Accounting Policies of GSB Finance Ltd. Company

Mar 31, 2014

I) Accounting Conventions

The accounts have been prepared under the historical cost conventions on an accrual basis and in accordance with accounting standards issued by the Institute of Chartered Accountants of India.

ii) Fixed Assets

Fixed Assets are stated at cost less Depreciation

iii) Depreciation

Depreciation is provided on straight line method on prorate basis at the rate as specified in Schedule XIV of the Companies Act, 1956.

iv) Investments

Investments are valued at cost basis.

v) Valuation of Inventories

The valuation of the stock of quoted shares was made at lower of the cost or fair market price. The valuation of the unquoted shares has been made at cost or net assets value which ever is lower.

vi) Recognition of Income & Expenditure.

Revenue/Income is generally accounted for on accrual basis as they are earned or incurred except for dividend, which is accounted for on cash basis.

---

Mar 31, 2011

I) Accounting Conventions

The accounts have been prepared under the historical cost conventions on an accrual basis and in accordance with accounting standards issued by the Institute of Chartered Accountants of India.

ii) Fixed Assets

Fixed Assets are stated at cost less Depreciation

iii) Depreciation

Depreciation is provided on straight line method on prorate basis at the rate as specified in Schedule XIV of the Companies Act, 1956.

iv) Investments

Investments are valued at cost basis.

v) Valuation of Inventories

The valuation of the stock of quoted shares was made at lower of the cost or fair market price. The valuation of the unquoted shares has been made at cost or net assets value which ever is lower.

vi) Recognition of Income & Expenditure.

Revenue/Income are generally accounted for on accrual basis as they are earned or incurred except for dividend, which is accounted for on cash basis.

---

Mar 31, 2010

I) Accounting Conventions

The accounts have been prepared under the historical cost conventions on an accrual basis and in accordance with accounting standards issued by the Institute of Chartered Accountants of India.

ii) Fixed Assets

Fixed Assets are stated at cost less Depreciation

iii) Depreciation

Depreciation is provided on straight line method on prorate basis at the rate as specified in Schedule XIV of the Companies Act, 1956.

iv) Investments

Investments are valued at cost basis.

v) Valuation of Inventories

The valuation of the stock of quoted shares was made at lower of the cost or fair market price. The valuation of the unquoted shares has been made at cost or net assets value which ever is lower.

vi) Recognition of Income & Expenditure.

Revenue/Income are generally accounted for on accrual basis as they are earned or incurred except for dividend, which is accounted for on cash basis.