Annual Report cb smile - Jet Airways

Significant Accounting Policies and Notes to Accounts (contd.)
Amount (Rs. in lakhs)
Particulars 2009-10 2008-09
d Interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day
during the year) but without adding the interest specified
under Micro, Small and Medium Enterprises Development
Act, 2006 - -
e Interest accrued and remaining unpaid as at 31st March, 2010 - -
f Further Interest remaining due and payable even in the
succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise. - -
19) The Airline Industry has been adversely affected in the recent past by the general economic slowdown. This coupled
with weak Indian Rupee and high fuel cost had significantly impacted the performance and cash flows of the
Company and its subsidiary resulting in substantial erosion of the net worth, in the past. The management is
continuously implementing initiatives directed towards improving operating profits through cost control, route
rationalization, leasing out Aircraft etc. and the Company has achieved improved operating performance in the last
two quarters and have made cash profit during the year. The Company is exploring options of raising finances to
meet its various short term and long term obligations including financial support to its Subsidiary – Jet Lite (India)
Limited. The Company expects that such measures would result in sustainable cash flows and, accordingly, continues
to presenting these financial statements on a going concern basis, which contemplates the realisation of assets and
settlement of liabilities in the normal course of business.
20) Aircraft Lease Rentals are stated net of sub-lease rentals Nil (Previous Year Rs. 194 lakhs).
21) 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
Partner
C.D. Lala
Partner
Aman Mehta
I.M. Kadri
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
80