Intercorp Industries Ltd.
||ISIN Code: N.A.
05:30 | 01 Jan
Intercorp Industries Ltd
05:30 | 01 Jan
Intercorp Industries Ltd
Intercorp Industries Ltd. (INTERCORPINDS) - Director Report
Company director report
INTERCORP INDUSTRIES LIMITED
ANNUAL REPORT 2005-2006
It gives us great pleasure in presenting to you the Sixteenth Directors'
Report for the period ending 31st March, 2006.
FINANCIAL HIGHLIGHTS (In Rs. Lacs)
1. Net Sales/Income from Operation - -
2. Other Income 3.00 3.01
3. Total Expenditure 3.71 1503.06
4. Interest - -
5. Depreciation 0.71 0.71
6. Gross Profit(+)/Loss(-)
before tax(1+2-3-4-5) (1.42) (1500.76)
7. Provision for taxation - -
8. Net Profit(+)/Loss(-) (6-7) (1.42) (1500.76)
9. Paid up equity share capital 761.35 761.35
10. Reserve excluding revaluation reserve 1911.30 1909.89
In view of losses, your Directors have not proposed any dividend.
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
The Company has not accepted any fixed deposits during the year under
Shri Anant Ram and Shri Anand Shrivastav, Directors of the Company will
retire by rotation at the ensuing Annual. General Meeting and being
eligible offer themselves for reappointment.
The Board recommends their reappointment
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 Management 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
M/s Jagdish Chand & Company, Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible offer themselves for
reappointment. The Company has received the Certificate from the Auditors
to the effect that the re-appointment, if made, would be within the
prescribed limits under Section 224(1-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. 2(d)) : The matter is subjudice as also no confirmation has been
received from Bank.
b) (Ref. 2(e)) : There is no demand from the concerned authorities thus no
c) (Ref. 2(f)) : Since the matter is subjudice no provision for interest
for the year has been provided.
d) (Ref 2(g)) : 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 reps
ad as under.
a) (Ref. Point x) :The effect of interest not taken as the matter is
b) (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 the support of
the State Govt., IDBI Limited 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 Research & Development program as of yet
except required for the LSCT for Biotech-Hybrid Seeds.
b. Company is currently in absorption of technology of Hybridization of
c. The Foreign Exchange earning and out go were nil during the year.
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
Place : New Delhi
Date : 19th July, 2006
MANAGEMENT DISCUSSION AND ANALYSIS
The continued non-availability of fund ever since past many years has
crippled working of the Company. The Company is interalia facing acute cash
crunch on one hand and on the other also pursing recovery of its dues from
various parties against whom legal proceedings are going on in various
The investments made on the projects were viable and the management may
lead to new opportunity to seek a possible collaboration to implement the
project if necessary with the knowledge / consent.
Notwithstanding the ongoing proceedings in the DRT against the Company by
IDBI, the Board strongly felt that alternative avenues for raising funds be
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