bs 08 mam - Educomp Solutions Ltd.

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Educomp Solutions Limited Schedules forming part of the Profit and Loss Account (Rupees in millions) Year Ended Year Ended 31st March, 2008 31st March, 2007 Schedule 17 : Earning per share (refer note 1(xv), schedule 18) Calculation of Profit for Basic EPS Net profit attributable to equity shareholders Net profit after tax and prior period items 700.61 Net profit available for calculation of basic EPS (A) 700.61 Calculation of Profit for Diluted EPS Net profit available for calculation of basic EPS 700.61 Add: interest accrued on FCCB during the year (Net of Tax) 0.26 Less: Exchange gain on FCCB (Net of Taxes) 50.62 Net profit available for calculation of diluted EPS (B) 650.25 No. of Weighted average equity shares Basic ( C ) Effect of dilutive equity shares equivalent 16,931,280 -Foreign Currency Convertible Bonds 1,058,610 -ESOP 521,126 Diluted (D) 18,511,016 Nominal value of equity share [Rs.] EARNING PER SHARE [Rs.] 10.00 Basic (A/C) 41.38 Diluted (B/D) 35.13 285.84 285.84 285.84 3.74 26.86 262.72 15,964,500 584,962 - 16,549,462 10.00 17.90 15.87
18. Significant accounting policies and notes to the accounts 1. Significant accounting policies (i) Basis for preparation of Financial Statements The financial statements are prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles (GAAP) in India and comply with the relevant accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956. The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s best knowledge of current events and actions the company may undertake in future, actual results ultimately may differ from the estimates. (ii) Revenue recognition The Company recognizes revenue on accrual basis. The Company derives its revenue from providing educational services comprising of ICT, Smart Class, Professional development, technology/ content licensing, sale of educational products and technology equipments. The revenue from sale of educational products and technology equipment is recognized on transfer of property in goods which generally coincides with dispatch/ delivery to the customer. Revenue from ICT & Smart class projects is recognized ratably over the period of the contract/contractual obligations. Revenue from professional development is recognized after the professional development services have been rendered to the customer. Revenue from online educational services is recognized upon receipt of subscription fee (non-refundable). Licensing content revenue is recognized when the product/ technology/ content is delivered and accepted. Interest on fixed deposits is recognized using the time proportion method, based on interest rates implicit in the transaction. Dividends income is recognized when the right to receive the same is established. (iii) Expenditure Expenses are accounted for on accrual basis and provisions are made for all known losses and liabilities. (iv) Fixed assets/ Depreciation & Amortization Fixed assets are stated at cost less accumulated depreciation and impairment loss, if any. Costs include all expenses incurred to bring the assets to its present location and condition for intended use. Fixed assets purchased for utilization and implementing the contractual obligations under the project undertaken under ICT, Turnkey and Smart Class are depreciated on a straight-line basis over the period of contractual obligation ranging from 3-6 years. Depreciation on other tangible fixed assets is provided at the written down value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Leasehold improvements are amortized on the straight-line basis over the primary period of lease. Assets costing less than Rs. 5,000 are fully depreciated in the year of purchase.
Page 1 and 2: ANUPAM BANSAL & CO. CHARTERED ACCOU
Page 3 and 4: ANNEXURE TO AUDITORS’ REPORT [Ref
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Page 21 and 22: premium or discount arising at the
Page 23 and 24: 2. The loan outstanding by bank aga
Page 25 and 26: (vii) Derivative instrument The com
Page 27 and 28: 17 Savvica Inc Associates 18 Mr. Sh
Page 29 and 30: Creditors, Loans & Advances 49.84 -
Page 31 and 32: (xiv) Particulars of purchases, sal

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