REVIEW REPORT TO THE MEMBERS

We have reviewed the statement of compliance with the best practices contained in the Code of Corporate Governance prepared by the Board of Directs of ASIM TEXTILE MILLS LIMITED to comply with the listening Regulation No. 37 Karachi Stock Exchange, Chapter XIII of Lahore stock Exchange where the company is listed.

The responsibility of compliance with the code of Governance is that of the board of Directors of the company. Our responsibility is to review, to the extent where such compliance can be objectively verified, whether the statement of Compliance reflects the status of company's compliance with the provisions of the Code of Corporate Governance and report if it does not. A review is limited primarily to inquires of the Company personnel and review of various documents prepared by the Company to comply with the Code.   

Based on our review, noting has come to our attention that causes us to believe that the statement of compliance does not appropriately reflect the company's compliance, in all material respect, with the best practice contained in the Code of Corporate Governance.

Faisalabad                                                                      ZAHID JAMIL & CO.

Dated: 30-01-2003                                                        CHARTERED ACCOUNTANTS