GAMMON INDIA LIMITED

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The Consolidated account includes the results of operations from the period September 08, being the date of acquisition of stake in the company to December 2008. These accounts are based on unaudited consolidated accounts of Sofinter and are as certified by the management. The results of operations from January to March 2009 have not been included in the consolidated financial statements The details of the companies that are consolidated as part of Sofinter group are tabulated hereunder. Subsidiaries: 2008-09 Name of Subsidiaries Ansaldo Caldale S.p.A. Europower S.p.A. S.C. Euroboiler s.r.l. Commissioning Italia s.r.l. Consorzio Macchi Idromacchine S.W.S. Saline Water Specialists s.r.l. Nitco S.p.A. Itea S.p.A. TAG – Tubi Alettati Gioia S.p.A. CCA Centro Combustione Ambiente s.r.l. Ansaldo Caldaie Boilers India Pvt. Ltd. Ansaldo Caldaie Boilers Egypt SAE Ecoengineering Impianti s.r.l. Associates: Name of Associates Country of Incorporation Ownership Interest Italy 100.00% Italy 100.00% Rumania 100.00% Italy 100.00% Italy 70.00% Italy 100.00% Italy 79.59% Italy 89.96% Italy 100.00% Italy 100.00% India 85.00% Egypt 98.00% Italy 100.00% Country of Incorporation Ownership Interest Ecopower s.r.l. Italy 20.00% Itro PVE LTD Singapore 49.00% SWS & GB <strong>INDIA</strong> India 50.00% Consorzio ENERIN. Italy 50.00% Consorzio Nitcomisa Italy 50.00% Multiservice S.p.A. Italy 35.00% Europower Middle East Co. Saudi Arabia 49.00% c) CBICL, a subsidiary of GIPL had extended a Term Loan of Rs 80 Millions to VSPL, which was fully convertible at par into equity shares of Rs 10 each on April 1, 2008. Accordingly, during the year 2008-09, VSPL allotted 8,000,000 equity shares at par to CBICL on April 1, 2008. These equity shares were purchased by GIPL at par from CBICL, thereby increasing the stake of the Company in VSPL from 42.22% to 47.52%. d) The company through its step down subsidiary P. Van Eerd Beheersmaatschappij B. V, Netherlands (PVAN) acquired a 50% shareholding in Sadelmi S.p.A., Italy (Sadelmi) for an aggregate amount of Rs. 506.4 Millions with the remaining 50% held by Busi Impianti S.p.A, Italy since April 2008. During the financial year under review, due to the economic conditions prevailing in different parts of the world where Sadelmi was present some of the projects under execution encountered serious contractual problems. Sadelmi therefore sought creditors‟ protection through a Court in Italy and simultaneously, as part of scheme, applied for transferring the remaining projects of Euro 46 million and leased all references in connection therewith standing in its name since inception to a new company Busi Power S.r.L. wholly held F 37
y Busi Group. By an Agreement dated 2 nd March 2009, Busi Group agreed to give PVAN 50% stake in lieu of its stake in Sadelmi for a consideration of Euro 1 and convert the S.r.L. status into an S.p.A. to facilitate the same. Consequently PVAN will cease to be a shareholder of Sadelmi from that date and will become a shareholder of Busi Power. Pending the approval of the courts in Italy for the composition no effects have been given in these accounts. Busi Group has also agreed to bring cash of Euro 2,500,000 into Busi S.r.L in order to capitalize Sadelmi India Pvt. Ltd. a wholly owned subsidiary in India as earlier contemplated by the shareholders of Sadelmi S.p.A. and has also permitted it to freely draw upon the references to undertake future Projects. Consequent upon this arrangement, Busi Group will be wholly responsible for the operations and all future funding of Busi Power S.r.L and Gammon will be wholly responsible for the operations and future funding of the Indian subsidiary for the projects undertaken by them in the territories identified respectively for them. Each party will however share 50% of the profits of the respective Busi Power and the Indian Subsidiary. The results of these operations will be consolidated in the Company with effect from FY 2010.In the absence of the results of operations of Sadelmi Spa for the year ended December 2008, the same has not been consolidated in the financial statements of the group. The investment in Sadelmi Spa of Rs. 506.4 Millions has therefore been accounted in accordance with AS-13 “Accounting for Investment”, at cost. e) The proportionate share of assets, liabilities, income and expenditure of the Joint Ventures consolidated in the accounts is tabulated as below:- (Rs. in Millions) As at 31.3.2009 As at 31.3.2008 As at 31.3.2007 ASSETS Fixed Assets: 6,260.20 1456.60 1,316.90 Less : Depreciation 2,524.00 3,736.20 162.60 1,294.00 111.20 1,205.70 Capital WIP 0.10 146.00 95.50 Advance for Capital Expenditure Current Assets: 322.50 26.50 1.30 Inventories 2,945.20 225.70 1,166.00 Sundry Debtors 8,105.60 1,288.40 860.60 Cash & Bank Balances 1,682.80 46.90 22.00 Loan & Advances 2,243.90 37.00 28.70 Total Current Assets (A) 14,977.60 1,598.00 2,077.30 Current Liabilities (B) 12,185.70 348.30 506.00 Net Current Assets (A-B) 2,791.90 1,249.70 1,571.30 Preliminary & Share Issue Exp 1.90 0.30 0.20 Total Assets 6,852.60 2,716.50 2,874.00 LIABILITIES Loan Funds: Secured Loans 7,381.10 1,473.90 1,889.60 Unsecured Loans 44.50 826.50 590.70 Deferred Tax Liability (350.10) 7,075.50 56.50 2,356.90 36.70 2,517.00 Reserves & Surplus: (406.20) (319.50) 79.00 Total Liabilities 6,669.30 2,037.40 2,596.00 (Rs. in Millions) REVENUE ITEMS 2008-09 2007-08 2006-07 Turnover 9,650.00 1,966.60 2,523.60 Less : Expenditure Contract & other expenditure 7,693.60 1,851.40 2,226.90 Port Operation Expenses - - - Administration Expenses 923.40 32.10 15.90 F 38
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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
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Organisation Chart 98
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Name Number of Equity Shareholding
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Shareholding Pattern PRINCIPAL SHAR
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Sl. No. Name of the Shareholder Lim
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Equity Shares allotted to a QIB pur
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FIIs are permitted to participate t
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The submission of an Application Fo
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ank). The QIB will be required to d
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Placement Agreement PLACEMENT The J
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SELLING RESTRICTIONS The distributi
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the shares, debentures and units of
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TRANSFER RESTRICTIONS Purchasers of
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The exceptions to this rule are for
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equirement to publish un-audited fi
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shares are listed). Further, any pe
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agreement, within the time period m
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for compulsory dematerialised tradi
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. 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 and 178: Index to financial statements: FINA
Page 179 and 180: Sr. No. UNAUDITED FINANCIAL RESULTS
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
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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: interest and voting rights in respe
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
Page 229 and 230: Further, during the year 2008-09, t
Page 231 and 232: 30 Gammon Sadelmi (Power Plant in S
Page 233 and 234: (c) Transactions of Oman Branch and
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Page 237 and 238: Nature of Transactions / relationsh
Page 243 and 244: Current liabilities Bank overdrafts
Page 245 and 246: Statement of recognised income and
Page 247 and 248: 5. We have estimated and checked th
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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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