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~~ & ASSOCIATES

Chartered Accountants
LIMITED REVIEW REPORT ON CONSOLIDATION QUATERLY FINANCIAL RESULT OF DEEPTI ALLOY
STEEL LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI {LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS. 2015 FOR THE OUATER AND NINE MONTHS ENDED
3l51 DECEMBER. 2016

To,
The Board of Directors,
Deepti Alloy Steel Limited

We have reviewed the accompanying statement of Consolidated unaudited financial results of Deepti
Alloy Steel Limited and its subsidiary and its shares of loss/profit of the associates for the quarter and
nine months ended 3 l51 December, 2016 attached herewith, being submitted by the company
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5,
2016.This Statement is the responsibility of the Company's management and has been approved by
the board of directors and Audit Committee at their meeting held on 13th February, 2017. Our
responsibility is to issue a report on the statement based on our review.

We conducted our review in accordance with the standards on review engagement (SRE) 2410, Review
of interim financial information performed by the independent auditor of the entity issued by the
Institute of Chartered Accountants of India. These standards require that we plan and perform the
review to obtain Moderate assurance about whether the financial Statement is free of material
misstatement. A review is limited primarily to inquire of Company personnel and analytical Procedure
applies to financial data and thus provides less assurance then an Audit. We have not performed the
Audit and accordingly we do not express an Audit opinion.

The Consolidated financial results include group shares of Loss of Rs 44,28,915/- for the-quarter and
nine months ended 3l51 December,2016 as consider in the Consolidated financial results in respect of
the subsidiary whose statement of Un Audited results have not been reviewed by us. The statement of
unaudited financial results has been approved by the Board of Director and Audit Committee. Our
report on the statement, in so far as it relates to the amounts and disclosures included in respect of
subsidiary is based solely in the statement of unaudited financial results approved by the
management of the Company.

Based on our review conducted as above, and the based on consideration of statement of unaudited
financial results, nothing has come to our attention that causes us to believe that the accompanying
statement prepared in accordance with applicable accounting standards and other recognised
accounting practice and policies has not disclosed the information required to be disclosed in terms
of regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. including the manner in which
it is to be disclosed, or that it contained any material misstatements.

Date : 13/02/2017
Place: Ahmedabad

H.O. 5, 1st Floor, Devashish Complex, Nr. Bavarchi Rest., Off C.G . Road , Ahmedabad - 380006
. ~~ & ASSOCIATES
Chartered Accountants
LIMITED REVIEW REPORT OF THE UNAUDITED FINANCIAL RESULTS OF DEEPTI ALLOY STEEL
LIMITED PURSUANT TO TH E REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 FOR THE OUATER AND NINE MONTHS
ENDED 31sr DECEMBER. 2016

To,
The Board of Directors,
Deepti Alloy Steel Limited

We have reviewed the quarterly unaudited financial result s of Deepti Alloy Steel Limited for the
quarter and nine months ended 31st December, 2016 attached herewith, being submitted by the
company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as modified by Circular No. CIR/CFD/FAC/62/2016
dated July 5, 2016.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.

We conducted our review in accordance with the standards on review engagement (SRE) 2410,
Review of interim financial information performed by the independent auditor of the entity
issued by the Institute of Chartered Accountants of India. These standards require that we plan
and perform the review to obtain Moderate assurance about whether the financial Statement is
free of material misstatement. A review is limited primarily to inquire of Company personnel and
analytical Procedure applies to financial data and thus provides less assurance then an Audit. We
have not performed t he Audit and accordingly we do not express an Audit opinion.

We have not audited or review the Accompanying financial results and other financial
information for the t hree months ended December 31 st, 2016 which have been prepared solely
based on the information compiled by the Management.

Based on our review conducted as above, nothing has come to our attention that causes us to
believe that the accompanying statement prepared in accordance with applicable accounting
standards and other recognised accounting practice and policies has not disclosed the
information required to be disclosed i n terms of regulations 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 as modified by Circular No.
CIR/CFD/FAC/62/2016 dated July 5, 2016 including the manner in which it is to be disclosed, or
that it contained any material misstatements.

Date : 13/02/2017 For, MA AK & Associates


Place : Ahmedabad (Chartered Accountants)
F.R.N:.135024W


Marmtk G. Shah
(Partner)
M. No. : 133926
,.

H.O. 5, 1st Floor, Devashish Complex, Nr. Bavarchi Rest., Off C.G. Road , Ahmedabad - 380006
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