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NOTE 4 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 12 Months Ended
Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]
NOTE 4 – RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In this Annual Report on Form 10-K, India Globalization Capital, Inc. has made the following changes for fiscal year ended March 31, 2013:

   1. Restated its consolidated balance sheets and consolidated statement of cash flows;

   2. Amended its management discussion and analysis as it relates to the year ended March 31, 2013.

   3. Improved the disclosures on the notes to consolidated financial statements.

The restatements reflect adjustments to correct errors identified by the SEC through its original and follow up comment letters dated January 28, 2014, April 2, 2014 and May 27, 2014. The restatement adjustments reflect a reclassification in the consolidated balance sheets and consolidated statement of cash flows.

The changes described above are non-cash items and do not impact the Company’s operations.

Restatement in the Company’s Consolidated Balance Sheets

The goodwill and intangible assets in the consolidated balance sheets for fiscal year ended March 31, 2013 were disclosed as combined amounts under a single line item. The mentioned consolidated balance sheets have now been restated to disclose goodwill and intangible assets as separate line items.

Restatement in the Company’s Consolidated Statement of Cash Flows

For fiscal year ended March 31, 2013, the non-cash interest expense, under cash flows from operating activities, and the cash paid for interest, under the supplementary information, were mistakenly reported as $114,654 and NIL, respectively. These two line items are now been reported as $501,300 non-cash interest expense and $32,582 cash paid for interest. Also, the change to the amount disclosed under non-cash interest expense caused the following adjustments: i) net cash used in operating activities from $178,199 to $564,845; ii) Proceeds from loans from $610,951 to $224,305; iii) Net cash provided/(used) by financing activities from $414,337 to $27,691.

Improvement to the disclosures on the notes to consolidated financial statements

              The improvements to the disclosures reflect comments by the SEC Staff through its original and follow up comment letters dated January 28, 2014, April 2, 2014 and May 27, 2014.