CASH FLOW STATEMENT

FOR THE HALF YEAR ENDED MARCH 31,2003

                                                                                                                        (Six Months Ended)

                                                                                                       March 31, 2003          March 31, 2002 

                                                                                                                      (Rupees in Thousands)

a) CASH FLOW FROM OPERATING ACTIVITIES

   Loss for the period before taxation                                                       (19,760)                        (13,061)

    ADJUSTMENT OF  NON CASH / NON

    OPERATING ITEMS

    Provision for gratuity                                                                                 719                               215

     Depreciation                                                                                       12,836                          13,238

    Financial Charges                                                                                 20,318                          23,733

    Profit on sale of fixed assets                                                                       (44)                            --

                                                                                                                33,829                          37,186

    OPERATING PROFIT BEFORE WORKING 

    CAPITAL CHANGES                                                                        14,069                          24,125

 Changes in working capital

 (Increase)/decrease in current assets

  Stores and spares                                                                                   (3,863)                             (342)

  Stock in trade                                                                                          1,102                            (2,120)

  Trade debts                                                                                          (33,134)                            3,878 

  Advances, deposits, prepayments

        and other receivables                                                                       23,303                          (17,665)

  (Increase)/decrease in current liabilities

   Creditors, accrued and other liabilities                                                     5,662                            (7,075)

                                                                                                                (6,930)                         (23,324)

   CASH GENERATED FROM OPERATION                                         7,139                                801

   Financial charges paid                                                                            (1,827)                           (3,484)

   Taxes paid                                                                                             (2,799)                              (265)   

   Gratuity paid                                                                                             (487)                              (215)

                                                                                                                  (5,113)                          (3,964)

Net cash generated from / (used in) operating activities                                 2,026                           (3,163)

b) CASH FLOW FROM INVESTMENT ACTIVITIES

       Fixed capital expenditure                                                                      (994)                                (43)

       Proceed from sale of fixed assets                                                           335

                                 --

Net cash used in investing activities                                                              (659)                                (43)                                                                                                                                                                       

c) CASH FLOW FROM FINANCING ACTIVITIES

   Payment of short term bank borrowings                                                      ---                               (850)

Net cash from / (used in) financing activities                                                  ---                                 (850)   

RECONCILIATION  OF CASH & CASH EQUIVALENTS

    Net increase / (decrease) in

    cash and cash equivalents (A+B+C)                                                       1,367                           (4,056) 

    cash and cash equivalents 

    as on October 01                                                                                  6,619                             6,375                                                                                                                                                                    

Cash and cash equivalents as on March 31                                                 7,986                            2,319

 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