GAMMON INDIA LIMITED

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Franco Tosi Meccanica S.p.A. Lease and rental costs 12.31.2008 12.31.2007 Total Total Rental and leasing 98,608 92,738 EDP fees and licenses 7,000 89,968 Licenses 442,490 668,349 Total 548,098 851,055 Note 20. FINANCIAL EXPENSES 12.31.2008 12.31.2007 Total Total Interests due to banks 2,031,220 1,733,652 Interest payable on advance against invoice 492,139 536,768 Interest payable on late payments 307,590 735,251 Interest payable on loans and borrowings 903,786 638,695 Passive exchange rate differences 139,846 36,871 Total 3,874,581 3,681,238 Note 21. TAXES 12.31.2008 12.312007 Total Total Current taxes 213,911 0 Provisions for IFRS deferred taxes (275,653) (1,082,670) Deferred/advances taxes 32,020 (708,911) Total (29,722) (1,791,581) Provisions for IFRS deferred taxes refer to, in particular, the effects on the value differences that originated following the change concerning the accounting standards as far as the items “tangible assets”, “leasing” and “TFR - employee’s leaving indemnity” are concerned. 26/26 F 99
To the Shareholders of Sae Power Lines S.r.l. CONSTANTIN AUDITORS' REPORT, PURSUANT TO ARTICLE 2409-TER OF THE ITALIAN CIVIL CODE. (Translation from the Italian original which remains the definitive version) 1. We have audited the Financial Statements of Sae Power Lines S.r.l. as of and for the year ended 31 December 2008. These Financial Statements are the responsibility of the Sae Power Lines S.r.l.'s directors. Our responsibility is to express a professional opinion on these Financial Statements based on our audit. 2. Our audit was made in accordance with the auditing standards generally accepted in Italy. In accordance with such standards, we planned and performed our audit to obtain the information necessary in order to determine whether the Financial Statements are materially misstated and if such Financial Statements, taken as a whole, may be relied upon. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements, as well as assessing the appropriateness of the accounting principles applied and the reasonableness of the estimates made by management. We believe that our audit provides a reasonable basis for our professional opinion. For our audit opinion on the Financial Statements of the prior year, which are presented for comparative purposes, reference should be made to the other auditors' report dated 1st April 2008. 3. In our opinion, the Financial Statements of Sae Power Lines S.r.l as of 31 December 2008 are in accordance with the Italian regulations governing the contents and layout; therefore, the Financial Statements have been prepared clearly and give a true and fair view of the company's equity and cash flow position and of its economic results. 4. We draw your attention to the following information, that is described in greater detail in the Explanatory Notes: The Company has included in the Explanatory Notes a summary table of the essential data of the last Financial Statements referred to the Company that exercises the management and coordination activity over Sae Power Lines S.r.l, as required under Article 2497-bis of the Italian Civil Code. Our opinion does not extend to such data. 5. The preparation and presentation of the Annual Report, in accordance with the provisions of law, is the responsibility of the Sae Power Lines S.r.l.'s directors. Our responsibility is to express an opinion on the consistency of such Annual Report with the Financial Statements, as required under Article 2409-ter, paragraph 2, sub-section e) of the Italian Civil Code. We have read the Annual Report for this purpose, with reference to the financial information, and verified the consistency of the foregoing financial information disclosed therein with the Financial Statements of Sae Power Lines S.r.l. as of 31 December 2008. With reference to the other information disclosed in the Annual Report, our procedures consisted exclusively in reading the information, taken as a whole, based on the information acquired during the audit, performed in accordance with the principles outlined in paragraph 2 above. In our opinion, based on the foregoing activities, the Annual Report is consistent with the Financial Statements of Sae Power Lines S.r.l. as at 31 December 2008. Milan, 24th March 2009 (Signed on the original) F 100
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The information in this Preliminary
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NOTICE TO INVESTORS The Company acc
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different from future results, perf
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your decision to accept an invitati
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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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Our Strategy for our short-term com
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Sr. No. SUMMARY FINANCIAL INFORMATI
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REFORMATTED CONSOLIDATED BALANCE SH
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REFORMATTED CONSOLIDATED PROFIT AND
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REFORMATTED CONSOLIDATED CASH FLOW
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RISK FACTORS An investment in equit
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the tender, the contract is usually
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As the revenue structure for the SP
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of actual traffic volume. Adverse d
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esult in decreased sales of our pro
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in two or three years) of interest
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If our subsidiaries or SPVs default
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Our inability to obtain, renew or m
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As of March 31, 2009, our contingen
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on which such additional financing
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The Equity Shares are being offered
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market for our equity shares will n
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(of sale proceeds), a no objection/
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Date National Stock Exchange of Ind
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USE OF PROCEEDS The total proceeds
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Vesting Date No. Of Options Exercis
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EXCHANGE RATE INFORMATION The follo
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development phase. GIPL also offers
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during summer months and during the
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c) Revenues from providing services
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Intangible assets are amortized ove
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Guidelines, 1999 issued by Securiti
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and tax credit, if any, and compute
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Profit After Tax. Our profit after
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primarily by trade payables and wor
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and components are fluctuating base
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Development Authorities, Metro Rail
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Indian Road Network Kilometers (app
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plan will soon be presented to the
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The Airports Sector in India Indian
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An investment of about Rs.720,600.0
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China‘s electricity consumption h
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Source Central State Private Total
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Overview BUSINESS We are the flagsh
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** formerly Bedi Seaport Limited GA
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Our Strategy flue chimneys, nuclear
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For certain large construction or i
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oriented services. In addition, we
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Kalwakruthy Stage-3-Lift Irrigation
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Name of SPV Revenue Model MNEL KBIC
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Ansaldo Oseberg D Offshore Platform
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ITEA ACCAM S.p.A. Incinerator Plant
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Our Company, with its joint venture
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Board of Directors BOARD OF DIRECTO
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Name, Designation, DIN and Address
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Name, Designation, DIN and Address
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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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A B Desai C Bhattacharjee K Jayacha
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Shareholding Pattern PRINCIPAL SHAR
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Sl. No. Name of the Shareholder Tot
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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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proportion as the capital paid on t
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The information provided below sets
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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
Page 225 and 226: In respect of some road projects co
Page 227 and 228: Net Actuarial (gain)/loss To Be Rec
Page 229 and 230: Further, during the year 2008-09, t
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Page 233 and 234: (c) Transactions of Oman Branch and
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Page 237 and 238: Nature of Transactions / relationsh
Page 243 and 244: Current liabilities Bank overdrafts
Page 245 and 246: Statement of recognised income and
Page 247 and 248: 5. We have estimated and checked th
Page 249 and 250: 4. As fully described by directors
Page 251 and 252: Franco Tosi Meccanica S.p.A. INTROD
Page 253 and 254: Franco Tosi Meccanica S.p.A. 2. INC
Page 255 and 256: Franco Tosi Meccanica S.p.A. 4. FOR
Page 257 and 258: Franco Tosi Meccanica S.p.A. The bo
Page 259 and 260: Franco Tosi Meccanica S.p.A. Revenu
Page 261 and 262: Franco Tosi Meccanica S.p.A. Servic
Page 263 and 264: Franco Tosi Meccanica S.p.A. 31.12.
Page 265 and 266: Franco Tosi Meccanica S.p.A. Note 5
Page 269 and 270: Franco Tosi Meccanica S.p.A. Nota 1
Page 273 and 274: Franco Tosi Meccanica S.p.A. As pre
Page 275: Franco Tosi Meccanica S.p.A. Deprec
Page 279 and 280: SAE POWER LINES S.R.L. Società uni
Page 281 and 282: SAE POWER LINES S.R.L. IV. Liquid a
Page 283 and 284: SAE POWER LINES S.R.L. Profit and l
Page 285 and 286: SAE POWER LINES S.R.L. Company with
Page 287 and 288: underlying formal aspects. Fixed as
Page 289 and 290: Italian Exchange Rates Office (U.I.
Page 291 and 292: Description Value Monetary revaluat
Page 293 and 294: Accounts receivable by geographical
Page 295 and 296: This item can be broken down as fol
Page 297 and 298: Description 31/12/2007 Additions De
Page 299 and 300: Accounts payable by geographical ar
Page 301 and 302: Description 31/12/2008 31/12/2007 C
Page 303 and 304: Taxes Value at 31/12/2008 Value at
Page 305 and 306: the reasonable certainty that in fu
Page 307: ISSUER Gammon India Limited REGISTE
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GAMMON INDIA LIMITED

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