MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JET AIRWAYS
(INDIA) LIMITED (w.e.f. 28.12.2004) |
|
|
|
|
Formerly Known
As : |
JET AIRWAYS INDIA
PRIVATE LIMITED |
|
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|
|
Registered
Office : |
Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400 099, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.04.1992 |
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|
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Com. Reg. No.: |
11-066213 |
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Capital
Investment / Paid-up Capital : |
Rs.863.300
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1992PLC066213 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ00366C /
MUMJ06594A / MUMJ05793ES |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in providing passenger and cargo air
transportation services, also
leases aircrafts. |
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|
|
|
No. of Employees
: |
12082 (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 |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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|
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. 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-61211000)
LOCATIONS
|
Registered Office/
Corporate Office : |
Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-61211000 / 28505080/ 4271/ 5627/ 5628/ 5629 |
|
Fax No.: |
91-22-61211950 / 28560622 |
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E-Mail : |
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|
Website : |
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Engineering Office
: |
Jet Airways Hanger, Opposite Indian Airlines Sports Club, Kalina, Santacruz (East), Mumbai – 400 029, Maharashtra, India |
|
Tel No.: |
91-22-26675112/ 5120 |
|
Fax No.: |
91-22-26675242 |
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|
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Branch Office
: |
Located at: · Mumbai · Ahmadabad · Goa · Kochi · Kolkata · Mangalore · Bangalore · Hyderabad · Chennai · Coimbatore · Delhi |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Naresh Goyal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ali Ghandour |
|
Designation : |
Director |
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Date of Birth/ Age : |
28.05.1931 |
|
Qualification : |
Aeronautical Engineer from New York University, U.S.A. |
|
Expertise in specific functional area : |
Mr. Ghandour, a Jordian national, has over 50 years of experience in
the civil aviation industry. He was an advisor of the late King Hussein of
Jordan and was earlier the Chairman of the Royal Jordanian Airlines. He has
also been associated with the development of a number of airlines in Middle
East. |
|
|
|
|
Name : |
Mr. Victoriano P. Dungca |
|
Designation : |
Director |
|
Date of Birth/ Age : |
23.04.1936 |
|
Qualification : |
MBA from Cornell
University, U.S.A. and a Certified Public Accountant from U.S.A |
|
Expertise in
specific functional area : |
Mr. Dungca has had
a long and distinguished career with Philippine Airlines and retired as its
Executive Vice President. He is currently a financial advisor based in
California, U.S.A. |
|
Date of Appointment : |
25.01.1999 |
|
|
|
|
Name : |
Mr. Javed Akhtar |
|
Designation : |
Director |
|
Date of Birth/ Age : |
17.01.1945 |
|
Qualification : |
Bachelors degree in Arts |
|
Expertise in specific functional area : |
Mr. Akhtar, a nominated Member of the Rajya Sabha, is a well-known scriptwriter,
lyricist, poet, activist and is a famous media personality. Mr. Akhtar was
awarded the Padma Bhushan in 2007. Mr. Akhtar has won several awards,
including the National Award for Best Lyricist five times. |
|
|
|
|
Name : |
Mr. I.M. Kadri |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.12.1929 |
|
Qualification : |
Bachelors degree in Engineering from Pune University |
|
Expertise in specific functional area : |
Mr. Kadri, is a member of the Council of Architecture, New Delhi and a
Fellow of the Indian Institute of Architects and a fellow of the Indian
Institute of Interior Design. Mr. Kadri set up his practice as an architect
in 1960 and is actively involved with the problems relating to rebuilding of
dilapidated buildings in Mumbai and exploring technological solutions for
mass housing schemes. He was also a member of the Steering Committee
appointed by the Government of Maharashtra to suggest strategies for solving
the housing problems of Mumbai. He is the General Secretary of the prestigious
Nehru Centre in Mumbai. Mr. Kadri was awarded a citation in 1993 as an
Outstanding Architectural Engineer by the Institution of Engineers in India.
He was the Sheriff of Mumbai in 1994. |
|
|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.09.1946 |
|
Qualification : |
Bachelors degree
in Economics from Delhi University |
|
Expertise in
specific functional area : |
Mr. Aman Mehta,
joined The Hong Kong Shanghai Banking Corporation (HSBC) group in 1968. He
held several senior positions with HSBC and was appointed Chief Executive
Officer of HSBC Asia Pacific in January 1999, a position he held until his
retirement in December 2003. Mr. Mehta is
also a member of the governing board of the Indian School of Business,
Hyderabad. Mr. Mehta serves as an independent director on the boards of
several companies in India as well as in UK, Hong Kong and Singapore. |
|
Date of Appointment : |
29.09.2004 |
|
Directorships
held in other Public Companies (excluding foreign and private companies) : |
·
Wockhardt Limited ·
Tata Consultancy Services Limited ·
Godrej Consumer Products Limited ·
Cairn India Limited ·
Max India Limited |
|
|
|
|
Name : |
Mr. Gaurang Shetty |
|
Designation : |
Director and Manager |
|
Date of Birth/ Age : |
08.10.1956 |
|
Qualification : |
Bachelor of Science |
|
Expertise in specific functional area : |
Mr. Shetty, an Indian national, joined the Company in 1996 as General
Manager – Marketing and was promoted to Vice President – Marketing in 2004.
Currently, Mr. Shetty is Senior Vice President – Commercial. Prior to joining
the Company, he was with British Airways as its Marketing Manager – South
Asia. He is currently responsible for Customer Services, Cargo, Cabin Crew
and Marketing departments. |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kanakal |
|
Designation : |
Company Secretary and Associate Legal Counsel |
|
|
|
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Senior Management : |
|
|
Name : |
Mr. Nikos Kardassis |
|
Designation : |
Chief Executive Officer (Resigned with effect from 5th
June, 2013) |
|
|
|
|
Name : |
Capt. Hameed Ali |
|
Designation : |
Chief Operating Officer and Acting Chief Executive Officer |
|
|
|
|
Name : |
Mr. Sudheer Raghavan |
|
Designation : |
Chief Commercial Officer |
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|
|
|
Name : |
Mr. Ravishankar G. |
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Designation : |
Chief Financial Officer |
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|
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|
Name : |
Ms. Anita Goyal |
|
Designation : |
Executive Vice President - Revenue
Management and Network Planning |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1000 |
0.00 |
|
|
1000 |
0.00 |
|
|
|
|
|
|
57933665 |
51.00 |
|
|
57933665 |
51.00 |
|
Total
shareholding of Promoter and Promoter Group (A) |
57934665 |
51.00 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2661517 |
2.34 |
|
|
380250 |
0.33 |
|
|
2430864 |
2.14 |
|
|
4848572 |
4.27 |
|
|
10321203 |
9.09 |
|
|
|
|
|
|
5271874 |
4.64 |
|
|
|
|
|
|
10116430 |
8.91 |
|
|
1211549 |
1.07 |
|
|
28741662 |
25.30 |
|
|
596947 |
0.53 |
|
|
373 |
0.00 |
|
|
880970 |
0.78 |
|
|
27263372 |
24.00 |
|
|
45341515 |
39.91 |
|
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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
113597383 |
0.00 |
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(1) Indian%20LIMITED%20-%20268976%2024-May-2014_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20268976%2024-May-2014_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 million%20LIMITED%20-%20268976%2024-May-2014_files/image006.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing passenger and cargo air
transportation services, also
leases aircrafts. |
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Export : |
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Countries : |
Not Divulged |
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Import : |
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Countries : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
12082 (Approximately) |
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Bankers : |
·
Abu Dhabi Commercial Bank ·
AXIS Bank Limited ·
Banca Popolare Di Milano ·
Bank of America N.A. ·
Bank of Baroda ·
Bank of India ·
Banque Nationale de Paris ·
Barclays Bank Plc ·
Canara Bank ·
Citibank N.A. ·
Corporation Bank ·
Credit Agricole S.A. (formerly known as Calyon
Bank) ·
DBS Bank Limited ·
Deutsche Bank AG ·
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) ·
National Bank of Kuwait ·
Punjab National Bank ·
Standard Chartered 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 Limited |
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Facilities : |
NOTES: LONG TERM BORROWINGS
Security and
Salient Terms : a. Rupee Term
Loan of Rs.5207.900 millions (Previous Year Rs.4499.700 millions) and Foreign
Currency Term Loan Rs.5546.900 millions (Previous Year Rs.7943.700 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,
charge for a Rupee Term Loan amounting to Rs.1495.000 millions is pending
creation. An installment
of Foreign Currency Term Loan amounting to Rs.94.100 millions due for
repayment on 31st March, 2013 has since been discharged but after
seeking appropriate extension of time from the Bank. The same has been discharged
within the stipulated extension of time and before the adoption of accounts
by the Board of Directors. 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 February, 2017. b. Foreign
Currency Term Loans of Rs.6934.700 millions (Previous Year Rs.8157.700
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 First mortgage
charge on the four flight simulators and on the land located at Vadgaon, Pune
and at Pali, Raigad. Interest rates
are linked to LIBOR plus Margin and are repayable in instalments starting
from September, 2010 and ending in June, 2015. c. Rupee Term
Loan from a Financial Institution of Rs.2020.000 millions (Previous Year
Rs.3250.000 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 Narrow body aircraft. Interest rate is
linked to Institutions Benchmark Rate plus Margin and is repayable in
quarterly instalments by September 2013. There is a continuing default in
repayment of instalments amounting to Rs.937.100 millions and interest
thereon amounting to Rs.21.800 millions. d. Foreign
Currency Term Loan from a financial institution of Rs.4095.400 millions
(Previous Year Rs.3838.200 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 in six half yearly
instalments starting from July, 2014. SHORT TERM
BORROWINGS Security and
Salient Terms : a) Loans
aggregating to Rs.16335.200 millions (Previous Year Rs.15090.100 millions)
are secured by way of hypothecation of Inventories (excluding Aircraft fuel),
Debtors / receivable (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 on the aircraft owned by the Company
either on hire purchase / finance lease. The Company to escrow the entire
IATA collection with the lead bank for facilitating interest servicing and
regularisation in case of any irregularity. The Company has committed to
infuse equity capital by 31st May, 2013 failing which the Chairman
of the Company will have to furnish his personal guarantee. Of the above,
charge for a Rupee Term loan amounting to Rs.500.000 millions is pending
creation. b) (i) Foreign
Currency Loans amounting to Rs.446.000 millions (Previous Year Rs. Nil) and
Rupee Loan amounting to Rs.360.000 millions (Previous Year Rs. Nil) 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.300.000 millions (Previous Year Nil) 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 paripassu
charge is pending creation. c) Rupee loan of
Rs.350.200 millions (Previous Year Nil) is secured by way of a second charge
on two Boeing narrow body aircraft which is pending creation. d) Rupee Loan of
Rs. Nil (Previous Year Rs.2500.000 millions) was secured by an undertaking
from the Company to remit the balance sale proceeds from sale and lease back
of four (4) Aircraft. e) Buyer’s
credit of Rs.1042.500 millions (Previous Year Rs.977.000 millions) is secured
by exclusive charge over two New CFM 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 – 400 018, Maharashtra,
India |
|
|
|
|
Statutory
Auditors 2 : |
|
|
Name : |
Chaturvedi and
Shah Chartered
Accountants |
|
Address : |
Laxmi Towers, “A”
Wing, Bandra-Kurla Complex, Mumbai – 400 051, Maharashtra, India |
|
|
|
|
Legal Advisors : |
Gagrats |
|
|
|
|
Holding Company
: |
Tail Winds Limited |
|
|
|
|
Wholly Owned
Subsidiary Company (Control exists) : |
·
Jet Lite (India) Limited ·
Jet Privilege Private Limited ·
Jet Airways Training Academy Private Limited |
|
|
|
|
Enterprises over which controlling shareholder of
Holding Company and his relatives are able to exercise significant influence
directly or indirectly : |
· Jetair Private Limited · Jet Airways LLC · Trans Continental e Services Private Limited · Jet Enterprises Private Limited · Jet Airways of India Inc. · India Jetairways Pty Limited · Jet Airways Europe Services N.V. · Jetair Tours Private Limited · Global Travel Solutions Private Limited |
CAPITAL STRUCTURE
AS ON 08.08.2013
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 |
|
|
|
|
|
AS ON 31.03.2013
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 |
|
86334011 |
Equity Shares |
Rs.10/- each |
Rs.863.300
millions |
|
|
|
|
|
Reconciliation of
Number of Shares
|
Particulars |
As at 31st March, 2013 |
|
|
Number of shares |
Amount
(Rs. in millions) |
|
|
Equity Shares : Face value of Rs.10/- each |
|
|
|
As at the beginning of the year |
86334011 |
863.300 |
|
As at the end of
the year |
86334011 |
863.300 |
Shareholders holding more
than 5% of equity share capital and shares held by Holding / Ultimate Holding
Company
|
Name of the Shareholder |
As at 31st March, 2013 |
|
|
Number of shares |
Percentage of holding |
|
|
Tail Winds Limited (Holding Company) and its nominee |
69067205 |
80.00% |
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.
LISTING DETAILS:
|
|
BSE Code: 532617 NSE Code: JETAIRWAYSSEQ |
|
Stock Exchange
Place : |
The Stock Exchange, Mumbai National Stock Exchange Limited |
|
Listed Date : |
14.03.2005 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
863.300 |
863.300 |
863.300 |
|
(b) Reserves & Surplus |
(4288.600) |
10945.300 |
25180.100 |
|
(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) |
(3425.300) |
11808.600 |
26043.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
68686.000 |
87735.800 |
90479.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
336.300 |
|
(c) Other long term liabilities |
3650.000 |
4223.900 |
304.100 |
|
(d) Long-term provisions |
1251.800 |
987.100 |
960.600 |
|
Total Non-current Liabilities (3) |
73587.800 |
92946.800 |
92080.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
19525.900 |
20941.700 |
24527.400 |
|
(b) Trade payables |
47524.500 |
37448.100 |
20900.400 |
|
(c) Other current
liabilities |
49281.300 |
44847.000 |
42413.800 |
|
(d) Short-term provisions |
1051.300 |
799.400 |
908.300 |
|
Total Current Liabilities (4) |
117383.000 |
104036.200 |
88749.900 |
|
|
|
|
|
|
TOTAL |
187545.500 |
208791.600 |
206873.800 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
107431.100 |
135951.300 |
134445.700 |
|
(ii) Intangible Assets |
339.300 |
1873.200 |
1712.400 |
|
(iii) Capital
work-in-progress |
0.000 |
20.700 |
319.800 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
16460.100 |
16459.600 |
16450.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22813.700 |
21085.000 |
22313.500 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
147044.200 |
175389.800 |
175242.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
800.000 |
|
(b) Inventories |
7866.700 |
7783.500 |
7111.800 |
|
(c) Trade receivables |
11845.800 |
12664.400 |
9657.700 |
|
(d) Cash and cash
equivalents |
8370.700 |
4978.800 |
5877.100 |
|
(e) Short-term loans
and advances |
12418.100 |
7975.100 |
8184.900 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
40501.300 |
33401.800 |
31631.500 |
|
|
|
|
|
|
TOTAL |
187545.500 |
208791.600 |
206873.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
168525.900 |
148159.100 |
127367.600 |
|
|
|
Other Income |
5505.800 |
3571.700 |
1955.100 |
|
|
|
TOTAL (A) |
174031.700 |
151730.800 |
129322.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Aircraft Fuel Expenses |
69920.000 |
66306.700 |
43667.000 |
|
|
|
Employee Benefit Expenses |
15442.400 |
15994.900 |
13396.900 |
|
|
|
Selling and Distribution Expenses |
13585.600 |
13616.700 |
12617.200 |
|
|
|
Aircraft Lease Rentals |
12321.000 |
9060.000 |
8443.600 |
|
|
|
Other Expenses |
48227.600 |
40926.600 |
32321.200 |
|
|
|
Exceptional Items |
(1065.400) |
(731.900) |
(1891.900) |
|
|
|
TOTAL (B) |
158431.200 |
145173.000 |
108554.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15600.500 |
6557.800 |
20768.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11189.800 |
9712.300 |
11197.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4410.700 |
(3154.500) |
9571.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9265.700 |
9398.800 |
9106.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(4855.000) |
(12553.300) |
465.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(192.300) |
368.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(4855.000) |
(12361.000) |
96.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(19554.900) |
(7193.900) |
(7290.800) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(24409.900) |
(19554.900) |
(7193.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Passenger and Cargo Revenue |
71829.300 |
62844.000 |
51337.500 |
|
|
|
Interest on Bank Account |
0.036 |
3.400 |
2.300 |
|
|
|
Leasing Operations |
4843.200 |
4521.200 |
5172.400 |
|
|
|
Other Income |
260.200 |
161.500 |
448.300 |
|
|
TOTAL EARNINGS |
76932.736 |
67530.100 |
56960.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spares |
2521.200 |
3525.200 |
3618.800 |
|
|
|
Capital Goods |
1958.100 |
1568.500 |
643.800 |
|
|
TOTAL IMPORTS |
4479.300 |
5093.700 |
4262.600 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(56.23) |
(143.18) |
1.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.79) |
(8.15)
|
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.88) |
(8.47)
|
0.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.84) |
(6.53)
|
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.42 |
(1.06)
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(25.75) |
9.20
|
4.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.35 |
0.32
|
0.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
863.300 |
863.300 |
863.300 |
|
Reserves & Surplus |
25180.100 |
10945.300 |
(4288.600) |
|
Net worth |
26043.400 |
11808.600 |
(3425.300) |
|
|
|
|
|
|
long-term borrowings |
90479.500 |
87735.800 |
68686.000 |
|
Short term borrowings |
24527.400 |
20941.700 |
19525.900 |
|
Total borrowings |
1,15,006.900 |
1,08,677.500 |
88,211.900 |
|
Debt/Equity ratio |
4.416 |
9.203 |
(25.753) |
%20LIMITED%20-%20268976%2024-May-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
127367.600 |
148159.100 |
168525.900 |
|
|
|
16.324 |
13.747 |
%20LIMITED%20-%20268976%2024-May-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
127367.600 |
148159.100 |
168525.900 |
|
Profit |
96.900 |
(12361.000) |
(4855.000) |
|
|
0.08% |
(8.34%) |
(2.88%) |
%20LIMITED%20-%20268976%2024-May-2014_files/image012.gif)
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 |
|
|
|
|
|
|
|
Petitioner:- |
Commissioner of Income Tax, TDS, Mumbai |
|
|
|
Respondent :- |
Jet Airways (India) Limited |
|
|
|
Petn. Adv.:- |
Prakash Chandra Chhotaray (I3415) |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
|
|
Last Date:- |
14/03/2014 |
Stage:- |
-- |
|
|
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|
INDEX
OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10463674 |
06/12/2013 |
5,000,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
52/60, MAHATMA
GANDHI ROAD, P.O. BOX 128, FORT, |
B90900341 |
|
2 |
10463337 |
30/10/2013 |
5,856,000,000.00 |
BARCLAYS BANK
PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E |
B90780503 |
|
3 |
10447009 |
04/09/2013 |
6,336,000,000.00 |
BARCLAYS BANK
PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E |
B84012830 |
|
4 |
10442057 |
05/08/2013 |
5,856,000,000.00 |
BARCLAYS BANK PLC |
5 THE NORTH
COLONNADE, CANARY WHARF, LONDON, - E |
B81698102 |
|
5 |
10438668 |
02/07/2013 |
9,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, GROUND FLOOR, MAKER TOWER |
B80345994 |
|
6 |
10425786 |
16/05/2013 |
7,200,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
52/60 MAHATMA
GANDHI ROAD, P.O. BOX 128, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75156315 |
|
7 |
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 |
B70082201 |
|
8 |
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 |
|
9 |
10399683 |
24/12/2012 |
600,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B66389792 |
|
10 |
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 |
|
11 |
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 |
|
12 |
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 |
|
13 |
10311797 |
23/09/2011 |
1,100,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B23164296 |
|
14 |
10338367 |
06/06/2011 |
1,150,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE,
9TH FLOOR, DISCOVERY OF INDIA, DR. |
B24017295 |
|
15 |
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 |
|
16 |
10266051 |
11/04/2011 * |
6,150,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, GROUND FLOOR, MAKER TOWER |
B11564374 |
|
17 |
10243543 |
09/09/2009 |
1,800,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A89851125 |
|
18 |
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 |
|
19 |
10134142 |
30/01/2013 * |
7,000,000,000.00 |
INDIAN OVERSEAS
BANK |
LARGE CORPORATE
BRANCH, 62, RUKMANI LAKSHMIPATHY |
B70168034 |
|
20 |
10110861 |
27/06/2008 |
3,500,000,000.00 |
FLEET IRELAND AIRCRAFT
LEASE 2007-A LIMITED |
1 GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000, |
A40729105 |
|
21 |
10104436 |
28/05/2008 |
3,500,000,000.00 |
FLEET IRELAND
AIRCRAFT LEASE 2007-A LIMITED |
1 GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000, |
A39194956 |
|
22 |
10085375 |
01/02/2008 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A31369028 |
|
23 |
10080550 |
17/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29199528 |
|
24 |
10080546 |
14/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND |
A29198355 |
|
25 |
10080547 |
05/12/2007 |
3,200,000,000.00 |
MOORGATE
AIRCRAFT 2007 LIMITED |
1, GUILD STREET,
IFSC, DUBLIN 1,, DUBLIN, - 0000000, IRELAND |
A29198926 |
|
26 |
10072398 |
11/10/2007 |
1,789,600,000.00 |
DELAWARE
AIRCRAFT HIRE 2007 LLC |
C/O. WILMINGTON TRUST
COMPANY, RODNEY SQUARE NORTH, 1100, NORTH MARKET STREET, WILMINGTON DE, -
19890, UNITED STATES OF AMERICA |
A25519232 |
|
27 |
10065234 |
27/08/2007 |
1,789,600,000.00 |
DELAWARE
AIRCRAFT HIRE 2007 LLC |
C/O. WILMINGTON TRUST
COMPANY,, 1100, NORTH MARKE |
A21987227 |
|
28 |
10062888 |
02/08/2007 |
3,170,764,987.62 |
FLEET IRELAND
AIRCRAFT LEASE 2007 - A LIMITED |
CUSTOM HOUSE PLAZA,
BLOCK 6, IFSC, DUBLIN, -0, IRELAND |
A20792545 |
|
29 |
10062889 |
02/08/2007 |
3,251,767,910.80 |
FLEET IRELAND
AIRCRAFT LEASE 2007 - A LIMITED |
CUSTOM HOUSE
PLAZA, BLOCK 6, IFSC, DUBLIN, - |
A20793592 |
|
30 |
10022713 |
15/12/2006 * |
1,575,000,000.00 |
DELAWARE
AIRCRAFT HIRE 2006 LLC |
C/O. WILMINGTON
TRUST COMPANY RODNEY SQUARE NORTH, |
A05664859 |
|
31 |
10020829 |
15/12/2006 * |
1,575,000,000.00 |
DELAWARE AIRCRAFT
HIRE 2006 LLC |
C/O. WILMINGTON
TRUST COMPANY RODNEY SQUARE NORTH, |
A05214317 |
|
32 |
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 |
B73639239 |
|
33 |
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 |
- |
* Date of charge
modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee Term Loan |
0.000 |
0.000 |
|
Long Term Maturities of Finance Lease Obligations (note a) |
58219.300 |
71014.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable on Demand |
|
|
|
From Banks |
|
|
|
Rupee Loans (note a) |
440.000 |
994.400 |
|
Foreign Currency Loans (note a) |
252.000 |
1380.200 |
|
Total
|
58911.300 |
73388.600 |
NOTES:
LONG TERM
BORROWINGS
(a) (i) Finance Lease
obligation for six aircraft are secured by Corporate Guarantee given by the
Subsidiary Company of Rs.38672.100 millions equivalent USD 7,124 lakhs
(Previous Year Rs.36242.900 millions equivalent USD 7,124 lakhs).
(ii) Repayable in
quarterly instalments over period of twelve years from the date of disbursement
of respective loan. Interest rate is linked with LIBOR plus margin.
SHORT TERM
BORROWINGS:
The rates of interest for the loans listed ranges from 180 base points to
850 base points over LIBOR plus Margin for Foreign Currency Loans and 12% to
15% for Rupee Loans.
REVIEW OF
OPERATIONS:
The year continued
to be challenging one for the Company due to sluggish economic scenario
resulting into slump in demand by around 5%.
In the 1st half of
the financial year, domestic industry was going through a turbulent time due to
high costs and excess capacity environment which was a spillover from the
previous year. This caused financial strain on airlines resulting in domestic
capacity reducing in the 2nd half of the year. Capacity induction in the 2nd
half slowed down, helping the airlines to maintain higher yields. However,
airlines were not able to pass on increase in costs fully to the passengers.
All these have resulted into industry posting losses once again in this year.
According to
CAPA’s latest estimate, losses for the domestic industry as a whole for the
year ended 31st March 2013, is estimated around US$ 1.65 Billion dollars.
There were other
major events which impacted the business which included:
a) The weakening
of the Indian Rupee vis-à-vis the United States Dollar
b) Increase in
crude oil prices and resultant price of ATF, which forms close to 40% of their
operating costs
c) Significant
increases in Landing and Navigation charges at key metros
d) Weak economy
leading to the hardening of interest rates and also made it difficult for
airlines to raise short term / working capital debt
During the year
slowdown in demand has resulted in capacity reduction, which has resulted in
aircraft on ground. Few of them were redeployed to profitable routes in
international sectors.
The impact of
aircraft on ground for the year was Rs.1889.000 millions (US$ 34.8 Million).
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.
Initiatives such
as discontinuing loss making routes, Sale / Sale and lease back of aircraft /
slots, renegotiation of major contracts including aircraft maintenance, ground
handling, selling and distribution costs, etc. have been either implemented or
in the process of being implemented. They are confident that these measures
will help them to bring down the breakeven load factor. The Company has started
focusing on increasing various avenues of ancillary revenues.
In order to help
strengthen its balance sheet and strategize sustained profitable growth, the
Company will be inking a deal with Etihad Airways PJSC which will bring
immediate revenue growth and cost synergy opportunities for both the airlines.
The domestic
traffic growth in India reduced by 5% for Fiscal year 2013 and 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 high operating costs which need to be passed on to the
passenger.
For Jet Airways,
the domestic passenger traffic for the year went down by 4% as compared to the same
period last year while international passenger traffic registered an increase
of 0.3%.
The Company ended
the financial year with a system-wide seat factor of 72.6% on the domestic and
82.2% on the international sectors.
The Company carried 16.854 millions revenue passengers on its
international and domestic services during the year.
Routes
The details of the routes introduced and discontinued during the
financial year ended 31st March, 2013 are as follows:
|
Routes |
Introduced |
Discontinued |
|
Domestic Segment |
||
|
Chennai-Pune-Chennai |
16th May, 2012 |
|
|
Bengaluru-Vizag-Bengaluru |
16th May, 2012 |
|
|
Kolkata-Varanasi-Kolkata |
28th October, 2012 |
|
|
Delhi-Aurangabad-Delhi |
|
14th June, 2012 |
|
Hyderabad-Indore-Hyderabad |
|
4th July, 2012 |
|
Goa-Hyderabad-Goa |
|
20th August, 2012 |
|
Hyderabad-Vizag-Hyderabad |
|
31st October, 2012 |
|
Nagpur-Bhopal-Nagpur |
|
4th December, 2012 |
|
Indore-Bhopal-Indore |
|
19th December, 2012 |
|
Leh-Chandigarh-Leh |
|
7th January, 2013 |
|
Kolkata-Imphal-Kolkata |
|
31st January, 2013 |
|
Bhopal-Lucknow-Bhopal |
|
8th March, 2013 |
|
International
Segment |
||
|
Mangalore-Dubai-Mangalore |
3rd January, 2013 |
|
|
Trivandrum-Sharjah-Trivandrum |
|
6th May, 2012 |
|
Delhi-Colombo-Delhi |
|
16th May, 2012 |
|
Mumbai-Johannesburg-Mumbai |
|
12th June, 2012 |
|
Chennai-Dubai-Chennai |
|
21st June, 2012 |
|
Chennai-Kuala Lumpur-Chennai |
|
2nd July, 2012 |
|
Brussels-New
York-Brussels |
|
10th September,
2012 |
|
Hyderabad-Dubai-Hyderabad |
|
16th September, 2012 |
|
Chennai-Brussels-Chennai |
|
15th November, 2012 |
|
Kochi-Bahrain-Kochi |
|
7th December, 2012 |
|
Delhi-Milan-Delhi |
|
1st February, 2013 |
|
Kochi-Kuwait-Kochi |
|
1st February, 2013 |
Fleet
As on 31st March,
2013, the Company had a fleet of 95 aircraft, comprising 10 Boeing 777-300 ER
aircraft, 10 Airbus A330-200 aircraft, 3 Airbus A330-300 aircraft, 54 Next
Generation Boeing 737-700/800/900/900ER aircraft, 17 modern ATR 72-500
Turboprop aircraft and 1 ATR 72-600 aircraft. With an average fleet age of 5.40
years, the airline has one of the youngest aircraft fleets in the world.
Of the 10
B777-300ER aircraft, 5 aircraft have been sub-leased to Thai Airways
International Public Company Limited (“Thai Airways”). The lease in respect of
these aircraft expires between May, 2013 and November, 2013.
The Company flies
to 55 domestic destinations (includes flights operated by Jet Lite (India)
Limited, the Company’s wholly owned subsidiary) and 20 International
destinations.
Subsidiary Company
Jet Lite (India)
Limited (‘Jet Lite’) is a wholly owned subsidiary which was acquired by the
Company on 20th April, 2007.
Jet Lite is a
non-material, non-listed subsidiary company as defined under Clause 49 of the
Listing Agreement(s) entered into with the Stock Exchanges.
For the financial
year ended 31st March, 2013, Jet Lite posted a total income of
Rs.20113.600 millions (2011-12: Rs.19038.600 millions) and a Net Loss of
Rs.2953.200 millions (2011-12: Rs.1840.300 millions). In view of the loss, the
Board of Directors of Jet Lite has not recommended a dividend; neither on the
Equity Shares nor on the Compulsorily Fully Convertible Non-Cumulative
Preference Shares for the year ended 31st March, 2013 (Previous Year
: Nil). The Company continues to support the operations of Jet Lite.
New Subsidiaries:
The Company
acquired 100% of the Share Capital of Jet Privilege Private Limited on 5th
December, 2012, a marketing services company engaged in the business of managing
reward points and loyalty programs for its program partners with a view to
transform the JetPrivilege programme into a larger retail-based coalition
loyalty program and through its operations unlock greater commercial value.
Jet Airways Training
Academy Private Limited was incorporated on 14th December, 2012, as
a 100% wholly owned subsidiary to function as an academy to impart training to
the crew of different airlines as well as individuals who desire to pursue a
career in aviation. It will also provide training in other related fields like
hospitality, travel and tourism, etc.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
Industry Structure
and Development
The aviation
industry in India has gone through yet another very difficult year of
operations due to high operating costs and slump in demand, resulting into
industry showing substantial losses for Fiscal 2013.
Crude oil prices
continued to be very high and airlines were not able to pass on full impact of
increase to the passengers.
In addition,
depreciation of Indian rupee against US Dollar had put significant pressure on
the cost line of the airlines.
The cost of
borrowing still remains to be very high, thereby impacting the interest costs.
Airlines managed
to improve yields year on year which has helped them to reduce losses as
compared to last year. 1.4 During the year the Government of India introduced
reform by allowing Foreign Direct Investment (FDI) up to 49% in an airline,
which is one of the positive development for the industry.
Analysis of
Operational Performance Fiscal 2013 Compared to Fiscal 2012
Revenues
Total operating
revenues of Rs.168525.900 millions in Fiscal 2013 compared to Rs.148159.100
millions in Fiscal 2012 shows an increase of 14% mainly due to improvement in
the passenger yield and increase in cargo revenues by 5% mainly due to increase
in cargo tons carried.
Passenger Revenues
In Fiscal 2013
passenger revenues were at Rs.143686.700 millions as compared to Rs.125820.500
millions in Fiscal 2012. The growth of 14% can be mainly attributed to increase
in revenue per passenger.
Revenues from
Excess Baggage
Revenues from
excess baggage increased by 51% to Rs.1382.100 millions in Fiscal 2013 from
Rs.913.900 millions in Fiscal 2012.
Revenues from
Cargo
Revenues from
carriage of cargo increased by 5% to Rs.13749.800 millions in Fiscal 2013 from
Rs.13084.100 millions in Fiscal 2012.
This was mainly on
account of increase in the cargo tons carried.
Other Operating
Income
Other operating
revenues increased by 16% to Rs.9707.300 millions in Fiscal 2013 from
Rs.8340.600 millions in Fiscal 2012. The increase was mainly due to higher
leasing income and cancellation charges.
Other Income
Other income
increased by 54% to Rs.5505.800 millions in Fiscal 2013, from Rs.3571.700
millions in Fiscal 2012. The increase was mainly on account of profit on sale
of slots at London Heathrow airport.
Outlook /
Restructuring Measures
Starting Fiscal
2014, capacity increases are expected to be moderate in the industry. The
demand growth is expected to climb up to double digits in the second half of
the current fiscal. Airlines are regaining pricing power and industry load
factors are starting to move northwards.
Operating cost
environment continues to be difficult with Rupee depreciation, high crude
prices and significant increase in landing and navigation costs. Airlines will
have no choice but to pass on these increases to the passenger. This may affect
the passenger growth in short term as it will become unaffordable in the hands
of the customer.
Crude oil prices,
over the last few weeks have been hovering over USD 100 per barrel, if this
gets stable, it should help them to keep costs lower since fuel costs represent
close to 40% of their costs. But the recent weakening of the Indian Rupee vis a
vis the US Dollar will pose cost challenges since their outflows in foreign
currency are higher than foreign inflows.
They continue in
their endeavor on cost cutting measures, explore 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. The proposed Jet-Etihad deal will bring immediate revenue growth and cost
synergy opportunities for both the airlines and will help strengthen Jet
Airways balance sheet. Key cost benefits and 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 will come through. 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.
The alliance will
bring significant guest benefits with expanded code sharing, creating a
combined network of 140 destinations, these benefits will result in accelerated
return of the Company to sustainable profitability.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
(a) Guarantees: |
|
|
|
i. Letters of Credit Outstanding |
17598.900 |
13253.000 |
|
ii. Bank Guarantees Outstanding |
12356.200 |
11311.200 |
|
iii. Corporate Guarantee
given to Banks and Financial Institutions against credit facilities and to
Lessors against financial obligations extended to Subsidiary Company: |
|
|
|
- Amount of
Guarantee |
5612.700 |
5359.800 |
|
- Outstanding
Amounts against the Guarantee |
5555.000 |
5307.400 |
|
(b) Claims
against the Company not acknowledged as debt |
|
|
|
i. Service Tax
Demands in Appeals |
16132.500 |
14135.900 |
|
ii. Fringe
Benefit Tax Demands in Appeals |
894.100 |
894.500 |
|
iii. Pending
Civil and Consumer Suits |
671.600 |
418.000 |
|
iv. Inland Air
Travel Tax Demands under Appeal |
42.600 |
42.600 |
|
Amount deposited
with the Authorities for the above Demands |
10.500 |
10.500 |
|
v. Octroi |
289.900 |
Nil |
|
vi. Customs |
62.100 |
14.300 |
|
vii. Income Tax Demands in Appeals |
2915.700 |
2993.700 |
viii. The Company
has provided security by way of a mortgage on its 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 (excluding built up
area of 75,000 square feet) for the aforesaid plot of land against the
financial assistance of Rs.7500.000 millions (Previous Year Rs.7500.000
millions) provided by a financial institution to its developer Godrej Buildcon
Private Limited.
ix. 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 dt.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. Pending adjudication of the matter by
the Hon'ble Supreme Court, the interest payment of Rs.1164.300 millions
effected by the Company on 5th May, 2011 has not been recognized in the
Statement of Profit and Loss.
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. Further, claims by
parties in respect of which the Management have been legally advised that the
same are frivolous and not tenable, have not been considered as contingent
liabilities as the possibility of an outflow of resources embodying economic
benefit is highly remote.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
(Rs.
in millions)
|
PARTICULARS |
For the quarter ended |
For the nine months ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1. Income from
Operations |
|
|
|
|
a. Income from Operations (Net) |
42294.100 |
37882.300 |
117964.200 |
|
b. Other Operating Income |
3064.600 |
4064.700 |
9393.000 |
|
Total Income from
Operations |
45358.700 |
41947.000 |
127357.200 |
|
2. Expenses |
|
|
|
|
a. Aircraft Fuel Expenses |
19148.400 |
18108.000 |
52690.300 |
|
b. Aircraft Lease Rentals |
4236.700 |
4285.500 |
12157.000 |
|
c. Employees Remuneration and Benefits |
4837.300 |
4373.300 |
13698.300 |
|
d. Depreciation and Amortisation |
2295.500 |
2233.900 |
6614.200 |
|
e. Selling and Distribution Expenses |
3506.800 |
3727.800 |
10454.200 |
|
f. Other Expenses |
13596.100 |
15777.700 |
41686.800 |
|
Total Expenses |
47620.800 |
48506.200 |
137300.800 |
|
3. (Loss) / Profit from Operations before Other Income, Finance Cost and Exceptional Items (1-2)) |
(2262.100) |
(6559.200) |
(9943.600) |
|
4. Other Income : |
1674.600 |
730.700 |
2995.800 |
|
5. (Loss) / Profit from Operations before Finance Cost and Exceptional
Items (3+4) |
(587.500) |
(5828.500) |
(6947.800) |
|
6. Finance Cost (Net) |
2302.500 |
2500.500 |
7144.300 |
|
7. (Loss) / Profit after Finance Cost but before Exceptional Items
(5-6) |
(2890.000) |
(8329.000) |
(14092.100) |
|
8. Exceptional Items : |
|
|
|
|
a. Compensation Credit |
-- |
-- |
-- |
|
b. Salary arrears |
-- |
-- |
-- |
|
c. Unrealised Exchange Gain / (Loss) |
211.100 |
(592.100) |
(1144.500) |
|
d. Marked to Market - Derivatives |
-- |
11.000 |
93.800 |
|
9. (Loss) / Profit from Ordinary Activities before Tax (7+8) |
(2678.900) |
(8910.100) |
(15142.800) |
|
10. Tax Expense : - |
|
|
|
|
Current Tax |
-- |
-- |
-- |
|
Deferred Tax |
-- |
-- |
-- |
|
MAT Credit Reversal / (Entitlement) |
-- |
-- |
-- |
|
Short / (Excess) Tax Provisions (Net) for Earlier Years |
-- |
-- |
-- |
|
11. (Loss) / Profit from Ordinary Activities after Tax (9-10) |
(2678.900) |
(8910.100) |
(15142.800) |
|
12. Extraordinary Item |
-- |
-- |
-- |
|
13. Net (Loss) / Profit (11-12) |
(2678.900) |
(8910.100) |
(15142.800) |
|
14. Paid up Equity Share Capital (Face Value of Rupees 10/- each) |
1136.000 |
863.300 |
1136.000 |
|
15. Reserves 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 |
(27.12) |
(103.20) |
(167.33) |
|
A PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17. Public Shareholding
|
|
|
|
|
- Number of Shares (Face Value of Rupees 10/- each) |
55662718 |
21583503 |
55662718 |
|
- Percentage of holding (%) |
49% |
25% |
49% |
|
18. Promoters
and Promoter Group Shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Total Promoters and Promoter Group Shareholding (%) |
-- |
-- |
-- |
|
- Percentage of Total Share Capital of Company (%) |
-- |
-- |
-- |
|
b) Non -
Encumbered |
|
|
|
|
- Number of Shares |
57934665 |
64750508 |
57934665 |
|
- Percentage of Total Promoters and Promoter Group Shareholding (%) |
100% |
100% |
100% |
|
- Percentage of Total Share Capital of Company (%) |
51% |
75% |
51% |
|
B INVESTOR
COMPLAINTS |
Quarter ended 31.12.2013 (Unaudited) |
|
Opening |
Nil |
|
Received during the quarter |
7 |
|
Disposed-off during the quarter |
7 |
|
Remaining unresolved at the end of the quarter |
Nil |
UNAUDITED STANDALONE
SEGMENTWISE REVENUE, RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
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 |
For the quarter ended |
For the nine months ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Segment Revenue:
(Primarily Passenger, Cargo, Excess Baggage and Leasing of Aircraft) |
|
|
|
|
Domestic |
19135.500 |
16161.800 |
52394.100 |
|
International |
26223.200 |
25785.200 |
74963.100 |
|
Total |
45358.700 |
41947.000 |
127357.200 |
|
Segmental
Result: |
|
|
|
|
Domestic |
9542.900 |
7226.400 |
26120.900 |
|
International |
11577.800 |
11695.100 |
34086.500 |
|
Total |
21120.700 |
18921.500 |
60207.400 |
|
|
|
|
|
|
Less: Finance Cost |
2302.500 |
2500.500 |
7144.300 |
|
Depreciation and Amortisation |
2295.500 |
2233.900 |
6614.200 |
|
Other Unallocable Expenditure |
21087.300 |
23246.800 |
63536.800 |
|
Add: Other Unallocable Revenue |
1674.600 |
730.700 |
2995.800 |
|
Add: Exceptional Items (Net) |
211.100 |
(581.100) |
(1050.700) |
|
|
|
|
|
|
Loss before
tax |
(2678.900) |
(8910.100) |
(15142.800) |
|
|
|
|
|
|
Less: Taxes |
-- |
-- |
-- |
|
|
|
|
|
|
Loss after
tax |
(2678.900) |
(8910.100) |
(15142.800) |
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.
FIXED ASSETS:
Owned Tangible Assets:
·
Freehold
Land
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Electrical
Fittings
·
Data
Processing Equipments
·
Office
Equipments
·
Vehicles
·
Ground
Support Equipments
·
Simulator
Leased Assets:
·
Leasehold
Land
·
Aircraft
and Spare Engine (Narrow Body)
·
Aircraft
and Spare Engine (Wide Body)
·
Improvement
on Leased Aircraft
·
Improvement
on Leased Property
Intangible Assets:
·
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 take off 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.
Guests can now book a ticket between India and France with Jet Airways via the airline’s website www.jetairways.com or through travel agencies.
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,
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.58.48 |
|
UK Pound |
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.