FINCORP INVESTMENT LIMITED
		Abridged Audited Financial Statements
		30th June 2005
		Balance Sheets												Statements of Changes in Equity
					GROUP				COMPANY							Share		Share		Capital		Revaluation		General		Retained		Total
					2005		2004		2005		2004					Capital		Premium		Reserve		& Other		Risk		Profit
			NOTES		Rs'000		Rs'000		Rs'000		Rs'000											Reserve		Reseve
		ASSETS EMPLOYED														Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000
		NON-CURRENT ASSETS												GROUP
		Property, plant and equipment	2		165,570		92,857		-		-			At 1st July 2003		120,155		6,827		356,750		166,068		-		593,431		1,243,231		1,243,231
		Investments in associates			1,518,135		1,330,187		806,483		615,943			Increase in interest in
		Investments in subsidiaries			-		-		160,000		160,000			associate		-		-		47,947		(27,617)		-		9,068		29,398
		Investment securities			325,984		347,791		316,480		312,113			Share of increase in reserves
		Loan receivable			268,336		261,224		268,336		261,224			of associates		-		-		10,036		103,302		-		-		113,338
		Finance lease receivables	3		901,142		758,465		-		-			Fair value adjustment		-		-		-		15,795		-		-		15,795
					3,179,167		2,790,524		1,551,299		1,349,280			Net gains not recognised in the
		CURRENT ASSETS			657,156		466,939		52,997		43,409			profit and loss account		-		-		57,983		91,480		-		9,068		158,531		158,531
		CURRENT LIABILITIES			(408,765)		(358,403)		(175,703)		(175,820)			Profit attributable to
		NET CURRENT ASSETS/												shareholders		-		-		-		-		-		112,858		112,858
		(LIABILITIES)			248,391		108,536		(122,706)		(132,411)			Dividends		-		-		-		-		-		(42,054)		(42,054)
					3,427,558		2,899,060		1,428,593		1,216,869			At 30th June 2004		120,155		6,827		414,733		257,548		-		673,303		1,472,566		1,472,566
														Prior Year Adjustment
		FINANCED BY												re deferred tax		-		-		-		-		-		7,878		7,878
		SHARE CAPITAL			120,155		120,155		120,155		120,155			As restated		120,155		6,827		414,733		257,548		-		681,181		1,480,444		1,480,444
		RESERVES			1,554,485		1,352,411		820,602		615,990			Increase in interest in
		SHAREHOLDERS' INTERESTS			1,674,640		1,472,566		940,757		736,145			associate		-		-		6,078		(2,902)		-		2,463		5,639
		NON-CURRENT LIABILITIES												Share of increase in reserves
		Borrowings			1,746,194		1,420,238		487,836		480,724			of associates		-		-		(18,199)		61,327		-		-		43,128
		Deferred tax liability			6,724		6,256		-		-			Fair value adjustment		-		-		-		8,011		-		-		8,011
					1,752,918		1,426,494		487,836		480,724			Net (loss)/gains not recognised in
					3,427,558		2,899,060		1,428,593		1,216,869			the profit and loss account		-		-		(12,121)		66,436		-		2,463		56,778		56,778
														Profit attributable to
														shareholders		-		-		-		-		-		216,750		216,750
														Dividends		-		-		-		-		-		(48,062)		(48,062)
														Transfer from general provision		-		-		-		-		1,100		-		1,100
														Derecognition of associate		-		-		(3,702)		(28,668)		-		-		(32,370)
														At 30th June 2005		120,155		6,827		398,910		295,316		1,100		852,332		1,674,640		1,674,640
		Profit and Loss Accounts												COMPANY
					Year ended		Year ended		Year ended		Year ended			At 1st July 2003		120,155		6,827		100,596		101,540		-		111,316		440,434
					2005		2004		2005		2004			Fair value adjustment
					Rs'000		Rs'000		Rs'000		Rs'000			not recognised in the
		Turnover			210,627		211,468		83,858		74,770			profit and loss account		-		-		-		269,803		-		-		269,803
		Operating income			79,280		75,708		53,096		85,653			Profit attributable to
		Operating expenses			(43,010)		(37,049)		(1,490)		(1,627)			shareholders		-		-		-		-		-		67,962		67,962
		Impairment charge			-		(60)		-		(15,244)			Dividends		-		-		-		-		-		(42,054)		(42,054)
		Operating profit			36,270		38,599		51,606		68,782			At 30th June 2004		120,155		6,827		100,596		371,343		-		137,224		736,145		736,145
		Share of profits in associates	4		190,607		82,558		-		-			Fair value adjustment
		Profit before taxation			226,877		121,157		51,606		68,782			not recognised in the
		Taxation			(10,127)		(8,299)		(2,435)		(820)			profit and loss account		-		-		-		203,503		-		-		203,503
		Profit attributable to shareholders			216,750		112,858		49,171		67,962			Profit attributable to
														shareholders		-		-		-		-		-		49,171		49,171
														Dividends		-		-		-		-		-		(48,062)		(48,062)
														At 30th June 2005		120,155		6,827		100,596		574,846		-		138,333		940,757		940,757
		Data per Share
		Net assets per share (Rs.)			13.94		12.26		7.83		6.13
		Earnings per share (Rs.)			1.80		0.94		0.41		0.57
		Earnings per share excluding
		fair value adjustment (Re.)			0.72		0.71		0.41		0.57
		Dividends per share in cash (Re.)			0.40		0.35		0.40		0.35
		No. of shares in issue			120,154,860		120,154,860		120,154,860		120,154,860
		NOTES												Cash Flow Statements								GROUP				COMPANY
																						Year ended		Year ended		Year ended		Year ended
		1. These financial statements are audited and have been prepared in accordance with International Financial																				2005		2004		2005		2004
		Reporting Standards.																				Rs'000		Rs'000		Rs'000		Rs'000
									GROUP					NET CASH INFLOW FROM OPERATIONS								145,513		55,789		44,062		14,226
									2005		2004			TAXATION
									Rs'000		Rs'000			Income tax paid								(9,425)		(10,036)		(1,733)		(1,836)
														INVESTING ACTIVITIES
		2. PROPERTY, PLANT AND EQUIPMENT												Purchase of property, plant and equipment								(111,837)		(32,744)		-		-
		Assets under operating leases included under the above caption							161,021		91,677			Proceeds from sale of property, plant and equipment								13,162		12,199		-		-
														Investment in associate								-		(20,007)		-		(20,007)
		3. FINANCE LEASE RECEIVABLES												Purchase of investments								(97)		(31,931)		(12)		(31,931)
		Receivable within one year and included in current assets							357,071		304,240			Proceeds from sale of investments								6,023		11,550		6,023		11,550
		Receivable after one year							901,142		758,465			Net (outflow)/inflow from investment in finance leases								(193,676)		232,246		-		-
									1,258,213		1,062,705			NET CASH (OUTFLOW)/INFLOW FROM INVESTING
														ACTIVITIES								(286,425)		171,313		6,011		(40,388)
														NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING
		4. SHARE OF PROFITS IN ASSOCIATES												ACTIVITIES								(150,337)		217,066		48,340		(27,998)
		Share of profits in associates includes an amount of Rs 130 million (2004 - Rs 28 million) representing the unrealised fair												FINANCING ACTIVITIES
		value adjustment of Investment Property in the accounts of Caudan Development Ltd, in accordance with IAS 40.												Deposits received								378,757		89,130		-		-
														Redemption of debenture loan stocks								-		(350,000)		-		-
														Net loans								(5,768)		(22,483)		-		-
														Net amount received from group company								-		-		-		673
		5. Copies of the abridged audited financial statements can be obtained free of charge upon request at the registered office of												Dividends paid								(43,256)		(18,023)		(43,256)		(18,023)
		the Company.												NET CASH INFLOW/(OUTFLOW) FROM FINANCING
														ACTIVITIES								329,733		(301,376)		(43,256)		(17,350)
		6. The above financial statements have been agreed with the Auditors of the Company.												INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS								179,396		(84,310)		5,084		(45,348)
														CASH AND CASH EQUIVALENTS AT 1ST JULY								(97,787)		(13,477)		(148,071)		(102,723)
		7. These abridged financial statements were approved for issue by the Board of Directors on the 28th September, 2005.												CASH AND CASH EQUIVALENTS AT 30TH JUNE								81,609		(97,787)		(142,987)		(148,071)
		8. The communiqué is issued pursuant to Listing Rule 12.20.
		The Board of Directors of Fincorp Investment Limited accepts full responsibility for the accuracy of the
		information contained in this communiqué.
		BY ORDER OF THE BOARD
		(S) JEAN-FRANCOIS DESVAUX DE MARIGNY
		SECRETARY

lass=xl24 style='height:19.5pt'>    Data per Share         Net assets per share (Rs.)               13.94               12.26                 7.83                 6.13         Earnings per share (Rs.)                 1.80