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GAMMON INDIA LIMITED

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Franco Tosi Meccanica S.p.A.<br />

Note 9. CURRENT TAX RECEIVABLES<br />

These amount to €19,537,007 with an increase of €2,104,024 as compared to December 31 st , 2007.<br />

The amounts presented in the balance sheet refer mainly to the VAT credits accrued as of al December<br />

31 st , 2008, of which €13,595,308 already required as a repayment.<br />

LIABILITIES<br />

Total Non-<br />

current<br />

12.31.2008 12.31.2007<br />

Current Total Non-<br />

current<br />

Net Equity 34,875,137 34,875,137 43,983,769 43,983,769<br />

Current<br />

Bank borrowings and payables to other financial institutions 36,466,474 8,756,864 27,709,610 42,133,890 11,682,587 30,451,303<br />

Provisions for future risks 21,352,554 19,485,379 1,867,175 20,788,531 13,163,527 7,625,004<br />

Deferred income tax liabilities 24,143,296 24,143,296 24,418,949 24,418,949<br />

Employee benefit obligations 10.245.674 10,245,674 10,052,619 10,052,619<br />

Trade payables 68,087,353 68,087,353 63,768,897 63,768,897<br />

Other payables 36,743,689 22,467,911 14,275,778 28,157,990 13,300,110 14,857,880<br />

Tax payables 24,140,706 5,932,490 18,208,216 21,843,022 21,843,022<br />

Total 256,054,883 125,906,751 130,148,132 255,147,668 116,601,562 138,546,106<br />

17/26<br />

F<br />

90

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