GAMMON INDIA LIMITED

To the Shareholders,
Franco Tosi Meccanica S.p.A.
Main Offices in Piazza Monumento, 12 – Legnano
F.C. 02560670123
Fully paid-up capital 44,355,720.oo Euro
****
Statutory Audit Board Report according to
art. 2429 of the Italian Civil Code
Financial Statements as of 31 st December 2008
during the financial year as of December 31st, 2008 our activities have been
carried out in compliance with the principles recommended by the Graduates
in Economics and Commerce and Chartered Accountants Association
(C.N.D.C.) for the Board of Auditors.
In particular :
1. We have checked full observance of what provided by law and by the
Articles of Partnership and compliance with the principles of proper
administration;
2. We have attended Shareholders’ and Board of Directors’ meetings
held in compliance with the statutory obligations, legal provisions and
regulations and we can assure that all resolutions taken are in
accordance with what provided by law and by the articles of the
Association and are not manifestly incautious, risky, potentially in
conflict with the Company interests or such as to compromise the
Company assets;
3. We have collected information from the Directors about the efficiency
of the management as well as about the most important operations
carried out by the Company and we can reasonably assure that
actions taken are in accordance with what provided by law and by the
articles of the Association and are not manifestly incautious, risky,
potentially in conflict with what decided by the Shareholders’ Meeting
or such as to compromise the Company assets;
4. We have estimated and checked the efficiency of the Company
structure also by collecting information from the Managers of the
different departments and there are no particular remarks to be
reported;
F
69