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NOTE 6 - SHORT-TERM BORROWINGS
 12 Months Ended
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.