We have audited the Standalone Financial Statements of Dynamic Cables Limited ("the Company"), which comprise the balance
sheet as at 31st March 2025, and the statement of Profit and Loss (including other comprehensive income), and statement of cash
flows, and Statement of changes in equity, for the year then ended, and notes to the standalone financial statements, including a
summary of material accounting policies and other explanatory information (hereinafter referred to as "Standalone Financials
Statements")
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a
true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025, and its profit (including other comprehensive
income), Statement of changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the matter described below to be the key audit matter to be communicated in our report.
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Key Audit Matter
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Auditor's Response
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Revenue Recognition:
Based on its business model in Cables & Conductor, the
company has many different types of terms of delivery
arising from different types of performance obligations
with its customers. Revenue from sale of goods is
recognised when control is transferred to the
customers and when there are no other unfulfilled
obligations. This requires detailed analysis of each
contract regarding timing of revenue recognition.
Inappropriate assessment could lead to risk of revenue
getting recognised before control has been
transferred. Accordingly, timing of recognition of
revenue is a key audit matter.
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Our audit procedures over the recognition of revenue
included the following:
• We assessed the compliance of the company's revenue
recognition accounting policies against the requirements of
Indian Accounting Standards ("Ind AS") to identify any
inappropriate policy;
• We tested the design, implementation and operating
effectiveness of key internal financial controls and processes
for revenue recognition along with effectiveness of
information technology controls built in automated
processes;
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Key Audit Matter
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Auditor's Response
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On a sample basis, we tested revenue transactions
recorded during the year, by verifying the underlying
documents, including invoices and shipping documents
for assessment of fulfillment of performance obligations
completed during the year; We analyzed the timing of
recognition of revenue and any unusual contractual
terms;
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On a sample basis, we tested the invoice and shipping
documents for revenue transactions recorded during the
period closer to the year end and subsequent to the year
end to verify recognition of revenue in the correct period.
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Trade Receivable
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Our audit procedure included, among others: Ý
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Trade receivables is a significant item in the Company's
financial statements as at March 31, 2025 and
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Evaluated the accounting policy of the company.
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assumptions used for estimating the credit loss on
certain receivables is an area which is determined by
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Inquired with senior management regarding status of
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management's judgment. The Company makes an
assessment of the estimated credit losses on certain
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collectability of the receivable.
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trade receivables based on credit risk, project status,
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Amount recovered subsequent to the Balance Sheet
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past history, latest discussion/ correspondence with the
customer. Given the significance of these receivables in
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date.
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the financial statements as at 31st March, 2025, we
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Discussion of material outstanding balances with the
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determined this to be a key audit matter.
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audit committee.
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Assessed the information/assumptions used by the
management to determine the expected credit losses by
considering credit risk of the customer, cash collection,
and the level of credit loss over time. Based on our work
as stated above, no significant deviations were observed
in respect of management's assessment of valuation of
trade receivables.
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Information other than the Financial Statements and Auditor's Report thereon
The Company's Board of Directors are responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact, since these reports are expected to be made available to us after the date of this audit report hence
currently, we have nothing to report in this regard.
Responsibilities of Management and Those charged with governance for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these financial statements that give a true and fair view of the financial position, financial
performance, and cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
• Conclude on the appropriateness of management's use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related
disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting
policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
preparation and presentation of the financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of
Directors is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing
the company's financial reporting process.
Auditor's Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are
appropriate in the circumstances. Under Section
143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the company has
adequate internal financial controls with reference to
standalone financial statements in place and the
operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.
• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the
financial information of the company to express an opinion on the
statement.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be
influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect
of any identified misstatements in the standalone financial
statements.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditor's Report) Order, 2020
("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the Annexure I statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
(2) As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and
explanations, which to the best of our knowledge and
belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by
law have been kept by the Company so far as it appears
from our examination of those books
(c) The Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement dealt with by this Report
are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply
with the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from
the directors as on 31st March, 2025 taken on record by
the Board of Directors, none of the directors is
disqualified as on 31st March, 2025 from being
appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to adequacy of Internal Financial Controls
with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to
our separate report in Annexure II. Our report expresses
an Unmodified Opinion on the adequacy and operating
effectiveness of the company internal financial controls
over financial reporting.
(g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements of
section 197(16) of the Act, as amended:
In our opinion and to the best of our information and
according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197 of the Act.
(h) With respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note No. 39 to the financial
statements.
(ii) The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.
(iii) There were no amounts, which were required to be
transferred to the Investor Education and Protection
Fund by the Company.
(iv) .a) The management has represented that Refer Note No.
52(n) to the financial statements, to the best of its
knowledge and belief, no funds have been advanced or
loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the
company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company
("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented Refer Note No. 52(n) to
the financial statements, that, to the best of its knowledge
and belief, no funds have been received by the company
from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall,
whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
c) Based on the audit procedures that have been considered
reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11
(e) as provided under (A) and (B) above contain any
material misstatement.
(v) Based on our examination which included test checks, the
company has used an accounting software for maintaining
its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in
the software. Further, during the course of our audit we did
not come across any instance of the audit trail feature being
tampered with & the audit trail has been preserved by the
company as per the statutory requirements.
For M/s A Bafna & Co.
Chartered Accountants
Place: Jaipur FRN: 003660C
Date:13th May, 2025
Vivek Gupta
M.No. 400543
UDIN:25400543BMLIFM2419
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