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 Indias 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 hardworking attitude. Successfully travelled around 40years 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 Muljibhai Pansara and Amratlalbhai 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, Navneetbhai Pansara, son of Muljibhai 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 Muljibhai 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 upgradation, we have adopted ISO 9001: 2015 system certification. Our Companys major revenue is from sale of Battery and Lead Plates various measures ranging from
GS 1000TT to GST 2300TT, GS 400 to GS 2000, GS 1200ER, GS 1200ER++ and GST, G Power, 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, Yemen, Afghanistan, Turkey etc. and other middle east countries.
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 4838.13 Lakhs as compared to previous year revenue i.e. Rs 5016.55 Lakhs. Moreover, the Company has earned net profit (after tax) ofRs. 228.00 Lakhscompared to previous year net profit ofRs. 404.56 Lakhs. The Board assures that the management will leave no efforts untouched to increase the profitability of the company gradually and to maintain the consistency of attained results in the fourth coming years.
DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFOR, INCLUDING:
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 90 employees. Our manpower is the prudent mix of experienced and youth which g ives u s the dual advantage o f ability and g rowth. Our work p rogress 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-VII”
TO DIRECTORS REPORT OF GOLDSTAR POWER LIMITED
“CERTIFICATION FROM MD & CFO”
(Regulation 17(8) of SEBI Listing Obligations and Disclosures Requirements) Regulations, 2015)
To,
The Board of Directors,
GOLDSTAR POWER LIMITED,
Behind Ravi Petrol Pump, Rajkot Highway Road, At & Post Hapa, Dist. Jamnagar-361 120.
Dear Sir,
We, Navneet Pansara, Managing Director, (DIN: 00300843) and Mr. Pranav Pandya, Chief Financial Officer, (PAN: AHIPP9524R) of the Company jointly declare and certify as under, in relation to the financial year 2024-25:
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 entitys 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 entitys 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 entitys internal control system over financial reporting.
Annexure-III
Form No. MR-3 SECRETARIAL AUDIT REPORT
For the financial year ended March 31, 2025
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To
The Members Goldstar Power Limited
Regd. Office: Behind Ravi Patrol pump High-Way Road At & Post -Hapa Dist Jamnagar - 361120, Gujarat, India.
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). The Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Companys 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, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March 2025 (‘Audit Period) complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, (subject to the observations/qualification mentioned in this report) in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March 2025 according to the provisions of:
(i) The Companies Act, 2013 (‘the Act) and the Rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA) and the Rules made thereunder;
(iii)The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv)Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings (Not Applicable to the Company during the Audit Period);
(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; (c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; (d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (e) The Securities and Exchange Board of India (Share based Employee benefits and Sweat Equity) Regulations, 2021 (Not Applicable to the Company during the Audit Period);
(f) The Securities and Exchange Board of India (Issue and Listing of Securitized Debt Instruments and Security Receipts) 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, 2021
(Not Applicable to the Company during the Audit Period);
(i) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (Not Applicable to the Company during the Audit Period);
(j) The Securities and Exchange Board of India (Issue and Listing of Non-convertible Securities) Regulations, 2021 (Not Applicable to the Company during the Audit Period);
(vi)Other laws as applicable during the audit period.
We have also examined compliance with the applicable clauses of the following:
(a) Secretarial Standards issued by The Institute of Company Secretaries of India; with respect to the Board Meetings and General Meetings. (b) The Listing Agreements entered into by the Company with National Stock Exchange of India Limited along with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;
We have relied upon the representation made by the Company and its Officers for systems and mechanism formed by the Company for compliances under applicable Acts, Laws and Regulations to the Company, as identified and confirmed by the management of the company and listed below:
On the basis of my examination and representation made by the Company, we report that during the period under review the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines etc. mentioned above and there are no material non-compliances that have come to my knowledge except non-compliance in respect of:
(a) The Company has received a few query letters and clarification letters from the Stock Exchanges during the Review Period and has responded suitably for all those letters. However, no action has been initiated against the Listed Entity by the Stock Exchanges/ SEBI so far, with respect to any of the said letters.
(b) The Company has not filed MSME form with MCA. Certain efroms have been filed with additional filing fees due to technical functional problems of MCA website. (c) It has been observed that inter se share transfer transactions have been happened amongst promoters/relatives of promoters under Reg. 10(1)(a) of SEBI SAST Regulations for which we have not found any disclosures /reporting (10(7) of SEBI SAST) during the year under review.
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 that took place in the composition of the Board of Directors were in carried out in compliance with the provisions of the Act.
- Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent atleast Seven (7) days in advance (and by complying with prescribed procedure where the meetings are called in less than seven days notice), and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
- All the decisions at Board Meetings and Committee Meetings are passed with requisite approvals, as recorded in the minutes.
We further report that:
- There are adequate systems and processes in the Company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
- We further report the following materials changes occurred in the company during the year under review :
- During the year under review, it is hereby declared that Board of the company has approved Issuance and allotment of upto 4,54,93,500 Equity shares on March 26, 2025.And Members of the company has approved Issuance of equity shares on a preferential basis (“Preferential Issue”) to the non-promoter investors for a consideration other than cash.
Annexure-1 To, The Members Goldstar Power Limited
We further state that our said report of the even date has to be read along with this letter.
i. Maintenance of Secretarial/ Statutory Records is the responsibility of the Management of the Company. Pure responsibility is to express an opinion on these records based on the audit. ii. 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 random test basis to ensure that the correct facts are reflected in the secretarial records. we believe that the processes and practices I followed provide a reasonable basis for our opinion iii. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company and have relied upon the statutory Auditor report made available by the company to us, as on the date of signing of this report. iv. Wherever required we have obtained the Management representation about the compliance of laws, rules and regulations and happenings of events etc. v. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standard is the responsibility of management. Our examination is limited to the verification of procedures on random test basis. vi. The Secretarial Audit Report is neither an assurance nor a confirmation that the list is exhaustive. vii. 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.
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