Kochi: It seems the state is feeding an expensive dream in ‘Air Kerala’ for the past seven years.
Even though the company has not commenced operations yet, the 19th annual report of Cochin International Airport Limited (CIAL) states that Air Kerala International Services Limited, a subsidiary of CIAL, has an “accumulated loss” of `1.52 crore as on March 31, 2013. It also states that the company’s current liabilities amount to `52.87 lakh.
This exceeds the value of total assets of the company amounting to a mere `7.5 lakh. The independent auditors’ report says consideration of these liabilities along with other matters “raise substantial doubt that the company will be able to continue as a going concern”. The Directors’ report of Air Kerala observes that “the board is exploring possibilities of starting domestic operations and also enter into other aviation related areas.”
As per the profit and loss statement of the company, payments to the auditors, professional charges, filing fees, travelling expenses, office expenses and tax are the major expenses of the company, which is `50.46 lakh. The company has dues of `52.38 lakh to its parent company, CIAL.
Read news in full 03/10/13 Pramod Thomas/New Indian Express
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