India Globalization Capital (IGC) 10-K 15 Jul 14 2014 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Mar. 31, 2014	Jun. 25, 2014	Sep. 30, 2013
Document and Entity Information [Abstract]	'	'	'
Entity Registrant Name	'India Globalization Capital, Inc.	'	'
Document Type	'10-K	'	'
Current Fiscal Year End Date	'--03-31	'	'
Entity Common Stock, Shares Outstanding	'	11,379,910	'
Entity Public Float	'	'	$6,504,785
Amendment Flag	'false	'	'
Entity Central Index Key	'0001326205	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Document Period End Date	31-Mar-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS_Au

CONSOLIDATED BALANCE SHEETS (Audited) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$1,026,565	$1,064,421
Accounts receivable, net of allowances	566,252	1,066,650
Inventories	611,702	407,060
Prepaid expenses and other current assets	1,553,936	1,730,514
Total current assets	3,758,455	4,268,645
Intangible Assets	468,091	592,274
Property, plant and equipment, net	7,586,844	8,184,230
Investments in affiliates	5,109,058	5,109,057
Investments-others	31,650	83,489
Deferred acquisition costs	0	207,338
Deferred Income taxes	321,676	341,455
Other non-current assets	458,578	466,105
Total long-term assets	13,975,897	14,983,948
Total assets	17,734,352	19,252,593
Current liabilities:	'	'
Trade payables	133,365	600,702
Accrued expenses	418,480	466,960
Notes payable	0	0
Loans — others	424,845	446,694
Other current liabilities	53,987	310,619
Total current liabilities	1,030,677	1,824,975
Notes payable	1,800,000	1,800,000
Other non-current liabilities	758,379	653,388
	2,558,379	2,453,388
Total liabilities	3,589,056	4,278,363
Stockholders' equity:	'	'
Common stock — $.0001 par value; 150,000,000 shares authorized; 9,373,569 issued and outstanding as of March 31, 2014 and 6,980,098 issued and outstanding as of March 31, 2013.	937	698
Additional paid-in capital	58,362,834	56,153,375
Accumulated other comprehensive income	-2,016,815	-2,020,764
Retained earnings (Deficit)	-42,719,772	-39,697,179
Total equity attributable to Parent	13,627,184	14,436,130
Non-controlling interest	518,112	538,100
Total stockholders' equity	14,145,296	14,974,230
Total liabilities and stockholders' equity	$17,734,352	$19,252,593

CONSOLIDATED_BALANCE_SHEETS_Au1

CONSOLIDATED BALANCE SHEETS (Audited) (Parentheticals) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	9,373,569	6,980,098
Common stock, shares outstanding	9,373,569	6,980,098

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues	$2,273,155	$8,030,016
Cost of revenues (excluding depreciation)	-1,891,559	-6,496,891
Selling, general and administrative expenses	-2,178,740	-3,041,632
Depreciation	-712,314	-673,916
Impairment loss - Goodwill	0	-301,141
Impairment loss - Investment others	-18,244	0
Operating income (loss)	-2,527,702	-2,483,564
Interest expense	-291,520	-419,436
Interest income	12,712	30,397
Other income, net	-236,071	240,064
Income before income taxes and minority interest attributable to non-controlling interest	-3,042,581	-2,632,539
Income taxes benefit/ (expense)	0	365,116
Net income/(loss)	-3,042,581	-2,267,423
Non-controlling interests in earnings of subsidiaries	-19,988	15,076
Net income / (loss) attributable to common stockholders	($3,022,593)	($2,252,347)
Earnings/(loss) per share attributable to common stockholders:	'	'
Basic (in Dollars per share)	($0.37)	($0.32)
Diluted (in Dollars per share)	($0.37)	($0.32)
Weighted-average number of shares used in computing earnings per share amounts:	'	'
Basic (in Shares)	8,205,684	6,966,798
Diluted (in Shares)	8,205,684	6,966,798

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Audited) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income / (loss)	($3,022,593)	($2,252,347)
Parent [Member]	'	'
Net income / (loss)	-3,022,593	-2,252,347
Foreign currency translation adjustments	3,949	521,689
Comprehensive income (loss)	-3,018,644	-1,730,658
Noncontrolling Interest [Member]	'	'
Net income / (loss)	-19,988	-15,076
Foreign currency translation adjustments	'	7,082
Comprehensive income (loss)	-19,988	-7,994
Comprehensive Income [Member]	'	'
Net income / (loss)	-3,042,581	-2,267,423
Foreign currency translation adjustments	3,949	528,771
Comprehensive income (loss)	($3,038,632)	($1,738,652)

CONSOLIDATED_STATEMENT_OF_STOC

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Audited) (USD $)

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Noncontrolling Interest [Member]

ATM Sale [Member]

Register Direct [Member]

Total

ATM Sale [Member]

Register Direct [Member]

ATM Sale [Member]

Register Direct [Member]

Balance at Mar. 31, 2012

'

'

$601

'

'

$54,827,358

($37,444,832)

($2,542,453)

$975,509

'

'

$15,816,183

Balance (in Shares) at Mar. 31, 2012

'

'

6,006,173

'

'

'

'

'

'

'

'

'

Loan exchange

'

'

33

'

'

501,267

'

'

'

'

'

501,300

Loan exchange (in Shares)

'

'

334,200

'

'

'

'

'

'

'

'

'

Loss on Translation

'

'

'

'

'

'

'

245,354

7,082

'

'

252,436

Net income for non-controlling interest

'

'

'

'

'

'

'

'

15,076

'

'

15,076

ESOP Shares

'

'

64

'

'

824,750

'

'

'

'

'

824,814

ESOP Shares (in Shares)

'

'

639,725

'

'

'

'

'

'

'

'

'

Net income / (loss)

'

'

'

'

'

'

-2,252,347

'

-15,076

'

'

-2,252,347

NCI of TBL on acquisition of minority

'

'

'

'

'

'

'

276,335

-459,567

'

'

-183,232

Balance at Mar. 31, 2013

'

'

698

'

'

56,153,375

-39,697,179

-2,020,764

538,100

'

'

14,974,230

Balance (in Shares) at Mar. 31, 2013

'

'

6,980,098

'

'

'

'

'

'

'

'

6,980,098

Bricoleur loan interest payments

'

'

20

'

'

270,502

'

'

'

'

'

270,522

Bricoleur loan interest payments (in Shares)

'

'

205,200

'

'

'

'

'

'

'

'

'

IR and other shares

'

'

4

'

'

40,796

'

'

'

'

'

40,800

IR and other shares (in Shares)

'

'

36,193

'

'

'

'

'

'

'

'

'

Loss on Translation

'

'

'

'

'

'

'

3,949

'

'

'

3,949

Net income for non-controlling interest

'

'

'

'

'

'

'

'

-19,988

'

'

-19,988

ESOP Shares

'

'

15

'

'

140,215

'

'

'

'

'

140,230

ESOP Shares (in Shares)

'

'

146,073

'

'

'

'

'

'

'

'

'

New Issuance of Common Stock

125

75

'

1,251,771

506,175

'

'

'

'

1,251,896

506,250

'

New Issuance of Common Stock (in Shares)

1,256,005

750,000

'

'

'

'

'

'

'

'

'

'

Net income / (loss)

'

'

'

'

'

'

-3,022,593

'

-19,988

'

'

-3,022,593

Balance at Mar. 31, 2014

'

'

$937

'

'

$58,362,834

($42,719,772)

($2,016,815)

$518,112

'

'

$14,145,296

Balance (in Shares) at Mar. 31, 2014

'

'

9,373,569

'

'

'

'

'

'

'

'

9,373,569

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Audited) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income (loss)	($3,042,581)	($2,267,423)
Adjustment to reconcile net income (loss) to net cash:	'	'
Deferred taxes	0	-365,116
Depreciation	712,314	673,916
Unrealized exchange losses/(gains)	255,671	368,408
Bad debts written off and creditors restated	424,087	'
Non-cash interest expenses	270,522	501,300
ESOP and other stock related expenses	181,030	824,814
Impairment of goodwill	0	301,141
Impairment of Investment bOthers	18,244	0
Changes in:	'	'
Accounts receivable	374,965	468,306
Inventories	-204,640	-26,704
Prepaid expenses and other assets	106,958	860,428
Trade payables	-453,576	285,461
Other current liabilities	-251,118	-457,386
Other non b current liabilities	-52,921	-550,429
Non-current assets	-34,840	467,604
Accrued Expenses	-46,169	-519,475
Intercompany balances	0	0
Net cash used in operating activities	-1,742,054	564,845
Cash flow from investing activities:	'	'
Proceeds from short term investment	'	331,328
Purchase of property and equipment/capital work in progress	-8,485	-326,078
Proceeds from sale of property and equipment	11,568	115,425
Deferred acquisition cost	0	-207,338
Restricted cash	0	11,959
Net cash provided/(used) by investing activities	3,083	-74,704
Cash flows from financing activities:	'	'
Issuance of equity stock	1,758,146	0
Net movement in other short-term borrowings	0	-196,614
Proceeds from loans	-21,849	224,305
Net cash provided/(used) by financing activities	1,736,297	27,691
Effects of exchange rate changes on cash and cash equivalents	-35,182	-16,359
Net increase/(decrease) in cash and cash equivalents	-37,856	501,473
Cash and cash equivalent at the beginning of the period	1,064,421	562,948
Cash and cash equivalent at the end of the period	1,026,565	1,064,421
Supplementary information:	'	'
Cash paid for interest	20,998	32,582
Cash paid for taxes	0	0
Non-cash items:	'	'
Common stock issued for interest payment on notes payable	270,522	501,300
Common stock issued including ESOP	$181,030	$824,814

NOTE_1_NATURE_OF_OPERATIONS_AN

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Nature of Operations [Text Block]	'
	NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION
	India Globalization Capital, Inc. is engaged in acquiring, incubating, financing and growing companies in multiple industries and locations.  In India, we engage in trading iron ore and leasing construction equipment.  In Inner Mongolia, China, we operate iron ore beneficiation plants.
	The operations of IGC are based in India and China. IGC owns 100% of a subsidiary in Mauritius called IGC-Mauritius (“IGC-M”) and 100% of another subsidiary in Hong Kong (“HK Ironman’).  IGC-M in turn operates through four subsidiaries, and one investment in India.  IGC-M has an investment ownership of one hundred percent (100%) of each Techni Bharathi, Limited (“TBL”), IGC India Mining and Trading Private Limited (“IGC-IMT”), IGC Logistic Private Limited (“IGC-L”), and IGC Materials Private Limited (“IGC-MPL”). HK ironman operates through Linxi HeFei Economic and Trade Co., aka Linxi H&F Economic and Trade Co., a People’s Republic of China-based company ("PRC Ironman"), in which it owns a 95% equity interest. Through our subsidiaries the Company operates in the India and China infrastructure industries and expanding to the machinery leasing business.
	Our short-term plans are to drive cash flow by a) expanding the equipment rental business to several states in India, b) expanding the trading business and c) deploying the indoor vertical farms.  Our medium-term plans are to acquire companies or management that can help us expand and diversify our assets to some of the areas that we have identified including legal cannabis, solar energy and clean technology.  Our long-term plans are to increase our commitment to our existing leasing business in India, and increase our commitment to new industries such as the legal cannabis, indoor farming, solar energy and clean technologies, and eventually decrease our exposure to the beneficiation of iron ore in China.
	The accompanying consolidated financial statements have been prepared in conformity with United States Generally Accepted Accounting Principles (U.S. GAAP). The financial statements include all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary for a fair presentation of such financial statements.  The Company’s current fiscal year ends on March 31, 2014.
	a) India Globalization Capital, Inc.
	IGC, a Maryland corporation, was organized on April 29, 2005 as a blank check company formed for the purpose of acquiring one or more businesses with operations primarily in India, and now China, through a merger, capital stock exchange, asset acquisition or other similar business combination or acquisition. On March 8, 2006, the Company completed an initial public offering.  On February 19, 2007, the Company incorporated India Globalization Capital, Mauritius, Limited (IGC-M), a wholly owned subsidiary, under the laws of Mauritius.  On March 7, 2008, the Company consummated the acquisition of 63% of the equity of Sricon Infrastructure Private Limited (Sricon) and 77% of the equity of Techni Bharathi Limited (TBL).   Effective October 1, 2009, we reduced our stake in Sricon from 63% to 22% in consideration for the set off of the loan owed by IGC approximating $17.9 million. On June 21, 2012, IGC entered into a Memorandum of Settlement (the “MoS”) with Sricon and related parties, pursuant to which the Company gave up the 22% minority interest in Sricon in exchange for approximately 5 acres of land in Nagpur. The settlement is expected to close by the end of this calendar year. In March 31, 2013, IGC became the 100% owner of TBL by purchasing the remaining 23.1% shares from TBL’s promoters.
	On February 19, 2009 IGC-M beneficially purchased 100% of IGC Mining and Trading, Limited based in Chennai India. On July 4, 2009 IGC-M beneficially purchased 100% of IGC Materials, Private Limited, and 100% of IGC Logistics, Private Limited.  Both these companies are based in Nagpur, India.  On December 30, 2011, IGC acquired a 95% equity interest in Linxi HeFei Economic and Trade Co., aka Linxi H&F Economic and Trade Co., a People’s Republic of China-based company ("PRC Ironman") by acquiring 100% of the equity of H&F Ironman Limited, a Hong Kong company ("HK Ironman").  Collectively, PRC Ironman and HK Ironman are referred to as "Ironman."
	IGC India Mining and Trading Private Limited (IGC-IMT), IGC Materials Private Limited (IGC-MPL), and IGC Logistics Private Limited (IGC-LPL) were incorporated for IGC by three different Indian citizens, who acted as the initial directors of these companies as our nominees. This is as per the regulatory requirements for incorporation of companies. Once the companies were incorporated, IGC purchased the shares from the individuals. No premium was paid. None of these companies were operational at the time of purchase and therefore no revenues and earnings were recorded. The individuals were reimbursed for the amounts they paid to incorporate the companies. Please see the below table for further details:
	Acquired Company		Initial Capitalization	Purchase Price
	IGC – IMT		INR 100,000 ($2,100)	INR 100,000
	IGC – MPL		INR 100,000 ($2,100)	INR 100,000
	IGC – LPL		INR 100,000 ($2,100)	INR 100,000
	In order to comply with regulatory requirements, the above companies were incorporated on behalf of IGC, and IGC subsequently purchased these companies at book value. Therefore, effectively, these are not acquisitions but incorporations by IGC.
	The registered capital of PRC Ironman is RMB 2,000,000, equaling to USD $273,800, in which Mr. Zhang Hua owned 80% and Mr. Xu Jianjun owned the remaining 20%. Mr. Zhang Hua and Mr. Xu Jianjun transferred 75% and 20% respectively to HK Ironman on January 18, 2011.  Thus, as of March 31, 2011, 95% of the Company’s registered capital was held by HK Ironman. HK Ironman was incorporated as H&F Ironman Limited, a private limited company, on December 20, 2010 in Hong Kong to acquire PRC Ironman.  HK Ironman’s sole asset is its ownership of a 95% equity interest in Linxi Hefei Economic and Trade Co., Ltd. (“PRC Ironman”), which was incorporated in China on January 8, 2008.  HK Ironman acquired PRC Ironman in January 2011.  As a result of that acquisition, PRC Ironman is now considered an equity joint venture (“EJV”) in view of its foreign ownership through HK Ironman.  An EJV is a joint venture between a Chinese and a foreign company within the territory of China. The parties are evaluating a number of strategic options with respect to Ironman, including a licensing arrangement, a strategic alliance, dividing the plants and or terminating the entire arrangement.  As of now, we have made no final determination on this matter, but we continue to explore ways to maximize shareholder value.
	PRC Ironman is engaged in the processing of iron ore at its beneficiation plant on 2.2 square kilometers of hills in southwest Linxi in the autonomous region of eastern Inner Mongolia, under the administration of Chifeng City, Inner Mongolia, which is located 250 miles from Beijing, 185 miles from Tianjin Port and 125 miles from Jinzhou Port and well connected by roads, planes and railroad.  PRC Ironman is a Sino-foreign EJV established by both foreign and Chinese investors (i.e., Sino means “China” herein).  HK Ironman, a Hong Kong-based company owns 95% of PRC Ironman, and Mr. Zhang Hua, a Chinese citizen owns the remaining 5%.
	On January 21, 2013, we incorporated IGC HK Mining and Trading Limited (“IGC-HK”) in Hong Kong. IGC-HK is a wholly owned subsidiary of IGC-Mauritius.
	In March 2014, we announced that we have commenced a comprehensive review of potential acquisition candidates as part of our previously stated diversification mandate.  Our Board approved several efforts to increase shareholder value, outlining our growth and expansion strategy as follows:
	·	We plan to become a company with diverse businesses where mining, materials and the acquisition of distressed mining assets will be just one of several expected business lines.  We are and have been for some time a company with diverse assets.  We have an equipment leasing business in India and we operate a beneficiation plant in Inner Mongolia.
	·	Our Board believes that a business that is only dependent on the sale of iron ore to China is not prudent.  Accordingly, an expansion to other opportunities, some cyclically distressed and some part of the new economy would de-risk our current holdings and drive stockholder value.  We are therefore evaluating an expansion into other targeted areas including technology, logistics and specialty pharmaceuticals, with a focus on capitalizing on specific niches within these areas such as solar energy, medical marijuana and clean technology.
	b)  Merger and Accounting Treatment
	Most of the shares of Sricon and TBL when acquired were purchased directly from the companies.  The shares of HK Ironman and Golden Gate were acquired from the shareholders of each company.
	On March 31, 2013 IGC acquired the non-controlling interest in TBL.
	Unless the context requires otherwise, all references in this report to the “Company”, “IGC”, “IGC Inc.”, “we”, “our”, and “us” refer to India Globalization Capital, Inc., together with its wholly owned subsidiaries HK Ironman and IGC-M, as well as our direct and indirect subsidiaries PRC Ironman, TBL, IGC-IMT, IGC-MPL, IGC-LPL, and IGC-HK.
	India Globalization Capital, Inc. (the Registrant, the Company or we) and its subsidiaries are significantly engaged in trading of iron ore, leasing of heavy machinery and trading of electronic components through its newly acquired subsidiary in Hong Kong.
	IGC’s organizational structure is as follows:
	c) Our Securities
	The Company had three securities listed on the NYSE MKT (1) Common Stock, $.0001 par value (ticker symbol: IGC) (“Common Stock”), (2) redeemable warrants to purchase Common Stock (ticker symbol: IGC.WT), and (3) units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock (ticker symbol: IGC.U).  As reported on Form 8-K on February 5, 2013, the Company voluntarily delisted the units from the NYSE MKT and requested its unit holders to contact IGC to get the existing units separated into Common Stock and Warrants.  Each warrant entitles the holder to purchase one share of Common Stock at an exercise price of $5.00.  The warrants expire on March 6, 2015.
	The registration statement for the initial public offering was declared effective on March 2, 2006.  The Company’s outstanding warrants are exercisable and may be exercised by contacting IGC or the transfer agent, Continental Stock Transfer & Trust Company.  The Company has a right to call the warrants, provided the Common Stock has traded at a closing price of at least $8.50 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which notice of redemption is given.  If the Company calls the warrants, either the holder will have to exercise the warrants by purchasing the Common Stock from the Company for $5.00 or the warrants will expire. In accordance with the terms of the outstanding warrant agreements between the Company and its warrant holders, the Company in its sole discretion may lower the price of its warrants at any time prior to their expiration date.
	The Company had 1,298,921 shares of Common Stock issued and outstanding as of March 31, 2010.  During the twelve months ended March 31, 2011, the Company also issued 3,000 shares of Common Stock to American Capital Ventures and Maplehurst Investment Group for services rendered and 914 shares to Red Chip Companies valued at $8,039 for investor relations related services rendered.
	The Company also issued a total of 40,000 shares of Common Stock, as consideration for the extension of the loans under the promissory notes described in Notes Payable during the twelve months ended March 31, 2011.
	In February 2011, the Company consummated another transaction with Bricoleur to exchange the promissory note held by Bricoleur for a new note with an extended repayment term.  The Company issued 68,850 shares of Common Stock valued at approximately $419,985 as consideration for the exchange, as discussed in corresponding note.
	In March 2011, the Company and Oliveira agreed to exchange the promissory note held by Oliveira for a new note with an extended repayment term and provisions permitting the Company at its discretion to repay the loan through the issuance of equity shares at a stated value over a specific term.  As of December 31, 2011, the Company has issued 157,000 shares of Common Stock valued at $798,176 to this debt holder, which constituted an element of repayment of principal as well as the interest in equated installments.
	On December 30, 2011, the Company finalized the purchase of HK Ironman pursuant to a stock purchase agreement (the “Stock Purchase Agreement”) that was approved by the shareholders of the Company on that date.  Related to the acquisition of HK Ironman, the Company’s shareholders approved the issuance of 3,150,000 equity shares to the owners of HK Ironman in exchange for 100% of the equity of HK Ironman (refer to Note 3); these shares have been considered as outstanding as of this date. In addition, the Stock Purchase Agreement provides for a contingent payment by IGC of $1 million provided certain post-closing covenants are met within 30 days of closing.  These post-closing covenants were not met within 30 days of closing and therefore the Company did not make the payment. In addition there were certain contingent payments by IGC to Ironman stockholders, as follows (i) $1.5 million in cash or stock, which is contingent on IGC achieving earnings growth of at least 30% from the previous year’s closing audit (i.e., March 31, 2011); and (ii) $1.5 million in cash or stock, which is contingent on IGC achieving earnings growth of at least 30% from the previous year’s closing audit (i.e., March 31, 2012).  If either of the foregoing annual targets were missed, there would still be a payout of $3 million provided IGC achieves a cumulative earnings growth of 69% between fiscal years 2011 and 2013.  These post-closing covenants were not met and therefore the Company did not make the payments. The acquisition of HK Ironman and the offering of the Common Stock pursuant there to was exempt from registration under the Securities Act pursuant to Regulation S of the Securities Act, which exempts private issuances of securities in which the securities are not offered or advertised to the general public and such offering occurs outside of the United States to non-U.S. persons.  No underwriting discounts or commissions were paid with respect to such sale.  These securities were subsequently registered in a Form S-1.
	As reported on a Current Report on Form 8-K filed by the Company on April 6, 2012, the Company retired a note payable to Oliveira in the amount of $2,232,627.79 on April 5, 2012. The Company projected a reduction in annual interest costs of about $612,000. The Company paid off the loan with 442,630 shares of newly issued Common Stock. There remains a disagreement on some of the technical features of the note that the lender claims result in IGC owing additional principal, interest, and penalty fees.  The lender has sought relief through summary judgment from the court.   IGC believes that IGC followed the clear terms of the note and that the lender's claims are frivolous.  Further, IGC believes that the lender has demonstrated a malicious pattern of harassing behavior in an effort to unduly increase their gains.  IGC was considering a counter suit in response to the lenders actions.  However, on April 8, 2014, IGC decided to issue 12,026 more shares of its common stock to settle the dispute with Oliveira.
	As reported on a Current Report on Form 8-K filed by the Company on October 9, 2012, the Company and Bricoleur agreed to exchange the promissory note held by Bricoleur for a new note with an extended repayment term and provisions permitting the Company at its discretion to repay the loan through the issuance of equity shares.  As of March 31, 2014, the Company has issued 205,200 shares of Common Stock valued at $270,522 to this debt holder, which constituted an element of repayment of interest. Effective March 31, 2014, as reported on a Current Report on Form 8-K filed by the Company on March 26, 2014, the Company and Bricoleur Partners, L. P. agreed to amend the outstanding $1,800,000 promissory note (“2012 Security”), subject to the same terms of the 2012 Agreement and Amendments No.1 and No.2, to extend the maturity date of the 2012 Security from July 31, 2014 to July 31, 2016.
	During the year ended March 31, 2014, the Company also issued 36,193 shares of Common Stock to Medical Marketing Group (MMGI) valued at $40,800 for investor relations related services rendered.
	On August 22, 2013, IGC entered into an At The Market (“ATM”) Agency Agreement with Enclave Capital LLC. Under the ATM Agency Agreement, IGC may offer and sell shares of our common stock having an aggregate offering price of up to $4 million from time to time. Sales of the shares, if any, will be made by means of ordinary brokers’ transactions on the NYSE MKT at market prices, or as otherwise agreed with Enclave. The Company estimated that the net proceeds from the sale of the shares of common stock that were being offered were going to be approximately $3.6 million. On June 8, 2014, IGC entered into a new At The Market (“the June ATM”) Agency Agreement with Enclave Capital LLC. Under the June ATM Agency Agreement, IGC may offer and sell shares of our common stock having an aggregate offering price of up to $1.5 million, for a total of $5.5 million of gross proceeds from the combined ATM agreements. IGC intends to use the net proceeds from the sale of securities offered for working capital needs, repayment of indebtedness, and other general corporate purposes. During the year ended March 31, 2014, the Company issued a total of 1,256,005 shares of common stock valued at $1,251,896 under this agreement.
	On April 2, 2014, as reported on a Current Report on Form 8-K filed by the Company on April 3, 2014, we entered into a securities purchase agreement with certain institutional investors relating to the sale and issuance by our company to the investors of an aggregate of 750,000 shares of our common stock, for a total purchase price of $506,250.Midtown Partners & Co., LLC, (“Midtown”) acted as our exclusive placement agent in this offering. IGC intends to use the net proceeds from the sale of securities offered for working capital needs, repayment of indebtedness, and other general corporate purposes.
	Further, pursuant to IGC’s employee stock option plan, the Company has issued options to purchase 269,345 shares at an average exercise price of $7.80 per share, all of which are outstanding and exercisable as of March 31, 2014. The Company has also issued a total of 625,148shares to some of its directors and employees.  The Company also issued 36,193 shares of Common Stock valued at approximately $40,800 for investor relations related services rendered.  As of March 31, 2014, IGC has 9,373,569 shares of Common Stock issued and outstanding.  Disclosures relating to the common shares and options and warrants reflect a 10:1 reverse split that was effected on April 19, 2013.

NOTE_2_SIGNIFICANT_ACCOUNTING_

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

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Significant Accounting Policies [Text Block]

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NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

a)             Principles of Consolidation:

The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of IGC and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity, but exerts a significant influence on the entity, the Company applies the equity method of accounting. All inter-company transactions and balances are eliminated in the consolidated financial statements.

The non-controlling interest disclosed in the accompanying financial statements for FYE 2013 represents the non-controlling interest in in Linxi H&F Economic and Trade Co. (PRC Ironman) through 100% owned subsidiary, H&F Ironman Limited (HK Ironman) and the profits or losses associated with the non-controlling interest in those operations.

The adoption of Accounting Standards Codification (ASC) 810-10-65 “Consolidation — Transition and Open Effective Date Information” (previously referred to as SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements, an amendment of ARB No. 51”), has resulted in the reclassification of amounts previously attributable to minority interest (now referred to as non-controlling interest) to a separate component of shareholders’ equity on the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and comprehensive income (loss). Additionally, net income attributable to non-controlling interest is shown separately from net income in the consolidated statements of income. This reclassification had no effect on our previously reported financial position or results of operations.

b)              Non-controlling interests

Non-controlling interests in the Company’s consolidated financial statements result from the accounting for non-controlling interests in its subsidiaries.  Non-controlling interests represent the subsidiaries’ earnings and components of other comprehensive income that are attributed to the non-controlling parties’ equity interests.  The Company consolidates the subsidiaries into its consolidated financial statements.  Transactions between the Company and its subsidiaries have been eliminated in the consolidated financial statements.

The Company accounts for investments by the equity method where its investment in the voting stock gives it the ability to exercise significant influence over the investee but not control.  In situations, such as the Company’s ownership interest in Sricon Infrastructure Private Limited (“Sricon”), wherein the Company is not able to exercise significant influence in spite of having 20% or more of the voting stock, the Company has accounted for the investment based on the cost method.  In addition, the Company consolidates any Variable Interest Entity (“VIE”) if it is determined to be the primary beneficiary.  However, as of March 31, 2014, the Company does not have any interest in any VIE or equity method investment.

The non-controlling interest disclosed in the accompanying audited consolidated financial statements for fiscal 2014 represents the non-controlling interest of Ironman.

The adoption of Accounting Standards Codification (ASC) 810-10-65 "Consolidation — Transition and Open Effective Date Information" (previously referred to as SFAS No. 160, "Non-controlling Interests in Consolidated Financial Statements, an amendment of ARB No. 51"), has resulted in the reclassification of amounts previously attributable to minority interest (now referred to as non-controlling interest) to a separate component of shareholders’ equity on the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and comprehensive income (loss).  Additionally, net income attributable to non-controlling interest is shown separately from net income in the consolidated statements of income.  This reclassification had no effect on our previously reported financial position or results of operations.

c)             Reclassifications

Certain prior year balances have been reclassified to the presentation of the current year.

d)             Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable.  Significant estimates and assumptions are used for, but not limited to: allowance for uncollectible accounts receivable; future obligations under employee benefit plans; the useful lives of property, plant, equipment; intangible assets; the valuation of assets and liabilities acquired in a business combination; impairment of goodwill and investments; recoverability of advances; the valuation of options granted and warrants issued; and income tax and deferred tax valuation allowances.  Actual results could differ from those estimates.  Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates.  Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position and cash flows.

Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements.

e)             Revenue Recognition

The majority of the revenue recognized for the year ended March 31, 2014 was derived from the Company’s subsidiaries and as follows:

Revenue is recognized when persuasive evidence of an arrangement exists, the sales price is fixed or determinable and collectability is reasonably assured.  In government contracting, the Company recognizes revenue when a government consultant verifies and certifies an invoice for payment.

Revenue from sale of goods is recognized when substantial risks and rewards of ownership are transferred to the buyer under the terms of the contract.

For the sale of goods, the timing of the transfer of substantial risks and rewards of ownership is based on the contract terms negotiated with the buyer, e.g., FOB or CIF.  IGC considers the guidance provided under Staff Accounting Bulletin (“SAB”) 104 in determining revenue from sales of goods.  Considerations have been given to all four conditions for revenue recognition under that guidance.  The four conditions are:

▪  Contract – Persuasive evidence of our arrangement with the customers;

▪  Delivery – Based on the terms of the contracts, the Company assesses whether the underlying goods have been delivered and therefore the risks and rewards of ownership are completely transferred;

▪  Fixed or determinable price – The Company enters into contracts where the price for the goods being sold is fixed and not contingent upon other factors.

▪  Collection is deemed probable – At the time of recognition of revenue, the Company makes an assessment of its ability to collect the receivable arising on the sale of the goods and determines that collection is probable.

Revenue for any sale is recognized only if all of the four conditions set forth above are met.  These criteria are assessed by the Company at the time of each sale.  In the absence of meeting any of the criteria set out above, the Company defers revenue recognition until all of the four conditions are met.

Specifically, revenue from the trade of iron ore is recognized when the finished product is sold and meets the criteria set out above.  Our customers, typically, buy the finished product on a spot basis with a deposit and a 60-day payment term, or in some cases for cash on delivery. In cases where iron ore is shipped from India to a customer in China, as an example, a typical CIF contract pays 95% at the time that the ship leaves port and the remaining 5% when the iron ore passes inspection in China. Therefore 95% of the revenue is recognized first and the remaining 5% is recognized later, and can take up to 90 days. CIF contracts are guaranteed by letters of credit from the customer.

Revenue from construction/project related activity and contracts for supply/commissioning of complex plant and equipment is recognized as follows:

a)

Cost plus contracts: Contract revenue is determined by adding the aggregate cost plus proportionate margin as agreed with the customer and expected to be realized.

b)

Fixed price contracts: Contract revenue is recognized using the percentage completion method and the percentage of completion is determined as a proportion of cost incurred-to-date to the total estimated contract cost.  Changes in estimates for revenues, costs to complete and profit margins are recognized in the period in which they are reasonably determinable.

▪  In many of the fixed price contracts entered into by the Company, significant expenses are incurred in the mobilization stage in the early stages of the contract.  The expenses include those that are incurred in the transportation of machinery, erection of heavy machinery, clearing of the campsite, workshop ground cost, overheads, etc.  All such costs are booked to deferred expenses and written off over the period in proportion to revenues earned.

▪  Where the modifications of the original contract are such that they effectively add to the existing scope of the contract, the same are treated as a change orders.  On the other hand, where the modifications are such that they change or add an altogether new scope, these are accounted for as a separate new contract.  The Company adjusts contract revenue and costs in connection with change orders only when they are approved by both, the customer and the Company with respect to both the scope and invoicing and payment terms.

▪  In the event of claims in our percentage of completion contracts, the additional contract revenue relating to claims is only accounted after the proper award of the claim by the competent authority.  The contract claims are considered in the percentage of completion only after the proper award of the claim by the competent authority.

Full provision is made for any loss in the period in which it is foreseen.

Revenue from service related activities and miscellaneous other contracts are recognized when the service is rendered using the proportionate completion method or completed service contract method.

f)             Earning per common share:

Basic earnings per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the additional dilution from all potentially dilutive securities such as stock warrants and options.

g)              Income taxes:

The Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity to recognize deferred tax liabilities and assets.  Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date.  A valuation allowance is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized.

In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position.  If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement.  As of March 31, 2014 and 2013, there was no significant liability for income tax associated with unrecognized tax benefits.

The issuance by IGC of its common stock to HK Ironman stockholders in exchange for HK Ironman stock, as contemplated by the stock purchase agreement (“Stock Purchase Agreement”) between the Company, HK Ironman, PRC Ironman and their stockholders, generally will not be a taxable transaction to U.S. holders for U.S. federal income tax purposes.  It is expected that IGC and its stockholders will not recognize any gain or loss because of the approval of the Share Issuance Proposal for U.S. federal income tax purposes.

h)             Cash and Cash Equivalents:

For financial statement purposes, the Company considers all highly liquid debt instruments with maturity of three months or less, to be cash equivalents.  The Company maintains its cash in bank accounts in the United States of America, Mauritius, India, China and Hong Kong, which at times may exceed applicable insurance limits.  The Company has not experienced any losses in such accounts.  The Company believes it is not exposed to any significant credit risk on cash and cash equivalent.  The Company does not invest its cash in securities that have an exposure to U.S. mortgages.

i)             Restricted cash:

Restricted cash consists of deposits pledged to various government authorities and deposits used as collateral with banks for guarantees and letters of credit, given by the Company to its customers or vendors.

j)              Foreign currency transactions:

The functional currency is the currency in which the Company’s subsidiaries operate and it largely reflects the economic substance of the underlying events and circumstance of the Company’s subsidiaries.  The functional currencies of the Company's Indian and Chinese subsidiaries are the Indian rupee (INR) and the renminbi (RMB), respectively.  Our financial statements reporting currency is the United States dollar (USD or $).  Operating and capital expenditures of the Company's subsidiaries located in India and China are denominated in their local currencies, which are the currencies most compatible with their expected economic results.

In accordance with ASC 830, “Foreign Currency Matters,” all transactions and account balances are recorded in the local Company’s subsidiaries’ currencies.  The Company translates the value of these local currencies denominated assets and liabilities into USD at the rates in effect at the balance sheet date.  Resulting translation adjustments are recorded in stockholders' equity as a component of accumulated other comprehensive income (loss).  The local currencies denominated statement of income amounts are translated into U.S. dollars using the average exchange rates in effect during the period.  Realized foreign currency transaction gains and losses are included in the consolidated statements of income.

The exchange rates used for translation purposes are as follows:

Period End Average Rate

Period End Rate

Period

(P&L rate)

(Balance sheet rate)

Year ended Mar 31, 2014

INR

60.35

RMB

6.21

HKD

7.76

per USD

INR

60

RMB

6.216

HKD

7.76

per USD

Year ended Mar 31, 2013

INR

54.357

RMB

6.28

HKD

7.77

per USD

INR

54.52

RMB

6.22

HKD

7.76

per USD

k)              Accounts receivable:

Accounts receivable is recorded at the invoiced amount, taking into consideration any adjustments made by the Indian government consultants who verify and certify construction and material invoices.  Also, the Company evaluates the collectability of selected accounts receivable on a case-by-case basis and makes adjustments to the bad debt reserve for expected losses.  For all other accounts, the Company estimates reserves for bad debts based on general aging, experience and past-due status of the accounts. When applicable, the Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of clients to make required payments.  The allowance for doubtful accounts is determined by evaluating the relative credit worthiness of each client, historical collections experience and other information, including the aging of the receivables.  If circumstances related to customers change, estimates of recoverability would be further adjusted. Long-term accounts receivables are typically for Build-Operate-Transfer (BOT) contracts.  It is money due to the Company by the private or public sector to finance, design, construct, and operate a facility stated in a concession contract over an extended period of time. We have no long-term accounts receivables in fiscal 2014 or fiscal 2013. Therefore, we did not provide allowances for doubtful accounts as of March 31, 2014 or 2013.

Regarding our collection policy on iron ore trading receivables, there are three types of iron ore trades: 1) Payment guaranteed through letters of credit, 2) deposit or spot payment on delivery or 3) delivery on credit. With the first type of trade: our policy for collection is to ask the customer to open a letter of credit with a bank. The typical terms of the letter of credit are that 95% of the payment is made when the material is delivered to the ship, which is verified by the bank with documents including a Bill of Lading. The remaining 5% is paid when the iron ore reaches the port of discharge. Once the material is unloaded, a CIQ or Certificate of Quality is produced using a third party to verify the quality of the iron ore.  Once this is done, the remaining 5% of the payment is released by the bank.  With the second type of trade, customers pay on delivery. If payment is not received the material is not delivered to the customer. On the third type of trade, our policy is to allow the customer to have a payment credit term of 90 days. This is typical practice in China with the larger steel mills.

l)             Left intentionally blank.

m)              Inventories:

Inventories primarily comprise of finished goods, raw materials, work in progress, stock at customer site, stock in transit, components and accessories, stores and spares, scrap and residue.  Inventories are stated at the lower of cost or estimated net realizable value.

The cost of various categories of inventories is determined on the following basis:

·

Raw material is valued at weighted average of landed cost (purchase price, freight inward and transit insurance charges).

·

Work in progress is valued as confirmed, valued and certified by the technicians and site engineers and finished goods at material cost plus appropriate share of labor cost and beneficiation overheads.

·

Components and accessories, stores erection, materials, spares and loose tools are valued on a first-in-first out basis.

n)            Investments:

Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs.  The Company's equity in the earnings/(losses) of affiliates is included in the statement of income and the Company's share of net assets of affiliates is included in the balance sheet.  Where the Company’s ownership interest in spite of being in excess of 20% is not sufficient to exercise significant influence, the Company has accounted for the investment based on the cost method.

o)             Property, Plant and Equipment (PP&E):

Property and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Buildings

5-25 years

Plant and machinery

10-20 years

Computer equipment

3-5 years

Office equipment

3-5 years

Furniture and fixtures

5-10 years

Vehicles

5-10 years

Upon retirement or disposition, cost and related accumulated depreciation of the property and equipment are de-recognized from the books of accounts and the gain or loss is reflected in the results of operation.  Cost of additions and substantial improvements to property and equipment are capitalized in the books of accounts.  The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred.

p)             Fair Value of Financial Instruments

As of March 31, 2014 and 2013, the carrying amounts of the Company's financial instruments, which included cash and cash equivalents, accounts receivable, unbilled accounts receivable, restricted cash, accounts payable, accrued employee compensation and benefits and other accrued expenses, approximate their fair values due to the nature of the items.

q)             Concentration of Credit Risk and Significant Customers

Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, derivatives, accounts receivable and unbilled accounts receivable.  The Company places its cash, investments and derivatives in highly rated financial institutions.  The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements.  Management believes its credit policies reflect normal industry terms and business risk.  The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral.

A significant portion of the Company’s sales in China is to key customers. Five of such customers accounted for approximately 90% of gross accounts receivable both as of March 31, 2014 and March 31, 2013.

r)              Leased Mineral Rights

In China, costs to obtain leased mineral rights are capitalized and amortized to operations as depletion expense within the leased periods, using the straight-line method.  Depletion expenses are included in depreciation and amortization on the accompanying statement of operations. As of March 31, 2014 we have no lease mineral rights.

s)              Business combinations

In accordance with ASC Topic 805, Business Combinations, the Company uses the purchase method of accounting for all business combinations consummated after June 30, 2001.  Intangible assets acquired in a business combination are recognized and reported apart from goodwill if they meet the criteria specified in ASC Topic 805.  Any purchase price allocated to an assembled workforce is not accounted separately.

t)              Employee Benefits Plan

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.  In addition, all employees 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.

At this time the Company doesn’t participate in a multi-employer defined contribution plan in China to provide employees with certain retirement, medical and other fringe benefits because most of our workers are contractors employed through agencies or other companies.

u)             Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated.

v)              Accounting for goodwill and related impairment

Goodwill represents the excess cost of an acquisition over the fair value of our share of net identifiable assets of the acquired subsidiary at the date of acquisition.  Goodwill on acquisition of subsidiaries is disclosed separately.  Goodwill is stated at cost less impairment losses incurred, if any.

The Company adopted the provisions of Accounting Standards Codification (“ASC”) 350, “Intangibles – Goodwill and Others” (previously referred to as SFAS No. 142, "Goodwill and Other Intangible Assets," which sets forth the accounting for goodwill and intangible assets subsequent to their acquisition.  ASC 350 requires that goodwill and indefinite-lived intangible assets be allocated to the reporting unit level, which the Company defines as each subsidiary.  ASC 350 also prohibits the amortization of goodwill and indefinite-lived intangible assets upon adoption, but requires that they be tested for impairment at least annually, or more frequently as warranted, at the reporting unit level.

As per ASC 350-20-35-4 through 35-19, the impairment testing of goodwill is a two-step process.  The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill.  If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, thus the second step of the impairment test is unnecessary.  If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test shall be performed to measure the amount of impairment loss, if any.  The second step of the goodwill impairment test, used to measure the amount of impairment loss, compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill.  If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess.  The loss recognized cannot exceed the carrying amount of goodwill.  After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill shall be its new accounting basis.  Subsequent reversal of a previously recognized goodwill impairment loss is prohibited once the measurement of that loss is completed.

In ASC 350.20.20, a reporting unit is defined as an operating segment or one level below the operating segment.  A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component.  The Company has determined that IGC operates in a single operating segment.  While the CEO reviews the consolidated financial information for the purposes of decisions relating to resource allocation, the CFO, on a need basis, looks at the financial statements of the individual legal entities in India for the limited purpose of consolidation.  Given the existence of discrete financial statements at an individual entity level in India, the Company believes that each of these entities constitute a separate reporting unit under a single operating segment.

In FYE 2013, the Company acquired 23% ownership of its Indian Subsidiary –Techni Bharathi Pvt. Ltd. from the promoters and combined with its previous purchase holds 100% ownership in Techni Bharathi Pvt. Ltd. Therefore, the first step in the impairment testing for goodwill is the identification of reporting units and the allocation of goodwill to these reporting units.  Accordingly, TBL, which is one of the legal entities, is also considered a separate reporting unit and therefore the Company believes that the assessment of goodwill impairment at the subsidiary level, which is also a reporting unit, is appropriate.

The analysis of fair value is based on the estimate of the recoverable value of the underlying assets.  For long-lived assets such as land, the Company obtains appraisals from independent professional appraisers to determine the recoverable value.  For other assets such as receivables, the recoverable value is determined based on an assessment of the collectability and any potential losses due to default by the counter parties.  Unlike goodwill, long-lived assets are assessed for impairment only where there are any specific indicators for impairment.

w)             Impairment of long – lived assets

The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable.  Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic climate, such as changes in operating environment, competitive information, impact of change in government policies, etc.  For assets that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value of the assets.  For assets the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair value less cost to sell is less than the carrying value of the assets.  Fair value is determined based on quoted market prices, if available, or other valuation techniques including discounted future net cash flows.

x)              Recently issued and adopted accounting pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates ("ASUs”) to the FASB's Accounting Standards Codification.  The Company considers the applicability and impact of all ASUs.  Newly issued ASUs not listed below are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable or the impact is expected to be immaterial.

Effective January 1, 2012, Company adopted amendments from the FASB to Fair Value Accounting. The amendments clarify the application of the highest and best use, and valuation premise concepts, preclude the application of "blockage factors" in the valuation of all financial instruments and include criteria for applying the fair value measurement principles to portfolios of financial instruments. The amendments also prescribe additional disclosures for Level 3 fair value measurements and financial instruments not carried at fair value. The adoption of this guidance did not have a material impact on Company's consolidated financial position or results of operations.

In December 2011, the FASB issued new accounting disclosure requirements about the nature and exposure of offsetting arrangements related to financial and derivative instruments. The requirements are effective for fiscal years beginning after January 1, 2013, which for us is the fiscal ending March 2014. The adoption of this guidance did not have a material impact on Company's consolidated financial position or results of operations.

In September 2011, the FASB issued an Accounting Standards Update that permits companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill is impaired before performing the two-step goodwill impairment test required under current accounting standards. The guidance is effective for us beginning in the first quarter of fiscal 2013, with early adoption permitted. The adoption of this standard will not impact our financial results.

In June 2011, the FASB issued ASU 2011-05, which is now part of ASC 220: “Presentation of Comprehensive Income".  The new guidance will require companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements.  It eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity.  The standard does not change the items, which must be reported in other comprehensive income.  These provisions are to be applied retrospectively and will be effective for us as of January 1, 2012.  Because this guidance impacts presentation only, it has no effect on our financial condition, results of operations or cash flows.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS”.  This update defines fair value, clarifies a framework to measure fair value and requires specific disclosures of fair value measurements.  The guidance is effective for interim and annual reporting periods beginning after January 1, 2012 and is required to be applied retrospectively.  The adoption of this guidance did not have a material impact on Company’s consolidated financial position or results of operations.

In April 2011, the Financial Accounting Standards Board (the "FASB") issued new accounting guidance that addresses effective control in repurchase agreements and eliminated the requirement for entities to consider whether the transferor/seller has the ability to repurchase the financial assets in a repurchase agreement. This new accounting guidance was effective, on a prospective basis, for new transactions or modifications to existing transactions, on January 1, 2012. The adoption of this guidance did not have a material impact on Company's consolidated financial position or results of operations.

NOTE_3_ACQUISITIONS

NOTE 3 - ACQUISITIONS	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	'
	NOTE 3 – ACQUISITIONS
	HK Ironman
	On December 30, 2011, the Company acquired 100% of the issued and outstanding shares of capital stock of H&F Ironman Limited (“HK Ironman”), a Hong Kong company. HK Ironman owns 95% equity in H&F Venture Trade Ltd. aka Linxi Hefei Economic and Trade Co. (“PRC Ironman”). One of IGC’s areas of focus is the export of iron ore to China. HK Ironman through its subsidiary, PRC Ironman, operates a beneficiation plant in China, which converts low-grade iron ore to high-grade iron ore through a dry and wet separation processes. This Acquisition is intended to provide IGC with a platform in China to expand its business and ship low-grade iron ore, which is available for export in India, to China and convert the iron ore to a higher-grade iron ore before selling it to customers in China.
	The date of Acquisition, December 30, 2011, is the date on which the Company obtained control of HK Ironman by acquiring control over the majority of the Board of Directors of HK Ironman. The Acquisition has been accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combination.” For further information on this acquisition and on purchase price allocation, please refer to Form 10-K for fiscal year ended 2012 filed with the SEC on July 16, 2012. The parties are evaluating a number of strategic options with respect to Ironman, including a licensing arrangement, a strategic alliance, dividing the plants and or terminating the entire arrangement.  As of now, we have made no final determination on this matter, but we continue to explore ways to maximize shareholder value.
	TBL
	On March 31, 2013, the Company increased its ownership in Techni Bharathi Limited (“TBL”) to a 100% after acquiring the remaining 23.1% from its promoters. The purchase of 23.1% of TBL by IGC was done thru its wholly owned Indian subsidiary IGC Materials, Private Limited (“IGC-MPL”). The purchase price paid for the acquisition was INR 10,000,000 rupees ($183,419 at an exchange rate of INR 54.52 for $1 USD). No commissions or bankers were involved in this transaction.

NOTE_4_RESTATEMENT_OF_PREVIOUS

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.

NOTE_5_OTHER_CURRENT_AND_NONCU

NOTE 5 - OTHER CURRENT AND NON-CURRENT ASSETS	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Other Assets Disclosure [Text Block]	'
	NOTE 5 – OTHER CURRENT AND NON-CURRENT ASSETS
	Prepaid expenses and other current assets consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Prepaid /preliminary expenses	$	376	$	3,053
	Advance to suppliers & services		531,822		737,199
	Security/statutory  advances		5,339		65,369
	Advances to employees		977,740		905,219
	Prepaid /accrued interest		2,965		2,825
	Deposit and other current assets		35,694		16,849
	Total	$	1,553,936	$	1,730,514
	* Advances to Employees represent advances made to employees of Ironman by Ironman, prior to its acquisition by IGC.
	Other Non-current assets consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Sundry Debtors	$	0	$	11,318
	Statutory/Other Advance		458,578		454,787
	Total	$	458,578	$	466,105

NOTE_6_SHORTTERM_BORROWINGS

NOTE 6 - SHORT-TERM BORROWINGS	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Short-term Debt [Text Block]	'
	NOTE 6 – SHORT-TERM BORROWINGS
	For FYE 2014 and FYE 2013 there were no short-term borrowings.

NOTE_7_NOTES_PAYABLE_AND_LOANS

NOTE 7 - NOTES PAYABLE AND LOANS - OTHERS	12 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	NOTE 7 – NOTES PAYABLE AND LOANS - OTHERS
	On October 5, 2009, the Company consummated the exchange of an outstanding promissory note in the total principal amount of $2,000,000 (the “Original Note”) initially issued to the Steven M. Oliveira 1998 Charitable Remainder Unitrust (‘Oliveira’) for a new promissory note (the “New Oliveira Note”) on substantially the same terms as the original note except that the principal amount of the New Oliveira Note was $2,120,000 which reflected the accrued but unpaid interest on the Original Note and the New Oliveira Note did not bear interest. The New Oliveira Note was unsecured and was due and payable on October 4, 2010 (the “Maturity Date”). Prior to the Maturity Date, the Company was permitted to pre-pay the New Oliveira Note at any time without penalty or premium. The New Oliveira Note is not convertible into IGC Common Stock (the “Common Stock”) or other securities of the Company. However, under the Note and Share Purchase Agreement (the “Oliveira Note and Share Purchase Agreement”), effective as of October 4, 2009, by and among the Company and Oliveira, as additional consideration for the exchange of the Original Note, the Company agreed to issue 53,000 shares of Common Stock to Oliveira.
	On October 16, 2009, the Company consummated the sale of a promissory note in the principal amount of $2,000,000 (the “Bricoleur Note”) to Bricoleur Partners, L.P. (‘Bricoleur’). There was no interest payable on the Note and the Note was due and payable on October 16, 2010 (the “Maturity Date”). Prior to the Maturity Date, the Company could pre-pay the Bricoleur Note at any time without penalty or premium and the Note was unsecured. The Note was not convertible into the Company’s Common Stock or other securities of the Company. However, under the Note and Share Purchase Agreement (the “Bricoleur Note and Share Purchase Agreement”), effective as of October 16, 2009, by and among the Company and Bricoleur, as additional consideration for the investment in the Bricoleur Note, IGC issued 53,000 shares of Common Stock to Bricoleur.
	During the three months ended December 31, 2010, the Company issued an additional 20,000 shares of Common Stock to each of Oliveira and Bricoleur specified above pursuant to the effective agreements respectively as penalties for failure to repay the promissory notes when due.
	In March 2011, the Company finalized agreements with the Steven M. Oliveira 1998 Charitable Remainder Unitrust (‘Oliveira’) and Bricoleur Partners, L.P. (‘Bricoleur’) to exchange the promissory note issued to Oliveira on October 5, 2009 (the “New Oliveira Note”) and the promissory note issued to Bricoleur on October 16, 2009 (the “Bricoleur Note”) respectively for new promissory notes with later maturity dates. The Oliveira Note was due on March 24, 2012, bearded interest at a rate of 30% per annum and provided for monthly payments of principal and interest, which the Company chose to settle through the issue of equity shares at an equivalent value.  The Bricoleur Note was due on June 30, 2011 with no prior payments due and will not bear interest.   The Company issued additional 68,850 shares of its common stock to Bricoleur in connection with the extension of the term regarding the Bricoleur note.
	As reported on a Current Report on Form 8-K filed by the Company on April 6, 2012, the Company retired the note payable to Oliveira in the amount of $2,232,627.79 on April 5, 2012. The Company paid off the loan with 4,426,304 (now 442,630) shares of newly issued Common Stock. There remains a disagreement on some of the technical features of the note that the lender claims result in IGC owing additional principal, interest, and penalty fees.  The lender has sought relief through summary judgment from the court. IGC believes that IGC followed the clear terms of the note and that the lender's claims are frivolous.  Further, IGC believes that the lender has demonstrated a malicious pattern of harassing behavior in an effort to unduly increase their gains.  IGC was considering a counter suit in response to the lenders actions. However, on April 8, 2014, IGC decided to issue 12,026 more shares of its common stock to settle the dispute with Oliveira.
	As reported on a Current Report on Form 8-K filed by the Company on October 9, 2012, the Company and Bricoleur agreed to exchange the 2011 Note for a new note (“the 2012 Note”) which bore no interest and was due on December 31, 2012. In consideration for the exchange, the Company issued 30,000 shares of IGC to Bricoleur and issued additional 34,200 shares for February and March 2013 penalty payments. Effective March 31, 2013, the Company and Bricoleur Partners, L. P. agreed to amend the outstanding $1,800,000 promissory note (“2012 Security”), subject to the same terms of the 2012 Agreement, to extend the maturity date of the 2012 Security from July 31, 2014 to July 31, 2016.The Bricoleur Note remains outstanding. Contractually the Company makes a penalty payment (booked under interest payment) of 17,100 shares of common stock for each month the loan remains unpaid.  No other "interest" payment is made on the loan. During the year ended March 31, 2014, the Company issued a total of 205,200 shares valued at $270,522 to this debt holder, which constituted an element of repayment of interest.
	The Company’s total interest expense was $291,520 for the year ended March 31, 2014 and $419,436 for the year ended March 31, 2013, respectively.  In fiscal 2014 the total interest expense was $291,520. Of this, $270,522 was paid as non-cash interest, $20,998 was paid in cash. The interest expense in fiscal 2013 was $533,882. Of this, $501,300 was paid as non-cash and $32,582 was paid in cash. In fiscal 2013 there was a reversal of a provision made for interest payable in the amount of $114,446. Therefore the net interest booked in fiscal 2013 is $419,436. The Company capitalized no interest for the year ended March 31, 2014 and March 31, 2013.
	One of our previous directors has loaned the Company, on an unsecured basis, working capital of $40,000 at 10% annual interest payable on April 25, 2014.  The Company has two loans with a commercial bank the first is for $100,000 at an interest rate of 3.75% the second is for $150,000 at an interest rate of 3.25%.  Both loans are revolving interest only loans guaranteed by our CEO.

NOTE_8_OTHER_CURRENT_AND_NONCU

NOTE 8 - OTHER CURRENT AND NON-CURRENT LIABILITIES	12 Months Ended
	Mar. 31, 2014
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]	'
Other Liabilities Disclosure [Text Block]	'
	NOTE 8 – OTHER CURRENT AND NON-CURRENT LIABILITIES
	Other current liabilities consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Statutory payables	$	8,122	$	18,139
	Employee related liabilities		37,389		49,751
	Other liabilities /expenses payable		8,476		242,729
	Total	$	53,987	$	310,619
	Other non-current liabilities consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Creditors	$	157,399	$	51,864
	Special reserve		600,980		601,524
	Total	$	758,379	$	653,388
	Sundry creditors consist primarily of creditors to whom amounts are due for supplies and materials received in the normal course of business.

NOTE_9_OTHER_INCOME

NOTE 9 - OTHER INCOME	12 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Other Income and Other Expense Disclosure [Text Block]	'
	NOTE 9 – OTHER INCOME
	Other income primarily contains certain foreign exchange gains/losses arising on account of re-measurement of certain intercompany receivables between the US holding company and the India subsidiaries. The total foreign exchange loss for the year ended March 31, 2014 amounted to USD 255,671

NOTE_10_FAIR_VALUE_OF_FINANCIA

NOTE 10 - FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	NOTE 10 – FAIR VALUE OF FINANCIAL INSTRUMENTS
	The fair value of the Company’s current assets and current liabilities approximate their carrying value because of their short term maturity. Such financial instruments are classified as current and are expected to be liquidated within the next twelve months.

NOTE_11_INTANGIBLE_ASSETS_GOOD

NOTE 11 - INTANGIBLE ASSETS & GOODWILL	12 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets Disclosure [Text Block]	'
	NOTE 11 – INTANGIBLE ASSETS & GOODWILL
	The movement in goodwill and intangible assets is given below:
		Year Ended			Year Ended
		31-Mar-14			March 31, 2013
	Balance at the beginning of the period	$	592,274			4,803,828
	Adjustment form Ironman acquisition				$	(3,849,877	)
	Amortization / Impairment of goodwill	$	(123,121	)		(301,141	)
	Effect of foreign exchange translation	$	(1,062	)		(60,536	)
	Total	$	468,091			592,274
	During the year ended March 31, 2013, we eliminated $3,000,000 of non-current liability to the promoters of Ironman and $849,877 of deferred taxes.  This reduced the original purchase price and consequently eliminated the goodwill from the Ironman acquisition and reduced the intangible assets of Ironman. In addition we conducted an impairment analysis of TBL and its construction business.  Based on the analysis the goodwill in TBL was impaired by $301,141.

NOTE_12_RELATED_PARTY_TRANSACT

NOTE 12 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	NOTE 12 — RELATED PARTY TRANSACTIONS
	The Company has two loans with a commercial bank the first is for $100,000 at an interest rate of 3.75% the second is for $150,000 at an interest rate of 3.25%.  Both loans are revolving interest only loans guaranteed by our CEO.
	As of March 31, 2014, the Company has an unpaid balance of $129,452.02 payable to our CEO. The balance includes unpaid salary and interest-free advances made by the CEO.

NOTE_13_COMMITMENTS_AND_CONTIN

NOTE 13 - COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	NOTE 13 – COMMITMENTS AND CONTINGENCIES
	No significant commitments and contingencies were made or existed during the years ended March 31, 2014 and 2013.

NOTE_14_PROPERTY_PLANT_AND_EQU

NOTE 14 - PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	NOTE 14 – PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment consist of the following:
	Category	Useful Life		Year Ended			Year Ended
		(years)		31-Mar-14			March 31, 2013
	Land		N/A	$	12,069		$	12,069
	Building (flat)		25		1,302,129			1,328,413
	Plant and machinery		20		9,214,667			9,396,659
	Computer equipment		3		216,917			217,659
	Office equipment		5		164,373			166,924
	Furniture and fixtures		5		118,892			121,943
	Vehicles		5		479,952			569,352
	Assets under construction		N/A		4,274,501			4,288,469
	Total			$	15,783,500		$	16,101,488
	Less: Accumulated depreciation			$	(8,196,656	)	$	(7,917,258	)
	Net Assets			$	7,586,844		$	8,184,230
	Depreciation and amortization expense for the fiscal years ended March 31, 2014 and March 31, 2013 was $712,314 and $673,916, respectively. Capital work-in-progress represents advances paid towards the acquisition of property and equipment and the cost of property and equipment not put to use before the balance sheet date.

NOTE_15_SELLING_GENERAL_AND_AD

NOTE 15 - SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Other Operating Income and Expense [Text Block]	'
	NOTE 15 — SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
	During the year ended March 31, 2014 and 2013 the Company recorded selling, general and administrative expenses of $2,178,740and $3,041,632, respectively.

NOTE_16_STOCKBASED_COMPENSATIO

NOTE 16 - STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	NOTE 16 – STOCK-BASED COMPENSATION
	On April 1, 2009 the Company adopted ASC 718, “Compensation-Stock Compensation” (previously referred to as SFAS No. 123 (revised 2004), Share Based Payment).  ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.  As of March 31, 2011, we had granted 7,882 shares of Common Stock and 139,300 stock options under our Stock Plan.  All of these grants occurred on or before the fiscal year ended March 31, 2010.  The exercise price of the options, which vest immediately, was $10.0 per share; the options expired on May 13, 2014.  No options were granted during the fiscal year ended March 31, 2011.  In fiscal year ended March 31, 2012, 137,045 stock options (the “2012 Options”) were granted.  The exercise price of the 2012 Options, which vest immediately, was $5.6 per share.  These options will expire on June 27, 2016.  The aggregate fair value of the underlying stock on the grant date was $39,410 and the fair value of the stock options on the grant dates was $90,997 and $235,267, respectively.  For FYE 2013 the Company issued 625,148 shares of common stock.  As of March 31, 2014 under the 2008 Omnibus Plan, 269,345 stock options and 779,103 shares of common stock have been awarded and as on March 31, 2014 no shares of common stock remain available for future grants of options or stock awards.
	The fair value of stock option awards is estimated on the date of grant using a Black-Scholes Pricing Model with the following assumptions for options awarded as of March 31, 2014:
		Granted in 2009		Granted in
		(expired May 13, 2014)		June 2011 quarter
	Expected life of options	5 years		5 years
	Vested options		100%		100%
	Risk free interest rate		1.98%		4.10%
	Expected volatility		35.35%		83.37%
	Expected dividend yield	Nil		Nil
	The volatility estimate was derived using historical data for the IGC stock.

NOTE_17_EMPLOYEE_BENEFITS

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	%		8	%
	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.

NOTE_18_INCOME_TAXES

NOTE 18 - INCOME TAXES	12 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	NOTE 18 – INCOME TAXES
	Income tax expense (benefit) for each of the years ended March 31 consists of the following:
		March 31,
		2014			2013
	Current:
	Federal	$	-		$	-
	Foreign		(19,779	)		157,382
	State		-			-
	Net Current		(19,779	)		157,382
	Deferred:
	Federal		-			-
	Foreign		19,779			(522,498	)
	State		-			-
	Net Deferred		19,779			(522,498	)
	Total tax provision	$	-		$	(365,116	)
	The significant components of deferred income tax expense (benefit) from operations before non-controlling interest for each of the years ended March 31 consist of the following:
		March 31,
		2014			2013
	Deferred tax expense (benefit)	$	19,779		$	(522,498	)
	Net operating loss carry forward		1,086,067			891,816
	Foreign Tax Credits		-			-
	Less: Valuation Allowance		1,086,067			891,816
	Net deferred tax expense	$	19,779		$	(522,498	)
	The table below sets forth income tax expense (benefit) for 2014and 2013 computed by applying the applicable United States federal income tax rate and is reconciled to the tax expense (benefit) computed at the effective income tax rate:
		March 31,
		2014			2013
	Computed expected income tax (benefit)		(1,035,263	)		(768,709	)
	State tax benefit net of federal tax
	Change in valuation allowance		936,146			768,709
	Deferred expenses from foreign acquisition
	Impairment loss on goodwill
	Impairment loss on investments
	Capitalized interest costs		99,117
	Deferred Tax Assets from foreign subsidiaries		-			(365,116	)
	Other
	Effective income tax rate		(0.	0)%		(15.2	)%
	The deferred tax assets and liabilities as of March 31 consist of the following tax effects relating to temporary differences and carry forwards:
		March 31,
		2014			2013
	Current deferred tax liabilities (assets):
	Deferred Acquisition Costs – Foreign taxes	$	0		$	221,700
	Valuation allowance		0			0
	Net current deferred tax liabilities (assets)		0			221,700
	Noncurrent deferred tax (assets) liabilities:
	Deferred Acquisition Costs- Foreign taxes		(321,676	)		(563,155	)
	Net Operating Losses		1,086,067			891,816
	Valuation allowance		(1,086,067	)		(891,816	)
	Non-Current net deferred tax (assets) liabilities	$	(321,676	)	$	(563,155	)
	Deferred income tax assets, net of valuation allowances are expected to be realized through future taxable income.  The valuation allowance increased in 2013 by $1.09 million, primarily related to 2013 US net-operating losses.  The company intends to maintain valuation allowances for deferred tax assets until there is sufficient evidence to support the reversal of the valuation allowance.  Deferred tax assets relating to foreign acquisitions costs are expected to be utilized. Therefore, those deferred tax assets remain as part of deferred tax assets.
	The Company's and/or its subsidiaries’ ability to utilize their net operating loss carry forwards may be significantly limited by Section 382 of the Internal Revenue Code of 1986, as amended, if the Company or any of its subsidiaries undergoes an “ownership change” as a result of changes in the ownership of the Company's or its subsidiaries’ outstanding stock pursuant to the exercise of the warrants or otherwise. A corporation generally undergoes an “ownership change” when the ownership of its stock, by value, changes by more than 50 percentage points over any three-year testing period. In the event of an ownership change, Section 382 imposes an annual limitation on the amount of post-ownership change taxable income a corporation may offset with pre-ownership change net operating loss carry forwards and certain recognized built-in losses. As of March 31, 2014 IGC could not use its’ net operating losses because it is more likely it will not utilize net operating losses in the foreseeable future.

NOTE_19_SEGMENT_INFORMATION

NOTE 19 - SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE 19 – SEGMENT INFORMATION
	Accounting pronouncements establish standards for the manner in which public companies report information about operating segments in annual and interim financial statements. Operating segments are component of an enterprise that have distinct financial information available and evaluated regularly by the chief operating decision-maker ("CODM") to decide how to allocate resources and evaluate performance. The Company's CODM is considered to be the Company's chief executive officer ("CEO"). The CEO reviews financial information presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Company has determined that it operates in a single operating and reportable segment.
	The following provides information required by ASC 280-10-50-38 Entity-Wide Information:
	1)  The table below shows revenue reported by product and service:
	Product & Service	Amount		% on total revenues
	Iron ore  Trading		2,203,366		96.9
	Construction		69,789		3.1
	TOTAL		2,273,155		100
	2(a) The table below shows the revenue attributed to the country of domicile (USA) and foreign countries.  Revenue is attributed to an individual country if the invoice made to the customer originates in that country.  The basis for originating an invoice is the underlining agreement.
	Geographic  Location	Amount		% on total revenues
	CHINA		2,203,366		96.9
	INDIA		69,789		3.1
	TOTAL		2,273,155		100
	2(b) The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries.
	Nature of Assets	USA (Country of Domicile)		Foreign Countries (India and China)		Total
	Intangible Assets				468,091		468,091
	Property , Plant and Equipment , Net		-		7,586,844		7,586,844
	Investments in Affiliates		5,109,058		-		5,109,058
	Investments Others		-		31,650		31,650
	Deferred Tax Assets				321,676		321,676
	Other Non-Current Assets				458,578		458,578
	Total Long Term Assets		5,109,058		8,866,839		13,975,897
	3) For the FYE 2014 we had three customers that each accounted for over 10% of our total revenue. All three customers were involved in the iron ore trading and all these customers operate in China.

NOTE_20_RECONCILIATION_OF_EPS

NOTE 20 - RECONCILIATION OF EPS	12 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE 20 – RECONCILIATION OF EPS
	For the Fiscal Year Ended March 31, 2014 and 2013, the basic shares include founders shares, shares sold in the market, shares sold in a private placement, shares sold in the IPO, shares sold in the registered direct, shares arising from the exercise of warrants issued in the placement of debt, shares issued in connection with debt, shares issued to HK Ironman shareholders (the “Exchange Shares”) and shares issued to employees, directors and vendors.   The fully diluted shares include the basic shares plus warrants issued as part of the units sold in the private placement and IPO, warrants sold as part of the units sold in the registered direct and employee options.  The historical weighted average per share for our shares through March 31, 2014, was applied using the treasury method of calculating the fully diluted shares.  The weighted average number of shares outstanding as of March 31, 2014 used for the computation of basic EPS is 8,205,684.  Due to the loss incurred during the year ended March 31, 2014, all of the potential equity shares are anti-dilutive and accordingly, the diluted EPS is equal to the basic EPS.

NOTE_21_INVESTMENTS_OTHERS

NOTE 21 - INVESTMENTS - OTHERS	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Cost and Equity Method Investments Disclosure [Text Block]	'
	NOTE 21 – INVESTMENTS – OTHERS
	Investments – others for each of the years ended March 31, 2014 and 2013 consists of the following:
		Year Ended March 31, 2014		Year Ended March 31, 2013
	Investment in equity shares of an unlisted company	$	31,650	$	55,026
	Investment in partnership				28,463
	Total	$	31,650	$	83,489

NOTE_22_IMPAIRMENT

NOTE 22 - IMPAIRMENT	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	'
	NOTE 22 – IMPAIRMENT
	Effective October 1, 2009, the Company reduced its investment in Sricon from 63% to 22%. For the financial year ended March 31, 2010 the Company conducted an impairment test on the 22% investment in Sricon using the discounted cash flow methodology. The Company had access to the unaudited balance sheet of Sricon as of December 31, 2009, but did not have audited financial statements of Sricon for the year ended March 31, 2010. The Company used information from the unaudited December 31, 2009 balance sheet, recoverable values of property, plant and equipment not used in the operations of the Company based on independent third party valuations and Sricon’s history of winning and renewing contracts in determining the discounted cash flow. Based on the impairment test applied at the end of March 31, 2010, the Company concluded that the recoverable value of its investment in Sricon exceeded the total of the value of its receivable in Sricon and its investment in Sricon. Therefore no impairment was provided with respect to the receivable and investment in Sricon.
	In January 2011, the Company Law Board in India (CLB), a body that has jurisdiction over companies in India, granted the Company’s petition to stay any transactions, such as purchases, sales or a further creation of liability on Sricon’s fixed properties including land and plant and machinery. Further, based on CLB orders representatives of the Company visited Sricon for an inspection in January 2011, February 2011, April 2011 and June 2011.
	Based on the CLB order freezing the sale of assets and creation of liability and allowing inspections by the Company, the Company believes that it has sufficient information on the existing assets and liabilities in Sricon to perform an impairment test. Further, as Sricon can no longer alienate the assets or create further liabilities, the Company believes that this forms an appropriate basis for the assessment of the recoverable value of the investment. The nature of information available to the Company includes assets (plant, machinery, land, building,) and significant liabilities.
	For the year ended March 31, 2011 the Company again conducted an impairment test on its 22% investment in Sricon. However, the methodology for assessing the value of our investment and the recoverability of our receivable in Sricon, for the financial year ended March 31, 2011 was based on an assessment of recoverable values of property, plant and equipment as certified by independent government approved appraisers and not on a discounted cash flow methodology. The Company currently does not have sufficient financial information on Sricon and the lack of such financial statements may impact our ability to accurately value the investment. The methodology used in determining the fair value of assets included the current market value of real estate owned by Sricon, the recoverable value for equipment and an estimate for the timing of collection on awarded arbitration claims discounted to its present value using a discount rate of 12 %. Based on this, the Company concluded that as of March 31, 2011 a liquidation of Sricon including a sale of assets and settlement of liabilities would result in the Company’s ability to recover $6.4 million. The Company therefore impaired 100% of its $3.1 million receivable in Sricon, and impaired $2.2 million of its investment. The carrying value of the investment in Sricon for the year ended March 31, 2011 is $6.4 million, which is equal to the recoverable assessed value.
	For the year ended March 31, 2012, the Company again conducted an impairment test of its 22% investment in Sricon. Based on a revaluation of the assets including the real estate owned by Sricon, the Company has determined that a further impairment loss amounting to $1.2 million relating to the investment in Sricon is required. The carrying value of the investment in Sricon is accordingly $5.1 million as at March 31, 2012. The carrying value as at March 31, 2012 approximates the recoverable assessed value as determined as on that date.  We did not perform an impairment analysis during 2013 and no further impairment was made on the investment. We entered into a memorandum of settlement with Sricon on June 21, 2012, in which we mutually agreed to receive a plot of five acres of land owned by Sricon in Nagpur against the investment. The land has an estimated value of $5.6 million, which is higher than the amount of investment in Sricon.
	In 1995, IGC's subsidiary TBL made an investment of $50,000 (INR 3,000,000) in Bhagheeratha Developers Limited. Based on the latest review of the balance sheet of this entity, we impaired this investment by $18,244.

NOTE_23_CERTAIN_AGED_RECEIVABL

NOTE 23 - CERTAIN AGED RECEIVABLES	12 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	NOTE 23 – CERTAIN AGED RECEIVABLES
	The receivable and other assets as of March 31, 2014 and March 31, 2013 include certain aged receivables in the amount of $0.5 million for both periods.  These aged receivables were decreased from $2.03 million to $0.5 million in 2013 because we realized the arbitration award amounting to $1.5 million from National Highway Authority of India in December 2012.The Company received payment of the money owed on December 31, 2012 by a deposit on our bank account in Andhra Bank, M G Road, Ernakulam, Kerala. The aged receivables in FYE 2013 are due from the Cochin International Airport.  Cochin International Airport is partially owned by the State Government of Kerala.  The receivables have been due for periods in excess of one year as of March 31, 2014.  These receivables are included in Accounts Receivable and have been classified as current for the following reasons:
	The Company’s subsidiary in India, TBL, worked on the building of an airport runway at the Cochin International Airport. During the execution of these projects the clients of the Company requested several changes to the engineering drawings.  The claims of the Company against each of the clients involve reimbursement of expenses associated with the change orders and variances as well as compensation for delays caused by the client.  The delay part of the claim involves equipment that is idle on the job, including interest or lease charges for the equipment while it is idle, and workers that are idle, among others.  The expense reimbursement involves cost of new material including any escalation in the cost of materials, usage of equipment, personnel and other charges that were incurred as a result of the delays caused by the change orders.  These invoices were disputed by the clients and referred to arbitration. The process of arbitration involves each party choosing an arbitrator and the arbitrators appointing a third chief arbitrator. Each party then presents its case over several months and the arbitrator makes an award.
	The receivables occurred and became due when TBL won the arbitration award against Cochin International Airport on July 22, 2009. The arbitration awards stipulate that interest be accrued for the period of non-payment.  However, the receivables do not have an interest component as the Company will try and use the accrued interest as negotiating leverage for an earlier payment.   Although the receivables are contractually due, and hence its classification as current, it may take the Company  anywhere from the next 30 days to 6 months to actually realize the funds, depending on final verdict to happen in few months.  The Company continues to carry the full value of the receivables without interest and without any impairment, because the Company believes that there is minimal risk that these organizations will become insolvent and unable to make payment.

NOTE_24_Left_intentionally_bla

NOTE 24 - Left intentionally blank.	12 Months Ended
	Mar. 31, 2014
Footnote Reserved For Future Use 2 [Abstract]	'
Footnote Reserved For Future Use 2 [Text Block]	'
	NOTE 24 – Left intentionally blank.

NOTE_25_SUBSEQUENT_EVENTS

NOTE 25 - SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 25 – SUBSEQUENT EVENTS
	On July 14, 2014, India Globalization Capital, Inc. (“IGC”) and its subsidiary, India Globalization Capital Mauritius (“IGC-M”), entered into a new employment agreement (the “2014 Employment Agreement”) with Ram Mukunda, pursuant to which he will continue to receive a salary of $300,000 per year for services to IGC and IGC-M as executive Chairman and Chief Executive Officer through July 2019. The Agreement provides that the Board of Directors of IGC may establish performance targets and bonuses on an annual basis.  The Agreement also provides for benefits, including insurance, paid vacation, a car (subject to partial reimbursement by Mr. Mukunda of lease payments) and reimbursement of business expenses. The term of the 2014 Employment Agreement is five years, after which employment will become at-will. The 2014 Employment Agreement is terminable by IGC and IGC-M for death, disability and cause.  In the event of a termination without cause, change of control or non-renewal at the end of the term, IGC would be required to pay Mr. Mukunda his full compensation for 36 months.  The 2014 Employment Agreement also contains indemnity, confidentiality and non-competition provisions.
	On June 27, 2014, IGC entered into an agreement with TerraSphere Systems, LLC and Greenlife Ventures, Inc. to develop multiple facilities to produce organic leafy green vegetables utilizing TerraSphere’s advanced pesticide-free organic indoor farming technology.  Under the agreement, IGC will own 51% of each venture once production is operational, and will have a right of first refusal to participate in all future build-outs.
	On June 20, 2014, IGC announced that it has entered into a joint venture agreement to produce organic leafy green vegetables through advanced vertical indoor farming technology. The venture has been formed among three companies: IGC, Greenlife Ventures ("GLV"), and GoLocalProduceRI ("GLPRI") and will be located in Rhode Island.
	On June 8, 2014, IGC entered into an ATM Agency Agreement with Enclave Capital LLC ("Enclave"). Pursuant to the terms of the Agreement, the Company may offer and sell shares of its common stock having aggregate gross proceeds of up to $1.5 million from time to time through Enclave, as its sales agent.
	On May 31, 2014, IGC completed the acquisition of 51% of the issued and outstanding share capital of Golden Gate Electronics Limited, a corporation organized and existing under the laws of Hong Kong ("Golden Gate"), from Sunny Tsang Hon Sang, the sole shareholder of Golden Gate, pursuant to the terms of a Stock Purchase Agreement by and among the parties. Golden Gate, headquartered in Hong Kong, operates an e-commerce platform for trading of commodities and electronic components. The purchase price of the acquisition consists of up to 1,209,765 shares of IGC common stock, valued at approximately $1,052,496 on the closing date of the Stock Purchase Agreement.
	On May 6, 2014 IGC announced that it has retained William Wilkerson as Director Operations to drive the development of the Company's newly launched initiative into the medicinal and legal cannabis industry. The initial strategy includes developing partnerships with companies in Canada and Indian in an effort to gain intellectual property and position IGC for what may eventually become a potential U.S. legal marijuana market.
	On April 2, 2014, IGC entered into a securities purchase agreement with certain institutional investors relating to the sale and issuance by our company to the investors of an aggregate of 750,000 shares of our common stock, for a total purchase price of $506,250.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

'

Consolidation, Policy [Policy Text Block]

'

a)             Principles of Consolidation:

The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of IGC and all of its subsidiaries that are more than 50% owned and controlled. When the Company does not have a controlling interest in an entity, but exerts a significant influence on the entity, the Company applies the equity method of accounting. All inter-company transactions and balances are eliminated in the consolidated financial statements.

The non-controlling interest disclosed in the accompanying financial statements for FYE 2013 represents the non-controlling interest in in Linxi H&F Economic and Trade Co. (PRC Ironman) through 100% owned subsidiary, H&F Ironman Limited (HK Ironman) and the profits or losses associated with the non-controlling interest in those operations.

The adoption of Accounting Standards Codification (ASC) 810-10-65 “Consolidation — Transition and Open Effective Date Information” (previously referred to as SFAS No. 160, “Non-controlling Interests in Consolidated Financial Statements, an amendment of ARB No. 51”), has resulted in the reclassification of amounts previously attributable to minority interest (now referred to as non-controlling interest) to a separate component of shareholders’ equity on the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and comprehensive income (loss). Additionally, net income attributable to non-controlling interest is shown separately from net income in the consolidated statements of income. This reclassification had no effect on our previously reported financial position or results of operations.

Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

'

b)              Non-controlling interests

Non-controlling interests in the Company’s consolidated financial statements result from the accounting for non-controlling interests in its subsidiaries.  Non-controlling interests represent the subsidiaries’ earnings and components of other comprehensive income that are attributed to the non-controlling parties’ equity interests.  The Company consolidates the subsidiaries into its consolidated financial statements.  Transactions between the Company and its subsidiaries have been eliminated in the consolidated financial statements.

The Company accounts for investments by the equity method where its investment in the voting stock gives it the ability to exercise significant influence over the investee but not control.  In situations, such as the Company’s ownership interest in Sricon Infrastructure Private Limited (“Sricon”), wherein the Company is not able to exercise significant influence in spite of having 20% or more of the voting stock, the Company has accounted for the investment based on the cost method.  In addition, the Company consolidates any Variable Interest Entity (“VIE”) if it is determined to be the primary beneficiary.  However, as of March 31, 2014, the Company does not have any interest in any VIE or equity method investment.

The non-controlling interest disclosed in the accompanying audited consolidated financial statements for fiscal 2014 represents the non-controlling interest of Ironman.

The adoption of Accounting Standards Codification (ASC) 810-10-65 "Consolidation — Transition and Open Effective Date Information" (previously referred to as SFAS No. 160, "Non-controlling Interests in Consolidated Financial Statements, an amendment of ARB No. 51"), has resulted in the reclassification of amounts previously attributable to minority interest (now referred to as non-controlling interest) to a separate component of shareholders’ equity on the accompanying consolidated balance sheets and consolidated statements of shareholders’ equity and comprehensive income (loss).  Additionally, net income attributable to non-controlling interest is shown separately from net income in the consolidated statements of income.  This reclassification had no effect on our previously reported financial position or results of operations.

Reclassification, Policy [Policy Text Block]

'

c)             Reclassifications

Certain prior year balances have been reclassified to the presentation of the current year.

Use of Estimates, Policy [Policy Text Block]

'

d)             Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable.  Significant estimates and assumptions are used for, but not limited to: allowance for uncollectible accounts receivable; future obligations under employee benefit plans; the useful lives of property, plant, equipment; intangible assets; the valuation of assets and liabilities acquired in a business combination; impairment of goodwill and investments; recoverability of advances; the valuation of options granted and warrants issued; and income tax and deferred tax valuation allowances.  Actual results could differ from those estimates.  Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates.  Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position and cash flows.

Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements.

Revenue Recognition, Policy [Policy Text Block]

'

e)             Revenue Recognition

The majority of the revenue recognized for the year ended March 31, 2014 was derived from the Company’s subsidiaries and as follows:

Revenue is recognized when persuasive evidence of an arrangement exists, the sales price is fixed or determinable and collectability is reasonably assured.  In government contracting, the Company recognizes revenue when a government consultant verifies and certifies an invoice for payment.

Revenue from sale of goods is recognized when substantial risks and rewards of ownership are transferred to the buyer under the terms of the contract.

For the sale of goods, the timing of the transfer of substantial risks and rewards of ownership is based on the contract terms negotiated with the buyer, e.g., FOB or CIF.  IGC considers the guidance provided under Staff Accounting Bulletin (“SAB”) 104 in determining revenue from sales of goods.  Considerations have been given to all four conditions for revenue recognition under that guidance.  The four conditions are:

▪  Contract – Persuasive evidence of our arrangement with the customers;

▪  Delivery – Based on the terms of the contracts, the Company assesses whether the underlying goods have been delivered and therefore the risks and rewards of ownership are completely transferred;

▪  Fixed or determinable price – The Company enters into contracts where the price for the goods being sold is fixed and not contingent upon other factors.

▪  Collection is deemed probable – At the time of recognition of revenue, the Company makes an assessment of its ability to collect the receivable arising on the sale of the goods and determines that collection is probable.

Revenue for any sale is recognized only if all of the four conditions set forth above are met.  These criteria are assessed by the Company at the time of each sale.  In the absence of meeting any of the criteria set out above, the Company defers revenue recognition until all of the four conditions are met.

Specifically, revenue from the trade of iron ore is recognized when the finished product is sold and meets the criteria set out above.  Our customers, typically, buy the finished product on a spot basis with a deposit and a 60-day payment term, or in some cases for cash on delivery. In cases where iron ore is shipped from India to a customer in China, as an example, a typical CIF contract pays 95% at the time that the ship leaves port and the remaining 5% when the iron ore passes inspection in China. Therefore 95% of the revenue is recognized first and the remaining 5% is recognized later, and can take up to 90 days. CIF contracts are guaranteed by letters of credit from the customer.

Revenue from construction/project related activity and contracts for supply/commissioning of complex plant and equipment is recognized as follows:

a)

Cost plus contracts: Contract revenue is determined by adding the aggregate cost plus proportionate margin as agreed with the customer and expected to be realized.

b)

Fixed price contracts: Contract revenue is recognized using the percentage completion method and the percentage of completion is determined as a proportion of cost incurred-to-date to the total estimated contract cost.  Changes in estimates for revenues, costs to complete and profit margins are recognized in the period in which they are reasonably determinable.

▪  In many of the fixed price contracts entered into by the Company, significant expenses are incurred in the mobilization stage in the early stages of the contract.  The expenses include those that are incurred in the transportation of machinery, erection of heavy machinery, clearing of the campsite, workshop ground cost, overheads, etc.  All such costs are booked to deferred expenses and written off over the period in proportion to revenues earned.

▪  Where the modifications of the original contract are such that they effectively add to the existing scope of the contract, the same are treated as a change orders.  On the other hand, where the modifications are such that they change or add an altogether new scope, these are accounted for as a separate new contract.  The Company adjusts contract revenue and costs in connection with change orders only when they are approved by both, the customer and the Company with respect to both the scope and invoicing and payment terms.

▪  In the event of claims in our percentage of completion contracts, the additional contract revenue relating to claims is only accounted after the proper award of the claim by the competent authority.  The contract claims are considered in the percentage of completion only after the proper award of the claim by the competent authority.

Full provision is made for any loss in the period in which it is foreseen.

Revenue from service related activities and miscellaneous other contracts are recognized when the service is rendered using the proportionate completion method or completed service contract method.

Earnings Per Share, Policy [Policy Text Block]

'

f)             Earning per common share:

Basic earnings per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the additional dilution from all potentially dilutive securities such as stock warrants and options.

Income Tax, Policy [Policy Text Block]

'

g)              Income taxes:

The Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity to recognize deferred tax liabilities and assets.  Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date.  A valuation allowance is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized.

In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position.  If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement.  As of March 31, 2014 and 2013, there was no significant liability for income tax associated with unrecognized tax benefits.

The issuance by IGC of its common stock to HK Ironman stockholders in exchange for HK Ironman stock, as contemplated by the stock purchase agreement (“Stock Purchase Agreement”) between the Company, HK Ironman, PRC Ironman and their stockholders, generally will not be a taxable transaction to U.S. holders for U.S. federal income tax purposes.  It is expected that IGC and its stockholders will not recognize any gain or loss because of the approval of the Share Issuance Proposal for U.S. federal income tax purposes.

Cash and Cash Equivalents, Policy [Policy Text Block]

'

h)             Cash and Cash Equivalents:

For financial statement purposes, the Company considers all highly liquid debt instruments with maturity of three months or less, to be cash equivalents.  The Company maintains its cash in bank accounts in the United States of America, Mauritius, India, China and Hong Kong, which at times may exceed applicable insurance limits.  The Company has not experienced any losses in such accounts.  The Company believes it is not exposed to any significant credit risk on cash and cash equivalent.  The Company does not invest its cash in securities that have an exposure to U.S. mortgages.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

'

i)             Restricted cash:

Restricted cash consists of deposits pledged to various government authorities and deposits used as collateral with banks for guarantees and letters of credit, given by the Company to its customers or vendors.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

'

j)              Foreign currency transactions:

The functional currency is the currency in which the Company’s subsidiaries operate and it largely reflects the economic substance of the underlying events and circumstance of the Company’s subsidiaries.  The functional currencies of the Company's Indian and Chinese subsidiaries are the Indian rupee (INR) and the renminbi (RMB), respectively.  Our financial statements reporting currency is the United States dollar (USD or $).  Operating and capital expenditures of the Company's subsidiaries located in India and China are denominated in their local currencies, which are the currencies most compatible with their expected economic results.

In accordance with ASC 830, “Foreign Currency Matters,” all transactions and account balances are recorded in the local Company’s subsidiaries’ currencies.  The Company translates the value of these local currencies denominated assets and liabilities into USD at the rates in effect at the balance sheet date.  Resulting translation adjustments are recorded in stockholders' equity as a component of accumulated other comprehensive income (loss).  The local currencies denominated statement of income amounts are translated into U.S. dollars using the average exchange rates in effect during the period.  Realized foreign currency transaction gains and losses are included in the consolidated statements of income.

The exchange rates used for translation purposes are as follows:

Period End Average Rate

Period End Rate

Period

(P&L rate)

(Balance sheet rate)

Year ended Mar 31, 2014

INR

60.35

RMB

6.21

HKD

7.76

per USD

INR

60

RMB

6.216

HKD

7.76

per USD

Year ended Mar 31, 2013

INR

54.357

RMB

6.28

HKD

7.77

per USD

INR

54.52

RMB

6.22

HKD

7.76

per USD

Receivables, Policy [Policy Text Block]

'

k)              Accounts receivable:

Accounts receivable is recorded at the invoiced amount, taking into consideration any adjustments made by the Indian government consultants who verify and certify construction and material invoices.  Also, the Company evaluates the collectability of selected accounts receivable on a case-by-case basis and makes adjustments to the bad debt reserve for expected losses.  For all other accounts, the Company estimates reserves for bad debts based on general aging, experience and past-due status of the accounts. When applicable, the Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of clients to make required payments.  The allowance for doubtful accounts is determined by evaluating the relative credit worthiness of each client, historical collections experience and other information, including the aging of the receivables.  If circumstances related to customers change, estimates of recoverability would be further adjusted. Long-term accounts receivables are typically for Build-Operate-Transfer (BOT) contracts.  It is money due to the Company by the private or public sector to finance, design, construct, and operate a facility stated in a concession contract over an extended period of time. We have no long-term accounts receivables in fiscal 2014 or fiscal 2013. Therefore, we did not provide allowances for doubtful accounts as of March 31, 2014 or 2013.

Regarding our collection policy on iron ore trading receivables, there are three types of iron ore trades: 1) Payment guaranteed through letters of credit, 2) deposit or spot payment on delivery or 3) delivery on credit. With the first type of trade: our policy for collection is to ask the customer to open a letter of credit with a bank. The typical terms of the letter of credit are that 95% of the payment is made when the material is delivered to the ship, which is verified by the bank with documents including a Bill of Lading. The remaining 5% is paid when the iron ore reaches the port of discharge. Once the material is unloaded, a CIQ or Certificate of Quality is produced using a third party to verify the quality of the iron ore.  Once this is done, the remaining 5% of the payment is released by the bank.  With the second type of trade, customers pay on delivery. If payment is not received the material is not delivered to the customer. On the third type of trade, our policy is to allow the customer to have a payment credit term of 90 days. This is typical practice in China with the larger steel mills.

Inventory, Policy [Policy Text Block]

'

m)              Inventories:

Inventories primarily comprise of finished goods, raw materials, work in progress, stock at customer site, stock in transit, components and accessories, stores and spares, scrap and residue.  Inventories are stated at the lower of cost or estimated net realizable value.

The cost of various categories of inventories is determined on the following basis:

·

Raw material is valued at weighted average of landed cost (purchase price, freight inward and transit insurance charges).

·

Work in progress is valued as confirmed, valued and certified by the technicians and site engineers and finished goods at material cost plus appropriate share of labor cost and beneficiation overheads.

·

Components and accessories, stores erection, materials, spares and loose tools are valued on a first-in-first out basis

Investment, Policy [Policy Text Block]

'

n)            Investments:

Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs.  The Company's equity in the earnings/(losses) of affiliates is included in the statement of income and the Company's share of net assets of affiliates is included in the balance sheet.  Where the Company’s ownership interest in spite of being in excess of 20% is not sufficient to exercise significant influence, the Company has accounted for the investment based on the cost method.

Property, Plant and Equipment, Policy [Policy Text Block]

'

o)             Property, Plant and Equipment (PP&E):

Property and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Buildings

5-25 years

Plant and machinery

10-20 years

Computer equipment

3-5 years

Office equipment

3-5 years

Furniture and fixtures

5-10 years

Vehicles

5-10 years

Upon retirement or disposition, cost and related accumulated depreciation of the property and equipment are de-recognized from the books of accounts and the gain or loss is reflected in the results of operation.  Cost of additions and substantial improvements to property and equipment are capitalized in the books of accounts.  The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred.

Fair Value of Financial Instruments, Policy [Policy Text Block]

'

p)             Fair Value of Financial Instruments

As of March 31, 2014 and 2013, the carrying amounts of the Company's financial instruments, which included cash and cash equivalents, accounts receivable, unbilled accounts receivable, restricted cash, accounts payable, accrued employee compensation and benefits and other accrued expenses, approximate their fair values due to the nature of the items.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

'

q)             Concentration of Credit Risk and Significant Customers

Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, derivatives, accounts receivable and unbilled accounts receivable.  The Company places its cash, investments and derivatives in highly rated financial institutions.  The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements.  Management believes its credit policies reflect normal industry terms and business risk.  The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral.

A significant portion of the Company’s sales in China is to key customers. Five of such customers accounted for approximately 90% of gross accounts receivable both as of March 31, 2014 and March 31, 2013.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

'

r)              Leased Mineral Rights

In China, costs to obtain leased mineral rights are capitalized and amortized to operations as depletion expense within the leased periods, using the straight-line method.  Depletion expenses are included in depreciation and amortization on the accompanying statement of operations. As of March 31, 2014 we have no lease mineral rights.

Business Combinations Policy [Policy Text Block]

'

s)              Business combinations

In accordance with ASC Topic 805, Business Combinations, the Company uses the purchase method of accounting for all business combinations consummated after June 30, 2001.  Intangible assets acquired in a business combination are recognized and reported apart from goodwill if they meet the criteria specified in ASC Topic 805.  Any purchase price allocated to an assembled workforce is not accounted separately.

Postemployment Benefit Plans, Policy [Policy Text Block]

'

t)              Employee Benefits Plan

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.  In addition, all employees 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.

At this time the Company doesn’t participate in a multi-employer defined contribution plan in China to provide employees with certain retirement, medical and other fringe benefits because most of our workers are contractors employed through agencies or other companies.

Commitments and Contingencies, Policy [Policy Text Block]

'

u)             Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

'

v)              Accounting for goodwill and related impairment

Goodwill represents the excess cost of an acquisition over the fair value of our share of net identifiable assets of the acquired subsidiary at the date of acquisition.  Goodwill on acquisition of subsidiaries is disclosed separately.  Goodwill is stated at cost less impairment losses incurred, if any.

The Company adopted the provisions of Accounting Standards Codification (“ASC”) 350, “Intangibles – Goodwill and Others” (previously referred to as SFAS No. 142, "Goodwill and Other Intangible Assets," which sets forth the accounting for goodwill and intangible assets subsequent to their acquisition.  ASC 350 requires that goodwill and indefinite-lived intangible assets be allocated to the reporting unit level, which the Company defines as each subsidiary.  ASC 350 also prohibits the amortization of goodwill and indefinite-lived intangible assets upon adoption, but requires that they be tested for impairment at least annually, or more frequently as warranted, at the reporting unit level.

As per ASC 350-20-35-4 through 35-19, the impairment testing of goodwill is a two-step process.  The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill.  If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, thus the second step of the impairment test is unnecessary.  If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test shall be performed to measure the amount of impairment loss, if any.  The second step of the goodwill impairment test, used to measure the amount of impairment loss, compares the implied fair value of reporting unit goodwill with the carrying amount of that goodwill.  If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess.  The loss recognized cannot exceed the carrying amount of goodwill.  After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill shall be its new accounting basis.  Subsequent reversal of a previously recognized goodwill impairment loss is prohibited once the measurement of that loss is completed.

In ASC 350.20.20, a reporting unit is defined as an operating segment or one level below the operating segment.  A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component.  The Company has determined that IGC operates in a single operating segment.  While the CEO reviews the consolidated financial information for the purposes of decisions relating to resource allocation, the CFO, on a need basis, looks at the financial statements of the individual legal entities in India for the limited purpose of consolidation.  Given the existence of discrete financial statements at an individual entity level in India, the Company believes that each of these entities constitute a separate reporting unit under a single operating segment.

In FYE 2013, the Company acquired 23% ownership of its Indian Subsidiary –Techni Bharathi Pvt. Ltd. from the promoters and combined with its previous purchase holds 100% ownership in Techni Bharathi Pvt. Ltd. Therefore, the first step in the impairment testing for goodwill is the identification of reporting units and the allocation of goodwill to these reporting units.  Accordingly, TBL, which is one of the legal entities, is also considered a separate reporting unit and therefore the Company believes that the assessment of goodwill impairment at the subsidiary level, which is also a reporting unit, is appropriate.

The analysis of fair value is based on the estimate of the recoverable value of the underlying assets.  For long-lived assets such as land, the Company obtains appraisals from independent professional appraisers to determine the recoverable value.  For other assets such as receivables, the recoverable value is determined based on an assessment of the collectability and any potential losses due to default by the counter parties.  Unlike goodwill, long-lived assets are assessed for impairment only where there are any specific indicators for impairment.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

'

w)             Impairment of long – lived assets

The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable.  Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic climate, such as changes in operating environment, competitive information, impact of change in government policies, etc.  For assets that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value of the assets.  For assets the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair value less cost to sell is less than the carrying value of the assets.  Fair value is determined based on quoted market prices, if available, or other valuation techniques including discounted future net cash flows.

New Accounting Pronouncements, Policy [Policy Text Block]

'

x)              Recently issued and adopted accounting pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates ("ASUs”) to the FASB's Accounting Standards Codification.  The Company considers the applicability and impact of all ASUs.  Newly issued ASUs not listed below are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable or the impact is expected to be immaterial.

Effective January 1, 2012, Company adopted amendments from the FASB to Fair Value Accounting. The amendments clarify the application of the highest and best use, and valuation premise concepts, preclude the application of "blockage factors" in the valuation of all financial instruments and include criteria for applying the fair value measurement principles to portfolios of financial instruments. The amendments also prescribe additional disclosures for Level 3 fair value measurements and financial instruments not carried at fair value. The adoption of this guidance did not have a material impact on Company's consolidated financial position or results of operations.

In December 2011, the FASB issued new accounting disclosure requirements about the nature and exposure of offsetting arrangements related to financial and derivative instruments. The requirements are effective for fiscal years beginning after January 1, 2013, which for us is the fiscal ending March 2014. The adoption of this guidance did not have a material impact on Company's consolidated financial position or results of operations.

In September 2011, the FASB issued an Accounting Standards Update that permits companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill is impaired before performing the two-step goodwill impairment test required under current accounting standards. The guidance is effective for us beginning in the first quarter of fiscal 2013, with early adoption permitted. The adoption of this standard will not impact our financial results.

In June 2011, the FASB issued ASU 2011-05, which is now part of ASC 220: “Presentation of Comprehensive Income".  The new guidance will require companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements.  It eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity.  The standard does not change the items, which must be reported in other comprehensive income.  These provisions are to be applied retrospectively and will be effective for us as of January 1, 2012.  Because this guidance impacts presentation only, it has no effect on our financial condition, results of operations or cash flows.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS”.  This update defines fair value, clarifies a framework to measure fair value and requires specific disclosures of fair value measurements.  The guidance is effective for interim and annual reporting periods beginning after January 1, 2012 and is required to be applied retrospectively.  The adoption of this guidance did not have a material impact on Company’s consolidated financial position or results of operations.

In April 2011, the Financial Accounting Standards Board (the "FASB") issued new accounting guidance that addresses effective control in repurchase agreements and eliminated the requirement for entities to consider whether the transferor/seller has the ability to repurchase the financial assets in a repurchase agreement. This new accounting guidance was effective, on a prospective basis, for new transactions or modifications to existing transactions, on January 1, 2012. The adoption of this guidance did not have a material impact on Company's consolidated financial position or results of operations.

NOTE_1_NATURE_OF_OPERATIONS_AN1

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block]	'IGC India Mining and Trading Private Limited (IGC-IMT), IGC Materials Private Limited (IGC-MPL), and IGC Logistics Private Limited (IGC-LPL) were incorporated for IGC by three different Indian citizens, who acted as the initial directors of these companies as our nominees. This is as per the regulatory requirements for incorporation of companies. Once the companies were incorporated, IGC purchased the shares from the individuals. No premium was paid. None of these companies were operational at the time of purchase and therefore no revenues and earnings were recorded. The individuals were reimbursed for the amounts they paid to incorporate the companies. Please see the below table for further details:
	Acquired Company	Initial Capitalization	Purchase Price
	IGC – IMT	INR 100,000 ($2,100)	INR 100,000
	IGC – MPL	INR 100,000 ($2,100)	INR 100,000
	IGC – LPL	INR 100,000 ($2,100)	INR 100,000

NOTE_2_SIGNIFICANT_ACCOUNTING_1

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2014

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]

'

Foreign Currency Exchange Rates [Table Text Block]

'The exchange rates used for translation purposes are as follows:

Period End Average Rate

Period End Rate

Period

(P&L rate)

(Balance sheet rate)

Year ended Mar 31, 2014

INR

60.35

RMB

6.21

HKD

7.76

per USD

INR

60

RMB

6.216

HKD

7.76

per USD

Year ended Mar 31, 2013

INR

54.357

RMB

6.28

HKD

7.77

per USD

INR

54.52

RMB

6.22

HKD

7.76

per USD

Property, Plant and Equipment, Estimated Useful Lives [Member]

'

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Tables) [Line Items]

'

Property, Plant and Equipment [Table Text Block]

'Property and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Buildings

5-25 years

Plant and machinery

10-20 years

Computer equipment

3-5 years

Office equipment

3-5 years

Furniture and fixtures

5-10 years

Vehicles

5-10 years

NOTE_5_OTHER_CURRENT_AND_NONCU1

NOTE 5 - OTHER CURRENT AND NON-CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	'Prepaid expenses and other current assets consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Prepaid /preliminary expenses	$	376	$	3,053
	Advance to suppliers & services		531,822		737,199
	Security/statutory  advances		5,339		65,369
	Advances to employees		977,740		905,219
	Prepaid /accrued interest		2,965		2,825
	Deposit and other current assets		35,694		16,849
	Total	$	1,553,936	$	1,730,514
	* Advances to Employees represent advances made to employees of Ironman by Ironman, prior to its acquisition by IGC.
Schedule of Other Assets, Noncurrent [Table Text Block]	'Other Non-current assets consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Sundry Debtors	$	0	$	11,318
	Statutory/Other Advance		458,578		454,787
	Total	$	458,578	$	466,105

NOTE_8_OTHER_CURRENT_AND_NONCU1

NOTE 8 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2014
Other Current Liabilities [Member]	'
NOTE 8 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables) [Line Items]	'
Schedule of Other Assets and Other Liabilities [Table Text Block]	'Other current liabilities consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Statutory payables	$	8,122	$	18,139
	Employee related liabilities		37,389		49,751
	Other liabilities /expenses payable		8,476		242,729
	Total	$	53,987	$	310,619
Other Noncurrent Liabilities [Member]	'
NOTE 8 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables) [Line Items]	'
Schedule of Other Assets and Other Liabilities [Table Text Block]	'Other non-current liabilities consist of the following:
		Year Ended		Year Ended
		31-Mar-14		March 31, 2013
	Creditors	$	157,399	$	51,864
	Special reserve		600,980		601,524
	Total	$	758,379	$	653,388

NOTE_11_INTANGIBLE_ASSETS_GOOD1

NOTE 11 - INTANGIBLE ASSETS & GOODWILL (Tables)	12 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Intangible Assets and Goodwill [Table Text Block]	'The movement in goodwill and intangible assets is given below:
		Year Ended			Year Ended
		31-Mar-14			March 31, 2013
	Balance at the beginning of the period	$	592,274			4,803,828
	Adjustment form Ironman acquisition				$	(3,849,877	)
	Amortization / Impairment of goodwill	$	(123,121	)		(301,141	)
	Effect of foreign exchange translation	$	(1,062	)		(60,536	)
	Total	$	468,091			592,274

NOTE_14_PROPERTY_PLANT_AND_EQU1

NOTE 14 - PROPERTY, PLANT AND EQUIPMENT (Tables) (Property, Plant and Equipment [Member])	12 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Member]	'
NOTE 14 - PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items]	'
Property, Plant and Equipment [Table Text Block]	'Property, plant and equipment consist of the following:
	Category	Useful Life		Year Ended			Year Ended
		(years)		31-Mar-14			March 31, 2013
	Land		N/A	$	12,069		$	12,069
	Building (flat)		25		1,302,129			1,328,413
	Plant and machinery		20		9,214,667			9,396,659
	Computer equipment		3		216,917			217,659
	Office equipment		5		164,373			166,924
	Furniture and fixtures		5		118,892			121,943
	Vehicles		5		479,952			569,352
	Assets under construction		N/A		4,274,501			4,288,469
	Total			$	15,783,500		$	16,101,488
	Less: Accumulated depreciation			$	(8,196,656	)	$	(7,917,258	)
	Net Assets			$	7,586,844		$	8,184,230

NOTE_16_STOCKBASED_COMPENSATIO1

NOTE 16 - STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'The fair value of stock option awards is estimated on the date of grant using a Black-Scholes Pricing Model with the following assumptions for options awarded as of March 31, 2014:
		Granted in 2009		Granted in
		(expired May 13, 2014)		June 2011 quarter
	Expected life of options	5 years		5 years
	Vested options		100%		100%
	Risk free interest rate		1.98%		4.10%
	Expected volatility		35.35%		83.37%
	Expected dividend yield	Nil		Nil

NOTE_17_EMPLOYEE_BENEFITS_Tabl

NOTE 17 - EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]	'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	)
Schedule of Net Benefit Costs [Table Text Block]	'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
Schedule of Assumptions Used [Table Text Block]	'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	%		8	%
Schedule of Expected Benefit Payments [Table Text Block]	'The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:
		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

NOTE_18_INCOME_TAXES_Tables

NOTE 18 - INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2014
NOTE 18 - INCOME TAXES (Tables) [Line Items]	'
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	'Income tax expense (benefit) for each of the years ended March 31 consists of the following:
		March 31,
		2014			2013
	Current:
	Federal	$	-		$	-
	Foreign		(19,779	)		157,382
	State		-			-
	Net Current		(19,779	)		157,382
	Deferred:
	Federal		-			-
	Foreign		19,779			(522,498	)
	State		-			-
	Net Deferred		19,779			(522,498	)
	Total tax provision	$	-		$	(365,116	)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	'The table below sets forth income tax expense (benefit) for 2014and 2013 computed by applying the applicable United States federal income tax rate and is reconciled to the tax expense (benefit) computed at the effective income tax rate:
		March 31,
		2014			2013
	Computed expected income tax (benefit)		(1,035,263	)		(768,709	)
	State tax benefit net of federal tax
	Change in valuation allowance		936,146			768,709
	Deferred expenses from foreign acquisition
	Impairment loss on goodwill
	Impairment loss on investments
	Capitalized interest costs		99,117
	Deferred Tax Assets from foreign subsidiaries		-			(365,116	)
	Other
	Effective income tax rate		(0.	0)%		(15.2	)%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	'The deferred tax assets and liabilities as of March 31 consist of the following tax effects relating to temporary differences and carry forwards:
		March 31,
		2014			2013
	Current deferred tax liabilities (assets):
	Deferred Acquisition Costs – Foreign taxes	$	0		$	221,700
	Valuation allowance		0			0
	Net current deferred tax liabilities (assets)		0			221,700
	Noncurrent deferred tax (assets) liabilities:
	Deferred Acquisition Costs- Foreign taxes		(321,676	)		(563,155	)
	Net Operating Losses		1,086,067			891,816
	Valuation allowance		(1,086,067	)		(891,816	)
	Non-Current net deferred tax (assets) liabilities	$	(321,676	)	$	(563,155	)
Subsidiaries [Member]	'
NOTE 18 - INCOME TAXES (Tables) [Line Items]	'
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	'The significant components of deferred income tax expense (benefit) from operations before non-controlling interest for each of the years ended March 31 consist of the following:
		March 31,
		2014			2013
	Deferred tax expense (benefit)	$	19,779		$	(522,498	)
	Net operating loss carry forward		1,086,067			891,816
	Foreign Tax Credits		-			-
	Less: Valuation Allowance		1,086,067			891,816
	Net deferred tax expense	$	19,779		$	(522,498	)

NOTE_19_SEGMENT_INFORMATION_Ta

NOTE 19 - SEGMENT INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Revenue from External Customers by Products and Services [Table Text Block]	'The table below shows revenue reported by product and service:
	Product & Service	Amount		% on total revenues
	Iron ore  Trading		2,203,366		96.9
	Construction		69,789		3.1
	TOTAL		2,273,155		100
Revenue from External Customers by Geographic Areas [Table Text Block]	'The table below shows the revenue attributed to the country of domicile (USA) and foreign countries. Revenue is attributed to an individual country if the invoice made to the customer originates in that country. The basis for originating an invoice is the underlining agreement.
	Geographic  Location	Amount		% on total revenues
	CHINA		2,203,366		96.9
	INDIA		69,789		3.1
	TOTAL		2,273,155		100
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	'The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries.
	Nature of Assets	USA (Country of Domicile)		Foreign Countries (India and China)		Total
	Intangible Assets				468,091		468,091
	Property , Plant and Equipment , Net		-		7,586,844		7,586,844
	Investments in Affiliates		5,109,058		-		5,109,058
	Investments Others		-		31,650		31,650
	Deferred Tax Assets				321,676		321,676
	Other Non-Current Assets				458,578		458,578
	Total Long Term Assets		5,109,058		8,866,839		13,975,897

NOTE_21_INVESTMENTS_OTHERS_Tab

NOTE 21 - INVESTMENTS - OTHERS (Tables)	12 Months Ended
	Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Investment [Table Text Block]	'Investments – others for each of the years ended March 31, 2014 and 2013 consists of the following:
		Year Ended March 31, 2014		Year Ended March 31, 2013
	Investment in equity shares of an unlisted company	$	31,650	$	55,026
	Investment in partnership				28,463
	Total	$	31,650	$	83,489

NOTE_1_NATURE_OF_OPERATIONS_AN2

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)

0 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

Apr. 19, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2010

Mar. 31, 2014

Mar. 31, 2014

Apr. 08, 2014

Apr. 03, 2014

Jun. 08, 2014

Mar. 31, 2014

Dec. 30, 2011

Jan. 18, 2011

Mar. 31, 2013

Mar. 07, 2008

Mar. 31, 2013

Dec. 30, 2011

Mar. 31, 2013

Oct. 01, 2009

Mar. 07, 2008

Jun. 21, 2012

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2010

Feb. 19, 2009

Jun. 04, 2009

Jun. 04, 2009

Oct. 09, 2012

Oct. 16, 2009

Mar. 31, 2011

Dec. 31, 2010

Mar. 31, 2014

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Feb. 28, 2011

Mar. 31, 2011

Apr. 05, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 30, 2011

Dec. 30, 2011

Mar. 31, 2014

Mar. 31, 2014

Jan. 18, 2011

Jan. 18, 2011

Mar. 31, 2014

Jan. 18, 2011

Mar. 31, 2014

Mar. 31, 2014

Jan. 18, 2011

USD ($)

USD ($)

Interest [Member]

Investor Relations Services [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

IGC - Mauritius (IGC-M) [Member]

H&F Ironman Limited ("HK Ironman") [Member]

H&F Ironman Limited ("HK Ironman") [Member]

Techni Bharathi Limited ("TBL") [Member]

Techni Bharathi Limited ("TBL") [Member]

Techni Bharathi Limited ("TBL") [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

IGC India Mining and Trading Private Limited ("IGC-IMT") [Member]

IGC Materials Private Limited ("IGC-MPL") [Member]

IGC Logistic Private Limited ("IGC-LPL") [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

American Capital Venture and Maplehurst Investment Group [Member]

Red Chip Companies [Member]

Consideration for Extension of Loans [Member]

Consideration for the Exchange of Notes [Member]

Stock Issued for Repayment of Principal and Interest [Member]

Shares Issued for Extinguishment of Debt [Member]

Medical Marketing Group (MMGI) [Member]

At The Market (ATM) Agreement [Member]

Directors and Employees [Member]

H&F Ironman Limited ("HK Ironman") [Member]

H&F Ironman Limited ("HK Ironman") [Member]

ESOP 2008 Omnibus Plan [Member]

Zhang Hua [Member]

Zhang Hua [Member]

Zhang Hua [Member]

Xu Jianjun [Member]

Xu Jianjun [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

Bricoleur Note Payable [Member]

USD ($)

Additional Shares Issued for Extinguishment of Debt [Member]

Securities Purchase Agreement [Member]

USD ($)

USD ($)

acre

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

H&F Ironman Limited ("HK Ironman") [Member]

Linxi H&F Economic and Trade Co. ("PRC Ironman") [Member]

H&F Ironman Limited ("HK Ironman") [Member]

USD ($)

CNY

sqkm

USD ($)

USD ($)

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investment, Ownership Percentage

'

'

'

'

'

'

'

'

'

100.00%

'

100.00%

'

'

100.00%

'

95.00%

'

'

'

22.00%

22.00%

22.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

80.00%

'

'

20.00%

'

'

'

'

Number of Subsidiaries

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Investments

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sale of Stock, Percentage of Ownership after Transaction

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

77.00%

'

95.00%

'

22.00%

63.00%

'

'

'

'

100.00%

100.00%

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

'

20.00%

'

'

'

Sale of Stock, Percentage of Ownership before Transaction

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

63.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extinguishment of Debt, Amount (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$17,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling Interest, Ownership Percentage by Parent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of Land

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.2

Equity Method Investment, Percent of Ownership Aquired

'

'

'

'

'

'

'

'

'

'

'

'

23.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

273,800

2,000,000

'

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

Number of Securities Listed

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Par or Stated Value Per Share (in Dollars per share)

'

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Trading Securities, Description

'

'

'(1) Common Stock, $.0001 par value (ticker symbol: IGC) ("Common Stock"), (2) redeemable warrants to purchase Common Stock (ticker symbol: IGC.WT), and (3) units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock (ticker symbol: IGC.U).As reported on Form 8-K on February 5, 2013, the Company voluntarily delisted the units from the NYSE MKT and requested its unit holders to contact IGC to get the existing units separated into Common Stock and Warrants.Each warrant entitles the holder to purchase one share of Common Stock at an exercise price of $5.00.The warrants expire on March 6, 2015.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)

'

'

$5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrant, Expiration Date

'

'

6-Mar-15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants, call warrant description

'

'

'The Company has a right to call the warrants, provided the Common Stock has traded at a closing price of at least $8.50 per share for any 20 trading days within a 30-trading day period ending on the third business day prior to the date on which notice of redemption is given. If the Company calls the warrants, either the holder will have to exercise the warrants by purchasing the Common Stock from the Company for $5.00 or the warrants will expire.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Shares, Issued (in Shares)

'

9,373,569

6,980,098

1,298,921

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Shares, Outstanding (in Shares)

'

9,373,569

6,980,098

1,298,921

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, Issued for Services (in Shares)

'

'

'

'

'

36,193

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000

914

'

'

'

'

36,193

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, Issued for Services (in Dollars)

'

'

'

'

'

40,800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,039

'

'

'

'

40,800

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, Other (in Shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

34,200

53,000

68,850

20,000

205,200

'

'

40,000

68,850

157,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, Other (in Dollars)

'

40,800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

419,985

798,176

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, Acquisitions (in Shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,150,000

'

'

'

'

'

'

'

'

'

'

Business Combination, Contingent Consideration Arrangements, Description

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'In addition, the Stock Purchase Agreement provides for a contingent payment by IGC of $1 million provided certain post-closing covenants are met within 30 days of closing. These post-closing covenants were not met within 30 days of closing and therefore the Company did not make the payment.

'

'

'

'

'

'

'

'

'

'

Business Combination, Contingent Consideration, Liability, Current (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

'

Business Combination, Assets and Liabilities Arising from Contingencies, Description

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'i) $1.5 million in cash or stock, which is contingent on IGC achieving earnings growth of at least 30% from the previous year's closing audit (i.e., March 31, 2011); and (ii) $1.5 million in cash or stock, which is contingent on IGC achieving earnings growth of at least 30% from the previous year's closing audit (i.e., March 31, 2012). If either of the foregoing annual targets were missed, there would still be a payout of $3 million provided IGC achieves a cumulative earnings growth of 69% between fiscal years 2011 and 2013. These post-closing covenants were not met and therefore the Company did not make the payments.

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Original Debt, Amount (in Dollars)

'

'

'

'

270,522

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,232,627.79

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extinguishment of Debt, Reduction in Annual Interest (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

612,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Shares Issued (in Shares)

'

'

'

'

205,200

'

12,026

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000

'

'

'

'

'

'

'

'

'

442,630

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible Notes Payable (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contract Description of Terms

'

'Under the ATM Agency Agreement, IGC may offer and sell shares of our common stock having an aggregate offering price of up to $4 million from time to time. Sales of the shares, if any, will be made by means of ordinary brokers' transactions on the NYSE MKT at market prices, or as otherwise agreed with Enclave. The Company estimated that the net proceeds from the sale of the shares of common stock that were being offered were going to be approximately $3.6 million.

'

'

'

'

'

'

'entered into a new At The Market ("the June ATM") Agency Agreement with Enclave Capital LLC. Under the June ATM Agency Agreement, IGC may offer and sell shares of our common stock having an aggregate offering price of up to $1.5 million, for a total of $5.5 million of gross proceeds from the combined ATM agreements.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

At The Market Agreement, Maximum Offering Price (in Dollars)

'

4,000,000

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Net Proceeds from At The Market Agreement (in Dollars)

'

3,600,000

'

'

'

'

'

'

5,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, New Issues (in Shares)

'

'

'

'

'

'

'

750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,256,005

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues (in Dollars)

'

'

'

'

'

'

'

$506,250

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,251,896

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

269,345

'

'

'

'

'

'

'

'

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7.80

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

625,148

'

'

'

'

'

'

'

'

'

'

'

Stockholders' Equity, Reverse Stock Split

'10:1 reverse split

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

NOTE_1_NATURE_OF_OPERATIONS_AN3

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) - Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	0 Months Ended
	Feb. 19, 2009	Feb. 19, 2009	Feb. 19, 2009	Feb. 19, 2009	Feb. 19, 2009	Feb. 19, 2009
	IGC India Mining and Trading Private Limited ("IGC-IMT") [Member]	IGC India Mining and Trading Private Limited ("IGC-IMT") [Member]	IGC Materials Private Limited ("IGC-MPL") [Member]	IGC Materials Private Limited ("IGC-MPL") [Member]	IGC Logistic Private Limited ("IGC-LPL") [Member]	IGC Logistic Private Limited ("IGC-LPL") [Member]
	USD ($)	INR	USD ($)	INR	USD ($)	INR
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]	'	'	'	'	'	'
Initial Capitalization	($2,100)	100,000	($2,100)	100,000	($2,100)	100,000
Purchase Price	'	100,000	'	100,000	'	100,000

NOTE_2_SIGNIFICANT_ACCOUNTING_2

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			Customer Concentration Risk [Member]	Credit Concentration Risk [Member]
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]	'	'	'	'
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	50.00%	'	'	'
Business Acquisition, Percentage of Voting Interests Acquired	20.00%	'	'	'
Accounts Receivable, Net, Noncurrent (in Dollars)	$0	$0	'	'
Concentration Risk, Customer	'	'	'Five of such customers	'Five of such customers
Concentration Risk, Percentage	'	'	90.00%	90.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	12.00%	'	'	'
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	12.00%	'	'	'

NOTE_2_SIGNIFICANT_ACCOUNTING_3

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates	Mar. 31, 2014	Mar. 31, 2013
India, Rupees	'	'
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates [Line Items]	'	'
Conversion Rate	60	54.52
India, Rupees | Weighted Average [Member]	'	'
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates [Line Items]	'	'
Conversion Rate	60.35	54.357
China, Yuan Renminbi	'	'
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates [Line Items]	'	'
Conversion Rate	6.216	6.22
China, Yuan Renminbi | Weighted Average [Member]	'	'
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates [Line Items]	'	'
Conversion Rate	6.21	6.28
Hong Kong, Dollars	'	'
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates [Line Items]	'	'
Conversion Rate	7.76	7.76
Hong Kong, Dollars | Weighted Average [Member]	'	'
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Foreign Currency Exchange Rates [Line Items]	'	'
Conversion Rate	7.76	7.77

NOTE_2_SIGNIFICANT_ACCOUNTING_4

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Estimated Useful Lives	12 Months Ended
	Mar. 31, 2014
Building [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Building [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'25 years
Machinery and Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'20 years
Machinery and Equipment [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'10 years
Machinery and Equipment [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'20 years
Computer Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'3 years
Computer Equipment [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'3 years
Computer Equipment [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Office Equipment [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Office Equipment [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'3 years
Office Equipment [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Furniture and Fixtures [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Furniture and Fixtures [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Furniture and Fixtures [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'10 years
Vehicles [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Vehicles [Member] | Minimum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'5 years
Vehicles [Member] | Maximum [Member]	'
Property, Plant and Equipment [Line Items]	'
Estimated Useful Life	'10 years

NOTE_3_ACQUISITIONS_Details

NOTE 3 - ACQUISITIONS (Details) (USD $)	0 Months Ended		0 Months Ended		0 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Dec. 30, 2011	Dec. 30, 2011	Mar. 31, 2013	Mar. 31, 2013	Dec. 30, 2011
	Techni Bharathi Limited ("TBL") [Member]	Techni Bharathi Limited ("TBL") [Member]	H&F Ironman Limited ("HK Ironman") [Member]	H&F Ironman Limited ("HK Ironman") [Member]	Techni Bharathi Limited ("TBL") [Member]	Techni Bharathi Limited ("TBL") [Member]	Techni Bharathi Limited ("TBL") [Member]
NOTE 3 - ACQUISITIONS (Details) [Line Items]	'	'	'	'	'	'	'
Equity Method Investment, Ownership Percentage	'	100.00%	'	100.00%	'	'	100.00%
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	'	'	95.00%	'	'	'	'
Equity Method Investment, Percent of Ownership Aquired	23.10%	'	'	'	'	'	'
Payments to Acquire Businesses, Gross (in Dollars)	'	'	'	'	'	$183,419	'
Foreign Currency Exchange Rate, Translation	'	'	'	'	'	54.52	'
Business Combination, Acquisition Related Costs (in Dollars)	'	'	'	'	$0	'	'

NOTE_4_RESTATEMENT_OF_PREVIOUS1

NOTE 4 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NOTE 4 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) [Line Items]	'	'
Amortization of Financing Costs	$270,522	$501,300
Interest Paid	20,998	32,582
Net Cash Provided by (Used in) Operating Activities	-1,742,054	564,845
Proceeds from Loans	-21,849	224,305
Net Cash Provided by (Used in) Financing Activities	1,736,297	27,691
Scenario, Previously Reported [Member]	'	'
NOTE 4 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) [Line Items]	'	'
Amortization of Financing Costs	'	114,654
Net Cash Provided by (Used in) Operating Activities	'	178,199
Proceeds from Loans	'	610,951
Net Cash Provided by (Used in) Financing Activities	'	$414,337

NOTE_5_OTHER_CURRENT_AND_NONCU2

NOTE 5 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure (USD $)	Mar. 31, 2014		Mar. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'		'
Prepaid /preliminary expenses	$376		$3,053
Advance to suppliers & services	531,822		737,199
Security/statutory advances	5,339		65,369
Advances to employees	977,740	[1]	905,219	[1]
Prepaid /accrued interest	2,965		2,825
Deposit and other current assets	35,694		16,849
Total	$1,553,936		$1,730,514
[1]	Advances to Employees represent advances made to employees of Ironman by Ironman, prior to its acquisition by IGC.

NOTE_5_OTHER_CURRENT_AND_NONCU3

NOTE 5 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Schedule of Other Assets, Noncurrent (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Other Assets, Noncurrent [Abstract]	'	'
Sundry Debtors	$0	$11,318
Statutory/Other Advance	458,578	454,787
Total	$458,578	$466,105

NOTE_6_SHORTTERM_BORROWINGS_De

NOTE 6 - SHORT-TERM BORROWINGS (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Disclosure Text Block [Abstract]	'	'
Short-term Debt	$0	$0

NOTE_7_NOTES_PAYABLE_AND_LOANS1

NOTE 7 - NOTES PAYABLE AND LOANS - OTHERS (Details) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2012

Mar. 31, 2011

Apr. 08, 2014

Apr. 06, 2012

Apr. 06, 2012

Oct. 05, 2009

Mar. 31, 2011

Dec. 31, 2010

Mar. 31, 2012

Oct. 09, 2012

Oct. 09, 2012

Oct. 16, 2009

Mar. 31, 2011

Dec. 31, 2010

Mar. 31, 2014

Mar. 31, 2013

Oct. 16, 2009

Mar. 31, 2014

Mar. 31, 2014

Subsequent Event [Member]

Post Reverse Stock Split [Member]

Oliveira Note Payable [Member]

Oliveira Note Payable [Member]

Oliveira Note Payable [Member]

Oliveira Note Payable [Member]

Oliveira Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bricoleur Note Payable [Member]

Bank Loan [Member]

Bank Loan #2 [Member]

Oliveira Note Payable [Member]

Oliveira Note Payable [Member]

Penalty Payment [Member]

NOTE 7 - NOTES PAYABLE AND LOANS - OTHERS (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Original Debt, Amount

'

'

'

'

'

'

$2,232,627.79

$2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Face Amount

40,000

'

'

'

'

'

'

'

'

'

2,120,000

'

'

'

'

'

'

1,800,000

2,000,000

100,000

150,000

Debt Instrument, Maturity Date

25-Apr-14

'

'

'

'

'

'

4-Oct-10

24-Mar-12

'

'

'

31-Jul-16

16-Oct-10

30-Jun-11

'

'

'

'

'

'

Stock Issued During Period, Shares, Other (in Shares)

'

'

'

'

12,026

'

'

53,000

'

20,000

'

17,100

34,200

53,000

68,850

20,000

205,200

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

10.00%

'

'

'

'

'

'

'

30.00%

'

'

'

'

'

'

'

'

'

'

3.75%

3.25%

Debt Instrument, Interest Rate Terms

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'will not bear interest

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Shares Issued (in Shares)

'

'

'

'

'

442,630

4,426,304

'

'

'

'

'

30,000

'

'

'

'

'

'

'

'

Debt Conversion, Original Debt, Interest Rate of Debt

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

'

'

'

'

'

'

'

'

Debt Conversion, Original Debt, Due Date of Debt

'

'

'

'

'

'

'

'

'

'

'

'

31-Dec-12

'

'

'

'

'

'

'

'

Paid-in-Kind Interest

270,522

501,300

'

'

'

'

'

'

'

'

'

'

'

'

'

'

270,522

'

'

'

'

Interest Expense

291,520

419,436

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Expense, Debt

291,520

533,882

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Paid

20,998

32,582

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Interest Payable, Net

'

-114,446

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest and Debt Expense

'

419,436

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Paid, Capitalized

'

'

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Bank Loans

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

NOTE_8_OTHER_CURRENT_AND_NONCU2

NOTE 8 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Other Current Liabilities [Abstract]	'	'
Statutory payables	$8,122	$18,139
Employee related liabilities	37,389	49,751
Other liabilities /expenses payable	8,476	242,729
Total	$53,987	$310,619

NOTE_8_OTHER_CURRENT_AND_NONCU3

NOTE 8 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Details) - Schedule of Other Non-current Liabilities (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Other Non-current Liabilities [Abstract]	'	'
Creditors	$157,399	$51,864
Special reserve	600,980	601,524
Total	$758,379	$653,388

NOTE_9_OTHER_INCOME_Details

NOTE 9 - OTHER INCOME (Details) (USD $)	12 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss)	$255,671

NOTE_11_INTANGIBLE_ASSETS_GOOD2

NOTE 11 - INTANGIBLE ASSETS & GOODWILL (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NOTE 11 - INTANGIBLE ASSETS & GOODWILL (Details) [Line Items]	'	'
Increase (Decrease) in Other Noncurrent Liabilities	($52,921)	($550,429)
Increase (Decrease) in Deferred Income Taxes	'	-849,877
Goodwill, Impairment Loss	0	301,141
Liability to Promoters of Ironman [Member]	'	'
NOTE 11 - INTANGIBLE ASSETS & GOODWILL (Details) [Line Items]	'	'
Increase (Decrease) in Other Noncurrent Liabilities	'	-3,000,000
Techni Bharathi Limited ("TBL") [Member]	'	'
NOTE 11 - INTANGIBLE ASSETS & GOODWILL (Details) [Line Items]	'	'
Goodwill, Impairment Loss	'	$301,141

NOTE_11_INTANGIBLE_ASSETS_GOOD3

NOTE 11 - INTANGIBLE ASSETS & GOODWILL (Details) - Schedule of Intangible Assets And Goodwill (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Intangible Assets And Goodwill [Abstract]	'	'
Balance at the beginning of the period	$592,274	$4,803,828
Adjustment form Ironman acquisition	'	-3,849,877
Amortization / Impairment of goodwill	-123,121	-301,141
Effect of foreign exchange translation	-1,062	-60,536
Total	$468,091	$592,274

NOTE_12_RELATED_PARTY_TRANSACT1

NOTE 12 - RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Mar. 31, 2014
NOTE 12 - RELATED PARTY TRANSACTIONS (Details) [Line Items]	'
Number of Bank Loans	2
Debt Instrument, Face Amount	$40,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
PRC Ironman Chairman [Member]	'
NOTE 12 - RELATED PARTY TRANSACTIONS (Details) [Line Items]	'
Due to Related Parties, Current	129,452.02
Bank Loan [Member]	'
NOTE 12 - RELATED PARTY TRANSACTIONS (Details) [Line Items]	'
Number of Bank Loans	2
Debt Instrument, Face Amount	100,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Bank Loan #2 [Member]	'
NOTE 12 - RELATED PARTY TRANSACTIONS (Details) [Line Items]	'
Debt Instrument, Face Amount	$150,000
Debt Instrument, Interest Rate, Stated Percentage	3.25%

NOTE_13_COMMITMENTS_AND_CONTIN1

NOTE 13 - COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'	'
Commitments and Contingencies	$0	$0

NOTE_14_PROPERTY_PLANT_AND_EQU2

NOTE 14 - PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Property, Plant and Equipment [Abstract]	'	'
Depreciation	$712,314	$673,916

NOTE_14_PROPERTY_PLANT_AND_EQU3

NOTE 14 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, gross	$15,783,500	$16,101,488
Less: Accumulated depreciation	-8,196,656	-7,917,258
Net Assets	7,586,844	8,184,230
Land [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'	'
Property, plant and equipment, gross	12,069	12,069
Building and Building Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'25 years	'
Property, plant and equipment, gross	1,302,129	1,328,413
Machinery and Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'20 years	'
Property, plant and equipment, gross	9,214,667	9,396,659
Computer Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'3 years	'
Property, plant and equipment, gross	216,917	217,659
Office Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'5 years	'
Property, plant and equipment, gross	164,373	166,924
Furniture and Fixtures [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'5 years	'
Property, plant and equipment, gross	118,892	121,943
Vehicles [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'5 years	'
Property, plant and equipment, gross	479,952	569,352
Construction in Progress [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, useful life	'	'
Property, plant and equipment, gross	$4,274,501	$4,288,469

NOTE_15_SELLING_GENERAL_AND_AD1

NOTE 15 - SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Disclosure Text Block [Abstract]	'	'
Selling, General and Administrative Expense	$2,178,740	$3,041,632

NOTE_16_STOCKBASED_COMPENSATIO2

NOTE 16 - STOCK-BASED COMPENSATION (Details) (USD $)	12 Months Ended				12 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2014	Mar. 31, 2014
	Stock Plan [Member]	Stock Plan [Member]	Stock Plan [Member]	Stock Plan [Member]	ESOP 2008 Omnibus Plan [Member]
NOTE 16 - STOCK-BASED COMPENSATION (Details) [Line Items]	'	'	'	'	'
Stock Issued During Period, Shares, Share-based Compensation, Gross	'	'	7,882	'	779,103
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	'	'	'	139,300	269,345
Share-based Compensation Arrangement by Share-based Award, Options, Exercise Price (in Dollars per share)	'	$5.60	$10	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date	'	27-Jun-16	13-May-14	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	137,045	0	'	'
Fair Value of Underlying Stock on Grant Date (in Dollars)	'	$39,410	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value Grants in Period (in Dollars)	'	$90,997	$235,267	'	'
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	625,148	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	'	'	0	'

NOTE_16_STOCKBASED_COMPENSATIO3

NOTE 16 - STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract]	'	'
Expected life of options	'5 years	'5 years
Vested options	100.00%	100.00%
Risk free interest rate	1.98%	4.10%
Expected volatility	35.35%	83.37%
Expected dividend yield	'	'

NOTE_17_EMPLOYEE_BENEFITS_Deta

NOTE 17 - EMPLOYEE BENEFITS (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Compensation and Retirement Disclosure [Abstract]	'	'
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	12.00%	'
Defined Benefit Plan, Contributions by Employer	$1,800	($12,985)

NOTE_17_EMPLOYEE_BENEFITS_Deta1

NOTE 17 - EMPLOYEE BENEFITS (Details) - Schedule of Changes in Accumulated Postemployment Benefit Obligations (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Abstract]	'	'
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)

NOTE_17_EMPLOYEE_BENEFITS_Deta2

NOTE 17 - EMPLOYEE BENEFITS (Details) - Schedule of Net Benefit Costs (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Net Benefit Costs [Abstract]	'	'
Service cost	$870	$847
Interest cost	1,199	2,079
Actuarial (loss)/gain	269	2,691
Net gratuity cost	$2,338	$5,616

NOTE_17_EMPLOYEE_BENEFITS_Deta3

NOTE 17 - EMPLOYEE BENEFITS (Details) - Schedule of Assumptions Used	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Assumptions Used [Abstract]	'	'
Discount rate	9.75%	8.75%
Rate of increase in compensation levels	8.00%	8.00%

NOTE_17_EMPLOYEE_BENEFITS_Deta4

NOTE 17 - EMPLOYEE BENEFITS (Details) - Schedule of Expected Benefit Payments (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Expected Benefit Payments [Abstract]	'	'
Expected contribution during the year ending Year 1	$833	$550
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

NOTE_18_INCOME_TAXES_Details

NOTE 18 - INCOME TAXES (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Deferred Tax Assets, Valuation Allowance, Noncurrent	$1,086,067	$891,816

NOTE_18_INCOME_TAXES_Details_S

NOTE 18 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Current:	'	'
Federal	$0	$0
Foreign	-19,779	157,382
State	0	0
Net Current	-19,779	157,382
Deferred:	'	'
Federal	0	0
Foreign	19,779	-522,498
State	0	0
Net Deferred	19,779	-522,498
Total tax provision	$0	($365,116)

NOTE_18_INCOME_TAXES_Details_S1

NOTE 18 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NOTE 18 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) [Line Items]	'	'
Deferred tax expense (benefit)	$19,779	($522,498)
Net deferred tax expense	19,779	-522,498
Subsidiaries [Member]	'	'
NOTE 18 - INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) [Line Items]	'	'
Deferred tax expense (benefit)	19,779	-522,498
Net operating loss carry forward	1,086,067	891,816
Foreign Tax Credits	0	0
Less: Valuation Allowance	1,086,067	891,816
Net deferred tax expense	$19,779	($522,498)

NOTE_18_INCOME_TAXES_Details_S2

NOTE 18 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Effective Income Tax Rate Reconciliation [Abstract]	'	'
Computed expected income tax (benefit)	($1,035,263)	($768,709)
State tax benefit net of federal tax	0	0
Change in valuation allowance	936,146	768,709
Deferred expenses from foreign acquisition	0	0
Impairment loss on goodwill	0	0
Impairment loss on investments	0	0
Capitalized interest costs	99,117	'
Deferred Tax Assets from foreign subsidiaries	0	-365,116
Other	$0	$0
Effective income tax rate	0.00%	-15.20%

NOTE_18_INCOME_TAXES_Details_S3

NOTE 18 - INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $)	Mar. 31, 2014	Mar. 31, 2013
Current deferred tax liabilities (assets):	'	'
Deferred Acquisition Costs b Foreign taxes	$0	$221,700
Valuation allowance	0	0
Net current deferred tax liabilities (assets)	0	221,700
Noncurrent deferred tax (assets) liabilities:	'	'
Deferred Acquisition Costs- Foreign taxes	-321,676	-563,155
Net Operating Losses	1,086,067	891,816
Valuation allowance	-1,086,067	-891,816
Non-Current net deferred tax (assets) liabilities	($321,676)	($563,155)

NOTE_19_SEGMENT_INFORMATION_De

NOTE 19 - SEGMENT INFORMATION (Details) (Customer Concentration Risk [Member])	12 Months Ended
	Mar. 31, 2014
NOTE 19 - SEGMENT INFORMATION (Details) [Line Items]	'
Concentration Risk, Customer	'Five of such customers
Trading [Member] | Sales Revenue, Product Line [Member]	'
NOTE 19 - SEGMENT INFORMATION (Details) [Line Items]	'
Concentration Risk, Customer	'three customers

NOTE_19_SEGMENT_INFORMATION_De1

NOTE 19 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenue from External Customer [Line Items]	'	'
Revenue	$2,273,155	$8,030,016
% of Total Revenue	100.00%	'
Trading [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Revenue	2,203,366	'
% of Total Revenue	96.90%	'
Construction [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Revenue	$69,789	'
% of Total Revenue	3.10%	'

NOTE_19_SEGMENT_INFORMATION_De2

NOTE 19 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NOTE 19 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items]	'	'
Revenue	$2,273,155	$8,030,016
% of Total Revenue	100.00%	'
CHINA	'	'
NOTE 19 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items]	'	'
Revenue	2,203,366	'
% of Total Revenue	96.90%	'
INDIA	'	'
NOTE 19 - SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items]	'	'
Revenue	$69,789	'
% of Total Revenue	3.10%	'

NOTE_19_SEGMENT_INFORMATION_De3

NOTE 19 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (USD $)	Mar. 31, 2014	Mar. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Intangible Assets	$468,091	$592,274
Property , Plant and Equipment , Net	7,586,844	8,184,230
Investments in Affiliates	5,109,058	5,109,057
Investments Others	31,650	83,489
Deferred Tax Assets	321,676	341,455
Other Non-Current Assets	458,578	466,105
Total Long Term Assets	13,975,897	14,983,948
UNITED STATES	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Intangible Assets	0	'
Property , Plant and Equipment , Net	0	'
Investments in Affiliates	5,109,058	'
Investments Others	0	'
Deferred Tax Assets	0	'
Other Non-Current Assets	0	'
Total Long Term Assets	5,109,058	'
Foreign Countries [Member]	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Intangible Assets	468,091	'
Property , Plant and Equipment , Net	7,586,844	'
Investments in Affiliates	0	'
Investments Others	31,650	'
Deferred Tax Assets	321,676	'
Other Non-Current Assets	458,578	'
Total Long Term Assets	$8,866,839	'

NOTE_20_RECONCILIATION_OF_EPS_

NOTE 20 - RECONCILIATION OF EPS (Details)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Weighted Average Number of Shares Outstanding, Basic	8,205,684	6,966,798

NOTE_21_INVESTMENTS_OTHERS_Det

NOTE 21 - INVESTMENTS - OTHERS (Details) - Schedule of Investments (USD $)	Mar. 31, 2014	Mar. 31, 2013
Schedule of Investments [Abstract]	'	'
Investment in equity shares of an unlisted company	$31,650	$55,026
Investment in partnership	'	28,463
Total	$31,650	$83,489

NOTE_22_IMPAIRMENT_Details

NOTE 22 - IMPAIRMENT (Details)

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2011

Mar. 31, 2011

Oct. 01, 2009

Mar. 07, 2008

Mar. 31, 2012

Mar. 31, 2011

Jun. 21, 2012

Mar. 31, 2010

Mar. 31, 2014

Mar. 31, 2014

USD ($)

USD ($)

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Sricon Infrastructure Private Limited (Sricon) [Member]

Bhagheeratha Developers Limited [Member]

Bhagheeratha Developers Limited [Member]

Loans Receivable [Member]

Investments [Member]

USD ($)

USD ($)

USD ($)

Techni Bharathi Limited ("TBL") [Member]

Techni Bharathi Limited ("TBL") [Member]

USD ($)

USD ($)

acre

USD ($)

INR

NOTE 22 - IMPAIRMENT (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Sale of Stock, Percentage of Ownership before Transaction

'

'

'

'

63.00%

'

'

'

'

'

'

'

Sale of Stock, Percentage of Ownership after Transaction

'

'

'

'

22.00%

63.00%

'

'

'

'

'

'

Equity Method Investment, Ownership Percentage

'

'

'

'

'

'

22.00%

22.00%

'

22.00%

'

'

Fair Value Inputs, Discount Rate

'

'

'

'

'

'

'

12.00%

'

'

'

'

Equity Method Investments, Fair Value Disclosure

'

'

'

'

'

'

'

$6,400,000

'

'

'

'

Threshold Percentage of Value Decline in Equity Securities to be considered Other than Temporary Impairment

'

'

'

'

'

'

'

100.00%

'

'

'

'

Equity Method Investment, Other than Temporary Impairment

'

'

3,100,000

2,200,000

'

'

1,200,000

'

'

'

18,244

'

Equity Method Investments

31,650

55,026

'

'

'

'

5,100,000

6,400,000

'

'

50,000

3,000,000

Area of Land (in Acres)

'

'

'

'

'

'

'

'

5

'

'

'

Land

'

'

'

'

'

'

'

'

$5,600,000

'

'

'

NOTE_23_CERTAIN_AGED_RECEIVABL1

NOTE 23 - CERTAIN AGED RECEIVABLES (Details) (Trade Accounts Receivable [Member], USD $)	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2012
Trade Accounts Receivable [Member]	'	'	'
NOTE 23 - CERTAIN AGED RECEIVABLES (Details) [Line Items]	'	'	'
Other Receivables, Gross, Current	$0.50	$0.50	$2.03
Increase (Decrease) in Other Receivables	($1.50)	'	'

NOTE_25_SUBSEQUENT_EVENTS_Deta

NOTE 25 - SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $)	0 Months Ended					0 Months Ended
	Jul. 14, 2014	Jun. 27, 2014	Jun. 08, 2014	Apr. 02, 2014	31-May-14	31-May-14
	Chief Executive Officer [Member]	TerraSphere Systems, LLC and Greenlife Ventures, Inc. [Member]	ATM Agency Agreement with Enclave Capital LLC [Member]	Security Purchase Agreement [Member]	Golden Gate Electronics Limited ("Golden Gate") [Member]	Golden Gate Electronics Limited ("Golden Gate") [Member]
	Employment Agreement [Member]		Maximum [Member]			Maximum [Member]
NOTE 25 - SUBSEQUENT EVENTS (Details) [Line Items]	'	'	'	'	'	'
Other Commitments, Description	'entered into a new employment agreement (the "2014 Employment Agreement") with Ram Mukunda, pursuant to which he will continue to receive a salary of $300,000 per year for services to IGC and IGC-M as executive Chairman and Chief Executive Officer through July 2019. The Agreement provides that the Board of Directors of IGC may establish performance targets and bonuses on an annual basis. The Agreement also provides for benefits, including insurance, paid vacation, a car (subject to partial reimbursement by Mr. Mukunda of lease payments) and reimbursement of business expenses. The term of the 2014 Employment Agreement is five years, after which employment will become at-will. The 2014 Employment Agreement is terminable by IGC and IGC-M for death, disability and cause. In the event of a termination without cause, change of control or non-renewal at the end of the term, IGC would be required to pay Mr. Mukunda his full compensation for 36 months. The 2014 Employment Agreement also contains indemnity, confidentiality and non-competition provisions.	'	'	'	'	'
Other Commitment	$300,000	'	'	'	'	'
Joint Venure Agreement, Ownership Percentage	'	51.00%	'	'	'	'
Proceeds from Issuance or Sale of Equity	'	'	1,500,000	506,250	'	'
Equity Method Investment, Ownership Percentage	'	'	'	'	51.00%	'
Stock Issued During Period, Shares, Acquisitions (in Shares)	'	'	'	'	'	1,209,765
Stock Issued During Period, Value, Acquisitions	'	'	'	'	'	$1,052,496
Stock Issued During Period, Shares, New Issues (in Shares)	'	'	'	750,000	'	'