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Q3J.IIAII1 S3NI1HIV H3hsidonih 6002 - 8002 1 H O d 3 Jd 1VHNNV Q3J.IIAII1 S3NI1HIV H3HSIdONIH i www.reportjunction.com "mam " CONTENTS Report of the Directors 2 Corporate Governance Report 18 Management Discussion & Analysis Report 31 Auditors' Report 36 Balance Sheet 40 Profit and Loss Account 41 Schedules 42 Cash Flow Statement 72 Accounts of the Subsidiary 75 www.reportjunction.com FtY FIVE STAR BOARD OF DIRECTORS Dr. Vijay Mallya, Chairman & CEO Capt. G. R. Gopinath, Vice Chairman Mr. S. R. Gupte Mr. A. K. Ravi Nedungadi Capt. K. J. Samuel Mr. Vijay Amritraj Mr. Anil Kumar Ganguly Mr. Piyush G. Mankad Dr. Naresh Trehan Diwan Arun Nanda Mr. Ghyanendra Nath Bajpai COMPANY SECRETARY Mr. N. Srivatsa CHIEF FINANCIAL OFFICER Mr. A. Raghunathan AUDITORS M/s. B. K. Ramadhyani & Co. Chartered Accountants 4B, 4th Floor, 68, Chitrapur Bhavan, 8th Main, 15th Cross, Malleswaram, Bangalore-560 055 REGISTERED OFFICE UB Tower, Level 12, UB City, 24, Vittal Mallya Road, Bangalore-560 001 www.reportjunction.com Report of the Directors FLY FIVE STAR To The Members, • flights daily and a route network covering 70 domestic and 2 international destinations. Your Directors present the 14th Annual Report along with the Audited Accounts of your Company for the year ended Further, since inception till March 31, 2009, your Company March 31, 2009. has carried approximately 28.4 million passengers. As Member's are aware, as already intimated in the Directors' Your Company returned 8 Airbus A320 aircraft and 3 ATR- Report for the previous financial period, the financial 42 aircraft during the year under review consequent upon statements for the year ended March 31, 2009, pertains the route rationalization program initiated with a view to to the consolidated commercial airline entity consequent maximize operational synergies and cost savings pursuantto upon the demerger and transfer of the Commercial Airline the Composite Scheme of Arrangement between erstwhile Division Undertaking of the erstwhile Kingfisher Airlines Kingfisher Airlines Limited, erstwhile Deccan Aviation Limited into your Company with an Appointed Date of Limited (your Company) and Deccan Charters Limited ("the April 1,2008. Scheme"), approved by the Hon'ble High Court of Karnataka vide its Order dated June 16, 2008. Operations During the year under review, the severe recession in Your Company's operations during the year ended March global economies worldwide adversely impacted the 31, 2009 have resulted in: global -aviation industry. The domestic aviation industry (Rs. in millions) witnessed significant capacity contraction by all major Year ended Nine month airline operators. However, rising operating costs, fall in March 31, period ended passenger traffic and revenues as well as stiff competition 2009 March 3 1,2008 among all operators is putting pressure on yields resulting Gross Income 55775 15454 in operating losses during the year under review. The Earnings before financial 1352 (2379) continued exorbitant rates of taxes on Aviation Turbine charges, lease rentals. Fuel in India also adversely affected the domestic aviation depreciation & amortization industry. Avenues for funding continue to be blocked. The and taxes (EBITDAR) unfortunate, terrorist attacks on November 26, 2008 in Add/Less: Depreciation & 1716 366 Amortisation Mumbai, further affected air traffic into and from India. Lease Rentals 11851 3547 Dialogue with the Government of India is underway for Financial charges 6962 779 relief measures to revive the industry. Individual items of Loss before taxes (19177) (7071) the financial statements are more fully discussed in the Provision for taxes , 5464 (4945) section titled "Management Discussion and Analysis". (incl. FBI) The Company continues to offer the following classes of Net Profit/(Loss) from (13173) (2126) service: ordinary activities after tax Extraordinary items (2375) 245 Kingfisher First - Premium Business class of service Net loss after tax (16088) (1881) Kingfisher Class - Premium Economy class of service Scheduled Airline Operations Kingfisher Red - Low fare basic class of service Your Company is the largest player in the Indian domestic Your Company commenced international operations with aviation sector and during the year under review had the the launch of the non-stop service between Bangalore and widest reach covering more destinations and carrying more London Heathrow Airport on September 3, 2008. However, passengers than any other domestic carrier. for commercial reasons, your Company is discontinuing services on this route from September 15, 2009. During the year under review, your Company carried approximately 10.9 million passengers, with a fleet of 77 The Company launched the non-stop daily service between aircraft, a schedule of 412 domestic and 8 international Mumbai to London Heathrow Airport on January 5, 2009, www.reportjunction.com Report of the Directors (Contd.) FLY FIVE STAR on wide body Airbus A330-200 aircraft. Other leading the sluggish revival of the financial markets and the international airlines already were in operation on this slump in the aviation industry worldwide have resulted in route. Despite that, your Company has been able to carve reduced funds allocation to industry and the Civil Aviation out a niche in this market due to the quality on-board Sector. Given the recessionary conditions worldwide and service and in-flight experience it offers. the slow-down in the air travel market, profitability remains a concern for airlines in the short-term given On January 19, 2009, your Company started flights from the high cost of operations. However, your Company is Chennai and Bangalore to Colombo, Sri Lanka. These hopeful that its ongoing dialogue with the Government of flights are operated on narrow - body Airbus A320 aircraft India will result in measures that will revive the aviation and have a single cabin configuration of 180 seats with industry. Kingfisher Class of service. The Colombo flights have seen high seat load factors since inception, including guests from However, your Directors and the UB Group reiterate their United Kingdom and other European markets to Colombo confidence in the potential of the Indian aviation industry via Bangalore. However, for commercial reasons, your as Civil Aviation growth follows GDP growth. The Indian Company is discontinuing services on Bangalore - Colombo economy is a trillion dollar economy and is expected to grow route from September 15, 2009. at 5 to 6% per annum, despite the ongoing recessionary conditions worldwide. Civil Aviation is undoubtedly a key Subsequent to the year under review, your Company engine of this growth. Passenger traffic in India has grown commenced flights from Kolkata to Dhaka, Bangladesh on from 14 million in 2005 to over 39 million in 2008-2009. Your May 15, 2009 and flights from Bangalore to Dubai on June Company is well-poised to meet the dynamic challenges 25, 2009. faced by the industry in the short-term as well as to take advantage of the growth potential in the long-term. In view of operating losses incurred during the year, your Directors do not recommend payment of any dividend. Moving ahead, your Company intends to intensify its presence in the Far East, Middle East and SAARC region. As Subsidiaries the largest domestic Indian airline, with pan India coverage, During the year under review, Northway Aviation Limited your Company intends to use its international operations ceased to be a subsidiary of the Company. to further strengthen its domestic network. Your Company will commence operations on the following routes: The statement of your Company's interest in its only subsidiary as at March 31, 2009, prepared in accordance South East Asia Region with the provisions of Section 212(3) of the Companies Act, Kolkata - Bangkok, Thailand with effect from 1956 is attached to the Balance Sheet. August 14, 2009 Outlook Mumbai - Hong Kong with effect from September 15, 2009 The integration of the commercial airline business into your Mumbai - Singapore with effect from Company pursuantto the Scheme has enabled the Company September 16, 2009 to sustain a market share of over 25%. The synergy benefits Mumbai - Bangkok, Thailand mapped out by Accenture are likely to be realized over a New Delhi - Bangkok, Thailand period of time and once the economy emerges from this recessionary phase your Directors are hopeful that this will SAARC Region reflect in the financial results of your Company. Oil prices Mumbai - Colombo, Sri Lanka continued to be volatile and coupled with the high rate Mumbai / Bangalore - Male, Maldives of taxes on Aviation Turbine Fuel in India, the country's GCC Region Civil Aviation industry is operating under severe pressure. Mumbai / New Delhi - Dubai, UAE Continuing recessionary conditions in economiesworldwide. www.reportjunction.com Report of the Directors (Contd.) FLY FIVE STAR Capital the 15 months period ended June 30, 2006. As per The Authorised Capital of your Company remained Section 28 (iv) of the Income Tax Act, 1961, and unchanged at Rs. 500,00,00,000 divided into 40,00,00,000 precedents available under Income Tax laws, including of Rs. 10/- each and 1,00,00,000 Preference Shares of pronouncements of the Apex Court, the revenue arising Rs. 100/- each. out of support packages will be treated as income for taxation purposes and therefore, it would not be The Issued, Subscribed and Paid-up Equity Share Capital of , prudent for the Company to treat the said revenues your Company also remained unchanged at Rs. 3,629,088,830 differently in the books of Accounts and for Taxation divided into 265,908,883 Equity Shares of Rs. 10/- each and purposes. 9,700,000 6% Redeemable Non-Cumulative Preference (4) In the event of non compliance of the contract with Shares of Rs. 100/-each. ,,.. ., . the Aircraft manufacturer, the resultant possibility of recovery of subsidy granted by the Aircraft manufacturer Depository System has-been disclosed as contingent liability and this The trading in the equity shares of your Company is under accounting treatment adopted by the Company is also compulsory dematerialization mode.
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