT-9 containing details as on financial year

ended 31st March, 2018 [as required under Section 92(3) read with Rule 12(1) of
the Companies (Management and Administration) Rules, 2014] the extract of
Annual Return for the Financial Year 2017-18 is enclosed with this report as
“Annexure-I” to this report.
13. BOARD MEETINGS:
The Board meets at regular intervals to discuss and take a view on the
Company’s policies and strategy apart from other Board matters. The notice for
Board Meetings is given well in advance to all the Directors.
During the year, the Board of Directors met 13 (Thirteen) times and board
meetings were held on 19.04.2017, 01.07.2017, 24.07.2017, 02.08.2017,
04.10.2017, 06.10.2017, 06.11.2017, 15.11.2017, 15.12.2017, 15.01.2018,
17.02.2018, 05.03.2018, 20.03.2018 and the requisite quorum were present at
the said meetings.

14. MEETING OF INDEPENDENT DIRECTORS:
Pursuant to Clause VII of Schedule IV of the Companies Act, 2013 and

Regulation 25 of Listing Regulations, the Independent Directors of the
Company are required to hold at least on meeting in a year without the
attendance of Non-Independent Directors and the Members of Management.
All the Independent Directors of the Company shall strive to present at such
meeting.
Sr. Position Designation Attendance at the

No. Meeting held on 26th
March, 2018
1. Mr. Jayant Virani Non-Executive Yes
Independent Director
2. Mr. Chetan Non-Executive Yes

Khattar Independent Director
3. Mr. Hemraj Patel Non-Executive Yes

 TERMS OF REFERNCE:
1. The performance of Non-Independent Directors and Board as a Whole;
2. The performance of Chairperson of the company, taking into account the views
of Executive Directors and Non-Executive Directors;
3. Assess the quality, quantity and timeliness of flow of information between the
Company Management and the Board that is necessary for the Board to
effectively and reasonably perform their duties;

15. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS:
All the Independent Directors have confirm to the Board that they meet the
criteria of Independence as specified under Section 149(6) of the Companies
Act, 2013 and that they qualify to be Independent Directors pursuant to Rule
5 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
They have confirmed that they meet the requirements of “Independent
Director” as mentioned under Regulation 16 of the SEBI (Listing Obligations
and Disclosures Requirements) Regulations, 2015.
The confirmations were placed before and noted by the Board.
16. BOARD’S RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, the
Directors based on the information and representations received from the
operating management confirm that:
a) In the preparation of the annual accounts, the applicable accounting

standards had been followed alongwith proper explanation relating to material
departures;
b) The directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the company
at the end of the financial year and of the profit and loss of the company for
that year;
c) The directors had taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities;
d) The directors had prepared the annual accounts on a going concern basis; and

e) Directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and are
operating effectively.
f) The directors had devised proper systems to ensure compliance with the
provisions of all applicable laws and such systems were adequate and
operating effectively
17. RELATED PARTY TRANSACTIONS:
During the year under report, the Company has entered into transactions with
related parties for trading purpose. The said transactions were carried on at
arm’s length price in the ordinary course of business. Information on
transactions with related parties pursuant to section 134(3)(h) of the Act read
with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in
“Annexure-II” in Form AOC-2 and the same forms part of this report.
Further, there are no materially significant related party transactions during

the year made by the company with Promoter, Directors, Key Managerial
Personnel or other designated persons which may have potential conflict with
the interest of the Company at large.
All related party transactions are placed before the Audit Committee for
approval. Prior omnibus approval of the audit committee is obtained for the
transaction which is of a foreseen and repetitive nature. Transaction entered
into pursuant to omnibus approval so granted along with statements giving
details of all the related party transaction are placed before the Audit
Committee.
In line with the requirements of the Companies Act, 2013 and SEBI Listing
Regulation 2015, the Company has formulated a Policy on Related Party
Transactions which is also available on Company’s Website at
www.goldstarpower.com / http://www.goldstarpower.com/

18. STATUTORY AUDITOR AND AUDITORS’ REPORT:
“RESOLVED THAT, pursuant to the provisions of Section 139 of the

Companies Act, 2013 and all other applicable provisions of the Companies Act,
2013 (the “Act”) read with the Companies (Audit and Auditors) Rules, 2014
(including any statutory modification(s) or re-enactment thereof for the time
being in force), and pursuant to the recommendations of the Audit Committee
of Board of Directors, the Company hereby ratifies appointment of M/s. Doshi
Maru & Associates, Chartered Accountants (Firm Registration No. 0112187W)
as statutory auditors of the Company for the year 2018-19, to hold office from
the conclusion of this Annual General Meeting till the conclusion of the next
Annual General Meeting of the Company to be held in the year 2019, subject
to annual ratification by members at every Annual General Meeting, on such
remuneration as may be decided by the Board and the Audit Committee of the
Board.”
The Auditors report does not contain any qualification, reservation or adverse
remark AND the Notes on financial statements referred to in the Auditors
report are self explanatory and do not require any further comments thereon.
Further, in terms of Section 143(3)(i) of the Companies Act, 2013 read with
Rule 10A of the Companies (Audit and Auditors) Rules, 2014, Auditors have
reported that the Company has adequate internal financial controls system
and such system is having operating effectiveness. The Independent Audit
Report for the Financial Year ended on 31 st March, 2018 is annexed herewith
marked as “Annexure-III” to this Report. They have confirmed that they are
eligible for the said Appointment.
19. SECRETARIAL AUDIT:
The Board has appointed M/s. MJP Associates, Practising Company

Secretaries, pursuant to Section 204 of the Companies Act, 2013, to conduct
Secretarial Audit for the F Y 2017-18. The Secretarial Audit Report for the
Financial Year ended on 31st March, 2018 is annexed herewith marked as

“Annexure IV” to this Report. The Secretarial Audit Report submitted by them
in the prescribed form MR-3.The Report of the Secretarial auditors does not
contain any qualification or adverse remarks.
20. APPOINTMENT OF INTERNAL AUDITOR:
The Board has appointed M/s. Dholakia & Dholakia, Chartered Accountants,
Jamnagar, (ICAI Firm Registration Number 130030W) pursuant to the
provisions of Section 138 of the Companies Act, 2013, to conduct Internal
Audit for the F Y 2017-18.
21. PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS MADE:
During the year under report, pursuant to provisions of Section 185 of the
companies Act, 2013, loans are granted by the Company to the company in
which relatives of the directors are interested. However, the loans granted is
within the limits of Section 186(2) of the Companies Act, 2013, and hence did
not require approval of Shareholders under that section. Moreover, the said
loans were granted out of business compulsions. All terms & conditions of
such loans were in best interest of the Company. The Company will not issue
any fresh loans or advances to any related party in years to come.
22. CORPORATE SOCIAL RESPONSIBILITY (CSR):
In terms of Section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, every company with net
worth of Rs. 500 Crores or more OR an annual turnover of Rs. 1000 Crores or
more OR with a net profit of Rs. 5 Crores or more, during any of the three
previous year i.e. (2014-15, 2015-16 or 2016-17) is required to constitute a
CSR Committee. Goldstar Power Limited does not fall in any of the above
criteria during the year 2017-18. Therefore, it is not required mandatorily to
carry out any CSR activities or constitute any Committees under provisions of
Section 135 of the Act.

We also feel strongly about giving back to our community. We believe
everybody deserves to be treated with dignity and respect, regardless of their
personal circumstances, and offered the skills, knowledge and assistance they
need to help themselves lead healthy and productive lives.
23. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT THE

WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:
At Goldstar Power Limited, all employees are of equal value. There is no

discrimination between individuals at any point on the basis of race, colour,
gender, religion, political opinion, national extraction, social origin, sexual
orientation or age.
At Goldstar Power Limited, every individual is expected to treat his/her

colleagues with respect and dignity. This is enshrined in values and in the
Code of Ethics & Conduct of Goldstar Power Limited. The Direct Touch
(Whistle-Blower &Protection Policy) Policy provides a platform to all employees
for reporting unethical business practices at workplace without the fear of
reprisal and help in eliminating any kind of misconduct in the system. The
Policy also includes misconduct with respect to discrimination or sexual
harassment.
The Company also has in place “Prevention of Sexual Harassment Policy”. This
Anti-Sexual Harassment Policy of the Company is in line with the
requirements of The Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013. All employees (permanent,
contractual, temporary and trainees) are covered under this policy.
An Internal Complaints Committee (ICC) is in place to redress complaints

received regarding sexual harassment.
The following is a summary of sexual harassment complaints received and

disposed off during the year:

• No. of complaints received: Nil
• No. of complaints disposed off : NA
24. INDUSTRIAL RELATIONS:
The Company maintained healthy, cordial and harmonious industrial relations

at all levels. The enthusiasm and unstinting efforts of employees have enabled
the Company to remain at the leadership position in the industry. It has taken
various steps to improve productivity across organization.
25. COMMITTEES OF BOARD OF DIRECTORS:
The Board of Directors has constituted Three Committees, viz.
1. Audit Committee.
2. Nomination & Remuneration Committee
3. Stakeholders Relationship Committee
Details of all the Committees along with their composition, terms of reference
and meetings held during the year are as follows:-
1. AUDIT COMMITTEE
The Audit Committees composition meets with the requirement of section 177
of the companies Act, 2013 and Clause 49 of Listing Agreement and Regulation
18 of SEBI (Listing Obligations and Disclosures Requirements) Regulations,
2015. The Members of the Audit Committee possesses financial / accounting
expertise / exposure.

The Audit Committee comprised of 3 members as per Table here in below. The
Company Secretary is the Secretary and Compliance Officer of the committee.
The detail of the composition of the Audit Committee along with their meetings
held/ attended is as follows:-
Name Status Category DIN
Mr. Jayant Chairman Non-Executive 07831403

Virani Independent Director
Mr. Chetan Member Non-Executive 00020777

Mr. Hemraj Patel Member Non-Executive

07830488
During the year, all the recommendations of Audit Committee were duly
considered.
2. NOMINATION & REMUNERATION POLICY
The Nomination & Remuneration Committees composition meets with the

requirement of section 178 of the companies Act, 2013 and Clause 49 of
Listing Agreement and Regulation 19 of SEBI (Listing Obligations and
Disclosures Requirements) Regulations, 2015. The Members of the Nomination
& Remuneration Policy possesses sound knowledge / expertise / exposure.
The Committee comprised of 3 members as per Table here in below. The

Company Secretary is the Secretary and Compliance Officer of the Committee.
The detail of an composition of the Nomination & Remuneration Committee
along with their meetings held/ attended is as follows:-

Mr. Hemraj Chairman Non-Executive 07830488

Patel Independent Director
Mr. Chetan Member Non-Executive 00020777

Mr. Jayant Member Non-Executive 07831403

The Company has duly formulated the Nomination & Remuneration Policy
which is also available at the Company Website www.goldstarpower.com,
http://www.goldstarpower.com/
3. STAKEHOLDERS RELATIONSHIP COMMITTEE
The Stakeholders Relationship Committee meets with the requirement of the

Section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The
Stakeholders Relationship Committee is mainly responsible to review all
grievances connected with the Company’s transfer of securities and Redressal
of shareholders / Investors / Security Holders Complaints.
The Committee comprised of 3 members as on the date of Annual Return i.e.,

September 29, 2018. The Company Secretary is the Secretary and Compliance
Officer of the Committee. The detail of a composition of the said Committee
along with their meetings held/ attended is as follows:-

Mr. Chetan Chairman Non-Executive 00020777

Mr. Jayant Member Non-Executive 07831403

Mr. Hemraj Member Non-Executive 07830488

Patel Independent Director
26. RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN

REMUNERATION OF THE EMPLOYEES OF THE COMPANY FOR THE
FINANCIAL YEAR 2017-18:
The information required pursuant to section 197 (12) read with Rule 5 (1) (i)
of the Companies (Appointment and Remuneration) Rules 2014 in respect of
ratio of remuneration of each director to the median remuneration of the
employee of the Company for the financial year 2017-18 forms part of this
report as “Annexure-V”.
27. COMPANY’S POLICY ON DIRECTORS APPOINTMENT, NOMINATION,

REMUNERATION AND FORMAL EVALUATION:
Pursuant to provisions of Section 178 (1) of the Companies Act, 2013, the
Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection, nomination, appointment and
remuneration of Directors suitably containing the criteria determining
qualifications, positive attributes and independence of a Director.

28. FORMAL EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL
DIRECTORS:
The Board has carried out annual performance evaluation of its own
performance, the directors individually as well the evaluation of the working of
its Audit Committee, Nomination & Remuneration Committee and
Shareholders Grievance committee.
The Nomination & Remuneration Policy forms part of this detail Annual Report
as “Annexure-VI”, http://www.goldstarpower.com/
29. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER

THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL
GOVERNMENT:
The Statutory Auditors or Secretarial Auditors of the Company have not

reported any frauds to the Audit Committee or to the Board of Directors under
Section 143(12) of the Companies Act, 2013, including rules made thereunder.
30. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
In Terms of the Regulation 34 read with Schedule V of the SEBI (LODR)

Regulations 2015, Management Discussion and Analysis report forms part of
this Annual Report as “Annexure VII”
31. CERTIFICATIONS FROM CHIEF FINANCIAL OFFICER/ MANAGING

DIRECTOR OF THE COMPANY:
The Company has obtained a Compliance Certificate in accordance with

Regulation 17(8) of Listing Regulations, 2015 from Mr. Navneet M. Pansara,
Managing Director, (DIN: 00300843) and Mrs. Dhruti Pansara, Chief Financial
Officer, (DIN: 01943399). The same is forming the part of this Annual Report
as “Annexure-VIII”.

32. CORPORATE GOVERNANCE:
As per Regulation 15 (2) of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, Para C of Schedule V relating to Corporate
Governance Report, shall not apply to company listed on SME Exchange. The
Company being a company listed on NSE SME EMERGE Platform, preparation
of corporate governance is not applicable.
33. RISK MANAGEMENT:
The company has been following the principle of risk minimization as it is the
norm in every industry. The Board has adopted steps for framing,
implementing and monitoring the risk management plan for the company. The
main objective of this policy is to ensure sustainable business growth with
stability and to promote a pro-active approach in reporting, evaluating and
resolving risks associated with the business. In order to achieve the key
objective, the policy establishes a structured and disciplined approach to risk
management, in order to guide for decisions on risk related issues.
In today’s Challenging and competitive environment, strategies for mitigating

inherent risk in accomplishing the growth plans of the company are
imperative. The Common risks inherent are: Regulations, Competition,
business risk, technology obsolescence, long term investments and expansion
of facilities. Business risk, inter alia, includes financial risk, political risk, legal
risk etc., As a matter of policy, these risk are assessed and steps as
appropriate are taken to mitigate the same.
34. CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING:
The Board of Directors has adopted the Insider Trading Policy in accordance
with the Requirements of SEBI (Prohibition of Insider Trading) Regulations,
2015. The Insider Trading Policy of the Company lays down guidelines and
procedures to be followed, and disclosures to be made while dealing with
shares of the Company as well as consequences of violation.

The Policy has been formulated to regulate, monitor and ensure reporting of
deals by employees and to maintain the highest ethical standards of dealing in
Company’s Shares.
The Insider Trading Policy of the Company covering the code of practices and
procedures for fair disclosures of unpublished price sensitive information and
code of conduct for prevention of Insider Trading is available on the website
www.goldstarpower.com, http://www.goldstarpower.com/
35. DISCLOSURE ON VIGIL MECHANISM:
Pursuant to Section 177(9) & (10) of the Companies Act, 2013, a Vigil
Mechanism for directors and employees to report genuine concerns has been
established, in order to ensure that the activities of the company and its
employees are conducted in a fair and transparent manner by adoption of
highest standards of professionalism, honesty and integrity and ethical
behavior.
The Company has established a vigil mechanism through which Directors,

employees and business associates may report unethical behavior,
malpractices, wrongful conduct, fraud, violation of Company’s code of conduct
without fear of reprisal. The Company has set up a Direct Touch initiative,
under which all Directors, employees, business associates have direct access
to the Chairman of the Audit committee, and also to a three-member direct
touch team established for this purpose. The direct touch team comprises one
senior woman member so that women employees of the Company feel free and
secure while lodging their complaints under the policy. The vigil mechanism
policy has also been uploaded in the website of the company at
www.goldstarpower.com/ http://www.goldstarpower.com/.

36. CONSERVATION OF ENERGY, TECHNOLOGY & ABSORPTION:
The Company has not taken any significant step for conservation of energy
during the year under Report. However, the Board is keen to develop a
system for conservation of energy on continuous base. There are no
significant expenses on technology absorption during the year under Report.
37. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Further, during the year under review, the Company has reported Foreign
Exchange Earnings and Expenses as under:
PARTICULARS 2017-18 2016-17

Foreign Exchange Earnings 6,25,79,846.00 3,02,23,800.00
Foreign Exchange Outgo 1,47,50,527.00 1,52,11,047.00
38. PARTICULARS OF EMPLOYEES:
There are no employee in the Company drawing remuneration of more than

Rs. 8,50,000/- per month or 1,20,00,000/- per annum, as prescribed in
Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Amendment Rules, 2016.
39. SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES:
As at 31st March, 2018, the Company doesn’t have any Subsidiary, Joint
Venture or Associate Companies.

40. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE
FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED
BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO
WHICH THE FINANCIAL STATEMENTS RELATE ON THE DATE OF THE
REPORT:
During the Financial Year under Review, the Company has launched an
Initial Public Offer in the Month of October, 2017 and had allotted
28,98,000 Equity Shares of Rs. 10/- each fully paid up at an issue price of
Rs. 25/- (Including Share Premium of Rs. 15/- per Equity Share) amounting
to Rs. 724.50 Lacs and the shares of the Company has been listed on
National Stock Exchange of India Limited Emerge Platform.
The Equity Share Capital has increased to 10,69,78,000/- after the Initial
Public Offer of the Company.
There are no other Material Changes and Commitments affecting the

Financial Position of the Company between the end of Financial Year of the
Company to which the Financial Statement relates and the date of this
report.
41. INVESTORS GRIEVANCE REDRESSAL:
During the financial year under review, the Company has not received any
Complaints from the Investors. There were no cases of Investors Grievances
as on 31st March, 2018.
42. OTHER DISCLOSURES AS REQUIRED UNDER THE PROVISIONS OF THE

COMPANIES ACT, 2013 AND RULES MADE THEREUNDER:
1. There have been no material changes /commitments, affecting the

financial position of the company which have occurred between the end
of the financial year of the company to which the financial statements
relate and the date of the report;
2. During the year under review the company has not accepted any deposit
from the public under section 73 to 76 of the companies Act. 2013.
Except monies accepted from shareholders.
3. No significant or material orders were passed by the Regulators or Courts

or Tribunals which impact the going concern status and Company’s
operations in future.

4. There has been no instance of any revision in the Board’s Report or the
financial statement; hence disclosure under Section 131(1) of the Act is
not required.
5. The Company has not issued (a) any shares with differential voting rights
(b) sweat equity shares (c) shares under any Employee Stock Option
Scheme, and hence no disclosures are required to be made as per the
Companies (Share Capital and Debentures) Rules, 2014.
6. The Company has not paid any Commission to any of its Directors and
hence, provision of disclosure of commission paid to any Director as
mentioned in Section 197(14) is not applicable.
7. The Central Government has not prescribed the maintenance of cost

records by the company under Section 148(1) of the Companies Act,
2013 for any of its products.
43. ACKNOWLEDGEMENT:
Your Directors would like to express their appreciation for assistance and co-
operation received from the Central Government, State Governments, Local
authorities and Company’s Bankers for the assistance co-operation and
encouragement they extended to the Company.
Your Directors also wish to place on record their sincere thanks and
appreciation for the continuing support and unstinting efforts of investors,
vendors, dealers, business associates and employees in ensuing and
excellent all around operational performance.
By Order of the Board of Directors

Date : September 05, 2018 For, Goldstar Power Limited
Place : Jamnagar
Mulji M. Pansara Navneet M. Pansara

Chairman Managing Director
[DIN: 00300722] [DIN: 00300843]

“ANNEXURE – I”
TO DIRECTORS REPORT OF GOLDSTAR POWER LIMITED
(Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the
Company (Management & Administration) Rules, 2014)
Financial Year ended on 31/03/2018
(I) REGISTRATION AND OTHER DETAILS:
(i) CIN L36999GJ1999PLC036274
(ii) Registration date 12th July, 1999
(iii) Name of the Company Goldstar Power Limited
(iv) Category Company Limited by shares
Sub–category of the Company Indian Non Government Company

(v) Address of the Registered Office and Behind Ravi Patrol pump
Contact Details
Highway Rd, AT & Post,
Hapa, District- Jamnagar-361120
Contact Details:
Phone: 0288-2571120/21,
Email :[email protected]
Website: www.goldstarpower.com
(vi) Whether Listed Company? Yes

Yes / No
Link Intime India Private Limited

(vii) Name, address and contact details of C-101, 247 Park, L.B.S Marg,
Registrar and Share Transfer Agent.
Vikhroli (West), Mumbai- 400 083,
Maharashtra
Phone: 022 – 4918 6200
Email :[email protected]
Website :www.linkintime.co.in

(II) PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:
All the business activities contributing 10% or more of the total turnover of the
company shall be stated:
Sr. Name & Description of main NIC Code of the % to total turnover
No. products/services
Product/service of the company
Company is engaged in the

business of manufacture, produce
& assemble all types of batteries,
1 3140 100%
including storage batteries, dry
batteries, solar power batteries or
other.
(III) PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Sr. Name and Address of CIN/GLN Holding/ % of Applicable

No. the Company Subsidiary/ shares Section
and held
Associate
2 NONE

(IV) SHAREHOLDING PATTERN: (Equity Share capital Break up as % to total Equity
(i) Category – wise share holding:
Sr. Category of No of Shares held at the beginning of No of Shares held at the end of the year %
No. Shareholders the year 01.04.2017 31.03.2018 Change
during
Demat Physical Total % of Demat Physical Total % of the year
total total
shares shares
A PROMOTERS
(1) Indian --- --- --- --- --- --- --- --- ---
(a) Individual/HUF --- 13,00,000 13,00,000 100% 78,00,000 78,00,000 72.91% 27.09%
(b) Central Govt. --- --- --- --- --- --- --- --- ---
(c) State Govt.(s) --- --- --- --- --- --- --- --- ---
(d) Bodies Corp. --- --- --- --- --- --- --- --- ---
(e) Banks/FIs --- --- --- --- --- --- --- --- ---
(f) Any Other --- --- --- --- --- --- --- --- ---
Sub – Total (A) (1) --- 13,00,000 13,00,000 100% 78,00,000 --- 78,00,000 72.91% 27.09%
(2) Foreign --- --- --- --- --- --- --- --- ---
(a) NRI – Individuals --- --- --- --- --- --- --- --- ---
Other –
(b) --- --- --- --- --- --- --- --- ---
Individuals
(c) Bodies Corp. --- --- --- --- --- --- --- --- ---
(d) Banks/FI --- --- --- --- --- --- --- --- ---
(e) Any Other --- --- --- --- --- --- --- --- ---
Sub – Total (A) (2) --- --- --- --- --- --- --- --- ---
TOTAL Shareholding
of Promoter --- 13,00,000 13,00,000 100% 78,00,000 --- 78,00,000 72.91% 27.09%
(A) = (A) (1) + (A) (2)
B PUBLIC
SHAREHOLDING
1 Institutions
(a) Mutual Funds --- --- --- --- --- --- --- --- ---
(b) Banks/FI --- --- --- --- --- --- --- --- ---
(c) Central Govt. --- --- --- --- --- --- --- --- ---
(d) State Govt. --- --- --- --- --- --- --- --- ---
(e) Venture Capital
--- --- --- --- --- --- --- --- ---
Funds
(f) Insurance
--- --- --- --- --- --- --- --- ---
Companies
(g) FIIs --- --- --- --- --- --- --- --- ---
(h) Foreign Venture
--- --- --- --- --- --- --- --- ---
Capital Funds
(i) Others (Specify) --- --- --- --- --- --- --- --- ---
(j) Sub – Total (B)
2 Non-Institutions
(a) Bodies Corporate --- --- --- --- 1,20,000 --- 1,20,000 1.12% 1.12%
(i) Indian --- --- --- --- --- --- --- --- ---
(ii) Overseas --- --- --- --- --- --- --- --- ---
Goldstar Power Limited |Annual Report – 2017-2018 71

Continue from previous page….
No of Shares held at the beginning No of Shares held at the end of the

%
of the year 01.04.2017 year 31.03.2018
Change
Sr. Category of during
Demat Physical Total % of Demat Physical Total % of
No. Shareholders the
total total
year
shares shares
(b) Individuals
(i) Individual
shareholders
holding
nominal --- --- --- --- 7,26,000 --- 7,26,000 6.79% 6.79%
share capital
up to Rs.2
Lakh
(ii) Individual
shareholders
holding
nominal --- --- --- --- 13,86,000 --- 13,86,000 12.96% 12.96%
share capital
in excess of
Rs. 2 Lakh.
(c) Others
--- --- --- --- --- --- --- --- ---
(specify)
(i) Hindu
Undivided 6,06,000 --- 6,06,000 5.66% 5.66%
Family
(ii) Non-
Resident --- --- --- --- 12,000 12,000 0.11% 0.11%
Indian (NRI)
(iii) Clearing
48,000 48,000 0.45% 0.45%
Member
Sub–total(B)
(2)
Total Public
shareholding --- --- --- --- --- --- --- --- ---
(B)=B(1)+B(2)
C Shares held
by Custodian
--- --- --- --- --- --- --- --- ---
for ADRs
and GDRs.
GRAND TOTAL --- 13,00,000 13,00,000 100% 28,98,000 --- 28,98,000 100% 27.09%
P. T. O.

(ii) Shareholding of Promoters:
Sr. Shareholder’s Shareholding at the beginning Shareholding at the end of the %

No. name of the year 01.04.2017 year 31.03.2018 Change
No. of % of total % of No. of % of total % of
Shares shares of shares Shares shares of shares
the pledged the pledged/
Company /encum Company encumbe
bered to red to
total total
shares shares
1 Muljibhai M. 4,62,157 35.55% --- 27,72,942 25.92% --- ---

Pansara
2 Amratlal M. 3,11,597 23.97% --- 18,69,582 17.48% --- ---

Pansara
3 Vishal M. 1,03,575 7.97% --- 6,21,450 5.81% --- ---
Pansara
4 Leelaben M. 89,436 6.88% --- 5,36,616 5.02% --- ---
Pansara
5 Geetaben A. 76,000 5.85% --- 4,56,000 4.26% --- ---
Pansara
6 Navneet M. 69,560 5.35% --- 4,17,360 3.90% --- ---
Pansara
7 Mulji M. 63,000 4.85% --- 3,78,000 3.53% --- ---
Pansara (HUF)
8 Amrutlal M. 50,000 3.84% --- 3,00,000 2.80% --- ---
Pansara (HUF)
9 Smt. Dhruti 47,575 3.66% --- 2,85,450 2.67% --- ---
N. Pansara
10 Smt. Manshi 13,550 1.04% --- 81,300 0.76% --- ---
V. Pansara
11 Shri Shivam 13,550 1.04% --- 81,300 0.76% --- ---
A. Pansara
GRAND TOTAL 13,00,000 100% --- 78,00,000 72.91% --- ---

(iii) Change in Promoter’s Shareholding: {There is no change in shareholding of
promoters as mentioned in Clause IV (ii)}
Sr. Particulars Shareholding at the beginning Cumulative

No of the year 01.04.2017 Shareholding during
the year 31.03.2018
No. of % of total Date Increasing Reason No. of % of total
Shares shares of Decreasing Shares shares of
Company in Share the
holding Company
1 Muljibhai 4,62,157 35.55% 02.08.2017 Increase Allotment of 27,72,942 25.92%
M. Shares
Pansara (Bonus Issue)
2 Amratlal 3,11,597 23.97% 02.08.2017 Increase Allotment of 18,69,582 17.48%
M. Shares
3 Vishal M. 1,03,575 7.97% 02.08.2017 Increase Allotment of 6,21,450 5.81%
Pansara Shares
(Bonus Issue)
4 Leelaben 89,436 6.88% 02.08.2017 Increase Allotment of 5,36,616 5.02%
M. Shares
5 Geetaben 76,000 5.85% 02.08.2017 Increase Allotment of 4,56,000 4.26%
A. Pansara Shares
(Bonus Issue)
6 Navneet 69,560 5.35% 02.08.2017 Increase Allotment of 4,17,360 3.90%
M. Shares
7 Mulji M. 63,000 4.85% 02.08.2017 Increase Allotment of 3,78,000 3.53%
Pansara Shares
(HUF) (Bonus Issue)
8 Amrutlal 50,000 3.84% 02.08.2017 Increase Allotment of 3,00,000 2.80%
M. Shares
(HUF)
9 Smt. 47,575 3.66% 02.08.2017 Increase Allotment of 2,85,450 2.67%
Dhruti N. Shares
10 Smt. 13,550 1.04% 02.08.2017 Increase Allotment of 81,300 0.76%
Manshi V. Shares
11 Shri 13,550 1.04% 02.08.2017 Increase Allotment of 81,300 0.76%
Shivam A. Shares

(iv) Shareholding Pattern of top ten shareholders :( Other than Directors, Promoters &
Holders of GDRs & ADRs):
Sr. Particulars Shareholding at the Cumulative

No beginning of the year Shareholding during the
01.04.2017 year 31.03.2018
No. of % of total Date Increasing Reason No. of % of total

Shares shares of Decreasing Shares shares of the
Company in Share Company
holding
1. Ketanbhai --- --- --- --- --- 1,62,000 1.5143
Arvindray
Shah
2 Rajendra --- --- --- --- --- 1,56,000 1.4582
Navalchand
Shah
3 Hitesh --- --- --- --- --- 1,56,000 1.4582
Himatlal
Lakhani
4 Himatlal --- --- --- --- --- 1,56,000 1.4582
Jethalal
Lakhani HUF
5 Poonamchand --- --- --- --- --- 90,000 0.8413
Shamji Sheth
6 Heenaben --- --- --- --- --- 90,000 0.8413
Ketan Shah
7 Pareshkumar --- --- --- --- --- 90,000 0.8413

Bhagwanjibhai
Vekaria
8 Rajeshkumar --- --- --- --- --- 90,000 0.8413

Bhagwanjibhai
Vekaria
9 Bipinkumar --- --- --- --- --- 84,000 0.7852

Bhagwanjibhai
Vekaria
10 Bhagwanjibhai --- --- --- --- --- 84,000 0.7852

Ukabhai
Vekaria

(v) SHAREHOLDING OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Sr. No. Name Shareholding at the beginning of Shareholding at the end of

the year i.e. 01/04/2017 the year i.e. 31/03/2018
No. of shares % of total No. of shares % of total

shares of shares of the
company company
A. Director
1 Mulji Mohanbhai 4,62,157 35.55% 27,72,942 25.92%

Pansara
Chairman
2 Amratlal Mohanbhai 3,11,597 23.97% 18,69,582 17.48%
Pansara
Whole Time Director

3 Navneet Muljibhai 69,560 5.35% 4,17,360 3.90%
Pansara
Managing Director
4 Vishal Muljibhai 1,03,575 7.97% 6,21,450 5.81%
Pansara
Whole Time Director

5 Dhruti Navneet 47,575 3.66% 2,85,450 2.67%
Pansara
Director & CFO

(V) INDEBTEDNESS:
Indebtedness of the Company interest outstanding / accrued but not due for payment:
Secured Loans Unsecured Deposits Total

Excluding Loans Indebtedness
Deposited
Indebtedness at the
beginning of the
financial year
(i)Principal Amount 7,45,42,325 3,87,98,955 0 11,33,41,280
(ii)Interest due but not 0 0 0 0
paid
(iii)Interest accrued but

not due 0 0 0 0
7,45,42,325 3,87,98,955 0 11,33,41,280

Total (i+ii+iii)
Change in
Indebtedness
During the financial
year
 Addition 8,62,387 4,40,16,466 0 4,48,78,853
 Reduction (-)47,53,419 (-)7,42,22,371 0 (-)7,89,75,790
Net Change (-38,91,032) (-3,02,05,905) 0 (-)3,40,96,937
Indebtedness at the end

of the financial year
7,06,51,293 85,93,050 0 7,92,44,343
(i)Principal Amount
(ii)Interest due but not 0 0 0 0
paid
0 0 0 0
(iii)Interest accrued but
not due
Total(i+ii+iii) 7,06,51,293 85,93,050 0 7,92,44,343

(VI) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Particulars of Mr. Mr. Mr. Mr. Vishal Total

Remuneration Navneet Amrutlal Pansara Amount
Sr. Mulji Pansara Pansara
No Pansara Whole
Managing Whole Time
Chairman Director Time Director
Director
1. Gross Salary: 21,00,000 18,00,000 18,00,000 9,00,000 66,00,000
(a) Salary as per

provision contained in
section 17(1) of the
Income tax Act, 1961
(b) Value of
perquisites under
section 17(2) Income-
tax Act, 1961
© Profits in lieu of
salary under section
17(3) Income-tax Act,
1961
2. Stock option --- ---
3. Sweat equity --- ---
Commission:
---
4. - As % of profit ---
- Other, specify…
5. Others, please specify --- ---
Total (A) 21,00,000 18,00,000 18,00,000 9,00,000 66,00,000

B. Remuneration to other Directors:
Sr. Particulars of Mr. Jayant Mr. Chetan Mr. Hemraj Total

No Remuneration Virani Khattar Patel
Amount
1
Independent Director --- --- --- ---
- Fees for attending
Board/ Committee
Meeting
- Commission
Other, please specify
- TOTAL (B) (1)
--
2 Other Non – Executive --- --- ---

Director
Fees for attending
- Board/ committee
meeting
---
Commission
- Other, please specify
TOTAL (B) (2)
-
--
TOTAL (B) (2) --- --- ---
---
Total (B) = (1+2) --- --- --- ---
Total Managerial --- --- --- ---

Remuneration

C. Remuneration to Key Managerial Personnel other than as Managing
Director/Manager/Whole-time Director:
Particulars of Remuneration Key Managerial Personnel

Sr.
No.
Mr. Darshak Mrs. Dhruti

Thaker Pansara
Company Total
Secretary CFO
1. Gross Salary
 Salary as per provisions contained in

section 17(1) of the Income tax Act, 1,63,960 9,00,000 10,63,960
1961
 Value of perquisites under section

17(2) Income tax Act, 1961
---
--- ---
 Profit in lieu of salary under section
17(3) Income tax, 1961 --- --- ---
2. Stock Option --- --- ---
3. Sweat Equity --- --- ---
4. Commission
--- --- ---
 As % of profit
 Other, specify --- --- ---
5. Other, please, specify

--- ---
---
1,63,960 9,00,000 10,63,960

Total
 Salary from April, 2017 to March, 2018

(VII) PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:
Brief Details of Authority Appeal

Type Section of Description Penalty / [RD/ made,
the Punishment/ NCLT/ if any
Companies Compounding COURT] (give
Act fees imposed details)
A. COMPANY
Penalty --- --- --- --- ---
Punishment --- --- --- --- ---
Compounding --- --- --- --- ---
B. DIRECTORS
Penalty --- --- --- --- ---
Punishment --- --- --- --- ---
Compounding --- --- --- --- ---
C. OTHER OFFICERS IN DEFAULT

Penalty --- --- --- --- ---
Punishment --- --- --- --- ---
Compounding --- --- --- --- ---

Date : September 05, 2018 For, Goldstar Power Limited,
Place : Jamnagar
(Mulji M. Pansara)
CHAIRMAN
(DIN: 00300722)

Form AOC 2
“Annexure –II”
To
Directors Report of Goldstar Power Limited

(Pursuant to Section 134 (3) (h) of the Act read with Rule 8(2) of the
Companies (Accounts) Rules, 2014)
Form for Disclosure of particulars of contracts/arrangements entered into by

the company with related parties referred to in sub section (1) of section 188
of the Companies Act, 2013 including certain arms length transaction under
third proviso thereto.
1. Details of material contracts or arrangements or transactions not at Arm’s

length basis: NOT APPLICABLE
2. Details of material contracts or arrangements or transactions at Arm’s

length basis.
Sr. Name (s) of the Nature of Duration Salient Date Amount

No. related party & contracts/ of the Features of paid as
nature of arrangements/ contracts & value appro advance
relationship Transaction /arrange val by s, if any
ments/tra the
nsaction Board
A. Goldstar Battery Trading of Annual 2,23,52,488 NA NIL
Limited (Uganda goods (Sales of
Unit) Battery)
Mr. Mulji
Pansara is a
Director
B. Blue Star Energy Sale/ Annual Sale: NA NIL
Private Limited Purchase 55,37,584
Purchase:
Company in 15,78,967
which Relatives
of Directors are
Directors

Note:
Date of approval by the Board: Not Applicable, since the contracts were
entered into in the ordinary course of business and on arm’s length basis.
All transactions are reviewed at regular interval and it is generally renewed on

year to year basis.
Date : September 05, 2018 For, Goldstar Power Limited,

Place : Jamnagar
(Muljibhai M. Pansara) (Navneet M. Pansara)

Chairman Managing Director
[DIN 00300722] [DIN 00300843]

MJP ASSOCIATES
CS Bhavin A. Mehta, B.Com., FCS
CS Samir M. Pathak, BBA.,LL.B,FCS
CS Purvi G. Dave, B.Com, Sp. LLB, ACS
PRACTISING COMPANY SECRETARIES
Form No MR-3 SECRETARIAL
AUDIT REPORT
For the Financial Year Ended 31 stMarch, 2018

[Pursuant to section 204(1) of the Companies Act, 2013and Rule No. 9 of The
Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
Behind Ravi Petrol Pump
High-way Road at Post -Hapa
Jamnagar-361120, Gujarat
We have conducted the secretarial audit of the compliance of applicable

statutory provisions and the adherence to good corporate practices by
GOLDSTAR POWER LIMITED (CIN: L36999GJ1999PLC036274)
(hereinafter called the Company). Secretarial Audit was conducted in a
manner that provided me a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of Goldstar Power Limited books, papers, minute

books, forms and returns filed and other records maintained by the
Company and also the information provided by the Company, its Officers,
agents and authorized representatives during the conduct of secretarial
audit, I hereby report that in my opinion, the Company has during the audit
period covering the financial year ended March 31, 2018, complied with the
statutory provisions listed hereunder and also that the Company has proper

Board processes and compliance mechanism in place to the extent, in the
manner and subject to the reporting made hereinafter.
We have examined the books, papers, Minutes books, forms and returns filed
and other records maintained by the Company for the financial year ended
on March 31, 2018 according to the provisions of:
I. The Companies Act, 2013 (the Act) and the Rules made there under :
II. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules
made there under;
III. The Depositories Act, 1996 and the Regulations and bye-laws framed
there under;
IV. Foreign Exchange Management Act, 1999 and the rules and
regulations made there under to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial
Borrowings ;
V. The following Regulations and Guidelines prescribed under the

Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
a. The Securities and Exchange Board of India (Listing Obligations

and Disclosure Requirements) Regulations, 2015
b. The Securities and Exchange Board of India (Substantial

Acquisition of Shares and Takeovers) Regulations, 2011(Note:-
The Company had listed its securities on 10 th October, 2017, so
the Regulations were applicable to the Company only with effect
from that day);

c. The Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015(Note:- The Company had
listed its securities on 10th October, 2017, so the Regulations
were applicable to the Company only with effect from that day);
d. The Securities and Exchange Board of India(Issue of Capital and

Disclosure Requirements) Regulations, 2009;
e. The Securities and Exchange Board of India (Employee Stock

Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999; (Not applicable to the Company during the
Audit Period);
f. The Securities and Exchange Board of India (Issue and Listing of

Debt Securities) Regulations, 2008; (Not applicable to the
Company during the Audit Period);
g. The Securities and Exchange Board of India (Registrars to an

Issue and Share Transfer Agents) Regulations, 1993; regarding
the Companies Act and dealing with client –
h. The Securities and Exchange Board of India (Delisting of Equity

Shares) Regulations, 2009; (Not applicable to the Company
during the Audit Period); and
i. The Securities and Exchange Board of India (Buyback of

Securities) Regulations, 1998; (Not applicable to the Company
during the Audit Period);

We have also examined, in general, compliance with the applicable
clauses of the following:
i. Secretarial Standards with respect to Meetings of Board of Directors

and Committees (SS-1) and General Meetings (SS-2) issued by The
Institute of Company Secretaries of India and made effective 1st July,
2015) and revised (SS-1) & (SS-2) were effective from 1st October, 2017.
ii. The Listing Agreement entered into by the Company with NSE LTD -
SME Emerge as per SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015.
During the period under review the Company has complied with the
provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned above, subject to the following observations:
a) The Company has raised the fund from HDFC Bank through
Hypothecation of Deed dated 10.07.2017 for facility of Rs. 4 Crores
against hypothecation of book debts, floating charge, movable property
and other and Form CHG-1 was filed with the Registrar of Companies,
Gujarat, after completion of 30 days with payment of additional fees on
01.01.2018.
b) The Company has raised the fund from HDFC Bank through
Memorandum Relating to Charge over Fixed Deposits / Cash Deposits
dated 19.12.2017 for facility of Rs. 2 Crores and Form CHG-1 was filed
with the Registrar of Companies, Gujarat, after completion of 30 days
with payment of additional fees on 07.02.2018.

c) The Company has filed Financial Statements and Boards Report with
the Registrar of Companies, Gujarat, and Annual Return Form MGT-7
is filed on 2.04.2018 with payment of Additional fees.
d) The Company had purchased a Car in name of Director, against

hypothecation of same with the Bank, and as explained to us, the Car
is asset of the Company, and installments of the loan are being paid by
the Company. However the Company had not filed necessary Form with
the Registrar, for registration of Creation of Charge.
e) The Company had made its Initial Public Offer (IPO) from 27
September, 2017 to 29 September, 2018, and had allotted 28,98,000
equity shares of Rs. 10/- each at premium of Rs. 15/- each,
aggregating to Rs. 724.50 lacs. As far as utilization of IPO funds, we
had relied upon the Declaration filed by the Company with the NSE.
f) The Company had filed Form FCGPR with the RBI, on allotment made
to person resident outside India, in the IPO. However, as on date of this
Report, the Form is pending to be approved by the RBI.
We further report that the Board of Directors of the Company is duly

constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The Changes in the composition of the
Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice is given to all the Directors to schedule the Board Meetings,
agenda and detailed notes on agenda were sent at least seven days in
advance, and a system exists for seeking and obtaining further information’s

and clarifications on the agenda items before the meeting and for meaningful
participation at the meeting.
Decisions at the meetings of the Board of Directors/ Committees of the

Company were carried unanimously. We were informed that there were no
dissenting views of the members on any of the members on any of the matters
during the year that were required to be captured and recorded as part of the
minutes.
We further report that based on the review of compliance mechanism

established by the information provided by the company, its officers and
authorised representatives during the conduct of the audit and compliance
certificate (s) placed before the board meeting, there are adequate systems
and processes in the company commensurate with the size and its operations
to monitor and ensure compliance with applicable laws, rules, regulations
and guidelines such as Environment Protection Act, 1986 and other
environmental laws; Factories Act, 1948; Trade Marks Act, 1999 and rules,
notification issued under Employees Provident Fund and Miscellaneous
Provisions Act, 1952; and other applicable labour laws and Indian Stamp Act,
1999;
We further report that during the audit period, there were no instances of:
(i) Rights / Preferential issue of shares /debentures / sweat equity.
(ii) Redemption / buy-back of securities.
(iii) Merger/ amalgamation/reconstruction etc.
(v) Foreign technical collaborations.

We further report that:
The Compliance by the Company of the applicable financial laws, like Direct
and Indirect tax Laws has not been reviewed in this Audit Since the same
have been subject to the review by the Statutory Auditors and other
designated professionals.
For, MJP Associates

Practising Company Secretaries
Place: Jamnagar
Date : 28th May, 2018

(CS Purvi Dave)
Partner
ACS No. 27373 CP 10462
Please note that the Secretarial Audit report is to be read with my letter
of even date attached as Annexure A to the report and letter also forms
the integral part of report.

ANNEXURE A
To,
The Members,
Gold Star Power Limited
Behind Ravi Petrol Pump
High-way Road at Post -Hapa
Jamnagar-361120, Gujarat
Our Secretarial Audit Report of even date for the Financial Year ended on 31 st
March, 2018 is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management

of the company. Our responsibility is to express an opinion on these
secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to

obtain reasonable assurance about the correctness of the contents of the
Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. I believe that the processes
and practices, we followed provide a reasonable basis for our opinion.
3. We have relied on the representations made by the Company and its officers
for systems and mechanisms formed by the Company for compliances
under other laws and regulations applicable to the Company and
verification of documents and records procedures on test check basis.
4. Wherever required, we have obtained the Management representation about

the compliance of laws, rules and regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws,

rules, regulations, standards is the responsibility of management.

6. The Secretarial Audit report is neither an assurance as to the future
viability of the company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the company.
For, MJP Associates

Place: Jamnagar Practising Company Secretaries
Date : 28th May, 2018

(CS Purvi Dave)
Partner
ACS No. 27373 CP 10462

“ANNEXURE-V”
Particulars pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014
The Ratio of Remuneration of each Name Ratio

director to the median remuneration of
the employees of the Company for the Mr. Mulji Pansara 1:13
Financial Year
Mr. Amrutlal Pansara 1:11
The Percentage Increase in There is no increase in the Remuneration

Remuneration of each Director, Chief of Director. Further CFO, MD and CS
Financial Officer, Chief Executive Officer, were Appointed w.e.f 24th July, 2017.
Company Secretary or Manager, in any,
in the Financial Year;
The Percentage increase in the Median There is no Increase in the Median

Remuneration of Employees in the Remuneration of Employees in the
Financial Year; Financial Year
The number of Permanent Employees on 91

rolls in the Company;
Average percentile increase already made NA

in the salaries of employees other than
the Managerial Personnel in the last
Financial Year and its comparison with
the percentile increase in the Managerial
Remuneration and justification thereof
and point out if there are any exceptional
circumstances for increase in Managerial
Remuneration;
The Key parameters for any variable There is no variable component in the
component of Remuneration availed by Remuneration of Director
the directors;
We Affirm that the Remuneration is as per the Remuneration Policy of the Company

“ANNEXURE-VI”
NOMINATION AND REMUNERATION POLICY
INTRODUCTION
The Company considers the human resources as its invaluable assets.

This policy on Nomination & Remuneration of Directors, Key Managerial
Personnel (KMPs) and other employees has been formulated in terms of
the provisions of the Companies Act, 2013 and the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulation”) in order to pay
equitable remuneration to the Directors, KMPs and Employees of the
Company and to harmonize the aspirations of human resources
consistent with the goals of the Company.
CONSTITUTION OF COMMITTEE
The Board has the power to constitute/ reconstitute the Committee from
time to time in order to make it consistent with the Company’s policy and
applicable statutory requirement. At present, the Nomination and
Remuneration Committee comprises of following Directors:
i. Mr. Jayant Virani, Chairman (Non -Executive Independent Director)

ii. Mr. Chetan Khattar, Member (Non -Executive Independent Director)
[
iii. Mrs. Dhruti Pansara, Member (Non- Executive Director)

OBJECTIVE AND PURPOSE OF POLICY
This policy on nomination and remuneration of Directors, Key Managerial

Personnel and Senior Management has been formulated by the
Committee, in compliances with Section 178 of the Companies Act, 2013
read along with applicable rules thereto and Regulation 19 of Listing
Obligation. The objective of this policy is to lay down a framework in
relation to remuneration of Directors, Key Managerial Personnel and
Senior Management Personnel.
The key objectives of the Committee
i. Formulate the criteria for determining qualifications, positive

attributes and independence of a director and recommend to the
Board a policy relating to the remuneration of Directors, key
managerial personnel and other employees.
ii. Formulation of criteria for evaluation of the Independent Director and

to carry out evaluation of every Director’s performance and to provide
necessary report to the Board for further evaluation.
iii. Devising a policy on Board diversity.
iv. Identify persons who are qualified to become Director and persons
who may be appointed in Key Managerial and Senior Management
positions in accordance with the criteria laid down in this policy.
v. To provide to Key Managerial Personnel and Senior Management

reward linked directly to their effort, performance, dedication and
achievement relating to the Company’s operations.

vi. To retain, motivate and promote talent and to ensure long term
sustainability of talented managerial persons and create competitive
advantage.
vii. Ensure that level and composition of remuneration is reasonable and

sufficient, relationship of remuneration to performance is clear and
meets appropriate performance benchmarks.
viii. To carry out any other function as is mandated by the Board from
time to time and / or enforced by any statutory notification,
amendment or modification, as may be applicable.
ix. To perform such other functions as may be necessary or appropriate

for the performance of its duties.
x. To develop a succession plan for the Board and to regularly review the
plan.
APPLICABILITY
The Policy is applicable to:-
 Directors (Executive and Non Executive)
 Key Managerial Personnel
 Senior Management Personnel
 Employees

POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND
SENIOR MANAGEMENT
The Committee shall identify and ascertain the integrity, qualification,

expertise and experience of the person for appointment as director or KMP
and recommend to the board his/her appointment.
A person should possess adequate qualification, expertise and experience for

the position he/she is considered for appointment. The Committee has
discretion to decide whether qualification, expertise and experience possessed
by a person is sufficient/ satisfactory for the concerned position.
The Committee shall identify whether the director is willing to serve on one or
more committees of the Board as also devote such time as necessary for
proper performance of his duties.
The Committee shall analyze whether the Independent Director being

considered is willing to and shall be able to carry out the duties which every
independent directors are required to follow. The committee shall check
whether the prospective Director/ KMP shall be able to follow the conduct of
the Company or not.
TERM/ TENURE
The Term / Tenure of the Directors shall be governed as per provisions of the
Companies Act, 2013 and rules made there under as amended from time to
time.

1. Managing Director/Whole-time Director/Manager (Managerial
Person):-
The Company shall appoint or re-appoint any person as its Managerial

Person for a term not exceeding five years at a time. No re-appointment shall
be made earlier than one year before the expiry of term.
2. Independent Director: -
An Independent Director shall hold office for a term up to five consecutive

years on the Board of the Company and will be eligible for appointment on
passing of a special resolution by the Company and disclosure of such
appointment in the Board's Report. No Independent Director shall hold office
for more than two consecutive terms, but such Independent Director shall be
eligible for appointment after expiry of three years of ceasing to become an
Independent Director. Provided that an Independent Director shall not,
during the said period of three years, be appointed in or be associated with
the Company in any other capacity, either directly or indirectly. At the time of
appointment of Independent Director it should be ensured that number of
Boards on which such Independent Director serves as an Independent
Director.
EVALUATION AND ITS CRITERIA
 Evaluation:
The Committee shall carry out evaluation of performance of every

Director, KMP and Senior Management at regular interval (yearly).
 Criteria for Evaluation of the Board:
Following are the Criteria for evaluation of performance of the Board:

1. Executive Directors: The Executive Directors shall be evaluated on the basis
of targets/Criteria given to executive Directors by the Board from time to
time.
2. Non Executive Director: The Non Executive Directors shall be evaluated

on the basis of the following criteria i.e. whether they:
(a) Act objectively and constructively while exercising their duties;
(b) Exercise their responsibilities in a bona fide manner in the interest

of the Company;
(c) Devote sufficient time and attention to their professional obligations

for informed and balanced decision making;
(d) Do not abuse their position to the detriment of the company or its
shareholders or for the purpose of gaining direct or indirect
personal advantage or advantage for any associated person;
(e) Refrain from any action that would lead to loss of his independence,
(f) Inform the Board immediately when they lose their independence,
(g) Assist the Company in implementing the best corporate governance

practices;
(h) Strive to attend all meetings of the Board of Directors and the
Committees;
(i) Participate constructively and actively in the committees of the

Board in which they are chairpersons or members;
(j) Strive to attend the general meetings of the Company;

(k) Keep themselves well informed about the Company and the external
environment in which it operates;
(l) Do not to unfairly obstruct the functioning of an otherwise proper

Board or committee of the Board;
(m) Moderate and arbitrate in the interest of the Company as a whole,

in situations of conflict between management and shareholder’s
interest;
(n) Abide by Company’s Memorandum and Articles of Association,

Company’s policies and procedures including code of conduct,
insider trading etc.
REMOVAL
Due to reasons for any disqualification mentioned in the Companies Act,

2013, rules made there under or under any other applicable Act, rules
and regulations or any other reasonable ground, the Committee may
recommend to the Board with the reasons recorded in writing for removal
of a Director, KMP or Senior Management Personnel subject to the
provisions and compliance of the said Act, rules and regulations.
RETIREMENT
The Whole-Time Directors, KMP and Senior Management shall retire as

per the applicable provisions of the Companies Act, 2013 and the
prevailing policy of the Company. The Board will have the discretion to
retain the Whole-Time Directors, KMP, Senior Management in the same
position/ remuneration or otherwise even after attaining the retirement
age, for the benefit of the Company.

POLICY FOR REMUNERATION TO DIRECTORS/ KMP
The Committee will recommend the remuneration to be paid to the

Managing Director, Whole Time Director, KMP and Senior Management
Personnel to the Board for their approval. The level and composition of
remuneration so determined by the Committee shall be reasonable and
sufficient to attract, retain and motivate directors, Key Managerial
Personnel and Senior Management of the quality required to run the
Company successfully. The relationship of remuneration to performance
should be clear and meet appropriate performance benchmarks. The
remuneration should also involve a balance between fixed and incentive
pay reflecting short and long-term performance objectives appropriate to
the working of the Company and its goals:
 Remuneration to Managerial Person, KMP and Senior Management:
1. Fixed pay:
Managerial Person, KMP and Senior Management shall be eligible for a

monthly remuneration as may be approved by the Board on the
recommendation of the Committee in accordance with the statutory
provisions of the Companies Act, 2013, and the rules made there under
for the time being in force. The break-up of the pay scale and quantum
of perquisites including, employer’s contribution to P.F, pension
scheme, medical expenses etc. shall be decided and approved by the
Board on the recommendation of the Committee and approved by the
shareholders and Central Government, wherever required.
2. Minimum Remuneration:
If, in any financial year, the Company has no profits or its profits are
inadequate, the Company shall pay remuneration to its Managerial
Person in accordance with the provisions of Schedule V of the

Companies Act, 2013 and if it is not able to comply with such
provisions, with the prior approval of the Central Government.
3. Provisions for excess remuneration:

If any Managerial Person draws or receives, directly or indirectly by
way of remuneration any such sums in excess of the limits prescribed
under the Companies Act, 2013 or without the prior sanction of the
Central Government, where required, he / she shall refund such sums
to the Company and until such sum is refunded, hold it in trust for
the Company. The Company shall not waive recovery of such sum
refundable to it unless permitted by the Central Government.
 Remuneration to Non-Executive / Independent Director:
1. Remuneration / Commission:
The remuneration / commission shall be in accordance with the
statutory provisions of the Companies Act, 2013, and the rules made
there under for the time being in force.
2. Sitting Fees:
The Non- Executive / Independent Director may receive remuneration

by way of fees for attending meetings of Board or Committee thereof.
Provided that the amount of such fees shall not exceed the maximum
amount as provided in the Companies Act, 2013, per meeting of the
Board or Committee or such amount as may be prescribed by the
Central Government from time to time.

 POLICY REVIEW
This policy is framed based on the provisions of the Companies Act,

2013 and rules thereunder and the requirements of the listing
regulations.
In case of any subsequent changes in the provisions of the Companies

Act, 2013 or any other regulations which makes any of the provisions
in the policy inconsistent with the Act or Regulations would prevail
over the policy and the provisions in the policy would be modified in
due course to make it consistent with the law.
This policy shall be reviewed by the Nomination and Remuneration

Committee as and when any changes are to be incorporated in the
policy due to changes in regulations or as may be felt appropriate by
the Company. Any changes or modifications on the policy as
recommended by the Committee would be given approval of Board of
Directors.

“ANNEXURE-VII”
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 Industry Structure and Developments:
Incorporated in 1999, our Company, “Goldstar Power Limited” is engaged

in Manufacturing of Batteries and Battery Product. Goldstar Power
Limited is located at Hapa, Jamnagar on Jamnagar-Rajkot Highway,
Gujarat with an integrated plant wherein Battery Scrap and Discarded
Batteries procured from dealers and retailers are converted to finished
product. Our Company was incorporated on July 12, 1999 and has
completed more than fifteen four years since incorporation. Our
Company spread over an area of Approx, 125000 Sq. Ft., ours is India’s
only fully integrated unit having all production facility at a single place
under single control.
Our Promoter, Muljibhai Pansara has more than Four decades of

experience in Battery industry. He has been the founder chairman of the
Gujarat Small Scale Battery Association and president of Federation of
India Small Scale Battery Association for west zone. In the year 1982
Shri Muljibhai entered in to Battery business keeping roots of
Agriculture intact. Since inception, Shri Muljibhai is keeping pace with
technology as guiding force for development of the business. Though it
was new business for him, he is never required to look back because of
his vision and hard working attitude. Successfully travelled around 35
years of long journey from a Partnership Firm to a well managed
corporate i.e., Goldstar Power Limited. Today Goldstar is the highly
reputed name in the power industry. We are leading manufacturer in
Small Scale segment.

Our Company is promoted by Mulji Pansara and Amratlal Pansara. Both
our promoters are subscribers of our Company and are directors since
inception. We started by manufacturing of battery plates and gradually
moved to forward and backward stages of manufacturing. Later, in the
year 2006, Navneet Pansara, son of Mulji Pansara joined our Company
as Director and since then is involved in all day to day activities of our
Company. In the year 2008, Vishal Pansara, younger son of Mulji
Pansara joined our Company who leads the marketing department of our
Company.
We believe in manufacturing and delivering quality products and our

manufacturing process is under constant supervision by qualified
engineers. Integrated plant and quality driven products are our major
strengths. We maintain quality standard conforming to ISI, FIFO and
International Quality standards like ISO under BVQI Approved. As a part
of continual quality up gradation, we have adopted ISO 9001: 2015
system certification. Our Company‘s major revenue is from sale of
Battery and Lead Plates various measures ranging from GS 1000TT to
GST 2300TT, GS 400 to GS 2000 and GST, GSD and GSV versions.
Our product range covers various types of batteries including Fully

Automotive Batteries for Car, Tractor and Heavy Duty Trucks, Tubular
Batteries for Inverter and Solar Application, SLI and Tubular Batteries
for E-Rickshaw, SMF-VRLA Batteries for UPS Application, Motorcycle
Batteries, Solar Batteries, Pure Lead and Alloy batteries.
Our manufacturing facility is equipped with requisite infrastructure

including machinery, other handling equipment to facilitate smooth
manufacturing process. We Endeavour to maintain safety in our
premises by adhering to key safety norms. Our manufacturing process is
integrated from procurement of raw materials to final testing.

We are dedicated towards safe supply and hygiene of our products by
controlling the procurement of standard raw material, monitoring the
process parameters, maintaining appropriate sanitation and personal
hygiene and to comply with applicable statutory and regulatory
requirements of our products.
Currently our Company caters to all three segments of market viz.

exports, domestic/after sales market and OEM. We have a widespread
customer base with our domestic customer base situated in various
regions of the country and our international customers situated across
varied countries like Uganda, Nepal, Lebanon, Dubai, Syria, Yaman,
Afghanistan etc.
At Goldstar, we desire to demonstrate its capability to provide various

products conforming to needs of its customers. We aim satisfy the needs
of customers including product requirements, the regulatory authorities
and accreditation bodies and to achieve customer satisfaction by
maintaining the best standards at all level from procurement to
dispatch.
 Opportunities and Strength:
i. Experienced Promoters and Dedicated Management Team.
ii. Strong Relationship with Reputed Institutional Customers.

iii. Fully Integrated Plant.
iv. Experienced Marketing Team.
v. Operational Excellence.
vi. Quality Control.
vii. Diversified Product Portfolio.

 Threats and risk:
i. Significant Economic changes.

ii. Seasonal factors.
iii. Technological advancement and changes
iv. Real or perceived Product Contamination
v. Significant changes in Government Regulations or Regulatory
Policies
vi. Competitive prices and desired Quality.
vii. Warranty Claims Issues
 Internal Control Systems and their adequacy:
There is an adequate internal control procedure commensurate with

the size of the company and nature of the business for inventory, fixed
assets and for the sale of goods or services. The Company has
implemented proper and adequate systems of internal control to
ensure that all assets are safeguarded and protected against loss from
any unauthorized use or disposition and all transactions are
authorized, recorded and reported correctly. The system ensures
appropriate information flow to facilitate effective monitoring. The
internal audit system also ensures formation and implementation of
corporate policies for financial, reporting, accounting and information
security.
The Company has constituted Audit committee to overlook the

internal control systems and their adequacy. Audit committee
regularly reviews and gives recommendations on proper and adequate
internal control systems.

 Financial performance:
During the Year under report, the Company has earned revenue from
the operations of Rs 43.23 Crores as compared to previous year
revenue i.e. Rs 54.81 Crores. Moreover, the Company has earned net
profit (after tax) of Rs 28.89 Lacs compared to previous year net profit
of Rs 59.07 Lacs. Your Company’s operating and financial
performance scaled new heights during the year. Moreover, it is also
assured that the Management will leave no efforts untouched to
increase the profitability in the forth coming years also.
 Segments:
Goldstar Power Limited does not have multiple segments. Hence,

comments on segments are not required.
 Human Resources:
We believe that our employees are key contributors to our business

success. We focus on attracting and retaining the best possible talent.
Our Company looks for specific skill-sets, interests and background
that would be an asset for our business.
We have at around 91-100 employees, Our manpower is the prudent

mix of experienced and youth which gives us the dual advantage of
ability and growth. Our work progress and
skilled/semiskilled/unskilled resources together with our strong
management team have enabled us to successfully implement our
growth plans.

 Cautionary statements:
All statements made in Management and Discussion Analysis have

been made in good faith. Many unforeseen factors may come into play
and affect the actual results, which may be different from what the
management envisages in terms of performance and outlook. Factors
such as economic conditions affecting demand/supply and priced
conditions in domestic & international markets in which the Company
operates, and changes in Government regulations, tax laws, other
statues and other incidental factors, may affect the final results and
performance of the Company.

“ANNEXURE-VIII”
CERTIFICATION FROM MD & CFO
To,
The Board of Directors,
GOLDSTAR POWER LIMITED,
Behind Ravi Petrol Pump,
Rajkot Highway Road, At & Post Hapa,
Dist. Jamnagar-361 120.
Subject: Submission of Compliance Certificate under Regulation 17(8) of

SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015.
Dear Sir,
We, Navneet Pansara, Managing Director and Dhruti Pansara, Chief

Financial Officer of the Company jointly declare and certify as under, in
relation to the financial year 2017-2018:
A. We have reviewed financial statements and the cash flow statement

for the year and that to the best of our knowledge and belief:
(1) these statements do not contain any materially untrue statement or

omit any material fact or contain statements that might be misleading;
(2) these statements together present a true and fair view of the listed
entity’s affairs and are in compliance with existing accounting
standards, applicable laws and regulations.

B. There are, to the best of our knowledge and belief, no transactions
entered into by the listed entity during the year which are fraudulent,
illegal, or violative of the listed entity’s code of conduct.
C. We accept responsibility for establishing and maintaining internal

controls for financial reporting and that we have evaluated the
effectiveness of internal control systems of the listed entity pertaining
to financial reporting and we have disclosed to the auditors and the
audit committee, deficiencies in the design or operation of such
internal controls, if any, of which we are aware and the steps we have
taken or propose to rectify these deficiencies.
D. We have indicated to the Auditors and the Audit committee:

 there is no significant changes in internal control over financial
reporting during the year;
 there is no significant changes in accounting policies during the year;

and
 there is no instances of significant fraud of which we have become

aware and the involvement therein, if any of the management or an
employee having a significant role in the listed entity’s internal control
system over financial reporting.
FOR GOLDSTAR POWER LIMITED
Navneet Pansara Dhruti Pansara

Managing Director Chief Financial Officer
[DIN: 00300843] [DIN: 01943399]

Balance Sheet as at 31st March, 2018

Balance Sheet for the year ended as at 31st March, 2018
(Amount in Rs.)
Particulars Note 31-Mar-18 31-Mar-17
I EQUITY AND LIABILITIES
1 Shareholders' fund
(a) Share Capital 2 106,980,000.00 13,000,000.00
(b) Reserves & Surplus 3 75,495,317.96 92,974,751.20
Total Shareholder's Fund 182,475,317.97 105,974,751.20
2 Non - Current liabilities
(a) Long-term borrowings 4 555,036.07 --
(b) Deferred Tax Liabilities (net) 18,300,000.00 17,142,000.00
(c) Other Long Term Liabilities --- ---
(d) Long term provisions --- ---
Total Non - Current Liabilities 18,855,036.07 17,142,000.00
3 Current Liabilities
(a) Short term Borrowings 5 78,175,785.08 107,499,833.53
(b) Trade payables 6 33,712,651.22 46,990,467.00
(c) Other current liabilities 7 4,164,300.67 26,290,462.46
(d) Short Term Provisions 8 35,004,591.47 29,673,721.00
Total Current Liabilities 151,057,328.44 210,454,483.99
TOTAL EQUITY & LIABILITIES 352,387,682.47 333,571,235.19
II ASSETS
1 Non-Current Assets
(a) Fixed Assets 9
(i) Tangible assets 130,339,469.96 130,000,097.62
(ii) Work in Progress - --- ---
(b) Non Current Investment 10 56,625.00 56,625.00
(c) Long term loans and advances 11 10,228,891.14 10,413,729.64
(d) Other Non Current Assets 12 4,134,948.00 2,208,450.00
Total - Non Current Assets 144,759,934.10 142,678,902.22
2 Current Assets
(a) Inventories 13 58,641,617.20 56,545,118.84

(b) Trade receivables 14 55,619,967.15 55,563,928.48
(c) Cash and Cash equivalents 15 3,074,741.75 4,698,395.98
(d) Short term Loans and advances 11 90,291,422.27 74,084,889.63
(e) Other Current Assets - --- ---
Total - Current Assets 207,627,748.37 190,892,332.93
TOTAL ASSETS 352,387,682.47 333,571,235.19
Significant Accounting Policies 1
The notes referred to above forms an integral part of the Balance Sheet.
As per our report of even date

For DOSHI MARU & ASSOCIATES For and on behalf of Board
Chartered Accountants GOLDSTAR POWER LIMITED
Navneet Pansara Amrutlal Pansara

S P DOSHI Managing Director Whole time Director
DIN 00300843 DIN 00300786
Partner
Membership No. : 108456
Dhruti Pansara Darshak Thaker
Director & CFO Company Secretary
DIN 01943399 ACS : 46919
Signed at Jamnagar on May 28, 2018

STATEMENT OF PROFIT & LOSS FOR THE PERIOD ENDED 31ST MARCH, 2018
Statement of Profit & Loss for the year ended 31st March, 2018
(Amount in Rs.)
Particulars Note 31-Mar-18 31-Mar-17
I INCOME
Revenue from operations 16 432,353,149.00 548,119,993.64
Other income 17 11,013,671.05 5,811,558.25
TOTAL REVENUE 443,456,820.05 553,931,551.89
II EXPENSES
Cost of materials consumed 18 340,367,144.15 434,238,858.05
Purchase of Stock in trade - --- ---
Changes in inventories of Finished Goods 19 (6,331,527.63) 3,128,287.22
and Work in progress and Stock in Trade
Employee benefits expense 20 24,966,010.00 22,013,670.00
Finance costs 21 14,202,651.33 16,460,502.22
Depreciation and amortization expense 22 13,095,665.00 13,570,065.00
Other expenses 23 52,133,400.97 52,706,927.28
TOTAL EXPENSES 438,433,343.82 542,118,309.77
III Profit before exceptional and extraordinary 5,023,476.23 11,813,242.12
items and tax
IV Tax Expenses -
Current Tax 1,590,572.92 2,500,000.00
Deferred Tax 1,158,000.00 3,406,000.00
Less: MAT Credit 614,902.45
Total Tax Expenses 2,133,670.47 5,906,000.00
V PROFIT/(LOSS) FOR THE YEAR (III-IV) 2,889,805.76 5,907,242.12
VI Earnings per equity share - 0.32 4.54
Basic & Diluted
The notes referred to above forms an integral part of the Statement of Profit &
Loss
As per our report of even date For and on behalf of Board
For DOSHI MARU & ASSOCIATES GOLDSTAR POWER LIMITED
Chartered Accountants
Firm Reg. No. 0112187W Navneet Pansara Amrutlal Pansara
Managing Director Whole Time Director
DIN:00300843 DIN: 00300786
S P DOSHI
Partner Dhruti Pansara Darshak Thaker
Membership No. : 108456 Director & CFO Company Secretary
DIN: 01943399 ACS 46919

Cash Flow Statement as on 31st March 2018
Cash Flow Statement for the year ended 31 March, 2018
(Amount in Rs.)
Particulars 31-Mar-18 31-Mar-17
A. Cash flow from operating activities
Net profit before taxation 5,023,476.23 11,813,242.12
Adjustment for:
Depreciation & Amortization Exp. 13,828,507.00 14,940,105.00
Loss (Profit) on Sale of Assets 124,890.00 (119,378.00)
Dividend Income (8,494.00) (8,517.00)
Previous Year Taxes Written Off --- ---
Interest Income (3,047,641.00) (402,223.00)
Finance Cost 14,202,651.33 16,460,502.22
Operating Profit before working capital changes 30,123,389.56 42,683,731.34
Changes in working capital:
Trade Receivable (56,038.67) (44,625,179.48)
Other Loans and Advances Receivable (16,206,532.64) (61,243,155.58)
Inventories (2,096,498.36) 12,616,423.33
Trade Payables (13,277,815.78) 50,998,812.41

Other Current Liabilities and other assets (22,126,161.79) 17,538,669.80
Short Term Provisions 5,330,870.47 6,222,860.00
Sub-Total Changes in Working Capital (48,432,176.77) (18,491,569.52)
Direct taxes paid (net of refunds) (1,590,572.92) (2,500,000.00)
NET CASH FROM OPERATING ACTIVITIES (A) (19,899,360.13) 21,692,161.82
B. Cash flow from investing activities
Purchase of fixed assets (14,573,108.00) (3,275,426.00)
Sale of fixed assets 280,339.00 135,000.00
Purchase of Investment --- ---
Movement in Non Current Assets (1,926,498.00) (649,800.00)
Movement in Loans and Advances 184,838.50 1,097,750.00
Interest Income 3,047,641.00 402,223.00
Dividend Income 8,494.00 8,517.00
NET CASH FLOW FROM INVESTING ACTIVITIES (B) (12,978,293.50) 4,477,236.00
C. Cash flow from financing activities
Proceeds from Issue of Shares Capital 72,450,000.00 ---
Proceeds / - Repayment of long-term borrowings (Net) 555,036.07 (5,825,924.88)
Proceeds /-Repayment from Short-term borrowings (Net) 27,548,385.34 6,288,519.67

Interest Paid (14,202,651.33) (16,460,502.22)
Dividend Paid (including DDT) --- ---
NET CASH CLOW FROM FINANCING ACTIVITIES (C) 31,253,999.40 (15,997,907.43)
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) (1,623,654.23) 1,217,018.39
Cash and cash equivalents at the beginning of the year 4,698,395.98 3,481,377.59
Cash and cash equivalents at the end of the year 3,074,741.75 4,698,395.98
Components of cash and cash equivalents as at the end of
the year
Cash and Cheques on hand 148,123.44 1,289,374.44
With bank
- In current account 2,917,464.31 1,751,342.54
Deposit Account 9,154.00 1,657,679.00
TOTAL 3,074,741.75 4,698,395.98

The notes referred to above forms an integral part of the Cash Flow Statement
As per our report of even date

For Doshi Maru & Associates For and on behalf of Board
Chartered Accountants Navneet Pansara Amrutlal Pansara
Firm Reg. No. 0112187W Managing Director Whole Time
DIN: 00300843 Director
DIN: 00300786
SP DOSHI
Partner Dhruti Pansara Darshak Thaker
Membership No. : 108456 Director & CFO Company Secretary
DIN: 01943399 M.NO. ACS 46919

Notes forming part of Balance sheet and Profit & loss statement

Notes on accounts and significant accounting policies
Notes on Accounts & Significant Accounting Policies :
1 Significant Accounting Policies :
(A) AS-1 Disclosure of accounting policies:
The Financial statements are prepared under the accrual basis following the historical
cost convention in accordance with generally accepted accounting principles (GAAP),
and in accordance with the requirement of the Companies Act, 1956 and Accounting
Standards as specified in the Companies (Accounting Standards) Rules, 2009
prescribed by the Central Government.
The presentation of financial statements requires estimates and assumption to be made

that affect the reported amount of assets & Liabilities on the date of financial
statements and the reported amount of revenue and expenses during the reporting
period. Difference between the actual result and estimates are recognized in the period
in which results are known/ materialized.
(B) AS-2 Valuation of Inventory:
Raw Material : At Lower of Cost or Net realizable value.
Semi-finished goods : At estimated cost.
Finished goods : At Lower of Cost or Market Value
(C) AS-4 Contingencies and Events Occurring After the Balance Sheet Date:
Effects of, events occurred after Balance Sheet date and having material effect on
financial statements are reflected in the accounts at appropriate places.
AS-5 Net Profit or loss for the period, prior period items and changes in
(D)
accounting policies:
Material items of prior period, non-recurring and extra ordinary items are shown
separately, If any
(E) AS-6 Depreciation accounting:

Depreciation has been provided under Straight Line Method at the rates prescribed
under schedule II of the Companies Act, 2013 on single shift and Pro Rata Basis to
result in a more appropriate preparation or presentation of the financial statements.

In respect of assets added/sold during the year, pro-rata depreciation has been
provided at the rates prescribed under Schedule II.
(F) AS-9 Revenue Recognition:

Sale of goods is recognized at the point of dispatch of goods to customers, sales are
exclusive of Sales tax, Vat and Freight Charges if any. The revenue and expenditure are
accounted on a going concern basis.
Interest Income is Recognized on a time proportion basis taking into account the
amount outstanding and the rate applicable i.e. on the basis of matching concept..
Dividend from investments in shares / units is recognized when the company.
As per a recent ICAI opinion, the benefit of DEPB is recognized in the year of export
itself, provided no uncertainty exists,
Other items of Income are accounted as and when the right to receive arises.
(G) AS-10 Accounting for Fixed Assets:

Fixed assets are stated at cost less accumulated depreciation. Cost comprises the
purchase price and any other attributable cost of bringing the asset to its working
condition for its intended use less CENVAT claimed.
AS - 11 Accounting for effects of changes in foreign exchange rates :-

(H)
Transactions denominated in foreign currencies are normally recorded at the exchange
1 rate prevailing at the time of the transactions.
Any income or expenses on account of exchange difference either on settlement or on

Balance sheet Valuation is recognized in the profit and loss account except in cases
2 where they relate to acquisition of fixed assets in which case they are adjusted to th e
carrying cost of such assets.
3 Foreign currency transactions accounts are given in the notes of accounts

Commodity Hedging: - The realized gain or loss in respect of commodity hedging
contracts, the principal period of which has expired during the year, is recognized in
4 profit and loss account. In respect of contracts, that are outstanding as on date of
Balance sheet are valued at prevailing market price and the resultant loss, if any, is
provided
(I) AS – 12 Accounting for Government Grants :

Capital subsidiary receivable specific to fixed assets is treated as per accounting
standard 12 and other revenue grants is recorded as revenue items.
(J) AS – 13 Accounting for Investments

Investments are valued at cost.

(K) AS – 14 Accounting for Amalgamations
During the year there was no amalgamation
(L) AS – 15 Employees Retirement Benefit Plan

Provident Fund: - Provident fund is a defined contribution scheme as the company
pays fixed contribution at pre-determined rates. The obligation of the company is
1
limited to such fixed contribution. The contributions are charged to Profit & Loss A/c.
Gratuity Plan:- Provision for Gratuity is made by calculating Projected Unit Credit
2
Method as per the calculation given by the Life Insurance Corporation of India
(M) AS – 16 Borrowing Cost

Borrowing costs directly attributable to the acquisition of qualifying assets are
capitalized till the same is ready for its intended use. A qualifying asset is one that
necessarily takes substantial period of time to get ready for intended use. All other
borrowing cost is charged to revenue.
(N) AS – 17 Segment Reporting

Business Segment: The company has disclosed business segment in notes on accounts
as the primary segment taking into account the type of products, the differing risk
return and the internal reporting system. The various segment identified by the
company comprised as under:
Name of Segment Comprised of :-
(i) Manufacturing of Battery, Lead Alloy.
(ii) Trading of Inverter, Chemicals & other battery related equipment.
(iii) Segment Revenue, segment results, segment assets and segment liabilities including
directly identified with the segment and also an allocation on reasonable basis of
amount not directly identified. The expenses which are not directly relatable to the
business segment are shown as unallocated corporate cost. The assets and the liability
that cannot be allocated between the segments are shown as unallocated corporate
assets and liabilities respectively.
Geographical Segment: The Company has identified Geographical Segments as a

secondary segment.
(O) AS – 18 Related Party Disclosure

The Disclosures of Transaction with the related parties as defined in the related parties
as defined in the Accounting Standard are given in notes of accounts.
(P) AS – 19 Accounting for Leases

The Company has not entered into any lease agreements during the year.

(Q) AS – 20 Earnings Per Share
Disclosure is made in the Notes of accounts as per the requirements of the standard
(R) AS – 22 Accounting for Taxes on Income

Current Tax: - Provision for current tax is made after taken into consideration benefits
admissible under the provisions of the Income Tax Act, 1961.
Deferred Taxes:-
Deferred Income Tax is provided using the liability method on all temporary difference
at the balance sheet date between the tax basis of assets and liabilities and their
carrying amount for financial reporting purposes.
1. Deferred Tax Assets are recognized for all deductible temporary differences to the
extent that it is probable that taxable profit will be available in the future against
which this items can be utilized.
2. Deferred Tax Assets and liabilities are measured at the tax rates that are expected to
apply to the period when the assets is realized or the liability is settled, based on tax
rates ( and the tax) that have been enacted or enacted subsequent to the balance
sheet date.
(S) AS – 24 Discontinuing Operations

During the year the company has not discontinued any of its operations.
(T) AS – 28 Impairment of Assets

At the date of each Balance Sheet, the company evaluates indications of the impairment
internally, if any, to the carrying amounts of its fixed and other assets. If any indication
does exist, the recoverable amount is estimated at the higher of the realizable value and
value in use, as considered appropriate. If the estimated realizable value is less than the
carrying amount, an impairment loss is recorded.
Reversal of impairment losses recognized in prior years is recorded when there is an

indication that the impairment losses recognized for the asset no longer exist or have
decreased. However, the increase in carrying amount of an asset due to reversal of an
impairment loss is recognized to the extent it does not exceed the carrying amount that
would have been determined (Net of Depreciation) had no impairment loss been
recognized for the assets in prior years.
(U) AS – 29 Provisions Contingent liabilities and contingent assets

 Provisions involving substantial degree of estimation in measurement are
recognized when there is a present obligation as a result of past events
and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognized but are disclosed in the notes.

 Contingent Assets are neither recognized nor disclosed in the financial
statements.
 Provisions, Contingent Liabilities and Contingent Assets are reviewed at

each Balance Sheet Date.
 Dividends: - Provision Is made in the accounts for the dividends payable

by the company as recommended by the Board of Directors, pending
approval of the shareholders at the Annual General Meeting. Income tax
on dividend Payable is provided for in the year to which such dividends
relate.
Late Delivery Charges:-
The liability on account of late delivery charges, due to delay in delivery of finished
(V)
products for on accrual basis as per the terms of contract after adjusting for the claims
which are no longer.
Warranty Claims and Provisions:-
(W) The Company makes a provision for the probable future liability on account of warranty
as at the end of the financial year, in addition to meeting the actual warranty claimed.
Research and Development Expenses:-
Research and development cost of revenue are charged to revenue as and when
(X)
incurred, and of capital nature is capitalized and depreciation thereon is provided as
per the rates prescribed inn schedule II to the companies Act, 2013.

CIN: L36999GJ1999PLC036274
Behind Ravi Petrol Pump, Rajkot Highway, At & Post Hapa, Dist. Jamnagar,
Gujarat-361120
ATTENDANCE SLIP
(To be handed over at the Registration Counter)
19th Annual General Meeting on Saturday, 29th September, 2018 at 11:00 P.M. at
Behind Ravi Petrol Pump, Rajkot Highway, At & Post Hapa, Dist. Jamnagar-361120,
Gujarat, India
Name and Address of the Sole/ First

Name Shareholder
Name of Joint Holder(s) if any
Name of Proxy holder
Registered Folio No/DP ID- Client ID
No. of Shares Held
I/we hereby record my presence at the Nineteenth Annual General Meeting of the
Company being held on 29th September, 2018 at 11:00 A.M. at the Registered Office
of the Company situated at Behind Ravi Petrol Pump, Rajkot Highway, At & Post
Hapa, Dist. Jamnagar-361120, Gujarat, India.
Signature of Proxy Signature of Member/Joint holder
1. Only members/proxy holder can attend the Meeting.
2. Members are requested to produce the above attendance slip, duly signed in
accordance with their specimen signatures registered with the Company, for
admission to the meeting.
Note: Please complete the Attendance slip and hand it over at the Registration
counter at the venue

CIN: L36999GJ1999PLC036274
Behind Ravi Petrol Pump, Rajkot Highway, At & Post Hapa, Dist. Jamnagar,
Gujarat-361120
PROXY FORM MGT-11

(Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the
Companies (Management and Administration) Rules 2014)
Name of Member(s):
Registered Address:
Email ID:
Folio No./Client ID:
DP ID:
I/we being the member(s) of Equity shares of Goldstar Power Limited

do hereby appoint:
1. Name: …………………………………………………………………………………….
Address: ………………………………………… Email ID: …………………………
Signature: ……………………… or Failing him,
2. Name: …………………………………………………………………………………….
Address: ………………………………………… Email ID: …………………………
Signature: ……………………… or Failing him,
3. Name: …………………………………………………………………………………….
Address: ………………………………………… Email ID: …………………………
Signature: ………………………

as my or our proxy to attend and vote for me/us and on my/our behalf at the
Annual General Meeting of the Company, to be held on Saturday, September 29,
2018 at 11:00 A.M. at the Registered Office of the Company and at any adjournment
thereof, in respect of such resolutions as are indicated below:
Sr. No Resolutions Voting
Ordinary Business For Against Abstain
1. Adoption of Audited Financial Statements of

the Company and Reports of Board of
Directors and Auditors thereon for the
Financial Year 2017-2018.
2. Appoint Mr. Muljibhai M. Pansara as a

Director who is liable to retire by rotation
and being eligible, offers himself for Re-
Appointment.
3. Appointment of M/s. Doshi Maru &

Associates, Chartered Accountants (ICAI
Registration No: 0112187W) as a Statutory
Auditor of the Company.
Signed this day , 2018

Affix Rs. 1/-
Signature of Shareholder
Revenue Stamp
Signature of Proxy Holder(s)
Note:
1. This form of proxy, in order to be effective should be duly completed and
deposited at the Registered Office of the Company, not less than 48 hours
before the commencement of the meeting.
2. In case of joint holders, the signature of any one holder shall be sufficient, but
the names of all joint holders should be stated.
3. Appointing a proxy does not prevent a member from attending in person if

he/she so wishes.

ROUTE MAP TO THE VENUE OF ANNUAL GENERAL MEETING
“GOLDSTAR POWER LIMITED”

(Behind Ravi Petrol Pump, Rajkot Highway, At & Post Hapa, Dist. Jamnagar-
361120, Gujarat, India)


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Goldstar Power Limited| Annual Report 2017-2018 1

Our Values, Mission and Vision……………………………….. 5

FINANCIAL STATEMENTS (STANDALONE)

Attendance Slip ……………………………………………………….. 145

Proxy Form ………………………………………………….. 146-147

Route Map to the Venue of AGM…………………………….. 148

Goldstar Power Limited| Annual Report 2017-2018 2

Successfully travelled around 35 years of long journey from a Partnership Firm to

Incorporated in the year 1999, we are a battery manufacturing Company,

We believe in manufacturing and delivering quality products and are dedicated

Goldstar Power Limited| Annual Report 2017-2018 3

Our manufacturing facility is equipped with requisite infrastructure including

Goldstar Power Limited| Annual Report 2017-2018 4

“To be global battery manufacturing company with a

“To improve and to be accessible, inclusive and

“T o provide high quality products utilizing vision and

“Make better batteries, so that people live a better life”

“Customer Satisfaction is our own satisfaction”

INTEGRITY – Integrity and Honesty in our dealings.

ETHICS – Success or Failure will come down to an

VALUEPEOPLE – we will treat all people with

UNIQUE CULTURE – We hold ourselves e and each

Goldstar Power Limited| Annual Report 2017-2018 5

Goldstar Power Limited| Annual Report 2017-2018 6

MARKETS AND Annual General

Goldstar Power Limited| Annual Report 2017-2018 13

We constantly strive to optimally contribute our revenues for the betterment of

As we look to the years ahead we renew our pledge to remain committed to

Goldstar Power Limited| Annual Report 2017-2018 14

Mr. Mulji Pansara

Shri Muljibhai Pansara is the Chairman and

In the year 1982 Shri Muljibhai entered in to

His strong belief in Hardworking, Honesty,

Goldstar Power Limited| Annual Report 2017-2018 15

Mr. Amrutlal Pansara

Shri Amratlal Pansara is the Promoter and

Goldstar Power Limited| Annual Report 2017-2018 16

Mr. Navneet Pansara

Mr. Navneet Pansara aged 31 years the

Goldstar Power Limited| Annual Report 2017-2018 17

Mr. Vishal Pansara

Mr. Vishal Pansara is the Whole Time

Goldstar Power Limited| Annual Report 2017-2018 18

Mrs. Dhruti Pansara

Dhruti Pansara, aged 33 years, is the

Goldstar Power Limited| Annual Report 2017-2018 19

Mr. Mulji Pansara

Mr. Navneet Pansara

Mr. Amratlal Pansara

Mr. Vishal Pansara

Mrs. Dhruti Pansara

Mr. Chetan Khattar

Mr. Jayant Virani

Mr. Hemraj Patel

Chief Financial Officer

Mrs. Dhruti Pansara

(W.e.f 24th July, 2017)

Company Secretary & Compliance Officer

Mr. Darshak Thaker