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ASIM TEXTILE MILLS LTD.

 DIRECTORS’ REPORT TO THE MEMBERS

Your directors are pleased to present unaudited accounts for the first quarter ended September 30, 2008.

The company earned net profit of Rs. 4.990 million as compared to net loss of Rs. 1.134 million for the corresponding quarter of last year. The reason of profit during the period under review is better sale rates and non provision of financial charges of Rs. 1.371 million on long term morabaha in current period. The financial charges have not been accounted for due to litigation with bank. Had financial charges been accounted for, the profit for the period would be Rs. 3.619 million as compared to loss of Rs. 4.353 million for the corresponding quarter of last year. The prices of raw material, stores & spares and packing material have increased as compared to corresponding quarter of last year.

 Earning per share (EPS) for this quarter is Rs. 0.33 as compared to EPS of Rs.(0.07) for the corresponding quarter of last year.

 There has been no change in the status of on going court cases with the bank, as reported in the directors report of the financial statements for the year ended June 30, 2008.

 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

29.10.2008                                                              Chief Executive