NUCLEUS SECURITIES LIMITED
Regd. Office :  Nucleus House, Saki-Vihar Rd., Andheri (E), Mumbai - 400 072
                                                           Unaudited Financial Results (Provisional)
                                                                    As on 30th September, 2004.
            (Rs.in lacs)
Sr.                Quarter Ended            Half Year ended Year Ended
No. Particulars 30.09.2004 30.09.2003 30.09.2004 30.09.2003 31.03.2004
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1   Net Sales /Income from Operations:-          
   -- Money Changing Division 0.45 16.84 1.66 46.03 74.31
   -- Money Transfer  -- 12.76 3.82 25.68 49.58
   -- Arbitrage Income 60.86 35.83 111.36 35.83 234.94
  61.31 65.43 116.84 107.54 358.83
2   Other Income 22.15 8.83 30.97 15.17 46.96
3   Total Expenditure 41.35 59.48 74.49 107.41 367.59
  a)   Increase/decrease in stock in trade  --  --  --  --  --
  b)   Staff Cost 5.44 19.22 14.60 39.48 78.89
  c)   Other Expenditure 10.89 40.26 18.49 67.93 158.25
  d)   Bad Debts 2.66  -- 2.66  -- 50.08
  e)   Arbitrage  Expenses 22.37  -- 38.74  -- 80.37
4   Interest (Net) 1.59 8.88 4.60 15.91 28.43
5   Depreciation 2.53 4.93 7.44 9.87 19.72
6   Profit(+)/Loss(-)Before Tax (1+2-3-4-5) 37.99 0.97 61.28 -10.48 -9.95
7   Extra-ordinary Income  --  -- 118.14  --  --
8   Provision for Taxation (See Note 2)  --  --  --  --  --
                          - Current 3.00  -- 11.00  --  --
                         - Deferred  --  --  --  -- 23.40
9   Net Profit (+) / Loss (-) (5+6-7) 34.99 0.97 168.42 -10.48 13.45
10   Paid-up Equity Share Capital (F.V. Rs.10/-) 344.08 344.08 344.08 344.08 344.08
11   Reserves excluding Revaluation reserves  --  --  --  -- 423.58
12   Debit balance in Profit & Loss account  --  --  --  -- 150.29
13   Basic and diluted EPS (Rs.10/- each) Rs.       1.02 Rs.       0.03 Rs     4.89 Rs.  (0.30) Rs.  0.39
14   Aggregate of non-promoter Shareholding :      
    - No. of Shares 850312 850312 850312 850312 850312
    - Percentage of Shareholding 24.71 24.71 24.71 24.71 24.71
Notes :-
1) The above results were taken on record by the Board at its Meeting held on 29.10.2004 and is subject
to Limited Review by the Statutory Auditors.
2) Provision for tax is made as per MAT and deferred tax liability/asset will be recognised at the year end.
3) There were no investor complaints :- pending at the beginning of the quarter, received during the quarter,
and pending for disposal at the end of the quarter.
4) The Company operated only in one segment during the quarter namely - Arbitrage activities. The Money
 Changing and Money Transfer business has been discontinued.
5) The Equity Shares have been voluntarily delisted from Delhi Stock Exchange w.e.f.13.10.2004
 
                                      For Nucleus Securities Ltd
 Mumbai                                                 Asit C. Mehta
 October 29, 2004.                                   Chairman & Managing Director