AUDITORS' REPORT TO THE BOARD OF DIRECTORS OF KESORAM INDUSTRIES LIMITED
4.	We report that the consolidated financial statements have been prepared by Kesoram Industries Limited's management in accordance with the requirements of Accounting Standard (AS) 21, 'Consolidated Financial Statements' prescribed under the Companies Act, 1956 of India.
5.	Based on our audit and on consideration of the report of other auditor referred to in Paragraph 3 above on separate financial statements and on the other financial information of the components, and to the best of our information and according to the explanations given to us, we are of the opinion that the attached consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:
	(a)	in the case of the consolidated balance sheet, of the state of affairs of the Group as at 31st March, 2009;
	(b)	in the case of the consolidated profit and loss account, of the profit of the Group for the year ended on that date; and
	(c)	in the case of the consolidated cash flow statement, of the cash flows of the Group for the year ended on that date.

Kolkata, 2nd May, 2009

(S. K. Deb) Partner Membership No. 13390 For and on behalf of Price Waterhouse Chartered Accountants