MIRA INFORM REPORT

Report No. :	350541
Report Date :	19.11.2015

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
Tel. No.:	91-22-61211000/ 28505080/ 4271/ 5627/ 5628/ 5629

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	01.04.1992

Com. Reg. No.:	11-066213

Capital Investment / Paid-up Capital :	Rs. 1136.000 Million

CIN No.: [Company Identification No.]	L99999MH1992PLC066213

IEC No. :	0392053314

PAN No.: [Permanent Account No.]	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMJ00366C / MUMJ06594A

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 :	13527 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Exist

Comments :	Subject was incorporated in 1992 and it is engaged in providing passenger and cargo air transportation services and also leases aircrafts As per the financial company’s profitability is under pressure. There aer accumulated losses recorded by the company which has eroded net worth of the company. Rating is further constrained as the Indian airline industry continues to be faced with considerable cost pressures and continued competitive pressures on industry-wide pricing power. However, rating also takes into consideration strategic initiative takes by subject company with its strategic partner (Etihad airways) in reshaping its business. This strategic alliance is expected to be mutually beneficial in areas of operation performance and cost improvement and other services. Business is active. Payment terms are slow. Continued support from Etihad Airways in form of financial, technical and managerial turning Jet Airways around and improving its liquidity profile, the company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating : ICRA BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	May 2015

Rating Agency Name	ICRA
Rating	Short term rating : ICRA A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 2015

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(TEL NO.: 91-22-61211000)

LOCATIONS

Registered/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 Offices :	Located at: · Mumbai · Ahmadabad · Goa · Kochi · Kolkata · Mangalore · Bangalore · Hyderabad · Chennai · Coimbatore · Delhi

DIRECTORS

As on 31.03.2015

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

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

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

Name :	Mr. Dinesh Kumar Mittal
Designation :	Director

Name :	Mr. Diwakar Gupta
Designation :	Director
Date of Appointment :	16.05.2015

Name :	Mrs. Anita Goyal
Designation :	Director
Date of Appointment :	08.04.2015

Name :	Mr. Gaurang Shetty
Designation :	Whole Time director
Date of Birth/ Age :	08.10.1956
Qualification :	Bachelor of Science
Date of Appointment :	24.05.2015
DIN No.:	00009364

KEY EXECUTIVES

Name :	Mr. Arun Kanakal
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2015

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	8687028	7.65
Financial Institutions / Banks	258567	0.23
Insurance Companies	2430864	2.14
Foreign Institutional Investors	4629022	4.07
Sub Total	16005481	14.09
(2) Non-Institutions
Bodies Corporate	3059468	2.69
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7044850	6.20
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1410991	1.24
Any Others (Specify)	28141928	24.77
Non Resident Indians	406304	0.36
Trusts	1088	0.00
Clearing Members	471164	0.41
Others	27263372	24.00
Sub Total	39657237	34.91
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
(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

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Name of the Shareholder	No. of Shares	As a %
Naresh Goyal	5,79,33,665	51.00
Anita Naresh Goyal	1,000	0.00

Total	5,79,34,665	51.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Name of the Shareholder	No. of Shares	As a %
Life Insurance Corporation of India	2355864	2.07
Etihad Airway PJSC	27263372	24.00
Parvest Equity India	3125000	2.75
Reliance Capital Trustee	3750326	3.30

Total	36494562	32.13

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	As a %
Etihad Airway PJSC	27263372	24.00

Total	27263372	24.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Providing Passenger and Cargo Air Transportation Services, also Leases Aircrafts.

Brand Names :	--

Agencies Held :	--

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

13527 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Abhu Dhabi Commercial Bank

· Allahabad Bank

· AXIS Bank Limited

· Banca Popolare Di Milano

· Bank of America N.A.

· Bank of Baroda

· Bank of India

· 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 & Shanghai Banking Corporation Limited

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

· Yes Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Term Loans
From Banks
Rupee Term Loans	472.500	922.500
Foreign Currency Term Loans	13468.800	4590.200
From Others
Rupee Term Loan	0.000	0.000
Foreign Currency Term Loan	0.000	0.000

SHORT TERM BORROWINGS
Loans Repayable on Demand
From Banks
Rupee Loans	10704.900	12143.200
Foreign Currency Loans	9238.000	6283.400
From Others
Buyers Credit	0.000	1150.600

Total	33884.200	25089.900


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

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

180000000	Equity Shares	Rs.10/- each	Rs.1800.000 Million
20000000	Preference Shares	Rs.10/- each	Rs.200.000 Million
	Total		Rs.2000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

113597383	Equity Shares	Rs.10/- each	Rs.1136.000 Million

a. Reconciliation of the number of shares

Particulars	As on 31.03.2015
	Number of shares	Rs. in Millions
As at the beginning of the year	113,597,383	1136.000
Add : Issued during the year	--	--
As at the end of the year	113,597,383	1136.000

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

Name of Shareholders	As on 31.03.2015
	Number of Shares	% holding
Naresh Goyal	57933665	51.00%
Etihad Airways (PJSC)	27263372	24.00%

c. Terms / Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of ` 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 Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1136.000	1136.000	863.300
(b) Reserves & Surplus	(42038.800)	(23413.700)	(4288.600)
(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)	(40902.800)	(22,277.700)	(3425.300)

(3) Non-Current Liabilities
(a) long-term borrowings	66073.000	65460.700	68686.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11484.100	3650.000	3650.000
(d) long-term provisions	2479.200	2142.600	1251.800
Total Non-current Liabilities (3)	80036.300	71253.300	73587.800

(4) Current Liabilities
(a) Short term borrowings	36442.900	20397.200	19525.900
(b) Trade payables	54278.200	48404.600	47524.500
(c) Other current liabilities	58113.700	64518.500	49281.300
(d) Short-term provisions	523.900	1395.300	1051.300
Total Current Liabilities (4)	149358.700	134715.600	117383.000

TOTAL	188492.200	183,691.200	187545.500

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92184.400	96094.600	107431.100
(ii) Intangible Assets	127.700	255.000	339.300
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	194.200	0.000	0.000
(b) Non-current Investments	6961.700	16412.100	16460.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34495.000	30983.900	22813.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	133963.000	143745.600	147044.200

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9270.200	8037.600	7866.700
(c) Trade receivables	13744.800	12092.200	11845.800
(d) Cash and cash equivalents	20686.000	11454.100	8370.700
(e) Short-term loans and advances	10828.200	8361.700	12418.100
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	54529.200	39945.600	40501.300

TOTAL	188492.200	183691.200	187545.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	195734.300	173018.900	168525.900
		Other Income	7073.000	4115.800	5505.800
		TOTAL (A)	202807.300	177134.700	174,031.700

Less	EXPENSES
		Aircraft Fuel Expenses	66862.600	71754.200	69920.000
		Employee Benefit Expenses	22430.000	18995.900	15442.400
		Selling and Distribution Expenses	20409.400	14482.900	13585.600
		Aircraft Lease Rentals	19589.200	16761.000	12321.000
		Other Expenses	67602.600	65871.400	48227.600
		Exceptional Items	7585.000	7219.900	(1065.400)
		TOTAL (B)	204478.800	195085.300	158431.200

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) C)		(1671.500)	(17950.600)	15600.500

Less	FINANCIAL EXPENSES (D)		8840.600	9971.600	11189.800

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) E)		(10512.100)	(27922.200)	4410.700

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7625.000	8757.500	9265.700

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(18137.100)	(36679.700)	(4855.000)

Less	TAX (H)		0.000	(1.200)	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(18137.100)	(36678.500)	(4855.000)

	EARNINGS IN FOREIGN CURRENCY
		Passenger and Cargo Revenue	90083.400	76764.600	71829.300
		Sale of Aircraft / Engine	16977.900	8302.800
		Interest on Bank Account	0.100	0.100	0.036
		Leasing Operations	9321.900	6872.300	4843.200
		Other Operating and Non-operating Income	1618.400	1897.600	260.200
	TOTAL EARNINGS		118001.700	93837.400	76932.736

	IMPORTS
		Components and Spares	5511.400	3030.100	2521.200
		Capital Goods	17250.900	631.600	1958.100
	TOTAL IMPORTS		22762.300	3661.700	4479.300

	Earnings/ (Loss) Per Share (Rs.)		(159.66)	(381.30)	(56.23)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term Loans	6108.300	8346.200	13750.200

Cash generated from operations	5364.200	9774.200	18689.300

Net Cash from Operating Activities	5280.300	9212.600	18390.400

QUARTERLY RESULTS

PARTICULARS	30.06.2015	30.09.2015
Type	1^st Quarter	2^nd Quarter
Net Sales	52201.100	52579.700
Total Expenditure	48692.800	49032.600
PBIDT (Excl OI)	3508.300	3547.100
Other Income	1592.700	1859.500
Operating Profit	5101.000	5406.600
Interest	2279.300	2152.400
Exceptional Items	1279.500	(455.600)
PBDT	4101.200	2798.600
Depreciation	1884.200	1922.700
Profit Before Tax	2217.000	875.900
Tax	0.000	0.000
Provisions and contingencies	0.000	0.000
Profit After Tax	2217.000	875.900
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	2217.000	875.900

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(9.27)	(21.20)	(2.88)

Operating Profit Margin (PBIDT/Sales)	(%)	(0.85)	(10.37)	9.26

Return on Total Assets (PBT/Total Assets}	(%)	(9.62)	(21.93)	(2.84)

Return on Investment (ROI) (PBT/Networth)		0.44	1.65	1.42

Debt Equity Ratio (Total Debt /Networth)		(2.66)	(3.85)	(25.75)

Current Ratio (Current Asset/Current Liability)		0.37	0.30	0.35

STOCK PRICES

Face Value	Rs.10.00

Market Value	Rs.428.80/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	863.300	1136.000	1136.000
Reserves & Surplus	(4288.600)	(23413.700)	(42038.800)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(3425.300)	(22277.700)	(40902.800)

Long-term borrowings	68686.000	65460.700	66073.000
Short term borrowings	19525.900	20397.200	36442.900
CURRENT MATURITIES OF LONG-TERM LOANS	13750.200	8346.200	6108.300
Total borrowings	101962.100	94204.100	108624.200
Debt/Equity ratio	(29.767)	(4.229)	(2.656)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	168525.900	173018.900	195734.300
		2.666	13.129

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	168525.900	173018.900	195734.300
Profit	(4855.000)	(36678.500)	(18137.100)
	(2.88%)	(21.20%)	(9.27%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE : 27.07.2015

STAMP NO: ARBAPL/11512/2015 FILING DATE: 27.07.2015REG NO.: ARBAPL/217/2015 REG. DATE : 07.08.2015

PETITIONER: SHREE SAI RENT-A-CAR PRIVATE LIMITED RESPONDENT: JET AIRWAYS (INDIA)

LIMITED AND ANR

PETN.ADV: DEVEN DWARKADAS (I3561) RESP. ADV.: GAGRATS (697)

DISTRICT: MUMBAI

BENCH: SINGLE

STATUS: PRE-ADMISSION CATEGORY : ARBITRATION APPLICATIONS

ACT: Arbitration and Conciliation act 1996 UNDER SECTION: 11

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10536559	01/11/2014 *	9,300,000,000.00	MASHREQ BANK PSC	1ST FLOOR, NO 2 LONDON WALL BUILDINGS, 1 - 5 LONDON WALL, LONDON, - EC2M5PP, UNITED KINGDOM	C37045788
2	10530179	20/10/2014	40,400,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C32937583
3	10526830	29/09/2014	6,100,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C30401160
4	10518085	13/07/2015 *	6,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA , INDIA	C61826491
5	10552402	09/05/2014	2,376,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E 144BB, UNITED KINGDOM	C45233913
6	10547537	16/04/2014	2,376,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E 144BB, UNITED KINGDOM	C42740035
7	10543382	07/04/2014	2,376,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E 144BB, UNITED KINGDOM	C40635120
8	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
9	10463337	30/10/2013	5,856,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E 144BB, UNITED KINGDOM	B90780503
10	10442057	05/08/2013	5,856,000,000.00	BARCLAYS BANK PLC	5 THE NORTH COLONNADE, CANARY WHARF, LONDON, - E 144BB, UNITED KINGDOM	B81698102
11	10438668	02/07/2013	9,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, GROUND FLOOR, MAKER TOWER "E", CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B80345994
12	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 ARAB E MIRATES	B70082201
13	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 - 400023, MAHARASHTRA, INDIA	B77548030
14	10333257	30/12/2014 *	12,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	C61649497
15	10134142	05/08/2015 *	3,500,000,000.00	INDIAN OVERSEAS BANK	NARIMAN POINT BRANCH, 229, 'BAKHTAWAR', GROUND FL OOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C62747894
16	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
17	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
18	10085375	01/02/2008	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND	A31369028
19	10080550	17/12/2007	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND	A29199528
20	10080546	14/12/2007	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND	A29198355
21	10080547	05/12/2007	3,200,000,000.00	MOORGATE AIRCRAFT 2007 LIMITED	1, GUILD STREET, IFSC, DUBLIN 1, DUBLIN, - 0000000, IRELAND	A29198926
22	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
23	10065234	27/08/2007	1,789,600,000.00	DELAWARE AIRCRAFT HIRE 2007 LLC	C/O. WILMINGTON TRUST COMPANY,, 1100, NORTH MARKE T STREET, RODNEY SQUARE NORTH, WILMINGTON DE, - 19890, UNITED STATES OF AMERICA	A21987227
24	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
25	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
26	80022013	21/11/2014 *	40,400,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, 202 MAKER TOWER E, MUMBAI - 400005, MAH ARASHTRA, INDIA	C36888576

* Date of charge modification

UNSECURED LOAN

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
From Banks
Foreign Currency Term Loan (Refer note (e) below)	8750.000	8388.200
From Others
Rupee Term Loans
Foreign Currency Term Loan	1925.000	1845.400
Long Term Maturities of Finance Lease	41456.700	49714.400
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Banks
Rupee Loans	16500.000	0.000
From Others
Rupee Loans	0.000	820.000

Total	68631.700	60768.00

STATE OF COMPANY’S AFFAIRS / REVIEW OF OPERATIONS

The Company reported a consolidated negative Profit After Tax of Rs. 20974.100 Million in Financial Year 2014-15, a reduction of 51% from consolidated Loss After Tax in Financial Year 2013-14. Financial Year 2014-15 saw passenger growth of 9.6% and operating revenue growth of 10.1% as compared to Financial Year 2013-14. The reduction in losses incurred by the Company was essentially due to:

a) Increase in operational revenue from Rs. 190358.400 Million in Financial Year 2013-14 to 209656.000 Million – an increase of 10.1%, primarily on account of improved load factors and yields

b) Reduction in Avaition Turbine Fuel (ATF) prices due to weakness in global crude prices during Financial Year 2014-15

c) Measures taken by the company to control overheads

d) Surplus from Slump Sale of ‘Jet Privilege’ Frequent Flyer Program aggregating Rs. 3050.100 Million

The above improvements were partly offset by impairment of goodwill of Rs. 11723.900 Million in Financial Year 2014-15. The consolidated operating loss excluding exceptional items (mainly impairment of goodwill and surplus from sale of the Frequent Flyer Program) in Financial Year 2014-15 aggregates Rs. 13481.300 Million, a reduction of 60% over operating loss of Rs. 34114.000 Million incurred in Financial Year 2013-14.

The Company implemented a “single brand” and “full service” product in December 2014 with an objective of delivering consistent, premium service across its entire network. This was further supported by the launch of “Guest First” program to enhance Ground and Inflight service, increase guest engagement, and increase dedicated facilities at the airports check-in counters and bag drop counters.

In addition to the above, the Company is continuously focusing on improving and enhancing direct touch points with their guests. Some of the steps taken by the company in this direction include:

a) Launch of “Global Linker” with specific focus on the Small and Medium Enterprise (SME) segment

b) IVR Upgrade for pre recognition of frequent fliers

c) Enhancement of their online booking portal

d) Launch of Jet Instant to access information on fares and flight status in real time through Twitter.

These measures adopted by The Company have started yielding positive results, which is reflected in the improvement of load factors and yields in Financial Year 2014-15 over Financial Year 2013-14.

On operational front, the Company has taken various initiatives to improve efﬁciency and revenue earning potential. During Financial Year 2014-15, the entire fleet of B737-800 aircraft were standardized to 12(business)/ 156(economy) configuration. This has been a critical factor to enable them provide a standardized product to their guests. Further, utilization of their B737 fleet grew by 5.4% to an average 11.6 hours in Financial Year 2014-15 as compared to 11 hours in Financial Year 2013-14.

In line with its turnaround strategy, the Company is continuously looking at cost reduction initiatives, discontinuing loss making routes, renegotiating major contracts including aircraft maintenance costs and other efficiency enhancement measures. They are conﬁdent that these measures will help them to bring down costs which are key to overall turnaround of the Company.

Post its alliance with Etihad Airways, the Company has enhanced international connectivity with addition of new destinations and additional flights to various countries in the Gulf Region. The Company operates more flights to the Gulf Region than any other Indian carrier. Jet Airways and Etihad Airways together operate over 4,300 international flights a month connecting India to the world via the Abu Dhabi gateway.

The domestic trafﬁc in India increased by 15% for Financial Year 2015, a significant improvement as compared to a 5% increase in the previous year. The Company (along with its wholly owned subsidiary Jet Lite (India) Limited), carried 194.75 lakhs revenue passengers on its international and domestic services during the year under review, an increase of 9.6% over Financial Year 2013-14.

The Company’s domestic passenger trafﬁc for the year grew by 9.3% as compared to a growth of 1% last year while international passenger trafﬁc registered an increase of 20.6%, as compared to an increase of 6% last year.

The Company ended the Financial Year with a system-wide seat factor of 82.3%. The seat factor was 78.4% on domestic and 84.3% on the international sectors.

Over the next few years, they expect the domestic aviation market to grow at a healthy pace. While the Indian aviation market is still subject to ongoing structural challenges and robust competition is placing pressure on yields, they will continue to progress by focusing on delivering an enhanced experience for our guests and improving efficiency throughout the business.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INDUSTRY STRUCTURE AND DEVELOPMENT

Industry wide domestic passenger traffic grew by 15% in the current financial year, as compared to a 5% increase in the previous Financial Year. India will continue to be amongst the fastest growing aviation market in the world over the next two decades. Sharp reduction in global crude prices, resulting in lower ATF prices during the second half of the Financial Year 2014-15 was a welcome respite for airline companies in India. However, the aviation industry in India continues to face challenges in the form of high operating costs, intermittent price wars and ever reducing yields, which make it imperative for airlines to remain focused on strict cost controls and productivity improvement. The Financial Year 2014-15 saw a couple of new entrants in the Indian aviation market and a few more airlines are expected aviation market.

OUTLOOK / RESTRUCTURING MEASURES

They continue to rationalized their route networth in response to industry conditions and traffic evolution. In financial year2014-15, they moved some of their domestic capacity (in termof ASKM) from domestic to the international market. While they increased their international capacity by 15.6%, they reduced their consolidated capacity in domestic market by 6.1%.

This financial year saw the full year impact of the company’s strategic partnership with Etihad, which has been growing by leaps and bounds since Etihad acquired 24% stake in the Company in Financial Year 2013-14. Passengers and revenues delivered by Etihad Airways and Etihad Airways Partners rose by 427% and 363% respectively, in Financial and connect to 13 unique destinations between India and Abu Dhabi. The New bank structure implemented by your company in the Summer-2015 schedule will not only improve the performance of Abu Dhabhi gateway but will also increase availability of aircraft for domestic utilization.

They are continuously improving aircraft utilization by adding more red-eye flights and early hour departures thereby continuing to say relevant for multiple customer segments. The Utilisation of the narrow body fleet grew by 5.4% to an average 11.6 hours in Financial Year 2014-15 compared to 11 hours in Financial Year 2013-14.

On the commercial front, they are focusing on increasing corporate penetration and improving .Premiere. Loads. There is a dedicated team now in place focusing solely on global key accounts.

They enhance codeshares with 3 new partners – Air Seychelles, Air Beelin and Bangkok Airway. These are expect to bring significant guest benefits such as seamless connectivity, frequent flyer accrual and redemption opportunities etc. More importantantly they enhance their exiting codeshare relationship with their current partners. All of Etithad’s US service are now available on company code, providing unparalleled guest benefits including pre-clearance in Abu Dhabi.

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2015

PART I

(Rs. in Million)

	Particulars	Quarter Ended		Half Year Ended
		Unaudited 30.09.2015	Unaudited 30.06.2015	Unaudited 30.09.2015
1.	Income from operations
	a) Income from operations	4855.600	48345.000	96900.600
	b) Other operating income	4024.100	3856.100	7880.200
	Total Income from Operations (net)	52579.700	52201.100	104780.800

2.	Expenses
	a) Aircraft fuel expenses	13366.100	14446.900	27813.000
	b) Aircraft and Engines Lease Rentals	5267.700	5188.200	10455.900
	c) Employees remuneration and benefits	5954.000	5534.600	11488.600
	d) Depreciation and amortisation expense	1922.700	1884.200	3806.900
	e) Selling and Distribution expenses	6351.300	6066.400	12417.700
	f) Aircraft maintenances	5883.500	5851.800	11735.300
	g) Other expenses	12210.000	11604.900	23814.900
	Total Expenses	50955.300	50577.000	101532.300

3.	Profit/(Loss) from Operations before other income, finance costs and exceptional Items (1-2)	1624.400	1624.100	3248.500
4.	Other Income	1859.500	1592.700	3452.200
5.	Profit/(Loss) from ordinary activities before finance costs and exceptional Items (3+4)	3483.900	3216.800	6700.700
6.	Finance costs	2152.400	2279.300	4431.700
7.	Profit/(Loss) from ordinary activities after finance costs but before exceptional Items (5-6)	1331.500	937.500	2269.000
8.	Exceptional Items
	a) Contribution receivable from lessor toward maintenance	0.000	1279.500	1279.500
	b) Provision from doubtful loans/ diminution in value of investment	(455.600)	0.000	(455.600)
	c) Surplus from slump sale of jet privilege frequent flyer programme	0.000	0.000	0.000
9.	Profit/(Loss) from ordinary activities before tax (7+8)	875.900	2217.000	302.900
10.	Tax expense
	Current tax	0.000	0.000	0.000
	Short/ (Excess) tax provision (net) for earlier years	0.000	0.000	0.000
11.	Profit/(Loss) from ordinary activities after tax (9-10)	875.900	2217.000	3092.900
12.	Extraordinary item
13.	Net Profit/Loss	875.900	2217.000	3092.900
14.	Paid-up Eq. Share Capital (Face Value of rupees: Rs.10/- each)	11360	11360	11360
15.	Reserves excluding revolution reserves (as per balance sheet of previous accounting year)	--	--	--
16.	Basic and Diluted EPS before and after extraordinary items (face value of rupees 10/- each)	7.71	19.52	27.23
17.	Debt equity ratio	--	--	--
18.	Debt service coverage ratio (DSCR)	--	--	0.88
19.	Interest service coverage ratio (ISCR)	--	--	2.37

PART II SELECT INFORMATION FOR THE QUARTER ENDED 30.09.2015
A.	PARTICULARS OF SHAREHOLDING (the details related only to share of the company)	30.09.2015	30.06.2015	30.09.2015 (Half year ended)
1.	Public Shareholding
	- Number of Shares	55662718	55662718	55662718
	- Percentage of Shareholding	49%	49%	49%
2.	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	--	--	--
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
	-Percentage of Shares (as a % of the total share capital of the Company)	--	--	--
	b) Non-Encumbered
	- Number of Shares	57934665	57934665	57934665
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
	-Percentage of Shares (as a % of the total share capital of the Company)	51%	51%	51%

	Particulars	Quarter Ended		Half Year Ended
		Unaudited 30.09.2015	Unaudited 30.06.2015	Unaudited 30.09.2015

B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter			NIL
	Received during the quarter			74
	Disposed of during the quarter			74
	Remaining unresolved at the end of the quarter			NIL

	Particulars	Quarter Ended		Half Year Ended
	A.	Unaudited 30.09.2015	Unaudited 30.06.2015	Unaudited 30.06.2015
	Segment revenue (Primarily passenger, cargo, Excess baggage and leasing of aircraft)
	(a) Domestic	20186.300
	(b) International	32393.400
	Total	52579.700
	Segment result
	(a) Domestic	12425.500
	(b) International	20530.200
	Total	32955.700
Less:	Finance Cost	2152.400
Less:	Depreciation and Amortisation	1922.700
Less:	Other unallowable expenditure	29408.600
Add:	Other unallowable Revenue	1859.500
Add:	Exceptional Items (Net)	(455.600)
	Profit/ (Loss) before tax	875.900
Less:	Taxes	--
	Profit/(Loss) after Tax	875.900
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.
STATEMENT OF ASSETS AND LIABILITIES

	EQUITY AND LIABILITIES			30.09.2015 (Unaudited)
A.	Shareholders' Funds
	(a) Share Capital
	(b) Reserves & Surplus			1136.000
	(c) Money received against share warrants			(40119.900)
	Sub-total Shareholder’s fund			(38983.900)
	(a) long-term borrowings			68559.600
	(b) Deferred tax liabilities (Net)			0.000
	(c) Other long term liabilities			9257.300
	(d) long-term provisions			2930.700
	Sub-Total Non-Current Liabilities			80747.600

	(a) Short term borrowings			35884.000
	(b) Trade payables			56892.500
	(c) Other current liabilities			60303.300
	(d) Short-term provisions			484.000
	Sub-Total Non-Current Liabilities			153563.800
	Total Equity and Liabilities			195327.500
B.	ASSETS
	Non-current assets
	(a) Fixed Assets			91406.00
	(b) Non-current Investments			6962.000
	(e) Other Non-current assets			36338.900
	Sub-Total Non-Current Assets			134707.400
	(a) Current investments			2380.000
	(b) Inventories			9688.000
	(c) Trade receivables			13374.100
	(d) Cash and cash equivalents			21221.500
	(e) Short-term loans and advances			13956.500
	Sub-total-current assets			60620.100
	Total Assets			195327.500
NOTE: 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 October 28, 2015. The Statutory Auditors have carried out a limited review of the above results pursuant to Clause 41 of the Listing Agreement and Clause 4 of Debt Listing Agreement. 2. Other Operating Income includes income from leasing of Aircraft and Engine for the Quarter and Half Year ended September 30, 2015 of Rs. 1990.100 Million and Rs. 4062.300 Million. The income for the Quarter ended June 30, 2015 was Rs. 2072.200 Million. The income for the Quarter and Half Year ended September 30, 2014 was Rs. 2465.300 Million and Rs. 4493.400 Million respectively. The income for the Year ended March 31, 2015 was Rs. 9321.900 Million. 3. Employee Remuneration and Benefits include an amount of Rs. 844.900 Million recognised during the Year ended March 31, 2015 towards incremental salary arrears for certain category of employees pertaining to earlier years. 4. Other Expenses include a provision of Rs. 1750.000 Million recognised during the Year ended March 31, 2015 towards estimated penalties for delayed payment of Tax Deducted at Source. 5. Other Income includes Profit on Sale and Leaseback of aircraft and engines for the Year ended March 31, 2015 of Rs. 1245.900 Million. 6. a. Pursuant to a "Power by the Hour" (PBTH) engine maintenance arrangement entered into by the Company with service providers for its B777, ATR and additional B737 Aircraft engines, the PBTH cost are being charged to the Statement of Profit and Loss and the variable rentals payable to the Lessors are recognised as "Receivable from Lessors". Based on a joint validation of the Company's maintenance plan with the service providers, the Company has recognised, the expected refund of variable rentals paid to the lessors pertaining to earlier years for these engines, as "Contribution receivable from Lessors" in the respective period. b. The Company has equity investment (net of impairment) of Rs. Nil as on September 30, 2015 (as on March 31, 2015 it was Rs. Nil) in Jet Lite (India) Limited, a wholly owned subsidiary (“subsidiary Company”), and has advanced loans (net of provision) amounting to Rs. 21592.300 Million as on September 30, 2015 (as on March 31, 2015 it was Rs. 20941.200 Million). The Company implemented a single brand strategy with its subsidiary Company effective December 01, 2014. Considering this strategy, a detailed business plan of the subsidiary Company was drawn and an independent external valuer had determined the enterprise value of the subsidiary company as on March 31, 2015. During the year ended March 31, 2015, based on the valuation, the Company had made provision for other than temporary diminution in value of investments of Rs. 9450.000 Million and for loans of Rs. 2273.900 Million to fairly reflect the recoverable amount. The subsidiary company has incurred losses and shows negative net worth as on September 30, 2015. In view of the current performance and the operating parameters of the subsidiary company, the Management has created an additional provision of Rs. 455.600 Million during the Quarter and Half Year ended September 30, 2015. c. The Company had transferred its 'Jet Privilege Frequent Flyer Programme'(JPFFP) undertaking to Jet Privilege Private Limited (JPPL) on April 21, 2014 as a going concern on a slump sale basis for a total consideration of Rs. 119,378 lakhs. Upon completion of the pending matters, the Company, having regard to the terms and conditions under the agreements for such sale, had recognised a surplus of Rs. 30,501 lakhs during the Year ended March 31, 2015 under “Exceptional Items”. An amount of Rs. 991.200 Million and Rs. 1832.600 Million has been recognised in “Other Income” for the Quarter and Half Year ended September 30, 2015. The amount recognised for the quarter ended June 30, 2015 was Rs. 8,414 lakhs. The corresponding amount recognised in "Other Income" for the Quarter and Half Year ended September 30, 2014 was Rs. 1023.100 Million. The amount recognised for the Year ended March 31, 2015 was Rs. 2624.800 Million. Further, an amount of Rs. 7796.600 Million will be credited to income in subsequent periods proportionately on fulfillment of the underlying commitments / obligations as stipulated in the said agreements. 7. The Board at its meeting held on September 02, 2015 has approved the scheme of merger (“the scheme”) of Jet Lite (India) Limited with the Company, subject to receipt of requisite approvals. The appointed date, per the terms of the scheme is April 01, 2015. 8. Formula used for calculation of Debt-Equity Ratio, DSCR and ISCR: Debt-Equity Ratio = (Total Debt - Cash and Cash equivalents - Liquid Investments) / Shareholders Funds DSCR = EBITDAR / (Finance Cost + Principal Repayment of Long Term Borrowing + Aircraft and Engines Lease Rentals)ISCR = EBITDA / Finance Cost. EBITDA = "Earnings before Finance Cost, Tax, Depreciation and Amortisation and Exceptional Items" EBITDAR= EBITDA + Aircraft and Engines Lease Rentals 9. 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 Sahara India Commercial Corporation Limited (SICCL) in four equal interest free installments by March 30, 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 May 04, 2011 whereby SICCL's demand for restoration of the original price of Rs. 20000.000 Million was denied and the Purchase Consideration was sealed at the revised amount of Rs. 14500.000 Million. 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 Million 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. 200,000 lakhs 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 October 17, 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 May 04, 2011 and October 17, 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 May 06, 2011 passed by the Hon'ble Bombay High Court, would continue till further orders. 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. 10. With the strategic investment by Etihad Airways PJSC, there is an improvement in operating cash inflows through network synergy, cost synergies, revenue management and leasing out aircraft. These measures coupled with favourable fuel prices and 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. 11.Previous period's / year's figures have been regrouped / reclassified wherever necessary to correspond with the current period's classification / disclosure.

FIXED ASSETS:

· Freehold Land

· Plant and Machinery

· Furniture and Fixtures

· Electrical Fittings

· Data Processing Equipment’s

· Office Equipment’s

· Vehicles

· Ground Support Equipment’s

· Simulator

· Leasehold Land

· Aircraft and Spare Engine (Narrow Body)

· Aircraft and Spare Engine (Wide Body)

· Improvement on Leased Aircraft

· Improvement on Leased Property

· Software

· Trademarks

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.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	SUV

Analysis Done by :	KAR

Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	--
--CREDIT LINES	1~10	4
--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		29

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.

MIRA INFORM REPORT

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