GAMMON INDIA LIMITED

INDEPENDENT AUDIT REPORT PURSUANT TO
ART. 2409-TER OF THE ITALIAN CIVIL CODE
(Translation from the Italian original which remains the definitive version)
To shareholders of
FRANCO TOSI MECCANICA S.p.A.
1. We have audited the financial statements of FRANCO TOSI MECCANICA S.p.A. as at
closed on December 31 st , 2008. It is FRANCO TOSI MECCANICA S.p.A. directors’
responsibility to draw up the balance sheet. It is our duty to make our professional
judgment on the balance sheet according to the audit.
2. Our audit has been planned and accomplished in accordance with the audit’s decreed
accounting standards with the aim of acquiring any element necessary in order to
establish whether the balance sheet is invalidated by significant errors and results
reliable on the whole. The review proceedings include a spot check audit of the certified
elements proving the certainty of all the information within the balance sheet, besides
assessing the sufficiency and accuracy of the accounting policies used and of the
plausibility of the estimate made by directors. We regard the work performed as a
reasonable reference for the exercise of our professional judgment.
3.
As regard to the judgment related to the previous financial year, whose data is supplied
as a comparison reference in compliance with the law, the report we issued on March
28 th , 2008 is to be taken into account.
According to our point of view, the financial statement as of December 31 st , 2008
relating to FRANCO TOSI MECCANICA S.p.A. is compliant with the International
Financial Reporting Standards adopted by the European Union; it is therefore drawn up
clearly and truthfully represents the balance sheet and financial position, the income
statement, the changes in the net equity and the cash flow of FRANCO TOSI
MECCANICA S.p.A. relating to the financial year for which accounts have been closed
on that date.
Societˆ di Revisione e di Organizzazione Contabile
Registro Imprese 1436524
Iscritta al Registro dei Revisori Contabili n. 48924
Iscritta all'Albo CONSOB di cui all'Art. 161 del D.Lgs. 24 Febbraio 1998 n. 58
Iscritta all'Elenco Societˆ di Revisione ex Art. 15 Legge 59/92
Capitale Sociale € 93.000
C.F. 00856500129 - P. IVA 11064550152
F
71
Constantin Rediva S.r.l.
Via M. Gonzaga, 7
20123 - Milano
Italia
Telefono : + 39 02 88 89 831
Fax : + 39 02 86 38 19