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The Supreme Court a ert athe etre ake By va, 3 id norris Hy, 243 ed te Von ‘The compe i He ts Carta vm he LP fe by SIC. the Ham Scr Cae rat th to SICOL A lke Rs 10. no te stag invent by tha Amys PSG tere an gone cpg ash Ilo igh ena Seay, kag wus manag ean ow aera These mansrec copa th vas hl ote oy es eae Rode eon erent a aaa chon an cere te Stern of neal rete cnn be prone 04 GHG cnc Dl, ih conta retin of seeder of tbs hs nol Ceo 1. Pres eos / yeas ts hoe bea egress Nhe MAH 8 orm ren ds sin / dave, NAniBAaZ ie 3 Better, 2015 ‘SaranBSR& Co. LLP Chaturvedi & Shah Chartered Accountants Chartered Accountants Sth Floor, Lodba Excelus, 714-715,Tulsiani Chambers, Apollo Mills Compound 212, Nariman Point, NM Joshi Marg, Mabalaxmi Mumbai 400 021 Mumbai ~ 400011 Telephone +91 (22) 43455300 Telephone +91(22) 30218500 Fax +91 (22) 43455399 Fax 491(22)30218595 Independent Auditors’ Review Report To The Board of Directors of Jet Airways (India) Limited 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Jet Airways (India) Limited (“the Company”) for the quarter and half year ended 30 September 2015 (“the Statement”) boing submitted by the Company pursuant to the requirement of Clause 41 of the Equity Listing Agreements and Clause 4 of the Debt Listing Agreement with the respective Stock Exchanges, except for the disclosures regarding ‘Public Shareholding’, “Promoter and Promoter Group Shareholding’ and ‘Investor Complaints’ which have been traced from disclosures made by the management and have not been audited by us, The Statement is the responsibility of the Company’s Management and has been approved by the Board of Directors in their meeting held on 28 October 2015. Our responsibility is to issue a report on the Statement based on our review. 2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to Whether the Statement is free of material ‘misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus, provides less assurance than an audit, We have not performed an audit and accordingly, we do not express an audit opinion. 3._ Figures for the corresponding quarter and half year ended 30 September 2014 and figures for previous quarter ended 30 June 2015 and figures for the year ended 31 March 2015 have been reviowed f audited by Deloitte Haskins & Sells LLP Chartered Accountants and Chaturvedi & ‘Shah Chattered Accountants. 4, Based on our review conducted as above, nothing has come to our attention that causes us to bolieve that the accompanying Statement prepared. in accordance with Accounting Standars specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and other recognised accounting practices and policies generally accepted in India has not disclosed the information required to be disclosed in terms of Clause 41 of the Pquity Listing Agreements and Clause 4 of the Debt Listing Agreements, including ‘manner in which itis to be disclosed, or that it contains any material misstatement.BSR& Co. LLP Chaturvedi & Shah Independent Auditors’ Review Report (Continued) Jet Airways (India) Limited We draw attention to (@) Note 6 (b) of the Statement in respect of loan to its wholly owned major subsidiary (subsidiary company”) of Rs 215,923 lakhs (net of provision) outstanding as at 30 September 2015, The subsidiary company continues to have a negative net-worth a at 30 September 2015. On a consideration of factors as explained in the note aud based on recent valuation report, the assessment of carrying amount of loan is critically dependent upon the achievement of the expected operating performance by the subsidiary company after implementation of the business plan as mentioned in the note. (b) Note 10 ofthe Statement regarding preparation of the Statement on going concem basis for ‘the reasons stated therein, The appropriateness of assumption of going concern is dependent upon realisation of the ongoing synergies from alliance with the Strategic Partner and/or the Company's ability to raise requisite finance/generate cash flows in future to meet its obligutions, including financial support to its subsidiary companies, ‘Our review report is not qualified in respect of the above matters For BSR & Co, LLP For Chaturvedi & Shah Chartered Accountants Chartered Accountants Pirm’s Registration No: 101248W/W-100022 Firm's Registration No: 101720W paw sbenpde — ee oe Bhavesh Dhupelia Parag D. Mehta, Partner Partner Membership No: 042070 ‘Membership No, 113904 Mumbai 28 October 2015 Mumbai 28 October 2015