GAMMON INDIA LIMITED

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, the changes in the fair value of the derivative instrument registered after initial statement are recorded, solely in relation to the effective part, under the item “Cash Flow Reserve” as part of the shareholders’ equity. When the economic effects originated by that being hedged manifest, the reserve is reversed to the income statement. If the hedge is not perfectly effective, the fair value change of the hedging instrument, referring to the ineffective portion of the same is immediately recorded in the income statement for the year. Vice versa, in the event a derivative instrument is transferred or can no longer be qualified as an effective hedging instrument, the portion of the “Cash Flow Reserve” representative of the fair value changes of the instrument, up to that moment recorded, is maintained as a component of shareholders’ equity and reversed to the income statement following the classification approach described above, at the same time as the manifestation of the transactions originally hedged. The fair value of financial instruments listed on an active market is based on the market prices as of the balance sheet date. The fair value of instruments which are not listed on an organized market is determined by using valuation techniques based on a series of methods and assumptions linked to the market conditions as of the balance sheet date. Other techniques, such as the estimation of the discounted cash flows, are used for the purpose of determining the fair value of the other financial instruments. The fair value of the interest rate swaps is calculated using the medium- term rate as of the balance sheet date. Given the short term characteristics of trade receivables and payables, it is deemed that the book values, net of any write down allowances for doubtful receivables, represent a good approximation of the fair value. Minority Interest Minority interest comprises of amount of equity attributable to the minority shareholders at the date on which investments are made by our Company in the subsidiaries and further movements in their share in the equity, subsequent to the date of the investments. Description of Income and Expenditure Items Income. Our income comprises turnover, other operating income and other income. We derive our turnover from contracting income, toll proceeds, annuity income and revenue from project operations. Other operating income consists of fees, insurance claims received and others. Our other income consists of dividend income, profit on sale of assets, profit on sale of investments and miscellaneous income. Expenditure. Our expenditure consists of expenditure on contract and direct costs, establishment expenses, finance costs, depreciation and amortization of goodwill. Expenditure on Contracts/Direct Costs. Our expenditure on contracts and direct costs consist of purchases of materials, sub contract expenses, site personnel expenses, power and fuel, insurance, operation and maintenance expenses, sales tax, service tax and sundry expenses. Establishment Expenses. Establishment expenses include primarily salaries (including provision for commission and bonus), contribution to employees provident fund, ESIS and other funds, insurance, traveling leave passage and motor car expenses, exchange loss and other miscellaneous expenses. Finance costs. Finance costs include interest paid on fixed period loans, other loans, provision for marked to market loss and other finance charges. Depreciation. Depreciation expenses incurred by us result from the depreciation of buildings, plants and machinery, furniture, fixtures, motor vehicles, computers, office equipment and certain other items. Share of Loss in Associates. Share of loss in associates reflects the share of loss being accounted in relation to loss incurred by associate companies in accordance with equity method of accounting prescribed by “Accounting Standard –23, Accounting for Investments in Associates in Consolidated Financial Statements” issued by Institute of Chartered Accountants of India. Minority Interest. Minority Interest indicates profits / losses transferred to minority shareholders in accordance with their equity shareholding in our Subsidiaries. Taxation. We provide for current taxes, comprising of income tax and wealth tax, fringe benefit tax and deferred taxes. Tax on income for the current period is determined on the basis of estimated taxable income 45
and tax credit, if any, and computed in accordance with the provisions of applicable law. Deferred tax arises mainly due to the timing differences between accounting income and the estimated taxable income for the period and is quantified using the tax rates and laws enacted or substantially enacted as on the relevant balance sheet date. Our deferred tax liability is recognized net of deferred tax assets, if any. Our Results of Operations The table below summarizes our results of operations, the components of which are also expressed as a percentage of our total income, for the periods indicated: 2009 Year ended March 31, 2008 2007 Amount % of total Amount % of total Amount % of total (Rs. in millions) gross sales (Rs. in millions) gross sales (Rs. in millions) gross sales INCOME Sales/Turnover.................. 52,121.81 100.00 26,434.56 100.00 23,564.75 100.00 Less: Excise Duty ............ 459.96 0.88 --- --- --- --- 51,661.85 99.12 26,434.56 100.00 23,564.75 100.00 Other Operating Income 538.05 1.03 53.97 0.20 71.00 0.30 Other Income ................... 588.18 1.13 102.85 0.39 43.95 0.19 EXPENDITURE 52,788.08 101.28 26,591.38 100.59 23,679.70 100.49 Expenditure on Contracts / Direct 43,895.42 84.22 22,334.65 84.49 20,175.78 85.62 Costs................................ Establishment Expenses ... 3,527.71 6.77 1,095.37 4.14 631.00 2.68 Financial Costs (Net)........ 2,414.51 4.63 970.24 3.67 632.36 2.68 Depreciation ..................... 1,439.07 2.76 883.17 3.34 778.39 3.30 Goodwill Amortized......... --- --- --- --- 20.72 0.09 PROFIT BEFORE TAX & SHARE IN 51,276.71 98.38 25,283.43 95.65 22,238.25 94.37 ASSOCIATES Add : Share of 1,511.37 2.90 1,307.95 4.95 1,441.45 6.12 Profit/(Loss) in Associates ....................... PROFIT BEFORE TAX & AFTER SHARE IN (18.66) (0.04) 151.04 0.57 129.89 0.55 ASSOCIATES Provision for Taxation : 1,492.71 2.86 1,458.99 5.52 1,571.34 6.67 - Current........................ 850.43 1.63 593.39 2.24 496.09 2.11 - Deferred...................... (34.67) (0.07) 33.15 0.13 67.39 0.29 - Fringe Benefit Tax ..... 28.53 0.05 17.80 0.07 12.61 0.05 PROFIT AFTER TAX 844.29 1.62 644.35 2.44 576.09 2.44 Add/(Less) 648.42 1.24 814.64 3.08 995.25 4.22 Transferred to Minority (139.11) (0.27) (79.72) (0.30) (76.60) (0.33) Interest ............................ (Short)/Excess provision for taxation for earlier years........ Prior Period Adjustments............. NET PROFIT AFTER PRIOR YEAR TAX CHARGE 8.66 0.02 (22.37) (0.08) (564.73) (2.40) 45.19 0.09 0.35 0.00 (3.27) (0.01) 563.16 1.08 712.90 2.70 350.65 1.49 Year Ended March 31, 2009 compared to Year Ended March 31, 2008 Income. Our total income increased by 98.52% to Rs.52,788.08 million for the year ended March 31, 2009 from Rs.26,591.38 million for the year ended March 31, 2008. Sales and Turnover. Our turnover increased by 97.17% to Rs.52,121.81 million for the year ended March 31, 2009 from Rs.26,434.56 million for the year ended March 31, 2008. The increase was primarily attributable to the amalgamation of ATSL with our Company and the contribution of our overseas acquisitions. 46
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GAMMON INDIA LIMITED (Incorporated
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NOTICE TO INVESTORS The Company acc
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usiness strategies and environment
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epresentation, warranty or statemen
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SEBI nor any other regulatory autho
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FORWARD LOOKING STATEMENTS All stat
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Term Description Company in consult
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Term Description NH National Highwa
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Lock-up The Company will not, for a
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ased in Italy that is engaged in th
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for our short-term commercial paper
Page 23 and 24: Sr. No. SUMMARY FINANCIAL INFORMATI
Page 25 and 26: REFORMATTED CONSOLIDATED BALANCE SH
Page 27 and 28: REFORMATTED CONSOLIDATED PROFIT AND
Page 29 and 30: REFORMATTED CONSOLIDATED CASH FLOW
Page 31 and 32: RISK FACTORS An investment in equit
Page 33 and 34: affect on the profit margins that w
Page 35 and 36: As the revenue structure for the SP
Page 37 and 38: of actual traffic volume. Adverse d
Page 39 and 40: esult in decreased sales of our pro
Page 41 and 42: in two or three years) of interest
Page 43 and 44: If our subsidiaries or SPVs default
Page 45 and 46: Our inability to obtain, renew or m
Page 47 and 48: As of March 31, 2009, our contingen
Page 49 and 50: on which such additional financing
Page 51 and 52: The Equity Shares are being offered
Page 53 and 54: market for our equity shares will n
Page 55 and 56: (of sale proceeds), a no objection/
Page 57 and 58: Date National Stock Exchange of Ind
Page 59 and 60: USE OF PROCEEDS The total proceeds
Page 61 and 62: Vesting Date No. Of Options Exercis
Page 63 and 64: EXCHANGE RATE INFORMATION The follo
Page 65 and 66: development phase. GIPL also offers
Page 67 and 68: during summer months and during the
Page 69 and 70: c) Revenues from providing services
Page 71 and 72: Intangible assets are amortized ove
Page 73: Guidelines, 1999 issued by Securiti
Page 77 and 78: Profit After Tax. Our profit after
Page 79 and 80: primarily by trade payables and wor
Page 81 and 82: and components are fluctuating base
Page 83 and 84: Development Authorities, Metro Rail
Page 85 and 86: Indian Road Network Kilometers (app
Page 87 and 88: plan will soon be presented to the
Page 89 and 90: The Airports Sector in India Indian
Page 91 and 92: An investment of about Rs.720,600.0
Page 93 and 94: China’s electricity consumption h
Page 95 and 96: Source Central State Private Total
Page 97 and 98: Overview BUSINESS We are the flagsh
Page 99 and 100: ** formerly Bedi Seaport Limited GA
Page 101 and 102: flue chimneys, nuclear containment
Page 103 and 104: For certain large construction or i
Page 105 and 106: oriented services. In addition, we
Page 107 and 108: Kalwakruthy Stage-3-Lift Irrigation
Page 109 and 110: Name of SPV Revenue Model MNEL KBIC
Page 111 and 112: Ansaldo Oseberg D Offshore Platfor
Page 113 and 114: ACCAM S.p.A. Incinerator Plant: Eur
Page 115 and 116: Our Company, with its joint venture
Page 117 and 118: Board of Directors BOARD OF DIRECTO
Page 119 and 120: Name, Designation, DIN and Address
Page 121 and 122: Name, Designation, DIN and Address
Page 123 and 124: Mr. Parvez Umrigar, is a B. Com., A
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Mr. Himanshu Parikh Pursuant to a s
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Organisation Chart 98
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Name Number of Equity Shareholding
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Shareholding Pattern PRINCIPAL SHAR
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Sl. No. Name of the Shareholder Lim
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Equity Shares allotted to a QIB pur
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FIIs are permitted to participate t
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The submission of an Application Fo
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ank). The QIB will be required to d
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Placement Agreement PLACEMENT The J
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SELLING RESTRICTIONS The distributi
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the shares, debentures and units of
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TRANSFER RESTRICTIONS Purchasers of
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The exceptions to this rule are for
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equirement to publish un-audited fi
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shares are listed). Further, any pe
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agreement, within the time period m
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for compulsory dematerialised tradi
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. by crediting shares of the Compan
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(including a corporation or company
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TAXATION The information provided b
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to be income chargeable under the h
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8. As per Section 74 Short-term cap
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long-term capital gains. Balance lo
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LEGAL PROCEEDINGS Save as described
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lack list GIL and also its allied/s
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Index to financial statements: FINA
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Sr. No. UNAUDITED FINANCIAL RESULTS
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from the foreign currency receivabl
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5. The financial statements of cert
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REFORMATTED CONSOLIDATED BALANCE SH
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GAMMON INDIA LIMITED REFORMATTED CO
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GAMMON INDIA LIMITED REFORMATTED CO
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GAMMON INDIA LIMITED SCHEDULES FORM
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31.03.09 31.03.08 31.03.07 Rs.inMil
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SCHEDULE 15A SUNDRY EXPENSES INCLUD
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SCHEDULE 18 SIGNIFICANT ACCOUNTING
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5. Research and Development Expense
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(c) Work in progress from manufactu
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Basic Earning Per Share is calculat
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For the Year 2008- 09 For the Year
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interest and voting rights in respe
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y Busi Group. By an Agreement dated
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Maritime Services Pvt. Ltd* Modern
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the difference between outstanding
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PVAN: Term Loans from ICICI Bank ar
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foreign exchange loss of Rs. 11.20
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In respect of some road projects co
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Net Actuarial (gain)/loss To Be Rec
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Further, during the year 2008-09, t
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30 Gammon Sadelmi (Power Plant in S
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(c) Transactions of Oman Branch and
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11 Gammon Rizzani Gammon Rizzani Ga
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Nature of Transactions / relationsh
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Current liabilities Bank overdrafts
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Statement of recognised income and
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5. We have estimated and checked th
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4. As fully described by directors
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Franco Tosi Meccanica S.p.A. INTROD
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Franco Tosi Meccanica S.p.A. 2. INC
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Franco Tosi Meccanica S.p.A. 4. FOR
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Franco Tosi Meccanica S.p.A. The bo
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Franco Tosi Meccanica S.p.A. Revenu
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Franco Tosi Meccanica S.p.A. Servic
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Franco Tosi Meccanica S.p.A. 31.12.
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Franco Tosi Meccanica S.p.A. Note 5
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Franco Tosi Meccanica S.p.A. Nota 1
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Franco Tosi Meccanica S.p.A. As pre
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Franco Tosi Meccanica S.p.A. Deprec
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To the Shareholders of Sae Power Li
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SAE POWER LINES S.R.L. Società uni
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SAE POWER LINES S.R.L. IV. Liquid a
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SAE POWER LINES S.R.L. Profit and l
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SAE POWER LINES S.R.L. Company with
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underlying formal aspects. Fixed as
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Italian Exchange Rates Office (U.I.
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Description Value Monetary revaluat
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Accounts receivable by geographical
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This item can be broken down as fol
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Description 31/12/2007 Additions De
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Accounts payable by geographical ar
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Description 31/12/2008 31/12/2007 C
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Taxes Value at 31/12/2008 Value at
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the reasonable certainty that in fu
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ISSUER Gammon India Limited REGISTE
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GAMMON INDIA LIMITED

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