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NOTE 17 - EMPLOYEE BENEFITS
 12 Months Ended
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.