NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 31, 2013

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary of useful life of Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation.  Expenditures for maintenance and repairs are charged to expense as incurred.  Renewals and betterments are capitalized (see Note 6). Upon sale or disposal of property, plant and equipment, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts, and the net amount, less any proceeds from sale, is recorded in income. For financial reporting purposes, provisions for depreciation are calculated on a straight-line basis over the following estimated useful lives of the assets:

	Years
Buildings and improvements		10-39
Machinery and equipment		5-10
Furniture and fixtures		5-7
Automotive equipment		3

Changes in carrying amount of goodwill

The carrying amount of goodwill, by the three reporting segments and one other segment for the fiscal year ended January 31, 2013, is as follows:

	Product Recovery/ Pollution Control Technologies		Fluid Handling Technologies		Mefiag Filtration Technologies		Filtration/ Purification Technologies		Total
Balance as of February 1, 2012	$	15,706,667	$	11,542	$	1,732,482	$	3,348,222	$	20,798,913
Goodwill acquired during the period		-		-		-		-		-
Balance as of January 31, 2013	$	15,706,667	$	11,542	$	1,732,482	$	3,348,222	$	20,798,913

Schedule of the components of intangible assets

The Company maintains intangible assets with finite and indefinite lives.  The following is a summary of the Company's components of other intangible assets, which are reported in other assets on the consolidated balance sheets.

	January 31, 2013					January 31, 2012
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
Amortized intangible assets	Amount		Amortization			Amount		Amortization
Patents	$	791,194	$	(197,855	)	$	761,821	$	(131,665	)
Customer lists		384,000		(288,167	)		384,000		(275,667	)
Intellectual property		195,886		(195,886	)		195,886		(195,886	)
Other		181,337		(134,656	)		181,337		(110,753	)
	$	1,552,417	$	(816,564	)	$	1,523,044	$	(713,971	)
Unamortized intangible assets
Trademarks	$	11,963	$	0		$	11,963	$	0

Summary of the amortization expense

The following is a summary of the amortization expense related to the Company's components of other intangible assets:

Amortization expense for the year ended
January 31, 2011	$	52,017
January 31, 2012		107,851
January 31, 2013		102,593
Estimated amortization expense for the year ending
January 31, 2014	$	82,117
January 31, 2015		81,671
January 31, 2016		80,724
January 31, 2017		79,057
January 31, 2018		75,724
Thereafter		336,560
	$	735,853

Estimated useful lives for the identified intangible assets

For financial reporting purposes, provisions for amortization are calculated on a straight-line basis over the following estimated useful lives for the identified intangible assets:

	Years
Patents	6-20
Customer lists	10
Intellectual property	10
Other	2-20

Supplemental cash flow information

Supplemental cash flow information:

	2013		2012		2011
Cash paid during the year for:
Interest	$	167,619	$	192,971	$	210,497
Income taxes		3,258,500		2,394,238		2,096,789