NUCLEUS SECURITIES LIMTIED
Regd. Office : `Nucleus House', Saki-Vihar Road, Andheri (East), Mumbai 400072

Unaudited Financial Results (Provisional)
As on 31st March, 2004.
                (Rupees in lacs)
Sr.   Quarter Ended Year ended Year Ended
No. Particulars 31.03.2004 31.03.2003 31.03.2004 31.03.2003 31.03.2003
    (Unaudited) (Audited) (Unaudited) (Audited) (Audited)
1 Net Sales / Income from Operations :-              
  -- Money Changing Division             12.60         44.77               66.79     211.23        211.23
  -- Money Transfer               9.71         14.64               49.54       60.60          60.60
  --Income from Arbitrage Activities             76.97              -               234.94            -                 -  
              99.28         59.41             351.27       271.83        271.83
2 Other Income             26.94           5.54               54.32       34.53          34.53
3 Total Expenditure           113.90       105.46             330.76     359.25        359.25
  a) Increase /decrease in stock in trade                  -                -                      -              -                 -  
  b) Consumption of raw materials                  -                -                      -              -                 -  
  c) Staff Cost             21.41         22.44               79.70       95.14          95.14
  d) Provision for Bad Debts (Net)              
  e) Bad Debts Written off              
  d) Other Expenditure             92.49         83.02             251.06     264.11        264.11
4 Interest (Net)               3.73           7.82               25.44       37.03          37.03
5 Depreciation               4.13           3.19               19.69       20.75          20.75
6 Profit(+)/Loss(-) Before Tax (1+2-3-4-5)               4.46        (51.52)               29.70    (110.67)       (110.67)
7 Provision for Taxation               2.00              -                   2.00            -      
8 Provision for Deferred Taxation                  -             8.86                    -           8.86            8.86
9 Net Profit (+)/ Loss (-) (6-7)               2.46        (60.38)               27.70    (119.53)       (119.53)
10 Paid -up Equity Share Capital (F. V. Rs. 10/- each)           344.08       344.08             344.08     344.08        344.08
11 Reserves Excluding revaluation Reserves                  -                -                      -       257.84        257.84
                       
               
12 Basic and diluted EPS (Rs. 10/- each) Rs.             0.07 Rs.        (1.75) Rs.               0.81 Rs.        (3.47) Rs.         (3.47)
13 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 30.06.2004.
2) Provision for taxation, if any will be made at the end of the year.
2) Investor Complaints:
Beginning of the quarter Received during  Disposed off  Lying unresolved at the
  the quarter  during the quarter  end of the quarter
NIL NIL NIL  NIL
3) The Working results for the quarter ended 31st March,2004 are subject to a limited review by the Statutory Auditors.
4) The statutory auditors in their report on the accounts for the year 2002-03 have commented as under :-
a) Non confirmation of debtors, creditors, Loans and Advances.
b) Additional provision for doubtful debts Rs. 60.45 lacs against debtors.
c) Necessity of provision for dimunation in value of investment amounting to Rs. 12.58 lacs in one of the
    group company under the same management to comply with AS 13 - Accounting on Investment.
 
    Comment:
a) Confirmations from debtors, creditors are in process.
b) On additional provision for doubtful debts :
    The company has recovered Rs. 47.31 Lacs upto March, 2004 and the balance is written off.
c) Regarding investment in group company.
    The company does not consider the erosion in value as permanent & hence no provision is made.
5) Fixed assets used or liabilities contracted have not been identifiable to either of the segments
specifically as the same are interchangeable.
6) The provision for Deferred Tax liability will be made on completion of the Audit
7) Previous period figures have been regrouped wherever necessary.
                           For Nucleus Securities Limited
 
Mumbai,                                                Asit C. Mehta
June 30, 2004.                            Chairman and Managing Director
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