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NOTE 17 - EMPLOYEE BENEFITS | 12 Months Ended
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Mar. 31, 2012
Compensation and Employee Benefit Plans [Text Block] | NOTE 17 – EMPLOYEE BENEFITS Gratuity In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity Plan) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company.
|  | As of March 31, |
|  | 2012 |  |  | 2011 |
Change in the benefit obligation |  |  |  |  |  |
Projected Benefit Obligation (PBO) at the beginning of the year |  |  | (28,780 | ) |  |  | (22,383 | )
Service cost |  |  | (1,656 | ) |  |  | (1,510 | )
Interest cost |  |  | (2,535 | ) |  |  | (1,967 | )
Benefits paid |  |  | 3,295 |  |  |  | 3,578 |
Actuarial (loss)/gain |  |  | 3,225 |  |  |  | (6,498 | )
PBO at the end of the year |  |  | (26,451 | ) |  |  | (28,780 | )
|  |  |  |  |  |  | - |
Funded status |  | $ | (26,451 | ) |  | $ | (28,780 | )
Net gratuity cost for the years ended March 31, 2012 and 2011 included:
|  | Year ended March 31, |
|  | 2012 |  |  | 2011 |
Service cost |  |  | 1,656 |  |  |  | 1,510 |
Interest cost |  |  | 2,535 |  |  |  | 1,967 |
Actuarial loss/(gain) |  |  | (3,225 | ) |  |  | 6,498 |
Net gratuity cost |  | $ | 966 |  |  | $ | 9,975 |
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
|  | Year ended March 31, |
|  | 2012 |  | 2011 |
Discount rate |  |  | 9.30 | % |  |  | 9.10 | %
Rate of increase in compensation levels |  |  | 8.00 | % |  |  | 8.00 | %
The Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. The expected payout of the accumulated benefit obligation as of March 31 is as follows.
|  | As of March 31, |
|  | 2012 |  |  | 2011 |
Expected contribution during the year ending Year 1 |  | $ | 1,153 |  |  | $ | 2,739 |
Expected benefit payments for the years ending March 31: |  |  |  |  |  |  |  |
Year 2 |  |  | 1,174 |  |  |  | 1,302 |
Year 3 |  |  | 7,922 |  |  |  | 1,347 |
Year 4 |  |  | 1,236 |  |  |  | 1,819 |
Year 5 |  |  | 2,662 |  |  |  | 9,048 |
Thereafter |  |  | 19,868 |  |  |  | 15,806 |
Provident fund. In addition to the above benefits, all employees receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Government’s provident fund. The Company recognized an expense of $ (2,329) and $6,819 towards contribution to various defined contribution and benefit plans during the years ended March 31, 2012 and March 31, 2011 respectively.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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