|
Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
JET LITE (INDIA) LIMITED [w.e.f. 15.05.2007] |
|
|
|
|
Formerly Known
As : |
SAHARA AIRLINES LIMITED [w.e.f. 28.05.1998] SAHARA INTERNATIONAL AIRWAYS LIMITED |
|
|
|
|
Registered
Office : |
Siroya Centre, Sahar Airport Road, Andheri - (East), Mumbai – 400099,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.09.1991 |
|
|
|
|
Com. Reg. No.: |
11-177728 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7961.154
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U62100MH1991PLC177728 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS4480L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Air Transportation |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Jet Airways India Limited”. It is an established company having a moderate track record. There
appear huge accumulated losses recorded by the company. The external
borrowing seems to be huge. The liquidity position appears to be weak. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Siroya Centre, Sahar Airport Road, Andheri - (East), Mumbai – 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-61211000/ 61211066 |
|
Fax No.: |
91-22-61211950 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at: Ř Delhi Ř Mumbai Ř Chennai Ř Hyderabad Ř Kolkata Ř Bangalore |
DIRECTORS
AS ON 20.07.2012
|
Name : |
Mr. Naresh Kumar Goyal |
|
Designation : |
Chairman |
|
Address : |
72, Jupiter Apartments, |
|
Date of Birth/Age : |
08.03.1949 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
28.09.2007 |
|
DIN No.: |
01180386 |
|
|
|
|
Name : |
Mr. Sudheer Raghavan |
|
Designation : |
Director |
|
Address : |
Flat No. 1603, Torino Hiranandani Gardens Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
21.11.1953 |
|
Qualification : |
B. Tech Masters Degree in Air Transport Engineering |
|
Date of Appointment : |
20.05.2010 |
|
DIN No.: |
02829155 |
|
|
|
|
Name : |
Mr. Gaurang Ananda Shetty |
|
Designation : |
Director/ Manager |
|
Address : |
103, B Wing, Red Rose, New Link Road, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
Date of Birth/Age : |
08.10.1956 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
20.05.2010 |
|
PAN No.: |
AAIPS3332D |
|
DIN No.: |
01293134 |
KEY EXECUTIVES
|
Name : |
Mr. Krupesh Mehta |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 4, Siddharth Apartment, Kastur Park, Shimpoli Road, Borivali (West),
Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1986 |
|
Date of Appointment : |
01.08.2011 |
|
PAN No.: |
ASPPM6763P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Jet Airways ( |
|
506115403 |
|
Gaurang Ananda Shetty (Nominee of Jet Airways (India) Limited) jointly
with Jet Airways (India) Limited |
|
1 |
|
Farazad Patrawala (Nominee of Jet Airways (India) Limited) jointly with
Jet Airways (India) Limited |
|
1 |
|
Jennifer D’Silva (Nominee of Jet Airways (India) Limited) jointly with
Jet Airways (India) Limited |
|
1 |
|
Mahiyar Sadri (Nominee of Jet Airways (India) Limited) jointly with
Jet Airways (India) Limited |
|
1 |
|
Manjula Mani (Nominee of Jet Airways (India) Limited) jointly with Jet
Airways (India) Limited |
|
1 |
|
Javed Akhtar (Nominee of Jet Airways (India) Limited) jointly with Jet
Airways (India) Limited |
|
1 |
|
|
|
|
|
Total |
|
506115409 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Jet Airways ( |
|
290000000 |
|
|
|
|
|
Total |
|
290000000 |
AS ON 20.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Air Transportation |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of India, Overseas Branch, World Trade Centre,
Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and
Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Fort, Mumbai – 400021,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFC0662N |
|
|
|
|
Holding company : |
Ř Jet Airways
(India) Limited [L99999MH1992PLC066213] Ř Jetair Private
Limited [U74899DL1974PTC007361] |
|
|
|
|
Ultimate Holding Company (Holding Company of Jet Airways
(India) Limited) : |
Tail Winds Limited |
|
|
|
|
Enterprise over which controlling shareholder of
Ultimate Holding Company and his relatives are able to exercise significant
influence directly or indirectly : |
Trans Continental
E Services Private Limited [U72900MH2005PTC157457] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
650,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6500.000 Millions |
|
350,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 3500.000 Millions |
|
|
Total |
|
Rs. 10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
506,115,409 |
Equity Shares |
Rs. 10/- each |
Rs. 5061.154
Millions |
|
290,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 2900.000
Millions |
|
|
Total |
|
Rs. 7961.154 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7961.200 |
7961.200 |
7961.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
446.600 |
|
|
4] (Accumulated Losses) |
(22143.800) |
(20314.500) |
(19686.400) |
|
|
NETWORTH |
(14182.600) |
(12353.300) |
(11278.600) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1129.800 |
1500.000 |
4703.800 |
|
|
2] Unsecured Loans |
13323.900 |
15795.100 |
7326.000 |
|
|
TOTAL BORROWING |
14453.700 |
17295.100 |
12029.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
271.100 |
4941.800 |
751.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
164.100 |
214.100 |
372.400 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
338.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
800.700
|
1140.100 |
1127.300 |
|
|
Sundry Debtors |
912.600
|
596.500 |
657.200 |
|
|
Cash & Bank Balances |
764.100
|
895.100 |
535.700 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4597.700
|
7248.700 |
5741.700 |
|
Total
Current Assets |
7075.100
|
9880.400 |
8061.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4817.000
|
3225.000 |
4551.800 |
|
|
Other Current Liabilities |
1786.700
|
1590.600 |
3045.800 |
|
|
Provisions |
375.400
|
337.100 |
424.000 |
|
Total
Current Liabilities |
6979.100
|
5152.700 |
8021.600 |
|
|
Net Current Assets |
96.000
|
4727.700 |
40.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
271.100 |
4941.800 |
751.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
18873.100 |
17514.600 |
15183.800 |
|
|
|
Other Income |
165.500 |
346.900 |
610.900 |
|
|
|
TOTAL |
19038.600 |
17861.500 |
15794.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
14446.600 |
11014.300 |
9340.900 |
|
|
|
Employee related expenses |
1750.800 |
1681.1000 |
1504.200 |
|
|
|
Other expenses |
5293.800 |
5533.800 |
4879.000 |
|
|
|
TOTAL |
21491.200 |
18229.200 |
15724.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(2452.600) |
(367.700) |
70.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
345.600 |
644.400 |
543.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(2798.200) |
(1012.100) |
(473.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
47.400 |
79.500 |
83.800 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/
(LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS |
(2845.600) |
(1091.600) |
(556.800) |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXTRAORDINARY
ITEMS BEFORE TAX |
999.700 |
21.500 |
1121.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(1845.900) |
(1070.100) |
564.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(5.600) |
4.600 |
102.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(1840.300) |
(1074.700) |
461.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(20761.100) |
(19686.400) |
(20148.300) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(22601.400) |
(20761.100) |
(19686.400) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Passenger and Cargo Revenue |
214.900 |
425.200 |
493.500 |
|
|
|
Other Revenue |
0.000 |
19.400 |
20.700 |
|
|
TOTAL EARNINGS |
214.900 |
444.600 |
514.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares |
102.000 |
320.000 |
392.500 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
102.000 |
320.000 |
392.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ Loss
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
(3.64) |
(2.15) |
1.01 |
|
|
|
Diluted |
(3.64) |
(2.15) |
0.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.75)
|
(6.02) |
2.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.78)
|
(6.11) |
3.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(25.50)
|
(10.60) |
6.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.09 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.02)
|
(1.40)
|
(1.07)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.92 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Interest free loan from Related Party |
12823.900 |
15295.100 |
|
Rupee Loans |
500.000 |
500.000 |
|
Total |
13323.900 |
15795.100 |
|
Note Interest on unsecured loans is charged by the bank at Base Rate +
5.5%. Salient Terms Loan of Rs.
12823.900 Millions (Previous year Rs. 15295.100 Millions) is a non-interest
bearing loan taken from the Holding Company to support its operations and is
repayable in March, 2020. |
||
OPERATIONAL
PERFORMANCE
The Company
follows the low-cost, no-frills business model. For the financial year ended 31st
March, 2012, the Company posted a total income of Rs. 19038.600 Millions (2010-11:
Rs. 17861.500 Millions) and a Net Loss of Rs. 1840.300 Millions (2010-11: Net
Loss of Rs. 1074.700 Millions).
CONTINGENT
LIABILITIES
(Rs.
in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Income Tax demands in Appeals |
377.400 |
663.200 |
|
Fringe Benefit Tax demands in Appeals |
168.500 |
107.300 |
|
Claims against the Company, pending Civil and Consumer Suits |
166.900 |
177.300 |
|
Wealth Tax Demands in Appeals |
2.100 |
2.100 |
|
Service Tax Demands |
3497.200 |
933.800 |
|
Guarantees |
|
|
|
Letters of Credit Outstanding |
1714.100 |
1228.200 |
|
Bank Guarantees Outstanding |
1352.800 |
1106.200 |
|
Corporate Guarantee on behalf of Holding Company |
1352.800 |
31769.000 |
|
Note: The Company is a
party to various legal proceedings in the normal course of business and does
not expect the outcome of these proceedings to have any adverse effect on its
financial conditions, results of operations or cash flows. |
||
FIXED ASSETS:
Ř Plant and equipment
Ř Furniture and fixtures
Ř Vehicles
Ř Office equipment
Ř Computer equipments
Ř Other equipments
Ř Electrical
Fittings
Ř Data Processing
Ř
Ground Support Equipments
Ř
Ground Support Vehicles
Ř
Software
WEBSITE DETAILS:
PRESS RELEASES
JETKONNECT
EXTENDS PREMIERE SERVICES ONBOARD ERSTWHILE JETLITE FLIGHTS
April 11, 2012
MUMBAI: JetKonnect, India’s largest low fare brand, will enhance its premium service offering with the introduction of its Premiere service onboard its S2 coded flights. Premiere cabins will be introduced on JetKonnect aircraft in a phased manner, commencing with the first set of six flights.
With JetKonnect flights S2 4630 (Bengaluru-Mumbai), S2 4175 (Mumbai-Nagpur), S2
4176 (Nagpur-Mumbai), S2 4455 (Mumbai-Hyderabad) and S2 4456 (Hyderabad-Mumbai)
respectively, the airline’s guests will experience the comfort and reliability
of the state-of-the-art Boeing 737-800 aircraft on these routes.
These flights are available for sale with immediate effect, and travel
effective April 17, 2012.
These flights are also available as code share flights, using the 9W code.
Effective April 18, 2012 and onwards, the airline will introduce Premiere on
JetKonnect S2 flights on several sectors including Mumbai-Delhi,
Kolkata-Guwahati/Delhi/Agartala, Imphal-Guwahati, Mumbai-Aurangabad,
Delhi-Bengaluru/Chandigarh, among others.
JetKonnect guests on these flights may now enjoy the airline’s famed Premiere
services (identical to that offered by the full-service Jet Airways)- including
plush, extra-wide seats, extra legroom, warm service, and personalized,
multi-course dining options.
According to Mr. Sudheer Raghavan, CCO, Jet Airways, “We are delighted with the
strong guest response to the launch of JetKonnect, our dedicated low-fare
service. The extension of our Premiere services to certain JetKonnect S2
flights is a step towards product harmonization of the JetKonnect brand, and is
in keeping with the increasing demand from our guests for premium services on
select routes. We are confident that JetKonnect Premiere, which will be
introduced on all JetKonnect Boeing 737 aircraft in a phased manner, will prove
extremely popular with guests.”
About Jet Airways
Jet Airways currently operates a fleet of 102 aircraft, which includes 10
Boeing 777-300 ER aircraft, 12 Airbus A330-200 aircraft, 60 next generation
Boeing 737-700/800/900 aircraft and 20 modern ATR 72-500 turboprop aircraft.
With an average fleet age of 5.95 years, the airline has one of the youngest
aircraft fleets in the world. Flights to 76 destinations span the length and
breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels,
Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Johannesburg,
Kathmandu, Kuala Lumpur, Kuwait, London(Heathrow), Milan, Muscat, New York (both
JFK and Newark), Riyadh, Sharjah, Singapore and Toronto.
About
JetKonnect
A consolidation of the erstwhile JetLite and Jet Airways Konnect brands,
the new JetKonnect service is a dedicated product designed to meet the needs of
the low fare segment. JetKonnect will also offer guests a Premiere service on
certain select routes. With its mixed fleet of Boeings and ATR aircraft and 400
daily flights connecting 56 destinations across India, JetKonnect provides more
flexibility and choice to its guests, making it India’s largest low fare brand.
JetKonnect’s convenient schedules, reliable service and low fares promises to bring greater value and a seamless flying experience to our customers.
Jet Airways and Jet Konnect have a combined fleet strength of 121 aircraft and
operate over 620 flights daily.
JET AIRWAYS CONSOLIDATES AND RE-BRANDS ITS LOW-FARE
PRODUCTS
JET AIRWAYS KONNECT AND JETLITE TO BE REBRANDED AS JETKONNECT, EFFECTIVE
MARCH 25
March 19, 2012
MUMBAI: As part of a strategic rebranding exercise, Jet Airways, India’s premier international airline, will consolidate its low fare service products under the JetKonnect brand to simplify the group’s service proposition and enhance brand recall. Thus, effective March 25, the erstwhile JetLite and Jet Airways Konnect services will operate under the JetKonnect brand, enabling guests to avail of a single superior in-flight product in the full service (Jet Airways) and low-fare (JetKonnect) categories.
Jet Airways (India) Limited and JetLite (India) Limited, will continue as
distinct business entities operating under their own airline operating permits.
In an attempt to achieve brand consistency, JetKonnect will be the dedicated
low fare service with a mixed fleet of Boeings and ATR aircraft to operate on
metro, tier II and III routes.
The aircraft will be duly painted in JetKonnect colours over time. JetKonnect
will offer Premiere services on certain routes where guests may enjoy service
identical to that enjoyed by Premiere guests on Jet Airways. This will be
further expanded in a phased manner. The cockpit and cabin crew will don the
same uniform as their counterparts from Jet Airways. Some JetKonnect flights
will operate under the S2 code, while others will have flight numbers prefixed
by the 9W code. 9W and S2 will also continue their existing Codeshare agreement
enabling guests to enjoy seamless connectivity between India and the world.
A gradual rebranding of the JetKonnect brand would be manifest on letterheads,
the JetKonnect website, boarding passes, tickets, stationery. Signages at all
check-in and ticketing counters will have dual branding reflecting the existing
Jet Airways and the new JetKonnect logos. Difference in fares between the
premier Jet Airways and JetKonnect will also be reflected on the website and
all visible communication avenues. Economy guests onboard JetKonnect flights
will continue to be offered a range of refreshments from Jet Cafe, JetKonnect's
buy-on-board meal service.
Effective March 26, 2012 guests to jetlite.com would be automatically
redirected to the new, re-branded jetkonnect.com
Commenting on the rebranding exercise, Sudheer Raghavan, Chief Commercial
Officer, Jet Airways, said, “At Jet Airways, we see our brands as a set of
differentiating propositions that help us connect with our guests. The Jet
Airways Group has always been proactive in responding to our guests
requirements and have demonstrated a flexible approach in devising products and
services to meet customer needs. Given that our low-fare, high-quality
all-economy product, Jet Airways Konnect has proved to be a successful model
since its introduction in May 2009, we thought it best to consolidate our
product in the low-fare segment with a single brand - JetKonnect, for enhanced
brand recall.
The decision was made to streamline our product portfolio and offer our guests
a single superior in-flight product in the full service and low fare categories
respectively, drawing synergies from the Jet Airways mother brand. The launch
of brand JetKonnect is the culmination of a well coordinated effort. We are
confident that this initiative will be well accepted by all our guests. The Jet
Airways Group is continually looking at opportunities to optimally deploy and
cross-utilise common resources of Jet Airways and JetLite wherever possible and
this rebranding exercise will help further in synergising the airlines'
collective operations.”
Ticket sale for JetKonnect flights under the 9W code (2000 series eg 9W 2120)
and S2 code (4000 series) will commence from March 20,, 2012, with travel
validity from March 25, 2012 onwards. The availability ‘tag line’ would read
‘Operated by JetKonnect’ and the flight series would now be as follows: S2 (4
digit flight number / 4000 series) e. g. S2 4123 (OPERATED BY JetKonnect).
The total number of flights by the Jet Airways group, which currently operates
around 600 flights daily with a fleet of 120 aircraft, will remain unchanged.
About Jet Airways
Jet Airways currently operates a fleet of 101 aircraft, which includes 10
Boeing 777-300 ER aircraft, 12 Airbus A330-200 aircraft, 59 next generation
Boeing 737-700/800/900 aircraft and 20 modern ATR 72-500 turboprop aircraft.
With an average fleet age of 5.89 years, the airline has one of the youngest
aircraft fleets in the world. Flights to 76 destinations span the length and
breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels,
Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Johannesburg,
Kathmandu, Kuala Lumpur, Kuwait, London(Heathrow), Milan, Muscat, New York
(both JFK and Newark), Riyadh, Sharjah, Singapore and Toronto.
About Jet Airways Konnect
Jet Airways' Konnect service operates on key domestic routes, and is designed
to meet the needs of the low-fare segment with value-for-money fares. Jet
Airways Konnect links seven major metros - Mumbai, Delhi, Chennai, Bengaluru,
Hyderabad, Ahmedabad and Kolkata – with several destinations across India,
operating approximately 290 flights daily.
About JetLite
JetLite is a subsidiary of Jet Airways India Ltd. and was acquired by Jet
Airways in April 2007. Positioned as an all-economy, no-frills airline, JetLite
operates a fleet of 19 Boeing 737 series aircrafts. The airline flies to 31
domestic destinations and 1 international destination (Kathmandu), operating
123 flights a day, on average.
Jet Airways, Jet Airways Konnect and JetLite have a combined fleet strength of 120 aircraft and operate over 620 flights daily.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.65 |
|
|
1 |
Rs. 82.41 |
|
Euro |
1 |
Rs. 70.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.