Apeejay Tea Limited

FINANCIAL HIGHLIGHTS


	Particulars	Three Months Ended		Year ended
APEEJAY TEA LIMITED (Formerly AFT Industries Limited) Registered Office :Talap 786 156, Assam
Unaudited Financial Results (Provisional) for three months ended June 30, 2005 Rs in Lacs
	Particulars	30.06.2005 (Unaudited)	30.06.2004 (Unaudited)	31.03.2005 (Audited)
1.	Gross Sales ( including claims )	1,301	1,102	8,887
	Less : Excise duty ( net )	2	16	155
	Net Sales/Income from operations	1,299	1,086	8,732
2.	Other Income	165	156	754
3.	Total Expenditure	1,494	1,225	9,167
	(a) (Increase)/Decrease in stock	(1,101)	(1,332)	(272)
	(b) Consumption of Raw Materials (Note 3)	80	50	398
	(c) Staff Cost	1,399	1,369	5,075
	(d) Power and Fuel	388	345	1,370
	(e) Other Expenditure	728	793	2,596
4.	Interest	62	50	273
5.	Depreciation	78	72	328
6.	Loss before Tax ( 1+2-3-4-5) *	(170)	(150)	(282)
7.	Provision for Taxation
	- Current Tax	24	2	-
	- Deferred Tax (net)	(5)	(5)	(23)
	- Fringe Benefit Tax (net)	7	-	-
8.	Net Loss ( 6-7)	(196)	(102)	(259)
9.	Paid up Equity Share Capital (Face value Rs 10/- per share)	600	600	600
10.	Reserves excluding Revaluation Reserve			6,454
11.	Basic and Diluted EPS (Rs.)	(3.27)	(1.70)	(4.31)
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	(4)	171	51


Reporting of Segmentwise Results and Capital Employed Under Clause 41 of the Listing Agreement Rs in Lacs
	Particulars	Three Months Ended		Year Ended
		30.06.2005	30.06.2004	31.03.2005
1.	Segment Revenue (Sales/Income from Operations)
	a) Export	-	-	1,123
	b) Domestic	1,229	1,086	7,609
	Total	1,229	1,086	8,732
	Less: Inter Segment Revenue	-	-	-
	Net Sales / Income from operations	1,229	1,086	8,732

2.	Segment Result (Profit before Interest and Tax from segment)
	a) Export	-	-	51
	b) Domestic	(134)	(5)	(231)
	Total	(134)	(5)	(180)
	Less: Interest	62	50	273
	Add: Unallocated Income net of unallocable expenditure	26	(50)	171
	Loss before Tax	(170)	(105)	(282)

3.	Capital Employed
	a) Export	-	-	-
	b) Domestic	373	420	94
	Total	373	420	94
	Add: Unallocable corporate assets (net of corporate liabilities)	18,308	19,519	18,783
	Total Capital Employed	18,681	19,939	18,877

Notes:
1.	The above results have been taken on record at the Board Meeting held on Thursday, July 28, 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 quarter ended June 30, 2005 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, 2006
	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 March 31, 2005

6.	Tea industry is seasonal in character and as such results for three months ended June 30, 2005 should not be construed as representative of the likely result of the Company for the financial year ending March 31, 2006.
7.	Comparative figures have been regrouped / rearranged wherever necessary.

	By order of the Board
	APEEJAY TEA LIMITED

Kolkata, July 28, 2005

JIT PAUL
Chairperson