Jetwings intl & Domestic

(Referred to in paragraph 3 of our report of even date)
Jet Airways (India) Limited - 16th Annual Report 2007-08
Annexure to the Auditors‘ Report
1) In respect of its fixed assets;
a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified by the management
during the year in a phased manner, which in our opinion is reasonable, having
regard to the size of the Company and nature of its assets. The fixed assets
physically verified have been reconciled with the book records except in respect
of few items which as represented to us that the Company does not expect any
material discrepancies on completion of such reconciliation with book records for
remaining assets.
c) In our opinion, the company has not disposed off a substantial part of the fixed
assets during the year and the going concern status of the Company is not
affected.
2) In respect of its inventories;
a) The inventory has been physically verified during the year by the management. In
our opinion, the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventories followed by the management were
reasonable and adequate in relation to the size of the Company and the nature of
its business.
c) In our opinion and according to the information and explanations given to us,
the Company has maintained proper records of its inventories and no material
discrepancies were noticed on physical verification.
3) According to the information and explanations given to us the Company has not granted/
taken loans, secured or unsecured, to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956. Therefore, the provisions
of clause 4(iii) of the Companies (Auditor’s Report) Order, 2003 are not applicable to the
company.
4) In our opinion and according to the information and explanations given to us, there are
internal control procedures commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and with regard to rendering of services
except in respect of timely reconciliation of debtors’ balance, which is being strengthened
by the Company. There is no sale of goods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal controls.
5) In respect of contracts or arrangements referred to in section 301 of the Companies Act
1956, to the best of our knowledge and belief and according to the information and
explanations given to us:
(a) The particulars of contracts or arrangements have been entered in the register
maintained under that section.
(b) Transactions made in pursuance of such contracts or arrangements have been made
at prices which are reasonable having regard to prevailing market prices at the
relevant time.
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