GAMMON INDIA LIMITED

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Disclosure under AS 7 for the year 2008-09 has been done only for the parent company and the Indian Subsidiaries in the absence of similar disclosure information being available from the other component companies in these financial statements especially the overseas subsidiaries and joint ventures. 2008-09 being the year of acquisition for many of the subsidiaries the data for such disclosures was not arranged. The management is taking steps to align disclosures from all such subsidiaries in the future years by active interactions with such companies. 24. Disclosure relating to Employee Benefits As per Accounting Standard -15 “Employee Benefits” and as defined in the accounting standard the summarized components of net benefit expense recognized (Gratuity) in the profit and loss account and the funded status and amounts recognized in the balance sheet are given herein below :- (Rs. In Millions) Sr. No. Particulars 2008-09 2007-08 2006.07 I Change in Benefit Obligation Liability at the beginning of the year. 53.00 38.80 - Interest cost. 4.30 2.90 - Current Service Cost. 6.30 4.40 - Past Service Cost (Non Vested Benefit) - - - Past Service Cost (Vested Benefit) - - - Benefit Paid (4.70) (6.10) - Actuarial (gain)/loss on obligations 3.40 3.20 - Curtailments and Settlements - - - Liability at the end of the year 62.30 43.30 - II. Fair Value of Plan Assets - - - Fair Value of Plan Assets at the beginning of the year 37.00 26.90 - Expected Return on Plan Assets 3.20 2.30 - Contributions 5.00 4.30 - Benefit paid (4.70) (5.60) - Actuarial gain/(loss) on Plan Assets - - - Fair Value of Plan Assets at the end of the year 40.50 27.90 - Total Actuarial gain/(loss) to be Recognised. 3.40 2.40 - III. Actual Return on Plan Assets - - - Expected Return on Plan Assets 3.20 2.30 - Actuarial gain/(loss) on Plan Assets - - - IV. V. Actual Return on Plan Assets 3.20 2.30 - Amount Recognised in the Balance Sheet. - - - Liability at the end of the year 62.30 43.30 - Fair Value of Plan Assets at the end of the year. 40.50 27.90 - Difference 21.80 15.40 - Unrecognised Past Service Cost. - - Amount Recognised in the Balance Sheet. 21.80 15.40 - Expenses Recognised in the Income Statement - - Current Service Cost 6.30 4.40 - Interest Cost. 4.30 2.90 - Expected Return on Plan Assets (3.20) (2.30) - F 49
Net Actuarial (gain)/loss To Be Recognised 3.40 3.20 - Past Service Cost (Non Vested Benefit) Recognised - - - Past Service Cost (Vested Benefit) Recognised - - - Effect of Curtailment or Settlements - - - Expense to be Recognised in Profit and Loss Account 10.80 8.30 - Excess Provision of earlier years written back (0.50) (5.60) - Expense Recognised in Profit and Loss Account 10.30 2.60 - VI Balance Sheet Reconcilliation - - Opening Net Liability 16.00 11.90 - Expense as above 10.80 8.30 - Employers Contribution (5.00) (4.70) - Effect of Curtailment or Settlements - - - Amount Recognised in Balance Sheet 21.80 15.40 - VII Acturial Assumptions Discount Rate Current 8.00% 8.00% - i) Employer‟s contribution includes payments made by the Company directly to its past employees. ii) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. iii) The Company‟s Gratuity fund is managed by Life Insurance Corporation of India. The plan assets under the fund are deposited under approved securities. iv) The Company‟s Leave Encashment is entirely unfunded. 25. Foreign Currency Transactions, Derivative Instruments and Un-hedged Foreign Currency Exposure a. Foreign currency exposure un-hedged for the group as at 31 st March, 2009 is at Rs.3683.40 Millions (2007-08 Rs. 611.80 Millions; 2006-07 Rs.1853.90 Millions) receivables and Rs. 10220.60 Millions (2007-08 Rs. 1284.40 Millions; 2006-07 Rs.1068.90 Millions) payables. b. During the year 2007-08 the Company has entered into 5 cross currency forward contracts of JPY 1516.30 Million which are outstanding towards hedging of specific currency risk. c. In respect of currency swap derivative contracts entered into by the company, the company has Marked to Market loss of Rs. 71.50 Millions (2007-08 Rs. 46.00 Millions; 2006-07 Nil) as at 31 st March 2009 based on the valuation given by the bankers. Following the principle of prudence and in accordance with the announcement of the ICAI, the company has made a provision for the same. Since the same was entered into to reduce the cost of borrowings, the said MTM loss is included under Financial Costs. d. The company has entered into forward contracts for hedging the foreign currency receivables from its projects which are in the nature of firm commitments and highly probable future transactions. The company contends that these are entered into to hedge the currency risks arising out of the firm commitments and that the announcement of the ICAI on derivatives is not F 50
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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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(including a corporation or company
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TAXATION The information provided b
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to be income chargeable under the h
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8. As per Section 74 Short-term cap
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long-term capital gains. Balance lo
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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
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: In respect of some road projects co
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
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Page 247 and 248: 5. We have estimated and checked th
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Page 263 and 264: Franco Tosi Meccanica S.p.A. 31.12.
Page 265 and 266: Franco Tosi Meccanica S.p.A. Note 5
Page 269 and 270: Franco Tosi Meccanica S.p.A. Nota 1
Page 273 and 274: Franco Tosi Meccanica S.p.A. As pre
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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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