GAMMON INDIA LIMITED

Franco Tosi Meccanica S.p.A.
1. NET EQUITY
Amounts in Euro 12.31.2008 12.31.2007
NON CURRENT ASSETS
1 Tangible assets 135,961,428 134,459,664
2 Intangible Assets 1,125,364 705,371
3 Participations in controlled companies 0 42,826
3 Participations in other companies 5 5
4 Deferred income tax assets 4,091,000 4,123,020
5 Other receivables 1,363,721 35,112
Total non-current assets 142,541,518 139,365,998
CURRENT ASSETS
6 Inventories 8,185,311 7,566,817
7 Trade receivables 68,818,603 83,340,350
5 Other receivables 8,631,705 6.209.422
8 Cash and cash equivalents 8,340,739 1,232,098
9 Current tax receivables 19,537,007 17,432,983
Total current assets 113,513,365 115,781,671
ASSETS INTENED FOR BEING TRANSFERRED
Total assets 256,054,883 255,147,668
12.31.2008 12.31.2007
NET EQUITY
10 Share capital 44,355,720 35,802,000
10 Other reserves 67.188.436 67,188,436
10 Retained earning (59,006,667) (11,829,299)
10 Operating profit/ loss (17,662,352) (47,177,368)
Total net equity 34,875,137 43,983,769
LIABILITIES 12.31.2008 12.31.2007
NON-CURRENT LIABILITIES
11 Bank borrowings and payables to other financial institutions 8,756,864 11,682,587
12 Other payables 22,467,.911 13,300,110
13 Provisions for future risks and expenses 19,485,379 13,163,527
14 Deferred income tax liabilities 24,143,296 24,418,949
15 Employee benefit obligations 10,245,674 10,052,619
17 Tax payables 5,932,490 0
Total non-current liabilities 91,031,614 72,617,792
CURRENT LIABILITIES
11 Bank borrowings and payables to other financial institutions 27,709,610 30,451,303
16 Trade payables 68,087,353 63,768,897
12 Other payables 14,275,778 14.857.880
13 Provisions for future risks and expenses 1,867,175 7,625,004
17 Tax payables 18,208,216 21,843,023
Total current liabilities 130,148,132 138,546,106
LIABILITIES ASSETS INTENED FOR BEING TRANSFERRED
Total liabilities 221,179,746 211,163,898
Total liabilities and net equity 256,054,883 255,147,668
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