on february 19 , 2009 igc-m beneficially purchased 100 % of igc mining and trading , limited based in chennai india . igc-imt was formed on december 16 , 2008 as a privately held start-up company engaged in the business of mining and trading . its current activity is to operate a shipping hub and to export iron ore to china . 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 , which will be involved in the transport and delivery of ore , cement , aggregate and other material . each of igc-imt , igc-mpl and igc-lpl were formed by third parties at the behest of igc-m to facilitate the creation of the subsidiaries , and the purchase price paid for each of igc-imt . igc-mpl and igc-lpl was equal to the expenses incurred in incorporating the respective entities with no premium paid . no officer or director of igc had a financial interest in the subsidiaries at the time of their acquisition by igc-m. india globalization capital , inc. ( the registrant , the company , or we ) and its subsidiaries are significantly engaged in one segment , infrastructure construction . effective october 1 , 2009 , we decreased our ownership in sricon infrastructure from 63 % to 22.3 % . as explained in note 18 ( deconsolidation ) to the financial statements included herein , on or about march 7 , 2008 we consummated the sricon acquisition by purchasing 63 % for about $ 29 million ( based on an exchange rate of 40 inr for $ 1 usd ) . we subsequently borrowed around $ 17.9 million ( based on 40 inr for $ 1 usd ) . throughout 2008 and 2009 we expanded our business offerings beyond construction to include a rapidly growing materials business . we have successfully repositioned the company as a materials and construction company ; with construction activity in our tbl subsidiary and materials activity in our other subsidiaries . rather than continue to owe $ 17.9 million , and more importantly , continue to fund two construction companies , we decreased our ownership in sricon from 63 % to 22.3 % . the impact of this is that our corresponding ownership is a non-controlling interest . the deconsolidation of sricon from the balance sheet of igc resulted in reducing the assets on our balance sheet and a one-time charge to our income statement . unless the context requires otherwise , all references in this report to the “ company ” , “ igc ” , “ we ” , “ our ” , and “ us ” refer to india globalization capital , inc. , together with its wholly owned subsidiary igc-m , and its subsidiaries and non-controlling interests ( tbl , igc-mpl , igc-lpl , igc imt ) . 21 overview in response to the increased demand for infrastructure in india and china , our focus is to supply construction materials in india and to china as well as execute infrastructure projects . we do this primarily through our subsidiaries . we supply construction materials such as iron ore and rock aggregate . we build interstate highways , rural roads , and execute civil works in high temperature cement and steel plants . we own and operate rock aggregate quarries . we are pursuing joint venture partnerships with mine owners and have applied for licenses to mine iron ore in india . we have customers in india and china and are exploring other regional opportunities . company overview we are a materials and construction company offering a suite of services including : 1 ) the export of iron ore to china , 2 ) operations and supply of rock aggregate , and 3 ) the civil construction of roads and highways . our present and past clients include various indian government organizations and steel mills in china . including our subsidiaries , we have approximately 130 employees and contractors . we are focused building out rock aggregate quarries , setting up relations and export hubs for the export of iron ore to china and winning construction contracts . on january 21 , 2011 ex-minister for road transport and highways , mr. kamal nath , current india 's minister of urban development , told the economic times that he “ had succeed in building a momentum in india 's road construction [ … ] [ by leaving ] more than 20,000 km of work in progress [ .. ] [ and by achieving ] 12 km a day of road construction . ” according to the 2010 india infrastructure summit , the strong level of economic growth achieved in india in recent years has led to an expansion of industry , commerce and per-capita income . this in turn has fuelled demand for infrastructure services including energy , transportation , telecom , water supply and other urban infrastructure . this build out of infrastructure in india , we believe , will create a substantial demand for rock aggregate . in addition , and according to the april 2011 steel industry executive summary by the u.s. international trade administration , china 's february 2011 steel production level increased by 2.8 % to 54.3 million metric tons from 52.8 million metric tons in january . the same source asserts that china 's share of total world steel production increased from 44 % to 47 % between january 2011 and february 2011 , accounting for nearly half of monthly total world production . we believe that these trends will continue to be favorable to our business . our model is as follows : 1. we supply iron ore to china and trade in steel in the indian markets . story_separator_special_tag · fixed price contracts : contract revenue is recognized using the percentage of 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 . appropriate adjustments are made for change orders , disputes , and other factors affecting the contract . 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 . income taxes deferred income tax is recorded for the difference between the basis of assets and liabilities for financial reporting and income tax purposes . a valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized in future periods . the measurement of deferred tax assets involves judgment regarding the deductibility of costs not yet subject to taxation and estimates regarding sufficient future taxable income to enable utilization of unused tax loss carry-forwards in the applicable tax jurisdictions . inventories we provide for inventory obsolescence , excess inventory and inventories with carrying values in excess of market values based on our assessment of the future demands , market conditions and our specific inventory management procedures . if market conditions and actual demands are less favorable than our estimates , additional inventory write-downs may be required . in all cases inventory is carried at the lower of historical cost or market value . 27 accounts receivable we make estimates of the collectibility of our accounts receivable by analyzing historical payment patterns , customer concentrations , customer credit-worthiness and current economic trends . if the financial condition of a customer deteriorates , additional allowances may be required . policy for goodwill and 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 . we 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 we define 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 can not 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 . we have 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 , we believe that each of these entities constitute a separate reporting unit . 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 to be a separate reporting unit and therefore we believe that the assessment of goodwill impairment at the subsidiary level which is also a reporting unit is appropriate . our analysis of fair value is based on the estimate of the recoverable value of the underlying assets . for long lived assets such as land , we obtain 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

liquidity and capital resources this liquidity and capital resources discussion compares the consolidated company results for the years ended march 31 , 2011 and 2010. we have financed our operations primarily . from sales of shares of common stock . we raised about $ 3.9 million capital during the year through sale of our common stock . we raised such capital in the current year primarily for the purpose of funding our working capital requirements and day to day operations . our operations did not generate sufficient cash during the current fiscal year due to a significant loss in revenues from our iron ore and mining business amounting to $ 7.84 million , primarily because of the ban on export of low grade iron ore to china and closure of ports and mines in karnataka ( india ) . income loss on this count is majorly the reason for the net cash used in operating activities as although the though a significant part of the costs associated with revenue also decreased in line with revenue , we had some fixed costs which did not reduce proportionately leading to a decline in our operating profits . a part of the aforementioned capital raised was also used to repay a portion of the outstanding note to bricoleur ( approximately $ 200,000 ) and short term borrowings ( approximately $ 229,000 ) .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources this liquidity and capital resources discussion compares the consolidated company results for the years ended march 31 , 2011 and 2010. we have financed our operations primarily . from sales of shares of common stock . we raised about $ 3.9 million capital during the year through sale of our common stock . we raised such capital in the current year primarily for the purpose of funding our working capital requirements and day to day operations . our operations did not generate sufficient cash during the current fiscal year due to a significant loss in revenues from our iron ore and mining business amounting to $ 7.84 million , primarily because of the ban on export of low grade iron ore to china and closure of ports and mines in karnataka ( india ) . income loss on this count is majorly the reason for the net cash used in operating activities as although the though a significant part of the costs associated with revenue also decreased in line with revenue , we had some fixed costs which did not reduce proportionately leading to a decline in our operating profits . a part of the aforementioned capital raised was also used to repay a portion of the outstanding note to bricoleur ( approximately $ 200,000 ) and short term borrowings ( approximately $ 229,000 ) .
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 Suspicious Activity Report : on february 19 , 2009 igc-m beneficially purchased 100 % of igc mining and trading , limited based in chennai india . igc-imt was formed on december 16 , 2008 as a privately held start-up company engaged in the business of mining and trading . its current activity is to operate a shipping hub and to export iron ore to china . 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 , which will be involved in the transport and delivery of ore , cement , aggregate and other material . each of igc-imt , igc-mpl and igc-lpl were formed by third parties at the behest of igc-m to facilitate the creation of the subsidiaries , and the purchase price paid for each of igc-imt . igc-mpl and igc-lpl was equal to the expenses incurred in incorporating the respective entities with no premium paid . no officer or director of igc had a financial interest in the subsidiaries at the time of their acquisition by igc-m. india globalization capital , inc. ( the registrant , the company , or we ) and its subsidiaries are significantly engaged in one segment , infrastructure construction . effective october 1 , 2009 , we decreased our ownership in sricon infrastructure from 63 % to 22.3 % . as explained in note 18 ( deconsolidation ) to the financial statements included herein , on or about march 7 , 2008 we consummated the sricon acquisition by purchasing 63 % for about $ 29 million ( based on an exchange rate of 40 inr for $ 1 usd ) . we subsequently borrowed around $ 17.9 million ( based on 40 inr for $ 1 usd ) . throughout 2008 and 2009 we expanded our business offerings beyond construction to include a rapidly growing materials business . we have successfully repositioned the company as a materials and construction company ; with construction activity in our tbl subsidiary and materials activity in our other subsidiaries . rather than continue to owe $ 17.9 million , and more importantly , continue to fund two construction companies , we decreased our ownership in sricon from 63 % to 22.3 % . the impact of this is that our corresponding ownership is a non-controlling interest . the deconsolidation of sricon from the balance sheet of igc resulted in reducing the assets on our balance sheet and a one-time charge to our income statement . unless the context requires otherwise , all references in this report to the “ company ” , “ igc ” , “ we ” , “ our ” , and “ us ” refer to india globalization capital , inc. , together with its wholly owned subsidiary igc-m , and its subsidiaries and non-controlling interests ( tbl , igc-mpl , igc-lpl , igc imt ) . 21 overview in response to the increased demand for infrastructure in india and china , our focus is to supply construction materials in india and to china as well as execute infrastructure projects . we do this primarily through our subsidiaries . we supply construction materials such as iron ore and rock aggregate . we build interstate highways , rural roads , and execute civil works in high temperature cement and steel plants . we own and operate rock aggregate quarries . we are pursuing joint venture partnerships with mine owners and have applied for licenses to mine iron ore in india . we have customers in india and china and are exploring other regional opportunities . company overview we are a materials and construction company offering a suite of services including : 1 ) the export of iron ore to china , 2 ) operations and supply of rock aggregate , and 3 ) the civil construction of roads and highways . our present and past clients include various indian government organizations and steel mills in china . including our subsidiaries , we have approximately 130 employees and contractors . we are focused building out rock aggregate quarries , setting up relations and export hubs for the export of iron ore to china and winning construction contracts . on january 21 , 2011 ex-minister for road transport and highways , mr. kamal nath , current india 's minister of urban development , told the economic times that he “ had succeed in building a momentum in india 's road construction [ … ] [ by leaving ] more than 20,000 km of work in progress [ .. ] [ and by achieving ] 12 km a day of road construction . ” according to the 2010 india infrastructure summit , the strong level of economic growth achieved in india in recent years has led to an expansion of industry , commerce and per-capita income . this in turn has fuelled demand for infrastructure services including energy , transportation , telecom , water supply and other urban infrastructure . this build out of infrastructure in india , we believe , will create a substantial demand for rock aggregate . in addition , and according to the april 2011 steel industry executive summary by the u.s. international trade administration , china 's february 2011 steel production level increased by 2.8 % to 54.3 million metric tons from 52.8 million metric tons in january . the same source asserts that china 's share of total world steel production increased from 44 % to 47 % between january 2011 and february 2011 , accounting for nearly half of monthly total world production . we believe that these trends will continue to be favorable to our business . our model is as follows : 1. we supply iron ore to china and trade in steel in the indian markets . story_separator_special_tag · fixed price contracts : contract revenue is recognized using the percentage of 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 . appropriate adjustments are made for change orders , disputes , and other factors affecting the contract . 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 . income taxes deferred income tax is recorded for the difference between the basis of assets and liabilities for financial reporting and income tax purposes . a valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized in future periods . the measurement of deferred tax assets involves judgment regarding the deductibility of costs not yet subject to taxation and estimates regarding sufficient future taxable income to enable utilization of unused tax loss carry-forwards in the applicable tax jurisdictions . inventories we provide for inventory obsolescence , excess inventory and inventories with carrying values in excess of market values based on our assessment of the future demands , market conditions and our specific inventory management procedures . if market conditions and actual demands are less favorable than our estimates , additional inventory write-downs may be required . in all cases inventory is carried at the lower of historical cost or market value . 27 accounts receivable we make estimates of the collectibility of our accounts receivable by analyzing historical payment patterns , customer concentrations , customer credit-worthiness and current economic trends . if the financial condition of a customer deteriorates , additional allowances may be required . policy for goodwill and 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 . we 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 we define 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 can not 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 . we have 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 , we believe that each of these entities constitute a separate reporting unit . 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 to be a separate reporting unit and therefore we believe that the assessment of goodwill impairment at the subsidiary level which is also a reporting unit is appropriate . our analysis of fair value is based on the estimate of the recoverable value of the underlying assets . for long lived assets such as land , we obtain 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

