<PAGE>

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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                             ----------------------

                                  FORM 10-QSB

                             ----------------------

(MARK ONE)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
    1934

    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2004

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

    FOR THE TRANSITION PERIOD FROM __________ TO ____________

                        COMMISSION FILE NUMBER 000-32753

                             ----------------------

                            CEMTECH INDUSTRIES LTD.
       (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)

                             ----------------------

                                  NEVADA, U.S.
          (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)

                                   861024819
                      (I.R.S. EMPLOYER IDENTIFICATION NO.)

           6075 SOUTH EASTERN AVE. SUITE 1, LAS VEGAS, NV 89119-3146
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                  702-866-2500
                          (ISSUER'S TELEPHONE NUMBER)

                             ----------------------

Check whether the issuer(1) filed all reports required to be filed by Section 13
or 15(d) of the Exchange Act during the past 12 months (of for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [ ] No [X]

Shares outstanding as of April 4, 2004: 1,000,000 shares of common stock, with
no par value

Transitional Small Business Disclosure Format (Check One): Yes [ ] No [ ]

================================================================================

<PAGE>

                    LORAL INTERNATIONAL CPA & ADVISOR. L.L.C.

       Member of the Public Company Accounting Oversight Board (PCAOB) of
                                  United States

                         INDEPENDENT ACCOUNTANT'S REPORT

                                       OF

                            CEMTECH INDUSTRIES LTD.

Address:   720 Third Ave., Suite 1611, Seattle, WA 98104
           Telephone: (206) 264-8065 Fax: (206) 264-7971

<PAGE>

                           CEMTECH INDUSTRIES LIMITED

                         Review of Financial Statements
                      For the Quarter Ended March 31, 2004

<TABLE>
<CAPTION>
                CONTENT
                -------
<S>                                                             <C>
Accountant's report .......................................      1-2
Balance Sheet .............................................        3
Statement of Operations ...................................        4
Changes in Stockholders' Equity ...........................      5-6
Statement of Cash Flows ...................................        7
Notes to Financial Statements .............................     8-12
</TABLE>

<PAGE>

                    LORAL INTERNATIONAL CPA & ADVISOR, L.L.C.

    Member of the Public Company Accounting Oversight Board of United States

Seattle Address   : 720 Third Ave., Suite 1611, Seattle, WA 98104
                    Telephone: (206) 264-8065 Fax: (206) 264-7971

                         INDEPENDENT ACCOUNTANT'S REPORT

To  The Board of Directors
    Cemtech Industries Ltd.
    6075 South Eastern Ave., Suit 1
    Las Vegas, NV 89119-3146
    USA

We have reviewed the balance sheet of Cemtech Industries Ltd (a development
stage company, see Note # 3, Development Stage Company) as of March 31, 2004
(The First Quarter), and the related statements of operations, changes in
shareholders' equity and cash flows for the first quarter period then ended.
These financial statements are the responsibility of the company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of inquiries of the company personnel and
analytical procedures applied to financial data. It is substantially less in
scope of than an audit in accordance with generally accepted auditing standards
in the United States of America, the objective of which is the expression of an
opinion regarding the financial statements taking as a whole. Accordingly, we do
not express such an opinion.

Based on our review, with the exception of the matter describe in the following
paragraph, we are not aware of any material modifications that should be made to
the accompanying financial statements in order for them to be in conformity with
generally accepted accounting principals in the United States of America.

As of March 31, 2004, the Company and its stock transfer agent have not updated
the shareholders' ownership (see Note # 5, Stock and Shareholders). In addition,
no US Corporate Tax Returns were filed by the Company (see Note # 2g, Income
Tax).

                                       1

<PAGE>

                   INDEPENDENT ACCOUNTANT'S REPORT (CONTINUED)

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note # 3, and Note 7
to the financial statements, the Company has suffered recurring losses from
operations and has a net capital deficiency that raises substantial doubt about
its ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

Loral International CPA & Advisor, LLC
July 4, 2004
Seattle, Washington

                                       2
<PAGE>

                           CEMTECH INDUSTRIES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                               March 31, 2004    December 31, 2003
                                                                 (Unaudited)         (Audited)
                                                                 -----------         ---------
<S>                                                            <C>               <C>
ASSETS
Total Assets                                                      $      0           $       0

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Total Liabilities                                                    6,665              6,665

STOCKHOLDERS' EQUITY (DEFICIT)

Common Stock, par value $0.001, 25,000,000 shares authorized
   1,000,002 issued and outstanding                                  1,000              1,000

Paid in capital                                                     16,525             16,525

(Deficit) accumulated during the development stage                 (24,190)           (24,190)
                                                                  --------           --------

Total Stockholders' Equity (Deficit)                             ($  6,665)         ($  6,665)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $      0           $      0
                                                                  ========           ========
</TABLE>

                 See accompanying notes to financial statements.

                                       3
<PAGE>

                           CEMTECH INDUSTRIES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                   Cumulative
                                                                               From July 16, 1998
                                                    For the three months         (inception) to
                                                    ended March 31, 2004         March 31, 2004
                                                    --------------------         --------------
<S>                                                 <C>                        <C>
REVENUES                                                $         0                $         0

EXPENSES

     General and Administration                                   0                     24,190
                                                        -----------                -----------

TOTAL EXPENSES                                                    0                     24,190

NET (LOSS)                                                        0                    (24,190)
                                                        ===========                ===========

NET (LOSS) PER SHARE                                    $         0               ($     0.024)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING                                               1,000,002                  1,000,002
</TABLE>

                 See accompanying notes to financial statements.

                                       4
<PAGE>

                           CEMTECH INDUSTRIES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
            STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICITS)

<TABLE>
<CAPTION>
                                                                                   Accumulated
                                                                                  Deficit During
                                          Common        Stock       Paid in        Development
                                          Shares        Amount      Capital           Stage          Total
                                        ---------    ----------    ----------      ------------    ----------
<S>                                     <C>          <C>           <C>            <C>              <C>
BALANCES, AT INCEPTION
Proceeds from sales of common             200,000    $      200    $    1,800      $               $    2,000
  share at $0.01 per share
Proceeds from sale of common              800,000           800                                           800
  share at par value $0.001
Net (loss) for the period                                                                (2,385)       (2,385)
                                        ---------    ----------    ----------      ------------    ----------

BALANCES, DECEMBER 31, 1998             1,000,000         1,000         1,800            (2,385)          415
Net (loss) for the year                                                                  (2,985)       (2,985)
                                        ---------    ----------    ----------      ------------    ----------

BALANCES, DECEMBER 31, 1999             1,000,000         1,000         1,800            (5,370)       (2,570)
Net (loss) for the year                                                                  (2,985)       (2,985)
                                        ---------    ----------    ----------      ------------    ----------

BALANCES, DECEMBER 31, 2000             1,000,000         1,000         1,800            (8,355)       (5,555)
Contributed capital                                                    11,740                          11,740
Net (loss) for the year                                                                  (6,185)       (6,185)
                                        ---------    ----------    ----------      ------------    ----------

BALANCES, DECEMBER 31, 2001             1,000,000         1,000        13,540           (14,540)            0
Contributed capital                                                     2,985                           2,985
Net (loss) for the year                                                                  (8,095)       (8,095)
                                        ---------    ----------    ----------      ------------    ----------

BALANCES, DECEMBER 31, 2002             1,000,002         1,000        16,525           (22,635)       (5,110)
Contributed capital
Net (loss) for the year                                                                  (1,555)       (1,555)
                                        ---------    ----------    ----------      ------------    ----------

BALANCES, DECEMBER 31, 2003             1,000,002         1,000        16,525           (24,190)       (6,665)
</TABLE>

                 See accompanying notes to financial statements.

                                       5
<PAGE>

                           CEMTECH INDUSTRIES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
            STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICITS)
                                  (CONTINUED)

<TABLE>
<CAPTION>
                                                                                    Accumulated
                                                                                  Deficit During
                                         Common        Stock        Paid in        Development
                                         Shares        Amount       Capital           Stage           Total
                                        ---------    ----------    ----------      ------------    ----------
<S>                                     <C>          <C>           <C>            <C>              <C>
Contributed capital                                                                          0              0

Net (loss) for the period                                                                    0              0
                                        ---------    ----------    ----------      ------------    ----------
BALANCES, MARCH 31, 2004                1,000,002    $    1,000    $   16,525      ($    24,190)   ($   6,665)
                                        =========    ==========    ==========      ============    ==========
</TABLE>

                 See accompanying notes to financial statements.

                                       6
<PAGE>

                           CEMTECH INDUSTRIES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOW

<TABLE>
<CAPTION>

                                                                                                  CUMULATIVE
                                                                                              FROM JULY 16, 1998
                                                                     FOR THE THREE MONTHS       (INCEPTION) TO
                                                                     ENDED MARCH 31, 2004       MARCH 31, 2004
                                                                     --------------------       --------------
<S>                                                                  <C>                      <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net (Loss)                                                                $      0                 $(24,190)

Adjustments to reconcile net income to cash provided by
 operating activities:

Changes in operating assets and liabilities:                                     0                    6,665

Increase/(decrease) in accounts payable and accrued liabilities

                                                                          --------                 --------
NET CASH FLOWS (USED IN) IN OPERATING ACTIVITIES                                 0                  (17,525)

CASH FLOWS FROM INVESTING ACTIVITIES                                             0                        0
                                                                          --------                 --------
NET CASH FLOWS (USED IN) IN INVESTING ACTIVITIES                                 0                        0

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from sale of common stock                                               0                    1,000

Contributed capital                                                              0                   16,525
                                                                          --------                 --------
NET CASH FLOWS (USED IN) IN FINANCING ACTIVITIES                                 0                   17,525

NET INCREASE IN CASH AND CASH EQUIVALENTS                                        0                        0
                                                                          ========                 ========

CASH, BEGINNING OF THE YEAR                                                      0                        0

CASH, END OF THE YEAR                                                     $      0                 $      0
                                                                          ========                 ========
</TABLE>

                 See accompanying notes to financial statements.

                                       7
<PAGE>

Cemtech Industries Ltd
Notes to the financial statements - March 31, 2004

1) GENERAL

Cemtech Industries Limited ("the Company"), formerly known as Baxtrom &
Associates, Inc., changed to its current name on February 1, 2002. The Company
is in the development stage and generates no income (see Note # 3, Development
Stage Company). The Company is a Nevada corporation, incorporated on July 16,
1998. It has no full time staff or operations as of March 31, 2004. Its
corresponding address was at 10655 Southport Road S.W., Suite 500, Calgary
Alberta Canada T2W 4Y1. On June 24, 2003, the Company changed its address to
6075 South Eastern Ave., Suite 1, Las Vegas, NV, 89119-3146.

Since the inception, the Company has had no operations. The Company's objective
was to merge with a company whose operations will be sufficient to sustain cash
flow and profitable operations. On February 4, 2003, Asia European Investments
Inc. (which owns 85% equity of the Company) and Pala Mesa Investments Inc.
reached an agreement to reduce the original purchase price of the Company from
US$ 385,000 to US$ 262,053. As of March 31, 2004, European Investments Inc. has
paid Pala Mesa Investments Inc. US$ 202,053 for execution of the purchase
agreement.

On June 24, 2003, the Board of Directors of the Company resolved to appoint Dr.
Perry Wilson as President, Mr. Arthur Rubin as Secretary, Treasurer and
Director, Mr. Reinhard Schlecht as Director and Mr. Arno Ballman as Director and
Chairman of the Board of the Company.

On April 4, 2004, the Company filed Form 15 with the Securities and Exchange
Commission of the United States of America (SEC) with intent to suspend its duty
of the SEC report filing (see Note # 8, Subsequent Events).

2) ACCOUNTING POLICIES AND PRACTICE

      a) CALENDAR YEAR ENDING DECEMBER 31

      The Company's calendar year ends on December 31 and this policy has been
      adopted consistently in the past years.

                                       8
<PAGE>

Cemtech Industries Ltd
Notes to the financial statements - March 31, 2004

      b)BASIS OF PRESENTATION

      The financial statements of the Company are prepared based on its own
      activities. The financial statements of the holding company, namely, Asia
      European Investments Inc., were excluded from the Company's financial
      statements.

      c)USE OF ESTIMATES

      The preparation of the financial statements, are in conformity with
      generally accounting principles, requires management to make necessary
      estimates and assumptions that affect the reported amounts of assets and
      liabilities at the date of the financial statements and the reported
      amounts of revenues and expenses during the reporting period. Management
      believes that the estimates and assumptions used in the preparation of
      financial statements are appropriate to properly reflect the operations of
      the Company. Actual results could differ from these estimates.

      d)ASSETS AND LIABILITIES

      As Cemtech is a shell company and has little activities since its
      incorporation. As of March 31, 2004, the Company has no assets but
      incurred certain liabilities. (See Note # 7, Going Concern).

      e)INCOME/REVENUE RECOGNITION

      The Company is in development stage and has not started its operations. As
      of March 31, 2004, there were no income/ revenue.

      f)OPERATION EXPENSES

      Operation expenses include accounting and filing fees. All major expenses
      incurred are properly accrued for.

      g)INCOME TAX

                                       9
<PAGE>

Cemtech Industries Ltd
Notes to the financial statements - March 31, 2004

      The Company accounts for income tax under the provisions of Statement of
      Financial Accounting Standards No. 109, 'Accounting for Income Taxes',
      which requires recognition of deferred tax assets and liabilities for the
      expected future tax consequences of events that have been included in the
      financial statements or tax. Deferred income taxes are provided using the
      liability method. Under the liability method, deferred income taxes are
      recognized for all significant temporary differences between the tax and
      financial statement bases of assets and liabilities. Deferred tax assets
      and liabilities are measured using tax rate to apply taxable income in the
      year in which those temporary differences are expected to be recovered or
      settled. As of March 31, 2004, the Company has no deferred tax assets or
      liabilities, as there were no significant difference between the tax and
      financial statements bases of assets and liabilities.

      The Company may be subjected to income taxes on an entity basis on income
      arising or derived from tax jurisdictions in which it operates. The
      current provision for income tax needs to be provided at the applicable
      tax rates in accordance with the relevant income tax laws and tax credits
      when applicable, may apply. As of March 31, 2004, the Company has not
      begun its operations and did not generate any operating profit. Therefore,
      no material federal income taxes provision is required.

      Despite the Company did not make profit over the years, it has not filed
      US corporate tax returns with the Internal Revenue Service as of March 31,
      2004 (see Note # 8, Subsequent Events).

      3) DEVELOPMENT STAGE

      According to SFAS No. 7, Accounting and Reporting by Development Stage
      Enterprises, the Company is classified as a development stage company, as
      it meets two basic criteria: 1) it devotes most of its activities to
      establishing a new business; and 2) its principle activities have not yet
      commenced.

                                       10
<PAGE>

Cemtech Industries Ltd
Notes to the financial statements - March 31, 2004

      4) MAJOR CUSTOMERS

      Since the Company is a developing stage company (See Note # 3, Development
      Stage Company) and has not commenced its activities, it does not have any
      customer for the quarter ended March 31, 2004.

      5) STOCK AND SHAREHOLDERS

      Despite the fact that the Company was acquired Asia European Investments
      Ltd. and the majority of the purchase price has been paid (See Note # 1,
      General), the number of shareholders remains the same as before the
      merger. The number of outstanding shares of the issuer's common stock, US
      $0.001 par value, was 1,000,002 as of March 31, 2004. The 1,000,002 were
      issued to approximately 37 individuals and entities. Of the shares issued,
      all are restricted.

      6) RELATED PARTY TRANSACTIONS

      There is no related party transaction for the quarter ended March 31,
      2004.

      7) GOING CONCERN

      These financial statements have been prepared on a going concern basis. As
      of March 31, 2004, the Company has suffered recurring losses from
      operations, and has a capital deficiency of $24,190. The Company's ability
      to continue its business is dependent upon its ability to attain
      profitable operations, and obtain additional funds that are sufficient to
      meet its current and future obligations. The accompanying financial
      statements do not include, nor reflect any provision regarding this going
      concern uncertainty. (See Note # 8, Subsequent Events on the Form 15
      filing with the SEC).

                                       11