Paramount Airways
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British guy I wrote one of the largest not the largest economy in the world,which is a fact.And just to refresh your memory there was a time whent it also sustained British empire.
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one of the largest economies in the world
What Dagar said was:
One of the largest economy is not same as the largest economy. In PPP terms India is 4th after, USA, China and Japan.
So if the set of largest economies is limited to 4, then India is surely one of the largest economies.
one of the largest economies in the world
So if the set of largest economies is limited to 4, then India is surely one of the largest economies.
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Saw a Paramount 170 all dusty and covered up sitting in a corner in GOI. In fact there was an armed guard posted right under the wing of the aircraft. Not sure if he as ducking the sun or is there on court orders. There was a notice taped to the cargo hold door with some scribbles on it but did not get close enough to see what it was. Staff were still manning empty counters probably in the hope of the court order being lifted.
My guess is that it will probably go the MDLR way. Flew them once and did not see any feasibility in the model. RIP, and fee sorry for the 400 people plus who might lose their jobs.
As far as arguments on economy size etc, it probably has nothing to do with any of this. I buy the manipulation argument for an IPO, sounds prudent enough.
An observation
India's GDP is the 4th largest as pointed by Jimmy (i might I add all made in the last 15 years which has resulted in mind boggling wealth in the hands of some kids who do stupid things).
India Per capita is 123 on the list
naturally a population problem, so both DAGAR and British Guy seem to be arguing about the same thing.
We still have a very long way to go, but thankfully it is moving in the correct direction.
My guess is that it will probably go the MDLR way. Flew them once and did not see any feasibility in the model. RIP, and fee sorry for the 400 people plus who might lose their jobs.
As far as arguments on economy size etc, it probably has nothing to do with any of this. I buy the manipulation argument for an IPO, sounds prudent enough.
An observation
India's GDP is the 4th largest as pointed by Jimmy (i might I add all made in the last 15 years which has resulted in mind boggling wealth in the hands of some kids who do stupid things).
India Per capita is 123 on the list
naturally a population problem, so both DAGAR and British Guy seem to be arguing about the same thing.
We still have a very long way to go, but thankfully it is moving in the correct direction.
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And I didn't publish the Corruption (Perception) Index [CPI].
Since the index is related to perception of corruption rather than the corruption itself. In a growing economy people ignore corruption, only when it is stagnant than corruption matters more and is perceived more.
But the already introduced Right to Free and Compulsory Education Act is liable to better Indians ranking regarding corruption in long term.
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jimmygill
If you have read my previous posts, you will know that I have a great affection for India and its people and I wish them great success in the future....................
But, let's get back to the subject of this thread - Paramount. I am privy to a lot of info about this airline and there are some indisputable facts:
The E-jet is a great little aircraft and is making money for a lot of airlines around the world..........including many loco's.
Paramount is in heavy debt. They owe money to fuel suppliers, caterers, airfields, and leasing companies.
Their maintenance compliance is 'suspect'.
Ditto their Flt Operations ( I personally know a very experienced F/O who resigned because of unhappiness with the flying standards)
They owe money for their Sim Recurrent Training. Their original facility has blocked them and the facility they use now requires them to pay cash first.
The DGCA (not the most 'hands on' Authority in the world) have decided to audit them fully.
So, where did it go wrong? Where has the money gone?
Perhaps you can tell me.........but I still think a lot of it has to do with India's place in the Corruption Index.
But, let's get back to the subject of this thread - Paramount. I am privy to a lot of info about this airline and there are some indisputable facts:
The E-jet is a great little aircraft and is making money for a lot of airlines around the world..........including many loco's.
Paramount is in heavy debt. They owe money to fuel suppliers, caterers, airfields, and leasing companies.
Their maintenance compliance is 'suspect'.
Ditto their Flt Operations ( I personally know a very experienced F/O who resigned because of unhappiness with the flying standards)
They owe money for their Sim Recurrent Training. Their original facility has blocked them and the facility they use now requires them to pay cash first.
The DGCA (not the most 'hands on' Authority in the world) have decided to audit them fully.
So, where did it go wrong? Where has the money gone?
Perhaps you can tell me.........but I still think a lot of it has to do with India's place in the Corruption Index.
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So, where did it go wrong? Where has the money gone?
Perhaps you can tell me.........but I still think a lot of it has to do with India's place in the Corruption Index.
Perhaps you can tell me.........but I still think a lot of it has to do with India's place in the Corruption Index.
process. I think his business plan was flawed. Very simple and straightforward you cannot fly in India in only one region and give the major trunk routes a miss and expect to make money. He basically ran out of cash........there was a dialogue."ego issuing cheques that his business plan could not cash!" Instead of stepping up to the stone and hiring people who could fix the problem or being more humble the bugger till recently was also thinking about acquiring spicejet.
Regional low cost carriers in India such as MDLR, JAGSON, Paramount have and will never be successful until they link up like in the US or go national. To top it all the south is the most thrifty market and to get emotional and launch from ones home town is not thinking straight.
I agree however the the E has the potential to make a lot of money in India if deployed intelligently.
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Wannabe Flyer
I thank you for that illuminating viewpoint, your understanding of the financial aspects of Paramount is far superior to mine.
According to the latest info, the DGCA is very close to removing their permit to operate.
According to the latest info, the DGCA is very close to removing their permit to operate.
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Well, this is very sad but not unexpected.
I worked for the company, and it was generally fun, most of the F/O's were great to fly with and the Flights Ops department were trying to do the right thing. One of the major problems was the HR manager, Mr U**al. He couldn't lie straight in bed!! Taking advantage of the staff, slashing wages and fining ground staff for late departures. He was responsible for breeding a culture of ass covering and had the staff running scared.
Also the Long Haired Wonder Kid that strutted around the office like he knew everything was nothing better than a "YES" man. I believe these two were booted out of DECCAN when it was merged, for good reason.
The E170/175 is a good aircraft, but on the short sectors around south India that they were doing, it would have been twice to three times the cost of the ATR's and only saved about 4 to 6 minutes maximum.
For the run to Goa, Pune, Kolkota and Delhi it performed well and with a good load it would have made money.
I extend my condolences to all the staff and crew, everyone tried really hard and some of the girls and guys made the best South Indian coffee i have ever had. I miss that the most.
Good luck finding a new job, I hope you all land on you feet soon.
cheers
ROJ
I worked for the company, and it was generally fun, most of the F/O's were great to fly with and the Flights Ops department were trying to do the right thing. One of the major problems was the HR manager, Mr U**al. He couldn't lie straight in bed!! Taking advantage of the staff, slashing wages and fining ground staff for late departures. He was responsible for breeding a culture of ass covering and had the staff running scared.
Also the Long Haired Wonder Kid that strutted around the office like he knew everything was nothing better than a "YES" man. I believe these two were booted out of DECCAN when it was merged, for good reason.
The E170/175 is a good aircraft, but on the short sectors around south India that they were doing, it would have been twice to three times the cost of the ATR's and only saved about 4 to 6 minutes maximum.
For the run to Goa, Pune, Kolkota and Delhi it performed well and with a good load it would have made money.
I extend my condolences to all the staff and crew, everyone tried really hard and some of the girls and guys made the best South Indian coffee i have ever had. I miss that the most.
Good luck finding a new job, I hope you all land on you feet soon.
cheers
ROJ
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Roj
Thank you for that.
I guess a few bad apples can spoil the lot. Sad day for a great aircraft. Sorry the founder could not see what you have so eloquently put!
Thank you for that.
I guess a few bad apples can spoil the lot. Sad day for a great aircraft. Sorry the founder could not see what you have so eloquently put!
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“History repeats itself, first as tragedy, second as farce.”
Karl Marx
Rediff On The Net Business News: Why private airlines in India are in such bad shape
What an uncanny resemblance.
"In June last year, the DGCA sent him a notice of deregistration of two of his Boeings. Reason: he owed the American firm, PLM Equipment and Transport, close to $ 1.4 million in lease rentals. He made his ad agency R K Swamy run around in circles for a mere Rs 30 million; he defaulted on payment of Rs 5.6 million to a television software company; till September last year he owed over Rs 7 million in inland air travel tax and last December he refused to pay Rs 60 million to the Taj group of hotels which caters to his airline till it threatened to go to court against him."
Karl Marx
Rediff On The Net Business News: Why private airlines in India are in such bad shape
What an uncanny resemblance.
"In June last year, the DGCA sent him a notice of deregistration of two of his Boeings. Reason: he owed the American firm, PLM Equipment and Transport, close to $ 1.4 million in lease rentals. He made his ad agency R K Swamy run around in circles for a mere Rs 30 million; he defaulted on payment of Rs 5.6 million to a television software company; till September last year he owed over Rs 7 million in inland air travel tax and last December he refused to pay Rs 60 million to the Taj group of hotels which caters to his airline till it threatened to go to court against him."
The End or another Chapter
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Hey guys I have not been on this but I just got to know that they might be having a lease arrangment for 320. I have done some digging with some guys working at Paramount and what I hear is its not U***L but the main man who does all through this guy I don't know how far it is true and why one would want to join a comp I have heard some horror stories of U***L with Deccan as well butr the other guy seem to have done a good job but as all he too has his hands tied.
As an airline I think its a great product I have flown it once when I flew to Coimbatore on a family visit and my friend flew the bird anyway what most say not to join but at this day an age sometimes we also need the jobs.
I would suggest watch out for a few weeks and then decide as all airline management guys do their things but we make them fly.
As an airline I think its a great product I have flown it once when I flew to Coimbatore on a family visit and my friend flew the bird anyway what most say not to join but at this day an age sometimes we also need the jobs.
I would suggest watch out for a few weeks and then decide as all airline management guys do their things but we make them fly.
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Even I thought the same thing but I feel for the guys who are there apparently they have got frustrated and also alot of young kids doing training with them so whatever that comes there way would indeed be a good thing. Anyone from PA can confirm these for us. Have they started letting go of staff yet and what is the plan going forward?
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each kid payed 25 laks to join paramount and get type rated by them 
also heard a couple of them paid upto 40 laks..
No idea wat their state is at the moment..
Feel so sorry for them..
IAC967
also heard a couple of them paid upto 40 laks.. No idea wat their state is at the moment..
Feel so sorry for them..
IAC967
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And the Joke goes on
Indigo, Jet, Paramount, look to add capacity-Airlines / Aviation-Transportation-News By Industry-News-The Economic Times
Apparantly as per the article he has applied for permission to to import 17 jets, which include 10 Airbus 321, one Embraer ERJ and six Q400.
As per another publication Airbus India head has denied any orders from him and clearly stated that all he has is an inquiry from Paramount at last years air show which does not add upto an order. Embrarer has also denied any orders.
Response given to this by the MD was apparently on the line that he does not need to buy from the manufacturer as there are sufficient aircraft lying parked due to the downturn. Considering how small the leasing community is the guys probably going to need an all cash down payment to get these aircraft. Any educated guesses how much he would require?
Apparantly as per the article he has applied for permission to to import 17 jets, which include 10 Airbus 321, one Embraer ERJ and six Q400.
As per another publication Airbus India head has denied any orders from him and clearly stated that all he has is an inquiry from Paramount at last years air show which does not add upto an order. Embrarer has also denied any orders.
Response given to this by the MD was apparently on the line that he does not need to buy from the manufacturer as there are sufficient aircraft lying parked due to the downturn. Considering how small the leasing community is the guys probably going to need an all cash down payment to get these aircraft. Any educated guesses how much he would require?
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my guess is that leasing community is a bit scared with all the things that are going around in getting the E's back hence your right about one thing it will have to be an all cash downpayment but I feel for the kids if Embr concentrate more on the continent and india may be these kids will have a chance for redemption if not i guess more court dramas will follow. I heard they resumed operations since Saturday any idea of this?