1.  We have audited the attached balance sheet of M/S KEW INDUSTRIES
 LIMITED as at 31-03-10 & the Profit and Loss A/c for the year ended on
 that date annexed thereto. These financial statements are the
 responsibility of the Companys management.  Our responsibility is to
 express an opinion on these financial statements based on our audit.
 
 2.  We conducted our audit in accordance with auditing standards
 generally accepted in India.  Those standard require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement. An audit
 includes examining on a test basis,evidence supporting the amounts and
 the disclosures in the financial statements.An audit also includes
 assessing the accounting principles used & the significant estimates
 made by management , as well as evaluating the overall financial
 statements presentation. We believe that our audit provides a
 reasonable basis for our opinion.
 
 3.  As required by the Companies (Auditors Report) Order, 2003 issued
 by the Central Government of India in terms of sub section (AA) of
 section 227 of the Companies Act, 1956, We enclose in the annexure a
 statement on the matters specified in paragraph 4 and 5 of the said
 order.
 
 4.  Further to our comments in the annexure referred to above, we
 report that :
 
 i) We have obtained all the information & explanation, which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit subject to note (vii) below .
 
 ii) In our opinion , proper books of account as required by law have
 been kept by the company so far as appears from our examination of
 those books subject to note (vii) below .
 
 iii) The balance Sheet and Profit & Loss A/c dealt with by this report
 are in agreement with the books of accounts subject to point (vii)
 below :
 
 iv) In our opinion , the balance sheet and profit and loss a/c dealt
 with by this report comply with the accounting standards referred to in
 sub sec. (3C) of section 211 of the Companies Act, 1956 to the extent
 applicable except accounting standard 15 in regard to Gratuity and
 Leave encashment benefits to employee, which are accounted for on cash
 basis.
 
 v) On the basis of written representations received from the directors
 and the information and explanations given to us, none of the directors
 is as on 31st March 2010, prime facie disqualified from being appointed
 as a director in terms of clause (g) of sub section (1) of section 274
 of the Companies Act, 1956.  vi) In our opinion and to the best of our
 information and according to the explanation given to us, the said
 accounts read together with & subject to notes attached therewith &
 subject to points in clause (iv) & (vii) give the information required
 by the companies Act,1956, in the manner so required give a true and
 fair view in conformity with the accounting principles generally
 accepted in India.
 
 a) In the case of the balance sheet of the state of affairs of the
 Company as at 31st March, 2010.
 
 b) In case of the profit & loss a/c, of the profit for the year ended
 on that date.
 
 vii) a) The quantitative figures regarding purchase, sale and stock of
 trading goods have not been given separately at Point No. 7 of the
 notes to the accounts.
 
 b) The balance of different accounts of L & T Finance Ltd. are subject
 to confirmation and reconciliation.
 
 c) The balance of different accounts of P.F.C. are subject to
 confirmation and reconciliation.
 
 d) Provision for taxation is as per Companys calculation.
 
 viii) No confirmation has been provided from parties to us.
 
 Referred to in para 3 of our report of even date.
 
 I.  a) The company has generally maintained proper records showing full
 particulars including qantitative details and situation of fixed
 assets.
 
 b) As explained to us, all the assets have been physically verified by
 the management at the year end. According to the information and
 explanation given to us, no material discrepancies were noticed on such
 verification as compared to book records.
 
 c) The company has not disposed off substantial portion of its fixed
 assets except vehicle No.PB 08AD0830 during the year.
 
 II.  a) We have been told that the inventory has been physically
 verified during the year by the Management at reasonable intervals. In
 our opinion, the frequency of verification is reasonable.
 
 b) In our opinion, the procedures of physical verification of inventory
 followed by the manag- ement are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 c) Stock register in case of trading goods has not been made available
 to us, as explained to us, discrepancies noticed on verification
 between the physical stocks and the book record in respect of
 manufacturing goods were not material and have been properly dealt
 within the books of account.
 
 III.  The Company has not granted/taken any loan to/from the companies
 firms or other parties Covered in the register under section 301 of the
 companies act. 1956. No such register has been maintained.
 
 IV In our opinion and according to the information and explanations
 given to us, there is adequate internal control procedure commensurate
 with the size of the company and the nature of its business with regard
 to purchase of inventory , fixed assets and with regard to the sale of
 goods. During the course of our audit, we have not observed any
 continuing failure to correct major weakness in internal control.
 
 V.  No register has been maintained U/s 301 of the companies Act, 1956
 showing the transactions that needed to be mentioned therein.
 
 VI.  According to the information and explanations given to us, the
 company has not accepted any public deposits during the year.
 
 VII. In our opinion , the company has an internal audit system
 commensurate with its size and nature of its business.
 
 VIII As explained to us, the Central Govt, has not prescribed
 maintenance of cost records U/s 209(1) (9d) of the Companies act, 1956
 for any of the products of the Company.
 
 IX The company has earned profits during the financial year as well as
 in the previous year.
 
 X.  According to the information & explanations given to us. The
 company has not granted any loans and advances on the basis of security
 by way of security by way of pledge of shares, debentures and other
 securities.
 
 XI.  In our opinion, the company is not a chit fund or a nidni/ mutual
 benefit fund/society.
 
 XII.  In our opinion, the company is not dealing or in trading in
 shares, securities, debentures or other investments.
 
 XIII.  According to the information and explanations given to us, the
 company has not given any guarantee for loans taken by others from
 Banks or financial institutions.
 
 XIV.  In our opinion and according to the information and explanations
 given to us and on, an overall examination Balance Sheet of the Company
 we report that funds raised on short term basis have not been used for
 the long term investments and vice versa.
 
 XV.  According to the information and explanations given to us, the
 company has not made any preferential allotment of shares to parties
 and companies covered in the register maintained u/s 301 of the Act,
 but no such register has been maintained.
 
 XVI.  According to the information and explanations given to us, the
 company has not issued any debentures.
 
 XVII.  During the year,the company has not allotted any shares to
 public.
 
 XVIII.  According to the information & explanations given to us, no
 fraud on or by the company has been noticed during the year.
 
                                    For Brij Aggarwal & Associates
 
                                             Chartered Accountants
 
 Place: Jalandhar                                  (BRIJ AGGARWAL)
 
 Dated: 02.09.2010                                        Partner