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NOTE 3 - OTHER CURRENT AND NON-CURRENT ASSETS

3 Months Ended

Jun. 30, 2012

NOTE 3 – OTHER CURRENT AND NON-CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

	Period ended June 30, 2012		Year ended March 31, 2012
Prepaid / Preliminary expenses	$	2,935	$	82,120
Advance to suppliers & services		620,552		620,148
Security & other advances		87,945		125,503
Advances to employees		1,649,195		1,561,123
Prepaid / accrued interest		25,188		717
Deposit and other current assets		186,440		196,903
Total	$	2,572,255	$	2,586,514

Advances to employees represent the following: In December 31, 2011 IGC acquired Ironman. These advances were made by Ironman to some of its employees prior to being acquired by IGC. These advances were inherited from Ironman by IGC. IGC expects to collect these amounts over due course.

Other non-current assets consist of the following:

	Period ended June 30, 2012		Year ended March 31, 2012
Sr. debtors - pending more than 1 year	$	516,443	$	557,758
Land usage rights		-		-
Advance pending more than 1 year		477,572		441,058
Total	$	994,015	$	998,816