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DIRECTOR'S REPORT TO THE SHAREHOLDERS

Your directors are pleased to present unaudited accounts for the first quarter ended on September 30,   2005.

By the grace of Almighty Allah, there is improvement in results. The company has made net profit of Rs. 1.613 million as compared to net loss of Rs. 17.904 million of corresponding quarter of last year. It is due to better utilization of production facilities and measures taken by management for producing quality yarn.  In order to improve the production and quality of yarn, during the last year ended 30.06.2005, new spindle boosters for 11 frames were imported and replaced with old ones.

Earning per share (EPS) for this quarter is Rs. 0.11 as compared to negative EPS of Rs. 1.18 in the corresponding quarter of last year.

There has been no significant change in the position of on going court cases with the bank, as reported in the director’s report of the financial statements for the year ended 30.06.2005.

Transactions with related parties are carried out at arms length. The prices are determined in accordance with comparable un-controlled price method. The power is purchased from related party at WAPDA power tariff.

The management would like to place on record its appreciation for the continuous support of its shareholders, customers and employees and expect to receive same cooperation in future. 

                                                                                                 for and on behalf of the Board

 Faisalabad.                                                                                   Zahid Anwar

29.10.2005                                                                                Chief Executive