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Company Information

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Intercorp Industries Ltd.

 
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Intercorp Industries Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 2.13 Cr. P/BV -0.18 Book Value ( ₹ ) -15.35
52 Week High/Low ( ₹ ) 3/3 FV/ML 10/100 P/E(X) 0.00
Bookclosure 29/09/2012 TTM EPS ( ₹ ) -0.04 Div Yield (%) 0.00
DIRECTOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2012-03 Dear Shareholders,

The 22nd Directors' Report for the period ending 31st March, 2012 is presented here.

FINANCIAL HIGHLIGHTS                         ( in Rs. Lacs )

                                        31.3.2011      31.3.2010

1.  Net Sales/Income from Operation            --             --

2.  Other Income                             3.00           6.31

3.  Total Expenditure                        3.56           5.91

4.  Interest                                   --             --

5.  Depreciation                             0.71           0.71

6.  Gross Profit(   )/Loss(-) before 
    tax(l 2-3-4-5)                          (1.27)         (0.31)

7.  Provision for taxation                     --             --

8.  Net Profit( )/Loss(-) (6-7)             (1.27)         (0.31)

9.  Paid up equity share capital           761.35         761.35

10.  Reserve excluding revaluation 
     reserve                              1919.90        1918.63
DIVIDEND

In view of losses your Directors have not proposed any dividend.

GENERAL OVERVIEW

Impairment losses have been incorporated where applicable as per suggestions from Auditors. The Company is interalia facing acute cash crunch on one hand and on the other is also pursuing recovery of its dues from various parties against whom legal proceedings are going on in various fora.

FIXED DEPOSITS

The Company has not accepted any fixed deposits during the year under review.

DIRECTORS

Mr. Anil Kumar Gupta Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment. The Board recommends his re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to provisions of Section 217(2AA) of the Companies (Amendment) Act, 2000, the Directors confirm :

i) that in the preparation of annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures if any;

ii) that the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the profit or loss of the Company for that period;

iii) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act so to prevent and detect fraud and other irregularities;

AUDITORS

M/s G.K.Nigam & Associates, Chartered Accountants, New Delhi retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received the certificate from the auditors to the effect that the re- appointment, if made would be within the prescribed limit u/s 224 (I-B) of the Companies Act, 1956. The Board recommends their re-appointment.

Regarding Auditors' observations in the Auditors Report, the respective Notes to the Accounts are self explanatory. However, Management's view to the Auditors observations are specifically replied as under

a) (Ref. 4fcO) : The matter is subjudice as also no confirmation has been received from Bank.

b) fRef. 4fe&f) : The details of amount as well as prevaling

situation and circumtances have been given at note no. 2.6 (notes forming part of the financial statements) which are self explanetory. As the matter is subjudice hence the Management will await the final outcome and until them consider the Company as a going concern.

c) fRef. 4fg) : Since the matter is subjudice no provision for interest for the year has been provided.

d) fRef. 4fh1) : The points covered in the comments have already been explained above under sub paras (a) to(c).

Management's view on Annexure to the Auditors Report are specifically replied as under

a) (Ref, Point i-c): The details of amount as well as prevaling situation and circumtances have been given at note no. 2.6 (notes forming part of the financial statements) which are self explanetory. As the matter is subjudice hence the Management will await the final outcome and until them consider the Company as a going concern.

b) (Ref.Point x): As the matter is subjudice hence the management will await the final outcome and until then consider the Company as a going concern.

c) (Ref. Point xi) : The default is due to non receipt of balance of application money and non availability of funding from IDBI Limited for which application was made many years ago. Hence the project is at a stand still. Management is exploring a rehabilitation package with Bank and other agencies including approaching BIFR.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars are required to be given Under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1975 .

PARTICULARS ABOUT CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

a. The Company does not have any ongoing Research & Development program due to the financial condition..

b. The Foreign Exchange earning and out go were nil during the year.

COMPLIANE CERTIFICATE

A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under clause 49 of the Listing Agreement is attached to this report.

For and on behalf of the Board

Anil Kumar Gupta                 Director

K.N.Shastri                      Managing Director

Place : New Delhi Date : 30th May' 2012