8.	Goodwill

The Company’s goodwill is in respect of its acquisition of India Abroad. The goodwill has been allocated to the US Publishing business, reporting unit.

The changes in the carrying amount of goodwill for the fiscal years ended March 31, 2011 and 2012 were as follows:


	For the year ended March 31,
	2011						2012
	Gross		Accumulated impairment		Net		Gross		Accumulated impairment		Net
	US$		US$		US$		US$		US$		US$
As at beginning of the year		10,515,168		8,515,168		2,000,000		10,515,168		8,515,168		2,000,000
As at end of the year		10,515,168		8,515,168		2,000,000		10,515,168		8,515,168		2,000,000

On January 1, 2012 the Company performed its annual goodwill impairment test and determined that the fair value of the reporting unit exceeded its carrying amount and therefore goodwill was not impaired.