Mar 31, 2018
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.
Note 2.1 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.10.03 Lacs/- (Y ear ended 31 March, 2017 Rs. 8.34 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.
The Company offers the following employee benefit schemes to its employees:
i. Gratuity
The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:
The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.
The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.
Note 2.2 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
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