GAMMON INDIA LIMITED

Franco Tosi Meccanica S.p.A.
Note 14. DEFERRED INCOME TAX ASSETS
The deferred income tax assets are analysed as follows:
12.31.2008 12.312007
Total Non-current Current Total Non-current Current
Deferred tax liabilities - IFRS 23,201,491 23,201,491 23,477,144 23,477,144
Deferred tax liabilities - IRES 849,527 849,527 849,527 849,527
Deferred tax liabilities - IRAP 92,278 92,278 92,278 92,278
Total 24,143,296 24,143,296 0 24,418,949 24,418,949 0
IRES and IRAP deferred income tax liabilities have been recognized in relation to the timing
differences between taxable income and the result of the balance sheet by applying the IRES rate and
the IRAP respectively charged at 27.5% and 3.90%.
Note 15. EMPLOYEE BENEFIT OBLIGATIONS
Employee benefit obligations are analysed as follows:
12.31.2008 12.31.2007
Total Non-current Current Total Non-current Current
Blue collars’ leaving indemnity 4,913,082 4,913,082 5,651,933 5,651,933
Office employees’ leaving indemnity 3,204,200 3,204,200 3.386.613 3.386.613
Executive cadres’ leaving indemnity 630,677 630,677 807,338 807,338
Managers’ leaving indemnity 181,701 181,701 206,735 206,735
TFR moved to INPS 1,316,014 1.316.014
Total 10,245,674 10,245,674 0 10,052,619 10,052,619 0
Provisions for employee benefit obligations refer to employee’s leaving indemnity accrued by the
employees themselves.
It’s worth highlighting that in the 2008 financial year there had not been any further provision since
the accrued amount for any employee is paid to the retirement benefits schemes that is to say to INPS
treasury account, so that the only increase is attributable to the revaluation of the previously accrued
amounts.
Furthermore, it’s worth mentioning that, as previously discussed, said payables have been discounted
in accordance with IAS 19 standards.
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