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NOTE 6 - SHORT-TERM BORROWINGS | 12 Months Ended
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Mar. 31, 2012
Short-term Debt [Text Block] | NOTE 6 – SHORT-TERM BORROWINGS Short term borrowings consist of the following. There is no current portion of long term debt that is classified as short term borrowings.
|  | As of March 31, |
|  | 2012 |  |  | 2011 |
Secured liabilities |  | $ | 210,011 |  |  | $ | 901,343 |
Unsecured liabilities |  |  | - |  |  |  |  |
|  | $ | 210,011 |  |  | $ | 901,343 |
The above debt is secured by hypothecation of materials, stock of spares, Work in Progress, receivables and property and equipment, in addition to personal guarantee of three India based directors, and collaterally secured by mortgage of company’s land and other fixed properties of directors and their relatives. The average interest rate was 12% to 14% for the year ended March 31, 2012.

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