Annual Report cb smile - Jet Airways

Auditors’ Report on Consolidated Financial Statements
TO THE BOARD OF DIRECTORS OF
JET AIRWAYS (INDIA) LIMITED
1. We have audited the attached Consolidated Balance Sheet of Jet Airways (India) Limited (“the Company”) and its
subsidiary (the Company and its subsidiary constitute “the Group”) as at 31st March, 2010 and also the Consolidated
Profit and Loss Account and the Consolidated Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company’s Management and have been prepared on the basis
of the separate financial statements and other financial information regarding components. Our responsibility is to
express an opinion on these Consolidated Financial Statements based on our audit.
2. We conducted our audit in accordance with generally accepted auditing standards in India. These standards require that
we plan and perform the audit to obtain reasonable assurance whether the financial statements are prepared, in all
material respects, in accordance with an identified financial reporting framework and are free of material misstatements.
An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating overall the financial statements. We believe that our audit provides a reasonable basis for our opinion.
3. The Financial statements of the subsidiary company, which reflects total assets of Rs. 87,728 lakhs as on 31st March,
2010 and total revenue of Rs. 161,943 lakhs and net cash Outflows of Rs. 383 lakhs for the year ended on that date
are audited by M/s Chaturvedi and Shah, Chartered Accountants, one of the joint auditors of the Company.
4. We report that the consolidated financial statements have been prepared by the Company’s Management in accordance
with the requirements of Accounting Standard - 21 ‘Consolidated Financial Statements’ (AS – 21) as notified under the
Companies (Accounting Standards) Rules, 2006 and on the basis of separate audited financial statements of the
Company and its subsidiary included in the consolidated financial statements.
5. Without qualifying our opinion, attention is invited to notes to Schedule “S”:
a) note no. 5 regarding a claim against the Holding Company. The matter being sub-judice, it is not possible to
determine the impact of the outcome at this stage;
b) note no. 8 (b) regarding no impairment required for Goodwill on Consolidation for the reasons stated therein; and
c) note no. 18 regarding adequacy of provision of Rs. 5,231 lakhs, to meet the repair cost of two grounded CRJ-200
aircraft of the subsidiary company. The matter being technical in nature, the auditors of the subsidiary company
have placed reliance on the explanations provided by the management.
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