Annual Report cb smile - Jet Airways

Significant Accounting Policies and Notes forming part of Consolidated Accounts (contd.)
vi) The Subsidiary Company has given assets on lease under operating lease on or after 01.04.2001 which
is in the nature of ‘Cancelable Lease’. The relevant information is as under:
Amount (Rs. in lakhs)
Details of Leased Assets (Vehicles) 2009-10 2008-09
Cost of acquisition 32 37
Accumulated Depreciation 14 13
Depreciation of Rs. 3 lakhs (Previous Year Rs. 4 lakhs) has been debited to Profit and Loss Account on
the above leased assets.
12. EARNINGS PER SHARE (EPS) :
The earnings per equity share, computed as per the requirements of Accounting Standard – 20 “Earnings Per Share”,
is as under:
Amount (Rs. in lakhs)
Particulars 2009-10 2008-09
(Loss) after tax (42,018) (96,141)
(Loss) attributable to Equity Shareholders (A) (42,018) (96,141)
No. of Equity Shares outstanding during the year (B) 86,334,011 86,334,011
Nominal Value of Equity Shares (Rupees) 10 10
Basic and Diluted EPS (Rupees) (C = A/B) (48.67) (111.36)
13. The Deferred Tax as at 31st March, 2010 comprises of the following:
Amount (Rs. in lakhs)
Particulars 2009-10 2008-09
Deferred Tax Liability
Related to Fixed Assets 73,639 47,453
Deferred Tax Asset
Unabsorbed Depreciation / Business Loss (Refer Note below) 68,697 41,847
Other Disallowances under Income Tax Act, 1961 4,942 5,606
Deferred Tax Asset / (Liability) (Net) - -
Note :
In the absence of virtual certainty, Deferred Tax Asset on account of unabsorbed depreciation and business
loss has been recognised to the extent it can be realised against reversal of deferred tax liability on account of
depreciation.
14. As per Accounting Standard - 29, Provisions, Contingent Liabilities and Contingent Assets given below are movements
in provision for Frequent Flyer Programme, Redelivery of Aircraft, Aircraft Maintenance Costs and Engine Repairs
Costs.
a) Frequent Flyer Programme :
The Company has a Frequent Flyer Programme named ‘Jet Privilege’, wherein the passengers who frequently
use the services of the Airline become members of ‘Jet Privilege’ and accumulate miles to their credit. Subject
115