Filed
by the Registrant
|
þ
|
Filed
by a Party other than the Registrant
|
o
|
¨
|
Preliminary
Proxy Statement
|
¨
|
Confidential,
for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
|
¨
|
Definitive
Proxy Statement
|
þ
|
Definitive
Additional Materials
|
¨
|
Soliciting
Material Pursuant to
§240.14a-12
|
£
|
No
fee required.
|
þ
|
Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
|
|
(1)
|
Title
of each class of securities to which transaction
applies: Common stock, par value $0.0001 per
share
|
|
(2)
|
Aggregate
number of securities to which transaction applies: 0 shares
(cash transaction)
|
|
(3)
|
Per
unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined): Not
applicable.
|
|
(4)
|
Proposed
maximum aggregate value of transaction: $56,000,000(1)*
|
|
(5)
|
Total
fee paid: $2,166.50
|
þ
|
Fee
paid previously with preliminary
materials:
|
£
|
Check
box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the form or schedule and the date of its
filing.
|
|
(1)
|
Amount
previously paid:
_________________________________
|
|
(2)
|
Form,
Schedule or Registration Statement
No.: ________________
|
|
(3)
|
Filing
Party: ________________
|
|
(4)
|
Date
Filed: _________________
|
·
|
Sricon
will lend us up to approximately $17,000,000 and TBL will lend us up to
approximately $6,000,000.
|
·
|
The
loans will bear interest at a rate equal to the applicable federal rate at
the time the loans are made.
|
·
|
Principal
and interest on the loans will be due and payable upon the earlier of the
first anniversary of the loans and the consummation of the sale of all or
substantially all of the assets or stock of
IGC.
|
·
|
The
loans may be prepaid at any time without
penalty.
|
·
|
Our
obligations under the loans will be
unsecured.
|
(Amounts
in US Dollars, except share data and as stated otherwise)
|
From
Inception
(April
29, 2005) to March 31, 2006
|
Year
Ended
March
31, 2007
|
Nine
Months Ended
December
31, 2006
|
Nine
Months Ended
December
31, 2007
|
||||||||||||
Interest
income
|
$
|
210,584
|
$
|
3,171,818
|
$
|
2,414,645
|
$
|
1,836,957
|
||||||||
Income
(loss) before income taxes
|
(398,840
|
) |
2,302,855
|
1,814,816
|
(118,277
|
) | ||||||||||
Provision
for Income taxes
|
(45,000
|
) |
(784,858
|
) |
(623,625
|
) |
(40,026
|
) | ||||||||
Net
income (loss)
|
(443,840
|
) |
1,517,997
|
1,191,191
|
(78,251
|
) | ||||||||||
Weighted
average shares outstanding – basic and diluted
|
3,191,000
|
13,974,500
|
13,974,500
|
13,974,500
|
||||||||||||
Net
income (loss) per share – basic and diluted
|
$
|
(0.14
|
) |
$
|
0.11
|
$
|
0.09
|
$
|
(0.01
|
) |
March
31, 2006
|
March
31, 2007
|
December
31, 2007
|
||||||||||
ASSETS
|
||||||||||||
Investments
held in trust fund
|
$ | 65,825,016 | $ | 66,104,275 | $ | 66,938,208 | ||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||
Common
stock subject to possible conversion
|
12,762,785 | 12,762,785 | 12,762,785 | |||||||||
Total
stockholders’ equity
|
$ | 50,170,702 | $ | 52,923,699 | $ | 52,845,448 |
Year
Ended
|
Nine
months ended
|
|||||||||||||||||||||||||||
(Amounts
in Thousand US Dollars except share data and as stated
otherwise)
|
March
31, 2003
|
March
31, 2004
|
March
31, 2005
|
March
31, 2006
|
March
31, 2007
|
December
31, 2006
|
December
31, 2007
|
|||||||||||||||||||||
Revenue
|
$
|
4,580
|
$
|
15,298
|
$
|
11,477
|
$
|
11,011
|
$
|
10,604
|
$
|
8,404
|
$
|
16,865
|
||||||||||||||
Income
before income taxes
|
320
|
646
|
907
|
668
|
778
|
265
|
2,756
|
|||||||||||||||||||||
Income
taxes
|
(69
|
) |
(199
|
) |
(363
|
) |
(186
|
) |
(368
|
) |
(108
|
) |
(561
|
) | ||||||||||||||
Net
Income
|
251
|
446
|
544
|
482
|
410
|
157
|
2,195
|
|||||||||||||||||||||
Earning
per share - basic and diluted
|
$
|
0.12
|
$
|
0.11
|
$
|
0.19
|
$
|
0.16
|
$
|
0.14
|
$
|
0.05
|
$
|
0.75
|
||||||||||||||
Weighted
average number of shares outstanding
|
95,200
|
183,259
|
2,932,159
|
2,932,159
|
2,932,159
|
2,932,159
|
2,932,159
|
(Amounts
in Thousand US Dollars)
|
As
of March 31, 2003
|
As
of March 31, 2004
|
As
of March 31, 2005
|
As
of March 31, 2006
|
As
of March 31, 2007
|
As
of December 31, 2007
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Accounts
receivables
|
$ | 234 | $ | 2,223 | $ | 2,128 | $ | 2,083 | $ | 2,751 | $ | 11,442 | ||||||||||||
Unbilled
receivables
|
357 | 984 | 974 | 2,980 | 2,866 | 1,896 | ||||||||||||||||||
Inventories
|
43 | 71 | 154 | 248 | 71 | 325 | ||||||||||||||||||
Property
and equipment, net
|
1,461 | 3,098 | 3,424 | 4,347 | 4,903 | 5,599 | ||||||||||||||||||
BOT
Project under progress
|
- | - | - | 1,584 | 3,080 | - | ||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||
Short-term
borrowings and current portion of long-term debt
|
- | 359 | 5,103 | 3,868 | 3,646 | 3,940 | ||||||||||||||||||
Due
to related parties
|
217 | 1,553 | 1,724 | 1,604 | 2,264 | 1,210 | ||||||||||||||||||
Long-term
debt, net of current portion
|
404 | 1,089 | 1,278 | 1,855 | 2,182 | 2,264 | ||||||||||||||||||
Other
liabilities
|
462 | 1,267 | 1,307 | 697 | 1,913 | 1,820 | ||||||||||||||||||
Total
stockholders’ equity
|
$ | 1,189 | $ | 2,822 | $ | 2,760 | $ | 3,740 | $ | 4,289 | $ | 9,219 |
Year
Ended
|
Nine
months ended
|
|||||||||||||||||||||||||||
(Amounts
in Thousand US Dollars, except share data and as stated
otherwise)
|
March
31, 2003
|
March
31, 2004
|
March
31, 2005
|
March
31, 2006
|
March
31, 2007
|
December
31, 2006
|
December
31, 2007
|
|||||||||||||||||||||
Revenue
|
$ | 13,145 | $ | 8,773 | $ | 8,954 | $ | 2,285 | $ | 4,318 | $ | 396 | $ | 5,042 | ||||||||||||||
Income
(loss) before income taxes
|
722 | (2,609 | ) | (3,823 | ) | (2,369 | ) | 401 | (1,220 | ) | 3,184 | |||||||||||||||||
Income
taxes
|
322 | (63 | ) | 515 | 62 | 135 | 12 | (202 | ) | |||||||||||||||||||
Net
(loss)/income
|
400 | (2,672 | ) | (3,308 | ) | (2,307 | ) | 536 | (855 | ) | 2,982 | |||||||||||||||||
Earnings
(loss) per share
|
||||||||||||||||||||||||||||
Basic
|
$ | 0.09 | $ | (0.62 | ) | $ | (0.77 | ) | $ | (0.54 | ) | $ | 0.13 | $ | (0.30 | ) | $ | 0.66 | ||||||||||
Diluted
|
$ | 0.09 | $ | (0.62 | ) | $ | (0.77 | ) | $ | (0.54 | ) | $ | 0.13 | $ | (0.30 | ) | $ | 0.66 | ||||||||||
Weighted
average number of shares outstanding
|
||||||||||||||||||||||||||||
Basic
|
4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | |||||||||||||||||||||
Diluted
|
4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 | 4,287,500 |
|
||||||||||||||||||||||||
(Amounts
in Thousand US Dollars)
|
As
of March 31, 2003
|
As
of March 31, 2004
|
As
of March 31, 2005
|
As
of March 31, 2006
|
As
of March 31, 2007
|
As
of December 31, 2007
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 200 | $ | 107 | $ | 83 | $ | 69 | $ | 1,208 | $ | 157 | ||||||||||||
Inventories
|
4,728 | 4,922 | 4,459 | 4,182 | 1,284 | 1,585 | ||||||||||||||||||
Prepaid
and other assets
|
1,777 | 2,070 | 1,765 | 1,275 | 1,231 | 75 | ||||||||||||||||||
Property,
plant and equipment (net)
|
3,622 | 3,985 | 3,463 | 2,417 | 2,265 | 2,106 | ||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||
Short
term borrowings and current portion of long-term loan
|
1,495 | 6,614 | 6,291 | 8,125 | 6,079 | 4,142 | ||||||||||||||||||
Trade
payable
|
3,348 | 2,738 | 3,341 | 987 | 1,502 | 886 | ||||||||||||||||||
Long
term debts, net of current portion
|
4,883 | 2,892 | 3,897 | 3,656 | 2,333 | |||||||||||||||||||
Advance
from customers
|
1,488 | 2,755 | 3,057 | 2,997 | 1,877 | 846 | ||||||||||||||||||
Total
Stockholders' equity
|
$ | 2,927 | $ | 320 | $ | (3,032 | ) | $ | (5,438 | ) | $ | (4,895 | ) | $ | (1,172 | ) |
·
|
Assuming
No Exercise of Redemption Rights: This presentation assumes that none of
the IGC stockholders exercise their redemption rights;
and
|
·
|
Assuming
Maximum Exercise of Redemption Rights: This presentation assumes that
stockholders holding 2,259,770 common stock exercise their redemption
rights.
|
·
|
Assuming
that we use $23 Million to purchase and retire shares and assuming Maximum
Exercise of Redemption Rights.
|
Consolidated
|
Consolidated
|
Consolidated
|
||||||||||
Assuming
No
|
Assuming
Maximum
|
Assuming
Maximum
|
||||||||||
Exercise
of
|
Exercise
of
|
Buy
Back of Stock
|
||||||||||
Redemption
Rights
|
Redemption
Rights
|
and
Maximum Redemption
|
||||||||||
Total
Current Assets
|
$ | 77,301,079 | $ | 64,256,552 | $ | 41,256,552 | ||||||
Property
and equipment, net
|
7,704,887 | 7,704,887 | 7,704,887 | |||||||||
Goodwill
|
13,068,689 | 13,068,689 | 13,068,689 | |||||||||
Total
Assets
|
102,759,290 | 89,714,763 | 66,714,763 | |||||||||
Long-term
debt, net of current portion
|
3,028,474 | 3,028,474 | 3,028,474 | |||||||||
Minority
Interest
|
14,980,406 | 14,980,406 | 14,980,406 | |||||||||
Total
stockholders’ equity
|
65,349,484 | 52,304,957 | 29,304,957 |
Pro
Forma
|
Consolidated
|
Consolidated
|
Consolidated
|
||||||||||||||||||||||||||||||||||
Sricon
|
TBL
|
IGC
|
Adjustments
|
Assuming
No
|
Assuming
|
Assuming
|
|||||||||||||||||||||||||||||||
Exercise
of
|
Maximum
|
Maximum
|
|||||||||||||||||||||||||||||||||||
Redemption
|
Exercise
of
|
Buy
Back of
|
|||||||||||||||||||||||||||||||||||
Rights
|
Redemption
|
Stock and
|
|||||||||||||||||||||||||||||||||||
Rights
|
and
Maximun
|
||||||||||||||||||||||||||||||||||||
Redemption
|
|||||||||||||||||||||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||||||||||||||
Current
Assets:
|
|||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | 866,436 | $ | 156,882 | $ | 2,208,160 | 66,938,208 |
(a)
|
$ | 55,659,040 | (12,762,785 | ) |
(h)
|
$ | 42,614,513 | (23,000,000 | ) |
(a)
|
$ | 19,614,513 | |||||||||||||||||
35,750,000 |
(a)
|
(281,742 | ) |
(h)
|
|||||||||||||||||||||||||||||||||
(32,340,721 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
(5,000,000 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
(5,182,287 | ) |
(d)
|
|||||||||||||||||||||||||||||||||||
(4,216,988 | ) |
(e)
|
|||||||||||||||||||||||||||||||||||
(1,769,400 | ) |
(f)
|
|||||||||||||||||||||||||||||||||||
(1,601,250 | ) |
(g)
|
|||||||||||||||||||||||||||||||||||
(150,000 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
Accounts
Receivable
|
11,442,073 | 644,041 | - | 12,086,114 | 12,086,114 | 12,086,114 | |||||||||||||||||||||||||||||||
Unbilled
Receivables
|
1,895,829 | - | - | 1,895,829 | 1,895,829 | 1,895,829 | |||||||||||||||||||||||||||||||
Inventories
|
325,004 | 1,585,455 | - | 1,910,459 | 1,910,459 | 1,910,459 | |||||||||||||||||||||||||||||||
Investments
held in Trust Fund
|
- | - | 66,938,208 | (66,938,208 | ) |
(a)
|
- | - | - | ||||||||||||||||||||||||||||
Interest
Receivable - Convertible Debenture
|
- | - | 217,479 | 217,479 | 217,479 | 217,479 | |||||||||||||||||||||||||||||||
Convertible
debenture in MBL
|
- | - | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||
Loan
Acquisition Costs
|
- | - | 237,705 | 150,000 |
(a)
|
- | - | - | |||||||||||||||||||||||||||||
(387,705 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
Prepaid
Taxes
|
- | - | 49,289 | 49,289 | 49,289 | 49,289 | |||||||||||||||||||||||||||||||
Restricted
cash
|
- | 40,393 | 40,393 | 40,393 | 40,393 | ||||||||||||||||||||||||||||||||
Prepaid
expenses and other current assets
|
818,272 | 74,790 | 7,625 | 900,687 | 900,687 | 900,687 | |||||||||||||||||||||||||||||||
Due
from related parties
|
1,455,065 | 86,725 | - | 1,541,790 | 1,541,790 | 1,541,790 | |||||||||||||||||||||||||||||||
Total
Current Assets
|
16,802,679 | 2,588,285 | 72,658,466 | 77,301,079 | 64,256,552 | 41,256,552 | |||||||||||||||||||||||||||||||
Property
and equipment, net
|
5,598,892 | 2,105,995 | - | - | 7,704,887 | 7,704,887 | 7,704,887 | ||||||||||||||||||||||||||||||
Goodwill
|
- | - | - | 13,068,689 |
(a)
|
13,068,689 | 13,068,689 | 13,068,689 | |||||||||||||||||||||||||||||
Investment
– others
|
92,401 | 78,660 | - | 171,061 | 171,061 | 171,061 | |||||||||||||||||||||||||||||||
Deposit
towards acquisitions
|
- | - | 3,670,000 | (3,409,279 | ) |
(a)
|
260,721 | 260,721 | 260,721 | ||||||||||||||||||||||||||||
Restricted
cash, non-current
|
240,222 | 178,208 | - | 418,430 | 418,430 | 418,430 | |||||||||||||||||||||||||||||||
Deferred
acquisition costs
|
- | - | 233,189 | 1,601,250 |
(g)
|
699,117 | 699,117 | 699,117 | |||||||||||||||||||||||||||||
(1,135,322 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
Deferred
tax assets, net of valuation allowance
|
- | 166,153 | 891,547 | 1,057,700 | 1,057,700 | 1,057,700 | |||||||||||||||||||||||||||||||
Other
assets
|
814,001 | 1,263,605 | - | 2,077,606 | 2,077,606 | 2,077,606 | |||||||||||||||||||||||||||||||
Total
Assets
|
$ | 23,548,195 | $ | 6,380,906 | $ | 77,453,202 | $ | 102,759,290 | $ | 89,714,763 | $ | 66,714,763 |
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||||||||||||||||||||||||||||||||
Current
Liabilities:
|
|||||||||||||||||||||||||||||||||||||
Short-term
borrowings and current portion of long-term debt
|
$ | 3,940,048 | 4,142,008 | - | 8,082,056 | 8,082,056 | 8,082,056 | ||||||||||||||||||||||||||||||
Trade
payables
|
788,086 | 885,831 | - | 1,673,917 | 1,673,917 | 1,673,917 | |||||||||||||||||||||||||||||||
Advance
from Customers
|
1,134,020 | - | 1,134,020 | 1,134,020 | 1,134,020 | ||||||||||||||||||||||||||||||||
Accrued
expenses
|
- | - | $ | 851,613 | (87,287 | ) |
(d)
|
547,337 | 547,337 | 547,337 | |||||||||||||||||||||||||||
(216,989 | ) |
(e)
|
|||||||||||||||||||||||||||||||||||
Notes
payable to stockholders
|
- | - | 5,095,000 | (5,095,000 | ) |
(d)
|
- | - | - | ||||||||||||||||||||||||||||
Deferred
trust interest
|
- | - | 281,742 | (281,742 | ) |
(h)
|
- | - | - | ||||||||||||||||||||||||||||
Note
Payable to Oliveira Capital, LLC
|
- | - | 3,847,214 | (3,847,214 | ) |
(e)
|
- | - | - | ||||||||||||||||||||||||||||
Due
to Underwriters
|
- | - | 1,769,400 | (1,769,400 | ) |
(f)
|
- | - | - | ||||||||||||||||||||||||||||
Due
to related parties
|
1,209,962 | - | - | 1,209,962 | 1,209,962 | 1,209,962 | |||||||||||||||||||||||||||||||
Other
current liabilities
|
2,507,840 | 915,734 | - | 3,423,574 | 3,423,574 | 3,423,574 | |||||||||||||||||||||||||||||||
Total
current liabilities
|
9,579,956 | 5,943,574 | 11,844,969 | 16,070,867 | 16,070,867 | 16,070,867 | |||||||||||||||||||||||||||||||
Long-term
debt, net of current portion
|
2,264,373 | 764,101 | - | 3,028,474 | 3,028,474 | 3,028,474 | |||||||||||||||||||||||||||||||
Advance
from Customers
|
- | 845,606 | - | 845,606 | 845,606 | 845,606 | |||||||||||||||||||||||||||||||
Deferred
taxes on income
|
664,438 | - | - | 664,438 | 664,438 | 664,438 | |||||||||||||||||||||||||||||||
Other
liabilities
|
1,820,015 | - | - | 1,820,015 | 1,820,015 | 1,820,015 | |||||||||||||||||||||||||||||||
Total
Liabilities
|
$ | 14,328,782 | $ | 7,553,281 | $ | 11,844,969 | $ | 22,429,400 | $ | 22,429,400 | $ | 22,429,400 | |||||||||||||||||||||||||
Minority
Interest
|
- | - | - | 14,980,406 |
(a)
|
14,980,406 | 14,980,406 | 14,980,406 | |||||||||||||||||||||||||||||
Common
stock subject to possible conversion, 2,259,770 at conversion
value
|
- | - | 12,762,785 | (12,762,785 | ) |
(h)
|
- |
|
- | - | - | ||||||||||||||||||||||||||
STOCKHOLDERS’
EQUITY
|
|||||||||||||||||||||||||||||||||||||
Preferred
Stock
|
- | 1,182,033 | - | (1,182,033 | ) |
(a)
|
- | - | - | ||||||||||||||||||||||||||||
Common
stock
|
674,000 | 988,000 | 1,397 | (1,662,000 | ) |
(a)
|
2,173 | (226 | ) |
(h)
|
1,947 | (389 | ) |
(a)
|
1,558 | ||||||||||||||||||||||
226 |
(h)
|
||||||||||||||||||||||||||||||||||||
550 |
(a)
|
||||||||||||||||||||||||||||||||||||
Additional
paid-in capital
|
726,000 | 199,000 | 51,848,145 | 35,750,000 |
(a)
|
67,877,154 | (12,762,559 | ) |
(h)
|
55,114,595 | (22,999,611 | ) |
(a)
|
32,114,984 | |||||||||||||||||||||||
(36,675,000 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
12,762,559 |
(h)
|
||||||||||||||||||||||||||||||||||||
3,266,450 |
(a)
|
||||||||||||||||||||||||||||||||||||
Money
received pending allotment
|
3,239,279 | (3,239,279 | ) |
(a)
|
- | - | - | ||||||||||||||||||||||||||||||
Retained
earnings
|
4,079,895 | (3,097,878 | ) | 995,906 | (982,017 | ) |
(a)
|
(2,529,843 | ) | (281,742 | ) |
(h)
|
(2,811,585 | ) | - | (2,811,585 | ) | ||||||||||||||||||||
(152,786 | ) |
(e)
|
|||||||||||||||||||||||||||||||||||
281,742 |
(h)
|
||||||||||||||||||||||||||||||||||||
(387,705 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
(3,267,000 | ) |
(a)
|
|||||||||||||||||||||||||||||||||||
Accumulated
other comprehensive (loss) income
|
500,239 | (443,530 | ) | - | (56,709 | ) |
(a)
|
- | - | - | |||||||||||||||||||||||||||
Total
stockholders’ equity
|
9,219,413 | (1,172,375 | ) | 52,845,448 | 65,349,484 | 52,304,957 | 29,304,957 | ||||||||||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 23,548,195 | $ | 6,380,906 | $ | 77,453,202 | $ | 102,759,290 | $ | 89,714,763 | $ | 66,714,763 |
(a)
|
Amount
released from escrow
|
$ | 66,938,208 | ||
Described
in Note b
|
$ | 35,750,000 | ||
$2,000,000
for the purchase of CPS from Odeon and $3,000,000 for the purchase of
shares from the promoters of Sricon.
|
$ | 5,000,000 |
Sricon
|
TBL
|
Total
|
||||||||||
New
Equity Shares
|
$ | 25,750,000 | $ | 6,875,000 | $ | 32,625,000 | ||||||
New
Preference Shares
|
- | 3,125,000 | 3,125,000 | |||||||||
Equity
Shares Purchased from existing shareholders
|
3,000,000 | - | 3,000,000 | |||||||||
Preference
Shares Purchased from existing shareholders
|
- | 2,000,000 | 2,000,000 | |||||||||
Allocation
of estimated acquisition costs
|
746,941 | 388,381 | 1,135,322 | |||||||||
$ | 29,496,941 | $ | 12,388,381 | $ | 41,885,322 |
Amount
paid for the subscription of new equity shares
|
$ | 32,625,000 | ||
Amount
paid for new preference shares
|
$ | 3,125,000 | ||
Total
shown in Pro Forma
|
$ | 35,750,000 |
Sricon
|
TBL
|
Total
|
||||||||||
Current
assets
|
$
|
26,808,187
|
$
|
9,676,767
|
$
|
36,484,954
|
||||||
Property
and equipment, net
|
3,527,302
|
1,618,904
|
5,146,206
|
|||||||||
Other
non current assets
|
722,373
|
1,296,530
|
2,018,903
|
|||||||||
Goodwill
|
7,466,211
|
5,602,478
|
13,068,689
|
|||||||||
Short-term
borrowings and current portion of long-term debt
|
(2,482,230
|
)
|
(3,184,012
|
) |
(5,666,242
|
)
|
||||||
Other
Current liabilities
|
(3,553,142
|
)
|
(1,384,885
|
)
|
(4,938,027
|
)
|
||||||
Long-term
debt, net of current portion
|
(1,426,555
|
)
|
(587,374
|
)
|
(2,013,929
|
)
|
||||||
Other
non-current liabilities
|
(1,565,205
|
)
|
(650,027
|
)
|
(2,215,232
|
)
|
||||||
Total
|
$
|
29,496,941
|
$
|
12,388,381
|
$
|
41,885,322
|
(v)
|
After
the consummation of the business transaction we will borrow up to an
aggregate of $23 million from our subsidiaries Sricon and
TBL. The interest paid to our subsidiaries would be eliminated
in the intercompany eliminations, except for the minority
share. We estimate using an annualized interest of 3%, the
minority interest component that would not be eliminated to be about
$230,000 for the period of one year. This amount is not
included in the Pro Forma.
|
(vi)
|
As
part of obtaining investors in the Bridge Loan we agreed to pay Ferris
Baker, Watts and Maxim
|
i.
|
For
December 31, 2007: The basic shares include shares sold in the IPO,
founder’s shares and shares sold in the private placement and shares
awarded to the Bridge Investors. The fully diluted shares include
basic shares plus the following: shares arising from the exercise of
warrants sold as part of the units in the offering plus shares arising
from the exercise of warrants issued to Oliveira Capital. The UPO
issued to the underwriters (1,500,000 shares) is not considered in this
calculation as the strike price for the UPO is “out of the money” at $6.50
per share. The historical weighted average per share, for our shares,
through December 31, 2007, was applied using the treasury method of
calculating the fully diluted shares. The calculation for fully
diluted shares includes 2,905,608 shares and excludes 20,468,392 shares
from the EPS computations. In the event that there is maximum
redemption, a total of 2,259,770 could potentially be
redeemed. The shares outstanding for the maximum redemption
scenario are the shares in the case of no redemption less
2,259,770. For the third case involving a share purchase from a
limited number of our investors, the number of shares bought is calculated
at a purchase price of $5.92 per share.
|
ii.
|
For
FYE March 31, 2007: The basic shares include shares sold in the IPO,
founder’s shares and shares sold in the private placement and shares
awarded to the Bridge Investors. The fully diluted shares include
basic shares plus the following: shares arising from the exercise of
warrants sold as part of the units in the offering plus shares arising
from the exercise of warrants issued to Oliveira Capital. The UPO
issued to the underwriters (1,500,000 shares) is not considered in this
calculation as the strike price for the UPO is “out of the money” at $6.50
per share. The historical weighted average per share, for our shares,
through March 31, 2007 was applied using the treasury method of
calculating fully diluted shares. The calculation for fully diluted
shares includes 2,972,025 shares and excludes 20,401,975 shares from the
EPS computations. In the event that there is maximum redemption, a total
of 2,259,770 could potentially be redeemed. The shares
outstanding for the maximum redemption scenario are the shares in the case
of no redemption less 2,259,770. For the third case involving a
share purchase from a few of our investors, the number of shares bought is
calculated at a purchase price of $5.92 per share.
|
Pro
Forma
|
Consolidated
|
Consolidated
|
Consolidated
|
||||||||||||||||||||||||||||||||||||
Sricon
|
TBL
|
IGC
|
Adjustments
|
Assuming
No
|
Assuming
|
Assuming
|
|||||||||||||||||||||||||||||||||
Exercise
of
|
Maximum
|
Maximum
|
|||||||||||||||||||||||||||||||||||||
Redemption
|
Exercise
of
|
Buy
Back of
|
|||||||||||||||||||||||||||||||||||||
Rights
|
Redemption
|
Stock and
|
|||||||||||||||||||||||||||||||||||||
Rights
|
and
Maximun
|
||||||||||||||||||||||||||||||||||||||
Redemption
|
|||||||||||||||||||||||||||||||||||||||
Revenue
|
$ | 16,865,236 | $ | 5,041,565 | $ | - | $ | 21,906,801 | $ | 21,906,801 | $ | 21,906,801 | |||||||||||||||||||||||||||
Cost
of revenue
|
(10,793,156 | ) | (3,803,513 | ) | - | (14,596,669 | ) | (14,596,669 | ) | (14,596,669 | ) | ||||||||||||||||||||||||||||
Gross
profit
|
6,072,080 | 1,238,052 | - | 7,310,132 | 7,310,132 | 7,310,132 | |||||||||||||||||||||||||||||||||
Selling,
general and administrative expenses
|
(2,166,116 | ) | (139,719 | ) | - | (2,305,835 | ) | (2,305,835 | ) | (2,305,835 | ) | ||||||||||||||||||||||||||||
Depreciation
|
(335,468 | ) | (356,357 | ) | - | (691,825 |