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Notes to Accounts of Opal Luxury Time Products Ltd.

Mar 31, 2015

1. Corporate information

Opal Luxury Time Products Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the National Stock Exchange of India. The company is engaged in the business of manufacturing, assembling and marketing of clocks, watches, their accessories and allied products. The company has its factory in Roorkee, Uttaranchal where it has Income Tax and Excise benefits for 10 years under state industrial policy.

2. Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 6.98 lacs (Year ended 31 March, 2014 Rs. 4.77 lacs) for Provident Fund contributions and superannuation fund in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

3. Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

4. Related party transactions:

Details of related parties

Description of relationship Names of related parties

Subsidiaries Opal Luxury Products INC.

Key Management Personnel (KMP) Mr. Sameer Gujar, Ms. Pratibha Gujar

Relatives of KMP Mr. Subhash Gujar

Major Shareholder Innoventive Venture Limited

5. Amount payable to Micro, Small or Medium Undertakings

On the basis of information available with the company, there are no amounts payable to Micro, Small or Medium Undertakings. This has been relied upon by the auditors.

6. Contingent liabilities and commitments (to the extent not provided for):

As at 31 As at 31 Particulars March, 2015 March, 2014

Contingent liabilities

Bank Guarantees issued by the company to Canteen Stores 107.47 107.47 Department

Bank Guarantees issued by the company to National Stock Exchange 6.50

Total 107.47 113.97


Mar 31, 2014

1. Corporate information

Opal Luxury Time Products Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is into the business of manufacturing, assembly and marketing of clocks, watches accessories and allied products. The company has its factory in Roorkee, Uttaranchal where it has Income Tax and Excise benefits for 10 years under state industrial policy.

Note I. Contingent liabilities and commitments (to the extent not provided for)

As at 31st As at 31st Partlculars March, 2014 March, 2013

Contingent liabilities

Bank Guarantees issued by the company to Canteen Stores Department 107.47 107.47

Bank Guarantees issued by the company to National Stock Exchange 6.50 6.50

Total 113.97 113.97

Note II.Additional information to the financial statements Details of Utilization of issue proceeds

The company had allotted shares at a price of Rs.130 per share on April 08, 2013 against the application money received under the public issue of shares of 1,000,000 shares of Rs.10 each at a premium of Rs. 130 per share. The details of utilization of Issue Proceeds are as follows.


Mar 31, 2013

1 Corporate information

Opal Luxury Time Products Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is into the business of manufacturing, assembly and marketing of clocks, watches accessories and allied products. The company has its factory in Roorkee, Uttaranchal where it has Income Tax and Excise benefits for 10 years under state industrial policy.

2. Amount payable to Micro, Small or Medium Undertakings

On the basis of information available with the company, there are no amounts payable to Micro, Small or Medium Undertakings

 
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