Cash And Cash Equivalents

9 Months Ended

Sep. 30, 2011

Cash And Cash Equivalents [Abstract]

Cash And Cash Equivalents

7. CASH AND CASH EQUIVALENTS

For the purpose of reporting Cash and Cash Equivalents, the Company considers all liquid investments purchased with an original maturity of three months or less to be cash equivalents.

At September 30, 2011 and December 31, 2010, approximately $24.4 million and $23.3 million, respectively, are in a money market fund maintained by JP Morgan Chase Bank NA that invests in corporate bonds and treasury notes. Term deposits with original maturity of three months or less held with Bank of India, Punjab National Bank and ICICI Bank were $26.9 million and $20.0 million as at September 30, 2011 and December 31, 2010, respectively. The remaining amounts of cash and cash equivalents were held in bank and fixed deposits with various banking and financial institutions.

The Company had a line of credit with JP Morgan Chase Bank NA, which provided for borrowings up to $20.0 million, expire on August 31, 2011. This line of credit was extended to August 31, 2012 in the quarter ended September 30, 2011. Interest shall be paid to the Bank on the outstanding and unpaid principal amount of each Commercial Bank Floating Rate advance at the Commercial Bank Floating Rate plus the applicable margin and of each LIBOR rate advance at the adjusted LIBOR rate. There were no outstanding borrowings at September 30, 2011 or December 31, 2010.