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Airline Allied Services Limited Aasl AIRLINE ALLIED SERVICES LIMITED AASL CONTENTS Page No. 1. Board of Directors 1 2. Chairman’s Message 2 3. Directors’ Report 5 4. Comments of the Comptroller & Auditor General of India 37 5. Independent Auditors’ Report 41 6. Balance Sheet as at 31 March 2017 68 7. Statement of Prot & Loss for the year ended 31 March 2017 69 8. Cash Flow Statement 70 9. Notes forming part of the Financial Statements for the year ended 31 March 2017 71 AASL BOARD OF DIRECTORS (as on 17 NOVEMBER 2017) Shri Rajiv Bansal Chairman Shri Pankaj Srivastava Director Shri Vinod Hejmadi Director Shri S.S. Uberoi Director Capt A.K. Govil Director Shri Angshumali Rastogi Director Shri K.V. Unnikrishnan Director Chief Executive Officer Shri C.S. Subbiah Auditors M/s. Chandra Gupta & Associates Chartered Accountant E-103, Palm Court Apartments Plot No.-3, Sector-19-B, Dwarka New Delhi-110 075. Company Secretary Smt. Manjiree M. Vaze Registered Office Alliance Bhawan Domestic Terminal 1 I.G.I. Airport, New Delhi-110 037 1 AASL CHAIRMAN'S SPEECH Dear Shareholders, It gives me great pleasure to present to you the Thirty Fourth Annual Report of the Company for the year 2016- 17. Airline Allied Services Ltd. is one of the leading airlines in the country providing connectivity to Tier II & Tier III cities in India as well a feeder to its parent company, Air India Limited and its subsidiary, Air India Express Limited. It is in the process of expanding its operations on Pan India basis by inducting more aircraft in its eet. These aircraft will serve shorter routes within the country. NEW CIVIL AVIATION POLICY – REGIONAL CONNECTIVITY SCHEME The new Regional Connectivity Scheme "Ude Desh ka Aam Nagrik" (UDAN) introduced by the Government, which will run for 10 years, will work to revive existing airstrips and airports. Under this scheme, Government has awarded 128 regional routes to ve airlines — Airline Allied Services Limited (Alliance Air), SpiceJet, Turbo Megha, Air Odisha and Air Deccan. Under the Regional Connectivity Scheme (RCS), the Government has proposed at least half the seats on every ight be available under a fare cap of Rs.2,500 per seat per hour of ying. With the introduction of RCS, a number of new routes to unserved and underserved airports have opened up for Alliance Air and it has been awarded 15 routes in the rst round of bidding process. As operation to unserved and underserved airports has been incentivized by the Government it will stimulate trafc on regional routes connecting Tier-II/III cities. Alliance Air, with its existing eet of ATR aircraft, supplemented by an early induction of more ATR aircraft can take a position of dominance in the regional market. It, therefore, plans to participate aggressively in the subsequent rounds of RCS bidding as well. PERFORMANCE OF THE COMPANY DURING THE YEAR During the year, the Company incurred a net loss of Rs. 2827.22 Million (Rs. 1987.51 Million). Although the total revenue has increased by Rs.1019.56 Million, the loss increased by 839.71 Million due to increase in expenditure by Rs. 1859.27 Million. The increase in losses can be attributed to the following reasons: l Lease charges increased by Rs. 349.98 Million due to induction of 3 new Aircraft in the year 2016-17 (Rs. 1525.08 Million from Rs. 1175.10 Million). l The maintenance charges increased by Rs.277.52 Million (Rs. 1234.64 Million from Rs. 957.13 Million) due to induction of three new aircraft and increase in the expenditure on repair of aircraft and cost of material consumed. l There was upward increase in landing and navigation expenses due to increase in operations, RNFC rate increase effective December 2016, change in eet composition and increase in stage length of the route pattern, increase on account of re-computation of redelivery cost of Aircraft, buyout of CRJ aircraft and induction of new aircraft in eet, increase in Financial cost towards interest on outstanding amount to be payable to the parent company. l There was increase in ATF cost also due to increase in quantity uplifted and increase in average ATF rate. Although the passenger revenue increased by Rs.1004.62 Million due to increase in operations and passengers carriage but there was a decline in passenger yield by Rs. 256/- per passenger. 2 AASL Sundry Receipts/other Income increased by Rs.46 Million(approx) due to the receipt of application money for recruitment of pilots, cabin crew and engineers, additional interest income as more SBLCs have been opened due to induction of aircraft during the year and increase in the Interest cost apportioned to AIESL by AASL. FUTURE PLANS The passenger aviation market in India has been growing steadily due to induction of capacity by all airlines and also fares becoming more affordable. The growth in Tier II & III cities is still largely untapped, as larger airlines have focused on trunk routes and operate larger capacity aircraft which are not suitable for serving in smaller airports. Alliance Air has the advantage of operating ATR type of aircraft since January 2003. It intends to build on this experience of over a decade of serving to Tier II & III cities. The Company has a eet of 2 ATR 42-320 and 8 ATR 72-600 aircraft. 10 New ATR 72-600 aircraft were likely to be inducted in FY 2016-17, but owing to delays in the leasing process, deliveries have begun in June 2017 and are expected to be completed by the end of the nancial year 2017-18. The existing eet is deployed to operate about 50 ights every day over a network of 35 stations. The 10 new aircraft being inducted will be utilized to increase frequency on present routes as well as deployment on new routes. The Company plans to expand its network and reach to neighbouring countries. It further plans to increase the eet to 40 aircraft by FY 2021.It plans to reverse the trend of adverse nancial parameters and improve the nancial position of the Company as well. We hope to do much better in the year 2017-18 and condent of an operating prot by increasing our revenues, cutting down on expenses and loss making routes. ACKNOWLEDGEMENT I take this opportunity to thank Air India Limited and Ministry of Civil Aviation for their unstinted support. I also acknowledge the support extended by all other authorities including banks and regulatory agencies and assure that we will continue our growth trajectory, taking Airline Allied Services Limited to greater heights. I would like to thank my colleagues on the Board for their valuable guidance. I would like to thank all employees of Airline Allied Services Limited for their contribution and support to transform Alliance Air as the First choice of the travelling Public. On behalf of the Board, I seek your continued support, as always. Sd/- (Ashwani Lohani) Chairman Place : New Delhi Date : 22 August 2017 3 AASL VISION: To be a Leading Regional airline providing connectivity to Tier II and III cities and a feeder airline to the network & in complete synergy with Air India. MISSION & OBJECTIVES : Prominent domestic airline Customer l Provide safe, reliable and on-time services l Take effective steps to provide high level of customer satisfaction l Explore new passenger base for airline market l Provide one-stop connectivity to metros and beyond for seamless travel to main domestic and international destinations. Processes l Continuously improve standards of safety and efciency l Operate and maintain a young and modern eet l Provide the best and most efcient network in conjunction with main network of Air India l Create economic value l Enhance its competitive market standing and image as a Regional short haul airline. Route – Network l Compete with high density train trafc l Meet regional aspirations of swift connection to metros and beyond l Provide connectivity to cities so far not air connected. People l Build a highly motivated and professional team l Maintain highest degree of transparency and ethics l Be a responsible corporate citizen 4 AASL DIRECTORS’ REPORT To, The Members, Airline Allied Services Ltd. The Directors of your company have pleasure in presenting the Thirty Fourth Annual Report together with audited Statement of Accounts of Airline Allied Services Ltd. for the year ended 31 March 2017. FINANCIAL AND PHYSICAL PERFORMANCE The Financial and Physical performance for the year under review vis-a-vis the previous year was as under: Financial Performance (Rs. in Million) 2016-17 2015-16 Operating Revenue 3661.91 2682.02 Schedule Revenue 3091.72 2091.29 Non schedule revenue 559.46 586.46 Incidental Revenue 10.73 4.30 Other Income 96.23 56.55 Total Revenue 3758.14 2738.58 Total Expenses 6684.78 4762.51 Net Prot/(Loss) for the year Before Tax (2827.22) (1987.51) Net Prot/(Loss) for the year After Tax (2827.22) (1987.51) Share Capital 4022.50 4022.50 Physical Performance 2016-17 2015-16 ASKMs (in Millions) 470.589 342.639 RPKMs (in Millions) 323.771 227.984 Passengers Carried (in Millions) 0.625 0.400 Seat Factor (%) 68.8 66.5 Load Factor (%) 76.85 61.7 SHARE CAPITAL As on 31 March 2017, the Authorized Share Capital of the Company was Rs.500 crores divided into Five Crores Equity Shares of Rs.100 each and Issued, Subscribed and Paid up Share Capital of Company was Rs. 402.25 crores divided into Four Crores Two Lakhs Twenty Five Thousand Equity Shares of Rs.100 each. CHANGES IN THE SHARE CAPITAL, IF ANY During the year there was no change in the paid up share capital of the Company.
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