Segmentwise Revenue, Results and Capital Employed
Under Clause 41 of the Listing Agreement
As on 31st March , 2004
					(Rupees in lacs)
Sr	Particulars	Quarter Ended		Year ended		Year ended
No		31.03.2004	31.03.2003	31.03.2004	31.03.2003	31.03.2003

1	Segment Revenue (net sale / income from)
	a) Segment - Money Changing	12.60	44.77	66.79	211.23	211.23
	b) Segment - Money Transfer	9.71	14.64	49.54	60.60	60.60
	c) Segment- Income from Arbitrage Activities	76.97	-	234.94	-	-
	d) Segment - Others	26.94	5.54	54.32	34.53	34.53
	Total	126.22	64.95	405.59	306.36	306.36
	Less : Inter Segment Revenue	--	--			--
	Net sales/Income from operations	126.22	64.95	405.59	306.36	306.36

2	Segment Expenses (net sale/income from

	a) Segment - Money Changing			#REF!
	b) Segment - Money Transfer			25.23
	c) Segment- Income from speculation in shares			#REF!
	d) Segment - Others			#REF!

2	Segment Results Profit (+) Loss(-) before
	tax and interest from segment
	a) Segment - Money Changing	(55.08)	(63.37)	(120.65)	(91.62)	(91.62)
	b) Segment - Money Transfer	2.93	5.25	24.31	37.71	37.71
	c) Segment- Income from Arbitrage Activities	51.47	-	154.56	-	-
	d) Segment - Others	22.84	(6.45)	37.48	15.46	15.46
	Total	22.16	(64.57)	95.70	(38.45)	(38.45)
	Less : i) Interest	3.73	7.80	25.44	37.01	37.01
	ii) Other unallocable expenditure	13.97	(12.00)	40.57	44.06	44.06
	net off unallocable Income.
	Net Profit/(Loss) Before Tax	4.46	(60.37)	29.69	(119.52)	(119.52)

3	Capital Employed
	(Segment Assets - Segment Liabilities)
	a) Segment - Money Changing/Money Transfer	622.06	592.37	622.06	592.37	592.37
	(See note 5)
	Total	622.06	592.37	622.06	592.37	592.37

			For Nucleus Securities Limited

Mumbai.			Asit C. Mehta
June 30, 2004.			Chairman and Managing Director