1. Corporate information
M/s Intercorp Industries Limited having its registered office at
C-371/42, Mahavir Enclave Part-Ill, New Delhi-110059 and was engaged in
the business of Manufacturing and Re-sale of Consumer Goods.
2.1 Contingent Liabilities.
(i) Claims against the company not acknowledged as debts Rs.9, 55,000/-
(Previous Year Rs.9, 55,000/-) cases for which have been filed and are
being contested by the company.
(ii) Counter claim made against the company during arbitration
proceedings initiated by the company , claim made by the company are
Rs.l,06,58,51,473/-( Previous Year Rs. 1,06,58,51,473/- ) counter
claims by the parties Rs.575,41,27,200/- ( Previous Year
(iii) Sale Tax demand under appeal Rs.29,695/-( Previous Year
(iv) Registrar of Companies NCT of Delhi & Haryana has filed case
against the company and its Managing Director for violation of section
383A of the Companies Act. 1956. The case is being contested by the
company and no liability is expected by the management (Amount
(v) Income Tax cases remanded back to assessing officer by appellate
authorities in cases where Income Tax Department had filed appeals
against orders of first appellate authorities (Amount unascertainable).
2.2. Estimated amount of contracts remaining to be executed on capital
account (Net of advances) Rs.Nil/- (Previous Year Rs. Nil ).
Sincc tho work on projects under implementation were stand still for
long time and company''s efforts in finding alternative for
implementation of these projects did not yielded desired results, the
company provided for the above impairment losses after ascertaining net
reliable value based on sale ''as is where is'' basis .
2.3 No Balance confirmation for principal and interest outstanding has
been given by Industrial Development Bank of India Limited (Formerly
Industrial Development Bank of India) to whom term loan is outstanding.
During financial year 2009-10 Kotak Mahindra Bank Limited claimed
before DRT that IDBI has assigned the principal and interest
outstanding to Kotak Mahindra Bank Limited. The company has not
accepted the purported assignment on legal grounds.
2.4 The company had given various advances as per agreed terms and
conditions to suppliers for Implementation of Biotech Project, These
suppliers have failed to fulfill there obligations and company has
taken steps to recover its dues. A sum of Rs.3,15,14,860/- (Previous
Year Rs.3,15,14,860/-) is out standing as on 31.03.2012 as capital
advance for which there is uncertainty about realization and hence,
fully provided for.
2.5 During the last year company has been informed before Debt Recovery
Tribunal (DRT) that Kotak Mahindra Bank Limited under provisions of The
Securitization and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002 has sold off Company''s Land, Plant &
Machinery & Other Assets situated at Behror, Distt. Alwar (Rajasthan).
However, Management is not in full possession of details viz. full
payment etc. Keeping in view of ongoing case in DRT with Kotak Mahindra
Bank Limited and lack of availability of full details the Management
has shown Book Value (Net) of assets sold as recoveable from Kotak
Mahindra Bank Limited as per details given below:
Also due to aforesaid action of Kotak Mahindra Bank Limited following
balances relating to project at Behror, Distt. Alwar (Rajasthan) have
been written off in the FY 10-11: -
Further effect, if any, due to aforesaid action of Kotak Mahindra Bank
Limited, will be given on full availability of information and/or
decision of DRT.
In opinion of Management, the company is a ''Going Concern''.
2.6 IDBI Limited (Formerly Industrial Development Bank of India) has
filed a case against the company for recovery of its term loan before
debt recovery Tribunal (DRT) in which it has lodged claim of following
amounts outstanding on 31.12.1999.
With further interest @ 17.46% from 31.12.1999 till the date of final
payment. The Company has refuted claim of IDBI on various grounds in
its reply filed before DRT. Since matter is subjudice no provision for
interest for the year on term loan has been provided for
Rs.l2,58,69,802/-( Previous Year Rs. 10,56,62,914/-) Cumulative balance
of interest on term loan not provided for is Rs.69,73,55,452/- (
previous Year Rs. 57,14,85,650/-).
2.7 There was no employee during the year.
2.8 Additional Information pursuant to the Provisions of Part II of
schedule VI of the companies Act. 1956. to the extent applicable to
2.9 No deferred tax assets have been recognized in books of accounts
in view of the perception of the management that such assets may not be
realized within the applicable time limits.
2.10 Related party disclosures as required by Accounting Standard-18
(''AS-18'') is not applicable as there was no transaction with the
2.11 Disclosure as required by clause 32 if Listing Agreement. Loan and
Advance in the nature of Loans given to subsidiaries and Associates
etc. Rs. Nil (Previous Year Rs. Nil).
2.12 The Company has no Foreign Currency exposure at the year end
(Previous Year Rs. NIL)
2.13 In terms of Section 22 of the Micro, Small and Medium Enterprises
Development Act.2006, the outstanding to these enterprises are required
to be disclosed. However, these enterprises are required to be
registered under the Act. In the absence of the information about
registration of the Enterprises under the above Act, the required
information could not be furnished.
2.14 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
2.15 Retirement Benefits
The company does not have any employees hence accounting standard AS-15
2.16 Previous year''s figures
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure. The Revised Schedule VI however does not require
presentation of a reconciliation explaining the impact of the
reclassification of the previous year figures in the financial