Kingfisher airlines ltd

Kingfisher Airlines Ltd

PROJECT Report

On

Kingfisher Airlines

Kingf i sher A i r l inesK ingf i sher A i r l ines……….The k ing o f good t imes ……….The k ing o f good t imes

Submitted To:-

Prof.Aman Srivastava Submitted By:-

Priyadarshini Madhusmita

Fpg/1012/014

Introduction on Financial Distress

Priyadarshini Madhusmita Page 1


A situation where a firm’s operating cash flows are not sufficient to satisfy current

obligations and the firm is forced to take corrective action.

Financial distress may lead a firm to default on a contract, and it may involve financial

restructuring between the firm, its creditors, and its equity investors.

Definition of Terms

Default

Failure to meet an interest payment, or

Violation of debt agreement

Bankruptcy

Formal procedure for working out default

Does not automatically follow from default.

Financial Distress

Includes default and bankruptcy, but also

Threat of default or bankruptcy and its effect on the company

Defined to capture the costs and benefits of using large amounts of

debt finance.

Insolvency

Stock-base insolvency; the value of the firm’s assets is less than the

value of the debt.

Flow-base insolvency occurs when the firm’s cash flows are

insufficient to cover contractually required payments.

What Happens in Financial Distress?

Financial distress does not usually result in the firm’s death.



Firms deal with distress by-

o Selling major assets.

o Merging with another firm.

o Reducing capital spending and research and development.

o Issuing new securities.

o Negotiating with banks and other creditors.

o Exchanging debt for equity.

o Filing for bankruptcy.

Responses to Financial Distress- Think of the two sides of the balance sheet.

o Asset Restructuring:

1. Selling major assets.

2. Merging with another firm.

3. Reducing capital spending and R&D spending.

o Financial Restructuring :

1. Issuing new securities.

2. Negotiating with banks and other creditors.

3. Exchanging debt for equity.

4. Filing for bankruptcy.

5. Bankruptcy Liquidation and Reorganization

Malaysia’s Bankruptcy Act 1967 is based on the English Bankruptcy Act of 1914.

A debtor is defined in Section 3(3) BA ’67 to include those personally present in Malaysia,

ordinarily resident or had a place of residence in Malaysia, was carrying on business in

Malaysia either personally or by means of an agent, or was a member of a firm or partnership

which carried on business in Malaysia.

Corporate Insolvency in Malaysia



General Liquidation

o Receivership

o Schemes of Arrangement

o Special Administration under Pengurusan Danaharta National Berthed Act 1998

General Liquidation

Under S217 and 218 Companies Act 1965, a company may be wound-up upon presentation

of a Winding-Up Petition if it is unable to pay its debt

Once the winding-up order is made, a court-appointed liquidator will be entrusted with the

job of overseeing the liquidation process, including the handling of the wound-up Company’s

assets and the repayment of debts.

FORECASTING FINANCIAL DISTRESS WITH Z SCORE

There have been an increasing number of bankruptcies. Will your company go bankrupt?

Will your major customers or suppliers go bankrupt? What warning signs exist and what can

be done to avoid corporate failure?

Prediction models can help in a number of ways: In merger analysis, it can help to identify

potential problems with a merger candidate. Bankers and other business concerns can use it

to determine whether or not to give a new loan (credit) or extend the old one. Investors can

use it to screen out stocks of companies which are potentially risky. Internal auditors can use

such a model to assess the financial health of the company. Those investing in or extending

credit to a company may sue for losses incurred. The model can help as evidence in a lawsuit.

Financial managers, investment bankers, financial analysts, security analysts and auditors

have been using early warning systems to detect the likelihood of bankruptcy. But their

system is primarily based on financial ratios of one type or the other as an indication of

financial strength of a company. Each ratio (or set of ratios) is examined independent of

others. Plus, it is up to the professional judgment of a financial analyst to decide what the

ratios are really telling.



To overcome the shortcomings of financial ratio analysis, it is necessary to combine mutually

exclusive ratios into a group to develop a meaningful predictive model. Regression analysis

and multiple discriminate analysis (MDA) are two statistical techniques that have been used

thus far.

Z-Score distress prediction model

Z-Score description

The Z-Score is the most thoroughly tested and broadly accepted distress prediction model.

As such it is arguably the most important tool used in turnaround management for diagnosing

and evaluating overall financial corporate health, as well as the viability of turnaround or

restructuring efforts.

As a reliable test of corporate financial health, it is widely used by courts of law, and the

banking, credit risk management and turnaround industries in the USA as a benchmark for

credit status and corporate health.

There are more sophisticated models available, but they are proprietary and not freely

available (see the box on the right).

Z-Score origin

The Z-Score was developed by Professor Edward I. Altman of the Stern School of Business

at New York State University.

Z-Score use

The Z-Score applies statistical techniques (Multiple Discriminate Analysis) to financial ratios

to determine the overall health status of a business:

Healthy Zone: Business is in good shape.

Danger Zone (zone of ignorance, zone of uncertainty): Warning signals, exercise caution.

Failing Zone: High likelihood of bankruptcy within one year.



How we use the Z-Score?

At CRS Turnaround we apply the Z-Score to determine:

The degree of distress of a troubled company i.e. is it in danger or failing.

The Z-Score trend i.e. is the company heading towards the Danger Zone or Failing

Zone, and how fast.

Z-Score Formula

1. Original Z-Score formula for public manufacturing companies:

Original Z-Score = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 0.999X5

2. Model A Z-Score for private manufacturing companies: this model substitutes the book

values of equity for the Market value in X4 compared to original model.

Model A Z-Score = 0.717X1 + 0.847X2 + 3.107X3 +0.420X4 +0.998X5

3. Model B Z-Score for private general companies: this model analyzed the characteristics

and accuracy of a model without X5 - sales/total assets.

Model B Z-Score = 6.56X1 + 3.26X2 +6.72X3 +1.05X4



X1 = working capital/total Assets. It measures the net liquid asset of a company relative to

the total assets.

X2 = retained earnings/total Assets. It measures the financial leverage level of a company.

X3 = earnings before interests and taxes /total Assets. It measures productivity of a

company’s total assets.

X4 = market value of equity/book value of total liabilities. It measures what portion of a

company’s assets can decline in value before the liabilities exceed the assets.

X5 = sales/total Assets. It measures revenue generating ability of a company’s assets.

Z-Score Calculation

If:

Working Capital = $5,000,000

Retained Earnings = $1,000,000

Operating Income = $10,000,000

Market Value of Equity = $2,000,000

Book Value of Total Liabilities = $500,000

Sales = $15,000,000

Total Assets = $3,000,000

Working Capital / Total Assets = $5,000,000 / $3,000,000 = 1.67

Retained Earnings / Total Assets = $1,000,000 / $3,000,000 = .33

Operating Income / Total Assets = $10,000,000 / $3,000,000 = 3.33

Market Value of Equity / Book Value of Total Liabilities = $2,000,000 / $500,000 = 4

Sales / Total Assets = $15,000,000 / $3,000,000 = 5

Model A Z-Score = 0.717X1 + 0.847X2 + 3.107X3 +0.420X4 +0.998X5 = .717(1.67)

+ .847(.33) + 3.107(3.33) + .420(4) + .998(5) = 18.49321



More Application Of The Z Score

Various groups of business people can take advantage of this tool for their own purposes.

For example,

1. Merger analysis. The Z score can help identify potential problems with a merger

candidate.

2. Loan credit analysis. Bankers and lenders can use it to determine if they should extend a

loan. Other creditors such as vendors have used it to determine whether to extend credit.

3. Investment analysis. The Z score model can help an investor in selecting stocks of

potentially troubled companies.

4. Auditing analysis. Internal auditors are able to use this technique to assess whether the

company will continue as a going concern.

5. Legal analysis. Those investing or giving credit to your company may sue for losses

incurred. The Z score can help in your company`s defense.



Company Profile

Kingfisher Airlines Limited (KFA):

Kingfisher Airlines Limited (KFA) is the nation's largest domestic carrier, having served over

12 million passengers across 59 domestic and 8 international destinations, on about 366 daily

flights, last year.

The Airline has set new standards of service and customer satisfaction as manifested in the

numerous awards, both national and global, that KFA has won in its six years since inception.

The industry continued to benefit from strong growth in passenger traffic on the back of an

improving economic environment. Capacity creation has lagged demand growth and this

helped to stabilise yields.

Several initiatives covering both revenue enhancement and cost management have begun to

take effect.

KFA recorded its first year of EBITDA profits despite the challenges occasioned by

grounding of part of the fleet on account of issues with the engines (resolved before the end

of the year, in cooperation with the engine manufacturer) and upward trend in fuel costs.

The grounding of 14 Airbus aircraft progressively through the year resulted in a loss of 10%

of the domestic capacity. However, through increased aircraft usage and sharply improved

productivity, domestic passenger traffic increased by 2.6%. Ten of the 14 grounded planes

were re-inducted into service before the end of the year and the rest have also been

commissioned since then.

The Kingfisher product is working well in the international markets that the Company serves

and several new routes have been launched during the year.

Recognising the unparalleled network and service standards, KFA has become the only

Indian airline to be invited to a global alliance. Becoming a member - elect of ONE World,

the premier global alliance comprising leading names like BA, AA etc is a feather in KFA's

cap and will help accelerate the Company's global footprint.

Following on the improved operating performance, the Company negotiated a debt recast

with its lenders under which, a part of the bank loans have been converted into Equity and



Preference capital, the repayment of the balance loans extended to a nine year term and

interest rates reduced. As a part of the whole package, our Company also converted loans

extended to KFA into equity. Certain business associates who had advanced funds to KFA

have also accepted Optionally Convertible Debentures in lieu of their loans.

Welcome aboard Kingfisher Airlines, where you are made to feel like an honoured guest and

not just a passenger. At Kingfisher, a flight is not a journey between two airports but an

experience of a lifetime.

As our esteemed guest you can experience Kingfisher Airlines in three unique classes of

service - Kingfisher First (Business class) Kingfisher Class (Premium economy) and

Kingfisher Red (Low fare). Kingfisher First and Kingfisher Class is available on our

international routes too.

As Kingfisher takes off into the international skies, you can expect a world-class experience.

Every Kingfisher aircraft meets the global standards that I have set in terms of safety and

performance. Our brand-new fleet incorporates the latest technology and each aircraft is fitted

with a personalized in-flight entertainment system and top quality programming content from

around the world for your viewing and listening pleasure, and to create an environment that

you will truly cherish.

Aboard our flights, you will be delighted by the various sensory experiences on offer – from

tantalizing aromas of world cuisine to the magic touch of your personal therapeutic massage

seat - we really have thought about every little thing that will exhilarate you.

In fact our commitment to delivering the Kingfisher experience has won us many accolades.

We were voted the "Best New Airline of the Year" within a few months of launching. Of

course, being part of a Global conglomerate, the UB Group, has helped us strengthen our

service quality even more.

We invite you to fly Kingfisher Airlines and experience a journey we strive to create every

day. A journey like never before.



Our Vision

“The Kingfisher Airlines family will consistently deliver a safe, value-based and enjoyable

travel experience to all our guests.”

Our Mission

We maintain a large and up-to-date database of aviation experts and free-lance consultants.

We enable the HR Managers of Airlines, Airports and Aviation Companies to:

• Publish their job opportunities with ease and speed

• Search in the database and find the most suitable candidates

• Benefit from our Candidates Search services

We operate in accordance with the highest standards in all relationships with customers,

experts, suppliers and local communities.

Our Values

Safety

This is our overriding value. In our line of business, there is no compromise.

Service

We are all in the hospitality business; we must always seek to serve our guests and gain their

trust, goodwill and loyalty.

Happiness

We seek to build an organisation with people who choose to be happy, and will endeavour to

influence our guests and co-workers to be happy too.

Teamwork

We will succeed or fail as a team. Each one of us must respect our colleagues regardless of

their rank, and we must work together to ensure our mutual success.



Accountability

Each one of us will be held accountable for the successful execution of our duties,

commitments and obligations, and we will strive to lead by example.

Recession

In 2008, due to the prevalent economic downturn, the civil aviation industry faced the worst

period in its history. It was the time, when air passenger traffic started dripping, and the

aircraft fuel prices went sky rocketing. As a result, Kingfisher Chairman Vijay Malia and his

Jet Airways counterpart Marsh Goal announced an alliance, after a meeting. According to the

alliance, both the airline companies decided to implement code-sharing on both domestic and

international flights. It was a step to reduce the expenses. Subsequently, frequent flier

programs were announced by both the airlines, namely King Club and Jet Privilege.

Unique Services

Kingfisher Airlines offers several unique services to its customers. These include personal

valet at the airport to assist in baggage handling and boarding, exclusive lounges with private

space, accompanied with refreshments and music at the airport, audio and video on-demand,

with extra-wide personalized screens in the aircraft, sleeperette seats with extendable

footrests, and three-course gourmet cuisine.

Fleet

Kingfisher Airlines was the first airline in India to operate with all new aircrafts. It was also

the first airline in the country to order the Airbus A380. Kingfisher Airlines currently

operates ATR 42, ATR 72 and Airbus A320 aircraft for domestic and Airbus A330s for

international services. In the present time, the airline operates with a fleet of 74 aircrafts,

which include 25 Airbus A320-200 aircraft, 6 ATR 42-500, 27 ATR 72-500, 3 Airbus A319-

100, 8 Airbus A321-200 and 5 Airbus A330-200. Delivery of A380s is due in 2010 and

A350s in 2012.



Product

Premium class seats

1. Sleeperette seats with extendable footrests. 48" seat pitch and a 125° recline. Fully-

adjustable headrests.

2. Laptop and mobile phone chargers in each seat.

3. Comfortable pillows and snug blankets.

Price

Initially Kingfisher airlines didn’t differentiate between business class and economy class.

But eventually they decreased the prices of business class and called that seat as premium

seats. Fares were very average as it had to target middle class as well as premium class

people.

Place

King fisher airlines connect 23 cities like Ahmadabad, Goa, Delhi, Kolkata, Hyderabad,

Guwahati, Jaipur, Udaipur, etc.

Promotion

Various promotional strategies has been adopted by Kingfisher airlines like----

The 'Power Flyer' a consumer incentive offer targeted at the corporate traveler

Passengers are offered in flight entertainment options and contests like `Kingfisher

flying face of the month' and attractive discounts of branded merchandise.

Offer in-flight silent auctions for lifestyle products and in-flight sales of dry packaged

food and beverages

The marketing department showcased the airlines as “The new flying experience”.

KINGFISHER Airlines has announced special fares for all personnel serving in the

Indian Armed Forces, the Union Government, State governments, and employees of

all public sector units in the country. The immediate families of these personnel.



Comparison of Kingfisher to other players

Distinctly different strategy

Priced lower than Indian airlines, yet offer a great flying experience.

Feel-good factor

Interiors and food definitely better compared to other airlines.

Captured a 27.6% market share last year in comparison to Jet-25.2% and Air India-

17.2%.

Competition

Kingfisher Airlines-Jet Airways

Reduction in the Air-fare

Use of Air-Deccan to counter Jet.

Collaboration

Kingfisher –Air Deccan merge

Cutting costs

Marketing synergies

Kingfisher-Indigo partners. (US-Airline)

Agitation/Strike

Jet Airways ‘Sick-leave’

Air-India 50% Reduction in incentives



Achievements

‘Best Airline in India and Central Asia’, ‘Best Economy Class Seats’ and ‘Staff

Service Excellence Award for airlines in India and Central Asia’ in World Airline

Awards,2010

'5-STAR AIRLINE' award by Skirted for 3rd consecutive year, 2010

'India’s Favourite Airline' in HT MARS Consumer Satisfaction Survey , 2009

'Best Airline in India and Central Asia', 'Best Cabin Crew-Central Asia' for Kingfisher

Airlines and 'Best Low-Cost Airlines in India and Central Asia' for Kingfisher Red

services in SKYTRAX World Airline Awards, 2009

'Bonus Promotion' (Japan, Pacific, Asia, Australia) and ‘Best Customer Service’

(Japan, Pacific, Asia, Australia) in Freddie Award, 2009

Kingfisher Airlines frequent flyer programme, King Club has won Top Honours at the

21st Annual Freddie Awards in the Japan, Pacific, Asia and Australia region.

NDTV Profit Business Leadership Award for Aviation"

- awarded to Kingfisher Airlines by NDTV twice in two years

"India's only 5 Star airline", rated by Skirted and "6th airline in the world"

to be certified as 5 star airline by Skirted

rated India's "Second Booziest Brand 2008"

by Agfa’s! and The Brand Reporter

ranked amongst India's "Top Service Brands of 2008"

in a ranking by Pitch magazine

voted as "India's Favourite Airline"

in a survey conducted by an independent research firm with 46% votes compared to

9Ws 23%

rated as Asia Pacific's "Top Airline Brand"

in a survey conducted by TNS on 'Asia Pacific's Top 1,000 Brands' for 2008

"Brand Leadership Award"

in the service and hospitality segment against several acclaimed hotels, leading banks

and other airlines

Economic Times Avaya Award 2006 for Excellence in "Customer

Responsiveness"



the prestigious award is presented by the highly acclaimed Business Daily, Economic

Times

"India's No. 1 Airline in customer satisfaction"

- Business World

"Rated amongst India's most respected companies"

- Business World

"Rated amongst India's 25 Innovative Companies"

in a survey conducted by Planman Media in 2006

"The Best Airline" and "India's Favourite Carrier"

in a Survey conducted by IMB for The Times Of India

"Best New Domestic Airline for Excellent Services and Cuisine"

Pacific Area Travel Writers Association (PATWA) the biggest travel writers'

organisation, representing members from 70 countries across the globe, that conducts

independent annual surveys across various industries related with Travel and Tourism

in order to select the best in each category

"Service Excellence 2005-2006 for a New Airline"

by Skirted, a UK based specialist global air transport advisor

"Ranked Third in the survey on India's Most Successful Brand launch of 2005"

under the Brand Derby Survey conducted by India's leading business daily - Business

Standard

"Booziest Brands of 2005"

ranked amongst the Top Ten booziest brands of 2005 and 2006 across product

categories, in the survey conducted by agencyfaqs and The Brand Reporter

Rated amongst the Top Ten Internet Advertisers

- Yahoo! India

Rated amongst "the top ten in the Best Television Commercial Jingles"

- NDTV

"Best New Airline of the Year" Award for 2005

Centre for Asia Pacific Aviation (CAPA) Award in the Asia-Pacific and Middle East

region.

VIJAY MALLYA-Chairman SPEECH



Dear Shareholders

I would like to share with you the progress of Kingfisher Airlines Limited

(“Kingfisher”) and also address the recent sensational articles in the media. Aviation

demand remains strong and Kingfisher is still the single largest airline in India with a

market share of approximately 20%. Kingfisher is also India’s most awarded airline,

recognized for the quality of its product and service and its vast network. In fact on

September 26, 2011, Kingfisher received the “Best Indian Airline” award at the

Business Traveller Awards 2011 in London. Kingfisher operates 370 flights daily to

60 destinations carrying 12 million guests every year. Of the cities it serves, 11

destinations are served only by Kingfisher. We fly to eight international destinations –

London, Hong Kong, Singapore, Dubai, Bangkok, Kathmandu, Colombo and Dhaka.

During the most recent quarter ended June 2011, Kingfisher delivered a better

financial performance than other listed Indian carriers. On domestic operations,

Kingfisher reported an EBITDAR (Earnings before Interest, Depreciation,

Amortization, and Rentals) margin of 15.4% which compares favorably with 6.4%

and 7.2% reported by others. Kingfisher implemented a debt recast package during

the year under review pursuant to which loans from bankers in excess of Rs. 1,300

cores and funds from Promoters of approximately Rs. 745 cores were converted into

share capital. Further, the interest rate on the recast loans was lowered to 11% and the

period of repayment was extended to 9 years. Kingfisher continues to work with the

consortium of banks with a view to further reduce the interest cost. Some of the

proposed initiatives include sale and lease-back of some of its aircraft and other assets

to reduce loans and converting part of its Rupee loans into low cost fore loans based

on existing fore cash flows. The Consortium of Banks is currently appraising the

enhanced working capital request to cater to the strong growth and higher fuel costs.

In order to further improve operating performance, Kingfisher is in the process of

reconfiguring its aircraft. This reconfiguration will increase capacity by 10% at

minimal incremental cost. With Kingfisher’s domestic economy load factors running

in the mid 80s, this additional capacity will result in significantly improved revenues.

There are numerous other initiatives underway to make Kingfisher a more efficient

airline.

Kingfisher has a very competent and motivated team led by senior managers who

have been with the airline from its inception. This has enabled the airline to not only

deliver the best-in-class-service, but also very reliable operational performance. In



this fiscal year, we have had a high dispatch reliability of 99.5%. The high cost of

ATF (Aviation Turbine Fuel) coupled with a weakening Rupee is the biggest

challenge that the whole aviation industry in India is currently dealing with and we

are no exception. Kingfisher has been working and continues to work aggressively to

raise fresh capital. As you would appreciate, in a volatile global economic

environment and with oil prices as high as they have been, it is not an easy task. We

continue to believe that Kingfisher is a great investment opportunity and have recently

announced (subject to shareholders’ approval) Rights issue which can be launched in

addition to a GDR or separately to raise capital.

To address the specific issues raised:-

1. Going Concern and Deferred Tax Credit – The auditors have, in fact, concurred

with the Board of Directors’ adoption of the going concern assumption for preparation

of accounts despite erosion of net worth which is apparent from the face of the

Balance Sheet itself.

2. Accounting treatment of Maintenance Costs – The treatment accorded by

Kingfisher s consistent with the practices followed by the Aviation Industry globally.

3. Subsidy - The treatment given to manufacturers’ credit received on aircraft orders

by Kingfisher, [erstwhile Deccan] is consistent with the Airlines Accounting.

4. Statutory dues - Statutory dues, which are ongoing and fluctuate on a continuous

basis, have been quantified by the Auditors on a particular date.

5. Guarantees by United Breweries (Holdings) Limited (UBHL) and myself- The

quantum of guarantees issued by UBHL on behalf of Kingfisher has been grossly

exaggerated and incorrectly reported in various sections of the media.

Kingfisher Airlines News



Kingfisher Airlines Expands Route Network with the Introduction of Services on

Four New Routes New Delhi, November 23, 2007 - Kingfisher Airlines announced

that it has further expanded its route network with the introduction of three new

services and the addition of two new destinations. p>The newly introduced services

connect New Delhi with Jammu with a daily direct flight in either direction. The

second new service launched by Kingfisher Airlines is a daily direct flight from New

Delhi to Luck now.

Kingfisher Airlines also announced the introduction of a new daily service from

Varanasi to Khajuraho. With the introduction of this new service, Kingfisher Airlines

now offers a new service connecting New Delhi with Khajuraho with a halt at

Varanasi. This will be the first time that Kingfisher Airlines is operating flights to

Luck now and Khajuraho.

Commenting on the launch of these new routes, Mr. V. Raja, Global Sales Head-

Kingfisher Airlines Limited, added, “The launch of these three new services is

consistent with our goal of tapping emerging routes and offering convenient and

frequent services that cater to the unmet needs of air travellers in India. Given the

huge tourism potential of these cities and the importance that they occupy on the

pilgrimage map of India, we see potential to develop and grow a market for these

routes while simultaneously exploring virgin market segments that would typically fly

on this circuit. We look forward to growing this market”.

“The New Delhi-Jammu sector is a route that has a huge untapped potential and with

the superlative Kingfisher experience, we hope to capture this rapidly growing

market”, added Mr. Raja.



Conclusion

After doing a study of this project representing on Kingfisher Airlines, I have come to

a conclusion that Kingfisher Airlines is one of the largest and most widespread

airlines of the country providing its services not only in India as well as outside India

also. It has alliance with many other airlines in this sector. Kingfisher Airlines offers

world class services to the customer at a nominal rate. The national carrier takes

immense pride in having successfully played a pivotal role in making various facets

of India popular with the people of the world and acting as the country’s cultural

ambassador. The airline uses the services of one of the advanced plans been operated

in the world. To sum up I would like to say that Kingfisher Airlines is serving its

customer in an appreciated way and going to be in the list of best services providers in

coming years.



Suggestions

In this extremely competitive environment suggestions are extreme

importance. Kingfisher Airlines with rich Human Resource should look

forward to such suggestion and reward individual whose suggestion were

actually beneficial for the Organization.

Kingfisher Airlines can introduce Late bird / Night bird flights between metros

Kingfisher Airlines should schedule more number of flights to and from

station like Delhi, Mumbai, Chennai, Collate, Bangalore as these sectors

account for high payload.

Kingfisher Airlines needs to undertake aggressive Marketing

Kingfisher Airlines should undertake customers satisfaction survey

Kingfisher Airlines should make provisions to add up more financial benefits

for its passenger

Flight status should be made available through SMS

New approaches should be identified and rewarded so that it serves as

example for others



Bibliography

1. www.google.co.in2. www.flykingfisher.com3. www.theubgroup.com4. www.kingfisherair.in5. www.wikipedia.com6. www.iloveindia.com7. www.coolavenue.com8. www.airtravel.about.com9. www.businesswireindia.com10. www.thebusinessedition.com11. www.toyota-f1.com12. www.findarticles.com13. www.mapsofindia.com


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Kingfisher airlines ltd