ACI Formulations Limited

Financial statements as at and for the 1st quarter ended 31 March 2011

ACI Formulations Limited Statement of Financial Position as at 31 March 2011

Unaudited Figures in '000'

31- Mar-11 Taka Assets Non-current assets Property, plant and equipment At cost/revaluation Less: Accumulated depreciation and impairment loss Capital work-in-progress Investment Total non-current assets Current assets Inventories Trade receivables Advances, deposits and prepayments Inter-company receivables Cash and cash equivalents Total current assets Total assets Equity and liabilities Shareholders' equity Share capital Revaluation surplus Retained earnings Total equity Liabilities Long term liabilities Current liabilities Bank overdraft Short term bank loan Long term bank loan- current portion Trade payables Other payables Inter-company payables Current tax liability Total current liabilities Total equity and liabilities 300,000 693,376 679,033 1,672,409 126,505 66,155 660,591 21,933 61,965 116,755 7,928 126,706 1,062,033 2,860,947

31- Dec-10 Taka

1,187,107 17,893 1,169,214 27,607 3,599 1,200,420 506,230 747,855 129,527 246,860 30,055 1,660,527 2,860,947

1,124,225 6,569 1,117,656 13,476 3,599 1,134,731 699,820 577,768 109,561 68,426 51,027 1,506,602 2,641,333

300,000 693,376 588,554 1,581,930 125,691 26,212 634,785 21,243 61,364 85,769 7,928 96,411 933,712 2,641,333

_________________ M Anis Ud Dowla Managing Director

____________________ Muallem A Choudhury Chief Financial Officer

ACI Formulations Limited Comprehensive Income Statement for the 1st quarter ended 31 March 2011
Unaudited Figures in '000'

1st quarter ended on 31- Mar-11 Taka 31- Mar -10 Taka

Revenue Cost of sales Gross profit Administrative, selling and distribution expenses Results from operating activities Other income Financing cost Provision for contribution to WPPF Profit before taxation Tax expenses Profit after tax Other comprehensive income Total other comprehensive income Total comprehensive income Earnings per share (EPS)

780,724 (557,827) 222,897 (82,455) 140,442 3,521 (18,103) 125,860 (6,293) 119,567 (29,088) 90,479 90,479 3.02

821,000 (586,505) 234,495 (81,942) 152,553 1,179 (20,436) 133,296 (6,666) 126,630 (31,382) 95,248 95,248 3.17

_________________ M Anis Ud Dowla Managing Director

____________________ Muallem A Choudhury Chief Financial Officer

ACI Formulations Limited Statement of Changes in Equity for the 1st quarter ended 31 March 2011
Unaudited Figures in '000'

Paid Particulars up capital Taka Balance as at 1 January 2011 Comprehensive income for the year Profit for the period Total other comprehensive income net of tax Total Comprehensive income for the period Balance at 31 March 2011 Balance at 31 March 2010 300,000 300,000 300,000

Revaluation surplus Taka 693,376

Retained earnings Taka 588,554 Total Taka 1,581,930

693,376 76,329

90,479 90,479 679,033 661,454

90,479 90,479 1,672,409 1,037,783

_________________ M Anis Ud Dowla Managing Director

____________________ Muallem A Choudhury Chief Financial Officer

ACI Formulations Limited Statement of Cash Flows for the 1st quarter ended 31 March 2011
Unaudited Figures in '000'

1st quarter ended on 31- Mar -11 31- Mar -10 Taka Taka A) Cash flows from operating activities Cash received from customers Cash received from other income Cash received/(paid) from/(for): other receivables purchase of inventory operating expenses other payables advances, deposits and prepayments Cash generated from operating activities Financing cost Income tax Net cash inflows/(outflows) from operating activities B) Cash flows from investing activities Acquisition of property, plant and equipment Investment Sale proceeds from property, plant and equipment Payments for capital work-in-progress Net cash used in investing activities Cash flows from financing activities Inter-company receivable/payable received/(paid) Dividend paid Short term bank loan received/(paid) Long term bank loan received/(paid) Net cash from/(used in) financing activities
Net increase/(decrease) in cash and cash equivalents (A+B+C)

610,636 3,521 614,157 (352,867) (56,489) 26 (11,686) (421,016) 193,141 (18,103) (8,279) (26,382) 166,759 (62,882) (14,131) (77,013) (178,378) (44) 25,806 1,955 (150,661) (60,915) 24,815 (36,100)

585,955 469 586,424 (37) (423,245) (80,438) 205 (14,382) (517,897) 68,527 (20,436) (16,169) (36,605) 31,922 (205) (1,713) 6,200 (7,620) (3,338) 118,725 (38) (178,666) (5,000) (64,979) (36,395) 4,455 (31,940)

C)

D) E) F)

Cash and cash equivalents at 1 January Cash and cash equivalents at 31 March (D+E)

_________________ M Anis Ud Dowla Managing Director

____________________ Muallem A Choudhury Chief Financial Officer