GAMMON INDIA LIMITED

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The following information has been extracted from the Audited consolidated financial statements of Sofinter S.p.A. and its subsidiaries as of December 31, 2008. SOFINTER S.p.A. Consolidate Balance Sheet as of December 31, 2008 (in units of Euro) ASSETS 31/12/2008 31/12/2007 Trend Non current assets Property, plant and equipment 63.161.699 62.381.152 780.547 Intangible assets 61.665.458 62.139.678 -474.220 Equity investments 1.721.035 2.355.597 -634.562 Available for sale financial assets 420.319 469.328 -49.009 Derivatives 25.341 732.465 -707.124 Deferred tax asset 13.598.670 13.614.523 -15.853 Other receivables 9.483.041 889.324 8.593.717 150.075.563 142.582.067 7.493.496 Current assets Inventories 6.065.342 5.282.483 782.859 Construction Contract - amounts due from customers 76.149.581 170.276.167 -94.126.586 Trade receivables 219.744.679 172.368.186 47.376.493 Current income tax assets 2.280.250 2.018.215 262.035 Derivatives 1.249.722 1.449.699 -199.977 Other receivables 51.570.296 85.406.373 -33.836.077 Cash and cash equivalents 48.424.876 63.676.664 -15.251.788 405.484.746 500.477.787 -94.993.041 Total assets EQUITY 555.560.309 643.059.854 -87.499.545 Capital stock 99.969.700 66.083.333 33.886.367 Reserves -1.336.200 4.980.625 -6.316.825 First time adoption reserve 642.411 642.411 0 Reteined earning -26.250.856 -9.273.729 -16.977.127 Net result -41.690.068 -38.290.286 -3.399.782 31.334.987 24.142.354 7.192.633 Minority Interest 296.237 307.416 -11.179 Total Equity 31.631.224 24.449.770 7.181.454 LIABILITIES Non-current liabilities Borrowings n.c. 48.290.295 57.256.866 -8.966.571 Employees benefit liability 7.476.447 8.350.719 -874.272 Derivates 408.652 78.604 330.048 Deferred imcome taxes 3.543.134 4.960.046 -1.416.912 Other non-current liability 0 0 0 59.718.528 70.646.235 -10.927.707 F 65
Current liabilities Bank overdrafts 133.855.300 166.958.175 -33.102.875 Borrowings 40.538.897 56.313.801 -15.774.904 Costruction Contract - amounts due to custumers 53.749.255 55.407.131 -1.657.876 Trade payables 209.037.593 252.855.783 -43.818.190 Current income tax liabilities 848.081 372.406 475.675 Provisions 7.399.457 3.351.365 4.048.092 Derivatives 646.775 93.811 552.964 Other payables 18.135.199 12.611.377 5.523.822 464.210.557 547.963.849 -83.753.292 Total liabilities 523.929.085 618.610.084 -94.680.999 Total equity and liabilities Income statement as of December 31, 2008 555.560.309 31/12/2008 643.059.854 31/12/2007 -87.499.545 Trend Revenues Net Sales 491.395.058 522.327.851 -30.932.793 Other income 7.848.227 5.418.224 2.430.003 Total Revenues 499.243.285 527.746.075 -28.502.790 Operating Costs Wages and salaries 53.888.025 49.292.186 4.595.839 Services 204.307.163 170.922.336 33.384.827 Amortisation 6.573.598 6.062.918 510.680 Purchases 227.984.128 304.336.488 -76.352.360 Other operating costs 33.347.605 36.012.095 -2.664.490 Change in inventories -782.859 -1.422.049 639.190 Capitalisation of internal costs -2.783.858 -1.288.117 -1.495.741 Total operating costs 522.533.802 563.915.857 -41.382.055 OPERATING RESULT -23.290.517 -36.169.782 12.879.265 Financial income and expense Financial income 1.530.536 2.172.777 -642.241 Financial expense 17.887.196 15.024.293 2.862.903 Net financial income / (Expense) -16.356.660 -12.851.516 -3.505.144 Share of ((loss)/profit of associates -484.589 -507.111 22.522 NET RESULT BEFORE TAX -40.131.766 -49.528.409 9.396.643 Taxation 1.869.999 -11.173.874 13.043.873 NET RESULT / (LOSS) -42.001.765 -38.354.535 -3.647.230 Minority Interest -311.697 -64.249 -247.448 NET RESULT / (LOSS) -41.690.068 -38.290.286 -3.399.782 F 66
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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
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lack list GIL and also its allied/s
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Index to financial statements: FINA
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Sr. No. UNAUDITED FINANCIAL RESULTS
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from the foreign currency receivabl
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5. The financial statements of cert
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REFORMATTED CONSOLIDATED BALANCE SH
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GAMMON INDIA LIMITED REFORMATTED CO
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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
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
Page 235 and 236: 11 Gammon Rizzani Gammon Rizzani Ga
Page 237 and 238: Nature of Transactions / relationsh
Page 239 and 240: Nature of Transactions / relationsh
Page 241: Nature of Transactions / relationsh
Page 245 and 246: Statement of recognised income and
Page 247 and 248: 5. We have estimated and checked th
Page 249 and 250: 4. As fully described by directors
Page 251 and 252: Franco Tosi Meccanica S.p.A. INTROD
Page 253 and 254: Franco Tosi Meccanica S.p.A. 2. INC
Page 255 and 256: Franco Tosi Meccanica S.p.A. 4. FOR
Page 257 and 258: Franco Tosi Meccanica S.p.A. The bo
Page 259 and 260: Franco Tosi Meccanica S.p.A. Revenu
Page 261 and 262: Franco Tosi Meccanica S.p.A. Servic
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
Page 275 and 276: Franco Tosi Meccanica S.p.A. Deprec
Page 277 and 278: To the Shareholders of Sae Power Li
Page 279 and 280: SAE POWER LINES S.R.L. Società uni
Page 281 and 282: SAE POWER LINES S.R.L. IV. Liquid a
Page 283 and 284: SAE POWER LINES S.R.L. Profit and l
Page 285 and 286: SAE POWER LINES S.R.L. Company with
Page 287 and 288: underlying formal aspects. Fixed as
Page 289 and 290: Italian Exchange Rates Office (U.I.
Page 291 and 292: 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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