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DEBT
3 Months Ended
Apr. 30, 2013
DEBT [Abstract]  
DEBT
NOTE 7 – DEBT

The Company and its subsidiaries have domestic and foreign uncommitted, unsecured lines of credit totaling $4,395,040 which can be used for working capital. Of the total lines of credit available, the foreign unsecured line of credit totals $395,040 (300,000 Euro).  As of April 30, 2013 and January 31, 2013 respectively, the Company and the Company's Mefiag B.V. subsidiary's line of credit, which is with a bank in The Netherlands, had no outstanding borrowings.

The Company's long-term debt is subject to certain covenants, including maintenance of prescribed amounts of leverage and fixed charge coverage ratios.  As of April 30, 2013 the Company is in compliance with all applicable covenants.

The Company has an interest rate swap agreement to hedge against the potential impact on earnings from increases in market interest rates.  Effective April 3, 2006, the Company entered into a fifteen-year interest rate swap agreement for a notional amount equal to the balance on the bond payable maturing in April 2021.  The Company swapped the ninety-day LIBOR for a fixed rate of 4.87%.  As of April 30, 2013, the effective interest rate was 7.06% as a result of the swap agreement plus the interest rate floor provision of 250 basis points.  The interest rate swap agreement is accounted for as a cash flow hedge that qualifies for treatment under the short-cut method of measuring effectiveness in accordance with FASB ASC Topic 815, "Derivatives and Hedging."  There was no hedge ineffectiveness as of April 30, 2013.  The fair value of the interest rate swap agreement resulted in a decrease in equity of $190,907 (net of tax) as of April 30, 2013 and a decrease in equity of $190,873 (net of tax) as of January 31, 2013.  These results are recorded in the accumulated other comprehensive income (loss) section of shareholders' equity.