Corporate & Communication Ofc: KP HOUSE oP meetatbe paste - paporrall fn ‘Web: wwwankitmetal.com iar asc Ankit Mel Power Ltd. be nkosi CIN No. :L27101WB2002PLC094979 ‘West Bengal “dephone 08242) 20503780504 Dated: 14 February, 2017 The Listing Department ¢ Listing Department BSE Limited National Stock Exchange of India PJ. Towers, 25th floor Dalal Street Mumbai - 400 001 BSE SCRIP CODE: 532870 Dear Sir(s), Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Unaudited Financial Results of the Company for the quarter and nine months ended 31% December, 2016 along with Limited Review Report as considered and approved by the Board of Directors of the Company at its meeting held today, ie. Tuesday, 14% February, 2017 commenced at 08:20 p.m. and concluded at 8:50 p.m. This is for your information. Kindly take the same on your record. ‘Thanking You, Yours faithfully, For Ankit Metal & Power Limited “Toy alithak soydbathat (Company Secretary & Compliance Officer)R. Kothari & Company CHARTERED ACCOUNTANTS MUMBAI, KOLKATA, NEW DELHI REVIEW REPORT To The Board of Directors M/S. Ankit Metal & Power Limited 1) We have reviewed the unaudited financial results of Ankit Metal & Power Limited (the “Company”) for the quarter ended December 31,2016 which are included in accompanying “Statement of Unaudited Financial Results for Quarter and Nine Months Ended 31% December,2016” together with the notes thereon(the “Statement”), The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations,2015”) and SEBI Circular dated July,2016, which has been initialed by us for identification purposes. The Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Further, the Management is also responsible to ensure that the accounting policies used in preparation of this Statement are consistent with those used in the preparation of the Company’s opening unaudited Balance Sheet as at April 1, 2015 prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of Companies Act, 2013 and other recognised accounting practices and policies. 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) 2410,’Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India, The Standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement is free from material misstatement. 3) A review is limited primarily to inquiries of the 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 draw your attention to Note No. 8 of the unaudited financial results which indicate that the Company has not provided interest expense amounting to Rs,3,751.85 Lacs and Rs.7,172.49 Lacs on the borrowings of the company for thy 16A, SHAKESPEARE SARANI, KOLKATA -700071 PHONE : 2282-6776/6809/6807, FAX : 22 ‘Website : www. rkothari.in , Web-email : kolkata@rkothari.in5) 2 Continuation Sheet quarter and nine months ended December 31, 2016 which is not in accordance with the requirements of Ind AS 23: Borrowing Costs read with Ind AS 109: Financial Instruments. The Company has also reversed the interest provided in the earlier periods from the date the dues have been categorized as Non Performing Asset by the respective lenders amounting to Rs.400.53 Lacs for the quarter ended 31st December,2016 and Rs.5,170.20 for Nine months ended 31* December,2016.This has consequential impact on the reported figures of this quarter as well as earlier periods.Had the aforesaid interest expense been recognized the total comprehensive loss for the quarter ended 31* December, 2016 would have been Rs. 13,666.96 Lacs instead of Rs. 9,915.11 Lacs and for the nine months ended 31% December,2016 would have been Rs.30,084.34 Lacs instead of Rs. 22,911.85Lacs. Based on our review conducted as above, except for the matter referred in Paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying statement of the unaudited financial results prepared in accordance with the applicable Accounting Standards prescribed under section 133 of the Companies Act, 2013 has not been prepared in all material respects in accordance with Ind AS and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 and SEBI circular dated July 5 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement. We draw your attention to the following matters: a. Note 2 of the Statement which states that the Company has adopted Ind AS for the financial year commencing from April 1, 2016, and accordingly, the Statement has been prepared by the Company's Management in compliance with Ind AS. b. We were neither engaged to review, nor have we reviewed the comparative figures including the reconciliation to the Total Comprehensive Income for the quarter ended December, 2016 and accordingly, we do not express any conclusion on the results in the Statement for the quarter ended December 31, 2016. As set out in Note 2 to the Statement, these figures have been furnished by the Management. (a) We draw your attention to Note No. 10 of the financial results which indicate that as at 31% December, 2016, the accumulated losses amounting to Rs.68551.54 lacs has eroded the entire net worth of the company, indicating the existence of a material uncertainty about the Company’ ability to continue as aContinuation Sheet going concern. These financial statements have been prepared on a going concern basis for the reasons stated in the said note. (b) Substantial amount of statutory dues amounting to Rs. 1860.68 Lacs has become overdue and remain unpaid. Interest, penalty, if any, in respect of the same has remained unascertained and unaccounted for. (©) As referred in Note No. 11, the balance of sundry debtors, advances, creditors etc, includes balances remaining outstanding for a substantial period. The balances are subject to confirmations and reconciliation. The reported financials might have consequential impact which remains unascertained. Our conclusion is not qualified in respect of these matters. ForR.Kothari& Company Chartered Accountants Firm Reg. 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