<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 SEPTEMBER 30, 2003

[ ] 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>

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

      8) SUBSEQUENT EVENTS

      -     On April 4, 2004, the Company following a letter from the US
            Securities and Exchange Commission (SEC), filed a Form 15 with the
            SEC (for certification and notice of termination of registration
            under Section 12(g) of the Securities

            Exchange Act of 1934 or suspension of duty to file reports under
            Section 13 and 15(d) of the Securities Exchange Act of 1934) with
            intent to suspend its report filing with the SEC.

      -     The Company is in a process to prepare its US corporate tax returns.
            It is the management's belief that the potential liability for the
            late filing of the US corporate tax returns may not be of material
            amount, as the Company has recurred losses over the years and not
            subject to any corporate profit tax.

      -     The Management of the Company is to execute its certification to
            Cemtech financial statements in accordance with section 302 of The
            Sarbanes-Oxley Act of 2002. The Management believes that it shall
            adopt and comply with the relevant sections of The Sarbanes-Oxley
            Act of 2002, when the section becomes applicable in 2005.

                                     XXXXX

                                       12
<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 September 30, 2003

CONTENT

<TABLE>
<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 September 30, 2003
(the Third Quarter), and the related statements of operations, changes in
shareholders' equity and cash flows for the third 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 September 30, 2003, 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>
                                                                 September 30, 2003     December 31,2002
                                                                    (Unaudited)             (Audited)
                                                                 ------------------     ----------------
<S>                                                              <C>                    <C>
ASSETS
Total Assets                                                          $      0               $      0
                                                                      ========               ========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Total Liabilities                                                        6,665                  5,110

STOCKHOLDERS' EQUITY

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)               (22,635)
                                                                      --------               --------

Total Stockholders' Equity (Deficit)                                 ($  6,665)             ($  5,110)

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
                                    For the three months     For the nine months     From July 16, 1998
                                    ended September 30,      ended September 30,       (inception) to
                                            2003                    2003             September 30, 2003
                                    -------------------      -------------------     ------------------
<S>                                 <C>                      <C>                     <C>
REVENUES                                 $        0              $        0             $         0

EXPENSES

     General and Administration                   0                   1,555                  24,190
                                         ----------              ----------             -----------

TOTAL EXPENSES                                    0                   1,555                  24,190

NET (LOSS)                                        0                  (1,555)                 24,190
                                         ==========              ==========             ===========

NET (LOSS) PER SHARE                     $        0              $    (0.00)            $    (0.024)

WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING                               1,000,002               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 period                                                       (1,555)         (1,555)
                                  ---------       --------      -------       --------         -------

BALANCES, MARCH 31, 2003          1,000,002          1,000       16,525        (24,190)         (6,665)
Contributed capital                                                                  0               0
</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>
Net (loss) for the period                                                     0                  0
                                 ---------     ------     -------      --------           --------

BALANCES, JUNE 30, 2003          1,000,002      1,000      16,525       (24,190)            (6,665)

Contributed capital                                                           0                  0

Net (loss) for the period                                                     0                  0
                                 ---------     ------     -------      --------           --------

BALANCES, SEPTEMBER 30, 2003     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)
                            STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                                      CUMULATIVE
                                                                                                  FROM JULY 16, 1998
                                                                       FOR THE NINE MONTHS          (INCEPTION) TO
                                                                     ENDED SEPTEMBER 30, 2003     SEPTEMBER 30, 2003
                                                                     ------------------------     ------------------
<S>                                                                  <C>                          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss)                                                                   $(1,555)                 $(24,190)
Adjustments to reconcile net income to cash provided by
 operating activities:
Changes in operating assets and liabilities:                                   1,555                     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 - September 30, 2003

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 September 30, 2003. 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 September 30, 2003, 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.

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 - September 30, 2003

   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 September 30, 2003, 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
   September 30, 2003, 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 - September 30, 2003

   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
   September 30, 2003, 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 September 30, 2003, 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 September 30,
   2003 (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 - September 30, 2003

  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 September 30, 2003.

  5) STOCK AND SHAREHOLDERS

   Despite the fact that the Company was acquired by 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 September 30, 2003. 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 September 30,
   2003.

  7) GOING CONCERN

   These financial statements have been prepared on a going concern basis. As of
   September 30, 2003, the Company has suffered recurring losses from
   operations, and has a capital deficiency of $24,190. The Company's ability to
   continue as a going concern 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.

                                       11
<PAGE>

Cemtech Industries Ltd
Notes to the financial statements - September 30, 2003

   8) SUBSEQUENT EVENTS

   -  The Company is in a process to prepare its US corporate tax returns. It is
      the management's belief that the potential liability for the late filing
      of the US corporate tax returns may not be of material amount, as the
      Company has recurred losses over the years and is not subject to any
      corporate profit tax.

   -  The Management of the Company is to execute its certification to Cemtech
      financial statements in accordance with section 302 of The Sarbanes-Oxley
      Act of 2002. The Management believes that it shall adopt and comply with
      the relevant sections of The Sarbanes-Oxley Act of 2002, when the section
      becomes applicable in 2005.

                                      XXXXX

                                       12