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NOTE 17 - EMPLOYEE BENEFITS
 12 Months Ended
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.