GAMMON INDIA LIMITED

Franco Tosi Meccanica S.p.A.
The value of “inventories” includes dawn payments on supplies.
Note 7. TRADE RECEIVABLES
Trade receivables amounts to €68,818,603 and are classified as current assets.
They are divided up as follows
12.31.2008 12.31.2007
Total Non-current Current Total Non-current Current
From customers 68,601,514 68,601,514 51,838,673 51,838,673
From controlling companies 0 0 31,446,279 31,446,279
From Affiliates 217,089 217,089 55,397 55,397
Total 68,818,603 0 68,818,603 83,340,350 0 83,340,350
At the reporting date, the fair value of this item was approximately equal to its carrying amount.
The amount of receivables from customers includes receivable for work orders for an amount equal to
€ 26,227,434 that refer to the net amount due by customers following work orders for all the work
orders for which the cost incurred plus margin earned (or net of the recognized losses) exceed the
amount invoiced on a percentage of completion basis.
Nota 8. CASH AND CASH EQUIVALENTS
They amount to €8,340,739 with an increase of €7,108,641 compared to December 31 st , 2007 and
refer to temporary deposits of cash on current accounts.
The amount of €1,046,208 is bond to a guarantee issued in favour of the SNEL customer which
expiration date is the end of the 2010 financial year.
The following tables show how the cash and cash equivalents are made up in
detail:
12.31.2008 12.31.2007
Total Non-current Current Total Non -current Current
Banks – ordinary current accounts 1,682,382 1,682,382 198,356 0 198,356
Banks – blocked current accounts 6,646,208 1,046,208 5,600,000 1,029,442 0 1,029,442
Banks – foreign currency account 3,203 3,203 3,162 0 3,162
Cash on hand 8,946 8,946 1,138 1,138
Total 8,340,739 1,046,208 7,294,531 1,232,098 0 1,232,098
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