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Auditor Report of Opal Luxury Time Products Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of "OPAL LUXURY TIME PRODUCTS LIMITED" ("the Company"), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there-under.

We have conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2015, its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164 (2) of the Act;

(f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact its financial position;

(ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses on long-term contracts;

(iii) There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE FORMING PART OF AUDITOR'S REPORT

Annexure referred to in paragraph 1 under the heading "Report on other legal and Regulatory Requirement" of our report of even date

Re: "OPAL LUXURY TIME PRODUCTS LIMITED"

(i)

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

(ii)

(a) The management has conducted physical verification of inventory at reasonable intervals during the year.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the Company in respect of these areas.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained, the Company is maintaining cost records as specified under clause 148(1) of the Companies Act, 2013, for the products/services of the Company.

(vi)

(a) According to the information and explanations given to us, undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales tax, wealth-tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues have been deposited with the appropriate authorities, however, at the year end, the following statutory dues, for a period of more than six months are outstanding from the date they became payable:

Particulars Amount (Rs.)

Local Body Tax 88,044

Employees Provident Fund 2,45,679

Profession Tax - EC 7,500

Profession Tax - RC 47,750

VAT - Tamil Nadu 4,94,324

Income Tax (Asst. Year 2014-15) 17,65,827

(b)

According to the information and explanations given to us, there are no dues of income tax, sales-tax, wealth tax, service tax, customs duty, excise duty, value added tax and cess which have not been deposited on account of any dispute.

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

(viii) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year covered by our audit and in the immediately preceding financial year.

(ix) According to the information and explanations given to us, company has taken various loans and facilities from their bankers and financial institutions for the purpose of its business. Based on our audit procedures and as per the information and explanations given by the management, the Company has not defaulted in repayment of dues to bank or financial institution. The Company has not issued any debenture.

(x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xi) According to the information and explanations given to us, the Company has not taken any term loan during the year.

(xii) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

FOR BHARAT.J.RUGHANI & CO. CHARTERED ACCOUNTANTS (FRN: 101220W)



CA. AKASH RUGHANI Partner (M.NO: 139664)

Place: PUNE Date: May 30, 2015


Mar 31, 2014

We have audited the attached Balance Sheet of OPAL LUXURY TIME PRODUCTS LIMITED as at 31st March, 2014 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statement. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure our report on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to the company.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of Account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the Books of Accounts;

d) In our opinion, the Balance Sheet, the Profit & Loss Account read together with the notes thereon, dealt with by this report comply with the Accounting Standards, referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representation received from the directors, which have been taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31,2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanation given to us, subject to our comments above, the said accounts; read together with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of Affairs of the Company as at 31st March, 2014;

ii. In the case of the Profit and Loss Account, of the Profit for the year ended on that date;

iii. In the case of the Cash flow Statement, of the cash flows for the year ended on that date.

ANNEXURE FORMING PART OF AUDITOR''S REPORT (Annexure Referred to in paragraph 2 of the Auditor''s Report to the Members of OPAL LUXURY TIME PRODUCTS LIMITED on the account for the year ended on 31st March, 2014)

i) In respect of fixed assets

(a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of the asset no material discrepancies were noticed on such verification.

(c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

ii) In respect of inventory

(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size & nature of company''s business.

(c) The company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stocks and book record were not material.

iii) According to the information and explanations given to us, the company has not granted any loans to other companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.The company has not taken any loan from companies, firms or other parties covered in the register maintain under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of Audit, no major weakness has been noticed in these internal controls.

v)

(a) Accordingly to the information, explanations and representations made to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the companies act, 1956 have been entered.

(b) In our opinion, and according to the explanations given to us, the company has not entered into any contracts or arrangements exceeding '' 5.00 lakh in respect of any party in pursuance of contracts or arrangements entered in the register to be maintained under section 301 of the companies Act, 1956 during the period under Audit.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted any deposits from the public within the meaning of Reserve Bank of India Directives and section 58A and section 58AA of the Act.

vii) As informed to us, the company has setup a formal internal audit system commensurate with the size of the company.

viii) According to the information and explanation given to us, the company is maintaining cost records as prescribed by the Central Govt. under Sec. 209(1) (d) of the Companies Act, 1956.

ix)

(a) According to the information & explanation given to us, during the year under review, the company has registered with Provident Fund and Employees'' State Insurance Authorities. The Company has delayed in depositing undisputed statutory dues including Provident Fund, Sales tax, Custom Duty, Excise Duty, Employees'' State Insurance & Income Tax. The following undisputed dues were outstanding for a period exceeding six months as on 31st March, 2014 from the date they become payable :

(in lacs) Particulars Amount Outstanding

Income Tax 25.50

of which Rs. 2.00 Lacs has been paid on April 16, 2014 and the remaining amount is outstanding as on date.

(b) According to the information & explanations given to us, there are no dues of income tax, wealth tax, service tax, customs duty and excise duty which have to be deposited because of any dispute.

x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year covered by our audit and in the immediately preceding financial year.

xi) According to the information & explanation given to us, company has taken various facilities from their banker for the purpose of its business. In our opinion the Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

xii) According to the information & explanation given to us, the company has not given any loans & advances on the basis of security by way of pledge of shares, debentures and other securities therefore clause 4 (xii) of the order is not applicable to the company.

xiii) The company is not a chit fund or a nidhi / mutual benefit fund/societies. Therefore the provision of clause 4(xiii) of CARO is not applicable to the company.

xiv) According to the information and explanation given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provision of clause 4(xiv) of CARO is not applicable to the company.

xv) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us, the company has not taken any term loan during the year.

xvii) According to the information and explanation given to us and over all examination of the balance sheet of the company, we report that funds raised on short term basis have not been used for long term investments and vice versa.

xviii) According to the information and explanation given to us, the company has not made any preferential allotments of shares to parties and companies covered in the Register maintained under section 301 of the Act.

xix) According to the information and explanation given to us no debentures have been issued during the year.

xx) During the year, the company has raised Rs. 1300 Lacs by way of public issue. The company has utilized the same for the purposes as highlighted in the prospectus except for variations as mentioned in the notes to accounts.

xxi) Based upon the audit procedure performed and information and explanation given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For BHARAT J. RUGHANI & CO CHARTERED ACCOUNTANT FRN: 101220W

CA AKASH BHARAT RUGHANI PARTNER PLACE: PUNE M. NO. 139664 DATE: 26 MAY, 2014


Mar 31, 2013

I have audited the attached Balance Sheet of OPAL LUXURY TIME PRODUCTS LIMITED as at 31st March'' 2013 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. My responsibility is to express an opinion on these financial statements based on my audit.

I have conducted my audit in accordance with auditing standards generally accepted in India. These Standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation financial statement. I believe that my audit provides a reasonable basis for my opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, I enclose in the annexure my report on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to the company.

Further to my comments in the Annexure referred to in paragraph 2 above, I report that:

a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit:

b) In my opinion, proper books of Account as required by law have been kept by the Company so far as appears from my examination of those books

c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the Books of Accounts;

d) In my opinion, the Balance Sheet, the Profit & Loss Account read together with the notes thereon, dealt with by this report comply with the Accounting Standards, referred to in sub-section(3C) of Section 211 of the Companies Act, 1956 except for:

a. Accounting of Bonus and Retirement benefits on accrual basis is based on actual benefits payable to the employees and not on actuarial valuation as required under Accounting Standard 15: Employee Benefits. However, the effect of same cannot be quantified.

e) On the basis of written representation received from the directors, which have been taken on record by the Board of Directors, I report that none of the directors are disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) In my opinion and to the best of my information and according to the explanation given to us, subject to my comments above, the said accounts; read together with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of Affairs of the Company as at 31st March, 2013

ii. In the case of the Profit and Loss Account, of the Profit for the year ended on that date;

iii. In the case of the Cash flow Statement, of the cash flows for the year ended on that date.

ANNEXURE FORMING PART OF AUDITOR''S REPORT

(Annexure Referred to in paragraph 2 of the Auditor''s Report to the Members of OPAL LUXURY TIME PRODUCTS LIMITED on the account for the year ended on 31st March, 2013)

i) a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) All the assets have not been physically verified by the management during the year but there is a regular program of verification which, in my opinion, is reasonable having regard to the size of the company and the nature of the asset no material discrepancies were noticed on such verification.

ii) a) The inventory has been physically verified during the year by the management. In my opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size & nature of company''s business

c) The company is maintaining proper records of Inventory. The discrepancies noticed on verification between the physical stocks and book record were not material

iii) According to the information and explanations given to us, the company has not granted any loans to other companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

The company has not taken any loan from companies, firms or other parties covered in the register maintain under section 301 of the Companies Act, 1956. In view of the same the question of the terms & conditions including rate of interest being prima facie prejudicial to the interest of the company does not arise.

iv) In my opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of Audit, no major weakness has been noticed in these internal controls.

v) Accordingly to the information, explanations and representations made to us, I am of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered.

In my opinion, and according to the explanations given to us, the company has not entered into any contracts or arrangements exceeding Rs. 5.00 lakh in respect of any party in pursuance of contracts or arrangements entered in the register to be maintained under section 301 of the Companies Act, 1956 during the period under Audit.

vi) In my opinion and according to the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of Reserve Bank of India Directives and section 58A and section 58AA of the Act

vii) As informed to us, the company has setup a formal internal audit system commensurate with the size of the company.

viii) As per information and explanation given to us, the company is not required to maintain cost accounts as prescribed by the Central Government u/s 209 (1) (d).

ix) a) According to the information & explanation given to me, during the year under review, the company has registered with Provident Fund and Employees'' State Insurance Authorities. The Company has delayed in depositing undisputed statutory dues including Provident Fund, Sales -tax, Employees'' State Insurance & Income Tax. There following undisputed dues were outstanding for a period exceeding six months as on 31stMarch, 2013 from the date they become payable: as on date, the company has paid the above mentioned dues.

b) According to the information & explanations given to me, there are no disputed dues of income tax, vat, wealth tax, service tax and customs duty.

x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the financial year covered by my audit and in the immediately preceding financial year.

xi) According to the information & explanation given to me, company has taken various facilities from their bankers for the purpose of its business. In my opinion the Company has not defaulted in repayment of dues to a financial institution or bank.

xii) According to the information & explanation given to me, the company has not given any loans & advances on the basis of security by way of pledge of shares, debentures and other securities therefore clause 4 (xii) of the order is not applicable to the company.

xiii) The company is not a chit fund or a nidhi / mutual benefit fund /societies. Therefore the provision of clause 4(xiii) of Companies (Auditors Report) Order, 2003 is not applicable to the company.

xiv) According to the information and explanation given to me, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provision of clause 4(xiv) of Companies (Auditors Report) Order, 2003 is not applicable to the company.

xv) According to the information and explanation given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

xvi) According to the information and explanation given to me, the company has taken no term loan during the year.

xvii) According to the information and explanation given to me and over all examination of the balance sheet of the company, I report that funds raised on short term basis have not been used for long term investments and vice versa.

xviii) According to the information and explanation given to me, the company has not made preferential allotments of shares to parties and companies covered in the Register maintained under section 301 of the Act.

xix) According to the information and explanation given to me no debentures have been issued during the year.

xx) During the year company had announced a public issue of 1000000 (Ten Lakhs) equity shares at a price band of Rs. 130-135 per share. The said issue was open for subscription from March 25, 2013 to March 28, 2013. However, the allotment of shares against the said issue was done on April 08, 2013.

xxi) Based upon the audit procedure performed and information and explanation given to me, I report that no fraud on or by the company has been noticed or reported during the course of my audit.

For BHARAT J. RUGHANI & CO

CHARTERED ACCOUNTANT FRN: 101220W

CA BHARAT J. RUGHANI

PROPRIETOR

PLACE: PUNE M. NO. 040543

DATE: 16 MAY, 2013

 
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