GAMMON INDIA LIMITED

Franco Tosi Meccanica S.p.A.
Nota 11. BANK BORROWINGS AND PAYABLES TO OTHER FINANCIAL INSTITUTIONS
Bank borrowings and payables to other financial institutions are analysed as follows:
12.31.2008 12.31.2007
Total Non -Current Current Total Non-Current Current
Banks - ordinary current accounts 45,413 45,413 2.947,559 0 2,947,559
Banks - advance against invoice accounts 24,738,474 24,738,474 25,504,138 0 25,504,138
Loans and other bank financings 11,682,587 8,756,864 2,925,723 13,682,193 11,682,587 1,999,606
Total 36,466,474 8,756,864 27,709,610 42,133,890 11,682,587 30,451,303
Bank borrowings include a payable mortgage entered into on December 1 st , 2006 with Banca Carige
for an initial amount of €10,000,000, granted by first mortgage indebtedness for an aggregate amount
of €20,000,000 opened on the company properties called “area sud” in the municipality of Legnano –
Milano with a way giving access to Via San Bernardino n. 3. The decrease compared to the previous
financial year is due to the reimbursement of the instalment expired in the 2008 financial year.
The posting includes also a facility obtained pursuant to the Fund for Applied Research under Law n.
February 17 th , 1982. Said facility is reimbursable starting 1 st 46 of from January , 2009 by 10
instalments every six months
Note 12. OTHER PAYABLES
Other payables are analysed as follows:
31.12.2008 31.12.2007
Total Non-current Current Total Non-current Current
Payables from Social Sec. Institutes 1,469,695 1,469,695 11,900,579 0 11,900,579
Other payables 10,452,334 3,774,104 6,678,230 2,948,195 0 2,948,195
Accrued income and prepaid expenses 16,303 16,303 9,106 0 9,106
INPS – payables paid in installments 24,805,357 18,693,807 6,111,550 13,300,110 13,300,110 0
Total 36,743,689 22,467,911 14,275,778 28,157,990 13,300,110 14,857,880
The item “payables from social security institutes” refers to contributions borne by the company and
the employees of the wages and salaries of December 2008 paid on January 2009.
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