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NOTE 5 - SHORT-TERM BORROWINGS
 9 Months Ended
Dec. 31, 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 Dec 31,
2012
   
Year Ended March 31,
2012
 
                 
Secured
 
$
4,557
   
$
210,010
 
Total
 
$
4,557
   
$
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.