Annual Report cb smile - Jet Airways

More documents

Recommendations

Info

Significant Accounting Policies and Notes forming part of Consolidated Accounts (contd.) Jet Airways Europe Services N.V. Transactions During the Year : - Reimbursement of Expenses (Staff Costs, Communication Costs, Rent) 2,059 (4,044) - Service Charges 75 (88) Closing Balance as on 31st March, 2010: - Sundry Creditors 147 (540) Jetair Tours Pvt. Ltd. Transactions During the Year : - Reimbursement of Expenses - (1) (Figures in brackets indicate 31st March, 2009 figures) 11. The Company has entered into Finance and Operating Lease agreements. As required under the Accounting Standard 19 on ‘Leases’, the future minimum lease payments on account of each type of lease are as follows: a) Finance Leases / Hire Purchase Amount (Rs. in lakhs) Aircraft Future Minimum Present Value of Finance Charges Lease Payments Future Minimum Lease Payments As at 31.03.2010 Less than 1 year 132,284 100,132 32,152 (142,399) (94,185) (48,214) Between 1 and 5 years 489,494 406,669 82,825 (579,018) (438,266) (140,752) More than 5 years 461,552 430,591 30,961 (664,583) (591,677) (72,906) Total 1,083,330 937,392 145,938 (1,386,000) (1,124,128) (261,872) (Figures in brackets indicates 31 st March, 2009 figures) The salient features of a Hire Purchase / Finance Lease Agreement are: . Option to purchase the aircraft either during the term of the Hire Purchase on payment of the outstanding Principal amount or at the end of the Hire Purchase term on payment of a nominal option price. . In the event of default, the Hirer / Lessee is responsible for payment of all costs of the Owner including the financing cost, and other associated costs. Further a right of repossession is available to the Owner / Lessor. . The Hirer / Lessee is responsible for maintaining the aircraft as well as insuring the same. . In the case of Finance Lease the property passes to the Lessee, on the payment of a nominal option price at the end of the term. 112
Significant Accounting Policies and Notes forming part of Consolidated Accounts (contd.) b) Operating Leases i) The Holding Company has taken various residential / commercial premises and amenities under cancelable and non-cancelable operating leases. These lease agreements are normally renewed on expiry. The future minimum lease payments in respect of non-cancelable period which, as at 31st March, 2010 are as follows: Amount (Rs. in lakhs) Particulars Total Lease Payments Commercial Premises and amenities Less than 1 year 180 (562) Between 1 and 5 years 340 (-) Grand Total 520 (562) (Figures in bracket indicate 31st March, 2009 figures) ii) The Group has taken on operating lease aircraft and spare engines the future minimum lease payments in respect of which, as at 31st March, 2010 are as follows : Amount (Rs. in lakhs) Total Lease Aircraft and Spare Engines Payments Less than 1 year 110,295 (124,424) Between 1 and 5 years 293,520 (326,364) More than 5 years 81,491 (106,038) Grand Total 485,306 (556,826) (Figures in bracket indicate 31st March, 2009 figures) The Salient features of an Operating Lease agreement are: · Monthly rentals paid in form of fixed and variable rental. Variable Lease Rentals are payable on a pre determined rate payable on the basis of actual flying hours. Additionally, the predetermined rates of Variable Rentals are subject to the annual escalation as stipulated in the respective leases. · The Company neither has an option to buyback nor does it generally have an option to renew the leases. · In case of delayed payments, penal charges are payable as stipulated. · In case of default, in addition to repossession of the aircraft, damages including liquidated damages as stipulated are payable. · The Lessee is responsible for maintaining the aircraft as well as insuring the same. The Lessee is eligible to claim reimbursement of costs as per the terms of the lease agreement. · The leases are non-cancelable. 113
Page 4 and 5:
Letter from the Chairman The year 2
Page 6 and 7:
Letter from the Chairman (contd.) n
Page 8 and 9:
Financial Highlights 200000 175000
Page 10 and 11:
Corporate Information Board of Dire
Page 12 and 13:
Notice Notice is hereby given that
Page 14 and 15:
Notice (contd.) RESOLVED FURTHER TH
Page 16 and 17:
Notice (contd.) Notes : 1. A MEMBER
Page 18 and 19:
Notice (contd.) f) Ensure that the
Page 20 and 21:
Notice (contd.) MAG has been incorp
Page 22 and 23:
Directors’ Report Dear Members, Y
Page 24 and 25:
Directors’ Report (contd.) The de
Page 26 and 27:
Directors’ Report (contd.) 8. Con
Page 28 and 29:
Directors’ Report (contd.) Due to
Page 30 and 31:
Management’s Discussion and Analy
Page 32 and 33:
Management’s Discussion and Analy
Page 34 and 35:
Corporate Governance Report (As req
Page 36 and 37:
Corporate Governance Report (contd.
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Auditors’ Report To, The Members
Page 50 and 51:
Annexure to the Auditors’ Report
Page 52 and 53:
Balance Sheet as at 31 st March, 20
Page 54 and 55:
Statement of Cash Flow for the year
Page 56 and 57:
Schedules to the Balance Sheet as a
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Schedules to the Profit and Loss Ac
Page 66 and 67:
Significant Accounting Policies and
Page 68 and 69:
Significant Accounting Policies and
Page 70 and 71: Significant Accounting Policies and
Page 90 and 91: Statement pursuant to Section 212 (
Page 92 and 93: Auditors’ Report on Consolidated
Page 94 and 95: Consolidated Balance Sheet as at 31
Page 96 and 97: Consolidated Cash Flow Statement fo
Page 98 and 99: Schedules to the Consolidated Balan
Page 106 and 107: Schedules to the Consolidated Profi
Page 128 and 129: This page is intentionally left bla
Page 130 and 131: City Facts (contd.) Chennai Airport
Page 132 and 133: City Facts (contd.) Port Blair Airp
Page 134 and 135: City Facts (contd.) Dubai Airport:
show all

Annual Report cb smile - Jet Airways

Create successful ePaper yourself

Delete template?

Save as template?