I was working on Windows and OpenMRS standalone version and it worked fine there. I switched to OSX and it does not load the Refapp but the older version. When I checked the modules folder inside the appdata folder, it was empty.
TomCat Log : http://pastebin.com/jWyB73sX
You downloaded the standalone version of the Platform (v1.12.0). You need to download the Reference Application.
I cant imagine the grave mistake I did. Thank you for pointing out that.