Companys Profile

Kingfisher Airlines

IATA IT

ICAO KFR

Callsign KINGFISHER 2004 Bangalore International Airport, Chhatrapati Shivaji International Airport, Indira Gandhi International Airport, Sardar Vallabhbhai Patel International Airport King Club 158 (incl. 126 in order) 29 UB Group Fly The Good Times Bangalore, India Dr. Vijay Mallya, CMD Mr. Hitesh Patel, EVP Mr. Rajesh Verma, EVP Mr.A. Raghunathan, CFO

Founded

Hubs

Frequent flyer program Fleet size Destinations Parent company Company slogan Headquarters Key people

Website: http://www.flykingfisher.com/

Introduction
Kingfisher Airline is a private airline based in Bangalore, India. The airline is owned by Vijay Mallya of United Beverages Group. Kingfisher Airlines started its operations on May 9, 2005 with a fleet of 4 Airbus A320 aircrafts. The airline currently operates on domestic routes. The destinations covered by Kingfisher Airlines are Bangalore, Mumbai, Delhi, Goa, Chennai, Hyderabad, Ahmedabad, Cochin, Guwahati, Kolkata, Pune, Agartala, Dibrugarh, Mangalore and Jaipur. In a short span of time Kingfisher Airline has carved a niche for itself. The airline offers several unique services to its customers. These include: personal valet at the airport to assist in baggage handling and boarding, accompanied with refreshments and music at the airport, audio and video on-demand, with extrawide personalized screens in the aircraft and three-course gourmet cuisine. Kingfisher Airlines currently operates with a brand new fleet of 8 Airbus A320 aircraft, 3 Airbus A319-100 aircraft and 4 ATR-72 aircraft. It was the first airline in India to operate with all new aircrafts. Kingfisher Airlines is also the first Indian airline to order the Airbus A380. UB holdings Ltd, has acquired 26% stake in the budget airline Air Deccan and has option to buy further of 20% stake from the secondary market.

History

Kingfisher Airlines is a subsidiary of the UB Group, one of the largest beverage companies in the world. The branding of the airline is linked to that of Kingfisher Beer, Indias largest brewery. The airline, which is headed by the charismatic Dr Vijay Mallya, took to the skies in May 2005, and attracted attention for its high quality product with personal inflight entertainment in every seat; custom interior designs for each aircraft; valet assistance at airports and complimentary hot food and beverages. The airline initially operated a single class service but subsequently introduced a highly acclaimed First Class, allowing it to compete with Jet Airways for the high yield corporate market. In addition to its A320 family aircraft used on domestic routes, Kingfisher Airlines also operates ATR-72 turboprops on regional sectors. Under current Indian regulations, which require airlines to operate 5 years domestic service before being granted international rights, Kingfisher will not be permitted to operate overseas until 2010. However, the airline has very clear international ambitions, with an order book for 45 wide body aircraft, including A330s, A340s, A350s and A380s.

In just over two years, Kingfisher Airlines has achieved a market share of 10% and has one of the most aggressive expansion plans of all Indian carriers during 2007. In Jun-07, it dramatically increased its influence in the market with the acquisition of a 26% shareholding in Indias largest LCC, Air Deccan, for approximately USD130 million, and an open offer for a further 20%. Through schedule coordination and joint operations in ground handling, training, and maintenance, the carriers are projecting annual cost savings of over USD70 million. There will also be greater coordination between the two brands, with Air Deccan to adopt the Kingfisher image in its logo and to switch to a red, rather than a blue colour scheme. The combined Kingfisher/Deccan group has a market share of just over 30% and a product range spanning from the price-sensitive, first-time flyer, to the high yield business traveler, making it one of the key pillars of the airline industry. The airline which started its operation on 9th May 2005, following the lease of 4 Airbus A320 aircraft. As of July 2007, Kingfisher operates only on domestic routes, however it has announced plans to start flights to the USA with Airbus A380 aircraft. The airline is owned by the United Beverages Group under the leadership of Vijay Mallya (which also owns the popular Indian beer of the same name). The airline promises to suit the needs of air travellers and to provide reasonable air fares. Kingfisher Airlines' main "luxury" component is its In-Flight Entertainment System, a first among Indian airlines . The airliners in-flight Mobile Phone and Internet Services will be provided by OnAir starting 2008 for longhaul flights.

Welcome Kingfisher Airlines!

Kingfisher Airlines commenced commercial operations on 9 May, with its maiden service from Bangalore to Mumbai with 174-seat A320 aircraft. Other details include: Fleet: To operate a minimum of 33 aircraft within the next two years and 55 by 2010; Fares: Bangalore-Mumbai fares are at least 35% lower than Indian Airlines and Jet Airways;
Network: Bangalore-Mumbai

frequency increased from two to three times daily

on 20 May. Bangalore-Delhi service commences on 6 June.

According to UB Group Chairman, Vijay Mallya, the airline plans to acquire 11 aircraft by December this year and buy one aircraft every month from January 2006. Dr. Mallya is optimistic about the prospects for the airline, which is targeting Indias increasingly affluent middle large. If you look at the emerging India, by 2010 there will be a new generation of consumers of about 150 million. Who are these people? These are youngsters who are earning money out of information technology, biotechnology,

entrepreneurs?people who have a much greater propensity to spend than when I was young, said Dr Mallya. Air Deccan Managing Director GR Gopinath welcomed Kingfisher, stating the move would energise the market. According to Capt Gopinath, there is a tremendous need for airline capacity as the requirement is huge. Kingfisher Airlines has contracted Indian Airlines to operate government mandated socio-economic routes on its behalf. Airlines operating on trunk routes in India are obligated to operate a certain proportion of capacity to remote regions. This forms part of a INR1.2 billion agreement with Indian Airlines for outsourcing of ground handling and maintenance services for a minimum of two years. Meanwhile, Kingfisher Airlines is offering 1,000 one-way tickets each day priced at INR2,999 (USD69.20) on Mumbai-Bangalore service in May (travel dates not disclosed), and 1,000 one-way tickets each day priced at INR4,999 on BangaloreDelhi service in June. The airline is seeking to launch Delhi-Mumbai service in August 2005.

Archieves
The King Of Good Times has done it again: Is the World Ready? Kingfisher Airlines, American Express to lunch co branded card Kingfisher Airlines Open 2007 to feature Global Tennis Legends Kingfisher F1: Marketing, The Vijay Mallya way ICICI Bank and Kingfisher Airlines Launch Co-branded Credit Card Kingfisher Airlines and dishtv Form an Unprecedented Alliance in the Indian Skies Kingfisher Airlines to buy 26 percent in Air Deccan for US$135 million Kingfisher becomes first Indian customer for A380, A350, & A330 Mallya's Kingfisher Airlines Plans IPO In 2006 Kingfisher ties up with perfume brands in promotional offer

Kingfisher Airlines to buy 26 percent in Air Deccan for US$135 million

United Breweries (Holdings) Ltd., which runs Kingfisher Airlines, is to buy 26 percent of Deccan Aviation Ltd, which operates the low-cost carrier Air Deccan, for US$135 million. Deccan will issue about 35 million shares at US$3.8 each to United Breweries (Holdings), an 18 percent premium to Deccans closing price on Wednesday. UB Group has paid an advance of US$36.82 million and the balance will be paid in next four months. UB Holdings, with its Kingfisher Airline, had been the natural ally for Air Deccan, Capt. GR Gopinath, MD, Deccan Aviation said, adding that both airlines would complement each other. He said, Keeping in mind various options we had, we felt that in the long term vision of our company, the association with UB Holdings will make enormous financial and operational sense where each others bes t practices could be shared. Air Deccan would continue to remain as an independent entity and pursue the lowcost model. While Capt. Gopinath would be the Executive Chairman of Deccan Aviation, Mr Mallya would be the Vice Chairman. Both would appoint six directors each besides having six independent directors on the board, while the board would appoint the Chief Executive Officer. Air Deccans Chief Financial Officer Ramki Sundaram would be the acting CEO, Capt. Gopinath reportedly said.

Some Strategies Adopted by Kingfisher Airlines

Kingfisher Airlines will not be a run-of-the mill Indian budget airline.

Kingfisher Airlines will be emphasizing on spunky, well-done interiors and trained airhostesses. Borrowing from the Kingfisher beer tagline of "The King of Good Times" the theme of "Fly the Good Times" is given to KFA.

Kingfisher is planning to capture the Indian budget airline market with the twin engines of 'special flying experience' and 'value for money'. (Contests like `Kingfisher flying face of the month' are on cards).

The Kingfisher airhostesses will be selected through a nationwide contest.

The Kingfisher "Funliners" will have in-flight silent auctions for lifestyle products and sales of packaged food and beverages.

The Kingfisher brand of exuberant, youthful and fast-paced image is leveraged(the brand recall).

Brand endorsement. Kingfisher Airline has roped in model Katrina Kaif to endorse the airline.

AIR Deccan has signed a non-poaching agreement with Kingfisher Airlines to ensure that the two airlines do not poach each other's pilots.

The Challenges Ahead

Experts say that airlines compete primarily on three fortes - low fares, customer service and value-added services. While no-frillers fight the price war, service is the main thing provided by their larger peers.

The critical factor will be (depending upon the model followed) the ability to keep costs low & the offer of an on time service at an affordable price, despite the infrastructure constraints, for survival.

The next issue to tackle is to properly position itself in the aviation market.

The Indian customers are not that much mature as compared to their American contemporaries. They will not pay more for just mere entertainment or watching TV in a flight of one / one & half hour journey.

A certain amount of churn & turmoil for players who don't have the deep pockets (as happened in USA many smaller airlines with out deep pockets fell by the wayside unable to sustain the predatory pricing adopted by their strong opponents).

techniques

The outdated Aviation rules in India which compels the low cost carriers to add more to their operating cost, which could have been easily do away with.

Taxes like passenger service fee (PSF = Rs. 221 on one seat) looks ridiculous for a ticket worth Rs. 99.

SOME FUTURE STRATEGIES FOR KINGFISHER AIRLINES

Market Penetration Strategy Market Development Strategy

Product Development Diversification

Market Penetration Strategy (1st Quarter)

Encouraging existing Customer to buy more Showing benefits for using more (associating freebies/extra service/membership with primary offering). Try to look for foreign entrant's weakness (Virgin Atlantic is lacking in Indian values & tastes).

Product Development (2nd Quarter)

Seek additional distribution channels (More tie ups & collaboration: Try seeking collaboration with international carriers, Bilateral discussions over seats and code-sharing between the carriers). New product development.

Market Development Strategy (3rd Quarter)

Try to find out new customer group (Old-retired persons). Special offering for first time fliers.

Diversification (4th Quarter)

May go for other services like international flights etc. (concentric diversification). May go for arrangement fashion shows (horizontal diversification). May go for other things, which can lure the youth.

FINANCIAL TURMOIL Mounting Losses Since inception, Kingfisher Airlines is yet to post profit on annual & total cost basis. Following are YoY financial results of Kingfisher Airlines, all numbers are in Indian rupee (INR) crore except EPS, which is in INR. # 01 02 03 04 05 06 07 Total Debt Recast In Nov 2010, Kingfisher Airlines has completed restructuring 8,000 crore From Apr-05 Jul-06 Jul-07 Apr-08 Apr-09 Apr-10 Apr-11 To Jun-06 Jun-07 Mar-08 Mar-09 Mar-10 Mar-11 Sep-11 Months Total Income 15 12 09 12 12 12 06 78 1,352 2,142 1,546 5,577 5,271 6,496 3,410 25,793 Cost 1,689 2,562 1,734 7,186 6,918 7,523 4,142 31,754 Net Profit -337 -420 -188 -1,609 -1,647 -1,027 -732 -5,960 EPS -68 -42 -11 -55 -54 -16 n/a

(US$1.52 billion) debt, with all 18 lenders agreeing to cut interest rates and convert part of loans to equity. Lenders have converted 650 crore (US$123.5 million) debt into preference shares which will be converted into equity when the airline lists on the Luxembourg Stock Exchange by selling global depositary receipts (GDR). Shares will be converted into ordinary equity at the price at which the GDRs are sold to investors. Besides

the 1,400 crore (US$266 million) debt which will be converted into preference shares, another 800 crore (US$152 million) debt has been converted into

redeemable shares for 12 years. Airline's average interest rate is now down to 11%, helping the airline save 500 crore (US$95 million) crore every year on interest cost. Consortium of banks was represented by SBI Capital Markets. Kingfisher Airlines Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 25, 2010, has approved a Debt Recast Package (DRP) with lending banks, following a one-time relaxation in restructuring guidelines sanctioned by the Reserve Bank of India. The salient features of the DRP include: 1. Conversion of debt of up to 1,355 crore (US$257.45 million) from lenders into share capital.[33] 2. Conversion of debt of up to 648 crore (US$123.12 million) from promoters into share capital. 3. Reschedulement of repayment of the balance debt to lenders over 9 years with a moratorium of 2 years. 4. Reduction in interest rates. 5. Sanction of additional fund and non-fund based facilities by the lenders. While Board sanction has been received from several lenders, the same is shortly expected from the others. The DRP is subject to execution of necessary documentation. In order to give effect to the DRP mentioned above, the Board of Directors at its Meeting held on November 25, 2010, has resolved as follows, subject to the above

approvals and subject to the approval of the shareholders and such other regulatory and other approvals as may be required: 1. To issue and allot up to 57,50,00,000 (Fifty Seven Crores Fifty Lakhs only) 8% Redeemable Cumulative Preference Shares of 10 (US$0.19) each

redeemable at par at the end of 12 years, to the members of the consortium of lenders in consideration of the extinguishment of the amount due to the members of the consortium of lenders under various loan facilities availed by the Company. 2. To issue and allot up to 78,00,00,000/- (Seventy Eight Crores only) 7.5% Compulsorily Convertible Preference Shares of 10 (US$0.19) each to the members of the consortium of lenders in consideration of the extinguishment of the amount due to the members of the consortium of lenders under various loan facilities availed by the Company. 3. To amend the terms and conditions of 97,00,000 (Ninety Seven Lakhs only) 6% Redeemable Preference Shares of 100 (US$1.9) each issued to United Breweries (Holdings) Ltd. (Promoter Company), inter alia, to convert these shares to 9,70,00,000 (Nine Crores Seventy Lakhs only) 6% Compulsorily Convertible Preference Shares of 10 (US$0.19) each. 4. To issue and allot up to an aggregate of 64,80,00,000/- (Sixty Four Crores Eighty Lakhs only) 7.5% Compulsorily Convertible Preference Shares of 10 (US$0.19) each to United Breweries (Holdings) Ltd. and to Kingfisher Finvest India Ltd. (Promoter Companies) in consideration of the extinguishment of the amount due to United Breweries (Holdings) Ltd. and Kingfisher Finvest India Ltd., from the Company. 5. To issue and allot up to 2,00,00,000/- (Two Crores only) 8% Optionally Convertible Debentures of 100 (US$1.9) each to Star Investments Ltd. in

consideration of the extinguishment of the amount due to Star Investments Ltd. from the Company. 6. To issue and allot up to 3,00,00,000/- (Three crores only) 8% Optionally Convertible Debentures of 100 (US$1.9) each to Margosa Consultancy Pvt. Ltd. in consideration of the extinguishment of the amount due to Margosa Consultancy Pvt. Ltd. from the Company. 7. To issue and allot up to 3,00,00,000/- (Three Crores only) 8% Optionally Convertible Debentures of 100 (US$1.9) each to Redect Consultancy Pvt. Ltd. in consideration of the extinguishment of the amount due to Redect Consultancy Pvt. Ltd. from the Company.

Second Debt Recast

Kingfisher Airlines, in Nov 2011 was attempting for a second debt recast. However second debt recast has been ruled out by Government of India. Minister of state for Finance made a statement on 09th Dec 2011.

Brand Pledged
Kingfisher Airlines has pledged its brand as collateral with its lender consortium for 4,100 crore (US$779 million). The brand valuation was done by Grant Thorton in 2010[34]. Reportedly the Brand has been valued and loan raised worth triple carriers market value.

Founders pledge entire stake

On July 6, 2011, pursuant to requirements prescribed under the Debt Recast Package Kingfisher Airlines' founder companies, United Breweries (Holdings) Ltd

and Kingfisher Finvest Ltd, have pledged their entire stake in the airline with certain of its lenders. United Breweries (Holdings) Ltd held 199,598,555 shares (representing 40.1% of total outstanding shares) in the airline and has pledged all the shares to lenders. At the same time, Kingfisher Finvest Ltd held 63,478,570 shares (representing 12.75% of total outstanding shares) has pledged it's entire holding to the lenders.[37]

Delayed salary
Aug 2011: Kingfisher Airline has staff strength of 6,000 and spends 58 crore (US$11.02 million) on salaries a month. According to the first quarter financial results, it has 173.66 crore (US$33 million) under the employees cost head, which has increased from 163.40 crore (US$31.05 million) during the same quarter last year. Kingfisher Airlines has delayed salaries (for Jul 2011) of its employees in Aug 2011. The management stated that it does not have the money, and has not given any date for the payment. Kingfisher airline had earlier stated that due to the bank strike, the salaries could not be processed. Employees were paid salaries on the 7th of every month. Earlier, the company used to pay on the 31st. Oct 2011: In the month of Oct 2011, salary payment for the month of Sep 2011 had been delayed by Kingfisher Airlines. Salaries were normally credited to the accounts of its employees on the 7th day of every month. It has also been alleged that the tax company deducted from the salaries wasnt being paid to the tax department.

Nov & Dec 2011: The airline could not pay salaries to it staff in November and December 2011. In protest, Kingfisher pilots started making in-flight announcements citing "It is their sense of duty towards the guest that is making them fly despite not being paid salaries for the past two months". Pilots have also said that they plan to wear black armbands while reporting for work.

Fuel (ATF) Dues

HPCL: In Jul 2011, Hindustan Petroleum Corporation Limited (HPCL) stopped the fuel (ATF) supplies for about two hours to Kingfisher airlines owing to the non-payment of dues. Situation was later resolved.[41] In the past several years, Kingfisher airlines has had trouble paying their fuel bills.

BPCL: Bharat Petroleum Corporation in 2009 had filed a case against Kingfisher airlines for non-payment of dues. High court in an order said that the entire amount ( 245 crore (US$46.55 million)) had to be paid by Nov 2010 and the airline paid it in instalments.

Aircraft lease rental default

Since 2008, it has been reported that Kingfisher Airlines has been unable to pay the aircraft lease rentals on time.

GECAS: In Nov 2008, GE Commercial Aviation Services threatened to repossess 04 leased planes in lieu of default. Kingfisher Airlines initially denied that it missed the payments. GECAS had filed a complaint with DGCA saying Kingfisher had defaulted on rentals for four A320 aircraft, and sought repossession of the planes. In Jan 2009, The Karnataka High Court rejected petition by Kingfisher Airlines to restrain GECAS from taking any step to

deregister and repossess the 04 aircraft in dispute. As a result, Kingfisher had to return the A320 aircraft to GECAS.

DVB: In Jul 2010, DVB Aviation Finance Asia Ltd (a lessor from Singapore), sued Kingfisher Airlines for lease rental default. Case was filed in a UK court on Jul 16, 2010 after Kingfisher did not pay for three month lease rental for A320 aircraft it leased from DVB.

Airports Authority of India (AAI) default

In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi informed that Kingfisher Airlines did not settle dues on a regular fortnightly basis and that their exceeded the security deposit / bank guarantees available with AAI. As per the details provided, as on June 30, 2011, Kingfisher Airlines owes 208.06 crore (US$39.53 million).

Net worth eroded & going concern

In Sep 2011, the Chairman & Managing Director of Kingfisher Airlines made following disclosure to BSE; The Company has incurred substantial losses and its net worth has been eroded. However, having regard to improvement in the economic sentiment, rationalization measures adopted by the Company, fleet recovery and the implementation of the debt recast package with the lenders and promoters including conversion of debt into share capital, these interim financial statements have been prepared on the basis that the Company is a going concern and that no adjustments are required to the carrying value of assets and liabilities".

This filing was widely covered by Indian and international print and electronic media and analysts. It was stated by analysts and media that the company needs capital infusion to remain viable and this has pushed shares to near historic lows.[50] Kingfisher Airlines Lenders later stated that they consider that company is viable.[51] On 15 November 2011 the airline released poor financial results, indicating that it was "drowning in high-interest debt and losing money". Mallya indicated that his solution was for the government to reduce fuel and other taxes. The government was engaged in assessing whether to bail out the company and other airlines or let market forces determine which ones survive.

Bank account frozen

In December 2011, for the second time in two months, Kingfisher's bank accounts were been frozen by the Mumbai Service Tax department for non-payment of dues. Kingfisher Airlines owes 70 crore (US$13.3 million) to the service tax department[53]. Indian tax body also stated that Kingfisher Airlines is delinquent[54] As response, Dr. Vijay Mallya called on the Chairman of Central Board of Excise and Customs and offered to pay up the dues by 13 Dec 11

Legal action by Excise & Customs

On 9 December 2011, S.K. Goel, chairman, Central Board of Excise and Customs (CBEC) announced that CBEC is considering legal action against Kingfisher for not paying service tax.

Winding up petition Due non-payment, several Kingfisher's vendors had filed winding up petition with the High Court. As on Nov 2011, winding up petition of seven creditors was pending before the Bangalore High Court. In the past Lufthansa Technik & Bharat Petroleum Corporation Limited (BPCL) had also filed winding up petition against Kingfisher Airlines.

Kingfisher Airlines posts Rs 577 cr loss on cost flap

Kingfisher Airlines has posted a net loss of Rs 577 crore in the financial year ended March 2007, the balance sheet of UB Holdings, which owns the airline, shows. The loss was on a revenue of Rs 1,553 crore earned during the year. This, incidentally, may well be the biggest loss posted by a major domestic airline recently. Kingfisher's more established rival, full-service carrier Jet Airways, had recorded a marginal profit of Rs 28 crore in the same period while government-owned Indian closed the year with a Rs 275-crore loss. Industry analysts estimate that domestic airlines have lost around Rs 2,000 crore in 2006-07. Kingfisher, now in its third year of operation, hopes to break even in 2008-09. But analysts reckon that the going could get tougher, especially if the current cost pressures continue even as the Vijay Mallya-owned airline attempts to chart its international foray next year. "The high cost is the main reason for the loss," said Kingfisher Airlines vicechairman Subhash Gupte. "Aircraft acquisition, depreciation, new routes, training requirement and the spiralling cost of aviation fuel in India are the other reasons," he said. Kingfisher's failure to utilise aircraft capacity in full has also added to the woes. The carrier had started operations with four aircraft in May '05 and generated an income of Rs 438 crore during the year ended March '06. It suffered a loss of Rs 240 crore that year. The company expects losses to fall gradually, especially as new routes stabilise.

But despite the losses, Kingfisher continues to expand its network furiously. Just last week, the airline announced the introduction of seven new sectors, adding five new cities to its network. After these additions, it will have 238 departures daily and serve 42 destinations with a fleet of 37 planes. "Capacity on the domestic routes is still growing faster than demand," says Kapil Kaul, India head of the Centre for Asia Pacific Aviation, a Sydney-based airline consultancy. This is despite the Kingfisher-Deccan combine rescheduling fresh aircraft induction for the next one year. The group has a current market share of 30%, which Kingfisher claims makes it the country's largest airline entity, ahead of Jet Airways and Jet Lite (the erstwhile Sahara). Together, they connect 75 cities and offer over 558 flights daily with a fleet of 80 planes. Incidentally, domestic demand grew 35% last year, primarily on low fares charged by fiercely competing carriers. However, Kingfisher's planned international foray will also add to the burden because of sizeable investments in new offices, staff and airport infrastructure. Though it is still unclear whether this will be done using the Kingfisher or Deccan flights, the routes could take up to one year to turn profitable, said airline executives. Also, the airline's flight path will be even more difficult because of the recent addition in capacity on the India-US route by rivals like Continental, Delta, Jet and Air India. The moot point is how soon the airline is able to turn around Air Deccan. Air Deccan has been in the red since its inception, having accumulated losses of around Rs 420 crore. Kingfisher Radio, another UB Group firm, had acquired 46% stake in Deccan Aviation this June. The prospects of an eventual merger between the two carriers is on the cards.

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 countrys 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.

CERTIFICATE
The project report titled Reason for Kingfisher Airline losses" Prepared by ANANDRAJ AHIRWAR, under the guidance and supervision of Mr. Ajay Dwivedi (Lecturer OF M.B.A. Deptt. Of S.S.H.C. JAIN I.M.R.) for the partial fulfillment of the degree of Master of Business Administration is satisfactory in respect of :-

Comments By

Supervisor

Head of Deptt.

Examiner

1. Contents and presentation of the subject matter 2. Language 3. Embodies the original work of the candidate. 4. Submission within due date

Signature of Examiner

Signature of Supervisor

Signature of H.O.D.

DECLARATION BY CANDIDATE

I declare that the project report on Reason for Kingfisher Airline losses" in Sagar City is my own work, conduct under the supervision of Mr. Ajay Dwivedi (Lecturer OF M.B.A. Deptt. Of S.S.H.C. JAIN I.M.R.) Affiliated to Dr. Hari Singh Gour Central University, Sagar .To the best of my knowledge the report does not contain any work which has been submitted for the award of any degree, anywhere.
Signature of the Candidate

Anandraj Ahirwar MBA 4th Sem

ACKNOWLEDGEMENT
I would like to pay my sincere thanks to Mrs. Parul Guru Head of the MBA Dept., S.S.H.C. JAIN I.M.R. Sagar for providing me the opportunity of doing the project report. I would to express my deep sense of gratitude to Mr. Ajay Dwivedi (Lecturer of MBA SS.H.C. JAIN I.M.R. SAGAR) for his valuable guidance, advises, Cooperation & Constant encouragement during the project preparation. He is very supporting and without his help I would not have completed my project report successfully. I express my heartful thanks to Mr. Sumit Rathore, Mr. Sanjay Khare, & Miss. Garima Chourasia and to the staff of S.S.H.C. JAIN IMR., Parents and friends for their kind support and suggestion. I am very thankful to retailer and customer whom I had approached for collection of necessary data and who give their valuable time and comments, which were the inputs for my survey. Date: Place: Anandraj Ahirwar MBA 4th Sem.

PREFACE

The project report has an objective to get the MBA student familiar with real life business situation and gives an opportunity to the student of understand the theoretical concepts of marketing and finance in practical way. In todays world Consumer is the King consumer test and preference go alone way in the actual sales of the product. Every research work has to deal with various people in concern organization and each of them have their own opinion and thinking about various topics. The main aim of the survey report was to determine the Reason for Kingfisher Airline losses" I tried my best to express the report through satisfactional representation, graphs, pie diagrams etc. and it helped me to enhance my knowledge I am extremely happy to place before our esteemed teachers.