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NOTE 5 - SHORT-TERM BORROWINGS
 3 Months Ended
Jun. 30, 2012
Short-term Debt [Text Block]
NOTE 5 – SHORT-TERM BORROWINGS

There is no current portion of long-term debt that is classified as short-term borrowings. Short term borrowings consist of the following:

   
Period ended June 30, 2012
   
Year ended March 31, 2012
 
             
Secured
  $ 200,761     $ 210,010  
Unsecured
    -       -  
Total
  $ 200,761     $ 210,010  

The above debt is secured by hypothecation of materials, stock of spares, work in progress, receivables and property and equipment, in addition to a personal guarantee of three India-based directors, and collaterally secured by mortgage of the relevant subsidiary’s land and other fixed properties of directors and their relatives.