SEC Filing Summary: India Globalization Capital, Inc. (IGC Pharma, Inc.)
Business Context and Reporting Period
This Form 8-K was filed on June 9, 2011, by India Globalization Capital, Inc. (also referenced as IGC Pharma, Inc.). The report addresses a response to comments from the SEC Staff regarding the Company's prior filings. The filing specifically concerns the financial statements for the fiscal year ended March 31, 2010, and the quarterly period ended December 31, 2009.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it identifies specific errors in previously issued financial statements that require correction:
- Statement of Cash Flows: Requires reclassification of transactions related to the deconsolidation of Sricon Infrastructure Private Limited ("Sricon").
- Earnings Per Share: Requires correction in the calculation of fully diluted earnings per share.
Material Changes Versus Prior Period
The Company has determined that its 2010 Annual Financial Statements and the quarterly statements for the period ended December 31, 2009, must be restated. These changes are described as non-cash items and do not impact the Company's operations. The restatement is necessary to properly reflect the deconsolidation of Sricon and to correct the diluted EPS calculation.
Guidance, Outlook, and Risks
Management Commentary: Management, in consultation with the independent registered public accounting firm, concluded that the previously issued financial statements should no longer be relied upon. The Company is currently working on the necessary amendments and expects to file them as soon as possible.
Risks and Contingencies: The primary risk identified is the reliability of historical financial data for the 2010 fiscal year and the Q4 2009 period until the restatements are filed. There is no forward-looking guidance or outlook provided in this specific filing.
Investor Verification Checklist
- Verify the timing of the upcoming amended Form 10-K and Form 10-Q filings to obtain the restated financial data.
- Review the specific impact of the Sricon Infrastructure Private Limited deconsolidation on the Statement of Cash Flows once restated.
- Confirm the corrected fully diluted earnings per share figures for the fiscal year ended March 31, 2010.
- Monitor for any further SEC comment letters or regulatory actions related to these restatements.