Annual and transition report of foreign private issuers pursuant to sections 13 or 15(d)

INTANGIBLE ASSETS, NET

v2.4.0.6
INTANGIBLE ASSETS, NET
12 Months Ended
Mar. 31, 2012
INTANGIBLE ASSETS, NET  
INTANGIBLE ASSETS, NET

(6)         INTANGIBLE ASSETS, NET

 

The following table summarizes the Company’s intangible assets, all of which were acquired during the year ended March 31, 2009, as of March 31, 2011 and 2012.

 

 

 

March 31, 2012

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

Gross

 

 

 

Net

 

Average

 

 

 

carrying

 

Accumulated

 

carrying

 

Amortization

 

 

 

amount

 

amortization

 

amount

 

Period

 

 

 

RMB

 

RMB

 

RMB

 

Years

 

ETS TOEIC license

 

24,126,706

 

(7,495,275

)

16,631,431

 

10

 

Testing service technology

 

800,000

 

(800,000

)

 

3

 

Customer relationships

 

1,300,000

 

(334,165

)

965,835

 

12

 

 

 

 

 

 

 

 

 

 

 

Total intangible assets

 

26,226,706

 

(8,629,440

)

17,597,266

 

 

 

 

 

 

March 31, 2011

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

Gross

 

 

 

Net

 

Average

 

 

 

carrying

 

Accumulated

 

carrying

 

Amortization

 

 

 

amount

 

amortization

 

amount

 

Period

 

 

 

RMB

 

RMB

 

RMB

 

Years

 

ETS TOEIC license

 

24,126,706

 

(5,089,214

)

19,037,492

 

10

 

Testing service technology

 

800,000

 

(555,556

)

244,444

 

3

 

Customer relationships

 

1,300,000

 

(225,832

)

1,074,168

 

12

 

 

 

 

 

 

 

 

 

 

 

Total intangible assets

 

26,226,706

 

(5,870,602

)

20,356,104

 

 

 

 

ETS TOEIC license represents the amounts paid to Educational Testing Service (“ETS”) under a master distributor agreement for the exclusive right to market, distribute, administer and sell the Test of English for International Communication (“TOEIC”) in mainland PRC for ten years commencing from March 2009.

 

Amortization expenses for intangible assets were RMB 2,787,670, RMB 2,850,487 and RMB 2,758,838 for the year ended March 31, 2010, 2011 and 2012, respectively. Estimated amortization expense is RMB 2,514,394 for each of the next five years.