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PROPERTY, PLANT, AND EQUIPMENT
 6 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT, AND EQUIPMENT

 

   

(in thousands, except useful life)

  
   

Useful Life (years)

    

As of

September 30, 2024

($)

    

As of

March 31, 2024

($)

  

Buildings and facilities

   25       2,307       2,303  

Plant and machinery

   5-20       3,240       3,334  

Computer equipment

   3       178       166  

Office equipment

   3-5       135       140  

Furniture and fixtures

   5       99       93  

Vehicles

   5       101       101  

Total gross value

           6,060       6,137  

Less: Accumulated depreciation

           (2,592 )     (2,442 )

Total property, plant, and equipment, net

           3,468       3,695  

 

The depreciation expense in the three months ended September 30, 2024, and 2023 amounted to approximately $145 thousand and $140 thousand, respectively. The depreciation expense in the six months ended September 30, 2024, and 2023 amounted to approximately $287 thousand and $277 thousand, respectively. The net decrease in Total property, plant, and equipment is primarily due to depreciation. In addition, during the six months ended, September 30, 2024, the Company received approximately $562 thousand as advance for the land. For more information, please refer to Note 16 – “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries.

 

Asset Held For Sale

 

During Fiscal 2024, the Company focused on liquidating all non-operating assets to reduce costs and generate cash. As a result, the Company impaired the land situated in Nagpur, India, by approximately $3.3 million to $720 thousand from $4.1 million to bring it closer to the fair market value. The Company believes it can sell the above-said non-operating land as it is without any improvement. Selling this land will give immediate cash, which the Company can use in its operating segments.

 

During the quarter ended September 30, 2024, the Company entered into an agreement with the buyer to sell the said land for a net realizable value of approximately $716 thousand. The agreement is subject to the final registration and execution. The Company received net approximately $383 thousand as a deposit. As of September 30, 2024, the Company holds the ownership and possession of the said land.