NUCLEUS SECURITIES LIMITED
Regd. Office :  Nucleus House, Saki-Vihar Rd., Andheri (E), Mumbai - 400 072
                                                           Unaudited Financial Results (Provisional)
                                                                    As on 31st December, 2004.
            (Rs.in lacs)
Sr.  
Quarter Ended
   Nine months' ended Year Ended
` Particulars 31.12.2004 31.12.2003 31.12.2004 31.12.2003 31.03.2004
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1   Net Sales /Income from Operations:-          
   -- Money Changing Division  -- 8.16 1.66 54.19 74.31
   -- Money Transfer  -- 14.15 3.82 39.83 49.58
   -- Arbitrage Income  -- 122.14 111.36 157.97 234.94 Write Back of TC Liability 118 118
   -- 144.45 116.84 251.99 358.83
2   Other Income 6.88 12.21 37.85 27.38 46.96 Rent Income 35.64 26.46
3   Total Expenditure 20.24 109.45 97.39 216.86 367.59
  a)   Increase/decrease in stock in trade  --  --  --  --  -- 153.64 144.46
  b)   Staff Cost 5.61 18.81 20.21 58.29 78.89
  c)   Other Expenditure 14.63 71.29 35.78 139.22 158.25
  d)   Bad Debts -- 19.35 2.66 19.35 50.08 Bank Interest 11 4.22
  e)   Arbitrage  Expenses --  -- 38.74  -- 80.37
4   Interest (Net) 0.17 5.80 4.22 21.71 28.43 Admin exp 30 58.65
5   Depreciation 4.92 5.69 12.36 15.56 19.72
6   Profit(+)/Loss(-)Before Tax (1+2-3-4-5) -18.45 35.72 40.72 25.24 -9.95 Book Dep 18 12.36 153.64
7   Extra-ordinary Income  --  -- 118.14  --  -- 59 75.23 -85
8   Provision for Taxation:  --  --  --  --  -- 68.64
                          - Current --  -- 11.00  --  -- Book profit 94.64 69.23 18
                         - Deferred 1.20  -- 25.62  -- 23.40 -31 obc 2525000
9   Net Profit (+) / Loss (-) (5+6-7) -19.65 35.72 122.24 25.24 13.45 55.64 napl 1725000
10   Paid-up Equity Share Capital (F.V. Rs.10/-) 344.08 344.08 344.08 344.08 344.08 94.64 71.06 nsl 3172120
11   Reserves excluding Revaluation reserves  --  --  --  -- 423.58 18 12.36
12   Debit balance in Profit & Loss account  --  --  --  -- 156.63 IT Dep -31 -23.25 7422120
13   Basic and diluted EPS (Rs.10/- each) Rs.       -0.05 Rs.       1.04 Rs     3.55 Rs.  0.73 Rs.  0.40 60.17
14   Aggregate of non-promoter Shareholding :       81.64
    - No. of Shares 850312 850312 850312 850312 850312 22.02
    - Percentage of Shareholding 24.71 24.71 24.71 24.71 24.71 29.72512
Notes :-
1) The above results were taken on record by the Board at its Meeting held on 31.1.2005 and is subject
to Limited Review by the Statutory Auditors.
2) 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.
3) The Company had no reportable segment during the quarter.  The Company commenced Portfolio
 Management Services from Januar, 2005.
4) "Other Expenses' for the quarter inter alia includes a) Repairs & Maintenance Expenses Rs 5.99 lacs and
 (b) Computer Expenses Rs 4.71 lacs.
                                      For Nucleus Securities Ltd
 Mumbai                                                 Deena A. Mehta
 January 31, 2005.                                                      Director