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Opal Luxury Time Products Ltd.

BSE: 500504 Sector: Others
NSE: OPAL ISIN Code: INE520N01012
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Opal Luxury Time Products Ltd. (OPAL) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS REPORT

To the Members of "OPAL LUXURY TIME PRODUCTS LIMITED"

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

1. We have conducted our audit in accordance with auditing standards generally acceptedin India. These Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of any material misstatement. Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management as well as evaluating the overallpresentation of financial statement. We believe that our audit provides a reasonable basisfor our opinion.

2. As required by the Companies (Auditors Report) Order 2003 issued by the CentralGovernment of India in terms of sub section (4A) of section 227 of the Companies Act1956 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 reportthat:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany 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 inagreement with the Books of Accounts;

d) In our opinion the Balance Sheet the Profit & Loss Account read together withthe notes thereon dealt with by this report comply with the Accounting Standardsreferred 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 beentaken on record by the Board of Directors we report that none of the directors isdisqualified as on March 312014 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 tothe best of our information and according to the explanation given to us subject to ourcomments above the said accounts; read together with notes thereon give the informationrequired by the Companies Act 1956 in the manner so required and give true and fair viewin 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 31stMarch 2014;

ii. In the case of the Profit and Loss Account of the Profit for the year ended onthat date;

iii. In the case of the Cash flow Statement of the cash flows for the year ended onthat date.

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

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

ANNEXURE FORMING PART OF AUDITOR’S REPORT

(Annexure Referred to in paragraph 2 of the Auditor’s Report to the Members of OPALLUXURY TIME PRODUCTS LIMITED on the account for the year ended on 31stMarch 2014)

i) In respect of fixed assets

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

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

(c) In our opinion the Company has not disposed off a substantial part of its fixedassets during the year and the going concern status of the Company is not affected. ii) Inrespect of inventory

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

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size & nature of company’sbusiness.

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

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

iv) In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business. During the course of Audit no major weakness has been noticed inthese internal controls.

v) (a) Accordingly to the information explanations and representations made to us weare of the opinion that the transactions that need to be entered into the registermaintained 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 notentered into any contracts or arrangements exceeding Rs. 5.00 lakh in respect of any partyin pursuance of contracts or arrangements entered in the register to be maintained undersection 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 thecompany has not accepted any deposits from the public within the meaning of Reserve Bankof India Directives and section 58A and section 58AA of the Act.

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

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

ix) (a) According to the information & explanation given to us during the yearunder review the company has registered with Provident Fund and Employees’ StateInsurance Authorities. The Company has delayed in depositing undisputed statutory duesincluding Provident Fund Sales tax Custom Duty Excise Duty Employees’ StateInsurance &Income Tax. The following undisputed dues were outstanding for a periodexceeding six months as on 31st March 2014 from the date they become payable :

 (Rs. 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 isoutstanding as on date.

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

x) The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in the financial year covered by our audit and in the immediatelypreceding financial year.

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

xii) According to the information & explanation given to us the company has notgiven any loans & advances on the basis of security by way of pledge of sharesdebentures and other securities therefore clause 4 (xii) of the order is not applicable tothe 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 notdealing or trading in shares securities debentures and other investments. Accordinglythe 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 givenany guarantee for loans taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us the company has nottaken any term loan during the year.

xvii) According to the information and explanation given to us and over all examinationof the balance sheet of the company we report that funds raised on short term basis havenot been used for long term investments and vice versa.

xviii)According to the information and explanation given to us the company has notmade any preferential allotments of shares to parties and companies covered in theRegister maintained under section 301 of the Act.

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

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

xxi) Based upon the audit procedure performed and information and explanation given tous we report that no fraud on or by the company has been noticed or reported during thecourse 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