1.  Contingent Liabilities
 
 i) Bank Guarantee of Rs. Nil (Previous Year Nil)
 
 2.  The company does not owe any sum exceeding Rs. 1,00,000/- to
 Small Scale undertaking, which is outstanding for more than 30 days.
 
 3.  Inter Corporate Deposit to the following Company is still
 outstanding though the Company has taken reasonable steps (Legal Action) 
 for the recovery of the same.
 
 4.  Related parties Disclosures
 
 (i) List of related Parties Jagson International Limited.
 
 (i) The relationship between both the companies is based on the fact
 that key managerial personnel Sh. J.P. Gupta Chairman of both Jagson
 International Ltd. and Jagson Airlines Ltd. is able to exercise
 significant influence.
 
 (iii) Transaction with related parties is an investment made by Jagson
 International Ltd. in shares of Jagson airlines ltd.
 
 (v) No amount has been provided as doubtful debts, written off or
 written back in the year in respect of debts due to above related
 parties.
 
 5.  Disclosure on lease Transaction
 
 The company has taken two aircrafts on lease from Jagson International
 Limited at Rs.2,50,000/- each per month.  The lease rent is to be paid
 till the aircraft is operated by the company. Since the Company had to
 incure heavy expenditure on maintenance of the aircrafts, the Jagson
 International Ltd. agreed not to charge lease rentals for the year.
 
 6.  Previous year figures have been re-arranged/re-grouped/re-cast
 wherever it was necessary.