BALANCE SHEET AS AT DECEMBER 31, 2002  

(UN AUDITED)

                                                                                                       Dec. 2002                          Sep. 2002

                                                                                                                     (Rupees)                           (Rupees)

SHARE CAPITAL AND RESERVES

Authorized capital

17,500,000 ordinary shares of Rs. 10/= each.                                                  1,75,000                          1,75,000

Issued, subscribed and

paid up capital:

15,177,000 ordinary shares of                                                                         

Rs. 10 each fully paid in cash                                                                             151,770                           151,770  

Accumulated (Loss)                                                                                         (543,613)                        (532,299)   

                                                                                                                        (391,843)                        (380,529)

Surplus on revaluation of fixed assets                                                                  404,595                          404,595

Long term loans                                                                                                 415,047                          415,047

Deferred Liability for Gratuity                                                                                 3,183                             3,183   

CURRENT LIABILITIES

Short term finances                                                                                                2,544                             2,544

Creditors, accrued and

other liabilities                                                                                                    137,180                         127,039   

Provision for taxation                                                                                             1,687                             1,164

                                                                                                                         141,411                         130,747

Contingencies & Commitments                                                                                      -                                    -

                                                                                                                         572,393                         573,043

FIXED CAPITAL EXPENDITURE:                                          

Operating fixed assets                                                                                       505,780                        512,055

CURRENT ASSETS

Stores and spares                                                                                                 4,437                            1,617 

Stock in trade                                                                                                      11992                          14,454

Trade debts                                                                                                        23,643                            9,999

Advances, deposits, prepayments &

 other receivables                                                                                                17,951                          28,299

Cash and bank balances                                                                                        8,554                            6,619

                                                                                                                                                                                                                                              66,613                          60,988

                                                                                                                         572,393                        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