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Transcript Of Kingfisher Airlines: Aviation Industry

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Discuss about the Transcript of Kingfisher Airlines for Aviation Industry.

 

Answer:

Transcript

Aviation industry has been one of the most efficient modes of transportation in the modern world. The aviation industry has changed the lifestyle of mankind and has lowered travelling time thereby improving the efficiency of work. Kingfisher Airlines has been one of the most renowned airline industries that have been operating India and various parts of the world. The company had been operating their flights domestically and internationally.

Kingfisher Airlines was inaugurated by Mr. Vijay Malaya, owner of Kingfisher Group. The company started with the objective of providing luxurious and quality airline experience to their passengers. The company during their early days had been functioning efficiently by fulfilling their objectives.

The company slowly moved away from their basic functions due to their inefficient administrative and management functions and it has been seen that it had led to their fall in the airline industry. The main factor that led to the fall of Kingfisher Airlines had been due to their various scams. One of the most the biggest scams that Kingfisher made was service tax evasion. The company collected the tax amount from the passengers during their journey and did not pay the tax to the Service Tax Department. They used the money for other purposes that were not necessary. The tax evasion strategy of the firm did not last long as the Service Tax Department raided the airline industry and it was seen that the company had a huge amount of tax that was due. The accumulated debt of the company kept on increasing at a significant rate as the as they did not establish profit from their operations. The accumulated debt of the firm accounted to 8030 crore. The financial burden of the company kept on increasing due to their sloth operations. The annual report of the firm from the first year of their operations revealed that they had been incurring loss. This loss had grown up to around 7000 crore during the end of 2012. The cumulative debt of the company was found to be 15000 crore. Kingfisher Airlines was declared as a Non- Performing Asset as by various bankers as they were unable to pay back the loans they had taken from the bank.

 

Kingfisher Airlines during their commencement of their business had a considerable amount of goodwill due to their other companies. However, with time, as the real performance of the firm was discovered that they had been facing losses and had a huge amount of debt. The disclosure of the true performance of the firm led to the fall in their stock price and thereby lowering their goodwill in the market.

Kingfisher Airlines tried to recover from their distress by acquiring Air Deccan as they thought it would increase their profitability and thereby improve their position in the airline industry. However, it is because of their estimating power the company did not look into the issues that could to lead to their disaster. The company overlooked the cautionary signs that were inherent with the acquisition of Air Deccan and therefore, lead to the disaster for the firm.

 

The current liabilities of the firm were increased by 23% and therefore, the company could not understand how to pay off their shareholders and their stakeholders. There were various other issues as well that led to the fall in the operations of the business. The economic issues of the firm comprised of the rise in bank credits due to their inability to pay off the debts. The growth in competition in the aviation industry even made the passengers aware of the various facilities offered by the airline companies and decided, which company would satisfy their needs and overlooked the luxurious travelling experience. The environmental factors were even issues as the changes in the climate led to delay in flight and therefore, they the company had to accommodate their passengers in order to satisfy them leading to increased cost for the company. Thus, it can be concluded that Kingfisher Airlines because of their own scams and faults along with the external factors faced adverse situations in the economy.

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