final project accounts

8/8/2019 Final Project Accounts

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Accounting & Reporting Practices

Of Aviation Sector

A Mini Project submitted in the fulfillment of the requirement of theinternal assessment.

Subject: - MBN 505: Financial & Management Accounting.

By

1. Srinivasan


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2. K.Srinivasa Uma Shankar

3. K.Sriram

SRM B School

SRM University Vadapalani

August - 2010

Ind ian


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Aviation

Secto

r Contents:

1. INTRODCUTION TO THE SECTOR

2. OVERVIEW O F THE AVIATION S ECTOR


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2 A .C LASSIFICATION OF AVIATION S ECTOR

2 B .C HALLENGES OF AVIATION S ECTOR

2 C .S WOT ANALYSIS OF AVAITION S ECTOR

2 D .R EASONS FOR B OOM IN AVAITION S ECTOR

2 E .T RENDS IN AVIATION INDUSTRY

2 F .C ONTRIBUTION TOWARDS INDIA GDP

3. TOP PLAYERS O F THE AVIATION S ECTOR

4. FINANCIAL POSITION OF

THE SEVERAL PLAYERS OF A VIATION S ECTOR

5. S UMMARIZATION

INTRODUCTION

The Indian aviation industry is one of the fastest-growingaviation industries in the world with private airlinesaccounting for more than 75 per cent of the sector of the


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domestic aviation market (as of 2006). With a compoundannual growth rate (CAGR) of 18 per cent and 454airports and airstrips in place in the country, of which 16are designated as international airports, Union CivilAviation Minister Mr.Praful Patel has stated that theaviation sector will witness revival by 2011.

The Airport Authority of India (AAI) manages a total of 127 airports in the country, which include 13 internationalairports, 7 custom airports, 80 domestic airports and 28civil enclaves. There are over 450 airports and 1091registered aircrafts in the country. The genesis of civil

aviation in India goes back to December 1912 when thefirst domestic air route between Karachi and Delhibecame operational. In the early fifties, all airlinesoperating in the country were merged into either IndianAirlines or Air India. and, by virtue of the Air CorporationsAct 1953, this monopoly continued for the next fortyyears .

The Directorate General of Civil Aviation(DGCA)controlled every aspect of aviation, including grantingflying licenses, pilots, certifying aircrafts for flight andissuing all rules and procedures governing Indian airportsand airspace. Finally, the Airports Authority of India (AAI)was assigned the responsibility of managing all nationaland international airports and administering every aspectof air transport operation through the Air Traffic Control.

With an increase in traffic movement during December2009 and increase in revenues by almost US$ 21.4million, the Airports Authority of India seems set toaccrue better margins in 2009-10, as per the latestestimates released by the Ministry of Civil Aviation. This is


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being primarily attributed to increase in the share of revenue from Delhi

International Airport Limited (DIAL) and Mumbai

International Airport Limited (MIAL).Passengers carried by domestic airlines from January-February 2010 stood at 8,056,000 as against 6,761,000in the corresponding period of 2009a growth of 19.2per cent, according to a report released by the Ministry of Civil Aviation.

The Hyderabad International Airport has been rankedamongst the world's top five in the annual Airport ServiceQuality (ASQ) passenger survey along with airports atSeoul, Singapore, Hong Kong and Beijing. The HyderabadInternational Airport is managed by a public-private jointventure consisting of the GMR Group, Malaysia AirportsHoldings Berhad and both the State Government of

Andhra Pradesh and the Airports Authority of India (AAI).

The US Ambassador to India Timothy J Roemer, has saidthat the US will work with the Indian government and thedomestic private sector to make the country an aviationhub. Speaking at India Aviation 2010, Roemer said thatthe public-private initiative, US-India Aviation Programme,would work together with the Directorate General of CivilAviation on helicopter aviation security.


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The Airports Authority of India (AAI) is set to spend overUS$ 1.02 billion in 2010, towards modernisation of non-metro airports. AAI is planning the city-side developmentof 24 airports, including those at Ahmedabad andAmritsar. Additionally, 11 new greenfield airports havebeen identified to reduce passenger load on existingairports, according to operations, AAI.

SECTOR OVERVIEW

The Indian aviation market is booming. The estimated growth of domestic passenger segment is at 50% per annum and growth forinternational passenger segment is 25%. The international cargois likely to grow at a rate of 12%.

During the period April-September, 2006, international anddomestic passengers recorded a growth of 15.8 per cent and 44.6per cent respectively, leading to an overall growth of 35.5 percent. Moreover, the international and domestic cargo recordedgrowth of 13.8 per cent and 8.7 per cent respectively, resulting inan overall growth of 12.0 per cent.

According to Ministry of Civil Aviation, India will need 1,500 to2,000 passenger planes in next 10 years. Over 135 aircrafts havealready been added in the last two years alone. By 2010, India'sfleet strength will stand at 500-550. It is also estimated that thedomestic market size will cross 60 million and the internationaltraffic will reach 20 million in the same period. By 2020, Indianairports are estimated to handle 100 million passengers, including60 million domestic passengers. The amount of cargo handled willfall in the range of 3.4 million tonnes per annum.


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AIRLINES: CURRENT FLEET AND ACQUISITION &INVESTMENT PLANS

Airlines Current fleet Acquisition plans Investment in US $billion)

Jet Airways 62 30 by 2012 2

Air Deccan 43 79 by 2010 2.7

Kingfisher 11 100 by 2012 4.5

Spice Jet 6 38 by 2010 1.9

Go Air 4 33 by 2008 2.4

Classification of Indian AviationSector

The Indian aviation sector can be broadly divided

into the following main categories:

1. Scheduled air transport service, which includesdomestic and international airlines.2. Non-scheduled air transport service, which includescharter operators and air taxi operators.3. Air cargo service, which includes air transportation of

cargo and mail.

Scheduled air transport service: It is an air transportservice undertaken between two or more places andoperated according to a published timetable. It includes:


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1. Domestic airlines, which provide scheduled flightswithin India and to select international destinations. AirDeccan, Spice Jet, Kingfisher Airline and IndiGo are some

of the domestic players in the industry.2. International airlines, which operate scheduledinternational air services to and from India.

Non-scheduled air transport service: It is an air transportservice other than the scheduled one and may be oncharter basis and/or non-scheduled basis. The operator is

not permitted to publish time schedule and issue ticketsto passengers.

Air cargo services: It is an air transportation of cargo andmail. It may be on scheduled or non-scheduled basis.

These operations are to destinations within India. Foroperation outside India, the operator has to take specific

permission of Directorate General of Civil Aviationdemonstrating his capacity for conducting such anoperation.

At present, there are 2 scheduled private airlines (JetAirways and Air Sahara), which provide regular domesticair services along with Indian Airlines. In addition thereare 47 non-scheduled operators providing air-taxi/non-scheduled air transport services.

Apart from this, the players in aviation industry can becategorized in three groups:


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Public players

Private players

Start up players

There are three public players: Air India, Indian Airlinesand Alliance Air. The private players include Jet Airways,Air Sahara, Kingfisher Airlines, Spice Jet, Air Deccan andmany more. The start up players are those planning toenter the markets. Some of them are Omega Air, MagicAir, Premier Star Air and MDLR Airlines

Challenges for Aviation Industry

The growth in the aviation sector and capacity expansionby carriers have posed challenges to aviation industry onseveral fronts. These include shortage of workers andprofessionals, safety concerns, declining returns and the


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lack of accompanying capacity and infrastructure.Moreover, stiff competition and rising fuel costs are alsonegatively impacting the industry.

1. Employee shortage: There is clearly a shortage of trained and skilled manpower in the aviation sector as aconsequence of which there is cut-throat competition foremployees which, in turn, is driving wages tounsustainable levels. Moreover, the industry is unable toretain talented employees.

2. Regional connectivity: One of the biggest challengesfacing the aviation sector in India is to be able to provideregional connectivity. What is hampering the growth of regional connectivity is the lack of airports.

3.Rising fuel prices: As fuel prices have climbed, theinverse relationship between fuel prices and airline stockprices has been demonstrated. Moreover, the rising fuel

prices have led to increase in the air fares.

4.Declining yields: LCCs and other entrants togethernow command a market share of around 46%. Legacycarriers are being forced to match LCC fares, during atime of escalating costs. Increasing growth prospectshave attracted & are likely to attract more players, which

will lead to more competition. All this has resulted inlower returns for all operators.

5. Gaps in infrastructure: Airport and air traffic control(ATC) infrastructure is inadequate to support growth.


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While a start has been made to upgrade theinfrastructure, the results will be visible only after 2 - 3years.

6. Trunk routes: It is also a matter of concern that thetrunk routes, at present, are not fully exploited. One of the reasons for inability to realize the full potential of thetrunk routes is the lack of genuine competition. The entryof new players would ensure that air fares are brought torealistic levels, as it will lead to better cost and revenuemanagement, increased productivity and better services.

This in turn would stimulate demand and lead to growth.

7. High input costs: Apart from the above-mentionedfactors, the input costs are also high. Some of thereasons for high input costs are:-

Withholding tax on interest repayments on foreign

currency loans for aircraft acquisition. Increasingmanpower costs due to shortage of technical personnel


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SWOT Analysis

Strengths:

1. Growing tourism: Due to growth in tourism, there hasbeen an increase in number of the international anddomestic passengers. The estimated growth of domesticpassenger segment is at 50% per annum and growth forinternational passenger segment is 25%

2. Rising income levels: Due to the rise in income levels,the disposable income is also higher which are expectedto enhance the number of flyers.

Weaknesses:

1.Under penetrated Market : The total passenger trafficwas only 50 million as on 31st Dec 2005 amounting toonly 0.05 trips per annum as compared to developednations like United States have 2.02 trips per annum.

2.Untapped Air Cargo Market: Air cargo market has notyet been fully taped in the Indian markets and is

expected that in the coming years large number of players will have dedicated fleets.

3. Infrastructural constraints: The infrastructuredevelopment has not kept pace with the growth in


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aviation services sector leading to a bottleneck. Hugeinvestment requirement for physical infrastructure forairports.

Opportunities:

1.Expecting investments: investment of about US $30billion will be made.

2.Expected Market Size: Average growth of aviationsector is about 25%-30% and the expected market size is

projected to grow upto100 million by 2010.

Threats:

Huge investments are expected to take place in aviationsector in near future. It is estimated that by 2012.

1.Shortage of trained Pilots: There is a shortage of trainedpilots, co-pilots and ground staff which is severely limitinggrowth prospects.

2.Shortage of Airports: There is a shortage of airportfacilities, parking bays,air traffic control facilities andtakeoff and landing slots.

3. High prices: Though enough number of low costcarriers are already existing in the industry, majority of the population is still not able to fly to other destinations.


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Reasons For Boom In AviationIndustry

1.Foreign equity allowed: Foreign equity up to 49 per

cent and NRI (Non-Resident Indian) investment up to 100per cent is permissible in domestic airlines without anygovernment approval. However, the government policybars foreign airlines from taking a stake in a domesticairline company .

2.Low entry barriers: Nowadays, venture capital of $10million or less is enough to launch an airline. Privateairlines are known to hire foreign pilots, get expatriatesor retired personnel from the Air Force or PSU airlines insenior management positions. Further, they outsourcesuch functions as ground handling, check-in, reservation,aircraft maintenance, catering, training, revenueaccounting, IT infrastructure, loyalty and programmemanagement. Airlines are known to take on contractemployees such as cabin crew, ticketing & check inagents.

3.Attraction of foreign shores: Jet and Sahara have


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gone international by starting operations, first to SAARCcountries, and then to South-East Asia, the UK, and theUS. After five years of domestic operations, many

domestic airlines too will be entitled to fly overseas byusing unutilised bilateral entitlements to Indian carriers.

4.Rising income levels and demographic profile: Though India's GDP (per capita) at $3,100 is still very lowas compared to the developed country standards, India isshining, at least in metro cities and urban centres, whereIT and BPO industries have made the young generationprosperous. Demographically, India has the highestpercentage of people in age group of 20-50 among its 50million strong middle class, with high earning potential.All this contributes for the boost in domestic air travel,particularly from a low base of 18 million passengers.

5.Untapped potential of India's tourism: CurrentlyIndia attracts 3.2 million tourists every year, while Chinagets 10 times the number. Tourist arrivals in India areexpected to grow exponentially, especially due to theopen sky policy between India and the SAARC countriesand the increase in bilateral entitlements with Europeancountries, and US.

6.Glamor of the airlines: No industry other than film-making industry is as glamorous as the airlines. Airlinetycoons from the last century, like J. R. D. Tata andHoward Hughes, and Sir Richard Branson and Dr. Vijaya


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Mallya today, have been idolized. Airlines have an aura of glamour around them, and high net worth individuals canalways toy with the idea of owning an airline. All the

above factors seem to have resulted in a "me too" rush tolaunch domestic airlines in India.

Trends in Indian Aviation Industry

1. Consolidation in aviation sector: The rise in the number of alliances in aviation industrywill help in further growth of aviation sector in India. The

Jet-Sahara merger is probably just the beginning. Therecent 26% stake acquisition by the Dr. Vijay Mallya(United Breweries group) in the low-cost carrier DeccanAviation is further confirmation that the Indian aviationindustry is looking forward to more consolidations.

2. The number of passengers traveling by air is onthe rise:


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With passenger boardings expected to double by 2025,and aircraft operations expected to triple by the sametime, the number of passengers traveling by air is on rise.

3. For the traveling public, price is paramount inchoosing a carrier: Due to the Internet and round-the-clock search capability,airfares are fully transparent to the public and travelersare choosing the lowest price option. Air travel is now acommodity business, and legacy carriers will have toadapt further to a low-cost/low-fare environment in order

to survive. Even business travelers, who have been lessprice-sensitive, are resisting fare increases. The onlypremiums that travelers are willing to pay for are time-of-day and direct flights, not the brand.

4. Capacity is growing without much constraint.Indian carriers are placing orders for new aircraft fordelivery in the coming period, without clear plans to retireolder planes. They are also adding significant numbers of regional jets. The air taxi fleet is also expanding rapidly.Kingfisher Airlines has already ordered 5 Airbus A380aircrafts that will operate on international routes.

5. Cost structures will continue to handicap legacycarriers as they compete with newer airlines, as well as

with overseas carriers.Low cost carriers are posing great threats to legacycarriers, as a result of which they are restructuring theirpricing policies. Apart from this, they are also facingcompetition from overseas players.


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6. Oil prices are not expected to fall. The public sector oil marketing companies (OMCs) haveraised the prices of Aviation Turbine Fuel (ATF) by 3.5 per

cent, in line with the rise in international oil prices. This islikely to trigger a marginal increase in airfares.

7. Outsourcing: Private airlines are known to hire foreign pilots, getexpatriates or retired personnel from the Air Force or PSUairlines, in senior management positions. Further, theyoutsource such functions as ground handling, check-in,reservation, aircraft maintenance, catering, training,revenue accounting, IT infrastructure, loyalty andprogramme management. Airlines are known to take oncontract employees such as cabin crew, ticketing andcheck-in agents.


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Role of Aviation Industry in IndiaGDP

The Role of Aviation Industry in India GDP in the pastfew years has been phenomenal in all respects. TheAviation Industry in India is the most rapidly growingaviation sector of the world. With the rise in the economyof the country and followed by the liberalization in the

aviation sector, the Aviation Industry in India wentthrough a complete transformation in the recent period.

Role of Aviation Industry in India GDP-Facts

With the entry of the private operators in this sectorand the huge cut in air prices, air travel in India werepopularized

On February 18, 1911, the first commercial flight wasmade from Allahabad to Naini by a French pilotnamed Monseigneur Piguet

Role of Aviation Industry in India GDP-GrowthFactors

The growth in the Indian economy has increased theGross Domestic Product above 8% and this high


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growth rate will be sustained for a good number of years

Air traffic has grown enormously and expected tohave a growth which would be above 25% in thetravel segment

In the present scenario around 12 domestic airlinesand above 60 international airlines are operating inIndia

With the growth in the economy and stability of thecountry India has become one of the preferredlocations for the trade and commerce activities

The growth of airlines traffic in Aviation Industry in

India is almost four times above internationalaverage

Aviation Industry in India have placed the biggestorder for aircrafts globally

Aviation Industry in India holds around 69% of thetotal share of the airlines traffic in the region of South Asia

Role of Aviation Industry in India GDP-Future Challenges

Initializing privatization in the airport activities Modernization of the airlines fleet to handle the

pressure of competition in the aviation industry Rapid expansion plans for the major airports for the

increased flow of air traffic

Immense development for the growing RegionalAirports


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Role of Aviation Industry in India GDP-FDI Policy The Reserve Bank of India (RBI) announced that foreigninstitutional investors might have shareholdings morethan the limited 49% in the domestic sector .

AirportsForeign equity up to 100% is allowed by themeans of automatic approvals pertaining toestablishment of Greenfield airportsForeign equity up to 74% is allowed by themeans of automatic approvals pertaining to theexisting airportsForeign equity up to 100% is allowed by themeans of special permission from ForeignInvestment Promotion Board, Ministry of Finance, pertaining to the existing airports

Air Transport ServicesUp to 49% of foreign equity is allowed by themeans of automatic approvals pertaining to thedomestic air transport servicesUp to 100% of NRI investment is allowed by themeans of automatic approvals pertaining to thedomestic air transport services.

Foreign Equity Participation in Air Transport Services

The Domestic Air Transport Policy approved by the


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government provides for foreign equity participation upto 49% and investment by Non-Resident Indians (NRIs) upto 100% in the domestic air transport services. Foreign

airlines are, however, not permitted to pick up equitydirectly or indirectly.

Moreover, the flow of foreign investment into aviation islikely to get smoother as the government is planning tofix a higher foreign direct investment (FDI) ceiling for fivesub-sectors of the industry. The FDI ceiling for the sectorswould be higher than the 49% allowed in airlines now.

The five categories proposed in the Cabinet note for FDIreview include maintenance, training facilities, cargohandling, passenger handling and chartered services.

TOP PLAYERS

Players in Indian aviation industry can becategorized in three groups:

Public players Private players Start up players


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There are three public players: Air India , Indian Airlines and Alliance Air. The private players include Jet Airways ,Air Sahara , Paramount airways , Go Air Airlines , Kingfisher

Airlines , Spice Jet , Air Deccan and many more. The startup players are those which are planning to enter into themarkets. Some of them are Omega Air, Magic Air, PremierStar Air and MDLR Airlines

Top Aviation Companies in India

Air Charter Services Pvt Ltd : Air Charter ServicesPvt. Ltd. performs its business operations withprivate business aircrafts, executive and corporateair charters, helicopter tours, VIP charter flights, andphoto and video flights. Its client list incorporatesVIPs, corporate firms, tour co-coordinators, travelagents and air medical evacuation professionals. Itprovides services such as relief, VIP, air ambulanceand privacy services.

Air Charters India : Air Charter India is owned bythe STIC Travel Group and has around 100 airplanesin India. It covers several international destinationswith an unmatchable logistics support. The aviationcompany has 40 offices with a highly skilled

manpower of above 1000 people. It offers serviceslike heli-skiing, charter flights for pilgrimage in India,heli-sightseeing, corporate jets, executive jets, etc.Air Charter India provides airplanes such ashelicopters, business aircrafts, aircrafts forcorporates, individuals and group travelers.
http://www.naukrihub.com/india/aviation/top-companies/air-india/http://www.naukrihub.com/india/aviation/top-companies/indian-airlines/http://www.naukrihub.com/india/aviation/top-companies/jet-airways/http://www.naukrihub.com/india/aviation/top-companies/air-sahara/http://www.naukrihub.com/india/aviation/top-companies/paramount-airways/http://www.naukrihub.com/india/aviation/top-companies/go-air/http://www.naukrihub.com/india/aviation/top-companies/spicejet/http://www.naukrihub.com/india/aviation/top-companies/air-deccan/http://www.naukrihub.com/india/aviation/top-companies/air-india/http://www.naukrihub.com/india/aviation/top-companies/indian-airlines/http://www.naukrihub.com/india/aviation/top-companies/jet-airways/http://www.naukrihub.com/india/aviation/top-companies/air-sahara/http://www.naukrihub.com/india/aviation/top-companies/paramount-airways/http://www.naukrihub.com/india/aviation/top-companies/go-air/http://www.naukrihub.com/india/aviation/top-companies/spicejet/http://www.naukrihub.com/india/aviation/top-companies/air-deccan/


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Air India : National Aviation Company of IndiaLimited (NACIL) was the first Indian aviation companywhich led the way for other companies in the aviationsector. It was initiated before the India gained itsindependence. Later it collaborated with IndianAirlines and gained the reputation of being thelargest airline in South Asian airline. Air India Cargo,Air India Express and Air India Regional are itssubordinates in aviation market. It offers First class,Executive class and Economy class services and hascodesharing pacts with companies like Air France,Austrian Airlines, Aeroflot, Air Astana, Emirates

Airline, Air Mauritius, Kuwait Airways, etc. Aviation India : Aviation India provides services like

cargo services, flight operation, air charter services,passenger services, freight control, advisory andconsultancy, aircraft preservation and renovation,international flight operation, air supervision andhelipad engineering, etc. The airlines has skilledworkforce and offers total control and functionalback-up to several international schedule / non-schedule operations.

Indian Airlines : Indian Airlines was inaugurated on1st August, 1953 and in collaboration with its fullygoverned subordinate in aviation market Alliance Air,it takes pride in being recognized as one of thebiggest regional airline systems in Asia. It has a fleet

of 70 airplanes and covers 76 destinations, 58 Indiandestinations and 18 foreign destinations. Globally itcovers Oman, UAE, Kuwait, Qatar, Singapore,

Yangon, Pakistan, Maldives, Bangladesh, Sri Lanka,etc.


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Deccan Aviation Ltd .: The aviation company hasits presence in 8 places namely, Mumbai, Ranchi,Surat, Hyderabad, Bangalore, Katra, Colombo (SriLanka) and Delhi. It has 350 daily departures andcovers 65 destinations in India. It offers the benefit of no-cost travel to infants, ticketing counters, lavishaircraft interiors and ticketing flexibility.

Indigo : Indigo is a utilitarian low-price domesticairline which offers feasible flying alternatives formillions. The airline was facilitated by the AirPassengers Association of India (APAI) as the Best

Low-Fare Carrier in India for the year 2007. Indigohas 120 daily departures and a fleet of 19 AirbusA320. The airline covers 17 destinations namely,Agartala, Bangalore, Bhubaneshwar, Ahmedabad,Delhi, Chennai, Guwahati, Hyderabad, Goa, Imphal,Kolkata, Mumbai, Vadodara, etc.

Paramount airways : Paramount Airways is abusiness class airline which has its base in India andheadquarters at Chennai. Endorsed by Madurai-based Paramount Group and Paramount Railwayswas inaugurated in 19th October 2005. Its fleetcomprises 5 aircrafts and it operates in 8destinations.

Go Air Airlines: Like SpiceJet, a Go Air airline is alsoa low price airline endorsed by the Wadia group. Itwas inaugurated in Mumbai in June 2004. It operatesin 11 cities with 61 daily departures. It has started itsfunctions in Ahmedabad, Chennai, Bangalore,Coimbatore, Goa, Cochin, Jaipur, Mumbai, Pune,Delhi, Srinagar, etc.


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Kingfisher Airlines : It is the one and only 5-starairline in India which offers excellent first classservice on domestic itineraries also. A part of UBgroup, Kingfisher Airlines has received 30 awards forits novelty and customer satisfaction. After its tie-upwith Deccan, the airline covers 64 cities and has 484daily departures.

Spice Jet : Spice Jet is basically a low cost airlinewhich incorporates many Boeing 737-800 airplanesin its fleet. It covers 14 destinations in India.

Air Sahara: Air Sahara was inaugurated onDecember 3, 1993 with a fleet of only two Boeing737-200s. Now it comprise of 27 aircrafts, 135 dailydepartures and availability of 16500 seats on regularbasis. It reaches various Indian destinations likeBangalore, Kolkata, Delhi, Lucknow, Mumbai,Chennai, etc.

Jet Airways: Jet Airways was established on May 5,

1993. It earns yearly revenue of Rs 2502.89 and totalincome of approx Rs. 117868.8 Million. At present itid India's biggest private domestic airline with 62aircrafts and a market share of 25%. It covers 50destinations with 340 regular departures. Jet Airwayshas pacts with foreign airlines, such as Lufthansa,Swiss, Gulf Air, Austrian Airlines, Qantas and Thai.

Market share of key players in the Indian aviationsector


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Name of the players MarketShare

Kingfisher Airlines and Kingfisher Red

(previously Air Deccan)

28%

Jet Airways and Jet Lite (previously AirSahara)

25%

Air India and Indian (previously IndianAirlines)

16%

IndiGo 14%

SpiceJet 12%

GoAir 3%

Paramount Airways 2%

MDLR Airlines 0.004%


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Logos and pictures of the playersof Indian Aviation sector


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Proud Owners of The Indian Aviation Sector

From Top left to Bottom:

1.Naresh Goyal MD of Jet airways

2.Vijjaya Mallya MD of KingFisher

3.Jeh Wadai MD of Go Air

4.Siddhanth Sinha MD of Spice Jet

5. Owner Of Upcoming MDLR Airlines


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