GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
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To the Shareholders<br />
of Sae Power Lines S.r.l.<br />
CONSTANTIN<br />
AUDITORS' REPORT, PURSUANT TO<br />
ARTICLE 2409-TER OF THE ITALIAN CIVIL CODE.<br />
(Translation from the Italian original which remains the definitive version)<br />
1. We have audited the Financial Statements of Sae Power Lines S.r.l. as of and for the year ended 31<br />
December 2008. These Financial Statements are the responsibility of the Sae Power Lines S.r.l.'s directors.<br />
Our responsibility is to express a professional opinion on these Financial Statements based on our audit.<br />
2. Our audit was made in accordance with the auditing standards generally accepted in Italy. In accordance<br />
with such standards, we planned and performed our audit to obtain the information necessary in order to<br />
determine whether the Financial Statements are materially misstated and if such Financial Statements, taken<br />
as a whole, may be relied upon. An audit includes examining, on a test basis, evidence supporting the<br />
amounts and disclosures in the Financial Statements, as well as assessing the appropriateness of the<br />
accounting principles applied and the reasonableness of the estimates made by management. We believe that<br />
our audit provides a reasonable basis for our professional opinion.<br />
For our audit opinion on the Financial Statements of the prior year, which are presented for comparative<br />
purposes, reference should be made to the other auditors' report dated 1st April 2008.<br />
3. In our opinion, the Financial Statements of Sae Power Lines S.r.l as of 31 December 2008 are in accordance<br />
with the Italian regulations governing the contents and layout; therefore, the Financial Statements have been<br />
prepared clearly and give a true and fair view of the company's equity and cash flow position and of its<br />
economic results.<br />
4. We draw your attention to the following information, that is described in greater detail in the Explanatory<br />
Notes:<br />
The Company has included in the Explanatory Notes a summary table of the essential data of the last<br />
Financial Statements referred to the Company that exercises the management and coordination activity<br />
over Sae Power Lines S.r.l, as required under Article 2497-bis of the Italian Civil Code. Our opinion<br />
does not extend to such data.<br />
5. The preparation and presentation of the Annual Report, in accordance with the provisions of law, is the<br />
responsibility of the Sae Power Lines S.r.l.'s directors. Our responsibility is to express an opinion on the<br />
consistency of such Annual Report with the Financial Statements, as required under Article 2409-ter,<br />
paragraph 2, sub-section e) of the Italian Civil Code. We have read the Annual Report for this purpose, with<br />
reference to the financial information, and verified the consistency of the foregoing financial information<br />
disclosed therein with the Financial Statements of Sae Power Lines S.r.l. as of 31 December 2008. With<br />
reference to the other information disclosed in the Annual Report, our procedures consisted exclusively in<br />
reading the information, taken as a whole, based on the information acquired during the audit, performed in<br />
accordance with the principles outlined in paragraph 2 above. In our opinion, based on the foregoing<br />
activities, the Annual Report is consistent with the Financial Statements of Sae Power Lines S.r.l. as at 31<br />
December 2008.<br />
Milan, 24th March 2009<br />
(Signed on the original)<br />
F<br />
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