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NOTE 17 - EMPLOYEE BENEFITS | 12 Months Ended
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Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 17 – EMPLOYEE BENEFITS Gratuity in accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity Plan) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company.
|  | As of March 31 |
|  | 2014 |  |  | 2013 |
Projected Benefit Obligation (PBO) at the beginning of the year |  |  | (13,466 | ) |  |  | (26,451 | )
Service cost |  |  | (870 | ) |  |  | (847 | )
Interest cost |  |  | (1,199 | ) |  |  | (2,079 | )
Benefits paid |  |  | 0 |  |  |  | 13,220 |
Actuarial (loss)/gain |  |  | 269 |  |  |  | 2,691 |
PBO at the end of the year |  |  | (15,266 | ) |  |  | (13,466 | )
Funded status |  |  | (15,266 | ) |  |  | (13,466 | )
Net gratuity cost for the years ended March 31, 2014 and 2013 included:
|  | Year ended March 31, |
|  | 2014 |  |  | 2013 |
Service cost |  | $ | 870 |  |  | $ | 847 |
Interest cost |  |  | 1,199 |  |  |  | 2,079 |
Actuarial (loss)/gain |  |  | 269 |  |  |  | 2691 |
Net gratuity cost |  | $ | 2,338 |  |  | $ | 5,616 |
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
|  | Year ended March 31, |
|  | 2014 |  | 2013 |
Discount rate |  |  | 9.75 | % |  |  | 8.75 | %
Rate of increase in compensation levels |  |  | 8.00 | % |  |  | 8.00 | %
The Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. The expected payout of the accumulated benefit obligation as of March 31 is as follows.
|  | As of March 31, |
|  | 2014 |  |  | 2013 |
Expected contribution during the year ending Year 1 |  | $ | 833 |  |  | $ | 550 |
Expected benefit payments for the years ending March 31: |  |  |  |  |  |  |  |
Year 2 |  |  | 567 |  |  |  | 6,108 |
Year 3 |  |  | 1,750 |  |  |  | 532 |
Year 4 |  |  | 633 |  |  |  | 1,669 |
Year 5 |  |  | 5,000 |  |  |  | 605 |
Thereafter |  |  | 6,517 |  |  |  | 12,197 |
Provident fund. In addition to the above benefits, all employees in India receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Government’s provident fund. The Company recognized a gain/(expense) of $1,800 and ($12,985) towards contribution to various defined contribution and benefit plans during the years ended March 31, 2014 and March 31, 2013 respectively.

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