XML 72 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
DEBT (Details) (USD $)
12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Mar. 31, 2013
Mar. 31, 2014
item
Jan. 16, 2014
Debt Forbearance and Modification Agreement
Mar. 31, 2014
Debt Forbearance and Modification Agreement
Mar. 31, 2014
Subsequent event
Debt Forbearance and Modification Agreement
item
Jan. 16, 2014
Minimum
Debt Forbearance and Modification Agreement
Mar. 31, 2014
MLSA and Eighth Amendment
Minimum
Mar. 31, 2014
MLSA and Eighth Amendment
Maximum
Mar. 31, 2014
ISDA Master Agreement
Mar. 31, 2013
ISDA Master Agreement
Jan. 03, 2011
ISDA Master Agreement
item
Dec. 31, 2013
Twelfth Amendment
Sep. 30, 2013
Twelfth Amendment
Jun. 30, 2013
Twelfth Amendment
Mar. 31, 2013
Twelfth Amendment
Mar. 31, 2013
Twelfth Amendment
Dec. 31, 2012
Twelfth Amendment
Mar. 31, 2014
Twelfth Amendment
Mar. 31, 2013
Twelfth Amendment
Feb. 14, 2013
Twelfth Amendment
Mar. 31, 2014
Twelfth Amendment
Debt Forbearance and Modification Agreement
Mar. 31, 2013
Twelfth Amendment
Other current assets
Mar. 31, 2014
Twelfth Amendment
Maximum
Feb. 24, 2006
Sovereign Bank Secured Term Note due March, 2013
Jan. 16, 2014
Sovereign Bank Secured Term Note due March, 2013
Debt Forbearance and Modification Agreement
Jan. 29, 2007
Sovereign Bank Capital expenditure note due November 2014
Mar. 31, 2014
Sovereign Bank Capital expenditure note due November 2014
Mar. 31, 2013
Sovereign Bank Capital expenditure note due November 2014
Jan. 16, 2014
Sovereign Bank Capital expenditure note due November 2014
Debt Forbearance and Modification Agreement
Mar. 31, 2014
Sovereign Bank staged advance note due March 2016
Mar. 31, 2013
Sovereign Bank staged advance note due March 2016
Mar. 29, 2010
Sovereign Bank staged advance note due March 2016
Mar. 31, 2014
Sovereign Bank staged advance note due March 2016
Maximum
Mar. 31, 2014
Bonds financing
Jan. 31, 2011
Bonds financing
Dec. 30, 2010
Bonds financing
Mar. 31, 2014
MDFA Series A Bonds due January 2021
Mar. 31, 2013
MDFA Series A Bonds due January 2021
Dec. 30, 2010
MDFA Series A Bonds due January 2021
Jan. 16, 2014
MDFA Series A Bonds due January 2021
Debt Forbearance and Modification Agreement
Mar. 31, 2014
MDFA Series A Bonds due January 2021
Debt Forbearance and Modification Agreement
Dec. 31, 2010
MDFA Series A Bonds due January 2021
Ranor Inc.
sqft
Mar. 31, 2014
MDFA Series A Bonds due January 2021
ISDA Master Agreement
Mar. 31, 2014
MDFA Series B Bonds due January 2018
Mar. 31, 2013
MDFA Series B Bonds due January 2018
Dec. 30, 2010
MDFA Series B Bonds due January 2018
Jan. 16, 2014
MDFA Series B Bonds due January 2018
Debt Forbearance and Modification Agreement
Mar. 31, 2014
MDFA Series B Bonds due January 2018
Debt Forbearance and Modification Agreement
Mar. 31, 2014
MDFA Series B Bonds due January 2018
ISDA Master Agreement
Apr. 30, 2012
Long-term obligations under capital leases
Mar. 31, 2014
Long-term obligations under capital leases
Mar. 31, 2013
Long-term obligations under capital leases
Jul. 31, 2013
Revolving Note
Mar. 31, 2014
Revolving Note
Mar. 31, 2013
Revolving Note
Feb. 24, 2006
Revolving Note
Jan. 16, 2014
Revolving Note
Debt Forbearance and Modification Agreement
Debt and capital lease obligations                                                                                                                  
Total Short-term debt $ 5,784,479 $ 4,169,771                                                   $ 306,432     $ 333,850           $ 3,559,375 $ 3,789,583           $ 599,634 $ 1,346,429           $ 10,762 $ 8,185          
Long-term debt, obligations under capital leases 31,108 38,071                                                                                                              
Total Debt 5,815,587 4,207,842                                                                                                              
Aggregate principal amount                                               4,000,000 4,000,000                     6,200,000     4,250,000 4,250,000           1,950,000 1,950,000                    
Maximum borrowings                                                   3,000,000 3,000,000   3,000,000 1,900,000   1,900,000                                           2,000,000   2,000,000 2,000,000
Ratio of earnings to cover fixed charges (as a percent)             120.00%                 (81.00%) (41.00%)                                                                                
Actual ratio of earnings to cover interest charges (as a percent)                               (351.00%) (256.00%)                                                                                
Interest coverage ratio that must be exceeded             2                                                                                                    
Leverage ratio covenant               3                             2                                                                    
Actual leverage ratio       3.8   1.75                 1 1 1   1                                                                            
Interest rate (as a percent)                                                                     1.96%           5.60%             6.00%                  
Variable interest basis                                                     LIBOR     LIBOR       one-month LIBOR                                       Prime Rate      
Interest margin (as a percent)                                                           4.00%       2.75%                                       1.50%      
Effective interest rate at end of period (as a percent)                                                     3.00%                                                            
Amount borrowed and outstanding under the facility                                                         394,329                     3,612,500             1,114,285               500,000    
Current monthly debt principal amount                                                                         17,708             23,214                          
Additional cash collateral in restricted cash account                                       840,000   840,000                                                                      
Period of written notice to accelerate payment of the debt in full in case of default                                   60 days 60 days                                                                            
Amounts reclassified as a current liability due to default, under the loan and security agreement 5,800,000                           5,800,000 5,800,000     5,800,000   4,200,000                                                                        
Trailing period used for quarterly determination of the ratio of earnings available to cover fixed charges and the interest ratio coverage under the terms of the loan covenants                       12 months 9 months 6 months 3 months                                                                                    
Bank fee paid                                       7,500                                                                          
Area of land financed for expansion (in square feet)                                                                                   19,500                              
Interest rate percentage multiplier                                                                   65.00%                                              
Fixed interest rate (as a percent)                                                                                     4.14%           3.63%                
Number of interest rate swap transactions   2                 2                                                                                            
Notional amount of interest rate swap cash flow hedges                 4,600,000 5,100,000                                                                                              
Borrowing limit as a percentage of accounts receivable                                                                                                           70.00%      
Borrowing limit as a percentage of inventory                                                                                                           40.00%      
Funds available for borrowing                                                           0                                                 1,500,000    
Amount of Revolving Note repaid                                                                                                         500,000        
Unused borrowing capacity fee as a percentage of average unused credit line amount of previous month                                                                                                           0.25%      
Initial maximum loan amount                                                   500,000                                                              
Period of amortization of debt instrument                                                     5 years     5 years                                                      
Percentage of purchase price of gantry mill machine used for determination of aggregate amount of advances                                                                 80.00%                                                
Capital lease arrangement for new office equipment 46,378                                                                                                 46,378              
Amount of the lease recorded in property, plant and equipment, net                                                                                                     46,420 37,544          
Capital lease term                                                                                                   63 months              
Capital lease term extension                                                                                                     9 months            
Capital lease interest rate (as a percent)                                                                                                     6.00%            
Capital lease monthly payment                                                                                                     860            
Maturities of the long-term debt, including the capital lease                                                                                                                  
2015   4,169,771                                                                                                              
2016   11,426                                                                                                              
2017   12,130                                                                                                              
2018   10,596                                                                                                              
2019   3,919                                                                                                              
Reimbursement of appraisal costs due to the bank     11,240                                                                                                            
Increase in interest rate (as a percent)                                                                               2.00%                                  
Repayment of debt                                                                               394,329             445,671                    
Restricted cash collateral deposit applied to pay off obligation under the forbearance agreement     (840,000)                                                                                                            
Forbearance fees (as a percent)     3.00%                                                                                                            
Amount of forbearance fee payable in installments     $ 128,433                                                                                                            
Number of forbearance agreement entered         2