BALANCE SHEET

AS AT MARCH 31, 2003

                                                       (Rupees in Thousand)

                                                     Note                March 31, 2003                September 30, 2002

SHARE CAPITAL & RESERVES

Authorized capital

    17,500,000 ordinary shares

    of Rs. 10/= each                                                           175,000                                     175,000

Issued, subscribed and paid up capital

    15,177,000 ordinary shares of Rs. 10/=            

    each fully paid in cash                                                   151,770                                     151,770

                                                                                      (455,361)                                   (532,299)

    Accumulated loss                                                        (303,591)                                   (380,529)

Surplus and revaluation of fixed 

assets                                                                               200,538                                     404,595

Long term loans                                                                415,047                                     415,047

DEFERRED LIABILITIES

    Gratuity                                                                            3,415                                         3,183

    Taxation                                                                       106,360                                              --

                                                                                        109,775                                         3,183

CURRENT LIABILITIES

    Short term borrowings                                                      2,544                                        2,544

   Creditors, accrued and other liabilities                            151,192                                     127,039

    Provision for Taxation                                                       2,163                                        1,164

                                                                                         155,899                                    130,747 

    Contingencies & Commiitments                 4                        --                                                --

                                                                                          577,668                                   573,043

FIXED CAPITAL EXPENDITURE                                 

    Operating fixed assets                                                    499,922                                   512,055

CURRENT ASSETS

    Stores and spares                                                              5,480                                       1,617

    Stock in trade                                                                  13,352                                     14,454

    Trade debts                                                                     43,133                                       9,999

    Advances, deposits, prepayments

        and other receivables                                                     7,795                                     28,299

    Cash and bank balances                                                    7,986                                       6,619

                                                                                           77,746                                     60,988

                                                                                        577,668                                     573,043

CHIEF EXECUTIVE                                                                                                                               DIRECTOR

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Asim Textile Mills Ltd.

JK House 32-W Susan Road, Madina Town,

  Faisalabad 38090, PAKISTAN

Tel: 92-41-8721953-6

Fax: 92-41-8712399