STATEMENT OF CASH FLOWS

FOR THE 1ST QUARTER ENDED DECEMBER, 31 2002

                                                                                                (Rupees in Thousand)

                                                                                                          DECEMBER 2002               DECEMBER 2001 

(A) CASH FLOW FROM OPERATING ACTIVITIES

        Loss for the period before taxation                                                             (10,791)                                (10,008)

        ADJUSTMENT OF NON CASH / NON

        OPERATING ITEMS

        Provision for gratuity                                                                                        114                                          94

        Depreciation                                                                                                 6,421                                     6,618

        Financial Charges                                                                                        10,432                                   12,342

                                                                                                                           16,967                                   19,054 

        OPERATING PROFIT BEFORE WORKING

        CAPITAL CHANGES                                                                                 6,176                                     9,046

        Changes in working capital

        (Increase) / decrease in current assets

            Store & spares                                                                                        (2,856)                                       (81)

            Stock in trade                                                                                           2,462                                     3,206

            Trade debtors                                                                                       (13,644)                                      (678)

            Advances, deposits, & other receivables                                                 12,546                                  (10,553)

        Increase / (decrease) in current liabilities

            Creditors accrued & other liabilities                                                              776                                       (634)

                                                                                                                              (716)                                   (8,740)

        CASH GENERATED FROM OPERATIONS                                             5,460                                        306

            Financial charges paid                                                                               (1,067)                                  (2,127)

            Taxes paid                                                                                                (2,198)                                       (95)

            Gratuity paid                                                                                                (114)                                       (94)

                                                                                                                             (3,379)                                  (2,316)

            Net cash from / (used in) operating activities                                                2,081                                   (2,010)  

(B) CASH FLOW FROM INVESTMENT ACTIVITIES

            Fixed capital expenditure                                                                              (146)                                        --  

            Net cash used in Investing activities                                                               (146)                                        -- 

(C) CASH FLOW FROM FINANCING ACTIVITIES

            Proceeds of short term bank borrowings                                                           --                                     1,400 

            Net cash from financing activities                                                                       --                                     1,400

            Net increase / (decrease) in

            cash and cash equivalents (A+B+C)                                                            1,935                                      (610)

            cash and cash equivalents

            as on October 01, 2001.                                                                             6,619                                     (610)

            cash and cash equivalents

            as on December 31, 2002.                                                                          8,554                                    5,765

                    CHIEF EXECUTIVE                                                                                            DIRECTOR

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Asim Textile Mills Ltd.

JK House 32-W Susan Road, Madina Town,

  Faisalabad 38090, PAKISTAN

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