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
|