Annual Report cb smile - Jet Airways

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Significant Accounting Policies and Notes forming part of Consolidated Accounts (contd.) 17. The Group has entered into a “Power by the Hour” (PBTH) Engine Maintenance agreement with a Service provider for its Next Generation Boeing 737 Aircraft fleet. Till the previous year, with respect to all Aircraft on operating lease, the Group was charging variable rent payable to various Lessors to the profit and loss account as per the agreement entered into with them. Consequent to the new arrangement entered into with the Engine Maintenance Service provider, which includes the cost of future engine shop visits, the Group has expensed out the monthly cost of PBTH at the rate specified in the contract to the profit and loss account and treated the variable rental payable to the Lessors as receivables to be set off against the future claims payable on engine shop visits. Accordingly, the variable rent of Rs. 15,326 lakhs for the year ended 31 st March, 2010 has been reflected as “Receivable from Lessors” and classified under “Loans and Advances”. 18. The Subsidiary Company is carrying provisions of Rs. 5,231 lakhs to meet the repair expenses to make two CRJ’- 200s grounded aircrafts airworthy, which, is stipulated by the terms of the lease agreement with the lessors of lease aircrafts. The Company does not expect such expenditure on delivery of these Aircraft to be in excess of this provision. 19. The Subsidiary Company pursuant to the clarification by CBEC Vide Circular No. File No. 137/72/2008-CX.4 dated 21-11-2008, that the accumulated CENVAT credit upto 31 st March, 2008 can be utilized by the Company for payment of future output service tax without any restriction of time line and the coverage of service tax being enhanced to cover all sectors in Domestic and International travel by the Finance Act 2010, the Company has recognized CENVAT credit available for utilization as on 1 st April, 2008 amounting to Rs. 11,214 lakhs and has disclosed the same as an exceptional item. 20. Aircraft Lease Rentals are stated net of sub-lease rentals Nil (Previous Year Rs. 194 lakhs). 21. Pending resolution of representation made by the Board of Airline Representative in India “BAR (I)” to the statutory authorities regarding non levy of Fringe Benefit Tax on free / concessional tickets issued by the airline companies, no provision for the same has been made upto 31.03.2009 in the books of Subsidiary Company amounting to Rs.808 lakhs (Previous Year Rs. 808 lakhs). 22. In case of Subsidiary Company, balances of Sundry Debtors and Creditors are subject to confirmations and reconciliations and adjustments, if any. The management doesn’t expect any material adjustment on receipt of confirmations / reconciliation of such balances. 23. Comparative financial information (i.e. amounts and other disclosures for the previous year presented above as corresponding figures), is included as an integral part of the current year’s financial statements, and is to be read in relation to the amounts and other disclosures relating to the current year. Figures of the previous year have been regrouped / reclassified wherever necessary to correspond to figures of the current year. Signatures to Schedules ‘A’ to ‘S’ As per our attached report of even date On behalf of the Board of Directors For DELOITTE HASKINS & SELLS For CHATURVEDI & SHAH Saroj K. Datta Executive Director Chartered Accountants Chartered Accountants Durban R. D. Kamat C.D. Lala Aman Mehta Partner Partner I.M. Kadri 118 Yash Raj Chopra Victoriano P. Dungca } Directors Monica Chopra Company Secretary & Sr. General Manager - Legal Mumbai Mumbai 20 th May, 2010 20 th May, 2010
JET AIRWAYS (INDIA) LIMITED Regd. Office : S. M. Centre, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059 ATTENDANCE SLIP 18 th Annual General Meeting PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE AUDITORIUM. DP ID No.: _______________________________ Reg. Folio / Client ID No.: ____________________________________ I hereby record my presence at the 18 th Annual General Meeting of the Company at Nehru Centre Auditorium, Discovery of India Building, Dr. Annie Besant Road, Worli, Mumbai - 400 018 on Thursday, 26 th August, 2010. NAME OF THE SHAREHOLDER / PROXY (IN BLOCK LETTERS) SIGNATURE OF THE SHAREHOLDER / PROXY Notes: Shareholders / Proxies attending the said Meeting are requested to bring this Attendance Slip and Annual Report with them. Duplicate Attendance Slips and Annual Reports will not be issued at the Annual General Meeting. Joint Shareholders may obtain additional Attendance Slips on request. JET AIRWAYS (INDIA) LIMITED Regd. Office : S. M. Centre, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059 PROXY 18 th Annual General Meeting I / We ...………………………………………………........…………………………….. of …………………..……………... in the district of ………………....................…being a Member / Members of Jet Airways (India) Limited, hereby appoint ……………….......................................…….of ……………….......…….......... in the district of ....……...……………..or failing him / her, ………………............................................ of ……………………............……in the district of ...............……………as my/our proxy to attend and vote for me / us and on my / our behalf at the 18 th Annual General Meeting of the Company to be held at Nehru Centre Auditorium, Discovery of India Building, Dr. Annie Besant Road, Worli, Mumbai - 400 018 on Thursday, 26 th August, 2010, at 3.30 p.m. and at any adjournment thereof. Regd. Folio / Client ID No.: DP ID No.: Affix No. of Shares : Revenue Stamp of Fifteen Signed this …………………….day of ……………........... 2010. Signature : paise Notes: The Proxy Form, complete in all respects, must be deposited at the Registered Office of the Company not less than 48 hours before the time of holding of the Meeting. A Member entitled to attend and vote at this Meeting is entitled to appoint a Proxy and the Proxy need not be a Member of the Company.
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Letter from the Chairman The year 2
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Letter from the Chairman (contd.) n
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Financial Highlights 200000 175000
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Corporate Information Board of Dire
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Notice Notice is hereby given that
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Notice (contd.) RESOLVED FURTHER TH
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Notice (contd.) Notes : 1. A MEMBER
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Notice (contd.) f) Ensure that the
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Directors’ Report Dear Members, Y
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Management’s Discussion and Analy
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Auditors’ Report To, The Members
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Annexure to the Auditors’ Report
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Balance Sheet as at 31 st March, 20
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Statement of Cash Flow for the year
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