AFT INDUSTRIES LIMITED

   


    FINANCIAL HIGHLIGHTS 


AFT INDUSTRIES LIMITED
(Assam Frontier Tea)
Registered Office :Talap 786 156, Assam
Unaudited Financial Results (Provisional) for three months ended June 30, 2004  
                                                                                                                                                                              
                                                                                                                                                                               Rs in Lacs
     
Particulars		 Three months ended Year ended
30.06.2004 (Unaudited) 30.06.2003 (Unaudited) 31.03.2004
(Audited)
1. Gross Sales ( including claims )
1,102
1,421
8,695
  Less : Excise duty ( net )
16
36
92
  Net Sales/Income from operations
1,086
1,385
8,603
2. Other Income
156
182
1,004
3. Total Expenditure
1,255
1,746
10,026
  (a) (Increase)/Decrease in stock
(1,332)
(596)
300
  (b) Consumption of Raw Materials (Note 3)
50
        
388
  (c) Staff Cost
1,389
1,409
5,244
  (d) Power and Fuel
345
357
1,311
  (e) Other Expenditure
773
576
2,783
4. Interest
50
93
336
5. Depreciation
72
79
339
6. Profit before Tax ( 1+2-3-4-5) *
(105)
(351)
(1,094)
7. Provision for Taxation
     
      
    
  - Current Tax
2
-
-
  - Deferred Tax (net)
(5)
(4)
(20)
8. Net Profit ( 6-7)
(102)
(347)
(1,074)
9. Paid up Equity Share Capital
(Face value Rs 10/- per share)
600
600
600
10. Reserves excluding Revaluation Reserve
    
     
6,715
11. Basic and Diluted EPS (Rs.)
(1.70)
(5.78)
(17.90)
12. Aggregate of Non Promoter Shareholding                
  - Number of Shares
   15,43,550
15,43,550
15,43,550
  - Percentage of Share holding
25.73
25.73
25.73
  * after considering Exchange (Gain) / Loss - Net
171
-
(182)

Reporting of Segmentwise Results and Capital Employed Under Clause 41
of the Listing Agreement 
                                                                                                                                                                                      Rs in Lacs
Particulars
Quarter ended
30.06.2004		 Quarter ended
30.06.2003		 Year ended
31.03.2004
1. Segment Revenue (Sales/Income from Operations)                  
  a) Export  
-
1,530
  b) Domestic
1,086
1,385
7,073
  Total
1,086
1,385
8,603
  Less: Inter Segment Revenue  
-
-
  Net Sales / Income from operations
1,086
1,385
8,603
                 
 2. Segment Result (Profit before Interest and Tax from segment)             
  a) Export  
-
(123)
  b) Domestic
(5)
(442)
(1,017)
  Total
(5)
(442)
(1,140)
  Less: Interest
50
93
336
  Add: Unallocated Income net of unallocable expenditure
(50)
184
382
  Profit before Tax
(105)
(351)
(1,094)
                                                      
 3. Capital Employed               
  a) Export         
-
(1)
  b) Domestic
420
473
45
  Total
420
473
44
  Add: Unallocable corporate assets (net of corporate liabilities)
19,519
20,894
19,997
  Total Capital Employed
19,939
21,367
20,041


Notes:
1.
The above results have been taken on record at the Board Meeting held on Thursday, July 29, 2004, after due consideration of the same by the meeting of the Audit Committee held on the same date.
2. These Accounts have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India.
3.
The Company consumes green leaf harvested from its own tea estates only.The value of consumption of raw material is not ascertainable because of integrated operation of harvesting green leaf to manufacture of black tea. Such disclosure is also exempted vide Notification no. S.O.954(E) dated 25.09.2001 issued by the Department of Company Affairs.
4.
a) Provision for tax for the quarter ended June 30, 2004 is based on estimate of taxable profits of the relevant period after considering depreciation on fixed assets on the basis of the Calcutta High Court in CIT vs Suman Tea & Plywoods Industries Private Limited reported in 204 ITR 719. The ultimate tax liability would be on the basis of taxable income for the year ending March 31, 2005.
 
b) Deferred Tax Assets pertaining to Agricultural Income Tax Losses have not been recognised in the absence of virtual certainty of availability of taxable Income in future years.
5.
Status of investor grievances for the three months ended June 30, 2004
NO OF COMPLAINTS
Pending as at 01.04.04
Received during the quarter
Disposed during the quarter
Lying unresolved
as at 30.06.04
1
Nil
1
Nil

6.

Tea industry is seasonal in character and as such results for three months ended June 30, 2004 should not be construed as representative of the likely profitability of the Company for the financial year ending March 31, 2005.
7.
In keeping with Accounting Standard - 28 on "Impairment of Asset" issued by the Institute Chartered Accountants of of India, provision for impairment loss, if any as at April 01, 2004 will be adjusted at the end of financial year against opening balance of General Reserve.
8. Comparative figures have been regrouped / rearranged wherever necessary.

  AFT INDUSTRIES LIMITED