Annual Report 2007-08 - Kingfisher Airlines

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Schedules forming part of accounts for the nine months ended March 31, 2008 (Contd.)19. a) Related party disclosures (Contd.)Transactions during the year/periodHelicopter lease rentals earned (DeccanAviation (Lanka) Private Limited )Rent Expense (Capt. G.R Gopinath)Investment by Kingfisher Radio Limited (*)Remuneration (Mr. Ramki Sundaram)Interest income on advances(Mr. Ramki Sundaram)Expenses incurred on behalf of Deccan CargoPrivate LimitedReimbursement of expenses incurred onbehalf of Deccan Cargo Private Limited.Consideration receivable on slump sale of thecharter services operations (DCL)Book value of assets transferred on SlumpSale (DCL)Liabilities transferred on Slump Sale (DCL)Assets given on lease (at gross block) (DeccanAviation (Lanka) Private Limited)Receivables for lease rentals and expensereimbursements (Deccan Aviation (Lanka)Private Limited)Reimbursements receivable from Deccan CargoPrivate LimitedDues by / (to) the CompanyNet amount receivable from DCLDues to the Company(Mr. Ramki Sundaram)KeymanagementpersonnelAssociatecompany(Amount in Rupees)Enterprises owned orsignificantly influencedby key managementpersonnel or their relativesor persons who havecontrol or significantinfluence over theCompanyMar-08 1,943,778Jun-07 4,221,360Mar-08 450,000Jun-07 674,623Mar-08 -Jun-07 352,222,310Mar-08 10,288,523Jun-07 N.A.Mar-08 2,000,000Jun-07NAMar-08 20,899,364Jun-07 6,918,109Mar-08 23,578,709Jun-07NilMar-08 690,000,000Jun-07Mar-08 807,793,919Jun-07 -Mar-08 331,404,752Jun-07 -Mar-08 -Jun-07 11,347,500Mar-08 -Jun-07 8,200,692Mar-08 4,238,764Jun-07 6,918,109Mar-08 -Jun-07 14,437Mar-08 752,947,510Jun-07 -Mar-08 25,000,000Jun-07N.A.* Excludes share premium of Rs. 5,107,223,495.Remuneration paid to directors is disclosed elsewhere in the notes to accounts.Salaries paid Rs. 1,903,548 (June 30, 2007 – Rs. 1,855,037) during the period ended March 31, 2008, to a relative ofone of the directors of the Company. Balance due to such person as at March 31, 2008 is Rs. 195,613 (June 30, 2007 –Rs. 174,474).Some of the key managerial personnel have given personal guarantees. In addition to key managerial personnel, their relativeshave offered collateral securities to banks and financial institutions against the loans taken by the Company from such banksand financial institutions.50
Schedules forming part of accounts for the nine months ended March 31, 2008 (Contd.)b) List of Associate Companies other than Related PartiesCity Properties Maintenance Company Bangalore LimitedDeccan Charters Limited(formerly Kingfisher Aviation Training Limited)H. Parsons Pvt. LimitedInversiones Mirabel, S.AKingfisher Aviation Training Limited(formerly Kingfisher Training Academy Limited)Kingfisher Training and Aviation Services Limited (formerly Kingfisher Airlines Limited)Kingfisher Finvest India Limited (formerly Kingfisher Radio Limited)Mangalore Chemicals & Fertilizer LimitedMcDowell Holdings LimitedMendocino Brewing Co.Inc, U.S.APixray India LimitedReleta Brewing Company LLCRigby International CorpRubic Technologies IncUB Electronic Instruments LimitedUB Engineering LimitedUB Infrastructure Projects LimitedUB International Trading LimitedUB Overseas LimitedUBHL (BVI) LimitedUBSN LimitedUnited Breweries (Holdings) LimitedUnited Breweries International (UK) LimitedUnited Breweries of America Inc, DelawareUnited Racing & Bloodstock Breeders LimitedUnited Spirits LimitedWIE Engineering Limited (Under Liquidation)20. Leases and Hire PurchaseThe Company has entered into operating and finance lease agreements. Disclosures required under AS 19 on “Leases” is as givenbelow:Operating leasesOperating lease arrangements comprise of leases of aircraft, helicopters, spare engines and office premises. The salient features ofoperating lease agreements for aircrafts, helicopters and spare engines are as follows:• Lease periods range up to twelve years and are usually non-cancelable. (Lease periods ranged up to 10 years as at March 31,2008).• Lease rentals are usually fixed over the term of the lease while some arrangements are subject to adjustments linked to theLibor rates movements.• The Company also has agreements for maintenance and lease of stores and spares for such aircrafts for which fixed andvariable rentals are paid. Variable rentals are paid on a pre determined rate payable on the basis of actual flying hours/cycles.Such variable rentals are subject to annual escalations as stipulated in the agreements. However, the Company is eligible toclaim reimbursement of maintenance costs to the extent eligible under the agreements.51
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Page 9 and 10: Corporate Governance (Contd.)Sl.No.
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Page 21 and 22: Management Discussion and Analysis
Page 27 and 28: AUDITORS’ REPORT (Contd.)Further
Page 29 and 30: AnneXure to the AUDITORS’ REPORT
Page 31 and 32: Profit and Loss account for the nin
Page 33 and 34: Schedules to the Balance Sheet as a
Page 39 and 40: Schedules to Profit and Loss accoun
Page 41 and 42: Schedules forming part of accounts
Page 58 and 59: Cash Flow Statement for nine months
Page 60 and 61: BALANCE SHEET ABSTRACTStatement Pur
Page 62 and 63: 62NOTES
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Annual Report 2007-08 - Kingfisher Airlines

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