THE BOARD OF DIRECTORS KESORAM INDUSTRIES LIMITED 9/1, R. N. MUKHERJEE ROAD KOLKATA-700 001
	1.	We have reviewed the accompanying "Statement of Unaudited Financial Results for the quarter and nine months ended 31st December, 2010" (the "Statement") in which are included the results for the quarter ended 31st December, 2010 of Kesoram Industries Limited, except for the disclosures regarding : 'Public Shareholding' and 'Promoter and Promoter Group Shareholding' which have been traced from disclosures made by the Management but have neither been reviewed nor been audited by us. The Statement has been prepared by the Company pursuant to Clause 41 of the Listing Agreement with the Stock Exchanges in India, which has been initialled by us for identification purposes. This Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.
	2.	We conducted our review in accordance with the Standard on Review Engagement (SRE) 2400, "Engagements to Review Financial Statements" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement.
	3.	A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
	4.	We have only traced the disclosures regarding 'Public Shareholding' and 'Promoter and Promoter Group Shareholding' in the Statement from the disclosures made by the Management and are, therefore, not expressing a review opinion thereon.
	5.	We report that as indicated in Note No. 6 of the Statement, pending settlement of the insurance claims amounting to Rs. 48.16 crore on account of damage of certain inventory items due to flood that took place in the month of September, 2010 and in respect of the another additional claim of Rs. 22.00 crore lodged on an estimated basis for plant & machinery items and certain other items of fixed assets, where resultant damage needs to be ascertained and given effect to, we are unable to comment on the resultant adjustments, if any, that may be required on the results for the quarter / nine months ended 31st December, 2010.
	6.	Subject to our remarks in paragraph 5, based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards notified pursuant to the Companies (Accounting Standards) Rules, 2006 as per Section 211(3C) of the Companies Act, 1956 and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement.
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