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NOTE 17 - EMPLOYEE BENEFITS | 12 Months Ended
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Mar. 31, 2013
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, |
|  | 2013 |  |  | 2012 |
Change in the benefit obligation |  |  |  |  |  |
Projected Benefit Obligation (PBO) at the beginning of the year |  | $ | (26,451 | ) |  | $ | (28,780 | )
Service cost |  |  | (847 | ) |  |  | (1,656 | )
Interest cost |  |  | (2,079 | ) |  |  | (2,535 | )
Benefits paid |  |  | 13,220 |  |  |  | 3,295 |
Actuarial (loss)/gain |  |  | 2,691 |  |  |  | (3,225 | )
PBO at the end of the year |  |  | (13,466 | ) |  |  | (26,451 | )
Funded status |  | $ | (13,466 | ) |  | $ | (26,451 | )
Net gratuity cost for the years ended March 31, 2013 and 2012 included:
|  | Year ended March 31, |
|  | 2013 |  |  | 2012 |
Service cost |  | $ | 847 |  |  | $ | 1,656 |
Interest cost |  |  | 2,079 |  |  |  | 2,535 |
Actuarial (loss)/gain |  |  | 2,691 |  |  |  | (3,225 | )
Net gratuity cost |  | $ | 5,616 |  |  | $ | 966 |
The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
|  | Year ended March 31, |
|  | 2013 |  | 2012 |
Discount rate |  |  | 8.75 | % |  |  | 9.30 | %
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, |
|  | 2013 |  |  | 2012 |
Expected contribution during the year ending Year 1 |  | $ | 550 |  |  | $ | 1,153 |
Expected benefit payments for the years ending March 31: |  |  |  |  |  |  |  |
Year 2 |  |  | 6,108 |  |  |  | 1,174 |
Year 3 |  |  | 532 |  |  |  | 7,922 |
Year 4 |  |  | 1,669 |  |  |  | 1,236 |
Year 5 |  |  | 605 |  |  |  | 2,662 |
Thereafter |  |  | 12,197 |  |  |  | 19,868 |
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 an expense of $ (12,985) and $(2,329) towards contribution to various defined contribution and benefit plans during the years ended March 31, 2013 and March 31, 2012 respectively.

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