MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	JET AIRWAYS (INDIA) LIMITED (w.e.f. 28.12.2004)
Formerly Known As :	JET AIRWAYS INDIA PRIVATE LIMITED
Registered Office :	Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1992
Com. Reg. No.:	11-066213
Capital Investment / Paid-up Capital :	Rs.1135.974 Millions
CIN No.: [Company Identification No.]	L99999MH1992PLC066213
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ00366C / MUMJ06594A / MUMJ05793ES
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in providing passenger and cargo air transportation services, also leases aircrafts.
No. of Employees :	13256 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (23)

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 and delayed
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded networth of the company. Rating also takes into consideration delayed in servicing its debt obligation. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term, Term Loans: D
Rating Explanation	Expected to be in default.
Date	August, 2013

Rating Agency Name	ICRA
Rating	Short Term, Fund Based Limits: D
Rating Explanation	Expected to be in default.
Date	August, 2013

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-61211950)

LOCATIONS

Registered Office/ Corporate Office :	Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-61211000 / 28505080/ 4271/ 5627/ 5628/ 5629
Fax No.:	91-22-61211950 / 28560622
E-Mail :	info@jetairways.com vijayw@vsnl.com corporate@jetairways.com companysecretary@jetairways.com investors@jetairways.com einward.ris@karvy.com ircfort@karvy.com
Website :	http://www.jetairways.com http://www.aspl.jetairways.com
Engineering Office :	Jet Airways Hanger, Opposite Indian Airlines Sports Club, Kalina, Santacruz (East), Mumbai – 400029, Maharashtra, India
Tel No.:	91-22-26675112/ 5120
Fax No.:	91-22-26675242
Branch Office :	Located at: · Mumbai · Ahmadabad · Goa · Kochi · Kolkata · Mangalore · Bangalore · Hyderabad · Chennai · Coimbatore · Delhi

DIRECTORS

As on 31.03.2014

Name :

Mr. Naresh Goyal

Designation :

Chairman

Name :

Mr. James Hogan

Designation :

Nominee Director

Date of Appointment :

20.11.2013

DIN No.:

06540486

Name :

Mr. James Rigney

Designation :

Director

Date of Appointment :

20.11.2013

DIN No.:

06540653

Name :

Mr. Javed Akhtar

Designation :

Director

Date of Birth/Age :

17.01.1945

Qualification :

Bachelor’s degree in Arts

Date of Appointment :

01.03.1993

DIN No.:

00112984

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	Director	01/03/1993	01/03/1993	-	Active	NO
2	U92100MH1999PTC120787	EXCEL ENTERTAINMENT PRIVATE LIMITED	Director	15/10/2005	15/10/2005	-	Active	NO
3	U62100MH1991PLC177728	JET LITE (INDIA) LIMITED	Director	28/09/2007	20/04/2007	28/06/2010	Active	NO

Name :

Mr. Iftikhar Mustafahasan Kadri

Designation :

Director

Date of Birth/Age :

01.12.1929

Qualification :

Bachelor’s degree in Engineering from Pune University

Date of Appointment :

19.02.2000

DIN No.:

00112984

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74210MH1971PTC015151	KADRI CONSULTANTS PRIVATE LIMITED	Director	15/05/1971	15/05/1971	-	Active	NO
2	U99999MH1972PLC016047	INDIAN RESORTS HOTELS LIMITED	Director	01/11/1980	01/11/1980	-	Amalgamated	NO
3	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Director	15/04/1986	15/04/1986	27/12/2007	Active	NO
4	L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	Director	19/02/2000	19/02/2000	-	Active	NO
5	U62100MH1991PLC177728	JET LITE (INDIA) LIMITED	Director	24/07/2009	25/10/2008	28/06/2010	Active	NO

Name :

Mr. Aman Mehta

Designation :

Director

Date of Birth/ Age :

01.09.1946

Qualification :

Bachelor’s degree in Economics from Delhi University

Date of Appointment :

29.09.2004

DIN No.:

00009364

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24230MH1999PLC120720	WOCKHARDT LIMITED	Director	12/02/2004	12/02/2004	-	Active	NO
2	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
3	L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
4	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	08/02/2005	08/02/2005	12/12/2008	Active	NO
5	L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO
6	L11101MH2006PLC163934	Cairn India Limited	Director	20/09/2007	21/09/2006	-	Active	NO
7	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	24/09/2007	19/09/2007	25/05/2011	Active	NO
8	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	23/09/2009	12/12/2008	-	Active	NO
9	U67190MH2010PTC202401	PASHA VENTURES PRIVATE LIMITED	Director	26/04/2010	26/04/2010	08/10/2010	Amalgamated	NO

Name :

Mr. Gaurang Shetty

Designation :

Director and Manager

Date of Birth/ Age :

08.10.1956

Qualification :

Bachelor of Science

Date of Appointment :

03.08.2012

DIN No.:

00009364

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH2000PTC128519	UPS Jetair Express Private Limited	Director	08/06/2005	08/06/2005	22/09/2011	Active	NO
2	U62100MH1991PLC177728	JET LITE (INDIA) LIMITED	Director	23/07/2010	20/05/2010	-	Active	NO
3	U55200MH1981PTC025317	JET HOTELS PRIVATE LIMITED	Director	07/09/2012	09/01/2012	-	Active	NO
4	U74899DL1974PTC007361	JETAIR PRIVATE LIMITED	Director	25/09/2012	19/01/2012	-	Active	NO
5	U63040MH1990PTC059439	JETAIR TOURS PRIVATE LIMITED	Director	15/09/2012	24/01/2012	-	Active	NO
6	U65990MH1990PTC059268	JET ENTERPRISES PRIVATE LIMITED	Director	18/09/2012	24/01/2012	-	Active	NO
7	L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	Director	03/08/2012	24/05/2012	-	Active	NO
8	U91120MH2001NPL132596	INDO-BELGIAN LUXEMBOURG CHAMBER OF COMMERCE AND INDUSTRY	Director	24/09/2012	24/09/2012	-	Active	NO
9	U74120MH2012PTC238808	Jet Airways Training Academy Private Limited	Director	14/12/2012	14/12/2012	-	Active	NO
10	U74120MH2012PTC233351	Jet Privilege Private Limited	Additional director	30/09/2013	30/09/2013	26/05/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun Kanakal
Designation :	Company Secretary and Associate Legal Counsel

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1000	0.00
Sub Total	1000	0.00
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	57933665	51.00
Sub Total	57933665	51.00
Total shareholding of Promoter and Promoter Group (A)	57934665	51.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2466051	2.17
Financial Institutions / Banks	431086	0.38
Insurance Companies	2430864	2.14
Foreign Institutional Investors	3593927	3.16
Sub Total	8921928	7.85
(2) Non-Institutions
Bodies Corporate	6524528	5.74
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	10955350	9.64
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1072329	0.94
Any Others (Specify)	28188583	24.81
Non Resident Indians	633295	0.56
Trusts	275	0.00
Clearing Members	291641	0.26
Foreign Corporate Bodies	27263372	24.00
Sub Total	46740790	41.15
Total Public shareholding (B)	55662718	49.00
Total (A)+(B)	113597383	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	113597383	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing passenger and cargo air transportation services, also leases aircrafts.

GENERAL INFORMATION

No. of Employees :

13256 (Approximately)

Bankers :

· Abhu Dhabi Commercial Bank

· Allahabad Bank

· AXIS Bank Limited

· Banca Popolare Di Milano

· Gagrats Bank of America N.A.

· Bank of India

· Siroya Centre Barclays Bank Plc

· Canara Bank

· Citibank N.A.

· Corporation Bank

· DBS Bank Limited

· DVB Bank SE

· First National Bank

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Overseas Bank

· ING Belgium SA / N.V.

· JP Morgan Chase, N.A.

· Kotak Mahindra Bank Limited

· Lloyds Bank (formerly known as Bank of Scotland Plc)

· Punjab National Bank

· Standard Chartered Bank Plc

· State Bank of India

· Syndicate Bank

· The Hong Kong and Shanghai Banking Corporation Limited

· The Royal Bank of Scotland N.V. (formerly known as ABN AMRO Bank)

· Yes Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term Loans
From Banks
Rupee Term Loans	922.500	2790.700
Foreign Currency Term Loans	4590.200	3580.600
From Others
Rupee Term Loan	0.000	0.000
Foreign Currency Term Loan	0.000	4095.400
Short Term Borrowings
Loans Repayable on Demand
From Banks
Rupee Loans	12143.200	11598.400
Foreign Currency Loans	6283.400	6193.000
From Others
Buyers Credit	1150.600	1042.500
Total	25089.900	29300.600

Long Term Borrowings

Security and Salient Terms:

a. Rupee Term Loans of Rs.1996.000 Millions (Previous Year Rs.5207.900 Millions) and Foreign Currency Term Loan of Rs.4285.000 Millions (Previous Year Rs.5546.900 Millions) are secured by way of a pari-passu charge on all the current and future domestic credit card realizations received into the Trust and Retention Account including interest earned thereon. Of the above, Foreign Currency Term Loan amounting to Rs.1917.300 Millions for which the Company is in the process of creating charge. Interest rates are linked to respective Banks’ Prime Lending Rate / Base Rate / LIBOR plus Margin and are repayable in installments starting from May, 2011 and ending in March, 2019.

b. Foreign Currency Term Loans of Rs.5441.700 Millions (Previous Year Rs.6934.700 Millions) are secured by way of a pari-passu charge on all the current and future international credit card realizations, as per the Merchant Establishment agreement, received into the Trust and Retention Account (Debt Service Reserve Account) maintained with the Banks together with a First mortgage charge on the four flight simulators and on theland located at Vadgaon, Pune and at Pali, Raigad. Interest rates are linked to LIBOR plus Margin and are repayable in monthly installments by June 2016.

c. Rupee Term Loan from a Financial Institution of Rs.Nil Millions (Previous Year Rs.2020.000 Millions) is secured by way of a pledge of 100% of Equity Share Capital of Jet Lite (India) Limited held by the Company together with a negative lien on one of the Boeing 737 aircraft. Interest rate is linked to institutions benchmark rate plus margin and is repayable in quarterly installment by September, 2013.

d. Foreign Currency Term Loan from a financial institution of Rs.2042.000 Millions (Previous Year Rs.4095.400 Millions)is secured by pari-passu charge on leasehold land situated at Bandra Kurla Complex, Mumbai along with construction thereon, present and future and first charge on Company’s entitlement under the development agreement for the aforesaid plot of land entered into with Godrej Buildcon Private Limited. The aforesaid charge is pending creation. Interest rate is LIBOR plus Margin and is repayable on each working day Rs.10.000 Millions starting from 4th May, 2013.

Security and Salient Terms :

a) Loans aggregating to Rs.17732.900 Millions (Previous Year Rs.16335.200 Millions) are secured by way of hypothecation of Inventories (excluding Aircraft fuel), Debtors / Receivables (excluding credit card receivables, receivables from aircraft subleased and claim receivables from aircraft lessors), Ground Support Vehicles / Equipment (excluding trucks, jeeps and other motor vehicles), Spares (including engines), Data Processing Equipment and other current assets and a subservient charge in relation to the aircraft owned by the Company either on Hire Purchase / Finance Lease. The Company has escrowed the entire IATA collection with the lead bank for facilitating interest servicing and regularisation in case of any irregularity.

b)

i. Foreign Currency Loans amounting to Rs.Nil Millions (Previous Year Rs.446.000 Millions) and Rupee Loans amounting to Rs.Nil Millions (Previous Year Rs.360.000 Millions) are secured by a second charge on five of its Boeing wide body aircraft. Further, the same is also secured by a charge on the profits of the Company after deduction of taxes, dividends, repayment instalment, payment under any guarantees and / or any other dues payable and Escrow of the Thai lease rentals upto November, 2013.

ii. Rupee Loan of Rs.Nil Millions (Previous Year Rs.300.000 Millions) is secured by a third pari-passu charge on four of its Boeing wide body aircraft and a second pari-passu charge on one Boeing wide body aircraft. Of these, the second pari-passu charge is pending creation.

c) Rupee loan of Rs.Nil Millions (Previous Year Rs.350.200 Millions) is secured by way of a second charge on two Boeing narrow body aircraft.

d) Rupee Term loan of Rs.693.700 Millions (Previous Year Rs.Nil Millions) is secured by way of pledge of 151,834,623 shares of Jet Lite.

e) Buyer’s credit of Rs.1150.600 Millions (Previous Year Rs.1042.500 Millions) is secured by exclusive charge over two NewCFM Engines and Quick Engine Change kits.

Banking Relations :	--
Statutory Auditors 1 :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Statutory Auditors 2 :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	Laxmi Towers, “A” Wing, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra, India
Legal Advisors :	Gagrats
Enterprise exercising Significant Influence over the Company :	· Etihad Airways PJSC (w.e.f.20th November, 2013)
Wholly Owned Subsidiary Company (Control exists) :	· Jet Lite (India) Limited · Jet Airways Training Academy Private Limited
Associate Company :	· Jet Privilege Private Limited (Subsidiary upto 23rd March, 2014)
Enterprises over which controlling shareholder and his relatives are able to exercise significant influence directly or indirectly :	· Tail Winds Limited (Holding Company upto 30th May, 2013) · Jetair Private Limited · Trans Continental e Services Private Limited · Jet Enterprises Private Limited · Jet Airways Europe Services N.V. · Jetair Tours Private Limited · Global Travel Solutions Private Limited · Jet Airways LLC (Ceased w.e.f. 1st April, 2013) · Jet Airways of India Inc. (Ceased w.e.f. 1st April, 2013) · India Jetairways Pty Limited (Ceased w.e.f. 1st April, 2013)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs.10/- each	Rs.1800.000 Millions
20000000	Preference Shares	Rs.10/- each	Rs.200.000 Millions
	Total		Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
113597383	Equity Shares	Rs.10/- each	Rs.1135.974 Millions

a. Reconciliation of the number of shares

Equity Shares	Number of shares	Rs. in Millions
As at the beginning of the year	86334011	863.300
Add : Issued during the year	27263372	272.700
As at the end of the year	113597383	1136.000

b. Shareholders holding more than 5% of equity share capital and shares held by Holding / Ultimate Holding Company

Name of Shareholder	Number of Shares	% holding
Naresh Goyal	57933665	51.00%
Etihad Airways (PJSC)	27263372	24.00%
Tail Winds Limited (Holding Company) and its nominee	-	-

c. Terms / Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends if any, in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the Shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,136.000	863.300	863.300
(b) Reserves & Surplus	(23,413.700)	(4288.600)	10945.300
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(22,277.700)	(3425.300)	11808.600
(3) Non-Current Liabilities
(a) long-term borrowings	65,460.700	68686.000	87735.800
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3,650.000	3650.000	4223.900
(d) long-term provisions	2,142.600	1251.800	987.100
Total Non-current Liabilities (3)	71,253.300	73587.800	92946.800
(4) Current Liabilities
(a) Short term borrowings	20,397.200	19525.900	20941.700
(b) Trade payables	48,404.600	47524.500	37448.100
(c) Other current liabilities	64,518.500	49281.300	44847.000
(d) Short-term provisions	1,395.300	1051.300	799.400
Total Current Liabilities (4)	134,715.600	117383.000	104036.200
TOTAL	183,691.200	187545.500	208791.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96,094.600	107431.100	135951.300
(ii) Intangible Assets	255.000	339.300	1873.200
(iii) Capital work-in-progress	0.000	0.000	20.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16,412.100	16460.100	16459.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	30,983.900	22813.700	21085.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	143,745.600	147044.200	175389.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8,037.600	7866.700	7783.500
(c) Trade receivables	12,092.200	11845.800	12664.400
(d) Cash and cash equivalents	11,454.100	8370.700	4978.800
(e) Short-term loans and advances	8,361.700	12418.100	7975.100
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	39,945.600	40501.300	33401.800
TOTAL	183,691.200	187545.500	208791.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	173,018.900	168,525.900	148,159.100
		Other Income	4,115.800	5,505.800	3,571.700
		TOTAL (A)	177,134.700	174,031.700	151,730.800
Less	EXPENSES
		Aircraft Fuel Expenses	71,754.200	69,920.000	66,306.700
		Employee Benefit Expenses	18,995.900	15,442.400	15,994.900
		Selling and Distribution Expenses	14,482.900	13,585.600	13,616.700
		Aircraft Lease Rentals	16,761.000	12,321.000	9,060.000
		Other Expenses	65,871.400	48,227.600	40,926.600
		Exceptional Items	7,219.900	(1,065.400)	(731.900)
		TOTAL (B)	195,085.300	158,431.200	145,173.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(17,950.600)	15,600.500	6,557.800
Less	FINANCIAL EXPENSES (D)		9,971.600	11,189.800	9,712.300
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(27,922.200)	4,410.700	(3,154.500)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8,757.500	9,265.700	9,398.800
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(36,679.700)	(4,855.000)	(12,553.300)
Less	TAX (H)		(1.200)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(36,678.500)	(4,855.000)	(12,553.300)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(24,409.900)	(19,554.900)	(7,193.900)
	BALANCE CARRIED TO THE B/S		(61088.400)	(24,409.900)	(19,554.900)
	EARNINGS IN FOREIGN CURRENCY
		Passenger and Cargo Revenue	76778.400	71829.300	62844.000
		Interest on Bank Account	0.100	0.036	3.400
		Leasing Operations	6872.300	4843.200	4521.200
		Other Income	559.200	260.200	161.500
	TOTAL EARNINGS		84210.000	76932.736	67530.100
	IMPORTS
		Components & Spares	3030.100	2521.200	3525.200
		Capital Goods	631.600	1958.100	1568.500
	TOTAL IMPORTS		3661.700	4479.300	5093.700
	Earnings/ (Loss) Per Share (Rs.)		(381.30)	(56.23)	(143.18)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(20.71)	(2.79)	(8.27)
Net Profit Margin (PBT/Sales)	(%)	(21.20)	(2.88)	(8.47)
Return on Total Assets (PBT/Total Assets}	(%)	(21.93)	(2.84)	(6.53)
Return on Investment (ROI) (PBT/Networth)		1.65	1.42	(1.06)
Debt Equity Ratio (Total Debt /Networth)		(3.85)	(25.75)	9.20
Current Ratio (Current Asset/Current Liability)		0.30	0.35	0.32

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	863.300	863.300	1136.000
Reserves & Surplus	10945.300	(4288.600)	(23413.700)
Net worth	11808.600	(3425.300)	(22277.700)
long-term borrowings	87735.800	68686.000	65460.700
Short term borrowings	20941.700	19525.900	20397.200
Total borrowings	108677.500	88211.900	85857.900
Debt/Equity ratio	9.203	(25.753)	(3.854)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	148,159.100	168,525.900	173,018.900
		13.747	2.666

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	148,159.100	168,525.900	173,018.900
Profit	(12,553.300)	(4,855.000)	(36,678.500)
	(8.47%)	(2.88%)	(21.20%)

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	Yes
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

Case Details
Bench:- Bombay
Presentation Date:-					07/03/2014
Lodging No.:-	ITXAL/599/2014	Filing Date:-	07/03/2014		Reg No:-	ITXA/1129/2014			Reg. Date:-	19/04/2014
Petitioner:-	COMMISSIONER OF INCOME TAX, TDS, MUMBAI			Respondent:-			JET AIRWAYS (INDIA) LIMITED
Petn.Adv:-	PRAKASH CHANDRA CHHOTARAY (I3415)
District:-	MUMBAI
Bench:-	DIVISION			Category:-			TAX APPEALS
Status :-	Pre-Admission
Next Date:-	21/08/2014			Stage:-			FOR REJECTION [ORIGINAL SIDE MATTERS)
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act :-	Income Tax Act, 1961			Under Section:-				260A

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2014 Rs. In Millions
Long Term Borrowings
From Banks
Foreign Currency Term Loan (Refer note (e) below)	8388.200	0.000
From Others
Rupee Term Loans	0.000	0.000
Foreign Currency Term Loan	1845.400	0.000
Long Term Maturities of Finance Lease	49714.400	58219.300
Short Term Borrowings
Loans Repayable on Demand
From Banks
Foreign Currency Loans	0.000	252.000
From Others
Rupee Loans	820.000	440.000
Total	60768.000	58911.300

Notes:

Long Term Borrowings

Foreign Currency Term Loan of Rs.8388.200 Millions is availed against a corporate guarantee given by one of the

Shareholder to the lender. Further, the Company has hypothecated one B737 Aircraft in favour of that Shareholder.

Interest rates are linked to LIBOR plus Margin and are repayable by way of a bullet repayment in March, 2019.

Finance Lease obligation for six aircraft are secured by the Corporate Guarantees given by the Subsidiary

Company of Rs.42682.900 Millions equivalent to USD 7,124 lakhs (Previous Year Rs.38672.100 Millions equivalent to USD 7,124 lakhs).

Repayable in quarterly installments over a period of twelve years from the date of disbursement of the respective loans. Interest rate is linked with LIBOR plus margin.

Short Term Borrowings

The rate of interest for the loans listed in (a) to (e) above ranges from 130 base points to 750 base points over LIBOR plus Margin for Foreign Currency Loans and 12 % to 16.5 % for Rupee Loans.

REVIEW OF OPERATIONS

The Company has reported a consolidated Loss After Tax of Rs.41297.600 Millions in fiscal 2014, but achieved passenger growth of 2 % in the same period. The losses incurred by the Company were essentially due to:

a) Depreciating rupee vis-à-vis the US dollar

b) Increase in crude oil prices

c) Instances of surplus aircraft which were on ground

d) Non-cash extraordinary write down of Rs.9360.100 Millions

e) Impairment of goodwill of Rs.7000.000 Millions

f) Frequent, aggressive price war strategy initiated by certain low cost airlines players

The consolidated operating loss excluding non-cash extraordinary write down, impairment of goodwill and cost of surplus aircraft on ground aggregates Rs.20751.800 Millions.

The Company, on its part, has taken various initiatives to improve its operating efficiency and revenue earning potential to bring down the breakeven load factor. They are committed to take stringent measures to ensure our success in this challenging and competitive aviation industry. In order to secure long term future, they are taking measures such as putting in place a new network and fleet plan, significant product enhancement and major cost reduction programme. There can be no short-term solutions and these changes will take time to implement.

The Company is continuously looking at cost reduction initiatives, discontinuing all loss making routes, renegotiating major contracts including aircraft maintenance costs and other efficiency enhancement measures which will help us to bring down costs which are key to overall turnaround of the Company.

Additionally, they are focusing on exploring various avenues to enhance ancillary revenues such as seat select, prepaid excess baggage, prepaid meals, paid lounge access, unaccompanied minors to name a few, through all its distribution channels.

After seeking the approval, the Company transferred its frequent flyer programme to its subsidiary - Jet Privilege Private Limited. Subsequently Jet Privilege Private Limited ceased to be a subsidiary of the Company with effect from 24th March, 2014. This will enable us to better manage our loyalty programme and help customers avail more benefits out of it, including earn and burn on the Etihad Global loyalty programme.

On 20th November 2013, Etihad infused equity of Rs.2,058 crores (circa US$ 380 Million) for the acquisition of 24% strategic stake in the Company. The approval accorded by Govt. of India to a number of code share segments between the Company and Etihad Airways PJSC allows a greater access to a number of European and North-American destinations currently not operated by the Company. This will offer Company’s customers better international connectivity through either non-stop on Jet’s services or through one stop combined with Etihad Airways’ partner Airlines’ network.

Whilst on one hand, the Company is upgrading and repositioning itself based on its own operational strengths, on the other hand, it will exploit and capitalize on synergies arising from its alliance with Etihad as a strategic partner. Common areas of benefits include joint sourcing of aircraft and equipment, sharing of best practices, co-ordination of flights, leasing of spare aircraft, joint procurement of fuel and other services etc. resulting in cost savings for both the airlines. Through effective renegotiation of contracts, the Company is targeting to achieve major cost savings in excess of USD 100 million.

The domestic traffic in India increased by 5% for Fiscal year 2014. This was a significant improvement as compared to a 5% contraction in the corresponding previous year. Over the next few years, they expect the domestic aviation market to grow at around 2 to 2.5 times of GDP growth. However, there will be short term challenges to grow profitably because of the cost intensive aviation infrastructure in India and the high regulatory operating costs.

The Company carried 172.18 lakhs revenue passengers on its international and domestic services during the year. The Company’s domestic passenger traffic for the year grew by 1% as compared to a reduction of 4% last year while international passenger traffic registered an increase of 6%, as compared to an increase of 0.3% last year.

The Company ended the financial year with a system-wide seat factor of 78.2%. The seat factor was 70.6% on domestic sectors and 82.2% on the international sectors.

OUTLOOK / RESTRUCTURING MEASURES

Etihad acquired 24% stake in the company for a consideration of Rs.2,058 Crores. This partnership will enable Jet to have combined network of more than 130 routes, which is expected to bring additional feeder traffic from Etihad and its partner airlines to Jet. The revised Network plan will take into account the revenue opportunities which are now available to Jet from about 23 destinations in India to Abu Dhabi.

Jet-Etihad deal will also bring cost synergies in fleet acquisition, maintenance, joint purchasing opportunities for fuel, spare parts, equipment and catering supplies, as well as external services such as insurance and technology support.

Other areas of co-operation will include joint training of pilots, cabin crew and engineers, as well as maintenance of common aircraft types and consolidation of guest loyalty programs.

High Crude prices, increased landing charges, currency depreciation and inflationary pressures continue to adversely impact the company’s cost structure. Additionally, aggressive pricing strategy followed by certain domestic airlines make it difficult to pass on these increases to the passengers.

Crude oil prices, over the last one month has seen steep increase due to political uncertainty in the Middle East. With fuel cost constituting almost 35% of our total costs, this could have adverse impact on the Company’s performance, going forward.

They continue in our endeavor in reducing costs, exploring various avenues of ancillary revenues and process improvements across all segments of the business. They believe that this will help the Company in maximizing profitability in the medium to long term. Further, post regulatory approvals received on 23rd May, 2014, they commenced our code share program with Etihad airways which is expected to resulted in significant growth in bookings per day.

Additionally, they have identified key areas of focus like engineering, marketing, flight operations, finance and airport services in order to enhance efficiency, reduce costs, improve customer experience and thereby, embark on a turnaround trajectory.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	43340.700
b) Other operating income	3515.700
Total income from Operations(net)	46856.400
2.Expenditure
a. Aircraft Fuel Expenses	18047.700
b. Aircraft Lease Rentals	4185.500
c. Employees Remuneration and Benefits	5100.300
d. Depreciation and Amortisation	1863.200
e. Selling and Distribution Expenses	4094.200
f. Other Expenses	14740.300
Total expenses	48031.200
3. Profit from operations before other income and financial costs	(1174.800)
4. Other income	550.200
5. Profit from ordinary activities before finance costs	(624.600)
6. Finance costs	1942.900
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(2567.500)
8. Exceptional item	391.000
9. Profit from ordinary activities before tax Expense:	(2176.500)
10.Tax expenses	0.000
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(2176.500)
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	(2176.500)
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	1136.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16. Basic and Diluted EPS before and after Extraordinary Item (in Rupees) * (Face Value of Rupees 10/- each) * Not annualised in respect of Quarterly Results	(19.16)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	55662718
- Percentage of shareholding	49%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--
Percentage of shares (as a % of total share capital of the company)	--
b) Non Encumbered
Number of shares	57934665
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
Percentage of shares (as a % of total share capital of the company)	51%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	7
Disposed of during the quarter	7
Remaining unreserved at the end of the quarter	Nil

UNAUDITED STANDALONE SEGMENTWISE REVENUE, RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014

The Company, considering its higher level of international operations and internal financial reporting based on geographic segment, has identified geographic segment as primary segment. The geographic segment consists of: a) Domestic (air transportation within India) b) International (air transportation outside India).

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
Segment Revenue: (Primarily Passenger, Cargo, Excess Baggage and Leasing of Aircraft)
Domestic	18403.900
International	28452.500
Total	46856.400
Segmental Result:
Domestic	9887.000
International	13876.200
Total	23763.200
Less: Finance Cost	1942.900
Depreciation and Amortisation	1863.200
Other Unallocable Expenditure	23074.800
Add: Other Unallocable Revenue	550.200
Add: Exceptional Items (Net)	391.000
(Loss) before tax	(2176.500)
Less: Taxes	0.000
(Loss) after tax	(2176.500)

Note: The Company believes that it is not practical to identify fixed assets used in the Company’s business or liabilities contracted, to any of the reportable segments, as the fixed assets are used interchangeably between segments. Accordingly, no disclosure relating to total segment assets and liabilities have been made.

Notes:

1. The above results have been reviewed by the Audit Committee and thereafter were approved and taken on record by the Board of Directors at its Meeting held on 11th August, 2014.

2. The figures for the quarter ended 31st March, 2014 are balancing figures between audited figures in respect of the full financial year ended 31st March, 2014 and published year to date figures up to the third quarter ended 31st December, 2013.

3. Other Operating Income includes:

Income from leasing of Aircraft and Engine, for the Quarter ended 30th June, 2014 of Rs.2028.100 Millions. The corresponding income for the Quarter ended 30th June, 2013 was Rs.1133.400 Millions. The corresponding income for the Quarter and Year ended 31st March, 2014 were Rs.1887.600 Millions and Rs.6872.300 Millions respectively.

4. Pursuant to the Company adopting the useful life of fixed assets as indicated in part C of Schedule II of the Companies Act, 2013 coming in to effect from 1st April, 2014, the depreciation charge for the quarter ended 30th June' 2014 is lower (net) by Rs.260.600 Millions and the adjustment to accumulated balance of retained earnings (deficit) is Rs.286.100 Millions.

5. Other Income includes:

Profit on Sale and Leaseback of Engine during the Quarter and Year ended 30th June, 2014 of Rs. Nil Millions. The corresponding Profit on Sale and Leaseback of Engine for the Quarter ended 30th June, 2013 was Rs. Nil Millions. Profit on Sale and Leaseback of Engine for the Quarter and Year ended 31st March, 2014 were Rs. Nil Millions and Rs.298.100 Millions respectively.

6.

a) Pursuant to a "Power by the Hour" (PBTH) engine maintenance arrangement entered into by the Company with a service provider for its B777 Aircraft engines, the PBTH cost are being charged to the Statement of Profit and Loss and the variable rentals payable to the Lessors, based on maintenance plan, are being recognised as "Receivable From Lessors". Based on a joint validation of the Company's maintenance plan with the service provider, the Company has recognised the expected refunds of variable rentals till 31st March, 2014 as "Contribution receivable from Lessors towards maintenance".

b) Unrealised exchange Gain / (Loss) refers to the notional Gain / (Loss) arising out of the restatement of the unhedged portion of foreign currency monetary assets and liabilities (other than asset backed borrowings) up to 31st March, 2014. Further, in line with the Notification dated 29th December, 2011 issued by the Ministry of Corporate Affairs, the Company exercised the option given in the paragraph 46A of Accounting Standard - 11 "The Effects of Changes in foreign exchange rates". Accordingly, the Company has, with effect from April 1, 2011, amortised the foreign exchange loss incurred on long term foreign currency monetary items over the balance period of such long term foreign currency monetary items. The amortised portion of foreign exchange Gain / (Loss) (net) incurred on long term foreign currency monetary items for the Quarter ended 30th June, 2014 is Rs. (193.700) Millions. For the quarter ended 30th June, 2013 it was Rs. (22.700) Millions. The corresponding amount for the Quarter and Year ended 31st March, 2014 were Rs.(348.200) Millions and Rs.(287.600) Millions respectively. The unamortised portion carried forward as on 30th June, 2014 is Rs.361.700 Millions (Rs.469.000 Millions for the Year ended 31^st March, 2014).

c) The Company has equity investment of Rs.16450.000 Millions in Jet Lite (India) Limited, a wholly owned subsidiary, and has advanced interest free loans amounting to Rs.19479.100 Millions as on 30th June, 2014 (31st March, 2014 - Rs.19639.200 Millions) to the said subsidiary. The subsidiary continues to incur losses and show negative net worth as on 30th June, 2014. The Management, based on the recommendations provided by a domain expert, had approved the broad parameters to re-organize the fleet and network between Jet Airways and its wholly owned subsidiary Jet Lite (India) Limited. Considering these parameters, a detailed business plan has since been drawn and an independent valuer, based on these business plans, had valued the equity interest in the subsidiary. The Management had performed a sensitivity analysis as on 31st March, 2014 on the values so arrived and accordingly, made a provision for diminution of Rs.70,000 Millions as at 31st March 2014 to fairly reflect the recoverable amount based on a prudent assessment. The Management has revisited the underlying assumptions about future events and the operating parameters considered in the aforementioned business plan and concluded that additional provision is not required to be recognised as at 30th June, 2014.

In view of the significant uncertainty as regards the underlying assumptions about future events and the operating parameters, the same will be periodically monitored and changes to reflect the reliable measurement will be made if the conditions so warrant.

7. The Company had acquired 100% of the shareholding of Sahara Airlines Limited (SAL) (now known as Jet Lite (India) Limited) in April, 2007. As per the Share Purchase Agreement (SPA) as amended by the subsequent Consent Award, the mutually agreed sale consideration was to be paid to the Selling Shareholders (SICCL) in four equal interest free instalments by 30th March, 2011. As a result of certain disputes that arose between the parties, both the parties had filed petitions in the Hon'ble Bombay High Court for breach of SPA as amended by the subsequent Consent Award. The Hon'ble Bombay High Court delivered its Judgment on 4th May, 2011 whereby SICCL's demand for restoration of the original price of Rs.20000.000 Millions was denied and the Purchase Consideration was sealed at the revised amount of Rs.14500.000 Millions. However, in its judgment, the Hon’ble Bombay High Court has awarded interest at 9% p.a. on the delayed payments made to SICCL largely on account of ongoing legal dispute. In view of this Order, a sum of Rs.1164.300 Millions became payable as interest which has been duly discharged by the Company. As a result of this discharge, the undertaking given by the Company in April 2009 for not creating any encumbrance or alienation of its moveable or immoveable assets and properties in any manner other than in the normal course of the business, stands released.

Though the Company had complied with the order of the Hon’ble Bombay High Court, based on legal advice, it filed an appeal with the Division Bench of the Hon’ble Bombay High Court contesting the levy of interest. SICCL also filed an appeal with the Division Bench of the Hon’ble Bombay High Court for restoration of the purchase consideration to Rs.20000.000 Millions and for interest to be awarded at 18% p.a. as against the 9% p.a. awarded by the Hon'ble Bombay High Court.

The Division Bench of the Hon’ble Bombay High Court heard the matter and vide its order dated 17th October, 2011 dismissed both the appeals as being not maintainable in view of jurisdictional issue. The Company has since filed Special Leave Petitions (SLP) before the Hon'ble Supreme Court challenging both the orders of 4th May, 2011 and 17th October, 2011. SICCL had earlier filed a SLP before the Hon'ble Supreme Court for increased compensation and interest. Both the SLPs, filed by Jet Airways as well as SICCL, came up for hearing before the Supreme Court. The Supreme Court directed the parties to file the Counter and Rejoinder which has since been filed. The Supreme Court also recorded that the statement made by Jet Airways, as recorded in the order dated 6th May, 2011 passed by the Hon’ble Bombay High Court, would continue till further orders. Previous periods / year's figures have been regrouped / reclassified wherever necessary to correspond with the current period's classification / disclosure. The Company has filed its Counter Affidavit in the SLPs filed by SICCL and the Hon'ble Supreme Court has granted further time to SICCL to file their Rejoinder.

8. With strategic investment by Etihad Airways PJSC and gradual implementation of the recommendations provided by a domain expert, the Management expects to achieve required operating cash inflows through cost synergies, revenue management, network synergy, leasing out aircraft, etc. These measures coupled with ongoing initiatives to raise funds are expected to result in sustainable cash flows and accordingly the statement of financial results continue to be prepared on a going concern basis, which contemplates realisation of assets and settlement of liabilities in the normal course of business.

9. The Company has transferred its ‘Jet Privilege Frequent Flyer Programme’ (JPFFP) undertaking to Jet Privilege Private Limited (JPPL) on 21st April, 2014 as a going concern on a slump sale basis for a consideration of Rs.11937.800 Millions. In accordance with the terms and conditions of the Slump Sale Agreement and pending implementation of certain commercial aspects of other associated agreements, surplus on the transfer has not been recognized during the quarter.

10. Previous periods / year's figures have been regrouped / reclassified wherever necessary to correspond with the current period's classification / disclosure.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483722	03/03/2014	1,924,485,665.00	ETIHAD AIRWAYS PJSC	P.O.BOX 35566, KHALIFA CITY A, ABU DHABI, - 35566, UNITED ARAB EMIRATES	C00002451
2	10463674	30/12/2013 *	5,600,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD, P. O. BOX 128, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B92964550
3	10463337	30/10/2013	5,856,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM	B90780503
4	10447009	04/09/2013	6,336,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E144BB, UNITED KINGDOM	B84012830
5	10442057	05/08/2013	5,856,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E 144BB, UNITED KINGDOM	B81698102
6	10438668	02/07/2013	9,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B80345994
7	10425786	16/05/2013	7,200,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 MAHATMA GANDHI ROAD, P. O. BOX 128, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B75156315
8	10409940	26/02/2013	3,850,000,000.00	ETIHAD AIRWAYS PUBLIC JOINT STOCK COMPANY	P.O. BOX 35566, KHALIFA CITY A, ABU DHABI, UNITED ARAB EMIRATES, ABU DHABI, - 35566, UNITED ARABE MIRATES	B70082201
9	10450556	31/01/2013	1,500,000,000.00	ALLAHABAD BANK	I.F.BRANCH, ALLAHABAD BANK BLDG,2ND FLOOR,, 37, MUMBAI SAMACHAR MARG,FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	B77548030
10	10399683	24/12/2012	600,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B66389792
11	10382177	01/11/2012 *	7,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B69806719
12	10369279	26/11/2012 *	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B66390030
13	10333257	29/12/2011	7,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B31108343
14	10311797	23/09/2011	1,100,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B23164296
15	10338367	06/06/2011	1,150,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B24017295
16	10290717	23/04/2011	5,000,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH I, MAKER TOWER-F,, 20TH FLOOR, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	B14458574
17	10266051	11/04/2011 *	6,150,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B11564374
18	10243543	09/09/2009	1,800,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A89851125
19	10154078	11/06/2010 *	15,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER - E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A91065755
20	10134142	06/03/2014 *	7,000,000,000.00	INDIAN OVERSEAS BANK	NARIMAN POINT BRANCH, 229, 'BAKHTAWAR', GROUND FLOOR, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	C11704061
21	10110861	27/06/2008	3,500,000,000.00	FLEET IRELAND AIRCRAFT LEASE 2007-A LIMITED	1 GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000, IRELAND	A40729105
22	10104436	28/05/2008	3,500,000,000.00	FLEET IRELAND AIRCRAFT LEASE 2007-A LIMITED	1 GUILD STREET, IFSC, DUBLIN 1,DUBLIN, - 0000, IRELAND	A39194956
23	10085375	01/02/2008	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1,, DUBLIN, - 0000000, IRELAND	A31369028
24	10080550	17/12/2007	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1,, DUBLIN, - 0000000, IRELAND	A29199528
25	10080546	14/12/2007	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1,, DUBLIN, - 0000000, IRELAND	A29198355
26	10080547	05/12/2007	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1,, DUBLIN, - 0000000, IRELAND	A29198926
27	10072398	11/10/2007	1,789,600,000.00	DELAWARE AIRCRAFT HIRE 2006 LLC	C/O. WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH, 1100 NORTH MARKET STREET, WILMINGTON DE, - 19890, UNITED STATES OF AMERICA	A25519232
28	10065234	27/08/2007	1,789,600,000.00	DELAWARE AIRCRAFT HIRE 2006 LLC	C/O. WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH, 1100 NORTH MARKET STREET, WILMINGTON DE, - 19890, UNITED STATES OF AMERICA	A21987227
29	10022713	15/12/2006 *	1,575,000,000.00	DELAWARE AIRCRAFT HIRE 2006 LLC	C/O. WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH, 1100 NORTH MARKET STREET, WILMINGTON DE, - 19890, UNITED STATES OF AMERICA	A05664859
30	10020829	15/12/2006 *	1,575,000,000.00	DELAWARE AIRCRAFT HIRE 2006 LLC	C/O. WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH, 1100 NORTH MARKET STREET, WILMINGTON DE, - 19890, UNITED STATES OF AMERICA	A05214317
31	80022013	26/03/2013 *	40,400,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 2ND FLOOR,ARCADE BUILDING,, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B73639239
32	80051195	24/03/1998	55,625,000.00	THE SUMITOMO BANK LIMITED	15TH FLOOR, JOLLY MAKER CHAMBER II, 225 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-

FIXED ASSETS:

· Freehold Land

· Plant and Machinery

· Furniture and Fixtures

· Electrical Fittings

· Data Processing Equipments

· Office Equipments

· Vehicles

· Ground Support Equipments

· Simulator

· Leasehold Land

· Aircraft and Spare Engine (Narrow Body)

· Aircraft and Spare Engine (Wide Body)

· Improvement on Leased Aircraft

· Improvement on Leased Property

· Software

· Landing Rights

· Trademarks

WEBSITE DETAILS:

PRESS RELEASES/ NEWS:

JET AIRWAYS LAUNCHES INAUGURAL SERVICE BETWEEN MUMBAI AND PARIS

Enhanced code share with Air France offers complementary timings between Mumbai and Paris

The code share offers seamless and convenient connectivity beyond Paris to over 23 European destinations, including new destinations across Scandinavia and the Czech Republic

May 14, 2014

Jet Airways, India’s premier international airline, today launched its inaugural direct flight from Mumbai to Paris. The services to Paris Charles de Gaulle, France, will be operated using a state-of-the-art Airbus A330 flight four days a week on Thursdays, Fridays, Saturdays and Sundays. The flight will become a daily operation with effect from June 26, 2014.

Just ahead of the takeoff of its inaugural flight from Mumbai’s new Terminal T2, Chattrapati Shivaji International Airport, the airline conducted a multi-faith pooja and lit a ceremonial lamp to mark the occasion of its inaugural flight to Paris. The lamp lighting ceremony was led by Chief Guest Mr. Jean-Raphael Peytregnet, Consul General for France in Mumbai and other dignitaries and senior management from Jet Airways.

Jet Airways flight 9W 124 duly took off from Terminal T2 at the Chattrapati Shivaji International Airport in Mumbai at 1200 hours with a full complement of Premiere and Economy Class guests and will arrive at Paris Charles De Gaulle airport on at 1750 hours (local time).

The airline also announced that it had expanded its code share partnership with Air France, a major player in the European airline industry, thus offering guests access to unmatched network connectivity between Europe and India via Paris. As per the new expanded code share, both carriers will place their marketing codes on each other’s flights on the Mumbai – Paris trunk route. This will leave guests with a choice of a dual frequency as an additional schedule option, offering convenient timings by providing a morning and evening departure and arrival at both the destinations. This code share is already open for sale for travel effective 25th May 2014.

The Jet Airways and Air France schedules on the Mumbai - Paris trunk route:

Flight Number		Sector	Timing
Operating	Marketing		Departure	Arrival
9W 124	AF 5109	BOM - CDG	12:00	17:50
AF217	9W 126	BOM - CDG	2:15	8:10
9W 123	AF 5108	CDG - BOM	21:10	9:45 (+1)
AF218	9W 125	CDG - BOM	10:50	23:25

Legend: BOM = Mumbai; CDG = Paris Charles de Gaulle

In addition to the codeshare on the trunk route, the new expanded arrangement will further afford guests connectivity via Air France’s hub in Paris to over twenty three major cities across Europe, giving guests seamless and convenient connectivity beyond Paris to a multitude of new European destinations, including points across Scandinavia, and the Czech Republic.

Domestic connectivity within France would also be enhanced to include cities like Nice, Lyon, Marseille, and Toulouse. The new expanded code share will also afford guests significantly enhanced connectivity within the European Union as it would cover destinations like:

· Barcelona and Madrid in Spain

· Munich, Dusseldorf, Stuttgart, Berlin, Hamburg in Germany

· Prague in the Czech Republic

· Dublin in Ireland

· Birmingham, Manchester and Newcastle in the United Kingdom

· Geneva and Zurich in Switzerland

· Vienna in Austria

· Amsterdam in the Netherlands

· Copenhagen in Denmark

· Stockholm in Sweden and

· Oslo in Norway

Similarly, Air France will also have its marketing code (AF) on key routes on Jet Airways’ domestic network connecting major cities such as Chennai, Hyderabad and Kolkata beyond Mumbai, Delhi and Bengaluru. Thus, allowing guests to seamlessly connect between multiple points across Europe and India on the codeshare services offered by Jet Airways and Air France thus exponentially improving choice and convenience.

Furthermore, with the long standing partnership between Jet Airways’ Jet Privilege and Air France’s Flying Blue loyalty programs, frequent flyer members enjoy mileage accrual and redemption benefits across the entire networks of both carriers. With this expansion, members will also be able to accrue status miles on the code share flights, thus enabling them to maintain or upgrade their tier status in their respective loyalty programs.

Mr. Gaurang Shetty, Senior Vice President – Commercial, Jet Airways, said, “With the new direct flight and our recently expanded code share partnership, Jet Airways will now be able to offer its guests unmatched connectivity and seamless travel from India to Europe via Paris. Jet Airways has constantly endeavored to offer enhanced travel opportunities to its guests and our code share agreement with Air France in that sense is another distinctive travel solution, as it will offer guests access to over twenty three major cities across Europe. We are thus, delighted to partner with a carrier of the global reach of Air France, as it will in turn further strengthen our connectivity and reach within Europe and beyond. This is important, as Europe has been a popular destination both in terms of tourism and business for the Indian market.”

Air France is very pleased with this important step in expanding its cooperation with Jet Airways. Our extensive network will offer unparalleled access to over twenty three key destinations in Europe providing another tangible benefit for customers of both airlines. This move of dual departure and arrival options will also improve our offer for our leisure as well as corporate travelers" shared Mr. Tjalling Smit, Senior Vice President, Middle East Gulf and India, Air France KLM. “Both airlines can look forward to the mutual strengthening of potential markets through Jet Airways’ extensive route network into India and through Air France KLM's strong network in Europe”, added Smit.

About Jet Airways

Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600. With an average fleet age of 5.30 years, the airline has one of the youngest fleet of aircraft in the world. Flights to 73 destinations span the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark), Riyadh, Sharjah, Singapore and Toronto.

About JetKonnect

JetKonnect is a dedicated product designed to meet the needs of the low fare segment. JetKonnect will also offer guests a Premiere service on nearly all domestic routes. With its mixed fleet of Boeings and ATR aircraft with nearly 263 daily flights connecting 52 destinations across India, JetKonnect provides more flexibility and choice to its guests. JetKonnect’s convenient schedules, reliable service and low fares, promise to bring greater value and a seamless flying experience to our customers.

Jet Airways and JetKonnect together operate nearly 541 daily flights, both domestic and international.

JET AIRWAYS WINS PRESTIGIOUS ICC SUPPLY CHAIN AND LOGISTICS EXCELLENCE AWARDS 2014 

Adjudged winner in "Air Cargo Carrier" category 

Mumbai, March 7, 2014

Jet Airways, India’s premier international airline, was adjudged winner of the coveted ICC Supply Chain and Logistics Excellence Awards 2014 in the ‘Air Cargo Carrier’ category. The award was received by Mr. Mohammad Ali El Ariss- Vice President Cargo, and Mr.Nischal Bhasin, General Manager – Sales – Delhi and NCR, on behalf of Jet Airways. Mr Oscar Fernandes, Hon’ble Minister, Ministry of Road Transport and Highways, gave away the award in the presence of an august gathering of industry stalwarts at a glittering ceremony in New Delhi. 

The ICC Supply Chain and Logistics Excellence Awards 2014, instituted by Indian Chamber of Commerce, are based on a structured selection process, and seek to honour and recognize the efforts made by the Indian logistics and Supply Chain organizations in creating industry benchmarks and adopting best practices. The award ceremony was attended by eminent personalities from the logistics sector including high profile representatives from Government of India, Planning Commission, Aviation Sector, Indian Chamber of Commerce, and other recognized bodies.

These Awards, selected by a panel of esteemed jury and knowledge partner Deloitte, are an outcome of extensive evaluation of all technical, infrastructural, procedural details as well as keeping in view the user’s perspective. Jet Airways emerged victorious from amongst a field comprising several of the leading airlines in India. Mr. Gaurang Shetty, Senior Vice President – Commercial, Jet Airways said, “The unique recognition awarded to Jet Airways at the prestigious ICC Supply Chain and Logistics Excellence Awards 2014, is a testimony to the success of several key initiatives undertaken by the airline in the growing supply chain and logistics sector. Receiving this top honour from Indian Chamber of Commerce assumes significance, coming from the most respected and coveted award title in the supply chain and logistics segment.” 

Jet Airways previously won the ‘Best Cargo Airline of Central Asia’ at the prestigious Cargo Airline of the Year Awards in 2008. Similarly, Jet Airways was also honoured at the annual Civil Aviation Authority of Singapore’s (CAAS) third annual Changi Airline Awards for ‘Top 5 Airlines by Growth in Cargo Carriage in 2008. 

JET STOCK UP 4% ON BUZZ SEBI MAY TAKE UP OPEN OFFER ISSUE

December 06, 2013

Shares of Jet Airways today rose by almost 4 percent amid reports that market regulator Sebi may again take up the open offer issue in the company's deal with Abu Dhabi-based airline Etihad. According to media reports, Securities and Exchange Board of India (Sebi) is debating whether to reopen the issue of an open offer for shareholders of Jet Airways after another regulator said that Etihad enjoys joint control over the Indian airline. Fair trade regulator CCI had, last month, approved the acquisition of 24 percent stake in the Naresh Goyal-led Indian carrier by Abu Dhabi-based airline. Jet and Etihad had last month announced the closure of a Rs.20690.000 millions deal for the Abu Dhabi-based carrier to pick up 24 percent equity in the Indian airline, marking the first FDI infusion by an airline in the Indian aviation sector. Jet Airways ended at Rs.302.10, up Rs.1.45, or 0.48 percent on the BSE.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		23

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.