GAMMON INDIA LIMITED

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To The Board of Directors Gammon India Limited, Mumbai. Report on Limited Review We have reviewed the accompanying statement of un-audited financial results except the additional information given by the company vide note 10 of the notes to the financial results of Gammon India Limited for the period ended 30 th September 2009. This statement is the responsibility of the Company’s Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. We did not review the financial statements of Gammon India Limited – Nagpur Branch which was audited by the branch auditors reflecting total revenue of Rs.56557 lacs whose reports have been received by us. Our opinion so far as transactions of the said Branches are concerned, is based solely on the limited review report of the Branch Auditors. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2400, Engagements to Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Without qualifying our review report we re-iterate our emphasis of matter contained in our audit report dated July 9, 2009 on the financial statements for the year ended 31 st March 2009 relating to Recoverability of an amount of 94.54 crores under sundry debtors in respect of recognition of contract revenue in the previous years where the company has received arbitration awards in its favour in respect of which the client has preferred an appeal for setting aside the said arbitration awards. The recoverability is dependent upon the final outcome of the appeals getting resolved in favour of the company. Investments in one of the joint ventures of a wholly owned subsidiary which has applied for creditors’ protection in a Court in Italy. The final outcome and the resultant investment would be dependent upon the approval of the courts to the composition scheme pending which no effects have been taken in these accounts. Based on our review conducted as above, nothing has come to our attention, except non-provision of mark to market losses of Rs 1.39 Crores as at 30 th September, 2009 in respect of forward contracts for hedging the foreign exchange currency receivables which are in the nature of firm commitments and highly probable future transactions, that causes us to believe that the accompanying statement of un-audited financial results prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement. For Natvarlal Vepari & Co. Chartered Accountants N. Jayendran Partner M. No. – 40441 Mumbai, Dated :- 30 th October 2009 F 1
Sr. No. UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30th, 2009 Particulars 1 Net Sales / Income from Operations Other Operating Income 2 Expenditure : Consumption of Materials (Increase) / Decrease in WIP & FG Subcontract and other Cost Personnel Cost Depreciation & Amortisation Other Expenditure Total Expenditure Company's share in Profit/ (Loss) of JV 3 Profit from Operations before Other Income, Finance Costs 4 Other Income Profit before Finance Costs and Forex 5 Fluctuation 6 Finance Costs (Net) Forex Fluctuation (Gain) / Loss 7 Profit Before Tax 8 Tax Expense 9 Profit / (Loss) after tax 10 Paid-up Equity Share Capital (Face Value Rs.2/- per equity share) Paid-up Preference Share Account 11 Reserves, excluding Revaluation Reserve as per audited Balance Sheet Three Months Ended 30.09.2009 (Unaudited) F 2 93,752 642 94,394 38,951 (733) 35,416 7,391 1,733 4,064 86,822 - 7,572 1,506 9,078 3,818 (866) 6,126 1,717 4,409 2,137 10,500 Three Months Ended 30.09.2008 (Unaudited) 51,315 - 51,315 23,472 (6,982) 25,958 4,557 1,393 652 49,050 - 2,265 202 2,467 1,550 (764) 1,681 651 1,030 1,735 - Year to date for the period ended 30.09.2009 (Unaudited) 178,797 1,764 180,561 74,624 (5,966) 73,532 12,813 3,431 6,244 164,678 (Rupees. in Lacs) - 15,883 1,616 17,499 7,464 (68) 10,103 3,188 6,915 2,137 10,500 Year to date for the period ended 30.09.2008 (Unaudited) 109,839 109,839 44,911 (14,390) 61,500 7,965 2,694 1,277 103,957 - 5,882 4,066 9,948 2,760 (827) 8,015 1,741 6,274 1,735 - Previous Accounting year ended 31.03.2009 (Audited) 363,597 2,190 365,787 181,913 (10,653) 132,760 19,858 6,395 8,462 338,735 (409) 26,643 4,160 30,803 10,526 (591) 20,868 6,821 14,047 2,137 10,500 120,655
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GAMMON INDIA LIMITED (Incorporated
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NOTICE TO INVESTORS The Company acc
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usiness strategies and environment
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epresentation, warranty or statemen
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SEBI nor any other regulatory autho
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FORWARD LOOKING STATEMENTS All stat
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Term Description Company in consult
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Term Description NH National Highwa
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Lock-up The Company will not, for a
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ased in Italy that is engaged in th
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for our short-term commercial paper
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Sr. No. SUMMARY FINANCIAL INFORMATI
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REFORMATTED CONSOLIDATED BALANCE SH
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REFORMATTED CONSOLIDATED PROFIT AND
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REFORMATTED CONSOLIDATED CASH FLOW
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RISK FACTORS An investment in equit
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affect on the profit margins that w
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As the revenue structure for the SP
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of actual traffic volume. Adverse d
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esult in decreased sales of our pro
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in two or three years) of interest
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If our subsidiaries or SPVs default
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Our inability to obtain, renew or m
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As of March 31, 2009, our contingen
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on which such additional financing
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The Equity Shares are being offered
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market for our equity shares will n
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(of sale proceeds), a no objection/
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Date National Stock Exchange of Ind
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USE OF PROCEEDS The total proceeds
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Vesting Date No. Of Options Exercis
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EXCHANGE RATE INFORMATION The follo
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development phase. GIPL also offers
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during summer months and during the
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c) Revenues from providing services
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Intangible assets are amortized ove
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Guidelines, 1999 issued by Securiti
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and tax credit, if any, and compute
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Profit After Tax. Our profit after
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primarily by trade payables and wor
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and components are fluctuating base
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Development Authorities, Metro Rail
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Indian Road Network Kilometers (app
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plan will soon be presented to the
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The Airports Sector in India Indian
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An investment of about Rs.720,600.0
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China’s electricity consumption h
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Source Central State Private Total
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Overview BUSINESS We are the flagsh
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** formerly Bedi Seaport Limited GA
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flue chimneys, nuclear containment
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For certain large construction or i
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oriented services. In addition, we
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Kalwakruthy Stage-3-Lift Irrigation
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Name of SPV Revenue Model MNEL KBIC
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Ansaldo Oseberg D Offshore Platfor
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ACCAM S.p.A. Incinerator Plant: Eur
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Our Company, with its joint venture
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Board of Directors BOARD OF DIRECTO
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Name, Designation, DIN and Address
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Name, Designation, DIN and Address
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Mr. Parvez Umrigar, is a B. Com., A
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Mr. Himanshu Parikh Pursuant to a s
Page 127 and 128: Organisation Chart 98
Page 129 and 130: Name Number of Equity Shareholding
Page 131 and 132: Shareholding Pattern PRINCIPAL SHAR
Page 133 and 134: Sl. No. Name of the Shareholder Lim
Page 135 and 136: Equity Shares allotted to a QIB pur
Page 137 and 138: FIIs are permitted to participate t
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Page 141 and 142: ank). The QIB will be required to d
Page 143 and 144: Placement Agreement PLACEMENT The J
Page 145 and 146: SELLING RESTRICTIONS The distributi
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Page 149 and 150: TRANSFER RESTRICTIONS Purchasers of
Page 151 and 152: The exceptions to this rule are for
Page 153 and 154: equirement to publish un-audited fi
Page 155 and 156: shares are listed). Further, any pe
Page 157 and 158: agreement, within the time period m
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Page 161 and 162: . by crediting shares of the Compan
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Page 165 and 166: TAXATION The information provided b
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Page 169 and 170: 8. As per Section 74 Short-term cap
Page 171 and 172: long-term capital gains. Balance lo
Page 173 and 174: LEGAL PROCEEDINGS Save as described
Page 175 and 176: lack list GIL and also its allied/s
Page 177: Index to financial statements: FINA
Page 181 and 182: from the foreign currency receivabl
Page 183 and 184: 5. The financial statements of cert
Page 185 and 186: REFORMATTED CONSOLIDATED BALANCE SH
Page 187 and 188: GAMMON INDIA LIMITED REFORMATTED CO
Page 189 and 190: GAMMON INDIA LIMITED REFORMATTED CO
Page 191 and 192: GAMMON INDIA LIMITED SCHEDULES FORM
Page 197 and 198: 31.03.09 31.03.08 31.03.07 Rs.inMil
Page 201 and 202: SCHEDULE 15A SUNDRY EXPENSES INCLUD
Page 203 and 204: SCHEDULE 18 SIGNIFICANT ACCOUNTING
Page 205 and 206: 5. Research and Development Expense
Page 207 and 208: (c) Work in progress from manufactu
Page 209 and 210: Basic Earning Per Share is calculat
Page 211 and 212: For the Year 2008- 09 For the Year
Page 213 and 214: interest and voting rights in respe
Page 215 and 216: y Busi Group. By an Agreement dated
Page 217 and 218: Maritime Services Pvt. Ltd* Modern
Page 219 and 220: the difference between outstanding
Page 221 and 222: PVAN: Term Loans from ICICI Bank ar
Page 223 and 224: foreign exchange loss of Rs. 11.20
Page 225 and 226: In respect of some road projects co
Page 227 and 228: Net Actuarial (gain)/loss To Be Rec
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Further, during the year 2008-09, t
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30 Gammon Sadelmi (Power Plant in S
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(c) Transactions of Oman Branch and
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11 Gammon Rizzani Gammon Rizzani Ga
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Nature of Transactions / relationsh
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Current liabilities Bank overdrafts
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Statement of recognised income and
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5. We have estimated and checked th
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4. As fully described by directors
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Franco Tosi Meccanica S.p.A. INTROD
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Franco Tosi Meccanica S.p.A. 2. INC
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Franco Tosi Meccanica S.p.A. 4. FOR
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Franco Tosi Meccanica S.p.A. The bo
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Franco Tosi Meccanica S.p.A. Revenu
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Franco Tosi Meccanica S.p.A. Servic
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Franco Tosi Meccanica S.p.A. 31.12.
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Franco Tosi Meccanica S.p.A. Note 5
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Franco Tosi Meccanica S.p.A. Nota 1
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Franco Tosi Meccanica S.p.A. As pre
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Franco Tosi Meccanica S.p.A. Deprec
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To the Shareholders of Sae Power Li
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SAE POWER LINES S.R.L. Società uni
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SAE POWER LINES S.R.L. IV. Liquid a
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SAE POWER LINES S.R.L. Profit and l
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SAE POWER LINES S.R.L. Company with
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underlying formal aspects. Fixed as
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Italian Exchange Rates Office (U.I.
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Description Value Monetary revaluat
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Accounts receivable by geographical
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This item can be broken down as fol
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Description 31/12/2007 Additions De
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Accounts payable by geographical ar
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Description 31/12/2008 31/12/2007 C
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Taxes Value at 31/12/2008 Value at
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the reasonable certainty that in fu
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ISSUER Gammon India Limited REGISTE
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GAMMON INDIA LIMITED

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