Intercorp Industries Ltd. के अकाउंट के लिये नोट

Mar 31, 2012

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 Rs.575,41,27,200/-)

(iii) Sale Tax demand under appeal Rs.29,695/-( Previous Year Rs.29,695/-)

(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 unascertainable).

(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 the company.

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 related parties.

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 is inapplicable.

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 statements.

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Mar 31, 2010

1. Contingent Liabilities.

i) Claims against the company not acknowledge 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.106,58,51,473/-( Previous Year Rs. 106,61,97,038/- ) counter claims by the parties Rs.575,41,27,200/- ( Previous Year Rs.575,41,27,200/-)

iii) Sale Tax demand under appeal Rs.29,695/-( Previous Year Rs.29,695/-)

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 unascertainable)

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).

vi) Demurrage payable for machinery lying at customs , if any ( Amount unascertainable)

2. Estimated amount of contracts remaining to be executed on capital account (Net of advances) Rs. Nil/- (Previous Year Rs. Nil).

3. Amount due from Mr. Anand Shrivastav, Managing Director Rs NIL (Previous year Rs NIL). Maximum amount due during the year Rs. Nil (Previous year Rs. 3,53,100/).

4. As required under Accounting standard -28 (lAS-28'), the company made following provisions during 2004-2005.

Since the 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 .

5. 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 31.03.2010 as capital advance for which there is uncertainty about realization and hence fully provided for.

6. Rs. 175 687 354/- was spent towards project of the Company which interalia includes capital work in progress advances to supplier / contractors and construction period expenses pending allocation as per accounting policy of the company. Capital expenditure pending allocation includes Rs.6, 35, 45,988/- as interest capitalized on project till 31.03.2000. The work on these projects is at stand still and company s efforts in finding alternatives for implementation of these projects have not yielded desired results, As required under Accounting slander on Impairment of Assets" (AS-28) issued by the Institute of Chartered Accountants of India provision for Impairment of Rs.6, 11, 05,268/- & Rs. 7, 93, 71,726/- against capital work in progress & capital expenditure pending allocation respectively was made during 2004-2005.

7. No Balance confirmation for principal and interest outstanding has been given by IDBI Limited (Formerly Industrial Development Bank of India) to whom term loan is outstanding. During the financial year 2009-10 Kotak Mahindra Bank Limited has claimed before Debt Recovery Tribunal ('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.

8.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.8,96,49643/-( Previous Year Rs.3,39,48,407/-). Cumulative balance of interest ¦ on term loan not provided for is Rs.46,58,22,736/- ( previous Year Rs.22,6645,042/-).

During 2009-10 Kotak Mahindra Bank Limited has served notice for demand of interest & principal amount due as on 30 th September, 2009 alongwith further interest from 1S1 October, 2009 at the Contractual rate. Hence, amounts of interest not provided for the year and cumulative interest not provided have been calculated based upon notice ' served by Kotak Mahindra Bank Limited, while till previous year these interest calculations were based upon as calculated by the management. The matter is subjudice.

9. There was no employee during the year.

10. 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.

11. Related party disclosures as required by Accounting Standard-18 ('AS-18') are given below

b) Relatives of Key Management Personnel - Mrs. Padmashri Shrivastav

(Non Financial Transaction: Has given her fixed deposit on security against bank guarantee issue on behalf of the company)

12. Disclosure as required by clause 32 if Listing Agreement.

Loan and Advance in the nature ot Loans given to subsidiaries and Associates etc. Rs. Nil (Previous Year Rs. Nil).

13. The Company has no Foreign Currency exposure at the year end (Previous Year Rs. NIL)

14. 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.

15. Previous year's figures have been regrouped, recast wherever necessary.

16. Additional Information pursuant to the provisions of Part-IV of Schedule VI of the Companies Act, 1956 has been given under "Balance Sheet Abstract and Company's General Business Profile".