REVIEW REPORT TO THE MEMBERS

We have reviewed the annexed balance sheet of ASIM TEXTILE MILLS LIMITED as at March 31, 2003 and related profit and loss account, statement of changes in equity and cash flow statement together with the notes forming part thereof (here-in-after referred to as the "financial statements") for the half year then ended. These financial statements are the responsibility of the company's management. Our responsibility is to issue a report on these financial statement based on our review.

We conducted our review in accordance with the international standard on auditing applicable to review engagements. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit  and, accordingly, we do not express an audit opinion.

Based on our review, except for the effect of the matter discussed in the preceding paragraph, noting has come to our attention that causes us to believe that the annexed financial statements are not presented fairly, in all material respect, in accordance with approved accounting standards as applicable in Pakistan.

Faisalabad                                                                            ZAHID JAMIL & CO

Dated: 29-05-2003                                                        CHARTERED ACCOUNTANTS