APEEJAY TEA LIMITED

   


    FINANCIAL HIGHLIGHTS 


APEEJAY TEA LIMITED
(Formerly AFT Industries Limited)
Registered Office :Talap 786 156, Assam
Unaudited Financial Results (Provisional) for three months ended December 31, 2004  
                                                                                                                                                                              
                                                                                                                                                                               Rs in Lacs
     
Particulars		 Quarter Ended Nine Months Ended Year ended
31.12.2004 (Unaudited) 31.12.2003 (Unaudited) 31.12.2004 (Unaudited) 31.12.2003 (Unaudited) 31.03.2004
(Audited)
1. Gross Sales ( including claims )
2,731
3,079
6,865
6,723
8,695
  Less : Excise duty ( net )
45
63
99
37
92
  Net Sales/Income from operations
2,686
3,016
6,766
6,686
8,603
2. Other Income
166
199
478
666
1,004
3. Total Expenditure
2,481
3,183
5,946
6,763
10,026
  (a) (Increase)/Decrease in stock
359
658
(1,915)
(1,284)
300
  (b) Consumption of Raw Materials (Note 3)
140
216
362
     388
388
  (c) Staff Cost
1,279
1,326
4,318
4,230
5,244
  (d) Power and Fuel
340
336
1,183
1,156
1,311
  (e) Other Expenditure
363
647
1,998
2,273
2,783
4. Interest
66
91
189
271
336
5. Depreciation
87
76
241
251
339
6. Profit before Tax ( 1+2-3-4-5) *
218
(135)
868
67
(1,094)
7. Provision for Taxation
     
      
    
  - Current Tax
-
54
25
105
-
  - Deferred Tax (net)
(5)
(1)
(15)
(11)
(20)
8. Net Profit ( 6-7)
223
(188)
858
(27)
(1,074)
9. Paid up Equity Share Capital
(Face value Rs 10/- per share)
600
600
600
600
600
10. Reserves excluding Revaluation Reserve
    
     
6,715
11. Basic and Diluted EPS (Rs.)
3.72
(3.13)
14.30
(0.45)
(17.90)
12. Aggregate of Non Promoter Shareholding
               
  - Number of Shares
15,43,550
15,48,950
   15,43,350
15,48,950
15,43,550
  - Percentage of Share holding
25.73
25.82
25.73
25.82
25.73
  * after considering Exchange (Gain) / Loss - Net
(134)
(30)
38
(77)
(182)

Reporting of Segmentwise Results and Capital Employed Under Clause 41
of the Listing Agreement 
                                                                                                                                                                                      Rs in Lacs
Particulars
Quarter ended
31.12.2004		 Quarter ended
31.12.2004		 Year ended
31.03.2004
1. Segment Revenue (Sales/Income from Operations)                  
  a) Export
310
1,073
1,530
  b) Domestic
2,376
5,693
7,073
  Total
2,686
6,766
8,603
  Less: Inter Segment Revenue
-
-
  Net Sales / Income from operations
2,686
6,766
8,603
                 
 2. Segment Result (Profit before Interest and Tax from segment)             
  a) Export
14
168
(123)
  b) Domestic
143
837
(1,017)
  Total
157
1,005
(1,140)
  Less: Interest
66
189
336
  Add: Unallocated Income net of unallocable expenditure
127
52
382
  Profit before Tax
218
868
(1,094)
                                                      
 3. Capital Employed             
  a) Export
       211
211
(1)
  b) Domestic
202
202
45
  Total
413
413
44
  Add: Unallocable corporate assets (net of corporate liabilities)
20,486
20,486
19,997
  Total Capital Employed
20,899
20,899
20,041


Notes:
1.
The above results have been taken on record at the Board Meeting held on Monday, January 31, 2005, 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.
Consumption of raw material shown above represents cost of green leaf purchased from others .The value of consumption of green leaf harvested from the Company's own estates is not ascertainable because of integrated operation of harvesting green leaf to manufacture of black tea .
4.
a) Provision for tax for the nine month period ended December 31, 2004 is based on estimate of taxable profits 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(net) pertaining to Agricultural Income Tax Losses have not been recognised in the absence of virtual certainty as to recoverability thereof.
5.
Status of investor grievances for the three months ended December 31, 2004
NO OF COMPLAINTS
Pending as at 01.10.04
Received during the quarter
Disposed during the quarter
Lying unresolved
as at 31.12.04
Nil
17
17
Nil

6.

Tea industry is seasonal in character and as such results for nine month period ended December 31, 2004 should not be construed as representative of the likely result 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 of Chartered Accountants 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.

  APEEJAY TEA LIMITED