Recruiting candidates from college: Thoughts on What is the best interview process / approach?

Most IT companies visiting college campuses [in India, at least] go armed with predefined question papers containing lots of “analytical” questions [puzzles, lateral thinking stuff, geometry riders, etc.] - the assumption being that anyone good enough to solve a certain number of these questions within a short time-frame should be good enough to write code [after training, of course].

Now, what we asked ourselves was… is the assumption true?