RADIANTCMS/SE/AGM-AR/2023-24

Date: 19.08.2023
To To
Listing Department, Department of Corporate Services,
National Stock Exchange of India Limited BSE Limited
C-1, G-Block, Bandra - Kurla Complex Phiroze Jeejeebhoy Towers, Dalal Street,
Bandra (E), Mumbai – 400 051 Mumbai – 400 001

Scrip Code: 543732, Scrip Symbol: RADIANTCMS

ISIN: INE855R01021
Sub: Annual General Meeting – Notice and Annual Report FY 2022-23
Dear Sir/Madam,
The 18th Annual General Meeting (“AGM”) of the Company will be held on Monday,
September 11, 2023 at 3.00 P.M. IST through Video Conferencing/Other Audio Visual
Means.
Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Notice
convening the 18th AGM of the shareholders and the electronic copy of the Annual Report of
the Company for the financial year 2022-23 which is sent only through electronic mode to the
Members, who have registered their e-mail addresses with the Company/ Depositories.
The AGM Notice and the Annual Report are also uploaded on the Company’s website and
can be accessed at: https://radiantcashservices.com/agm-for-fy-2022-23/.
Pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the
Companies (Management and Administration) Rules, 2014 as amended from time to time
and the provisions of Regulation 44 of the Listing Regulations, Members have been provided
with the facility to cast their vote electronically, through the e-voting services provided by
NSDL on all Resolutions set forth in the AGM Notice.

The remote e-voting period commences on Thursday, September, 07, 2023 (9.00 a.m. IST)
and ends on Sunday, September 10, 2023 (5.00 p.m. IST). During this period, Members of
the Company, holding shares either in physical form or in dematerialised form, as on the cut-
off date i.e. Monday, September 04, 2023 may cast their vote electronically in the manner
and process set out in the AGM Notice.
This is for your information and records.
Thanking you,
Yours faithfully,
For RADIANT CASH MANAGEMENT SERVICES LIMITED
COL DAVID Digitally signed by COL DAVID
DEVASAHAYAM
DEVASAHAYAM Date: 2023.08.19 16:54:35 +05'30'

Col. David Devasahayam

Chairman and Managing Director
(DIN: 02154891)
ME NT
•CASH MANAGEMENT
SERVICES LIMITED

E L NSE

Trust
Excellence
Leadership
Radiant Cash Management Services Ltd
Annual Report 2022-23

Col. David Devasahayam, Chairman & Managing Director with Ashishkumar Chauhan (MD & CEO),
NSE during the listing ceremony on January 04, 2023
Trust Table of Content
Excellence Corporate Information 01

Leadership Message from Chairman & Managing

Director
02

Who We Are 04
In the realm of cash management Our Pan India Footprint 05
services, we transcend the ordinary. We Milestones 06
unleash the power within, embodying
Review of Operational Performance 07
the essence of trust, excellence, and
leadership. Revenue from our Business Verticals 08
Customer Speak 09
Trust is at the core of everything we Review of Financial Performance 10
do. We understand the importance of Financial Highlights 11
trust in the realm of cash management
Board of Directors 12
services, as it drives our relentless
Radiant Advantages 14
pursuit of distinction. In every aspect
of cash management services, we strive How We Create Value 18
to deliver extraordinary experiences Building a Radiant Team 19
that leave a lasting impact, solidifying Digital and IT capabilities 22
our clients’ trust in our services. Trust is CSR Initiatives 23
the foundation on which we build our
relationships, and we hold it sacred as
we continue to provide exceptional cash Notice 25
management solutions. Board’s Report 37
Report on Corporate Governance 51
With a persistent focus on operational Management Discussion & Analysis 68
excellence, we continuously optimise our
Business Responsibility and Sustainability
processes, systems, and technologies. 75
Report
We strive for efficiency, accuracy,
Independent Auditor’s Report 99
and seamless integration to ensure
flawless cash management operations. Balance Sheet 109
Through rigorous analysis, continuous Statement of Profits and Loss 110
improvement initiatives, and a proactive Statement of Cash Flows 111
approach, we enhance our service Statement of Changes in Equity 112
delivery, setting the benchmark for Notes to Financial Statements 114
excellence in the industry.

With visionary leadership, we forge the

path of innovation, fearlessly challenging
Disclaimer: Statements in this report that describe the Company’s
the status quo. Embracing emerging objectives, projections, estimates, expectations or predictions of the
trends and cutting-edge advancements, future may be ‘forward- looking statements’ within the meaning of the
applicable securities laws and regulations. The Company cautions that
we anticipate the future, empowering such statements involve risks and uncertainty and that actual results
our clients to thrive amidst challenges. could differ materially from those expressed or implied. Important factors
that could cause differences include raw materials’ cost or availability,
Together, we shape the industry, leaving cyclical demand and pricing in the Company’s principal markets, changes
an indelible mark of prominence. in government regulations, economic developments within the countries
in which the Company conducts business, and other factors relating to
the Company’s operations, such as litigation, labour negotiations and fiscal
regimes. Some of the images used in this report are purely for illustrative
purposes only and hence they are not the photos/ images of our facilities,
products or of any such nature/kind.
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Corporate Information
BOARD OF DIRECTORS LEADERSHIP TEAM
Col. David Devasahayam – Chairman & Managing Col. David Devasahayam – Chairman, Managing
Director (DIN: 02154891) Director
Dr. Renuka David – Whole-time Director (DIN: Dr. Renuka David – Whole-time Director
02190575)
Col. Benz K. Jacob – Chief Operating Officer
Ms. Jayanthi – Independent Director (DIN: 09295572)
Mr. T. V. Venkataramanan - Chief Financial Officer
Lt. Gen. Devraj Anbu – Independent Director (DIN:
Mr. Cyrus Shroff – Chief Marketing Officer
09295593)
Mr. Karthik Sankaran – Chief Technology Officer
Mr. Ashok Kumar Sarangi – Independent Director (DIN:
09041162) Mr. Alexander David – General Manager, Operations

Mr. Vasanthakumar A.P. – Nominee Director (DIN: Mr. Sunder Fernando – General Manager, Finance &
02069470) Accounts
Mr. SJS Swamidoss – Director, Banking
COMMITTEES OF THE BOARD
Col. Krishna Mohan Rai – General Manager, Operations
Audit Committee: & Administration
Ms. Jayanthi – Chairperson Wg. Cdr. Shashank Naidu – Director, Audit & IT
Lt. Gen. Devraj Anbu Ms. Jaya Bharathi K – Company Secretary
Col. David Devasahayam (up to May 31, 2023)

Nomination and Remuneration Committee: Mr. Nithin Tom - Company Secretary

(from June 01, 2023)
Mr. Ashok Kumar Sarangi – Chairman
Ms. Jayanthi REGISTERED OFFICE:
#28, Vijayaragava Road, T Nagar, Chennai – 600 017
Mr. Vasanthakumar A.P.
Tel: +91-44-4904 4904
Corporate Social Responsibility Committee
Lt. Gen. Devraj Anbu – Chairman CORPORATE OFFICE:
4/3 Raju Nagar, 1st street, Okkiyam,
Dr. Renuka David Thoraipakkam, OMR, Chennai – 600 096
Mr. Vasanthakumar A.P. Email: investorrelations@radiantcashlogistics.com
Tel: (91) - 44 - 4904 4904
Stakeholders Relationship Committee
Lt. Gen. Devraj Anbu – Chairman STATUTORY AUDITORS
ASA & Associates, LLP, Chennai
Ms. Jayanthi
Col. David Devasahayam BANKERS
Risk Management Committee Standard Chartered Bank, Chennai
Yes Bank, Chennai
Col. David Devasahayam – Chairman
Mr. Ashok Kumar Sarangi REGISTRAR AND SHARE TRANSFER AGENT
Link Intime India Private Limited
Col. Benz K Jacob C 101, 247 Park, L.B.S. Marg, Vikhroli (West),
Mumbai 400 083
E-mail: rnt.helpdesk@linkintime.co.in
Tel: +91 22 4918 6200
Contact person: Mr Mahesh Masurkar

RADIANT
CASH MANAGEMENT SERVICES LIMITED 1
Message from Chairman & Managing Director

,_ • • • • • •
• • • • • •
• • • • •
• • •
• • •
• • • • • • • •
• • • • • •
I • •
• •

Dear Shareholders, Your Company has a unique distinction of having over

one fifth of its work force consisting of ex-service
It gives me great pleasure to inform you of your
men. Our total workforce has also crossed 9,000,
Company, crossing a significant milestone on its
providing steady income month after month to them
18th year of journey.
and their families. It is our strong belief that the real
Your Company got listed on the Stock Exchanges, NSE empowerment of the under privileged happens only
and BSE on 4th January, 2023, enhancing greatly its through employment. As far as possible, we have
profile. endeavoured to recruit locally and train them on an
On this historic occasion, I am a bit nostalgic and would ongoing basis for up skilling.
like to share with you the genesis of this Company.
Given this background, we thought it would be
After having served the Indian Army as an Officer for appropriate that the Theme of this year’s annual report
about twenty five long years, I was at the cross roads, is Trust, Excellence and Leadership.
when I availed voluntary retirement from the Army.
In every aspect of cash management services, we strive
I wanted to become an entrepreneur, one of the main
to deliver extraordinary experiences that leave a lasting
purpose for which is to provide employment, mainly
impact, solidifying our clients’ trust in our services. We
outside of major towns.
strive for efficiency, accuracy, and seamless integration
What I was clear was whichever business that I will do, to ensure flawless cash management operations.
will be based on the foundation of my Value Systems We remain committed to capitalising on favourable
imbibed by me during my service to the Nation. circumstances while proactively extending our influence
Today, I am delighted that Radiant, built on the strong and impact in the cash management services industry.
foundation of Trust, Excellence and Leadership, has
In our pursuit of expanding our reach, we are planning
become a market leader in Retail Cash Management
to strategically broaden our presence and extend
within a span of 18 years.
our services to a wider audience, by undertaking
It is my promise to you, as the Company continues the logistics of valuables in the near future. Through
its growth journey the Value Systems would become geographic expansion and targeting new customer
stronger and stronger. segments, we aim to solidify our position as one

2 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

of the industry’s leading players. We actively seek

opportunities to engage with a larger customer base
and establish a strong market presence.
Review of Operational and Financial Performance:
During FY23, Radiant Cash demonstrated positive
performance across various aspects of our business.
•
The company’s extensive
pan-India network,
We expanded our service networks by adding 166
pin codes, reaching a total of 13,100 covered pin
particularly in Tier 2 and
codes. Our retail touchpoints also grew by 13,440, Tier 3+ locations, enables
representing a 27% increase, totalling 63,420
touchpoints. The total cash movement for FY23
it to tap into fast-growing
reached INR 1,572 billion, showing a 21% growth rate end-user segments and
and indicating higher transaction volumes and increased serve a broad customer
trust in our services. Additionally, we successfully
added 24 new clients, highlighting our ability to attract base.
and retain customers, expand our market share, and
solidify our position as a leading cash management
dedicated employees for their unwavering support
service provider.
throughout this transformative journey.
Our financial performance for FY23 showcased
In conclusion, we understand the responsibility
steady growth and financial stability. Our revenues
entrusted to us by our expanded shareholder family
surged by 24% to INR 3,549 million, demonstrating
comprising of over 18,000 shareholders and vow to
our ability to generate higher revenue and meet the
drive sustainable growth to create long-term value
strong demand for our services. Furthermore, our
keeping in mind the interest of all stakeholders. We
EBITDA saw a significant increase of 51% to INR
look forward to an exciting future together, built on
897 million, indicating improved profitability and
collaboration, innovation, and shared success.
operational efficiency. With a net profit margin of 18%,
we successfully managed to enhance profitability and
implement effective cost management. The company’s Sincerely,
total income grew by 25% to INR 3,575 million, fuelled
by increased operating revenues and higher other Col. David Devasahayam
income. Notably, our Cash Pick Up & Delivery segment Chairman and Managing Director
contributed 69% to our total business revenue, driven
by the expansion of pick-up points and an expanding
customer base.
Going Forward
Radiant Cash is well-positioned to capitalise on
emerging opportunities by leveraging its competitive
advantages. With a comprehensive presence across the
entire value chain of retail cash management, Radiant
Cash offers end-to-end solutions to cater to diverse
customer needs efficiently. The company’s extensive
pan-India network, particularly in Tier 2 and Tier 3+
locations, enables it to tap into fast-growing end-user
segments and serve a broad customer base.
I would like to express my sincere gratitude to our
esteemed shareholders, banks, valued customers, and

RADIANT
CASH MANAGEMENT SERVICES LIMITED 3
Who We Are
Radiant illuminates the path to secure and seamless financial
operations, embodying the epitome of trust and reliability.

Radiant is a visionary company in the realm of cash logistics. With an unwavering commitment to excellence,
Radiant stands differentiated as a leading player in India’s retail cash management (RCM) segment, captivating
the industry with its unique operational processes, experienced team and extensive network. Radiant offers a
comprehensive suite of services, including cash pick-up and delivery, network currency management, efficient cash
processing, and reliable cash-in-transit solutions.

13,100 63,420 5,733 `1,572 billion

Pincodes Covered Touch Points Covered Locations Total Currency Movement

63% 840 9,299

Revenue from Armoured Vans Employees and
Tier 3+ Citites Service Providers

Our Customer Segments

Radiant Cash Management Services caters to a diverse range

of customer segments, including banks, NBFCs, microfinance
institutions, logistics companies, e-commerce businesses,
restaurants, jewellery stores, electronics retailers, auto
parts suppliers, apparel and lifestyle retailers, petrol pumps,
furniture stores, supermarkets, salons, sports goods retailers,
footwear retailers, pharmacies, diagnostics/labs, hospitals,
and cinemas. By offering customised cash management Cul0
solutions, Radiant assists these industries in optimising cash
handling processes, ensuring secure cash transactions, and
lbw/II
maintaining efficient cash flow management.

4 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Our Pan India Footprint

Jammu &
Kashmir
Delhi

Punjab & , L@ Uttarakhand

Chandigarh /
North East
@i Uttar Pradesh Region
Rajasthan
····················�@
Bihar &
Madhya Pradesh
Jharkhand

Gujarat ®·· · · ·!
u@' @

_h West Bengal

Mumbai
Odisha and
Chhattisgarh

Telangana
Rest of
Maharashtra and Goa
Andhra Pradesh 28
@············· States
Karnataka

Tamil Nadu
8
UTs
@
i 84%
Touch-points and from
Kerala Tier2 and Tier 3+

Regional Data as of 31 March, 2023

RADIANT
CASH MANAGEMENT SERVICES LIMITED 5
 Milestones

Started vaulting
services and Large contract
expanded Pan- India from SBI for
operations to presence with Indian Railways
Karnataka and 10,000 service to provide cash
Andhra Pradesh points pick-up services

2005 2006 2007 2011 2012 2013

Incorporated ISO 9001 Achieved daily
by Col David Certified cash pick-up
Devasahayam volume of INR
250 Mn.
First Contract
from Deutsche
Bank for cash
pickup and cash
burial services
for Tamil Nadu
and Kerala

·····················································�····························································�···················································�········

Contract from
YES Bank for Added
cash burial Amazon as Launch of
services for end consumer successful IPO
Reliance Petro through and listing on
Marketing Deutsche Bank BSE / NSE

2015 2016 2017 2018 2019 2023

Received Contract from Discontinued
investment IndisInd Bank ATM division in
from Ascent for cash burial Jan 2019
India Fund services for
Amongst “Top
L&T finance
Acquired ATM 100 Brands
management in Asia” and
business from Col. David
Checkmate among “Top
100 Business
leaders of Asia”
by Commerce
Ministry of
Singapore

6 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Review of Operational Performance

Radiant Cash Management Services has shown remarkable
performance in FY23

• •
•
• •
•
•
• •
• •

Expanding Service Networks Enhancing Service Availability

The company expanded its coverage by adding 166 The company also increased its retail touch points
pin codes during the year. As a result, the total number coverage by 13,440, representing a growth rate of
of pin codes covered now stands at 13,100. This 27%. The total number of retail touchpoints now
expansion indicates the company's efforts to reach a stands at 63,420. This expansion indicates an increased
broader customer base and expand its service network. presence and accessibility for customers, enhancing
convenience and service availability.

Increasing Trust and Reliance Expanding Market Share

The company’s total cash movement for FY23 reached Radiant Cash Management Services successfully added
INR 1,572 billion, reflecting a growth rate of 21% 24 new clients during the last financial year. Acquiring
compared to the previous year. This increase in cash new clients demonstrates the company's ability to
movement suggests a higher volume of transactions attract and retain customers, expanding its market
and business activities, indicating increased trust and share and reinforcing its position as a leading cash
reliance on the company’s cash management services. management service provider.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 7
Revenue from our Business Verticals
The Cash Pick Up & Delivery vertical contributed significantly to the total business revenue, demonstrating strong
growth. The Cash Van Operations vertical also showed moderate growth, driven by sector consolidation and
improved pricing. The Network Cash Management vertical experienced flat growth due to the tier mix of added
points and performance in the petroleum sector. The Cash Processing and other verticals remained consistent
contributors to the overall business revenue.

FY23 FY22 FY21 FY20

Cash Pick Up 69% 67% 67% 66%

& Delivery

Network
18% 22% 22% 23%
currency
management

Cash
5% 5% 4% 3%
processing

Cash vans /
6% 4% 5% 6%
Cash in transit

Others
2% 2% 2% 2%

8 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Customer Speak

(BAM
J FINSERV DECATHLON
Bajaj Finance: Decathlon Sports India Pvt Ltd
BFL is associated with Radiant since last 2 years I would like to express my appreciation for the
to opt CMS services. We experienced the best cash pick-up services provided by the RCMS
services and support from team Radiant, and Team. The efficiency and reliability have been
highly appreciate the level of delivery. instrumental in streamlining our financial
Our Business and operations will be happy to operations, saving us valuable time and effort.
continue this partnership and our best wishes to We experienced seamless coordination and
Team Radiant in future endeavours. prompt responses to our requests from RCMS.
The professionalism and security measures
Nikhil Shahade taken during the pick-up process have instilled
Banking Relationship, New initiatives and CMS confidence in our team.

Syeda Zainab Anees

Treasurer
Decathlon Sports India Pvt Ltd

YES BANK
YES Bank
We have had the pleasure of collaborating with Radiant Cash Management Services since 2014, and
throughout these years, they have consistently proven to be a reliable partner for YES BANK. The quality
of service provided by Radiant has been excellent, setting the benchmark for cash management services in
the industry.
We commend Radiant’s unwavering commitment to trustworthiness and reliability, making them an integral
part of YES BANK’s cash management business. Their reputation in the market is well-deserved, as their
services have consistently garnered positive feedback from our clients as well. YES BANK looks forward to
continuing this fruitful partnership with Radiant, confident that together, we will cater to many more new
clients and reach new heights of success.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 9
Leadership

Review of Financial Performance

(` in million)

Revenues EBITDA

FY22-23 3574.82 FY22-23 896.94

FY21-22 2869.74 FY21-22 594.88

FY20-21 2241.58 FY20-21 497.62

FY19-20 2517.80 FY19-20 557.70

PBT PAT

FY22-23 843.12 FY22-23 627.27

FY21-22 520.58 FY21-22 382.09

FY20-21 450.44 FY20-21 324.33

FY19-20 502.56 FY19-20 365.03

Net Cash Flow from operations Networth

FY22-23 742.05 FY22-23 2299.34

FY21-22 310.84 FY21-22 1397.62

FY20-21 276.38 FY20-21 1270.97

FY19-20

Return on Networth
408.53 FY19-20
- 1195.71

FY22-23 27%

FY21-22 27%

FY20-21 26%

FY19-20 31%

10 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Financial Highlights
(Rs. In million)
Particulars 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
-----------------------
Operating results
Revenue from operations 763.06 874.21 1,383.23 1,761.69 1,953.46 2,209.20 2,482.78 2,216.72 2,860.35 3,549.06
Total revenue 779.64 896.34 1,419.42 1,793.35 1,972.13 2,231.32 2,517.80 2,241.58 2,869.74 3,574.82
EBITDA 134.34 171.84 219.08 253.02 364.78 411.98 557.70 497.62 594.88 896.94
Interest 40.90 73.08 106.66 162.40 244.67 22.24 31.05 19.79 36.71 9.26
EBDT 93.44 98.76 112.42 90.62 120.11 389.74 526.65 477.83 558.17 887.68
Depreciation 18.65 34.01 39.00 47.01 33.29 25.00 24.09 27.39 37.59 44.56
EBIT 115.69 137.83 180.08 206.01 331.49 386.98 533.61 470.23 557.29 852.38
Profit before tax 74.79 64.75 73.42 43.61 86.82 364.74 502.56 450.44 520.58 843.12
Tax 27.31 26.22 26.58 11.43 34.25 114.57 137.53 126.11 138.49 215.85
Profit after tax 47.48 38.53 46.84 32.18 52.57 250.17 365.03 324.33 382.09 627.27

Financial status
Net fixed assets 130.21 102.18 142.83 98.08 81.41 53.69 81.96 110.54 140.91 152.28
Investments - 180.71 32.90 0.32 - 331.96 282.37 - - -
Net current assets 369.85 479.54 568.46 777.49 749.32 938.70 1,147.44 1,442.25 1,692.66 2,526.64
Share capital 10.00 11.91 11.91 11.91 11.91 11.10 11.10 10.25 101.25 106.71
Reserves and surplus 170.03 544.39 519.68 551.86 550.14 1,046.07 1,184.61 1,260.72 1,296.37 2,192.63
Net worth 180.03 556.30 531.59 563.77 562.06 1,057.17 1,195.71 1,270.97 1,397.62 2,299.34
Loan funds 177.65 112.05 81.90 256.48 199.46 177.27 211.29 110.49 267.48 277.98
Deferred tax assest/(liability) 9.82 4.33 3.50 1.17 3.98 23.61 30.81 14.15 18.57 14.35
Total capital employed 244.48 592.06 546.34 569.61 564.59 1,057.75 1,212.21 1,303.19 1,418.20 2,308.16

Performance parameters-%
EBITDA to revenue from 17.61% 19.66% 15.84% 14.36% 18.67% 18.65% 22.46% 22.45% 20.80% 25.27%
operations
EBIT to revenue from 15.16% 15.77% 13.02% 11.69% 16.97% 17.52% 21.49% 21.21% 19.48% 24.02%
operations
PBT to revenue from 9.80% 7.41% 5.31% 2.48% 4.44% 16.51% 20.24% 20.32% 18.20% 23.76%
operations
EBITDA/average capital 64.67% 41.08% 38.49% 45.35% 64.32% 50.79% 49.14% 39.57% 43.72% 48.14%
employed (ROCE)
EBIT/average capital 55.69% 32.95% 31.64% 36.92% 58.45% 47.71% 47.01% 37.39% 40.96% 45.75%
employed
PAT/average net worth 30.09% 10.47% 8.61% 5.88% 9.34% 30.90% 32.41% 26.30% 28.64% 33.93%

RADIANT
CASH MANAGEMENT SERVICES LIMITED 11
Board of Directors

Col. David Devasahayam Dr. Renuka David Ms. Jayanthi

Chairman and Managing Director Whole-Time Director Independent Director

Col. David Devasahayam serves Dr. Renuka David assumes the role Ms. Jayanthi brings her expertise
as the Chairman and Managing of the Whole-time Director in our as an Independent Director to our
Director and the founder of our company. She has been an integral company. Holding a bachelor’s
esteemed company. Holding a part of our organisation since its degree in arts and a master’s degree
bachelor's degree in science from establishment in 2005. She has in politics and public administration
Jawaharlal Nehru University, he an MBBS degree from Bharathiar from the University of Madras, she
further pursued a master's degree University and holds a PhD (HC) successfully cleared the All-India
in science in defence studies from The American University Services exam in 1971. Ms. Jayanthi
from the University of Madras. for Global Peace in the USA. joined our company in 2021,
Additionally, he completed the Dr. David’s medical expertise is following her illustrious 35-year
prestigious 44th session of the validated by her Tamil Nadu Medical tenure in the Indian Administrative
Owner/President Management Council medical registration Services, where she held various
Program at Harvard Business certificate. She has previously significant positions in the
School. Col. Devasahayam's served as a medical officer in Apollo Government’s Public Department
remarkable career spans over 24 Hospitals, Chennai, a casualty at the Secretariat. Her illustrious
years of dedicated service in the medical officer in Sree Uthradom career culminated in her retirement
Indian Army. Since our company's Thirunal Hospital, and a contract as the Vice Chairperson of the
inception in 2005, he has been doctor in the Assam Rifles. Chennai Metropolitan Development
an integral part of our journey, Authority in 2006.
contributing his extensive 16 years
of professional expertise. Col.
Devasahayam was honoured with
an award at the Security Leadership
Summit in 2011 and received the
prestigious Asia One's Greatest
Leader Award in 2018.

12 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Lt. Gen. Devraj Anbu Mr. Ashok Kumar Sarangi Mr. Ayyavu Palanichamy
Independent Director Independent Director Vasanthakumar
Nominee Director

Lt. Gen. (Retd.) Devraj Anbu Mr. Ashok Kumar Sarangi is an Mr. Ayyavu Palanichamy
contributes as an Independent esteemed Independent Director in Vasanthakumar assumes the role
Director to our company. our company. He holds a bachelor’s of the Nominee Director in our
Graduating from the National degree of arts in Political Science company, appointed by Ascent
Defence Academy, Jawaharlal from Sambalpur University, a Capital Advisors India Private
Nehru University, he holds a master’s degree of arts in political Limited. His association with our
bachelor’s degree in arts, along science from Jawaharlal Nehru company began on January 3,
with a master’s degree in science University, and a master’s degree in 2019. With a bachelor’s degree
in Defence Studies from the philosophy from Jawaharlal Nehru in engineering from Bharathiar
University of Madras and a master’s University. With a remarkable University and a master’s degree
of philosophy in Defence and tenure of 32 years at the Reserve in business administration from
Management from the School of Bank of India, Mr. Sarangi retired Bharathidasan University, Mr.
Defence & Management Studies, as Chief General Manager. He has Vasanthakumar currently holds
Devi Ahilya Vishwavidyalaya Indore. been associated with our company positions in various organisations.
Since 2021, Lt. Gen. Anbu has since 2021, bringing his wealth of He is a Shareholder at Altius Capital
brought his exceptional experience experience and insights. India Limited, a Nominee Director
of over 35 years in the Indian Army, at I-Nurture Education Solutions
where he served as the Vice Chief Private Limited, and an Alternate
of Army Staff, General Officer Director at Karaikal Port Private
Commanding-in-Chief of Northern Limited. Mr. Vasanthakumar brings
Command (Army Commander), 13 years of invaluable experience
and General Officer Commanding in Private Equity Investments to our
Corps (Corps Commander). His company.
distinguished service has been
recognised with prestigious
honours, including the Sena Medal,
Yudh Seva Medal, Ati Vishisht Seva
Medal, Uttam Yudh Seva Medal,
and Param Vishisht Seva Medal.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 13
Radiant Advantages
Radiant Cash possesses following
competitive advantages that
set the company apart in the ,- ,
.
,' ·-,,,,

consolidating industry of retail

',

] (@
cash management.
 Comprehensive Value Chain Presence
 Extensive Pan India Network
 Diversified and Loyal Client Base
 Robust Operational Risk Management
 Technology Optimization
 Steady Financial Growth Comprehensive Value Chain Presence:
 Experienced Management Team and Institutional
Backing
Radiant Cash operates across
the entire value chain of retail
cash management, offering a
wide range of services to Radiant
Cash's clients.
This integrated approach allows Radiant Cash to
provide end-to-end solutions and efficiently cater to
diverse customer needs.
Radiant Cash is a leading player in the integrated cash
logistics industry, with a strong presence in the retail
cash management (RCM) segment. As of March 2023,
it is one of the most prominent players in network
locations served. The Indian cash management services
market has shown impressive growth, over the years
and is expected to sustain its growth in the coming
years. The RCM market is projected to reach ₹20.4
billion by Fiscal 2027, growing at a CAGR of 20.3%.
Radiant Cash's diversified offerings cover the entire
cash cycle, excluding ATM services. It leverages its
extensive network, long-standing relationships, and
value-added services to maximise profitability. With
a consolidated industry and a focus on technological
optimisation, Radiant Cash is well-positioned for
sustained growth in the expanding Indian market.

14 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

`
`

Extensive Pan India Network: Diversified and Loyal Client Base:

With a strong presence in Tier Radiant Cash boasts a diversified

2 and Tier 3+ locations, Radiant client base, accumulated through
Cash has established a robust long-standing relationships and
network throughout India. exceptional service quality.
This widespread reach enables Radiant Cash to serve This trust and client loyalty provide Radiant Cash with
a broad customer base and tap into the fast-growing a competitive edge, allowing for repeat business and
end-user segments in these regions. opportunities to cross-sell value-added services.
Radiant Cash operates a vast network of 63,420 Our extensive presence in tier 2 and tier 3+ towns and
touchpoints across 13,100 pin codes in India (excluding cities has attracted major foreign, private, and public
Lakshadweep). With 84% of our touchpoints located sector banks in India as our clients.
in tier 2 and tier 3+ towns and cities, we have a
All our Marquee Clients like Standard Chartered Bank,
strong presence in these fast-growing markets. Our
Deutsche Bank, State Bank of India, Indusind Bank, Axis
revenue from these markets in Fiscal years 2021 to
Bank, ICICI Bank, Kotak Mahindra Bank, HDFC Bank
2023 amounted to ₹1,914 million, ₹2,494 million and
etc have been availing Cash Management Services
₹2,951 million, respectively. Despite the challenges
through Radiant for over a decade & the volumes
of Covid, India’s currency in circulation (CIC) grew
have grown consistently over the years. None of our
between March 2020 and March 2022. This growth,
esteemed Marquee clients have ever discontinued
driven by government initiatives and increased cash
services with Radiant.
transactions, creates significant opportunities for our
cash management services. Radiant Cash’s extensive Over the years, our top three clients have consistently
network and regional expertise enable to provide contributed to our revenue, with the largest client
tailored, high-quality services to support our customers’ being a significant contributor. Building long-term
growth. relationships is important to us, and we take pride
in customising our services to meet our customers’
specific needs. We leverage our strong customer
base to cross-sell our value-added services, leading to
business optimisation and improved margins.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 15
Radiant Advantages

• (@)a

Robust Operational Risk Management: Technology Optimization:

Radiant Cash prioritises Radiant Cash has heavily invested

operational risk management to in technology to optimise
ensure secure and reliable cash operational profitability.
logistics operations. Radiant Cash’s significant technological capabilities
enable efficient route planning, real-time tracking,
By implementing stringent security protocols, advanced
and monitoring of cash logistics, improving overall
technology solutions, and well-defined processes,
operational efficiency and cost-effectiveness.
Radiant Cash minimises the risk of theft, loss, or
operational disruptions. Our solutions empower clients to focus on core
competencies without significant investments in
Risk management is integral to our operations as we
operational infrastructure. Our integrated network
handle and manage large cash quantities. We have
architecture, including an in-house ERP, ensures a
a robust framework covering human resources and
seamless experience.
technological infrastructure. Our risk management
policies ensure secure offerings and operations. Our Key initiatives include.
framework undergoes regular audits by foreign banks,
• Automation and API integration with Banks/
ensuring compliance with business continuity plans
Amazon and Flipkart, enabling near real-time
and operating procedures. With 98 risk managers and
reports for clients. This results in an increased
65 supervisors, including ex-military personnel, our
likelihood of customers choosing our services due
nationwide network responds swiftly to incidents.
to the improved level of service.
Stringent background and police verifications are
part of our systematic hiring process. Our enterprise • Implementation of CPIN/OTP during cash
risk management framework, approved by the collection adds an extra layer of security, ensuring
Board, identifies, assesses, manages, and mitigates safer transactions.
organisational risks. • The Client View Application offers clients direct
access to their points and pick-ups, eliminating the
need to wait for an email at the end, thus providing
a more seamless experience.
• QR code scanning for recorded cash collections
eliminates the need for manual intervention,
reducing the possibility of errors during the cash
pickup process.

16 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Steady Financial Growth: Experienced Management Team and Institutional

Backing:
Radiant Cash has demonstrated
steady financial growth, indicating Radiant Cash benefits from a
a healthy and sustainable business professional management team
model. with deep industry knowledge
This financial stability further strengthens Radiant
and expertise.
Cash’s competitive advantage, fostering confidence Our management team has extensive experience in
among clients and investors. the cash management services sector. We have a
qualified and motivated pool of about 2,174 permanent
The company experienced strong growth in sales, with
employees and 7,125 cash executives service
revenues increasing by 24% from INR 2,860 million in
providers. Up to 21% of our staff are derived from the
FY22 to INR 3,549 million in FY23. Other income also
armed forces. Our management team’s expertise allows
significantly boosted, rising from INR 9 million to INR
us to make timely strategic and business decisions
26 million during the same period. The total income
in response to evolving customer needs and market
grew by 25%, reaching INR 3,575 million, driven by
conditions.
increased revenues and other income. Employee costs
rose by 23%, indicating potential workforce expansion,
while other expenses increased by 17% due to
operational costs. EBITDA surged by 51% to INR 897
million, reflecting improved profitability and efficiency.
Profit before tax and profit after tax increased by 62%
and 64% respectively, highlighting higher net income
and improved cost management. The net profit margin
improved to 18%, enhancing profitability and effective
cost control.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 17
How We Create Value
Cash management services, such as Radiant Cash Management
Services, significantly strengthen banking systems and reduce
unaccounted cash through various mechanisms. Here are a few ways
in which these services contribute to achieving these goals.

·.d • •
SOUND oN

Cash Collection and Transportation Cash Processing and Verification Risk Mitigation and Insurance
Cash management services provide Cash management services Cash management services often
secure and efficient collection and employ advanced technologies have comprehensive risk mitigation
transportation of cash from various and equipment for accurate and strategies. They employ strict
sources, such as businesses, retail efficient cash processing and security protocols, such as GPS
outlets, and. By using advanced verification. Automated systems tracking, surveillance systems, and
security measures and trained can quickly count, sort, and secure vaults, to safeguard cash
personnel, they ensure that cash authenticate cash, reducing the during transportation and storage.
is safely transported to banks, chances of errors and counterfeit Additionally, they typically have
reducing the risk of theft and notes. By ensuring the accuracy insurance coverage to protect
pilferage. This helps strengthen the and integrity of cash handling, against unforeseen events, further
overall security of the cash-handling these services help minimise reducing risks associated with cash
process. discrepancies and unaccounted handling.
cash.

18 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Building a Radiant Team

At Radiant Cash, our Human Capital/HR initiatives form
the backbone of our organisation, driving our success
and fostering a culture of excellence. We prioritise
key areas to ensure our talented workforce's growth,
engagement, and development. Talent retention and
acquisition is one of our core objectives, as we strive
to attract and retain top-notch professionals who
share our vision and values. We create a positive work
environment through employee engagement programs,
encouraging collaboration, innovation, and a sense of
belonging among our team members. Investing in our
• Training and Development: Conducting various
employees' growth is paramount, so we conduct various
training programs to enhance employees' skills and
training programs to enhance their skills and capabilities.
capabilities.
Our commitment to training and development helps our
employees stay at the forefront of their respective fields Training Programs Conducted:
and prepares them to tackle new challenges confidently.
During the year, Radiant Cash conducted four training
Diversity and inclusion are cornerstones of our programs with the following beneficiaries:
HR initiatives. We recognise the value of a diverse • Prevention of Sexual Harassment (POSH) Training:
workforce, bringing unique perspectives and 389 attendees
experiences together. Our male-female ratio across
• Advanced Excel: 8 attendees and beneficiaries.
different levels reflects our commitment to gender
equality and creating opportunities for all. Additionally, • Leadership Skills: 8 attendees and beneficiaries.
we believe in creating an inclusive environment where • Teamwork & Collaboration: 9 attendees and
employees of all ages feel valued and respected. We beneficiaries.
foster a culture of collaboration, where individuals from
different age groups can learn from one another and
contribute to the collective success of our organisation.
These initiatives enhance employee satisfaction
and contribute to our overall performance and
competitiveness in the market.
At Radiant Cash, we are proud of our HR initiatives POSH Training at Corporate Office, Chennai
prioritising talent, engagement, and inclusivity. By Average Age:
investing in our employees' growth, promoting a
The average age of individuals in different positions at
positive work environment, and embracing diversity,
Radiant Cash is as follows:
we create a strong foundation for sustainable success.
As we evolve and adapt to changing dynamics, our HR Board of Directors: 62
initiatives will remain at the forefront, ensuring that our Senior Management: 51
workforce remains motivated, empowered, and ready to Staff: 34
excel in their roles. Together, we are building a vibrant
and dynamic organisation where every individual can Critical Initiatives for Retaining and Acquiring Talent:
thrive and contribute to our collective journey towards • Radiant Cash has implemented several initiatives to
excellence. attract and retain talent, including:
Key HR Priorities: • Employee engagement programs: Regular team
• Talent Retention and Acquisition: Implementing outings and building activities are organised to
initiatives to attract and retain top talent. foster employee engagement.
• Employee Engagement: Fostering a positive work • Appraisal Systems: Annual performance evaluations
environment through team-building activities and are conducted, including self-evaluations and
engagement programs. assessments by reporting authorities.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 19
• Salaries & Benefits: Salaries and benefits are • Key Outcomes: Focus on commitment, job
provided to employees as per the Shops & satisfaction, motivation, cooperation, and
Establishment Act. leadership skills has resulted in efficient employees
and good leaders.
• Grievance Process Handling: Radiant Cash follows
a comprehensive grievance handling process to Key HR Initiatives During the Year:
address employee concerns and ensure a healthy • Implementation of ZOHO software for staff payroll
work environment. generation.
• team outings to facilitate employee engagement
• Talent Acquisition: Collaborations with consultants
activities.
and annual subscriptions to job portals help
• Implementation of centralised attendance system
identify and hire the best talent for specific roles.
to monitor staff movement.

RCMS ensures employee well-being through comprehensive insurance coverage for accidents
and injuries during operational tasks. It goes beyond compliance by covering medical
expenses. In the case of Mr. Virendra Kumar, a cash executive who was shot while on duty
in Hajipur, Bihar, was immediately evacuated by chartered Air Craft from Bihar to AIIMS
Delhi, thus saving his life with best possible timely medical management. RCMS, supports
the families of deceased employees by providing the last salary, funding education expenses
for children, and offering marriage assistance through a fixed deposit e.t.c until the children
of deceased employees start going for employment. These examples indicates RCMS's
commitment to employee welfare.

Diversity & Inclusion:

Male-Female Ratio: Age of Employees (%):

4%
9%
25% 18% 27%

19%

Board of
Employees
Directors

r 41%
75% 82%

Male ■ Female ■ 18-25 ■ 26-35 ■ 36-45 46-55 56+

20 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Founder’s Day Celebrations 2023

Founders Day

Radiant Team on Festival Celebration 2022

RADIANT
CASH MANAGEMENT SERVICES LIMITED 21
Digital and IT capabilities

National Operations Center, Chennai

RCMS recognises technology’s pivotal role in setting us implemented Customer Personal Identification Number
apart from the competition. Our robust IT capabilities (CPIN)/One-Time Password (OTP) verification during
enable us to manage operations in a high-fidelity cash collection, adding an extra layer of security to the
business environment efficiently. By leveraging process.
technology solutions, we empower our clients to focus
Our Client View application offers direct access to
on their core competencies while avoiding the need for
clients' points and pickups, providing them with real-
substantial investments in operational infrastructure.
time data. This feature allows clients to stay informed
Over the years, we have prioritised partner engagement
and make informed decisions based on the latest
and enhanced experiences through process digitisation
information. We have also introduced a QR code
and the augmentation of our technology platforms. To
scanning system to record cash collections, eliminating
this end, we have developed an integrated network
manual intervention and minimising the potential for
architecture and implemented an in-house developed
errors.
Enterprise Resource Planning (ERP) system.
Furthermore, we have developed two mobile
To provide a seamless experience to our clients, we
applications: Radmus App and Radiant Sandesh App.
have established API integration with select clients'
These enterprise mobile applications facilitate end-to-
ERP software. This integration enables real-time data
end reconciliation processes, ensuring seamless and
tracking for cash management services that our clients
efficient workflows. With these applications, our clients
have outsourced to us. This allows us to continue
can easily access crucial information and carry out
serving the client effectively and acts as a barrier to
reconciliation tasks.
them switching service providers in the future, fostering
customer stickiness. At RCMS, we remain committed to leveraging the
power of information technology to drive operational
Among our key initiatives, automation and API
excellence and deliver unmatched value to our
integration with clients have significantly improved our
clients. Our continuous investment in cutting-edge IT
reporting capabilities, providing near real-time reports
capabilities reflects our dedication to staying ahead
to our clients. This accelerated access to information
of the curve and meeting the evolving needs of our
gives our clients another compelling reason to choose
partners and customers.
us as their service provider. Additionally, we have

22 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

CSR Initiatives
RCMS’s vision in the social responsibility sphere is focused on poverty
alleviation among the very poor in villages. In line with this vision,
RCMS undertook several CSR initiatives during FY23, with a deep
sense of compassion and dedication.

RCMS undertakes CSR Activities mainly through Monitoring the Project Implementation:
its CSR Arm – Radiant Foundations and few other
To ensure the smooth and successful implementation
implementing agencies. During the year, an amount
of the Ashraya Project, field supervisors and executives
aggregating to 9.84 million was spend for CSR
visit the villages on alternate days. Their visits serve
Activities.
to interact with the beneficiaries and verify the proper
The main goal of the Radiant Foundation is to functioning of the project. The CSR in charge personally
ameliorate the condition of destitutes (through feeding visits the villages three times a week, engaging with
them daily) and provide financial assistance to poor the beneficiaries, caretakers, and village leaders to
children for higher education, in villages around ensure seamless operations. Brig Albert Pakianathan,
Chennai. VSM (Retd), has been nominated to monitor, plan and
execution of the project.
Noon Meal Serving Project (Ashraya Project): Groceries, including rice and firewood, are supplied on
The Ashraya Project was launched in April 2011 with a fortnightly basis, while fresh vegetables are provided
the objective of serving free noon meals throughout every Monday for the entire week. The division head
the year to elderly destitute individuals in villages conducts weekly visits to check the quality of the items.
located in Thiruvallur and Chengelpet districts. The Due to the COVID-19 pandemic, dine-in services
project has been implemented successfully by the were discontinued from March 2020, and instead,
dedicated CSR Arm – Radiant Foundation, benefiting beneficiaries bring their own containers from home to
a total of 1,258 beneficiaries, including both men receive their meals to avoid unnecessary gathering and
and women aged 60 and above. These beneficiaries to maintain social distancing. As of March 2023, dine-in
are spread across 32 villages, with 16 villages in each services have been resumed in two villages on a trial
district. basis, following the withdrawal of COVID protocols.
Dining services in all other project centers are expected
UN SDG Linkage to be fully implemented by the end of August 2023.
Feedback:
The feedback from beneficiaries has been incredibly
rewarding. Each beneficiary is now assured of receiving

�·
I.

,t
f
I
1
. e
'
,._ ,;'\
RADIANT
CASH MANAGEMENT SERVICES LIMITED 23
one tasty, healthy, and freshly cooked meal every day CHENNAI ROTI BANK:
for the rest of their lives, significantly improving their
The Company associated with Chennai Roti Bank from
quality of life.
the year 2022 onwards. This non-profit organisation
Special Events: provides one wholesome meal at the end of the day -
sustenance to children and starving people, an invisible
The Chairman is providing gifts to all beneficiaries and
population of homeless, elderly, the sick, the infirm and
caretakers to celebrate Republic Day and Independence
the mentally ill from the Chennai City. An amount of
Day. In the past, items such as sarees for women, lungi
₹ 0.77 million was spent through Chennai Roti Bank
and shirts for men, bed sheets, towels, and umbrellas
during the financial year.
were given as gifts. For Independence Day 2022,
each beneficiary and caretaker received a bed sheet
and towel. On Republic Day 2023, beneficiaries and
caretakers were gifted dress materials, including sarees
for women and shirts with lungis for men. Additionally,
on Founder’s Day 2023, all beneficiaries received korai
grass sleeping mats, and a special meal was served in all
villages. Plastic molded armchairs were also provided to
enhance the dining experience for beneficiaries.
Maintenance of Cooking Sheds:
In March 2023, repair work was carried out on the
cooking sheds in 24 villages. Rusted poles and sheets
Covid Relief Initiatives in the past
were replaced and painted to ensure a safe and
hygienic environment for meal preparation. During the Covid pandemic, Radiant Group and
RCMS actively provided assistance to alleviate the
Adding New Beneficiaries:
impact of the virus. Efforts included supplying oxygen
As part of a routine review, 102 new elderly destitute concentrators and ventilators to hospitals treating
individuals were identified in the existing project Covid patients, distributing PPE kits to healthcare
villages and included in the Ashraya Project. This review facilities and organisations involved in patient care,
helps identify individuals in need of food assistance. delivering food packets and ration kits to those in
During March 2023, a new village with 57 beneficiaries need, and supporting RCMS employees affected by
and three caretakers was inducted into our Ashraya Covid by bearing their treatment expenses. Highlights
project, expanding the reach and impact of our of the initiatives include donating 2,300 PPE kits and
initiatives. N95 masks to Military Hospital and Kalyani Hospital,
RESIPROCITY FOUNDATION distributing over 2,000 grocery kits to vulnerable
individuals, providing oxygen concentrators through a
During the year the Company also contributed to the foundation, contributing funds for ventilator purchases
Reciprocity Foundation for the Beach Cleaning project through the Apollo Foundation, and offering financial
in Chennai.

--
support to a government hospital in Tirunelveli for
the acquisition of oxygen concentrators. Additionally,

-- immediate assistance was provided to RCMS

employees with three oxygen cylinders and masks until
hospital admission was possible. Close communication
was maintained with senior officials from Apollo and
other hospitals to facilitate admissions for RCMS
employees, while the senior leadership of RCMS closely
monitored the progress of all Covid-affected Radiant
employees until their full recovery. Furthermore, special
arrangements were made, including covering the cost
of vaccination for RCMS employees.

24 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Notice
Notice to Members 02154891) as the Managing Director of the Company for
a period of five years with effect from October 26, 2023
NOTICE is hereby given that the 18th Annual General Meeting
to October 25, 2028 as recommended by Nomination
of the Members of the Company will be held on Monday,
and Remuneration Committee and approved by the Board
11th day of September 2023, at 03:00 p.m. through Video
of Directors, upon the terms and conditions set out in the
Conferencing / Other Audio-Visual Means (VC/OAVM) to
Explanatory Statement annexed to the Notice convening
transact the following businesses:
this Annual General Meeting, (including the remuneration
ORDINARY BUSINESSES: to be paid in the event of loss or inadequacy of profits in
any financial year during the tenure of his appointment),
1. Adoption of financial statements
with authority to the Board of Directors to alter and vary
To consider and, if thought fit, to pass, the following the terms and conditions of the said appointment in
resolution, as an Ordinary Resolution: such manner as may be agreed to between the Board of
To consider and adopt the Audited Standalone Financial Directors and Col. David Devasahayam.
Statements of the Company for the financial year ended RESOLVED FURTHER THAT the Board of Directors of
March 31, 2023, together with the Reports of the Board the Company (which term shall be deemed to herein
of Directors and the Auditors thereon. after include any Committee of the Board constituted to
2. Declaration of Dividend exercise its powers, including the powers conferred by
this Resolution), be and is hereby authorised to take all
To consider and, if thought fit, to pass, the following such steps as may be necessary, proper and expedient to
resolution, as an Ordinary Resolution: give effect to this Resolution.
To confirm the payment of Interim Dividend of ₹1/- per 5. To re-appoint Dr. Renuka David (DIN: 02190575) as
equity share of face value of ₹1/- each (100%) and to Whole-time Director of the Company for a period of 5
declare a Final Dividend of ₹2/- per equity share of years
face value of ₹1/- each (200%) for the financial year
ended March 31, 2023 To consider and, if thought fit, to pass, the following
resolution, as an Ordinary Resolution:
3. Appointment of Dr Renuka David (DIN 02190575) as
Director, liable to retire by rotation RESOLVED THAT pursuant to the provisions of Sections
196, 197, 203 and other applicable provisions, if any, of
To consider and, if thought fit, to pass, the following the Companies Act, 2013 (“Act”) read with Schedule V of
resolution, as an Ordinary Resolution: the Act, the Companies (Appointment & Remuneration
To appoint a Director in place of Dr Renuka David (DIN: of Managerial Personnel) Rules, 2014, and applicable
02190575) who retires by rotation and being eligible, provisions of SEBI (Listing Obligations and Disclosure
offers herself for re-appointment. Requirements) Regulations, 2015 (including any
amendment there to or re-enactment thereof for the
SPECIAL BUSINESSES: time being in force), consent of the members be and is
4. To re-appoint Col. David Devasahayam (DIN: 02154891) hereby accorded to re-appoint Dr. Renuka David (DIN:
as Managing Director of the Company for a period of 5 02190575) as Whole-time Director of the Company for
years a period of 5 years with effect from October 26, 2023 to
October 25, 2028 as recommended by Nomination and
To consider and if thought fit, to pass, the following Remuneration Committee and approved by the Board of
resolution as an Ordinary Resolution: Directors, upon the terms and conditions set out in the
RESOLVED THAT pursuant to the provisions of Explanatory Statement annexed to the Notice convening
Sections 196, 197, 203 and other applicable provisions, this Annual General Meeting, (including the remuneration
if any, of the Companies Act, 2013 (“Act”) read with, to be paid in the event of loss or inadequacy of profits in
Schedule V of the Act, the Companies (Appointment & any financial year during the tenure of her appointment),
Remuneration of Managerial Personnel) Rules, 2014, and with authority to the Board of Directors to alter and vary
applicable provisions of SEBI (Listing Obligations and the terms and conditions of the said appointment in
Disclosure Requirements) Regulations, 2015 (including such manner as may be agreed to between the Board of
any amendment there to or re-enactment thereof for Directors and Dr. Renuka David.
the time being in force), consent of the members be RESOLVED FURTHER THAT the Board of Directors of
and is hereby accorded for re-appointment and the the Company (which term shall be deemed to herein
terms of remuneration of Col. David Devasahayam (DIN: after include any Committee of the Board constituted to

RADIANT
CASH MANAGEMENT SERVICES LIMITED 25
 exercise its powers, including the powers conferred by 4. The Explanatory Statement pursuant to Section 102 of
this Resolution), be and is hereby authorised to take all the Companies Act, 2013 (“Act”) setting out material
such steps as may be necessary, proper and expedient to facts concerning the business under Item Nos. 4 and 5
give effect to this Resolution. of the Notice, is annexed hereto. Further, the relevant
details with respect to Item Nos. 3 to 5 pursuant to
Regulation 36(3) of the SEBI (Listing Obligations and
By Order of the Board of Directors Disclosure Requirements) Regulations, 2015 (“SEBI
For Radiant Cash Management Services Limited Listing Regulations”) and Secretarial Standard on General
Meetings issued by the Institute of Company Secretaries
Nithin Tom of India, in respect of Directors seeking appointment/re-
Place: Chennai Company Secretary appointment at this AGM are also enclosed as Annexure
Date: August 08, 2023 A53056 – A.
5. The Register of Members and share transfer books of the
NOTES Company will remain closed from Tuesday, September
05, 2023 to Monday, September 11, 2023 (both days
1. The Ministry of Corporate Affairs (‘MCA’) has vide its
inclusive), for the purpose of reckoning the entitlement of
circulars dated April 8, 2020, April 13, 2020, May 5,
dividend for the Financial Year ended March 31, 2023 and
2020 read with circular dated December 28, 2022
for the purpose of the 18th AGM.
(collectively referred to as ‘MCA Circulars’) and the
Securities and Exchange Board of India (“SEBI”) vide its 6. The Board of Directors have recommended final dividend
Circular No. SEBI/ HO/CFD/CMD1/CIR/P/2020/79 of ₹2/- per equity share of ₹1/- each for the financial year
dated May 12, 2020, Circular No. SEBI/HO/CFD/CMD2/ ended March 31, 2023. The Dividend as recommended
CIR/P/2021/11 dated January 15, 2021 and Circular No. by the Board of Directors, if declared at the AGM will be
SEBI/HO/ DDHS/P/CIR/2022/62 dated May 13, 2022 paid on or after September 19, 2023, to those Members,
(collectively referred as “SEBI Circulars”) permitted the whose names appear on the Register of Members
holding of the Annual General Meeting (“AGM”) through in respect of shares held in physical form as well as in
Video Conferencing /Other Audio Visual Means (“VC/ respect of shares held in electronic form as per the details
OAVM”), without the physical presence of the Members received from the depositories for this purpose as at the
at a common venue. In compliance with the provisions close of the business hours on Monday, September 04,
of the Companies Act, 2013 (the Act), SEBI (Listing 2023
Obligations and Disclosure Requirements) Regulations,
7. Pursuant to the Finance Act, 2020, dividend income will
2015 (“SEBI Listing Regulations”) and MCA Circulars,
be taxable in the hands of shareholders w.e.f. April 1, 2020
the 18th AGM of the Company is being held through VC/
and the Company is required to deduct tax at source from
OAVM. The Corporate Office of the Company shall be
dividend paid to shareholders at the prescribed rates. For
deemed to be the venue for the 18th AGM.
the prescribed rates for various categories, please refer to
2. Since this AGM is being held pursuant to the MCA the Finance Act, 2020 and the amendments thereof. The
Circulars through VC/OAVM, physical attendance of shareholders are requested to update their valid PAN with
Members has been dispensed with. Accordingly, the the DPs (if shares held in dematerialized form) and the
facility for appointment of proxies by the Members will Company/RTA (if shares are held in physical form).
not be available for the AGM and hence the Proxy Form,
8. A Resident individual shareholder with PAN and
Attendance Slip and route map of AGM are not annexed
whose income does not exceed maximum amount not
to this Notice. However, pursuant to Section 112 and
chargeable to tax or who is not liable to pay income tax,
Section 113 of the Act, representatives of the Members
as the case may be, can submit a yearly declaration in
may be appointed for participating in the AGM through
Form No. 15G/15H, to avail the benefit of non-deduction
VC / OAVM and for voting through remote e-voting or
of tax at source by e-mail to our RTA, Link Intime India
e-voting during the AGM. Institutional shareholders/
Private Limited to its email address: rnt.helpdesk@
corporate shareholders (i.e. other than individuals, HUFs,
linkintime.co.in or to the Company to its email
NRIs, etc.) are requested to send the relevant Board
address: investorrelations@radiantcashlogistics.com by,
Resolution / Authority letter etc. together with attested
September 01, 2023. Shareholders are requested to note
specimen signature of the duly authorized signatory who
that in case their PAN is not registered or having invalid
are authorized to vote and Demat Account details, to the
PAN or Specified Person as defined under Section 206AB
Scrutinizer by e-mail at secretarial@sandeep-cs.in with a
of the Income-tax Act, the tax will be deducted at a higher
copy marked to evoting@nsdl.co.in and to the Company
rate prescribed under Section 206AA or 206AB of the
at investorrelations@radiantcashlogistics.com
Income-tax Act, as applicable. Non-resident shareholders
3. The attendance of the Members attending the AGM [including Foreign Institutional Investors (FIIs)/Foreign
through VC/OAVM will be counted for the purpose of Portfolio Investors (FPIs)] can avail beneficial rates
reckoning the quorum under Section 103 of the Act. under tax treaty between India and their country of tax

26 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

residence, subject to providing necessary documents i.e. 12. Members seeking any information with regard to the
No Permanent Establishment and Beneficial Ownership financial statements or any matter to be placed at
Declaration, Tax Residency Certificate, Form 10F, any the AGM, are requested to write to the Company at
other document which may be required to avail the tax investorrelations@radiantcashlogistics.com. The same
treaty benefits. For this purpose, the shareholder may will be replied by the Company suitably.
submit the above documents by e-mail to our RTA, Link
13. Pursuant to SEBI circular no. SEBI/HO/CFD/CMD/
Intime India Private Limited to its email address: rnt.
CIR/P/2020/242 dated December 9, 2020 on “e-Voting
helpdesk@linkintime.co.in or to the Company to its
facility provided by Listed Companies”, e-Voting process
email address: investorrelations@radiantcashlogistics.
has been enabled to all the individual demat account
com by September 04, 2023
holders, by way of single login credential, through their
9. Members of the Company are requested to note that as demat accounts / websites of Depositories / DPs in
per the provisions of Section 124 of the Companies Act, order to increase the efficiency of the voting process.
2013, dividends not en-cashed/ claimed by the Members Shareholders are advised to update their mobile number
of the Company, within a period of 7 (seven) years from and e-mail ID with their DPs to access e-Voting facility.
the date of declaration of dividend, shall be transferred to
14. Registration / updation of name, postal address, email
the Investor Education and Protection Fund (IEPF) by the
address, telephone/mobile numbers, Permanent
Company. Further, pursuant to the provisions of Section
Account Number (PAN), mandates, nominations, power
124 of the Companies Act, 2013 and Investor Education
of attorney, bank details such as, name of the bank and
and Protection Fund Authority Rules, 2016 (IEPF Rules),
branch details, bank account number, MICR code, IFSC
all shares on which dividend has not been paid or claimed
code. Shareholders are advised to follow the procedure
for seven consecutive years or more shall be transferred to
given below:
an IEPF suspense account (in the name of the Company)
within 30 (thirty) days of such shares becoming due for a. Shareholders holding Shares in Physical Mode: Through
transfer to the Fund. the Registrar and Share Transfer Agent (“RTA”) of the
Company viz. Link Intime India Private Limited by
10. Members who have not encashed / claimed the dividends
sending request to Company’s RTA on rnt.helpdesk@
so far are, therefore, requested to make their claims to the
linkintime.co.in or to the Company at investorrelations@
Company / RTA, well in advance of the above mentioned
radiantcashlogistics.com. It is mandatory for the physical
timelines. The Company has uploaded the details of
shareholders to update PAN, Address, Email ID, Mobile
unpaid and unclaimed dividends lying with the Company
No., Bank account details (KYC details) and Nomination
as on 31st March, 2023 on the website of the Company at
details with Link Intime India Private Limited, Registrar
https://radiantcashservices.com/investor-support/
and Transfer Agent (RTA) / Company.
11. In line with the MCA Circular dated May 5, 2020 and
b. Shareholders holding Shares in Dematerialized Mode:
January 13, 2021 and SEBI Circular dated May 12,
Such Shareholders are requested to update the details
2020 and January 5, 2023 the Notice of the AGM
through the relevant Depository Participant(s). Those
along with the Annual Report 2022–23 is being sent
shareholders who are holding shares in dematerialised
only through electronic mode to those Members whose
mode are requested to ensure that aforesaid KYC details
email addresses are registered with the Company /
and nomination are updated with their depository
Depositories and the same will also be available on
participants.
the Company’s website www.radiantcashservices.
com, the websites of Stock Exchanges i.e.: BSE Limited 15. Issue of securities in Demat mode and Demat of shares
and National Stock Exchange of India Limited at www. SEBI vide Circular No. SEBI/HO/MIRSD/MIRSD_
bseindia.com and www.nseindia.com respectively RTAMB/P/ CIR/2022/8 dated January 25, 2022 has
and on the website of National Securities Depository mandated the listed companies to issue securities
Limited (‘NSDL’) at https://www.evoting.nsdl.com/. in dematerialized form only while processing service
requests viz. Issue of duplicate securities certificate; claim
In view of the exemptions provided, no physical or
from unclaimed suspense account; renewal/ exchange of
hard copies of the Notice and Annual Report will be
securities certificate; endorsement; sub-division/ splitting
sent to Members who have not registered their e-mail
of securities certificate; consolidation of securities
addresses with the Company/RTA. However, in line
certificates/folios; transmission and transposition.
with SEBI circular dated 5th January 2023, hard copy
Accordingly, while making any service request, Members
of Annual Report will be sent to the shareholders who
are requested to submit duly filled and signed Form ISR
request for the same. A request in this regard, can be
- 4, the format of which is available on the Company’s
made by sending an email to rnt.helpdesk@linkintime.
website at https://radiantcashservices.com/investor-
co.in or investorrelations@radiantcashlogistics.com.
support/ and on the website of the Company’s Registrar

RADIANT
CASH MANAGEMENT SERVICES LIMITED 27
 and Transfer Agents, Link Intime India Private Limited at for members who have not registered their email
https://web.linkintime.co.in/ . It may be noted that any addresses is provided in the instructions given
service request can be processed only after the folio is below.
KYC Compliant. Hence, the members are once again
c. The Board has appointed Mr. S Sandeep (FCS
requested to update their KYC details as specified in point
5853 /COP 5987), Managing Partner of M/s. S
above.
Sandeep and Associates, Company Secretaries,
16. The Register of Directors and Key Managerial Personnel as Scrutinizer to scrutinize the remote e-voting
and their shareholding, maintained under section 170 of and e-voting process during the AGM in a fair and
the Act, and the Register of Contracts or Arrangements transparent manner in terms of the requirements of
in which the directors are interested, maintained under the Act and the rules made there under, and he has
section 189 of the Act as required under the SEBI communicated his eligibility and willingness to be
Regulations will be available electronically for inspection appointed as Scrutinizer and given his consent for
by the members during the AGM. All documents referred the same and will be available for the said purpose.
to in the notice will also be available for electronic
d. The Result of remote e-voting and e-voting shall be
inspection by the members up to the date of AGM, i.e.
declared within two working days from conclusion of
September 11, 2023. Members seeking to inspect such
the AGM and subject to receipt of requisite number
documents can send an email to investorrelations@
of votes, the Resolutions proposed in the Notice
radiantcashlogistics.com.
shall be deemed to be passed on the date of this
17. Voting through electronic means: AGM, that is, 11th day, September, 2023.
a. The remote e-voting facility will be available during e. The Results of voting declared along with
the following voting period: Scrutinizer’s Report will be published on the website
at https://www.radiantcashservices.com and on
Commencement of remote e-voting: Thursday, 7th
Service Provider’s website at https://www.evoting.
day of September, 2023 at 09:00 a.m. (IST) and
nsdl.com/ within two working days from the
End of remote e-voting: Sunday, 10th day, conclusion of the AGM and the same shall also be
September, 2023 at 05:00 p.m. (IST). simultaneously communicated to the BSE Limited
and the National Stock Exchange of India Limited.
The remote e-voting will not be allowed beyond the
aforesaid date and time and the remote e-voting i. THE INSTRUCTIONS FOR MEMBERS FOR REMOTE
module shall be forthwith disabled by NSDL upon E-VOTING AND JOINING GENERAL MEETING ARE AS
expiry of the aforesaid period. The Members, UNDER:-
whose names appear in the Register of Members
How do I vote electronically using NSDL e-Voting
/ Beneficial Owners as on the record date (cut-off
system?
date) i.e. September 04, 2023 may cast their vote
electronically. The voting right of shareholders shall The way to vote electronically on NSDL e-Voting system
be in proportion to their share in the paid-up equity consists of “Two Steps” which are mentioned below:
share capital of the Company as on the Cut-off date.
Step 1: Access to NSDL e-Voting system
b. Pursuant to the provisions of Section 108 and other
A) Login method for e-Voting and joining virtual
applicable provisions, if any, of the Companies
meeting for Individual shareholders holding
Act, 2013 read with the Companies (Management
securities in demat mode
and Administration) Rules, 2014, as amended,
and Regulation 44 of SEBI (Listing Obligations In terms of SEBI circular dated December 9, 2020
and Disclosure Requirements) Regulations, 2015, on e-Voting facility provided by Listed Companies,
Company is providing to its Members facility to Individual shareholders holding securities in
exercise their right to vote on resolutions proposed demat mode are allowed to vote through their
to be passed at the AGM by electronic means demat account maintained with Depositories and
(“e-voting”). The Company has engaged the services Depository Participants. Shareholders are advised
of NSDL as the agency to provide e-voting facility. to update their mobile number and email Id in their
The manner of voting remotely by members holding demat accounts in order to access e-Voting facility.
shares in dematerialized mode, physical mode and

28 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Login method for Individual shareholders holding securities in demat mode is given below:

Type of shareholders Login Method

Individual Shareholders holding 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.
securities in demat mode with nsdl.com either on a Personal Computer or on a mobile. On the e-Services home
NSDL. page click on the “Beneficial Owner” icon under “Login” which is available under
‘IDeAS’ section , this will prompt you to enter your existing User ID and Password.
After successful authentication, you will be able to see e-Voting services under Value
added services. Click on “Access to e-Voting” under e-Voting services and you will
be able to see e-Voting page. Click on company name or e-Voting service provider
i.e. NSDL and you will be re-directed to e-Voting website of NSDL for casting your
vote during the remote e-Voting period or joining virtual meeting & voting during the
meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login” which
is available under ‘Shareholder/Member’ section. A new screen will open. You will
have to enter your User ID (i.e. your sixteen digit demat account number hold
with NSDL), Password/OTP and a Verification Code as shown on the screen. After
successful authentication, you will be redirected to NSDL Depository site wherein
you can see e-Voting page. Click on company name or e-Voting service provider i.e.
NSDL and you will be redirected to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or joining virtual meeting & voting during the
meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility
by scanning the QR code mentioned below for seamless voting experience.

NSDL Mobile App is available or

,
g App Store b Google Play

#8
i e

RADIANT
CASH MANAGEMENT SERVICES LIMITED 29
 Type of shareholders Login Method
Individual Shareholders holding 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing
securities in demat mode with user id and password. Option will be made available to reach e-Voting page without
CDSL any further authentication. The users to login Easi /Easiest are requested to visit
CDSL website www.cdslindia.com and click on login icon & New System Myeasi Tab
and then user your existing my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the evoting is in progress as per the information provided
by company. On clicking the evoting option, the user will be able to see e-Voting
page of the e-Voting service provider for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting. Additionally,
there is also links provided to access the system of all e-Voting Service Providers, so
that the user can visit the e-Voting service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL
website www.cdslindia.com and click on login & New System Myeasi Tab and then
click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home
page. The system will authenticate the user by sending OTP on registered Mobile &
Email as recorded in the Demat Account. After successful authentication, user will
be able to see the e-Voting option where the evoting is in progress and also able to
directly access the system of all e-Voting Service Providers.
Individual Shareholders (holding You can also login using the login credentials of your demat account through your
securities in demat mode) Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in,
login through their depository you will be able to see e-Voting option. Click on e-Voting option, you will be redirected
participants to NSDL/CDSL Depository site after successful authentication, wherein you can see
e-Voting feature. Click on company name or e-Voting service provider i.e. NSDL and you
will be redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository
i.e. NSDL and CDSL.

Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a
securities in demat mode with NSDL request at evoting@nsdl.co.in or call at 022 - 4886 7000 and 022 - 2499 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a
securities in demat mode with CDSL request at helpdesk.evoting@cdslindia.com or contact at toll free no. 1800 22 55 33
B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding
securities in demat mode and shareholders holding securities in physical mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either
on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’
section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the
screen.

30 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with your
existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can
proceed to Step 2 i.e. Cast your vote electronically.
4. Your User ID details are given below :

Manner of holding shares i.e. Demat (NSDL

Your User ID is:
or CDSL) or Physical
a) For Members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL. For example if your DP ID is IN300*** and Client ID is 12****** then your
user ID is IN300***12******.
b) For Members who hold shares in demat 16 Digit Beneficiary ID
account with CDSL. For example if your Beneficiary ID is 12************** then your user ID is
12**************
c) For Members holding shares in Physical EVEN Number followed by Folio Number registered with the company
Form. For example if folio number is 001*** and EVEN is 101456 then user ID is
101456001***
5. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first number/folio number, your PAN, your name and
time, you will need to retrieve the ‘initial password’ your registered address etc.
which was communicated to you. Once you retrieve
d) Members can also use the OTP (One Time Password)
your ‘initial password’, you need to enter the ‘initial
based login for casting the votes on the e-Voting
password’ and the system will force you to change
system of NSDL.
your password.
7. After entering your password, tick on Agree to “Terms and
c) How to retrieve your ‘initial password’?
Conditions” by selecting on the check box.
(i) If your email ID is registered in your demat
8. Now, you will have to click on “Login” button.
account or with the company, your ‘initial
password’ is communicated to you on your 9. After you click on the “Login” button, Home page of
email ID. Trace the email sent to you from e-Voting will open.
NSDL from your mailbox. Open the email and
Step 2: Cast your vote electronically and join General Meeting
open the attachment i.e. a .pdf file. Open the
on NSDL e-Voting system.
.pdf file. The password to open the .pdf file is
your 8 digit client ID for NSDL account, last How to cast your vote electronically and join General Meeting
8 digits of client ID for CDSL account or folio on NSDL e-Voting system?
number for shares held in physical form. The 1. After successful login at Step 1, you will be able to see all
.pdf file contains your ‘User ID’ and your ‘initial the companies “EVEN” in which you are holding shares
password’. and whose voting cycle and General Meeting is in active
(ii) If your email ID is not registered, please status.
follow steps mentioned below in process for 2. Select “EVEN” of company for which you wish to cast
those shareholders whose email ids are not your vote during the remote e-Voting period and casting
registered. your vote during the General Meeting. For joining virtual
6. If you are unable to retrieve or have not received the “ meeting, you need to click on “VC/OAVM” link placed
Initial password” or have forgotten your password: under “Join Meeting”.

a) Click on “Forgot User Details/Password?”(If you are 3. Now you are ready for e-Voting as the Voting page opens.
holding shares in your demat account with NSDL or 4. Cast your vote by selecting appropriate options i.e. assent
CDSL) option available on www.evoting.nsdl.com. or dissent, verify/modify the number of shares for which
b) Physical User Reset Password?” (If you are holding you wish to cast your vote and click on “Submit” and also
shares in physical mode) option available on www. “Confirm” when prompted.
evoting.nsdl.com. 5. Upon confirmation, the message “Vote cast successfully”
c) If you are still unable to get the password by will be displayed.
aforesaid two options, you can send a request at
evoting@nsdl.co.in mentioning your demat account

RADIANT
CASH MANAGEMENT SERVICES LIMITED 31
6. You can also take the printout of the votes cast by you by 3. Alternatively shareholder/members may send a request
clicking on the print option on the confirmation page. to evoting@nsdl.co.in for procuring user id and password
for e-voting by providing above mentioned documents.
7. Once you confirm your vote on the resolution, you will
not e allowed to modify your vote 4. In terms of SEBI circular dated December 9, 2020 on
e-Voting facility provided by Listed Companies, Individual
General Guidelines for shareholders
shareholders holding securities in demat mode are allowed
1. Institutional shareholders (i.e. other than individuals, to vote through their demat account maintained with
HUF, NRI etc.) are required to send scanned copy (PDF/ Depositories and Depository Participants. Shareholders
JPG Format) of the relevant Board Resolution/ Authority are required to update their mobile number and email
letter etc. with attested specimen signature of the duly ID correctly in their demat account in order to access
authorized signatory(ies) who are authorized to vote, to e-Voting facility.
the Scrutinizer by e-mail to secretarial@sandeep-cs.in
ii. THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING
with a copy marked to evoting@nsdl.co.in and to the
ON THE DAY OF THE AGM ARE AS UNDER:-
Company at investorrelations@radiantcashlogistics.
com. Institutional shareholders (i.e. other than individuals, 1. The procedure for e-Voting on the day of the AGM
HUF, NRI etc.) can also upload their Board Resolution is same as the instructions mentioned above for
/ Power of Attorney / Authority Letter etc. by clicking remote e-voting.
on “Upload Board Resolution / Authority Letter” displayed
2. Only those Members/ shareholders, who will be
under “e-Voting” tab in their login.
present in the AGM through VC/OAVM facility and
2. It is strongly recommended not to share your password have not casted their vote on the Resolutions through
with any other person and take utmost care to keep your remote e-Voting and are otherwise not barred from
password confidential. Login to the e-voting website doing so, shall be eligible to vote through e-Voting
will be disabled upon five unsuccessful attempts to key system in the AGM.
in the correct password. In such an event, you will need
3. The members who have cast their vote(s) by remote
to go through the “Forgot User Details/Password?” or
e-voting may also attend the Meeting but shall not
“Physical User Reset Password?” option available on
be entitled to cast their vote(s) again at the Meeting.
www.evoting.nsdl.com to reset the password.
Once the vote on a resolution is casted by a Member,
3. In case of any queries, you may refer the Frequently whether partially or otherwise, the Member shall not
Asked Questions (FAQs) for Shareholders and e-voting be allowed to change it subsequently or cast the
user manual for Shareholders available at the download vote again.
section of www.evoting.nsdl.com or call on.: 022 - 4886
4. A person, whose name is recorded in the register
7000 and 022 - 2499 7000 or send a request to Mr. Amit
of members or in the register of beneficial owners
Vishal, Asst. Vice President – NSDL or Ms. Pallavi Mhatre,
maintained by the depositories as on the cut-off
Senior Manager at evoting@nsdl.co.in
date i.e, September 04, 2023 only shall be entitled
Process for those shareholders whose email ids are not to avail the facility of remote e-voting or for e-voting
registered with the depositories for procuring user id and during the AGM. A person, who is not a member
password and registration of e mail ids for e-voting for the as on the cut-off date, should treat the Notice for
resolutions set out in this notice: information purpose only.
1. In case shares are held in physical mode please provide 5. Members who have acquired shares after the
Folio No., Name of shareholder, scanned copy of the share dispatch of the Annual Report may approach NSDL
certificate (front and back), PAN (self attested scanned for issuance of the User ID and Password for
copy of PAN card), AADHAR (self attested scanned exercising their right to vote by electronic means.
copy of Aadhar Card) by email to investorrelations@
6. The details of the person who may be contacted
radiantcashlogistics.com
for any grievances connected with the facility for
2. In case shares are held in demat mode, please provide e-Voting on the day of the AGM shall be the same
DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary person mentioned for Remote e-voting.
ID), Name, client master or copy of Consolidated Account
iii. INSTRUCTIONS FOR MEMBERS FOR ATTENDING
statement, PAN (self attested scanned copy of PAN card),
THE AGM THROUGH VC/OAVM ARE AS UNDER:
AADHAR (self attested scanned copy of Aadhar Card) to
investorrelations@radiantcashlogistics.com. If you are an a. The Members can join the AGM in the VC/OAVM
Individual shareholders holding securities in demat mode, mode 30 minutes before and after the scheduled
you are requested to refer to the login method explained time of the commencement of the Meeting by
at step 1 (A) i.e. Login method for e-Voting and joining following the procedure mentioned in the Notice.
virtual meeting for Individual shareholders holding The facility of participation at the AGM through VC/
securities in demat mode.

32 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

OAVM will be made available for 1000 members f. Members who need technical assistance before or during
on first come first served basis. This will not the AGM can contact NSDL at evoting@nsdl.co.in or call
include large Shareholders (Shareholders holding on toll free nos : 022 - 4886 7000 and 022 - 2499 7000
2% or more shareholding), Promoters, Institutional or send a request to Mr. Amit Vishal, Asst. Vice President
Investors, Directors, Key Managerial Personnel, the – NSDL or Ms. Pallavi Mhatre, Senior Manager, NSDL at
Chairpersons of the Audit Committee, Nomination evoting@nsdl.co.in
and Remuneration Committee and Stakeholders
EXPLANATORY STATEMENT PURSUANT TO SECTION
Relationship Committee, Auditors etc. who are
102(1) OF THE COMPANIES ACT, 2013 (“the Act”)
allowed to attend the AGM without restriction on
account of first come first served basis. The following Statement sets out all material facts relating
to the Special Businesses mentioned Item No. 4 & 5 of the
b. Member will be provided with a facility to attend the
accompanying Notice:
AGM through VC/OAVM through the NSDL e-Voting
system. Members may access by following the steps Item No. 4: Re-Appointment of Col. David Devasahayam
mentioned above for Access to NSDL e-Voting (DIN: 02154891) as Managing Director of the Company
system. After successful login, you can see link of for a period of 5 years
“VC/OAVM” placed under “Join meeting” menu
Col. David Devasahayam was appointed as the Managing
against company name. You are requested to click on
Director (CMD) of the Company with effect from 26th
VC/OAVM link placed under Join Meeting menu. The
October 2018, for a period of 5 years and his present tenure
link for VC/OAVM will be available in Shareholder/
will end on 25th October 2023.
Member login where the EVEN of Company will be
displayed. Please note that the members who do not The Board of Directors, at its meeting held on August 08,
have the User ID and Password for e-Voting or have 2023, based on the recommendation of the Nomination and
forgotten the User ID and Password may retrieve the Remuneration Committee, approved the re-appointment of
same by following the remote e-Voting instructions Col. David Devasahayam for a further period of 5 year with
mentioned in the notice to avoid last minute rush. effect from October 26, 2023 to October 25, 2028, subject
to approval of the Members. Col. David Devasahayam has
c. While all efforts would be made to make the VC/
confirmed that he is not disqualified from being appointed as
OAVM meeting smooth, participants connecting
Director, in terms of the provisions of Section 164(1), 164(2)
through mobile devices, tablets, laptops etc. may at
of the Act and is not debarred to hold the office of a Director
times experience audio/video loss due to fluctuation
by virtue of any order passed by SEBI or any other authority
in their respective networks. Use of a stable Wi-Fi or
and has given his consent to act as a Director of the Company.
LAN connection can mitigate some of the technical
glitches. Col. David Devasahayam who founded the Company
has been instrumental in the growth and success of the
d. Members who would like to express their views/
Company. Under his leadership the Company has gown
have questions may send their questions in
manifold and also successfully got its equity shares listed in
advance mentioning their name, demat account
both the Stock Exchanges viz., National Stock Exchange of
number/folio number, email id, mobile number at
India Ltd (NSE) and BSE Ltd during the financial year 2022-
investorrelations@radiantcashlogistics.com. The
23. Considering the rich experience and domain expertise
same will be replied by the company suitably.
of Col. David Devasahayam, the Board of Directors of the
e. Members who would like to express their views Company felt it is highly desirable for the Company to re-
or ask questions may also choose to register appoint Col. David Devasahayam for a further period of five
themselves to speak at the AGM, by sending an years to enable the Company to avail his rich experience
email to the Company at investorrelations@ and expertise to take forward its growth journey.
radiantcashlogistics.com. The Speaker Registration
Col David Devasahayam is drawing same remuneration of
will be open during September 05, 2023 (09:00 a.m.
₹20 million per annum, from FY 2015-16 onwards. It is
IST) till September 07, 2023 (05:00 p.m. IST). Only
proposed to retain the remuneration at the same level now.
those members who are registered will be allowed
to express their views or ask questions. Please note The main terms and conditions of re-appointment of Col.
that, questions will be answered only if the member David Devasahayam are provided below.
continues to hold the shares as of cut-off date. The A. TENURE OF APPOINTMENT: Five years with effect
Company reserves the right to restrict the number from October 26, 2023.
of questions and number of speakers, depending
upon availability of time as appropriate for smooth B. REMUNERATION
conduct of the AGM. a. Basic Salary: - Basic Salary of ₹10,00,000 per month;
b. Other Allowances:
Other allowances of ₹.6,66,667 per month;

RADIANT
CASH MANAGEMENT SERVICES LIMITED 33
C. MINIMUM REMUNERATION Dr. Renuka David is drawing the same remuneration of ₹3.6
million per annum, from FY 2015-16 onwards. It is proposed
Notwithstanding anything to the contrary herein
to retain the remuneration at the same level now.
contained, where in any financial year during the tenure of
the Managing Director, the Company has no profits or its The main terms and conditions of appointment of Dr. Renuka
profits are inadequate, the Company will pay remuneration David are provided below.
by way of Salary, Benefits, Perquisites, Allowances and
A. TENURE OF APPOINTMENT: Five years with effect
Commission subject to such further approvals as may be
from October 26, 2023.
required
B. REMUNERATION
Details of Col. David Devasahayam, including nature of his
expertise, as required to be disclosed pursuant to Reg. 36 a. Basic Salary: - Basic Salary of ₹1,80,000 per month;
(3) of the SEBI (LODR) Regulations 2015 and Secretarial
b. Other Allowances:
Standards – 2 is annexed as Annexure – A.
Other allowances of ₹.1,20,000 per month;
Col. David Devasahayam and Dr Renuka David are
related to each other as spouse and are considered C. MINIMUM REMUNERATION
interested in this resolution. None of the other Directors Notwithstanding anything to the contrary herein
or Key Managerial Personnel of the Company or their contained, where in any financial year during the tenure
relatives is/are in any way, concerned or interested, of the Whole-time Director, the Company has no profits
financially or otherwise, in the resolutions set out at or its profits are inadequate, the Company will pay
Item No. 4 of the accompanying Notice. remuneration by way of Salary, Benefits, Perquisites,
Accordingly, your directors recommend the special Allowances and Commission subject to such further
resolution in item no. 4 for approval by the shareholders. approvals as may be required

Item No. 5: Re- appointment of Dr. Renuka David (DIN: Further details of Dr. Renuka David, including nature of his
02190575) as Whole-time Director of the Company for a expertise, as required to be disclosed pursuant to Reg. 36
period of 5 years (3) of the SEBI (LODR) Regulations 2015 and Secretarial
Standards – 2 is annexed as Annexure – A.
Dr. Renuka David was appointed as a Whole-time Director
of the Company with effect from 26th October 2018, for a Dr Renuka David and Col. David Devasahayam are related
period of 5 years and her present tenure will end on 25th to each other as spouse and are considered interested
October 2023. in this resolution. None of the other Directors or Key
Managerial Personnel of the Company or their relatives
The Board of Directors, at its meeting held on August 08,
is/are in any way, concerned or interested, financially or
2023, based on the recommendation of the Nomination
otherwise, in the resolutions set out at Item No. 5 of the
and Remuneration Committee, approved re-appointment of
accompanying Notice.
Dr. Renuka David for a further period of 5 year with effect
from 26th October, 2023 to 25th October, 2028 subject to Accordingly, your directors recommend the special
approval of the Members. Dr. Renuka David has confirmed resolution in item no. 5 for approval by the shareholders.
that she is not disqualified from being appointed as Director,
in terms of the provisions of Section 164(1), 164(2) of the Act
and is not debarred to hold the office of a Director by virtue of By Order of the Board of Directors
any order passed by SEBI or any other authority and has given For Radiant Cash Management Services Limited
her consent to act as a Director of the Company.
Dr. Renuka David has been playing key role in the growth Nithin Tom
of the Company and contributed immensely to the growth Place: Chennai Company Secretary
of the Company. Considering her rich experience, and Date: August 08, 2023 A53056
contribution to the growth of the Company, the Board of
Directors of the Company felt it highly desirable for the
Company to re-appoint Dr. Renuka David for a further
period to enable the Company to avail her rich experience
and expertise to continue its growth journey.

34 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure – A
Disclosure pursuant to Regulation 36 of SEBI (LODR) Regulations a brief resume and a statement as required by paragraph no.
1.2.5 of SS2 – Secretarial Standards on General Meetings

Name of Director Col. David Devasahayam

DIN 02154891
Date of Birth (Age) March 21, 1960 (63)
Qualifications · B.Sc from Jawaharlal Nehru University,
· M.Sc. in Defense Studies from University of Madras.
· Post Graduate Studies on the 49th Staff Courses from Defence Services
Staff College, Wellington, India.
· Completed the 44th Session of the Owner/President Management
Program at Harvard Business School
Experience / Expertise in specific functional · Served in the Indian Army for over twenty five years.
areas · 18 years of experience in relation to his professional association with the
Company.
· Expertise in functional areas of Business Operations, Corporate
Governance, Strategy & Planning etc..
Terms and conditions of appointment / Re-Appointment as the Managing Director for a further period of five years
reappointment commencing from October 26, 2023. Terms and conditions of his appointment
and proposed remuneration are specified in the resolution and explanatory
statement annexed to this notice
Remuneration sought to be paid Details of remuneration sought to be paid are detailed in Explanatory Statement
– Item No. 4
Remuneration last drawn (for financial year ₹ 20.00 million
2022-23)
Date of first appointment on the Board 23/03/2005
Shareholding in the Company 5,22,35,575 shares
Relationship with other Directors, Manager Spouse of Dr. Renuka David, Whole-time Director
and KMP of the Company
Number of Board Meetings attended during Nine
the Financial Year 2022-23
Other Directorships, · Radiant Business Solutions Private Limited
· Radiant Protection Force Private Limited
· Radiant Medical Services Private Limited
· Radiant Integrity Techno Solution Private Limited
· Radiant Content Creations Private Limited
· Renuka Management Services LLP – Partner
· Radiant Foundation – Trustee
Membership/Chairmanship of Committees of Nil
other Boards
Listed Entities from which he/she has resigned Nil
as Director in past 3 years

RADIANT
CASH MANAGEMENT SERVICES LIMITED 35
Disclosure pursuant to Regulation 36 of SEBI (LODR) Regulations a brief resume and a statement as required by paragraph no.
1.2.5 of SS2 – Secretarial Standards on General Meetings

Name of Director Dr. Renuka David

DIN 02190575
Date of Birth (Age) May 2, 1965 (58)
Qualifications · MBBS degree from Bharathiar University.
· PhD (HC) from The American University for Global Peace in USA
Experience / Expertise in specific functional areas · 18 years of professional association with the Company.
· Expertise in functional areas of Business Operations, Strategy &
Planning.
Terms and conditions of appointment / Re-Appointment as the Whole-time Director for a period of five years
reappointment commencing from October 26, 2023. Terms and conditions of her re-
appointment and proposed remuneration are specified in the resolution
and explanatory statement annexed to this notice
Remuneration sought to be paid Details of remuneration sought to be paid are detailed in Explanatory
Statement – Item No. 5
Remuneration last drawn (for financial year 2022- ₹ 3.60 million
23)
Date of first appointment on the Board 23/03/2005
Shareholding in the Company 85,00,000 shares
Relationship with other Directors, Manager and Spouse of Col David Devasahayam, Chairman & Managing Director of the
KMP of the Company Company
Number of Board Meetings attended during the Eight
Financial Year 2022-23
Directorships held in other companies · Radiant Business Solutions Private Limited
· Radiant Protection Force Private Limited
· Radiant Medical Services Private Limited
· Radiant Integrity Techno Solution Private Limited
· Radiant Content Creations Private Limited
· Radiant Foundation - Trustee
Membership/Chairmanship of Committees of Nil
other Boards
Listed Entities from which he/she has resigned as Nil
Director in past 3 years
For additional details on attendance at meetings, remuneration drawn and relationship with other directors and key managerial
personnel, in respect of the above Directors, please refer to the Corporate Governance Report which is a part of the Annual
Report.

36 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Board’s Report
Dear Members,
The Board of Directors are pleased to present the 18th Annual Report on the business and operations of your Company together
with the audited financial statements for the year ended March 31, 2023.
1. OVERVIEW OF FINANCIAL PERFORMANCE HIGHLIGHTS
A summary of key highlights of the financial performance of the Company during the financial year ended March 31, 2023
are hereunder:
(₹ in million)
Particulars FY 2022-23 FY 2021-22
Revenue from Operations 3,549.06 2,860.35
Other Income 25.76 9.39
Total Revenue 3,574.82 2,869.74
Total Expenditure 2677.88 2274.86
Profit before finance cost, depreciation and taxes 896.94 594.88
Less: Finance Cost 9.26 36.71
Depreciation and Amortization expenses 44.56 37.59
Profit before Tax 843.12 520.58
Less: Provision for Tax 215.85 138.49
Profit after Tax 627.27 382.09
Add: Retained earnings - opening balance 1,002.63 870.54
Balance available for appropriation 1,629.90 1,252.63
Appropriations:
- Interim / Final Dividends 228.21 250.00
Retained Earnings - Closing Balance 1,401.69 1,002.63
During the year under review, your Company achieved a Total Revenue of ₹3,574.82 million representing an increase of
about 25% over the previous year. The Profit before Tax was at ₹843.12 million as compared to ₹520.58 million in the
previous year. The Profit after Tax was ₹627.27 million in 2022-23, higher by ₹245.18 million, registering an increase of
about 64% compared to the profit of ₹382.09 million for the previous year.
The impressive performance was on account of strong revenue growth and significant improvement in margins.
The operational performance of the Company are detailed in the Management Discussion and Analysis section forming part
of the annual report
2. STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK
Business Overview:
Your Company is one of the leading integrated cash logistics player with strong presence in retail cash management (“RCM”)
segment of the cash management services industry in India and are one of the largest players in the RCM segment in
terms of network locations or touch points served as of March 31, 2023. The Company caters to broad set of outsourcing
requirements pertaining to cash management services for banks, financial institutions, organized retail and e-commerce
companies in India and operates across five business verticals, namely 1) Cash Pick-up and Delivery; 2) Network Currency
Management; 3) Cash Processing; 4) Cash Vans /Cash in Transit and 5) Other Value Added Services.
Your Company continues to maintain its strong presence in the cash management industry and delivers a stellar performance.
During the financial year under review, the revenue from the Company’s business verticals, Cash pick-up and delivery
increased by 28%, Cash processing increased by 32%, Cash vans / Cash in transit increased by 64% and other value added
services increased by 72%. Our total business touch points have grown from 49,980 in March 2022 to 63,420 by March
2023, with an annual growth of 27%. Network currency management business remained fairly stable. The Company services
across 13,100 pin codes in India covering all districts (other than Lakshadweep), serving more than 5,700 locations as of
March 31, 2023.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 37
 Outlook: Initial Public Offering:
The economy has recovered from the pandemic induced During the year under review, your Company successfully
contraction and staged a broad-based recovery across completed Initial Public Offer (“IPO” or “Issue”) of
sectors, positioning itself to ascend to the pre-pandemic 26,676,977 Equity Shares of face value of ₹1 each. The
growth path in FY 2023. Global growth is projected to IPO consisted of a fresh issue of 54,54,546 Equity Shares
moderate from 3.4% in Calender Year 2022 to 2.8% in by the Company and an offer for sale of 2,12,22,431
Calender Year 2023, weighed down by central banks Equity Shares by the selling shareholders as detailed in
raising interest rates to fight inflation, and Russia’s war in the prospectus. The fresh issue of the Company has been
Ukraine. subscribed at ₹99/- per Equity Share (including securities
premium of ₹98/- per Equity Share) aggregating to
India’s GDP grew by about 7.2% in FY 2023 and is
₹540.00 million (shares allotted on January 02, 2023) and
expected to grow by about 6% in FY 2024. Despite the
the offer for sale of 2,12,22,431 Equity Shares of ₹1/-
global slowdown, India’s economic growth rate is stronger
each were subscribed at ₹2,026.41 million.
than in many peer economies and reflects relatively
increased domestic consumption and lesser dependence The shares of the Company were successfully listed with
on global demand. NSE & BSE with effect from January 04, 2023.
Further analysis of the Business and Financial Results Share Capital:
are given in the Management Discussion and Analysis,
During the year under review, the Company allotted
section which forms part of the Annual Report.
54,54,546 fresh equity shares of ₹1/- each on 2nd January,
Dividend: 2023 through an Initial Public Offering. As a result of
this allotment, the paid-up share capital of the Company
During the year, the Board declared an interim dividend
increased from ₹10,12,53,360 (comprising 10,12,53,360
of ₹1/- per share i.e. 100% for the financial year 2022-23
equity shares of ₹1/- each) to ₹10,67,07,906 (comprising
absorbing a sum of ₹106.71 million. The Interim Dividend
10,67,07,906 equity shares of ₹1/- each). The equity
was paid on February 20, 2023 to those shareholders
shares so allotted rank pari passu with the existing equity
whose names appeared in the Register of Members as on
shares of the Company.
the record date i.e., February 08, 2023.
Borrowings:
Your Directors are pleased to recommend a final dividend
of ₹2/- per equity share of ₹1/- each i.e., 200%, for the The long-term borrowings of the Company stood at
financial year ended March 31, 2023. The final dividend, ₹8.82 million (excluding current maturities of long term
if approved by the shareholders at the ensuing Annual borrowings amounting to ₹ 3.80 million) as on March
General Meeting of the Company, would involve a cash 31, 2023 as against ₹12.63 million (excluding current
outflow of ₹213.42 million and shall be payable to those maturities of long term borrowings amounting to ₹ 3.45
Shareholders whose names appear in the register of million) reported as on March 31, 2022.
Members as on the Record Date, September 04, 2023.
Fixed deposits:
Thus, the aggregate dividend for the Financial Year 2022-
23 would be ₹3/- per share (i.e., 300%). During the year, the Company has not accepted any
deposits, within the meaning of Section 73 of the
The Dividend Distribution Policy, in terms of Regulation
Companies Act, 2013 read with Companies (Acceptance of
43A of the Securities and Exchange Board of India (Listing
Deposits) Rules, 2014. No amount on account of principal
Obligations and Disclosure Requirements) Regulations,
or interest on deposits from public was outstanding as on
2015 (“SEBI Listing Regulations”) is available on the
Balance Sheet date.
Company’s website at https://radiantcashservices.com/
corporate-governance/ Particulars of Loans, Guarantees or Investments under
section 186 of the Companies Act, 2013
Unclaimed Dividends and Transfers to Investor
Education and Protection Fund: The Loans, Guarantees and Investments covered under
Section 186 of the Companies Act, 2013 form part of the
The details of unclaimed dividends in the Company are
Notes to the financial statements.
provided in the Corporate Governance Report, which
forms part of this Annual Report. During the year the Particulars of Contracts or Arrangements with Related
Company was not required to transfer any amount to Parties (referred to in subsection (1) of section 188 of
Investor Education and Protection Fund under Section the Companies Act, 2013)
125 of the Act.
All the transactions with related parties were in the ordinary
Transfer to Reserves: course of the business and on the arm’s length basis and
are reported in the Notes to Financial Statements. The
Your Directors do not propose to transfer any amount to
Company during the year recovered from the Selling
General Reserves for the financial year ended March 31,
Shareholders their proportionate share of IPO expenses
2023.

38 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

as a one-time transaction and the details of which are ii. They have selected such accounting policies and
disclosed in the Notes to the Financial Statements. The applied them consistently and made judgments and
details of materially significant related party transactions estimates that are reasonable and prudent so as to
entered into by the Company are disclosed in Form AOC- give a true and fair view of the state of affairs of the
2 pursuant to Section 134(3) of the Act and enclosed as Company at the end of the financial year and of the
Annexure -1 to this report. loss of the Company for that period;
The Related Party Transaction Policy of the Company iii. They have taken proper and sufficient care for
was amended in line with the provisions under SEBI the maintenance of adequate accounting records
Regulations and were approved by the Audit Committee in accordance with the provisions of the Act for
and the Board at their respective meetings held on safeguarding the assets of the Company and
January 28, 2023. The amended policy, as approved by for preventing and detecting fraud and other
the Board is available on the Company’s website and irregularities;
can be accessed at https://radiantcashservices.com/
iv. They have prepared the annual accounts on a Going
corporate-governance/
Concern basis
3. MATERIAL CHANGES AND COMMITMENTS
v. They have laid down Internal Financial Controls to be
AFFECTING THE FINANCIAL POSITION OF THE
followed by the Company and such Internal Financial
COMPANY
Controls are adequate and operating effectively;
There have been no material changes and commitments
vi. They have devised proper systems to ensure
affecting the financial position of the Company between
compliance with the provisions of all applicable laws
the end of the financial year and the date of this Report.
and that such systems are adequate and operating
4. CHANGE IN NATURE OF BUSINESS effectively.
During the year under review, there was no change in the 8. DIRECTORS AND KEY MANAGERIAL PERSONNEL
nature of business of the Company.
Board Composition:
5. SUBSIDIARY COMPANY JOINT VENTURES, AND
ASSOCIATE COMPANIES As on March 31, 2023, the Company has six Directors
comprising of two Executive Directors one of which is an
The Company does not have any Subsidiary/ Joint Venture Executive Chairman and Managing Director. The Company
/ Associate Company as on March 31, 2023. Pursuant to has four Non-Executive Directors consisting of one Non-
SEBI Regulation the Company has formulated a Policy Executive Nominee Director and three Independent
for determining Material Subsidiaries and the Policy is Directors. There are also two Women Directors on the
available on the website of the Company at https:// Board. The existing composition of the Company’s Board
radiantcashservices.com/corporate-governance/ is fully in conformity with the applicable provisions of the
6. ALTERATION OF ARTICLES OF ASSOCIATION Companies Act, 2013 and Regulations 17 and 17A of the
SEBI (Listing Obligations and Disclosure Requirements)
The Articles of Association (“AoA”) of the Company was Regulations, 2015 with regard to independent directors,
amended at the Shareholder’s meetings held on July 18, women directors. There was no change in the composition
2022 and Sep 12, 2022 for the purpose of extending the of the Board during the financial year 2022-23.
Long Stop Date for the Initial Public Offering (“IPO”). Upon
listing of company’s shares, consequent to consummation On the basis of the written representations received
of IPO, the clauses forming part of the AoA arising out from the Directors, none of the above Directors are
of the Investment Agreement(s) with Ascent Capital disqualified under Section 164 (1) & (2) of the Act. During
Advisors India Private Limited ceased to have effect and the year under review, the Non-Executive Directors
such clauses were removed vide Special resolution passed of the Company had no pecuniary relationship or
by the Shareholders through Postal Ballot approval dated transactions with the Company, other than sitting fees
March 23, 2023. The amended AoA of the Company and reimbursement of expenses, if any incurred by them
can be accessed at https://radiantcashservices.com/ for the purpose of attending meetings of the Board/
corporate-governance/ Committee of the Company.

7. DIRECTORS’ RESPONSIBILITY STATEMENT Declaration of Independence:

Pursuant to Section 134(5) of the Act, the Board of Pursuant to the provisions of Section 149 of the Act,
Directors, to the best of their knowledge and ability, the Independent Directors have submitted declarations
confirm that: that each of them meets the criteria of independence as
provided in Section 149(6) of the Act along with Rules
i. In the preparation of the annual accounts, the
framed thereunder and Regulation 16(1)(b) of the SEBI
applicable accounting standards have been followed
Listing Regulations.
and there are no material departures;

RADIANT
CASH MANAGEMENT SERVICES LIMITED 39
 Retirement of Directors by Rotation: and Compliance Officer of the Company with effect from
June 01, 2023.
In accordance with the requirements of the Act and the
Company’s Articles of Association. Dr. Renuka David, Code of Conduct:
Director of the Company, retires by rotation and being
The board has laid down a “Code of Conduct” for all
eligible, has offered herself for re- appointment. The Board
the Board Members and the Senior Management of the
of Directors recommend for her re-appointment and the
Company and the same has been posted on the website
relevant resolutions seeking shareholders’ approval forms
of the Company.
part of the Notice of the ensuing Annual General Meeting.
All Board members and Senior Management Personnel
Re-appointment of Managing Director and Whole-time
have affirmed compliance with the Company’s code of
Director:
conduct for the financial year 2022-23. A declaration
The term of appointment of Col David Devasahayam to this effect is included in the Corporate Governance
and Dr. Renuka David in their respective designations Report forming part of this Annual Report.
as Managing Director and Whole-time Director, would
9. MEETINGS OF THE BOARD
come to an end on October 25, 2023. The Board of
Directors, based on the recommendation of Nomination During the year under review, nine meetings of the Board
and Remuneration Committee (NRC) and subject to were held. For details of meetings of the Board, please
Shareholder’s Approval, at their meeting held on August refer to the Corporate Governance Report, which forms
08, 2023 have approved the proposal for re-appointment part of the Annual Report.
of Col. David Devasahayam (DIN: 02154891) and Dr.
10. COMPLIANCE WITH SECRETARIAL STANDARDS ON
Renuka David (DIN: 02190575) as the Managing Director
BOARD AND GENERAL MEETINGS
and Whole-time Director respectively for a further period
of five years each, with effect from October 26, 2023. The applicable Secretarial Standards i.e., SS-1 relating to
The relevant resolutions seeking shareholders’ approval “Meetings of the Board of Directors” and SS-2 relating to
for aforementioned re-appointments forms part of the “General Meetings” have been duly complied with by the
Notice of the ensuing Annual General Meeting. Company.

Key Managerial Personnel: 11. BOARD EVALUATION

Pursuant to the provisions of Section 203 of the Act, the The Board of Directors carried out an annual evaluation
Key Managerial Personnel of the Company as on March of its own performance, board committees, and individual
31, 2023 are: Directors pursuant to the provisions of the Act and
SEBI Listing Regulations. The response received from
• Col. David Devasahayam – Chairman and Managing
the Individual Directors to the questionnaire framed
Director
on various criteria as per the Guidance Note on Board
• Dr. Renuka David – Whole-time Director Evaluation issued by the Securities and Exchange Board
of India on January 5, 2017, served as the basis for
• Mr. T. V. Venkataramanan – Chief Financial Officer
conducting the evaluation.
• Col. Benz K. Jacob – Chief Operating Officer
The performance of the Board and the Committees
• Mr. Karthik Sankaran – Chief Technology Officer, were evaluated on various aspects such as composition
and quality, meetings and procedures, contribution to
• Mr. Cyrus Shroff - Chief Marketing Officer
Board processes, effectiveness of the functions allocated,
• Mrs. Jaya Bharathi Karumuri – Company Secretary relationship with management, professional development,
and Compliance Officer (upto May 31, 2023) adequacy, appropriateness and timeliness of information
etc.
• Mr. Nithin Tom – Company Secretary and Compliance
Officer (with effect from June 01, 2023) In a separate meeting of Independent Directors, the
performance of Non-Independent Directors, the Board as
The Board of Directors, based on the recommendation
a whole and the Chairman of the Company was evaluated,
of Nomination and Remuneration Committee approved
taking into account the views of Executive Directors and
the change in designation of Col. Benz K. Jacob and
Non-Executive Directors. The Independent Directors also
Mr. Cyrus Shroff as Chief Operating Officer and Chief
assessed the quality, quantity and timeliness of the flow
Marketing Officer respectively w.e.f. May 22, 2023.
of information between the Management and the Board.
Further, Mrs. Jaya Bharathi Karumuri resigned from the
post of Company Secretary and the Board of Directors The Board and the NRC reviewed the performance of
at their Meeting held on May 22, 2023 accepted her individual Directors on the basis of criteria such as the
resignation and decided to relieve her from the close of contribution of the individual Director to the Board and
business hours on May 31, 2023. In the resulting vacancy, Committee meetings like preparedness on the issues to
Mr. Nithin Tom was appointed as the Company Secretary be discussed, meaningful and constructive contribution

40 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

and inputs in meetings, etc. The Board completed the adequate safeguards against victimisation of Employees
Board evaluation process for FY 2022-23 and expressed and Directors who avail of this vigil mechanism. The Audit
their satisfaction with the evaluation process. Committee also periodically reviews the functioning of
whistle blower mechanism.
12. FAMILIARIZATION PROGRAM FOR INDEPENDENT
DIRECTORS 16. CORPORATE SOCIAL RESPONSIBILITY (“CSR”)
The Company conducts familiarization program for The Company strongly believes in the philosophy of
the Independent Directors and the details of which are giving back to the society and seeks to positively impact
provided in the Corporate Governance Report. on the lives of the underprivileged by supporting and
engaging in activities aimed at improving their wellbeing.
13. COMMITTEES OF THE BOARD
The CSR activities, projects, and programs undertaken by
In accordance with the provisions of the Act and Listing the Company are in accordance with Section 135 of the
Regulations, following Statutory Committees were Act and the rules made thereunder. The brief outline of
constituted by the Board the CSR Policy of the Company and the CSR initiatives
undertaken by the Company during the year under review
a. Audit Committee
are set out in the CSR Report enclosed as Annexure – 2
b. Nomination and Remuneration Committee to this report. The CSR Policy and the Annual Action Plan
c. Corporate Social Responsibility Committee are disclosed on the website of the Company and can be
accessed at https://radiantcashservices.com/corporate-
d. Stakeholders’ Relationship Committee governance/
The details on the composition of the Statutory 17. INTERNAL FINANCIAL CONTROL SYSTEMS AND
Committees, attendance at the meetings and terms of THEIR ADEQUACY
reference are included in the Corporate Governance
Report, which forms part of the Annual Report. The Company has comprehensive Internal Control
Mechanism and also has in place adequate policies and
The Company is among the top 1000 listed Companies procedures for the governance of orderly and efficient
in India based on the market capitalization as on March conduct of its business, including adherence to the
31, 2023. Accordingly, the Board has also constituted the Company’s policies, prevention, and detection of frauds
Risk Management Committee at its meeting held on May and errors, accuracy and completeness of the accounting
22, 2023. records, and timely preparation of reliable financial
14. POLICY ON APPOINTMENT, REMUNERATION AND disclosures. The Company’s Internal Control Systems are
EVALUATION OF THE DIRECTORS, KEY MANAGERIAL commensurate with the nature of its business, and the
PERSONNEL AND SENIOR MANAGEMENT size and complexity of its operations and such Internal
Financial Controls concerning the Financial Statements
Policy on Directors’ appointment and remuneration are adequate.
including criteria for determining qualifications, positive
attributes, independence of the Directors and other For more details, refer to the ‘Internal Control Systems and
matters provided under Section 178(3) of the Act their Adequacy’ section in the Management’s Discussion
forms part of the Nomination & Remuneration Policy and Analysis, which forms part of this Annual Report
of the Company. This Policy is available on the website 18. RISK MANAGEMENT
of the Company and can be accessed at: https://
radiantcashservices.com/corporate-governance/ The Company is among the top 1000 listed companies
in India based on the market capitalization as on March
15. VIGIL MECHANISM / WHISTLE BLOWER POLICY 31, 2023. Accordingly, the Board of Directors have
The Company has a Whistle Blower Policy and established constituted a Risk Management Committee at its
the necessary vigil mechanism in confirmation with meeting held on May 22, 2023 to frame, implement and
Section 177(9) of the Act and Regulation 22 of SEBI monitor the risk management plan for the Company. The
Listing Regulations, for Directors and Employees, to report Committee is responsible for monitoring and reviewing
concerns about unethical behaviour. The details of the the risk management plan and ensuring its effectiveness.
policy have been disclosed in the Corporate Governance 19. AUDITORS
Report, which forms part of the Annual Report and is also
available on https://radiantcashservices.com/corporate- Statutory Auditor:
governance/ Pursuant to Section 139 of the Companies Act, 2013 read
The policy enables stakeholders, including individual with the Companies (Audit and Auditors) Rules, 2014, ASA
employees, to freely communicate their concerns about & Associates, LLP, Chartered Accountants, Chennai (Firm
illegal or unethical practices, actual or suspected fraud or registration number 009571N / N500006) (“ASA”) was
any other genuine concerns or grievances and provides for appointed as the Statutory Auditors, at the 16th Annual

RADIANT
CASH MANAGEMENT SERVICES LIMITED 41
 General Meeting of the Company held on September 20, 23. BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
2021, to hold office for a term of five consecutive years
In accordance with Regulation 34(2)(f) of the Listing
from the conclusion of the 16th AGM, till the conclusion of
Regulations, Business Responsibility and Sustainability
the 21st AGM to be held in the year 2026. The Auditors’
Report (“BRSR”) for the year ended March 31, 2023 is
Report for fiscal 2023 does not contain any qualification,
enclosed to this report.
reservation, or adverse remark. The Report is enclosed
with the financial statements in this Annual Report 24. PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES
Secretarial Auditor
In terms of the provisions of Section 197(12) of the
Pursuant to the provisions of Section 204 of the Companies
Companies Act, 2013 read with Rule 5 of the Companies
Act, 2013, the Board of Directors had appointed M/s S
(Appointment and Remuneration of Managerial Personnel)
Sandeep & Associates, Practicing Company Secretaries
Rules 2014, necessary disclosures are provided in the
(FCS: 5853, CP: 5987) was appointed as Secretarial
Annual Report as Annexure – 4
Auditor of the Company for FY 2022-23. The Secretarial
Audit Report issued by M/s S Sandeep & Associates, in Pursuant to Section 136 (1) of the Companies Act, 2013,
Form MR-3 is enclosed vide Annexure – 3 forming part the report of the Board of Directors is being sent to the
of this report and does not contain any qualification. shareholders of the Company excluding the statement
prescribed under Rule 5 of the Companies (Appointment
Reporting of Frauds by Statutory Auditors
and Remuneration of Managerial Personnel) Rules, 2014.
During the year under review, no fraud has been The statement will be made available to any Member on
committed by the officers and employees against your request at investorrelations@radiantcashlogistics.com
Company. Considering that the Company is in the
25. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
business of Cash Management, there were few instances
PASSED BY THE REGULATORS OR COURTS OR
of cash embezzlements. During the year, there were 40
TRIBUNALS IMPACTING THE GOING CONCERN
instances aggregating to ₹50.54 million reported by the
STATUS AND COMPANY'S OPERATIONS IN FUTURE
Statutory Auditors. Out of the above, the Company has
so far recovered ₹39.19 million, written off ₹9.50 million No significant or material orders were passed by the
and the recovery of balance ₹1.84 million is in progress. regulators or courts or tribunals which impact the going
20. MAINTENANCE OF COST RECORDS concern status and Company’s operations in future.

Maintenance of cost records and requirement of cost 26. PREVENTION OF SEXUAL HARASSMENT OF WOMEN
audit as prescribed under the provisions of Section 148(1) AT WORK PLACE
of the Companies Act, 2013 are not applicable to the The Company has in place a policy for Prevention of
Company. Sexual Harassment in line with the requirements of
21. CORPORATE GOVERNANCE REPORT the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (POSH
Pursuant to Regulation 34 read with Schedule V of the Act) and the same is available on the website of the
Listing Regulations, a separate section on the Corporate Company at https://radiantcashservices.com/corporate-
Governance Report, forms an integral part of this Annual governance/. In compliance with the provisions under
Report. A certificate from a Practicing Company Secretary Section 4 of the Sexual Harassment of Women at the
confirming compliance with corporate governance norms, Workplace (Prevention, Prohibition & Redressal) Act, 2013,
as stipulated under the Listing Regulations, is annexed to Internal Complaints Committee (ICC) of the Company has
the Corporate Governance Report. been constituted to redress complaints regarding sexual
22. MANAGEMENT DISCUSSION AND ANALYSIS harassment. During the year under review, no complaints
were received.
Pursuant to Regulation 34 of the Listing Regulations, a
separate section on Management Discussion and Analysis 27. ANNUAL RETURN
Report, highlighting the business of your Company, details
Pursuant to Section 134(3)(a) and Section 92(3) of
about the economy, Company’s business performance
the Companies Act, 2013 read with Rule 12(1) of the
review and other material developments during the
Companies (Management and Administration) Rules,
financial year 2022-23, forms an integral part of this
2014, a copy of the draft annual return in Form MGT-7 as
Annual Report.
on March 31, 2023, placed on the website of the Company
and can be accessed at https://radiantcashservices.com/
agm-for-fy-2022-23/

42 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

28. CONSERVATION OF ENERGY, TECHNOLOGY The Board has further approved the code for practices
ABSORPTION AND FOREIGN EXCHANGE EARNING and procedures for fair disclosure of Unpublished Price
& OUTGO Sensitive Information (UPSI) and policy governing the
procedure of inquiry in case of actual or suspected
The provisions of clause (m) of sub-section (3) of Section
leak of UPSI. The code has also been hosted on the
134 of the Act, read with rule 8 (3) of The Companies
website of the company and can be accessed at https://
(Accounts) Rules, 2014 relating to conservation of energy
radiantcashservices.com/corporate-governance/.
and technology absorption are not applicable to our
Company. 32. ACKNOWLEDGEMENT
During the financial year ended March 31, 2023, there The Board of Directors take this opportunity to thank and
were no Foreign Currency Earnings. The Foreign Currency express sincere gratitude to all the valuable stakeholders
Expenditure for the Company amounted to ₹ 2.23 million. of the Company viz., shareholders, customers, vendors,
auditors, bankers, business associates, regulatory
29. PROCEEDINGS PENDING, IF ANY, UNDER THE
authorities, Central and State Government Departments,
INSOLVENCY AND BANKRUPTCY CODE, 2016
local authorities for their excellent support and co-
There was no application made or any proceeding pending operation extended by them during the financial year.
under IBC during the year under review.
The Board of Directors also place on record their sincere
30. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT appreciation of the valuable contribution made by the
OF THE VALUATION DONE AT THE TIME OF ONE employees at all levels to the growth of the Company.
TIME SETTLEMENT AND THE VALUATION DONE
WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE For and on behalf of the Board of Directors
REASONS THEREOF
Col. David Devasahayam
No such event has occurred during the year under review.
Chairman and Managing Director
31. CODE FOR PREVENTION OF INSIDER TRADING DIN: 02154891
The Board has adopted a code to regulate, monitor and
report trading by insiders in securities of the Company. Place: Chennai
The code inter alia requires pre-clearance for dealing in Date: August 08, 2023
the securities of the Company and prohibits the purchase
or sale of securities of the company while in possession of
unpublished price sensitive information in relation to the
Company and during the period when the trading window
is closed.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 43
Annexure 1
Form AOC – 2
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred to
in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms-length transactions under third proviso
thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis:
All contracts / arrangements / transactions with related parties were on arm’s length basis and in the ordinary course of
business.
2. Details of material contracts or arrangement or transactions at arm’s length basis

Name of the Related Party : Radiant Protection Force Private Limited

Nature of Relationship : Significant Influence
Duration of the contracts/ arrangements/ : Up to March 31, 2023 (*)
transactions
Salient Terms : Contract expenses for the services of Gunmen, Guards & Drivers,
Lease Rentals of Vehicles, Generators and Cash Vans, Fleet Operating
and Service Charges, Cash Van Running and Maintenance Expenses
including Reimbursement of Expenses and Lease Rent for the Office
Premises
Date(s) of Approval by the Board : 12th April, 2022
Nature of transactions ₹ in million
Contract Charges - Guards & Drivers 282.10
Contract expenses - Cash Van 206.65
Rent - Vehicles & Generators 90.76
Rent – Buildings 8.89
(*) The Company obtained the shareholder’s approval by way of passing Special Resolution dated March 23, 2023 through
a Postal Ballot for entering into Contracts / arrangements / transactions with Radiant Protection Force Private Limited (RPF)
from FY 2023-24 to FY 2025-26

44 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure 2
Annual Report on CSR Activities for Financial Year 2022-23

1. Brief outline on CSR Policy of the Company:

Radiant Cash Management Services Limited is committed towards the social welfare of the community and believes strongly
in the ideology of giving back to the society. The Company seeks to positively impact the lives of the underprivileged by
supporting and engaging in activities that aim at improving their well-being. The CSR Activities of the Company are primarily
focused on eradicating hunger, poverty, malnutrition and promoting hygiene & health care.
Your Company contributes significantly through various CSR implementing agencies, primarily, the Radiant Foundation, CSR
arm of the Radiant Group, supporting socially challenged groups.
Your Company would be undertaking the CSR activities as listed in Schedule VII and Section 135 of the Companies Act,
2013 and the Rules framed thereunder and as per its CSR policy.
2. Composition of CSR Committee:

No of meetings of No of meetings of CSR

S. Designation / Nature of
Name of Director CSR Committee held Committee attended
No. Directorship
during the year during the year
1 Lt. Gen Devaraj Anbu Independent Director 2 2
2 Col. David Devasahayam Chairman and Managing Director 2 2
3 Dr. Renuka David Whole-time Director 2 1

3. Web-link where Composition of CSR Committee, CSR Policy and CSR projects approved by the board are disclosed on the
website of the Company: https://radiantcashservices.com/csr-3/
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014: Not Applicable
5.a) Average Net Profit of the Company as per Section 135(5): ₹ 491.19 million
b) Two percent of average net profit of the Company as per Section 135 (5): ₹ 9.82 million
c) Surplus arising out of the CSR projects/programmes of the previous financial year: Nil
d) Amount required to be set off for the financial year, if any: Nil
e) Total CSR obligation for the financial year (5b+5c-5d): ₹ 9.82 million
6.a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): ₹ 9.84 million
b) Amount spent in Administrative Overheads: Nil
c) Amount spent on Impact Assessment, if applicable: Nil
d) Total amount spent for the Financial Year [6a+6b+6c]: ₹ 9.84 million
e) CSR amount spent or unspent for the financial year:

Amount Unspent (₹. in million)

Total Amount
Total Amount transferred to Unspent Amount transferred to any fund specified under
Spent for the
CSR Account as per section 135(6) Schedule VII as per second proviso to section 135(5)
Financial Year
(₹. in million) Amount (₹. in Amount (₹. in
Date of transfer Name of the Fund Date of transfer
million) million)
₹ 9.84 million Nil

RADIANT
CASH MANAGEMENT SERVICES LIMITED 45
 f) Excess amount for set off, if any

Sr. No. Particulars Amount (₹ in million)

(i) Two percent of average net profit of the Company as per sub-section (5) of section 9.82
135
(ii) Total amount spent for the financial year 9.84
(iii) Excess amount spent for the financial year (ii-i) 0.02
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Nil
financial years, if any
(v) Amount available for set-off in succeeding Financial years (iii-iv) 0.02

7. Details of Unspent CSR amount for the preceding three financial years:

Amount Amount Amount transferred to any fund specified Amount

transferred to spent in the under Schedule VII as per second proviso remaining to
Preceding
Sr. Unspent CSR reporting to section 135(5) be spent in
Financial
No. Account under Financial succeeding
Year Name of the Amount (₹ in Date of
Section 135(6) Year (₹ in financial year
(₹ in million) million) Fund million) transfer (₹ in million)
Nil

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year: Nil
If yes, enter the number of Capital assets created/ acquired
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in
the Financial Year

Short particulars
of the property or Pincode Amount
Sr. asset(s) [including of the Date of of CSR Details of entity/ authority/ beneficiary of the
No complete address property creation amount registered owner
and location of the or asset(s) spent
property]
(1) (2) (3) (4) (5) (6)
CSR Registration
Registered
Number, if Name
address
applicable
Nil

9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per section 135(5): Not
Applicable

Col. David Devasahayam Lt. Gen Devraj Anbu

Chairman and Managing Director CSR Committee Chairman &
Place: Chennai DIN: 02154891 Independent Director
Date: August 08, 2023 DIN: 09295593

46 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure 3
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration
Personnel) Rules, 2014]

To vi) The following regulations and guidelines prescribed

The Members of under the Securities and Exchange Board of India
RADIANT CASH MANAGEMENT SERVICES LIMITED. Act, 1992(‘SEBI ACT’) as amended from time to
28, Vijayaraghava Road, time;
T. Nagar, Chennai- 600017
- The Securities and Exchange Board of India
We have conducted the secretarial audit of the compliance (Registrars to an Issue and Transfer Agents)
of applicable statutory provisions and the adherence to good Regulations, 1993, regarding Companies Act
corporate practices by RADIANT CASH MANAGEMENT and dealing with client;
SERVICES LIMITED (hereinafter called the “Company”) [CIN:
- The Securities and Exchange Board of
L74999TN2005PLC055748]. The Secretarial Audit was
India (Substantial Acquisition of Shares and
conducted in a manner that provided us a reasonable basis for
Takeovers) Regulations, 2011 ;
evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon. - The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations,
Based on our verification of the Company’s books, papers,
2015
minute books, forms and returns filed and other records
maintained by the Company and made available to us and - The Securities and Exchange Board of
also the information provided by the Company, its officers, India (Listing Obligations and Disclosure
agents and authorized representatives during the conduct of Requirements) Regulations, 2015;
secretarial audit, the explanations and clarifications given to us
- The Securities and Exchange Board of India
and the representations made by the Management, we hereby
(Issue of Capital and Disclosure Requirements),
report that in our opinion and understandings, the Company
2018;
has during the audit period covering the financial year ended
on 31st March 2023 generally has complied with the statutory - The Securities and Exchange Board of
provisions listed hereunder and also the Company has proper India (Issue and Listing of Debt Securities)
Board processes and compliance mechanism in place to the Regulations, 2008;Securities and Exchange
extent, in the manner and subject to the reporting made Board of India (Depositories and Participants)
hereinafter: Regulations, 2018; To the extent applicable

1. We have examined the books, papers, minutes’ book, - The Securities and Exchange Board of India
forms and returns filed and other records maintained by (Share Based Employee Benefits and Sweat
the Company and made available to us, for the financial Equity) Regulations, 2021; Not Applicable for
year ended on 31st March 2023 according to the the year under review.
provisions of: - The Securities and Exchange Board of India
ii) The Companies Act, 2013 (the “Act”) and the rules (Delisting of Equity Shares) Regulations, 2021;
made thereunder; Not Applicable for the year under review

iii) The Securities Contracts (Regulation) Act, 1956 - The Securities and Exchange Board of India
(“SCRA”) and the rules made thereunder ; (Buyback of Securities) Regulations, 2018; Not
Applicable for the year under review.
iv) The Depositories Act, 1996 and the Regulations and
Byelaws framed thereunder thereunder; - The Securities and Exchange Board of
India (Issue and Listing of Non-Convertible
v) Foreign Exchange Management Act, 1999 and the
Securities) Regulations, 2021; Not Applicable
rules and regulations made thereunder to the extent
for the year under review.
of Foreign Direct Investment. The Company does
not have any External Commercial Borrowings or
Overseas Direct Investment.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 47
Reserve Bank of India circular RBI/2017-18/152 DCM (Pig) We further report that based on the information received
No.3563/10..25.07/2017-18 dated April 16, 2018 and Private records maintained and representation received there are
Securities Agencies (Regulation)(PSAR) Act,2005 to extent as adequate systems and processes in the company commensurate
applicable to the Company. with the size and operations of the company to monitor and
ensure compliance with applicable laws, rules, regulations and
1. We have also examined compliance with the applicable
guidelines.
clauses of the following:
We report further that, during the audit period:
a. Secretarial Standards with respect to Meetings of
Board of Directors (SS-1) and General Meetings (SS- a. The Company has come out with an Initial Public
2) issued by The Institute of Company Secretaries of Offer (“IPO”) the offer comprising of fresh issue and
India. Offer for Sale (“OFS”) and the shares of the Company
are listed on BSE Limited (“BSE”) and National Stock
b. The Listing Agreements entered into by the
Exchange (“NSE”) on January 4, 2023.
Company with the Bombay Stock Exchange Limited
and National Stock Exchange of India Limited as b. The Company made Alterations to its Articles of
per the Securities and Exchange Board of India Association of the Company at the EGMs held on
(Listing Obligations and Disclosure Requirements) July 18, 2022 and September 12, 2022 primarily
Regulations, 2015 for listing of its Equity Shares; We for the extension of Long Stop Date applicable for
further report that during the period under review the IPO and through the Postal Ballot on March 23,
the Company has complied with the provisions of 2023 for removal of certain clauses which became
the Act, Rules, Regulations, Guidelines, Standards, redundant upon consummation of the IPO.
etc. mentioned above.
2. We further report that
For S Sandeep & Associates
a) The Board of Directors of the Company is duly
Company Secretaries
constituted with proper balance of Executive
Directors, Non-Executive Directors and Independent
S Sandeep
Directors. There were no changes in the composition
FCS 5853
of the Board of Directors during the period under
COP 5987
review.
b) Adequate notice is given to all directors to schedule Date: August 08, 2023
the Board Meetings, agenda and detailed notes on Place: Chennai
agenda were sent in advance, and a system exists
for seeking and obtaining further information and
clarifications on the agenda items before the meeting [This Report is to be read with our letter of even date which
and for meaningful participation at the meeting. is annexed as Annexure-A and forms an integral part of this
report.]
c) As per the minutes of the meetings duly recorded
and signed by the Chairman, the decisions of the
Board were unanimous and no dissenting views
have been recorded.

48 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure-A
To,
The Members of
RADIANT CASH MANAGEMENT SERVICES LIMITED.
28, Vijayaraghava Road,
T.Nagar,
Chennai- 600017
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for
our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of accounts of the company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the company.

For S Sandeep & Associates

Company Secretaries

S Sandeep
FCS 5853
COP 5987

Date: August 08, 2023

Place: Chennai

RADIANT
CASH MANAGEMENT SERVICES LIMITED 49
Annexure 4
Particulars of Employees
Information under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014
a. The ratio of the Remuneration of each Director to the median Remuneration of the employees of the Company for the
financial year and percentage increase in Remuneration of each Director, Chief Executive Officer, Chief Financial Officer,
Company Secretary or Manager, if any, in the financial year:
(Explanation: (i) the expression “median” means the numerical value separating the higher half of a population from the lower half
and the median of a finite list of numbers may be found by arranging all the observations from lowest value to highest value and
picking the middle one; (ii) if there is an even number of observations, the median shall be the average of the two middle values)

% Increase of Remuneration in Ratio to median

Name
FY 2023 as compared to FY 2022 Remuneration
Executive Directors:
Col. David Devasahayam 0% 109.50
Dr. Renuka David 0% 19.71
Non-executive Director:
Mr. Vasanthakumar A. P. NA NA
Non-executive & Independent Directors:
Ms. Jayanthi NA NA
Lt. Gen. Devraj Anbu NA NA
Mr. Ashok Kumar Sarangi NA NA
Chief Financial Officer:
Mr. T. V. Venkataramanan (1) 22% 40.15
Company Secretary:
Ms. Jaya Bharathi K (1) (2) 0% 6.57
Other Key Managerial Personnel
Col. Benz K Jacob – Chief Operating Officer 98% 16.01
Mr. Cyrus F Shroff – Chief Marketing Officer 11% 33.17
Mr. Karthik Shankaran - Chief Technology Officer 44% 18.89
(1) Appointed with effect from September 01, 2021
(2) Resigned with effect from May 31, 2023
Non-executive Director was not paid any remuneration/ sitting fees.
Independent Directors were paid only sitting fees for attending the Board/Committee meetings and the same was not
considered in remuneration as mentioned above.
b. The percentage increase in the median remuneration of employees in the financial year was 7%.
c. The number of permanent employees on the rolls of Company as on March 31, 2023 was 2174
d. Average Percentile increase already made in the salaries of employees other than the Managerial Personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and point out if there are any exceptional circumstances for increase in the managerial remuneration:
• During FY 2022-23, the average percentage increase / (decrease) in salary of the Company’s employees, excluding
Key Managerial Personnel (KMP) was 10%.
• During FY 2022-23, the average percentage increase in salary of the KMP was 11 %.
e. It is affirmed that the Remuneration is as per the Remuneration policy for Directors, Key Managerial Personnel, and
other employees adopted by the Company

50 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Report on Corporate Governance

Company Philosophy The Company’s day to day affairs is managed by the Chairman
& Managing Director and a competent management team,
Company’s philosophy on Corporate Governance envisages
under the overall supervision of the Board. The Company’s
adherence to the highest levels of commitment, integrity,
commitment to ethical and lawful business conduct is a
transparency, accountability and fairness, in all areas of its
fundamental shared value of the Board, the Senior Management,
business and in all interactions with its stakeholders. The
and all employees of the Company.
Company also believes that for a Company to succeed, it must
consistently maintain commendable standards of corporate Composition
conduct towards its employees, customers, society and other
As on the date of this report, your Board of Directors consists of
stakeholders.
six members. Of these, two are Executive Directors consisting
Your Company has fair, transparent and ethical governance of one Managing Director and one Whole Time Director.
practices, essential for augmenting long-term shareholder value The remaining four Directors consists of three Independent
and retaining investor trust. The Company has an experienced Directors and one Nominee Director. The Company has two
and well-informed Board, which includes Independent Women Directors on its Board.
Directors. The Board along with its Committees, with the
None of the Directors on the Board holds directorships in
Corporate Governance mechanism in place, undertakes its
more than ten Public Companies; serves as Director or as
fiduciary duties towards all its stakeholders.
Independent Directors in more than seven listed entities; and
The Company's shares were listed in the National Stock the Executive Directors do not serve as Independent Directors
Exchange (NSE) and Bombay Stock Exchange (BSE) on January in more than three listed entities. Necessary disclosures
04, 2023. The Company has complied with the requirements regarding Committee positions in other public companies as
of Corporate Governance specified in regulation 17 to 27 and on March 31, 2023 have been made by the Directors. Col.
clauses (b) to (i) of sub-regulation (2) of regulation 46 of the SEBI David Devasahayam and Dr. Renuka David are the promoters
(Listing Obligations and Disclosure Requirements) Regulations, of the Company. None of the Directors are related to each
2015 (“SEBI Listing Regulations”) as amended. The details of other, except Col. David Devasahayam and Dr. Renuka David,
compliances for the period from January 04, 2023 to March who are related as spouse to each other. Two-third of the
31, 2023 are given hereunder: total number of directors excluding the Independent Directors
and the Managing Director are liable to retire by rotation. The
Board of Directors
details of Directors seeking re-appointment are furnished in
The Corporate Governance practices of the Company ensure the Notice of the Annual General Meeting
that the Board of Directors remains informed, independent and
involved in the Company and that there are ongoing efforts
towards better governance to mitigate risks.

The details of Directors as of March 31, 2023, including the details of their other Board directorships and Committee memberships
as well as their shareholdings, are given below:

No of
No of Names of the other
No of Shares Committee
Directorship listed entities where
Name Category held in the memberships
in other public the directors are
Company in other public
companies holding directorship
companies
Col. David Devasahayam Executive 5,22,35,575 - - -
Dr. Renuka David Executive 85,00,000 - - -
Mr. Vasanthakumar A.P. Non-executive Nil - - -
Ms. Jayanthi Independent Nil - - -
Lt. Gen. Devraj Anbu Independent Nil - - -
Mr. Ashok Kumar Sarangi Independent Nil - - -
In the opinion of the Board, the Independent Directors of the Company fulfill the conditions specified in Listing Regulations /
Companies Act, 2013 and are independent of the management of the company.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 51
Meetings of the Board Committee meetings upon invitation on need basis.
The Board / Committee Meetings are convened by giving During the financial year ended March 31, 2023, nine (9)
appropriate notice well in advance of the meetings. The Board Meetings were held on April 12, 2022, July 19, 2022,
Directors / Members are provided with appropriate information September 12, 2022, November 14, 2022, December 07,
in the form of agenda in a timely manner to enable them to 2022, December 14, 2022, January 02, 2023, January 28,
deliberate on each agenda item and make informed decisions 2023, February 18, 2023 and not more than 120 days elapsed
and provide appropriate directions to the Management. between any two meetings
Video-conferencing facility is made available to facilitate Particulars of the Directors’ attendance to the Meetings of
Director(s) present at other locations to participate in the the Board and its Committees during the financial year ended
meetings. The same is conducted in compliance with the March 31, 2023 are given below:
applicable laws. The Management Team attends the Board and

Board Committees
Nomination Corporate AGM
Name Board Stakeholders’
Audit and Social July 27, 2022
Relationship
Committee Remuneration Responsibility
Committee
Committee Committee
Col. David Devasahayam 9 7 NA 2 1 Yes
Dr. Renuka David 8 NA NA 1 NA Yes
Mr. Vasanthakumar A.P. 9 NA 2 NA NA Yes
Ms. Jayanthi 9 7 2 NA 1 Yes
Lt. Gen. Devraj Anbu 9 7 NA 2 1 Yes
Mr. Ashok Kumar Sarangi 8 NA 2 NA NA Yes

Changes in Board of Directors Independent Directors, discuss matters relating to Company’s

affairs and put forth their views without the presence of the
There was no change in composition of the Board during
non-independent directors and the management team.
the financial year 2022-23 and also between the end of the
financial year and the date of this report. Familiarisation Programme
Independent Directors The company has an ongoing familiarization programme
for all directors with regard to their roles, duties, rights,
Pursuant to Section 149(7) of the Companies Act, 2013
responsibilities in the company, nature of the industry in which
read along with Rule 6 of the Companies (Appointment and
the company operates, the business model of the company,
Qualifications of Directors) Rules, 2014 of the Companies Act,
etc. The details of the familiarisation programme attended
2013 and Regulation 25(8) of the SEBI (LODR) Regulations,
by Directors are available on the website of the company at
2015, the Company has received necessary declarations/
https://radiantcashservices.com/corporate-governance/
disclosures from each of the Independent Director of the
Company stating that he/she meets the criteria of independence Code of Conduct
as required under Section 149(6) of the Companies Act, 2013
Your Company has adopted a Code of Conduct for members of
read with Regulation 16(1)(b) of the SEBI Listing Regulations
the Board (incorporating Code for Independent Directors) and
that he/she has a valid certificate of registration for his/her
the Senior Management. The Code aims at ensuring consistent
enrollment into the data bank for Independent Directors.
standards of conduct and ethical business practices across the
None of the Independent Directors are Promoters or are related Company.
to Promoters. They do not have pecuniary relationship with the
All Board members and senior management personnel have
Company and further do not hold two percent or more of the
affirmed compliance with the Company’s code of conduct for
total voting power of the Company.
the financial year 2022-23. A declaration to this effect has
The Company had issued a formal letter of appointment to been enclosed with this report as Annexure I.
all Independent Directors and the terms and conditions of
Certificate from Company Secretary in Practice
their appointment have been disclosed in the website of
the Company https://radiantcashservices.com/corporate- Mr S Sandeep of M/s S Sandeep & Associates has issued a
governance/ certificate as required under the Listing Regulations, confirming
that none of the Directors on the Board of the company
During the year under review, in line with the requirement under
has been debarred or disqualified from being appointed or
section 149(8) and schedule IV of the Act, the independent
continuing as Director of companies by SEBI / Ministry of
directors had a separate meeting on March 28, 2023 to enable

52 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Corporate Affairs or any such statutory authority. A certificate Audit Committee

to this effect has been enclosed to this report as Annexure II.
Composition and Meetings
Competencies of the Board
As on the date of this report, the Audit Committee comprises
The following is the list of core skills / expertise / competencies of the following members:
identified by the Board of Directors as required in the
context of Company’s business for effective functioning. It Name of the
Position Category
is also confirmed that the Directors possess these skills and Director
competencies in order to ensure effective functioning of the Ms.Jayanthi Chairperson Non-executive
Company. Independent Director
Lt.General Devraj Member Non-executive
Core skills / Expertise / Competencies
Anbu Independent Director
Business expertise
Col David Member Executive Director
Strategy & Planning Devasahayam
Corporate Governance
The Audit Committee of the Board met seven times during
Finance & Accounts / Audit / Banking the financial year on April 12, 2022, May 19, 2022, July 19,
The Director-wise skills and competencies are laid out in the 2022, September 12, 2022, November 14, 2022, January 28,
table below: 2023 and February 18, 2023 respectively. The gap between
two meetings of the Committee did not exceed one hundred
Name of the Director Nature of Expertise and twenty days (120) and the requisite quorum was present in
Col. David Business expertise, Strategy & all the Committee meetings. Mr. Vasanthakumar A.P Nominee
Devasahayam Planning, Corporate Governance Director, attends the meeting of Audit Committee as an Invitee.
In addition to the members of the Audit Committee, these
Dr. Renuka David Business expertise, Strategy &
meetings were also attended by the Chief Financial Officer,
Planning,
Company Secretary, Internal Auditors, Statutory Auditors
Mr. Vasanthakumar A.P. Business Expertise, Strategy & and other management team members who were considered
Planning, Corporate Governance, necessary for providing inputs to the Committee. The Company
Finance & Accounts / Audit Secretary acts as the Secretary to the Audit Committee.
Ms. Jayanthi Corporate Governance, Finance &
Terms of reference:
Accounts/ Audit
Lt. Gen. Devraj Anbu Strategy & Planning, Corporate 1. Overseeing the Company’s financial reporting process and
Governance, Finance & Accounts/ the disclosure of its financial interest to ensure that the
Audit financial statements are correct, sufficient and credible.

Mr. Ashok Kumar Strategy & Planning, Corporate 2. Recommending to the Board for appointment,
Sarangi Governance, Finance & Accounts/ remuneration and terms of appointment of the statutory
Audit / Banking auditor of the Company;

Committees of the Board 3. Reviewing and monitoring the statutory auditor’s

independence and performance, and effectiveness of
As on March 31, 2023, your Company has four Statutory audit process;
Committees constituted by the Board viz.
4. Approving payments to statutory auditors for any other
a. Audit Committee; services rendered by the statutory auditors;
b. Nomination & Remuneration Committee; 5. Reviewing with the management the annual financial
c. Stakeholders Relationship Committee; and statements and auditors report thereon before submission
to the Board, with particular reference to:
d. Corporate Social Responsibility Committee;
• Matters required to be included in Director’s
The Committees are represented by a combination of Non- Responsibility Statement to be included in the
Executive Independent Directors and Key Managerial Personnel Board’s report in terms of clause (c) of sub-section 3
of the Company. The Committees meet at regular intervals and of Section 134 of the Companies Act;
the recommendations of the Committee(s) are submitted to the • Changes, if any in accounting policies and practices
Board for its approval. During the year, all recommendations and reasons for the same;
of the Committee(s) were duly considered and approved by
• Major accounting entries involving estimates based
the Board. Minutes of proceedings of Committee meetings
on the exercise of judgment by management;
are circulated to the respective Committee members and the
finalised minutes of the Committee Meetings are placed before • Significant adjustments made in the financial
the Board in the subsequent meetings. statements arising out of audit findings;

RADIANT
CASH MANAGEMENT SERVICES LIMITED 53
 • Compliance with listing and other legal requirements shareholders (in case of non-payment of declared
relating to financial statements; dividends) and creditors;
• Disclosure of any Related Party Transactions; and 19. Reviewing the functioning of the whistle blower
• Modified opinion(s) in the draft Audit Report. mechanism;
6. Reviewing with the management the quarterly, half-yearly 20. Approving the appointment of the chief financial officer
and annual financial statements before submission to the or any other person heading the finance function or
Board for approval; discharging that function after assessing the qualifications,
experience and background, etc. of the candidate; and
7. Reviewing, with the management, the statement of uses/
application of funds raised through an issue (public issue, 21. Carrying out any other function as is mentioned in the
rights issue, preferential issue, etc.), the statement of terms of reference of the Audit Committee and any other
funds utilised for purposes other than those stated in terms of reference as may be decided by the Board and/or
the offer document/ prospectus/ notice and the report specified/provided under the Companies Act, the Listing
submitted by the monitoring agency monitoring the Regulations or by any other regulatory authority.
utilisation of proceeds of a public or rights issue and
22. Reviewing the utilization of loans and/ or advances from/
making appropriate recommendations to the Board to
investment by the holding Company in any subsidiary
take up steps in this matter. This also includes monitoring
exceeding rupees 100 crore or 10% of the asset size of
the use/application of the funds raised through the
the subsidiary, whichever is lower including existing loans
proposed initial public offer by the Company;
/ advances / investments existing as per applicable law.
8. Approval or any subsequent modifications of transactions
23. Considering and commenting on rationale, cost-benefits
of the Company with related parties and omnibus approval
and impact of schemes involving merger, demerger,
for subject to the conditions as may be prescribed, by the
amalgamation etc., on the Company and its shareholders.
independent directors who are members of the Audit
Committee; The Committee shall mandatorily review the following
information:
9. Scrutinising of inter-corporate loans and investments;
1. Management’s discussion and analysis of financial
10. Valuation of undertakings or assets of the Company,
condition and results of operations;
wherever it is necessary;
2. Statement of significant related party transactions (as
11. Evaluating internal financial controls and risk management
defined by the Audit Committee), submitted by the
systems;
management. Provided that only those members of the
12. Establishing a vigil mechanism for directors and employees audit Committee, who are independent directors, shall
to report their genuine concerns or grievances approve related party transactions.;
13. Reviewing, with the management, the performance of 3. Management letters / letters of internal control
statutory and internal auditors, and adequacy of the weaknesses issued by the statutory auditors;
internal control systems;
4. Internal audit reports relating to internal control
14. Reviewing the adequacy of internal audit function if any, weaknesses;
including the structure of the internal audit department,
5. The appointment, removal and terms of remuneration of
staffing and seniority of the official heading the
the chief internal auditor shall be subject to review by the
department, reporting structure, coverage and frequency
audit Committee;
of internal audit;
6. Examination of the financial statements and the auditors’
15. Discussing with internal auditors on any significant
report thereon; and
findings and follow up thereon;
7. Statement of deviations:
16. Reviewing the findings of any internal investigations by
the internal auditors into matters where there is suspected a. quarterly statement of deviation(s) including report
fraud or irregularity or a failure of internal control systems of monitoring agency, if applicable, submitted to
of a material nature and reporting the matter to the Board; stock exchange(s) in terms of the Listing Regulations;
and
17. Discussing with statutory auditors before the audit
commences, about the nature and scope of audit as well b. annual statement of funds utilised for purposes other
as post-audit discussion to ascertain any area of concern; than those stated in the document/prospectus/
notice in terms of the Listing Regulations.
18. Looking into the reasons for substantial defaults in
the payment to the depositors, debenture holders,

54 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Nomination & Remuneration Committee 7. Recommending to the board, all remuneration, in whatever
form, payable to senior management; and
Composition and Meetings
8. Performing such other activities as may be delegated
As on the date of this report, the Nomination & Remuneration
by the Board and/or specified/provided under the
Committee comprises of the following members:
Companies Act, the Listing Regulations or by any other
Name of the regulatory authority;
Position Category
Director Stakeholders Relationship Committee
Mr. Ashok Kumar Chairperson Non-executive Composition and Meetings
Sarangi Independent Director
As on the date of this report, the Stakeholders Relationship
Ms. Jayanthi Member Non-executive
Committee comprises of the following members:
Independent Director
Mr. Vasanthkumar Member Non-executive, Non- Name of the
A.P. Independent Director Position Category
Director
The Nomination & Remuneration Committee of the Board Lt. General Devraj Chairperson Non-executive
met twice on April 12, 2022 and July 19, 2022. The requisite Anbu Independent Director
quorum was present in all the Committee meetings. The Ms. Jayanthi Member Non-executive
Company Secretary acts as the Secretary to the Nomination & Independent Director
Remuneration Committee.
Col David Member Executive Director
Terms of Reference Devasahayam
1. Formulating the criteria for determining qualifications, The Stakeholders Relationship Committee met on March 28,
positive attributes and independence of a director and 2023. The requisite quorum was present in the Committee
recommending to the Board a policy, relating to the meeting. The Company Secretary acts as the Secretary to the
remuneration of the directors, key managerial personnel Stakeholders Relationship Committee.
and other employees;
Terms of Reference:
2. For every appointment of an independent director, the
1. To consider and resolve the grievances of the security
Nomination & Remuneration Committee shall evaluate the
holders of the Company including complaints related to
balance of skills, knowledge and experience on the Board
transfer/transmission of shares, non-receipt of annual
and on the basis of such evaluation, prepare a description
report, non-receipt of declared dividends, issue of new/
of the role and capabilities required of an independent
duplicate certificates, general meetings etc. and assisting
director. The person recommended to the Board for
with quarterly reporting of such complaints;
appointment as an independent director shall have the
capabilities identified in such description. For the purpose 2. To review measures taken for effective exercise of voting
of identifying suitable candidates, the Committee may: rights by shareholders;

a. use the services of an external agencies, if required; 3. To review adherence to the service standards adopted
by the Company in respect of various services being
b. consider candidates from a wide range of
rendered by the Registrar & Share Transfer Agent;
backgrounds, having due regard to diversity; and
4. To review the various measures and initiatives taken by
c. consider the time commitments of the candidates.
the Company for reducing the quantum of unclaimed
3. Formulation of criteria for evaluation of the performance dividends and ensuring timely receipt of dividend
of the independent directors and the Board; warrants/annual reports/statutory notices by the
shareholders of the Company: and
4. Devising a policy on Board diversity;
5. Carrying out such other functions as may be specified by
5. Identifying persons who qualify to become directors
the Board from time to time or specified/provided under
or who may be appointed in senior management in
the Companies Act, 2013 or the SEBI (Listing Obligations
accordance with the criteria laid down, recommending to
and Disclosure Requirements) Regulations, 2015, each as
the Board their appointment and removal, and carrying
amended or by any other regulatory authority.
out evaluations of every director’s performance;
6. Determining whether to extend or continue the term of
appointment of the independent director, on the basis
of the report of performance evaluation of independent
directors;

RADIANT
CASH MANAGEMENT SERVICES LIMITED 55
Corporate Social Responsibility Committee Risk Management Committee:
Composition and Meetings Composition:
As on the date of this report the Corporate Social Responsibility As on the date of this report the Risk Management Committee
Committee comprises of following members: comprises of following members:

Name of the Sr. Name of the

Position Category Designation Category
Director No Members
Lt. General Devraj Chairperson Non-executive 1 Col David Chairman Executive Director
Anbu Independent Director Devasahayam
Col. David Member Executive Director 2 Mr. Ashok Kumar Member Non-executive
Devasahayam Sarangi Independent
Dr. Renuka David Member Executive Director Director

The Corporate Social Responsibility Committee of the Board 3 Col Benz K Jacob Member Key Managerial
met two times during the financial year on July 19, 2022 and Personnel
March 28, 2023. The requisite quorum was present in all the Terms of Reference:
Committee meetings. The Company Secretary acts as the
(1) To formulate a detailed risk management policy which
Secretary to the CSR Committee.
shall include:
The CSR Committee was reconstituted by the Board at its
a) A framework for identification of internal and
meeting held on May 22, 2023, as Col. David Devasahayam
external risks specifically faced by the Company, in
expressed his desire to step down from the Committee. Mr.
particular including financial, operational, sectoral,
Vasanthakumar A. P. was inducted as the new member of the
sustainability (particularly, ESG related risks),
Committee.
information, cyber security risks or any other risk as
Terms of Reference may be determined by the Committee.
1. Formulation of a corporate social responsibility policy b) Measures for risk mitigation including systems and
to the Board, indicating the activities to be undertaken processes for internal control of identified risks.
by the Company in areas or subjects specified in the
c) Business continuity plan.
Companies Act, 2013. The activities should be within the
list of permitted activities specified in the Companies Act, (2) To ensure that appropriate methodology, processes
2013 and the rules thereunder; and systems are in place to monitor and evaluate risks
associated with the business of the Company;
2. To recommend the amount of expenditure to be incurred,
amount to be at least 2% of the average net profit of the (3) To monitor and oversee implementation of the risk
Company in the three immediately preceding financial management policy, including evaluating the adequacy of
years or where the Company has not completed the risk management systems;
period of three financial years since its incorporation, (4) To periodically review the risk management policy, at least
during such immediately preceding financial years; once in two years, including by considering the changing
3. To institute a transparent monitoring mechanism for industry dynamics and evolving complexity;
implementation of the corporate social responsibility (5) To keep the board of directors informed about the nature
projects or programs or activities undertaken by the and content of its discussions, recommendations and
Company; actions to be taken; and
4. To monitor the corporate social responsibility policy from (6) The appointment, removal and terms of remuneration of
time to time and issuing necessary directions as required the Chief Risk Officer (if any) shall be subject to review by
for proper implementation and timely completion of the Risk Management Committee
corporate social responsibility programmes;
Performance Evaluation of Board, its Committees and
5. To identify corporate social responsibility policy partners
Directors
and corporate social responsibility policy programmes;
As per the provisions of the Companies Act, 2013, the Board
6. To identify and appoint the corporate social responsibility
has carried out an annual performance evaluation of its own
team of the Company including corporate social
performance, the directors individually as well as the evaluation
responsibility manager, wherever required; and
of the working of its Committees. A structured exercise was
7. To perform such other duties and functions as the Board carried out based on the criteria for evaluation forming part
may require the corporate social responsibility Committee of the Appointment, Remuneration & Evaluation Policy,
to undertake to promote the corporate social responsibility including framework for performance evaluation of Directors,
activities of the Company or as may be required under Board & Committees, Criteria for Evaluation and the inputs
applicable laws;

56 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

received from the Directors, covering various aspects of the The Company has in place a policy on related party transactions
Board’s functioning such as adequacy of the composition of as approved by the Board and the same is available on the
the Board and its Committee, attendance at meetings, Board website of the company at: https://radiantcashservices.com/
culture, duties of directors, and governance. The aforesaid corporate-governance/
policy is available on the website of the company at https://
Whistle Blower Policy & Vigil Mechanism
radiantcashservices.com/corporate-governance/
Your Company has established a Vigil Mechanism and has
REMUNERATION TO DIRECTORS
adopted a Whistle Blower Policy for Directors and Employees
The Company has in place a remuneration policy which is to report their genuine concerns. The Whistle Blower Policy
guided by the principles and objectives as enumerated in has been formulated with a view to provide a mechanism for
section 178 of the Companies Act 2013. Employees and Directors to approach the Audit Committee of
the Company. The said policy is available on the website of
The compensation paid to the Chairman & Managing Director
the Company at https://radiantcashservices.com/corporate-
and the Whole-time Director are within the statutory limits
governance/
and approved by the Board and the Shareholders. The Non-
executive Independent Directors are paid sitting fees within During the year under review, no complaints were received by
the statutory limits for all Board and Committee meetings the Company and hence no complaints are outstanding as on
attended by them. March 31, 2023.
During the financial year ended March 31, 2023, there were Disclosure under POSH Act, 2013
no pecuniary relationship / transactions of any Non-executive
Your Company has not received any complaints under the
Directors with the Company, apart from receiving sitting fees
Sexual Harassment of Women at Workplace (Prevention,
for attending Board / Committee meetings. During the financial
Prohibition and Redressal) Act, 2013 during the financial year
year ended March 31, 2023, the Company did not advance any
ended March 31, 2023 and hence there are no complaints
loans to any of its Directors.
pending as on the end of the financial year.
Sitting Fees:
Subsidiary Company
All Directors except the Chairman & Managing Director /
Whole-time Director and Nominee Director of Investors are Your Company does not have any subsidiary Company. However,
paid a sitting fee of ₹ 1,00,000/- for attending every meeting a policy for determining material subsidiaries is hosted on the
of the Board and ₹ 30,000/- for attending every meeting of the website of your Company at https://radiantcashservices.com/
Audit Committee, Nomination and Remuneration Committee, corporate-governance/
Corporate Social Responsibility Committee Stakeholders Web-link of policies as per SEBI (LODR), Regulations 2015:
Relationship Committee and Independent Directors Meeting.
Code of conduct of board
The details of remuneration paid to Directors during the of directors and senior
financial year ended March 31, 2023 are as follows: management personnel
₹ in million Policy for determining material
Salaries subsidiaries
Sitting
Name of the Director Allowances, Total Policy on Related Party
Fee
Incentives Transactions
Col. David Devasahayam NA 20.00 20.00 Code of Conduct for fair https://
disclosure of UPSI radiantcashservices.com/
Dr. Renuka David NA 3.60 3.60 corporate-governance/
Mr. Vasanthakumar A.P. NA NA NA Prohibition of Insider Trading
Code
Ms. Jayanthi 1.23 NA 1.23
Dividend Distribution Policy
Lt. Gen. Devraj Anbu 1.23 NA 1.23
Details of establishment of vigil
Mr. Ashok Kumar Sarangi 0.89 NA 0.89
mechanism/ Whistle Blower
Related Party Transactions disclosures Policy

All related party transactions that were entered into during CSR Policy
the financial year were on arm’s length basis and in the
ordinary course of business. The details of material related
party transactions made by the Company during the year are
disclosed in form AOC 2.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 57
 CSR Action Plan Fees paid to Statutory Auditors

Appointment Remuneration & The total fees paid by the Company during the financial year
Evaluation Policy ended March 31, 2023, to the Statutory Auditors including all
entities in their network firm / entity of which they are a part
Familiarization Programme for
is given below:
Independent Directors
POSH policy ₹ in million
https://
Terms and Conditions of radiantcashservices.com/ Particulars Amount
Appointment of Independent corporate-governance/ Fees for audit and related services paid to 2.80
Directors
statutory auditors
Materiality Policy
Other fees paid to statutory auditors - (*)
Preservation of Documents
Out of pocket expenses 0.06
and Archival Policy
Total Fees 5.18
Business Responsibility and
Sustainability Policy (*) excludes ₹2.32 million excluding GST towards fees related
to IPO of Equity Shares, which has been borne by the Company
Penalties (debited to Securities Premium account) and the selling
There were no penalties, strictures imposed on the company shareholders in the ratio of issue proceeds.
by stock exchange(s) or SEBI or any statutory authority, on any Compliance Certificate on Corporate Governance
matter related to capital markets, during the last three years.
The certificate on compliance of Corporate Governance norms
from a practicing Company Secretary is enclosed to this report
as Annexure III.

CEO / CFO Certification

The Chairman & Managing Director and Chief Financial Officer have submitted a compliance certificate to the Board regarding
the financial statements and internal control systems as required under regulation 17(8) of SEBI (LODR) 2015.
General Meetings
Particulars of last three Annual General Meetings and special resolutions passed are given below:

Year Date & Time Special Resolutions passed Venue & Mode of meeting
2020 November 03, 2020 - Nil Physical meeting held at the
at 04:00 p.m. (IST) Registered office of the Company
2021 September 20, 2021 - Fixing of Borrowing Limits Meeting held through Video
at 02:00 p.m. (IST) Conferencing (‘VC’) / Other Audio
- Creation of Charge / Mortgage on Assets
Visual Means (‘OAVM’)
2022 July 27, 2022 at - To consider payment of remuneration to Col. David
11:00 a.m. (IST) Devasahayam (DIN: 02154891), Chairman and Deemed Venue: Corporate Office
Managing Director
- To consider payment of remuneration to Dr. Renuka
David (DIN: 02190575) Whole-time Director

Extra-Ordinary General Meeting:

The details of Extra-Ordinary General Meetings during the financial year ended March 31, 2023 are as follows:

Date & Time Special Resolutions passed Venue & Mode

July 18, 2022 at 02:00 p.m. Alteration in AoA AGM held through
September 12, 2022 at 05:00 p.m. Alteration in AoA Video Conferencing
(‘VC’) / Other Audio
November 14, 2022 at 03:00 p.m. Reconfirmation of the resolution passed by the shareholders
Visual Means (‘OAVM’)
on September 23, 2021 for raising of Capital through an Initial
Public Offering
December 7, 2022 at 05:00 p.m. Amended the Offer for sale portion in the resolution earlier
passed for Raising of Capital through Initial Public Offering

58 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

POSTAL BALLOT
Details of special resolution passed through postal ballot, the persons who conducted the postal ballot exercise, details of the
voting pattern and procedure of postal ballot:
During the financial year ended March 31, 2023, the Company vide Postal Ballot Notice dated February 18, 2023 proposed the
following Resolutions which was passed by the requisite majority of the shareholders on March 23, 2023:
Special Resolution
1. To approve alteration of Articles of Association of the Company
2. To approve “Article 177 - Nomination of Directors by Investor” of the Articles of Association of the Company
Ordinary Resolution
3. To approve the Material Related Party Transaction(s) to be entered into with Radiant Protection Force Private Limited
Scrutinizer for the Postal Ballot:
Mr. S Sandeep, M/s. S. Sandeep & Associates, Company Secretaries was appointed as the Scrutinizer for the Postal Ballot process.
Mr. S Sandeep, Practicing Company Secretary conducted the Postal Ballot process and submitted his report on March 24, 2023
to the Company.
Procedure followed for Postal Ballot
1. In compliance with Regulation 44 of the SEBI Listing Regulations and Sections 108, 110 and other applicable provisions of
the Act read with the rules made thereunder, the Company provided electronic voting facility to all its Members to enable
them to cast their votes electronically. The Company engaged the National Securities Depository Limited (NSDL) for the
purpose of providing remote e-voting facility to the members for voting on the proposed resolutions.
2. The Company dispatched the Postal Ballot Notice dated February 21, 2023 containing the resolutions together with
the explanatory statement only through electronic mode in compliance with the relevant Circulars issued by Ministry of
Corporate Affairs, to those Members whose e-mail addresses were registered with the Company/Depository Participant and
whose names were recorded in the Register of Members of the Company or in the Register of Beneficial Owners maintained
by the Depositories as on the cut-off date i.e., February 17, 2023. The Company also published a notice in the newspaper
declaring the details of completion of dispatch and other requirements as mandated under the Act and applicable rules on
February 22, 2023.
3. The remote e-voting facility was open for Members to vote from 09:00 a.m. on Wednesday, February 22, 2023 to Thursday
05:00 p.m. on March 23, 2023.
4. The Scrutinizer submitted his report on March 24, 2023 after the completion of scrutiny.
5. The result of the Postal Ballot was declared on March 25, 2023. The Resolutions passed by requisite majority was deemed
to have been passed on the last date of remote e-voting i.e., March 23, 2023.
6. The result of the Postal Ballot was communicated to the Stock Exchanges, Depository and Registrar and Share Transfer
Agent and available on the website of the Company under the section Postal Ballot, which can be accessed at https://
radiantcashservices.com/meetings-2/
7. Details of voting results of the Postal Ballot resolutions:-

No. of Valid Votes cast in favor of the Votes cast against the
Resolutions passed
Votes Polled Resolution (No. & %) Resolution (No. & %)
Special Resolutions:
To approve alteration of Articles of Association 91854090 347
91854437
of the Company (99.9996%) (0.0004%)
To approve “Article 177 - Nomination of
88115938 3738419
Directors by Investor” of the Articles of 91854357
(95.93%) (4.07%)
Association of the Company
Ordinary Resolution:
To approve the Material Related Party
11823264 314
Transaction(s) to be entered into with Radiant 11823578
(99.998%) (0.002%)
Protection Force Private Limited

RADIANT
CASH MANAGEMENT SERVICES LIMITED 59
Special Resolutions proposed to be conducted through postal ballot at the ensuing AGM:
None of the businesses proposed to be transacted at the ensuing AGM requires passing of a special resolution through postal
ballot
Means of Communication
All information that are required to be disseminated by the Company in terms of SEBI (LODR) Regulations, 2015, are uploaded
on the website of the Company.
The quarterly, half-yearly and annual financial results as applicable to the Company were published in Newspapers viz., Financial
Express and Makkal Kural (Regional Language). The annual report of the Company, and other major announcements like notices
of annual general meeting are also posted on the Company’s website.
Press releases and presentation made to Investors/Analysts forms are published to the website of the Company, simultaneously
upon dissemination to BSE & NSE, Stock Exchanges.
The announcements from the Company can be accessed from the website at: https://radiantcashservices.com/announcements/
General Shareholder Information

Financial year April 01 – March 31

Annual General Meeting
Date and Time September 11, 2023 at 03:00 p.m.
Venue AGM will be held through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’)
Dividend Payment date Interim Dividend for the Financial year 2022-2023 was declared by the Board of Directors at
its meeting held on January 28, 2023 and paid on February 20, 2023
The final dividend, if approved, shall be paid within the statutory time limits, on or after
September 19, 2023
CIN L74999TN2005PLC055748
ISIN (Equity shares) INE855R01021
Symbol RADIANTCMS
Scrip Code 543732

Listing of Securities:
Equity shares of the Company are listed on NSE & BSE w.e.f January 04, 2023
Name and address of Stock Exchanges are as follows:

National Stock Exchange of India Limited BSE Limited

Exchange Plaza, Floor 5, Plot C/1, Bandra-Kurla Complex, Bandra (East), Phiroze JeeJeebhoy Towers, Dalal street,
Mumbai-400051 Mumbai - 400 001
The Company has paid the annual listing fees to both BSE and NSE
Stock Price Data
The Company’s Equity Shares were listed at BSE and NSE on January 04, 2023

BSE NSE
Month
High Low No. of shares traded High Low No. of shares traded
January 2023 116.70 88.75 64,09,237 116.80 88.65 3,14,32,034
February 2023 107.65 91.25 4,16,332 107.80 92.50 38,34,664
March 2023 100.00 86.20 140983 100.40 87.25 9,59,408

60 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Performance in comparison to broad-based indices such as BSE Sensex and NSE Nifty
BSE Sensex

Share Price Vs BSE Index

62,000.00 120

Share Price Movement

61,500.00 115
Index Movement

110
61,000.00
105
60,500.00
100
60,000.00 95

59,500.00 90

Share Price Sensex

NSE NIFTY

Share Price Vs NSE Index

18300.00 120
18250.00
115

Share Price Movement

18200.00
Index Movement

18150.00 110
18100.00
105
18050.00
18000.00 100
17950.00
95
17900.00
17850.00 90

Share Price Niy 50

Registrar and Share Transfer Agent (“RTA”)

The RTA acts as the common agency for all investor servicing activities. Their address is given below:
LINK INTIME INDIA PRIVATE LIMITED
C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083
E-mail: rnt.helpdesk@linkintime.co.in
Tel: +91 22 4918 6200
Contact person: Mr. Mahesh Masurkar

RADIANT
CASH MANAGEMENT SERVICES LIMITED 61
Dematerialization of shares and liquidity
As of 31 March 2023, 100 % of the company’s shares were held in dematerialized form. The company’s shares are regularly
traded on BSE and NSE.
Share Transfer system
As mandated by SEBI, securities of the Company can be transferred /traded only in dematerialized form. Further, SEBI vide
its circular dated January 25, 2022, mandated that all service requests for issue of duplicate certificate, claim from unclaimed
suspense account, renewal/ exchange of securities certificate, endorsement, subdivision/splitting/consolidation of certificate,
transmission and transposition which were allowed in physical form should be processed in dematerialized form only. As on the
date of this report the Company do not have any shareholders, holding theirs shares in physical form.
Unclaimed Dividend
Pursuant to Sections 124 and 125 of the Companies Act, 2013, read with Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, including amendments thereto, dividend if any if not claimed within seven
years from the date of transfer to Unpaid Dividend Account of the Company, is liable to be transferred to Investor Education
Protection Fund (“IEPF”).
No amounts are outstanding for transfer to IEPF during the financial year 2023-24.
The details of unclaimed amounts pertaining to the Interim Dividend declared by the Company on January 28, 2023 are upload
on the website of the Company. The last date for claiming the unpaid dividend from the Company is March 05, 2030, failing which
the outstanding unpaid dividends as on due date will be transferred to IEPF.
The list of unclaimed dividends along with the name of the shareholders have been uploaded on the website of the Company and
can be accessed at: https://radiantcashservices.com/investor-support/
Further there are no shares in demat suspense account or unclaimed suspense account of the Company as of March 31, 2023
and as of the date of this report.
Commodity price risk or foreign exchange risk and hedging activities
As the Company has limited exposure to foreign exchange, hedging is not required to cover the risk and commodity price risk is
not applicable to the Company.
Outstanding Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Warrants or any Convertible
Instruments, Conversion date and likely impact on equity
The Company has not issued any GDRs/ADRs/Warrants or any Convertible Instruments.
Locations / Offices
The Company does not have any manufacturing plant. It operates from Registered & Corporate Office and branches located
at different places throughout India. The Company's registered and corporate offices are in Chennai, and it operates out of 19
Regional Offices across the country.
Distribution of Shareholding:

Sl. No Category (Shares) No. of Holders % of Holders No. of shares % of shares

1. 1 – 500 10815 91.12% 1280606 1.20%
2. 501 – 1000 428 3.61% 335957 0.31%
3. 1001 – 2000 306 2.58% 471500 0.44%
4. 2001 – 3000 91 0.77% 231458 0.22%
5. 3001 – 4000 29 0.24% 108241 0.10%
6. 4001 – 5000 35 0.29% 164098 0.15%
7. 5001 – 10000 72 0.61% 590054 0.55%
8. 10001 and above 92 0.78% 103525992 97.03%
Total 11868 100.00% 106707906 100.00%

62 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Shareholding pattern as on March 31, 2023:

Category Total Shares %

Promoters 60735575 56.92%
Promoter Group 200 0.00%
Alternate Invst Funds - III 23706454 22.22%
Foreign Portfolio Investors (Corporate) - I 8069544 7.56%
Foreign Portfolio Investors (Corporate) - II 505200 0.47%
Mutual Funds 3232800 3.03%
Clearing Members 8055 0.01%
Other Bodies Corporate 4408545 4.13%
Hindu Undivided Family 313684 0.29%
Non Residents Indians 48687 0.05%
Body Corporate - Ltd Liability Partnership 59707 0.06%
Public 5619455 5.27%
Total 106707906 100.00%

Top ten equity shareholders of the Company as on March 31, 2023

Sr. No Shareholder's Name Shares Percentage

1 Col David Devasahayam 52235575 48.9519
2 Unit Trust Of India Investment Advisory Services Limited A/C Ascent India 19294954 18.082
Fund III
3 Dr. Renuka David 8500000 7.9657
4 Dovetail India Fund Class 5 Shares 2569677 2.4081
5 Societe Generale 2107740 1.9752
6 Motilal Oswal Financial Services Limited - Proprietary Account 2000000 1.8743
7 BNP Paribas Arbitrage 1285007 1.2042
8 IEGFL - Multi Opportunity 1188836 1.1141
9 BCAD Fund 1010250 0.9467
10 HDFC Trustee Company Ltd A/C - HDFC Children's Gift Fund - Investment 1010250 0.9467
Plan

Details of non-acceptance of any recommendation of any committee of the board which is mandatorily required:
During the year under review, there were no such recommendations made by any Committee of the Board that were mandatorily
required and not accepted by the Board.
Loans and advances in the nature of loans to firms/companies in which directors are interested by name and amount:
The Company gives trade advance (pending submission of bills) to Radiant Protection Force Private Limited, in the ordinary course
of business. The trade advances are given during the month, whereas the bills (for the entire month) are being submitted by the
Radiant Protection Force Pvt. Ltd only at the end of the month. Once the bills are booked during the month end, the advance
amounts are reduced significantly and as on 31st March 2023, no amounts are outstanding as advances given.
Except for Trade advances as stated above, no other amounts are given as Loans/ Guarantees/ Comfort Letter/ Securities etc. to
Promoters/Promoter Group/ Directors/KMPs or any other entity controlled by them during the reporting period
Details of utilization of funds raised through preferential allotment or qualified institutions placement as specified under
Regulation 32 (7A):
During the year under review, the company has not raised funds through preferential allotment or qualified institutions placement
as specified under 32 (7A) of the SEBI (LODR) Regulations, 2015.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 63
Compliance with Corporate Governance Norms
The Company has complied with all the mandatory requirements of Corporate Governance as specified in regulation 17 to 27
and clauses (b) to (i) of sub-regulation (2) of regulation 46 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

Address for correspondence

Corporate Office:
Company Secretary
Radiant Cash Management Services Ltd
4/3 Raju nagar, 1st street,
Okkiyam, Thoraipakkam, OMR,
Chennai – 600 096

Designated e-mail address for Investor Services: investorrelations@radiantcashlogistics.com

Tel: (91)- 44 – 4904 4904

64 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure I
Declaration on Code of Conduct
This is to confirm that the Board has laid down a Code of Conduct for all board members and senior management of the
Company. The Code of Conduct has also been posted on the website of the Company. It is further confirmed that all directors
and senior management personnel of the Company have affirmed compliance with the Code of Conduct of the Company for the
year ended March 31, 2023, as envisaged in schedule V under regulation 34(3) of the SEBI (LODR), 2015.

Place: Chennai Col. David Devasahayam

Date: August 08, 2023 Chairman and Managing Director

RADIANT
CASH MANAGEMENT SERVICES LIMITED 65
Annexure II
Certificate from Company Secretary in Practice
(Pursuant to Regulation 34(3) read with Schedule V Para-C Sub clause (10) (i) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015)

To
The Members
RADIANT CASH MANAGEMENT SERVICES LIMITED
28, Vijayaraghava Road, T. Nagar, Chennai - 600017
We, S Sandeep and Associates, Company Secretaries, have examined the relevant registers, records, forms, returns and disclosures
received from the Directors of RADIANT CASH MANAGEMENT SERVICES LIMITED having CIN: L74999TN2005PLC055748
and having its registered office at 28, Vijayaraghava Road, T. Nagar, Chennai - 600017 (hereinafter referred to as ‘the Company’),
produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with
Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company and its
officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending
March 31, 2023 have been debarred or disqualified from being appointed or continuing as Directors of Companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.

Sr. No. Name of Director DIN *Date of Initial appointment

1 Col. David Devasahayam 02154891 23/03/2005
2 Dr. Renuka David 02190575 23/03/2005
3 Mr. Ayyavu Palanichamy Vasanthakumar 02069470 03/01/2019
4 Ms. Jayanthi 09295572 06/09/2021
5 Lt. Gen. Devraj Anbu 09295593 06/09/2021
6 Mr. Ashok Kumar Sarangi 09041162 23/09/2021
*the date of appointment is as per the MCA Portal.
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.

For S Sandeep & Associates

Company Secretaries

S Sandeep
Company Secretary in Practice
CP. No.: 5987
FCS: 5853
PR: 1116/2021
Place : Chennai
Date : August 08, 2023

66 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure III
Certificate on compliance with the conditions of Corporate Governance
(Pursuant to Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To
The Members
Radiant Cash Management Services Limited
We have examined the compliance of the conditions of Corporate Governance by Radiant Cash Management Services Limited
("the Company"), for the financial year ended on March 31, 2023, as stipulated in Regulations 17 to 27 and other relevant
provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations").
Management’s Responsibility:
The compliance of conditions of Corporate Governance is the responsibility of the Management. The responsibility includes
design, implementation and maintenance of internal control and procedures to ensure compliance with conditions of Corporate
Governance as stated in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
Our Responsibility:
Our examination was limited to examining procedures and implementation thereof, adopted by the Company for ensuring the
compliance of the conditions of Corporate Governance as stipulated under Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
Our Opinion:
In our opinion, on the basis of our examination of the relevant records produced, explanations and information furnished, we
certify that the Company has complied with all mandatory regulations and the conditions of Corporate Governance as stipulated
in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, during the
financial year ended March 31, 2023.
We further state that this certificate is neither an assurance as to the future viability of the Company nor of efficiency or
effectiveness with which the management has conducted the affairs of the Company.

For S Sandeep & Associates

Company Secretaries

S Sandeep
Company Secretary in Practice
CP. No.: 5987
FCS: 5853
PR: 1116/2021
Place : Chennai
Date : August 08, 2023

RADIANT
CASH MANAGEMENT SERVICES LIMITED 67
Management Discussion & Analysis
Industry structure and developments: significantly higher compared to major economies worldwide.
Cash continues to be significant in India’s economy despite the
Currency in Circulation
increasing popularity of digital payment alternatives.
India, as one of the most populous countries, has a vast
network of retail, small, and micro businesses, as well as a It’s all about money
significant number of daily wage earners. Consequently, the
demand for currency in circulation in India is substantial, Slow and steady growth
resulting in a comparatively higher currency-GDP ratio than ■ Value of transactions (₹-lakh cr) y-o-y growth (%)
in many other countries. This highlights the importance of a FY13 11.80
robust infrastructure to manage and integrate the currency
FY14 13.00 2;
10.2
with the banking system effectively.
FY15 14.48 2;11.4
Large Population and Diverse Businesses: FY16 16.63 ;
14.8
The size of India’s population and millions of retail, small, and FY17 13.35 2;19.7
micro businesses contribute to the significant demand for FY18 18.30 2;
37.1
currency in circulation. FY19 21.36 16.7
-;
These businesses often rely heavily on cash transactions for
their day-to-day operations, necessitating a sufficient supply of
FY20
FY21
=P' 24.47 14.6
28.53 2;
16.6
currency to meet their requirements. FY22 =bi
31.33 9.8
FY23 33.78 2;
7.8
Importance of Infrastructure:
Managing a large volume of currency circulation requires a well- Yearly Increase in Currency Circulation:
developed infrastructure, including currency printing facilities,
distribution networks, and secure storage facilities. FY21 to FY22: The total currency in circulation increased from
28,53,733 crore rupees to 31,33,691 crore rupees, indicating
The infrastructure should also facilitate the seamless integration a growth of 9.8%.
of cash transactions with the banking system, allowing for
efficient depositing, withdrawal, and transfer of funds. FY22 to FY23: The total currency in circulation further
increased to 33,78,470 crore rupees, showing a growth rate
Integration with the Banking System: of 7.8%.
Integrating cash in circulation with the banking system is crucial Bank Notes in Circulation:
for several reasons:
FY21 to FY22: Bank notes in circulation increased from
Facilitating financial inclusion: Many daily wage earners 28,26,863 crore rupees to 31,05,721 crore rupees, reflecting
and individuals in the informal sector rely on cash for their a growth of 9.8%.
transactions. Integrating cash with the banking system can help
bring them into the formal financial fold, promoting financial FY22 to FY23: Bank notes in circulation further increased to
inclusion. 33,48,228 crore rupees, indicating a growth rate of 7.8%.

Enhancing transparency: Coins in Circulation:

By encouraging cashless transactions and increasing banking FY21 to FY22: Coins in circulation increased from 26,870
services, the transparency and traceability of financial crore rupees to 27,970 crore rupees, representing a growth
transactions can improve, reducing the potential for illicit rate of 4.1%.
activities. FY22 to FY23: Coins in circulation further increased to 30,242
Promoting economic growth: Efficient cash integration with crore rupees, showing a growth rate of 8.1%.
the banking system can support economic growth by enabling Recalling of ₹2000/- notes
better access to credit, encouraging savings, and facilitating
investment. The recall of ₹2000 notes is not expected to significantly
impact the total currency in circulation (CIC) in India. Here’s a
Cash is here to stay. breakdown of the analysis:
India has a unique characteristic regarding its preference Share of ₹500 Notes:
for cash usage, leading to the country having the highest
currency-GDP ratio compared to other nations. Despite a FY23: In FY23, ₹500 notes accounted for a substantial 77.1%
slight moderation in India’s currency-GDP ratio, it remains of the total value of the currency in circulation, compared to

68 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

73.3% in the previous fiscal year. This indicates a significant Outlook:

dominance of ₹500 notes in the CIC.
The outlook for cash management services companies in India
Historical Trend: Over the past decade, the share of ₹500 appears to be promising. As the economy is growing and with
notes in circulation has steadily increased. It was less than 50% the increase in B2B and B2C transactions the demand for
until FY18, but then jumped to 51% in FY19, 61% in FY20, and efficient and secure cash management solutions is expected to
further increased to 77.1% in FY23. rise. Cash management services companies play a crucial role in
providing end-to-end solutions for cash handling, including cash-
₹2000 Notes in Circulation:
in-transit, ATM replenishment, currency processing, and vault
FY23: At the end of FY23, there were 181.1 crore ₹2000 management. With the increasing adoption of e-commerce with
notes in circulation in India, a decline from 328.5 crore in FY17. COD options and retailing cash management companies have
an opportunity to offer integrated cash management solutions
Printing Stopped: The Reserve Bank of India (RBI) stated that
that align with the evolving needs of businesses and financial
the objective of introducing ₹2000 notes was fulfilled when
institutions. Furthermore, as the Indian economy continues
banknotes of other denominations became widely available.
to grow, cash-intensive sectors such as traditional and online
Consequently, the printing of ₹2000 notes was halted in
retail including F&B, logistics and other sectors will require
2018-19.
robust cash management services to optimise their operations
Considering the dominance of ₹500 notes and the declining and minimise risks associated with cash handling. However, the
number of ₹2000 notes in circulation, the withdrawal of ₹2000 industry will also face challenges, such as ensuring the security
notes is not expected to have a significant impact on the CIC. of cash during transit and maintaining regulatory compliance.
The discontinuation of printing ₹2000 notes, along with the To succeed in this competitive landscape, cash management
availability of other denominations, indicates that the RBI has services companies will need to leverage technology, invest
taken measures to manage the currency supply effectively. in robust security measures, and adapt to changing customer
preferences. Overall, with the ongoing digitalisation and
Indian Banking Sector:
the need for efficient cash management solutions, cash
Based on data published by RBI for the end of March 2022, management services companies in India are well-positioned
Public sector banks continue to hold a dominant position in for growth and success in the foreseeable future.
the Indian banking sector, with 84,256 branches and 1,38,056
Opportunities and Threats
ATMs, accounting for approximately 68% of the total branches
and 64% of the total ATMs in the country. This highlights PSBs’ Opportunities:
extensive reach and commitment to providing widespread
1. Increasing Cash Transactions: Despite the digital payment
access to banking services for customers. In comparison,
revolution, cash plays a significant role in India’s economy.
private sector banks, with 37,872 branches and 75,543
The ongoing digitisation efforts and government
ATMs, contribute significantly to the banking infrastructure,
initiatives, such as financial inclusion programs and rural
accounting for around 31% of the total branches and 35%
development, provide private cash management services
of the total ATMs. Foreign banks, on the other hand, have a
companies with opportunities to cater to the growing
minimal presence in India, with 861 branches and 1,797 ATMs,
demand for efficient cash handling and processing
representing less than 1% of the total branches and ATMs.
services.
Cash Withdrawals in India
2. Rising Demand for Retail Cash Management: As
As of May 2023, ATMs remain the primary source for cash organised retail expands in India, the need for retail
withdrawals in India. The country boasts a vast network of cash cash management services is increasing. Private cash
access points with a reported total of 123,968 onsite ATMs and management companies can capitalise on this trend by
95,566 offsite ATMs and Cash Recycle Machines (CRMs), along offering end-to-end cash management solutions to retail
with 1,465,633 Micro ATMs. This extensive infrastructure chains, supermarkets, and other businesses, including
highlights the importance of ATMs in providing convenient and cash pickup, processing, reconciliation, and banking.
widespread access to cash for individuals throughout India.
3. Cash Logistics for E-commerce: With the rapid growth
Micro ATMs are particularly significant, as these handheld
of e-commerce in India, there is a rising need for cash
devices enable essential banking services in areas with limited
logistics services to facilitate cash-on-delivery (COD)
traditional banking infrastructure, promoting financial inclusion
transactions. Private cash management companies can
and bridging the gap between urban and rural communities.
collaborate with e-commerce platforms to provide secure
While these figures have evolved since September 2021, the
and efficient cash collection, processing, and remittance
substantial number of ATMs and Micro ATMs underscores the
services, tapping into this emerging market segment.
significance of meeting the cash withdrawal needs of the Indian
population. For the fiscal year 2022-23, the value of ATM cash 4. Technological Advancements: Technology is crucial in
withdrawals stood at ₹33.04 lakh crore. enhancing operational efficiency and customer experience
in cash management services. Private companies can
leverage technological advancements such as cash

RADIANT
CASH MANAGEMENT SERVICES LIMITED 69
 tracking systems, real-time reporting, digital payments includes innovative solutions, advanced technology
integration, and data analytics to offer innovative and platforms, and customised service packages.
value-added services to their clients.
• Building strong customer relationships: Radiant Cash
5. Outsourcing Opportunities: Banks, financial institutions, has established long-term partnerships with key
and businesses increasingly outsource their cash clients by delivering exceptional customer service
management operations to specialised service providers. and promptly addressing their needs. This helps
Private cash management companies can seize this build loyalty and reduce the risk of losing clients to
opportunity by positioning themselves as reliable competitors.
and trusted partners, offering comprehensive cash
• Continuous market research: Radiant Cash regularly
management solutions tailored to the specific needs of
conducts market research to identify emerging
their clients.
trends, competitor strategies, and changing customer
Threats: preferences. This enables them to adapt their
offerings and stay ahead in the market proactively.
1. Regulatory and Compliance Risks: Private cash
management services companies in India face regulatory Risk: Regulatory and compliance challenges
and compliance risks due to their operations involving
• Risk Probability: Medium
handling and transporting large quantities of cash.
Compliance with anti-money laundering (AML) and • Risk Impact: High
Know Your Customer (KYC) regulations and adherence
• Risk Mitigation: Radiant Cash has implemented robust risk
to industry standards and guidelines is crucial. Non-
mitigation measures to address regulatory and compliance
compliance can result in penalties, reputational damage,
challenges:
and legal consequences.
• Dedicated Compliance Team: Radiant Cash has
2. Security Risks: Cash management services involve inherent
established a specialised team responsible for
security risks, including theft, robbery, and pilferage. To
monitoring and ensuring compliance with all
mitigate these risks, companies must implement stringent
applicable regulations and guidelines. This team
security measures, including secured transportation,
conducts regular audits and reviews to identify
surveillance systems, and employee background checks.
potential non-compliance issues and promptly takes
Failure to maintain adequate security measures can lead
corrective actions.
to financial losses and damage the company’s reputation.
• Collaboration with legal experts: Radiant Cash
3. Operational Risks: Efficient and error-free cash management
collaborates with legal experts and consultants to
operations require robust processes, technology
stay updated on regulatory changes and ensure
infrastructure, and well-trained staff. Operational risks
adherence to all legal requirements. This proactive
such as cash counting errors, mismanagement of funds,
approach helps in minimising the risk of penalties
system failures, or transportation delays can impact
and legal issues.
service quality and customer satisfaction. Companies
must have effective risk management practices to • Employee training and awareness: Radiant Cash
minimise operational disruptions. conducts regular training sessions and workshops
to educate employees about regulatory compliance,
4. Competitive Risks: India’s cash management services
ethical practices, and data privacy. This ensures that
sector is competitive, with several players vying for market
all employees are well-informed and adhere to the
share. Intense competition can result in pricing pressures,
required standards.
reduced margins, and the need for continuous innovation
to differentiate services. Companies must stay abreast of Risk: Cybersecurity threats and data breaches
market trends and competitors’ offerings to maintain their • Risk Probability: High
competitive edge.
• Risk Impact: High
Risk & Concerns, Risk Mitigation
• Risk Mitigation: Radiant Cash has implemented robust
Risk: Competition from established players in the market cybersecurity measures to mitigate the risk of data
• Risk Probability: High breaches and cyber threats:

• Risk Impact: High • Secure IT infrastructure: Radiant Cash invests

in state-of-the-art cybersecurity infrastructure,
• Risk Mitigation: To mitigate this risk, Radiant Cash has
including firewalls, encryption protocols, and
implemented several strategies:
intrusion detection systems. This helps safeguard
• Enhancing service offerings: Radiant Cash provides sensitive customer data and prevent unauthorised
a comprehensive range of cash management access.
services that differentiate it from competitors. This

70 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

• Regular security audits: Radiant Cash conducts The Company has appointed M/s: Menon & Pai, Chartered
regular security audits and vulnerability assessments Accountants to oversee and conduct internal audit of its
to identify and address any potential weaknesses in activities. The audit is based on an Internal Audit plan, reviewed
their systems. This ensures a proactive approach to each year and approved by the Audit Committee. The Audit
managing cybersecurity risks. Committee reviews the Internal Audit report on a half-yearly
basis.
• Employee training: Radiant Cash provides
comprehensive cybersecurity training to all About Radiant Cash Management Services
employees to raise awareness about potential
Radiant Cash Management Services is India’s leading integrated
threats, phishing attacks, and best practices for data
cash logistics player, specialising in retail cash management
protection. This reduces the risk of human errors
(RCM) services. With a strong presence in the RCM segment,
and strengthens the overall security posture.
Radiant has established itself as one of the most prominent
Risk: Economic downturn and market fluctuations players in terms of network locations or touch points served.
Serving clients across 13,100 pin codes in India, excluding
• Risk Probability: Medium
Lakshadweep, Radiant operates an extensive network of
• Risk Impact: Medium approximately 63,420 touch points, catering to over 5733
locations as of March 31, 2023. The company’s impressive
• Risk Mitigation: Radiant Cash has implemented the
clientele includes central foreign, private, and public sector
following strategies to mitigate the impact of economic
banks, prominent e-commerce companies, retail chains,
downturns and market fluctuations:
NBFCs, insurance firms, and other industry players.
• Diversification of client base: Radiant Cash maintains
Radiant Cash Management Services operates across five
a diverse portfolio of clients across different industries
key verticals: cash pick-up and delivery, network currency
and sectors. This helps reduce dependency on any
management, cash processing, cash vans/cash in transit,
single client or industry and minimises the impact of
and other value-added services. Through these verticals, the
market fluctuations.
company offers a comprehensive range of outsourcing solutions
• Cost optimisation measures: Radiant Cash for cash management services, catering to the specific needs of
constantly evaluates its cost structure and identifies banks, financial institutions, organised retail, and e-commerce
opportunities for optimisation. This includes companies. With a focus on technology and process controls,
streamlining operations, negotiating better vendor Radiant ensures the delivery of reliable services, efficient
contracts, and implementing cost-saving initiatives route planning, and enhanced customer experience. The
without compromising service quality. company has implemented innovative technologies, such as
API integration and a proprietary mobile application, to provide
• Monitoring market trends: Radiant Cash closely
real-time reports and secure end-to-end reconciliation for its
monitors economic indicators, market trends, and
clients.
customer demands to adjust our business strategies
proactively. This agile approach helps adapt to Radiant Cash Management Services has witnessed significant
changing market conditions and identify new growth consolidation in the Indian cash management market due to
opportunities. regulatory requirements and the growing trust among scale
players. The company has emerged as a trusted partner, meeting
Internal Financial Control Systems and Adequacy
the stringent compliance norms of the Reserve Bank of India.
The Company has established adequate internal financial Its robust risk management policies, including recruitment
control systems to ensure reliable financial reporting and processes, background verification, police verification, and
compliance by the applicable laws and regulations. The insurance coverage, ensure the safety and security of cash
Company’s internal controls are commensurate with its size movements. Radiant is also ISO 9001:2015 certified, reflecting
and the nature of its operations. These have been designed to its commitment to quality and adherence to industry standards.
provide reasonable assurance about recording and providing
Driven by a professional and experienced management
reliable financial and operational information, complying with
team, Radiant Cash Management Services has demonstrated
applicable statutes, safeguarding assets from unauthorised use,
exceptional financial performance. With industry-leading
executing transactions with proper authorisation and ensuring
EBITDA margins, return on capital employed (ROCE), and
compliance with corporate policies. The present internal checks
return on equity (ROE) among organised players in the cash
and controls are holistic and provide adequate assurance to the
management services segment, the company has established
management
itself as a preferred choice for clients seeking value-added
ASA & Associates, Chartered Accountants, the company’s services and reliable cash management solutions.
statutory auditors have audited the financial statements
Operational Capabilities
included in this annual report and have issued an attestation
report on the company’s internal control over financial reporting Radiant Cash Management Services has established itself as
(as defined in section 143 of the Companies Act, 2013). a leading integrated cash logistics player in the retail cash
management (RCM) industry. They have a strong presence

RADIANT
CASH MANAGEMENT SERVICES LIMITED 71
across the value chain of retail cash management services, In summary, Radiant Cash Management Services possesses
excluding ATM-related services. This strategic focus allows operational capabilities contributing to its success in the RCM
them to leverage their infrastructure for multiple end-users and industry. Their strengths lie in their leading position, diversified
clients, providing better pricing power and operating leverage client base, pan-India presence, and strong network in tier 2
than ATM-related services. and tier 3+ locations. They have a track record of delivering
customised and value-added services to their clients, supported
One of the critical strengths of Radiant Cash Management
by robust risk management practices and technological
Services is its ability to cross-sell value-added services, such as
advancements.
network currency management and cash processing services.
Their diversified client base, including central foreign, private, Segment-wise revenue:
and public sector banks in India, demonstrates their long-
The Company primarily operates in one business segment –
They were standing relationships and customer trust. They have Cash Management Services. Further, there is no reportable
a track record of customising their offerings to meet specific Geographical segment.
customer requirements, resulting in customer retention and
Operational Performance:
loyalty.
The remarkable performance was due to strong revenue
The company’s pan-India presence and strong network in tier 2
growth and significant improvement in margin during the
and tier 3+ locations position them well to cater to the growing
year. The break-up of operational revenue across the business
demand for cash management services in these regions. They
verticals of the Company is given below:
have a broad reach, covering all districts in India (excluding
Lakshadweep), and most of their touchpoints are located in tier (₹ In million)
2 and tier 3+ towns and cities. This extensive network allows
them to capture business opportunities from government FY FY %
Business verticals
initiatives and increased cash transactions in these regions. 2021-22 2022-23 change
-Cash Pick and 1,915.15 2453.01 28%
Radiant Cash Management Services emphasises robust
Delivery
operational risk management due to the nature of its operations,
which involve handling and transporting large quantities of cash. -Cash Burial 644.02 641.36 0%
They have implemented a comprehensive risk management -Cash Processing 133.80 176.71 32%
framework that includes policies for human resources and
-Cash Vans/ Cash in 124.43 204.21 64%
technological infrastructure. Their risk management practices
Transit
are subject to periodic audits, forming by their clients, ensuring
compliance with industry standards and regulations. -Others 42.95 73.77 72%
Total Revenue from 2,860.35 3,549.06 24%
The company recognises the significance of technology in
operations
optimising operational profitability. They have invested in
technology solutions that enhance partner engagement and While there was a significant growth of 64% in the Cash Vans/
digitise processes, improving operational efficiency. Integrating Cash in Transit business during the year, the increase in Cash
their ERP system with clients’ software allows for real-time Pick & Delivery business and Cash Processing businesses were
tracking of cash management data, providing clients with 28% and 32%, respectively.
timely information and creating customer stickiness.

Review of Financial Performance

Revenue from Operations: ₹ in Millions EBDT ₹ in Millions

FY20 2,483 FY20 527

FY21 2,217 FY21 477

FY22 2,860 FY22 559

FY23 3,549 FY23 888

Profit Before Tax (PBT): ₹ in Millions Profit for the Year: ₹ in Millions

FY20 503 FY20 365

FY21 450 FY21 324

FY22 521 FY22 382

FY23 843 FY23 627

72 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Summary of Operating Results:

₹ in Millions

Particulars 2022-23 2021-22

Revenue From Operations 3,549.06 2,860.35
Other income 25.76 9.39
Total Income 3,574.82 2,869.74
Total Expenditure 2,677.88 2,274.86
Profit Before Interest, Depreciation And Tax (PBIDT) 896.94 594.88
Finance Cost 9.26 36.71
Depreciation/Amortization 44.56 37.59
Profit Before Tax (PBT) 843.12 520.58
Provision for Tax 215.85 138.49
Profit After Tax (PAT) 627.27 382.09

Key Financial Ratios:

Significant
change
Current Previous
Sr. Unit of compared Detailed explanation for significant
Key Ratios year year
No. measurement with previous change
2022-23 2021-22
year i.e. 25%
or more
1 Debtors Turnover Days 4.77 3.85 23.97 -
2 Inventory Turnover NA NA NA NA NA
3 Interest Coverage Times 92.05 15.18 506.35 EBIT has increased by about ₹295.09
Ratio Mn, whereas finance cost decreased
by about 27.49 Mn during the year.
Hence interest coverage ratio has
increased substantially during the
year.
4 Current Ratio Times 5.26 3.47 51.48 There is a significant increase of
about ₹835.55 Mn, mainly due to
an increase in Fixed deposits with
banks. However, current liabilities
are almost at the same level as last
year; hence, the current ratio has
increased significantly.
5 Debt Equity Ratio Times 0.13 0.21 (39.24) The borrowing is almost at the same
level as last year, whereas there
is a significant increase of about
₹900.15 Mn in shareholders funds
due to the issue of new shares (at
a premium) and Profit After Tax (net
of dividends). Hence the debt-equity
ratio decreased substantially during
the year.
6 Operating Profit % 23.76% 18.20% NA NA
Margin (%) (PBT
before exceptional
item / Revenue from
operations)

RADIANT
CASH MANAGEMENT SERVICES LIMITED 73
 Significant
change
Current Previous
Sr. Unit of compared Detailed explanation for significant
Key Ratios year year
No. measurement with previous change
2022-23 2021-22
year i.e. 25%
or more
7 Operating Profit % 25.27% 20.80% NA NA
Margin (%) (EBITDA
/ Revenue from
operations)
8 Net Profit Margin (%) % 17.55% 13.31% NA NA

Details of change in Networth:

Details of any change in Return on Net Worth as compared to the immediately previous financial year, along with a detailed
explanation thereof:

Particulars 2022-23 2021-22

Return on Net worth 27.28 27.34

Material developments in the Human Resources / Industrial Relations front, including the number of people employed
The Company believes that its employees are its critical assets and is committed to attracting, developing, retaining, and
creating a positive workplace culture. The Company has maintained harmonious Relations with employees across all its offices/
establishments.
The Company has got 2174 permanent employees as on March 31, 2023.
Disclosure of Accounting Treatment
The Financial Statements for the financial year 2022-23 have been prepared by applicable Indian Accounting Standards (IND
AS) as prescribed under Section 133 of the Companies Act, 2013, read with Companies (Indian Accounting Standard) rules as
amended from time to time.
Cautionary Statement:
Statements in this management discussion and analysis describing the Company’s objectives, projections, estimates, and expectations
may be ‘forward-looking statements’ within the meaning of applicable laws and regulations. Actual results might differ substantially or
materially from those expressed or implied. Other factors that could affect the Company’s operations include but are not limited to the
continuing impact of the COVID-19 pandemic, changes in the political and economic environment in India/abroad, tax laws, litigation,
labour relations, foreign currency fluctuations, etc.

74 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Business Responsibility and Sustainability Report

BRSR OVERVIEW:
SECTION A – General disclosures
SECTION B – Management and process disclosures
SECTION C – Principle-wise performance disclosure

Principle 1 Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent,
and accountable
Principle 2 Businesses should provide goods and services in a manner that is sustainable and safe
Principle 3 Businesses should respect and promote the well-being of all employees, including those in their value chains
Principle 4 Businesses should respect the interests of and be responsive to all its stakeholders
Principle 5 Businesses should respect and promote human rights
Principle 6 Businesses should respect and make efforts to protect and restore the environment
Principle 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible
and transparent
Principle 8 Businesses should promote inclusive growth and equitable development
Principle 9 Businesses should engage with and provide value to their consumers in a responsible manner

SECTION A – GENERAL DISCLOSURES

Details:

1. Corporate Identity Number (CIN) of the Listed Entity L74999TN2005PLC055748

2. Name of the company RADIANT CASH MANAGEMENT SERVICES LIMITED
3. Year of incorporation 2005
4. Registered office address 28, Vijayaraghava Road,T.Nagar, Chennai, Tamil Nadu 600017
5. Corporate address No.4/3, Raju Nagar, 1st Street, Okkiyam Thoraipakkam, OMR.
Chennai 600096
6. E-mail investorrelations@radiantcashlogistics.com
7. Telephone (91)- 44 – 4904 4904
8. Website www.radiantcashservices.com
9. Financial year for which reporting is being done FY 2022-23
10. Name of the Stock Exchange(s) where shares are listed National Stock Exchange of India Limited, BSE Ltd
11. Paid-up Capital ₹ 106.71 million
12. Name of contact details of the person who may be Nithin Tom, Company Secretary
contacted in case of any queries on the BRSR Report Email: nithin@radiantcashservices.com
(91)- 44 – 4904 4904
13. Reporting boundary Standalone

Products and Services

14. Details of business activities (accounting for 90% of the turnover):

S. No. Description of Main Activity Description of Business Activity % Of Turnover of the entity
1 Activities auxiliary to financial Cash management services for banks, financial 100%
service activities institutions, organized retail, and e-commerce
companies in India.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 75
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

S. No. Product/Service NIC Code % Of total Turnover contributed

1 Cash Management Services 66190 100%

Operations
Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of offices

National 55 (comprising of 1 Registered Office, 1 Corporate Office, 19 Regional Offices and 34 other Offices which
includes Vaults, Strong Rooms, and Sub-Regional offices)
International RCMS doesn’t have international operations.

16. Markets served by the entity:

The company operates in the following markets mentioned below:
a. Number of locations

Locations Number
National (No. of We have operations in 28 States and 8 Union Territories in India. We serve in 5733 locations comprising
States) of Tier I cities viz. New Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad and
in Tier II & III cities and towns.
International (No. -Not applicable-
of Countries)
b. What is the contribution of exports as a percentage of the total turnover of the entity?
-Not applicable-
c. A brief on types of customers
The company is in the business of cash management and provides services such as cash pick-up and delivery, network currency
management, cash processing, and other value-added services to banks, NBFC, organized retail, e-commerce companies and
Financials and Non-financial institutions.
Employees
18. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):

S. Male Female
Particulars Total (A)
No. No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 2174 1792 82% 382 18%
2. Other than Permanent (E) 0 0 0 0 0
3. Total employees (D + E) 2174 1792 82% 382 18%
WORKERS
4. Permanent (F) 0 0 0 0 0
5. Other than Permanent (G) 0 0 0 0 0
6. Total workers (F + G) 0 #
0 0 0 0
Note: In addition to the employees mentioned above, RCMS engages 7125 service providers on part time/ temporary/ casual basis who
provide services for the business operations of RCMS.
RCMS does not have a workforce classified as Workers.
#

76 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

b. Differently abled Employees and workers:

Differently abled employees

S. Male Female
Particulars Total (A)
No No. (B) % (B / A) No. (C) % (C / A)
1. Permanent (D) 4 4 100% 0 -
2. Other than Permanent (E) 0 0 - 0 -
3. Total differently abled employees (D + E) 4 4 100% 0 -

Differently abled workers #

S. Male Female
Particulars Total (A)
No No. (B) % (B / A) No. (C) % (C / A)
4. Permanent (F) 0 0 0 0 0
5. Other than permanent (G) 0 0 0 0 0
6. Total differently abled workers (F + G) 0 0 0 0 0
Note: In addition to the employees mentioned above, RCMS engages 7125 service providers on part time/ temporary/ casual basis who
provide services for the business operations of RCMS..
RCMS does not have a workforce classified as Workers.
#

19. Participation/Inclusion/Representation of women

No. and percentage of Females

Total (A)
No. (B) % (B / A)
Board of Directors 6 2 33%
Key Management Personnel ** 7 2 28%
** KMP includes two executive directors viz. Chairman & Managing Director and Whole-Time Director of the company
20. Turnover rate for permanent employees and workers
(Disclose trends for the past 3 years)

FY 2022-23 FY 2021-22 FY 2020-21

Male Female Total Male Female Total Male Female Total
Permanent Employees 23% 38% 27% 43% 44% 43% 34% 33% 33%
Permanent Workers * 0% 0% 0% 0% 0% 0% 0% 0% 0%
Note: *RCMS does not have a workforce classified as Workers.
Holding, subsidiary and associate companies (including joint ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures
RCMS doesn’t have any Holding/Subsidiary or associate companies.

Indicate whether Does the entity indicated at column

Name of the holding /subsidiary
S. holding/ Subsidiary/ % Of shares held A, participate in the Business
/ associate companies / joint
No. Associate/ Joint by listed entity Responsibility initiatives of the listed
ventures (A)
Venture entity? (Yes/No)
No active subsidiaries
CSR
22. (I) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) - Yes
(ii) Turnover (in ₹) - 3549.06 million
(iii) Net worth (in ₹) – 2299.34 million

RADIANT
CASH MANAGEMENT SERVICES LIMITED 77
Transparency and Disclosure Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business
Conduct:

Grievance FY 2023 FY 2022

Redressal Current Financial Year Previous Financial Year
Stakeholder Mechanism
group from in Place (Yes/ Number of Number of
Number of
whom No) (If yes, complaints Number of complaints
complaints
complaint is then provide pending complaints pending
filed Remarks Remarks
received web-link for resolution filed during resolution
during the
grievance at close of the year at close of
year
redress policy) the year the year

Communities Yes 0 0 Complaints 0 0 Complaints

from the from the
communities communities
are addressed are addressed
through through
“Radiant “Radiant
Foundation”, Foundation”,
which is the which is the
CSR arm of the CSR arm of the
Radiant Group. Radiant Group.
Investors Yes 0 0 No Complaints 0 0 No Complaints
(Other than received. The received.
shareholders) Company
became listed
w.e.f. Jan 04,
2023
Shareholders Yes 14 0 Shareholder’s 0 0 No Complaints
complaints received.
are addressed
jointly with
support from
RTA (Registrar
and Transfer
Agents) - Link
Intime
Employees & Yes 0 0 No material 0 0 No material
Workers Complaints Complaints
received received

Customers Yes 541 0 Complaints 419 0 Complaints

were service were service
related which related, which
were resolved were resolved
in a timebound in a timebound
manner. manner.
Value Chain Yes 0 0 - 0 0 -
Partner
Others (Pls - - -- -- -
Specify)
Web link https://radiantcashservices.com/corporate-governance/

78 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

24. Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
mitigate the risk along-with its financial implications, as per the following format.
Overview of the entity’s material responsible business conduct issues:

Financial
implications
Indicate
of the risk or
Material whether
S. Rationale for identifying the risk In case of risk, approach to opportunity
identified risk or
No. / opportunity adapt or mitigate (Indicate
issue opportunity
positive or
(R/O)
negative
implications)
1 Carbon R Governments around the world are In India, the nature of vehicles Negative
Emissions implementing stricter regulations to be used for the cash logistics
to mitigate climate change and operations are regulated by
reduce carbon emissions. By the RBI/MHA guidelines. As
identifying carbon emission as per current regional regulatory
a material topic, RCMS ensures compliance, the vehicles in Delhi
compliance with the existing and and NCR are switched to CNG
future environmental regulations. instead of conventional fuels like
This helps the company avoid legal Petrol/Diesel. Additionally, steps
issues and penalties and improves to reduce emissions from the
its reputation as a responsible cash vehicles are being taken by
organization. periodic pollution control checks
and regular servicing.
2 Labour R Poor labour management pose a By having continuous interactions Negative
Management significant risk which can lead to with the workforce for any
service disruptions and adverse feedbacks for improvements
impact on the reputation of the and by swiftly addressing the
company. The expectations of grievances, RCMS is committed
the work force are increasing to creating positive relationship
with times and effective labour with the employees. RCMS strives
management is essential for to improve employee satisfaction
organisational growth. As a and maintain positive work
responsible cash logistics service environment.
company, it is crucial for us to
prioritise our employee well-being.
3 Human Capital O Continuous upskilling and The organization invests in a well Positive
Development training programs are required thought out human resource
for constant development of the development programme for training
human resources. Well Trained of the workforce which increased
and highly motivated human employee morale, motivation and
capital will enhance productivity enhanced productivity. These
and innovation. Investing in actions also helped the organisation
human capital development will to attract and retain talent and
always result in increased efficacy, foster business excellence.
improved service delivery and
resultant profitability and customer
delight.
4 Health & O Providing a safe and healthy work Stringent safety systems in place Positive
Safety environment for the workforce to ensure a healthy and safe
promotes employee wellbeing, workplace for the employees.
positive working atmosphere, RCMS also conducts safety
improved productivity and less trainings on safety protocols to
downtime. avoid any workplace accidents to
its employees.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 79
 Financial
implications
Indicate
of the risk or
Material whether
S. Rationale for identifying the risk In case of risk, approach to opportunity
identified risk or
No. / opportunity adapt or mitigate (Indicate
issue opportunity
positive or
(R/O)
negative
implications)
5 Human Rights R Violation of human rights of any RCMS ensures compliance to Negative
form in any of the locations where local regulations and human
company has business interest will rights standards. RCMS keep
sooner or later result in agitations the channels of feedback
and loss of productivity. Adherence from the field team open and
to human rights is essential for any intervene proactively where
business and RCMS is committed challenges are identified to avoid
towards prohibition of child disruptions. Human rights training
labour, prohibition of forced and programmes are conducted
compulsory labour, freedom of periodically to create awareness
association and compliance to to the workforce.
current regulatory requirements.
6 Privacy and R As a cash management service RCMS have cybersecurity policy in Negative
Data Security company, Privacy and Data place, and we have implemented
Security is of paramount data storage and transmission
importance as our business facility with 100% backups to
involves sensitive financial data ensure highest level of data
and any disruption or leakage will security standards.
endanger our company. Timely
and secure transmission of data is
critical for effective operations.
7 Community O As a responsible business RCMS involves in community Positive
Relations organisation, Radiant cash initiatives through their CSR arm
understands the importance of -Radiant Foundation and other
community relations and invests in implementing agencies.
development of local communities.
8 Business O Being in financial industry, The company’s code of conduct Positive
Ethics adherence to professional clearly mandates ethical behaviour
ethics such as Anti-corruption, of both the external and internal
Anti-money laundering, Insider stakeholders. Moreover,
trading, Fair taxation and auditing effective Whistle blower policy,
practices are key to success of vigil mechanism and grievance
operations. Clearly defined and redressal mechanism are in place.
transparent processes with ethical RCMS is planning to conduct
implementation will enhance well formulated Business ethics
the reputation of the company and code of conduct trainings to
and in turn result in increased internal stakeholders.
productivity and profitability.
Nonadherence on the other hand
will lead to legal fines, penalties,
trust erosion and reputational
damage. Also timely and effective
compliance with regulatory and
legal authorities, augment good
ethical behaviour.

80 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

SECTION B – MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC
(National Guidelines for Responsible Business Conduct) Principles and Core Elements. At RCMS, we have a robust management framework
in place which enables us to align with the NGRBC Principles with respect to structure and policies to ensure we continue to deliver our
best in an ethical, and responsible way. This includes transparent and ethical business practices that hold us accountable, as well as
protect the interests of our stakeholders, including customers and employees.

Principle 1 Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent,
and accountable
Principle 2 Businesses should provide goods and services in a manner that is sustainable and safe
Principle 3 Businesses should respect and promote the well-being of all employees, including those in their value chains
Principle 4 Businesses should respect the interests of and be responsive to all its stakeholders
Principle 5 Businesses should respect and promote human rights
Principle 6 Businesses should respect and make efforts to protect and restore the environment
Principle 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent
Principle 8 Businesses should promote inclusive growth and equitable development
Principle 9 Businesses should engage with and provide value to their consumers in a responsible manner

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and Management Processes

1. Y Y Y Y Y Y Y Y Y
a) Whether your entity’s policy/policies cover
each principle and its core elements of the
NGRBCs. (Yes/No)
b) Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
(Yes/No)
c) Web Link of the Policies, if available https://radiantcashservices.com/corporate-governance/
2. Whether the entity has translated the policy Y Y Y Y Y N Y Y Y
into procedures. (Yes / No)
3. Do the enlisted policies extend to your value N N N N N N N N N
chain partners? (Yes/No)
4. Name of the national and international codes/
certifications/labels/ standards (e.g. Forest
Stewardship Council, Fairtrade, Rainforest
ISO 9001-2015 Certified- Quality Management Systems
Alliance, Trustea) standards (e.g. SA 8000,
OHSAS, ISO, BIS) adopted by your entity and
mapped to each principle.
5. Specific commitments, goals and targets set by ESG considerations are an integral part of our business strategy and
the entity with defined timelines, if any. operations, reflecting our commitment to sustainability, responsible
practices, and ethical decision making. To ensure that the goals and
commitments adopted by the company are meaningful, achievable, and
impactful we are engaging with the stakeholders for their input. Based on
the stakeholders input and materiality assessment, the Company is in the
process of identifying focus areas to develop commitments, goals, and
targets with defined timelines.
6. Performance of the entity against the specific Not Applicable
commitments, goals and targets along-with
reasons in case the same are not met.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 81
 Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Governance Leadership and Oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets,
and achievements (listed entity has flexibility regarding the placement of this disclosure)
In today’s rapidly changing business landscape, Environmental, Social and Governance initiatives have become
quintessential for our business and RCMS endeavours to embed these principles in our operations. Addressing important
global challenges such as climate change, social inequality, and ethical conduct, has become more crucial than ever. By
prioritizing sustainability, social responsibility, and ethical, responsible, and transparent governance, we strive to build a
better world and enhance long-term value for our stakeholders. Incorporating ESG considerations into our strategies,
operations and decision-making processes is not only essential for addressing global and regulatory requirements but also
aligns with our commitment to responsible business practices. Moving ahead, with focused efforts and initiatives in the
areas of Environmental, Social and Governance, Radiant Cash Management Services will continue to tread further in its
sustainability journey by continual improvement, collaborative all rounded development and inclusive approach.
8. Details of the highest authority responsible for Col. DAVID DEVASAHAYAM (DIN: 02154891)
implementation and oversight of the Business Chairman and Managing Director
Responsibility policy (ies). investorrelations@radiantcashlogistics.com
(91)- 44 – 4904 4904
9. Does the entity have a specified Committee of Col. DAVID DEVASAHAYAM (DIN: 02154891)
the Board/ Director responsible for decision Chairman and Managing Director
making on sustainability related issues? (Yes / investorrelations@radiantcashlogistics.com
No). If yes, provide details. (91)- 44 – 4904 4904
Policy and management processes

10. Details of Review of NGRBCs by the Company:

Indicate whether review was undertaken by Frequency
Director / Committee of the Board/ (Annually/ Half - yearly/ Quarterly/ Any
Subject for Review Any other Committee other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above Y Y Y Y Y Y Y Y Y A A A A A A A A A
policies and follow up action
Compliance with statutory Y Y Y Y Y Y Y Y Y A A A A A A A A A
requirements of relevance to
the principles, and, rectification
of any non-compliances
11. Has the entity carried out RCMS hasn’t carried out any assessment /evaluation of the working of the policies by an
independent assessment/ external agency.
evaluation of the working
of its policies by an
external agency? (Yes/No).
If yes, provide the name of
the agency.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

The entity does not consider the principles material to its business (Yes/No)
The entity is not at a stage where it is in a position to formulate and
implement the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical resources Not Applicable
available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)

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SECTION C – PRINCIPLE WISE PERFORMANCE DISCLOSURE

Principle 1 – Businesses should conduct and govern themselves with integrity, and in a manner that is ethical, transparent,
and accountable
RCMS is committed to conducting business in accordance with the applicable regulations upholding the highest standards of business
ethics. RCMS operates in a way that fosters trust with all of its stakeholders, including customers, staff, regulators and general public. The
Company upholds moral principles and encourages business practices by acting with integrity. Open communication is encouraged by
transparency and accountability, which gives stakeholders a clear understanding of the company’s action and decision-making procedures.
The dedication to moral conduct, openness and accountability not only improves the company’s reputation but also fosters a healthy,
ethical business environment. RCMS has laid down a Code of Conduct for its Board of Members, Senior Management Personnel and
all other employees which enables them to discharge their duties with transparency, accountability, independence and ethical conduct.
SDG Linkages

E
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:

Total number of % of persons in respective

Topics/principles covered under the training
Segment training and awareness category covered by the
and its impact
programmes held awareness programmes
Board of Directors 3 • Prohibition of Insider Trading 100%
• Handling of Unpublished Price Sensitive
Information
• Regulatory Compliance
• Business Developments
Key Managerial 2 • Prohibition of Insider Trading 100%
Personnel • Handling of Unpublished Price Sensitive
Information
Employees other 4 • Human Rights 100%
than BoD and • Work etiquette
KMPs
• Prevention of Sexual Harassment at
workplace
Workers# - Not applicable -
Note: RCMS is committed to developing comprehensive training programs in a phased manner, focused on the ESG principles to align the
workforce with the company’s sustainability goals and responsible business practices.
RCMS does not have a workforce classified as Workers.
#

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in
the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of
SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):

Monetary
Name of the regulatory/ Has an appeal
NGRBC Amount (In Brief of the
enforcement agency/ judicial been preferred?
Principle INR) Case
institutions (Yes/No)
Penalty/ Fine
Settlement There are no material fines/ penalties/ settlements with the statutory authorities during FY 2022-23.
Compounding fee

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 Non-Monetary
Name of the regulatory/
NGRBC Amount (In Brief of the Has an appeal been
enforcement agency/ judicial
Principle INR) Case preferred? (Yes/No)
institutions
Penalty/ Fine Nil Nil Nil Nil Nil
Settlement Nil Nil Nil Nil Nil
Compounding fee Nil Nil Nil Nil Nil

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision are preferred in cases where monetary
or non-monetary action has been appealed.

Case Details Name of the regulatory/ enforcement agencies/ judicial institutions

Not applicable Not applicable

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a
web link to the policy.
Yes. RCMS has zero tolerance to bribery and corruption and adheres strictly to applicable laws and regulations to ensure
business practices are ethical and transparent. As part of our commitment to responsible business conduct, we have a
comprehensive anti-bribery and anti -corruption policy that applies to all individuals associated with RCMS. It guides our
employees and stakeholders to uphold the highest standards of integrity in all our business practices and consequences in
case of noncompliance.
Weblink: https://radiantcashservices.com/corporate-governance/
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption.

FY 2022-23 FY 2021-22
Directors Nil Nil
KMPs Nil Nil
Employees Nil Nil
Workers Nil Nil

*There have been no complaints against our BoD, KMPs, Employees and Workers.
6. Details of complaints with regard to conflict of interest:

FY 2022-23 FY 2021-22
Number of complaints received in relation to issues of Conflict of Interest of Nil Nil
the Directors
Number of complaints received in relation to issues of Conflict of Interest of Nil Nil
the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by regulators/
law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Not applicable

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Principle 2 – Businesses should provide goods and services in a manner that is sustainable and safe.
As a trusted partner in financial transactions, RCMS prioritise sustainability and safety in delivery of our services. RCMS strive
towards sustainable operations and business excellence through process efficiency improvements. RCMS is proactive in
implementing digital and technological solutions for increased security and risk reduction, reduced downtime, increased Process
efficiency, faster access to cash and customised service offerings.
SDG Linkages

EE E I El E
Essential Indicators
1.Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and
social impacts of product and processes to total R&D and capex investments made by the entity, respectively.

FY 23 (Current FY 22 (Previous
Details of improvements in environmental and social impacts
financial year) financial year)
R&D Nil Nil
Capex 6.56% 0.09% The Internal Servers purchased by the Company is for Data Security.
Technological applications were developed for the ease of operations
and seamless and accurate reporting of data. As we handle cash, these
upgradations help in carrying out the business in a responsible manner.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) -
No.
b. If yes, what percentage of inputs were sourced sustainably?
Not applicable.
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life, for
(a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Not applicable
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the
waste collection plan is in line with the EPR plan submitted to Pollution Control Boards?
Not applicable

Principle 3: Businesses should respect and promote the well-being of all employees, including those in their value chains
RCMS gives utmost importance for employee wellbeing and a positive work environment as it is crucial for sustainable business
growth. RCMS has zero tolerance for any kind of workplace harassment, bullying or intimidation, including sexual, physical, verbal
and psychological abuse. RCMS is committed to holistic growth of the employees by imparting suitable training for skill upgradation
and to establish a participative culture. Through effective communication, consultation, and engagement with employees, RCMS
ensures safe and healthy working conditions for the workforce and focused towards zero occupational injuries and ill-health.
SDG Linkages

EEHN E

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Essential Indicators
1 a. Details of measures for the well-being of employees.

% of employees covered by
Health Paternity Day care
Accident insurance Maternity benefits
Category Total insurance benefits facilities
(A) Number % (B Number % (C / Number % (D / Number % (E / Number % (F
(B) / A) (C) A) (D) A) (E) A) (F) / A)
Permanent employees
Male 1792 0 - 0 - NA - NA - NA -
Female 382 0 - 0 - 382 100% NA - NA -
Total 2174 0 - 0 - 382 18% NA - NA -
Other than Permanent employees
Male 0 - - 0 - 0 - NA - NA -
Female 0 - - 0 - 0 - NA - NA -
Total 0 - - 0 - 0 - NA - NA -
Note: In addition to the employees mentioned above, RCMS engages 7125 service providers on part time/ temporary/ casual basis who
provide services for the business operations of RCMS.
b. Details of measures for the well-being of workers:

% of workers covered by
Health Accident Maternity Paternity Day care
Category Total insurance insurance benefits benefits facilities
(A) Number % (B / Number % (C / Number % (D / Number % (E / Number % (F /
(B) A) (C) A) (D) A) (E) A) (F) A)
Permanent workers
Male NA
Female
Total
Other than Permanent workers
Male NA
Female
Total
Note: RCMS does not have a workforce classified as Workers.
2. Details of retirement benefits.

FY 2022-23 FY 2021-22
No. of No. of Deducted and No. of No. of Deducted and
Benefits employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 100%* - Y 100% -- Y
Gratuity 100%* - Y 100% - Y
ESI 85% - Y 87% - Y
Others – please specify - - - - -
Note: Only permanent employees have been accounted here.

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3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of
the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes. All facilities where disabled individuals are employed have elevators / lifts for easy access to different floors. RCMS is
continually assessing initiatives and means to make their workplace friendly for disabled employees.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
a web link to the policy.
Yes, RCMS is an equal opportunity employer.
Weblink: https://radiantcashservices.com/corporate-governance/
5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Permanent employees Permanent workers *

Gender
Return to work rate Retention rate Return to work rate Retention rate
Male NA NA NA NA
Female 100%** 67% NA NA
Total - - - -
Note ** Female Employees who are in maternity leave during overlapping financial year FY 2022- 23 & FY 2023-24 will be reported
in FY 2023-24. i.e., Employees who availed maternity leave in FY 2022-23 and continue to be on leave post 31st March 2023 will be
considered in the FY2023-24.
Note: *RCMS does not have a workforce classified as Workers
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and workers?
If yes, give details of the mechanism in brief.

(If yes, then give details of the mechanism in brief)

Permanent Employees Yes. The employees can redress their grievances through the HR Personnel / Regional
Heads designated at each region. Escalations, if any required, can be raised to the HR
Head at the Corporate Office of the Company.
Other than permanent employees N. A
Permanent Workers N. A
Other than permanent workers N. A
7. Membership of employees and workers in association(s) or Unions recognized by the listed entity:

FY 2022-23 FY 2021-22
Total No. of employees/ Total No. of employees/
Category employees workers in the respective employees workers in the respective
%
/ workers in category, who are part / workers in category, who are part % (D/C)
(B/A)
respective of the association(s) or respective of the association(s) or
category (A) Union (B) category (A) Union (B)
Employees
Male 1792 212 12% 1553 177 11%
Female 382 33 9% 327 28 9%
Total 2174 245 11% 1880 205 11%
Workers*
Male - - - - - -
Female - - - - - -
Total - - - - - -
Note : *RCMS does not have a workforce classified as Workers

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8. Details of training given to employees and workers:

FY 2022-23 FY 2021-22
On health and On health and safety On skill
Category On skill upgradation Total
Total (A) safety measures measures upgradation
(D)
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No.(F) % (F / D)
Employees
Male 1792 204 11% 0 -* 1553 106 7% 0 -
Female 382 185 48% 0 - 327 55 17% 0 -
Total 2174 389 18% 0 - 1880 161 9% 0 -
Workers #

Male Nil
Female
Total
* RCMS imparts ‘on the job’ trainings to all their employees. Skill upgradation/ upskilling are facilitated through on the job trainings under
the guidance of respective Department Heads and through job role rotations.
RCMS does not have a workforce classified as Workers.
#

9. Details of performance and career development reviews of employees and workers:

FY 2022-23 FY 2021-22
Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 1792 1710 95% 1553 1475 95%
Female 382 356 93% 327 304 93%
Total 2174 2066 95% 1880 1780 95%
Workers #

Male
Female Nil
Total
RCMS does not have a workforce classified as Workers.
#

10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If
yes, what is the coverage of such a system?
Yes, an occupational health and safety management system covers all the operations of the entity.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis
by the entity?
RCMS has processes for workers to report the work-related hazards and to remove themselves from such risks. The
administration department conducts regular inspections for identifying / assessing risks and decides on a mitigation plan. It
also takes feedback from the employees to identify risks if any.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such
risks.
Not applicable.
d. Do the employees/ workers of the entity have access to non-occupational medical and healthcare services?
No.

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11. Details of safety related incidents, in the following format:

Safety incident/number Category FY 2022-23 FY 2021-22

Lost Time Injury Frequency Rate (LTIFR) (per one-million-person hour worked) Employees - -
Workers - -
Total recordable work-related injuries Employees - -
Workers - -
No. of fatalities Employees - -
Workers - -
High consequence work-related injury or ill-health (excluding fatalities) Employees - -
Workers - -
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
Fire extinguisher and Safety equipment’s are provided at each floor at specific locations and are tested on its adequacy. Emergency
Exit facility marked with well illuminated and clear signages are available for use in any exigency. Also, the premises have 24X7
Camera surveillance.
13. Number of complaints on the following made by employees and workers

FY 2022-23 FY 2021-22
Filed during Pending resolution Filed during Pending resolution
Remarks Remarks
the year at the end of year the year at the end of year
Working conditions Nil Nil - Nil Nil -
Health & safety Nil Nil - Nil Nil -
14. Assessments for the year

% of your plants and offices that were assessed (by entity or statutory authorities or third
parties)
Health and safety practices 100%
Working conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant
risks/concerns arising from assessments of health & safety practices and working conditions.
None required

Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
RCMS believes stakeholder participation is critical for any organisation’s success and hence endeavours to create long-term value for all
our stakeholders, including investors, customers, suppliers, employees, value chain partners, communities, regulatory agencies, and policy
makers. RCMS has a Stakeholders Relationship Committee which is responsible for redressal of grievances of the shareholders of the
Company. Engaging with stakeholders and maintaining stakeholder relations is vital for company’s long-term sustenance and elevates the
goodwill of the Company and leads to financial success.
SDG Linkages

Essential Indicators
1. Describe the processes for identifying key stakeholder groups of the entity.
Any individual or group of individuals or institutions that adds value to the business chain of the corporation or is materially affected
by entity’s decision is identified as a core stakeholder. At present, the given stakeholder groups identified have immediate impact on
the operations and working of the company. The Company has a Stakeholders Relationship Committee to protect the interest of all
the shareholders of the Company and RCMS recognizes both, internal stakeholder (which includes employees and leadership), and
external stakeholder (which includes regulators, investors, suppliers, customers, and community).

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 At RCMS, we recognize stakeholder engagement as an integral part of our operations. We strive to create long-term sustainable
value for all our stakeholders including employees, customers, investors, suppliers, and communities. In order to do so, we regularly
engage and collaborate with our stakeholders to develop an understanding of their needs and expectations.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.

Frequency of
Whether Channels of communication
engagement Purpose and scope of
identified as (Email, SMS, Newspaper,
Stakeholder (Annually/ half- engagement including key topics
vulnerable & Pamphlets, Advertisement,
group yearly/ quarterly and concerns raised during such
marginalised Community meetings, Notice
/ others – please engagement
group (Yes/No) board, Website), Other
specify)
Employees No • Email On a regular basis • Code of Conduct
• SMS • Vision of the organization.
• Training Programmes • Business update
• Meetings • Employee benefits
• Notice Board • Equal opportunities
• Website • Recognition
• Regular Employee • Learning and development
Communication Forums • Safety and well-being
• Performance review and career
development
Customers No • Email On a regular basis • Customer feedback
• SMS • Resolution of their queries
• Mobile App • Advertising
• Corporate Meetings • New Service Offerings
• Corporate Website
• Company representatives
Investors / No • Email Quarterly, Annual, • Long-term value creation
Shareholders • SMS Need Based • Dividends
• Newspaper, Advertisement • Familiarising the shareholders
• Annual General Meetings on the Business
• Notice Board • Financial/Operating
performance
• Corporate Website
• Disclosures to stock
exchanges
Value Chain No • Email On a need basis • Safety Training
Partner • SMS • Economic aspects of the
• Community Meetings business
• Notice Board
• Website
Community Yes • Community events On a regular basis • Community Development

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Principle 5: Businesses should respect and promote human rights

Human Rights forms the integral core value of RCMS. We are committed to conducting business with high standards of ethics,
professionalism and complying to all regulations. RCMS has policies in place to support and protect the human rights of its internal and
external stakeholders. RCMS is compliant with the national regulations pertaining to human rights and does not support any child labour,
forced labour, discrimination on any account and respects freedom of association.
SDG Linkages

El El
Essential Indicators

FY 2022-23 FY 2021-22

Category No. of employees No. of employees

Total (A) / workers covered % (B / A) Total (C) / workers covered % (D / C)
(B) (D)
Employees
Permanent 2174 389 18% 1880 161 8.6%
Other than permanent 0 0 - 0 0 -
Total employees 2174 389 18% 1880 161 8.6%
Workers*
Permanent 0 0 - 0 0 -
Other than permanent 0 0 - 0 0 -
Total workers 0 0 - 0 0 -
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:
Note: In addition to the employees mentioned above, RCMS engages 7125 service providers on part time/ temporary/
casual basis who provide services for the business operations of RCMS..
*RCMS does not have a workforce classified as Workers.
2. Details of minimum wages paid to employees and workers

FY 2022-23 FY 2021-22
More than Equal to
Equal to More than
minimum minimum
Category minimum wage minimum wage
Total (A) wage Total (D) wage
% (B / No. % (C / No. % (E / % (F /
No. (B) No. (F)
A) (C) A) (E) D) D)
Employees
Permanent 2174 1041 48% 1133 52% 1880 845 45% 1035 55%
Other than permanent 0 0 - 0 - 0 0 - 0 -
Total employees 2174 1041 48% 1133 52% 1880 845 45% 1035 55%
Workers *
Permanent 0 0 - 0 - 0 0 - 0 -
Other than permanent 0 0 - 0 - 0 0 - 0 -
Total workers 0 0 - 0 - 0 0 - 0 -
Note: In addition to the employees mentioned above, RCMS engages 7125 service providers on part time/ temporary/ casual
basis who provide services for the business operations of RCMS..
*RCMS does not have a workforce classified as Workers.

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3. Details of remuneration/salary/wages

Male Female
Median remuneration/ Median remuneration/
Number salary/ wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD) 4 1.23* 2 2.42*
Key managerial personnel 5** 6.06* 2** 2.4*
Employees other than BoD and KMP 1799 0.18* 368 0.17*
Workers #
NA
*All remuneration data is mentioned in millions
** KMP includes two executive directors viz. Chairman & Managing Director and Whole-Time Director of the company
RCMS does not have a workforce classified as Workers.
#

4. Do you have a focal point (individual/ committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No)
Yes, Head of HR is the designated focal point for addressing human rights impacts or issues.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
RCMS is committed to upholding and supporting human rights issues. It has zero tolerance towards and forbids all forms of child
labour, forced labour, harassment of all forms and supports freedom of association. RCMS encourages open communication and
provides channels to report any human rights concerns. Any aggrieved employee can approach the respective HR Personnel, in
charge at the respective regions for redressal of human rights grievances. The Internal Grievance Redressal Policies, whistle blower
policy and the POSH Policies provides the mechanism for addressing grievances relating to Human Rights Issues.
6. Number of complaints on the following made by employees and workers:

FY 2022-23 FY 2021-22
Filed Pending Filed Pending
during the resolution at Remarks During the resolution at Remarks
year the end of year year the end of year
Sexual harassment Nil - - Nil - -
Discrimination at workplace Nil - - Nil - -
Child labour Nil - - Nil - -
Forced labour/Involuntary labour Nil - - Nil - -
Wages Nil - - Nil - -
Other human rights-related issues Nil - - Nil - -
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
At RCMS, we are committed to fostering an unbiased working environment where all employees are treated with fairness and
respect. We value equality and have zero tolerance towards any discrimination and harassment. In case of any complaints, the first
line of reporting any instances of discrimination / harassment is the respective HR personnel designated at the regional offices of the
Company. A competent Internal Compliance Committee is available for the employees to report any issues pertaining to POSH. The
identity of the complainant is kept confidential, and the harassment cases are handled discreetly and with utmost sensitivity.
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
No.

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9. Assessments of the year

% of your plants and offices that were assessed (by the entity or statutory authorities
or third parties)
Child labour 100%
Forced/involuntary labour 100%
Sexual harassment 100%
Discrimination at workplace 100%
Wages 100%
Others – please specify -
10. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the
assessments at Question 9 above.
Not Applicable

Principle 6: Businesses should respect and make efforts to protect and restore the environment
RCMS believes in protecting the environment by ensuring efficient use of resources, reduction of emissions and minimizing
wastage. It commits itself to providing services with utmost care to minimize any impact on the Environment and on the Health and
Safety of our employees, the community and our customers. RCMS aims to continuously improve our environmental performance
and explore innovative solutions that promotes resource conservation and reduce our footprint.
SDG Linkages

EI EH El IIH EN E
Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity

Parameter FY 2022-23 FY 2021-22

Total electricity consumption (A) GJ 1897 GJ 1663 GJ
Total fuel consumption (B) GJ 4140 GJ Nil*
Energy consumption through other sources (C) GJ
Total energy consumption (A+B+C) GJ 6037 GJ 1663 GJ
Energy intensity per rupee of turnover: GJ /Cr.
(Total energy consumption/ turnover in rupees)
*Total fuel consumption is reported as Nil for FY 22 as fuel consumption is reported only for owned vehicles and DG sets and the fleet
constituted primarily of leased vehicles during FY22 and DG set consumption was not material.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No
2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the performance, achieve, and
trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have
been achieved. In case targets have not been achieved, provide the remedial action taken if any.
No

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3. Provide details of the following disclosures related to water, in the following format:

Parameter FY 2022-23 FY 2021-22

Water withdrawal by source (in kilolitres)
(i) Surface water The organization’s water -
(ii) Groundwater utilisation is limited to -
human consumption and
(iii) Third-party water (municipal water supplies) -
sanitation. RCMS intends
(iv) Seawater / desalinated water to start tracking their -
(v) Others water consumption to -
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) monitor and record the -
organization’s water usage,
Total volume of water consumption (in kilolitres) -
helping to promote water
Water intensity per rupee of turnover: Kilo Litres/ Cr. (water consumed / conservation efforts and -
turnover) enhance sustainability
practices.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No
4. Has the entity implemented a mechanism for zero liquid discharge? If yes, provide details of its coverage and
implementation.
No
5. Please provide details of air emissions (other than GHG emissions) by the entity:

Parameter Unit FY 2022-23 FY 2021-22

NOx µg/m3 Other air emissions are not Other air
SOx µg/m3 monitored currently. However, emissions
RCMS is committed to monitor are not
Particulate matter (PM) µg/m3
these in the near future. This will monitored.
Persistent organic pollutants (POP) - help them align to environmental
Volatile organic compounds (VOC) mg/m3 goals and will also be a proactive
Hazardous air pollutants (HAP) - approach to reducing their carbon
footprint.
Others – ozone-depleting substances (HCFC - 22 or R-22) -
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity:

Parameter Unit FY 2022-23 FY 2021-22

Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2 - -
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent
Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2 - -
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent
Total Scope 1 and Scope 2 emissions per rupee of turnover Metric tonnes of CO2 - -
equivalent/ Cr. Rs
Note : Currently we are in the process of baselining our Scope 1 and Scope 2 emissions and plan to implement a tracking mechanism for
these emissions in the near future to reduce our carbon footprint and improve our sustainability efforts.
7. Does the entity have any project related to reducing greenhouse gas emission? If yes, then provide details.
No

94 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

8. Provide details related to waste management by the entity, in the following format:

Parameter FY 2022-23 FY 2021-22

Total waste generated (in metric tonnes)
Plastic waste (A) - -
E-waste (B) No E-waste is generated as the -
electronic appliances are on hire.
Bio-medical waste (C) - -
Construction and demolition waste (D) - -
Battery waste (E) No waste reported as the batteries -
used are on hire
Radioactive waste (F) - -
Other Hazardous waste. Please specify, if any. (G) - -
Other Non-hazardous waste generated (H). - -
Total (A+B + C + D + E + F + G + H) - -
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in metric
tonnes)
Category of waste
(i) Recycled - -
(ii) Re-used - -
(iii) Other recovery operations - -
Total (n kgs) 0 0

For each category of waste generated, total waste disposed of by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration - -
(ii) Landfilling - -
(iii) Other disposal operations - -
Total 0 0
* Currently the company does not have a waste management system in operation. However, we are actively working towards establishing
waste management practices, which are expected to be implemented in the near future reflecting their commitment to environmental
sustainability and responsible waste disposal.
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your company to reduce the usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes.
Wastes are disposed of through authorised recyclers and through the waste collection and disposal mechanism of the State
Govts.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones, etc.) where environmental
approvals/clearances are required, please specify details in the following format:

Whether the conditions of

Location of environmental approval / clearance
Type of
Sr. No. operations/ are being complied with? (Y/N) If no,
operations
offices the reasons thereof and corrective
action taken, if any.
We do not have offices around the specified sensitive
areas and hence no approvals/ clearances have been
sought.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 95
12. Details of Environmental Impact Assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:

Name and Whether conducted by

EIA Notification Results communicated in Relevant Web
brief details of Date independent external
No. public domain (yes/no) link
project agency (Yes / No)
NA
13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such as the Water
(prevention and control of pollution) Act, Air (prevention and control of pollution) Act, Environment Protection Act, and
rules there under (Y/N). If not, provide details of all such non-compliances:

Specify the law / regulation Provide details Any fines / penalties / action taken by Corrective
Sr.
/ guidelines which was not of the non- regulatory agencies such as pollution action taken if
No.
complied with compliance control boards or by courts any
Yes, the Company is fully compliant with the applicable environmental law / regulations / guidelines in the places where we
operate

Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent
RCMS recognise the importance of responsible and transparent engagement when it comes to influencing public and regulatory
policy. We understand that transparency builds trust, fosters credibility, and allows stakeholders to make informed decisions. As
a responsible organisation, we are promoting the use of digital payment solutions, ensuring safe and seamless cash transfers and
nurturing a friendly environment for the cash management service companies to thrive. RCMS firmly believes it is important to
align with the industry consortiums, engage with regulators and policy makers and stress on the significance of cash management
services in aiding financial transactions.
SDG Linkages

E I E H IN E
Essential Indicators
1. a. Number of affiliations with trade and industry chambers/ associations.
1
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such a body) the
entity is a member of/ affiliated to.

S. Name of the trade and industry

Reach of trade and industry chambers/ associations (State/National)
No. chambers/ associations
1 Cash Logistics Association (CLA) CLA is an Industry alliance, comprising entities located in India, that operate in ATM
cash management, cash delivery and pick-up and inter branch, intercity bulk cash
movement, etc
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity,
based on adverse orders from regulatory authorities.

Name of authority Brief of the case Corrective action taken

Not Applicable

96 RADIANT
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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development

RCMS firmly believes that sustainable business success goes hand in hand with creating an environment where everyone can thrive.
RCMS understands its responsibility towards the communities and undertakes several socio-economic initiatives for the betterment of
the underprivileged. The CSR initiative covers areas like Mid-day meals for destitute, Shiksha project for interest free loans for deserving
students and providing essentials to mentally challenged students for their support.
SDG Linkages

EI EE RI Hi I E
Essential Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
financial year.

Name and SIA Whether conducted by Results communicated

Date of Relevant web
brief details of notification independent external agency in public domain(Yes/
notification link
project No. (Yes/No) No)
Not Applicable
2. Provide information on the project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by
your entity:

S Name of project for No. of project affected % of PAFs covered Amounts paid to PAFs
State District
No. which R&R is ongoing families (PAFs) by R&R in the FY (In ₹)
Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community.
The CSR Activities of the Company are carried out through our CSR arm -Radiant Foundation and other implementing
agencies , hence grievances if any ,from the Community with respect to the CSR activities are also addressed by them.. The
grievances of the community can also be communicated through the Company’s email ID.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

FY 2022-23 FY 2021-22
Directly sourced from MSMEs/ small producers * 83.67% 81.34%
Sourced directly from within the district and neighbouring district ** NA NA
Note: *RCMS is a service provider and hence the sources are pertaining to service offerings availed for our business operations.
** Our major input material is stationery and office supplies which are mostly procured from within the district and neighbouring
districts on need basis.

PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner
RCMS firmly believes that our success is built on the trust and satisfaction of our customers. RCMS is a service-oriented organization and
prioritise delivering high quality services that are reliable, secure and tailored to meet the customer specific requirements. We take the
responsibility and implement stringent measures to protect customer data and privacy. We promptly respond to all queries and handle
complaints in a fair and responsible manner. As a cash management service company, we guarantee security and protection of consumer
funds, transparent and fair practices, efficient cash handling and ensure compliance with regulatory requirements.
SDG Linkages

RADIANT
CASH MANAGEMENT SERVICES LIMITED 97
Essential Indicators
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company has a dedicated Customer Relations (“CR”) Team to receive and respond to the Customer Complaints and Feedbacks.
Each of our customers are provided with a direct line to respective CR Team members, who are capable of addressing any issues of
our service.
2. Turnover of products and/or services as a percentage of turnover from all products/services that carry information
about:

As a % to total turnover
Environmental and social parameters relevant to the product Not Applicable
Safe and responsible usage Not Applicable
Recycling and/or safe disposal Not Applicable
3. Number of consumer complaints in respect of the following:

FY 2022-23 FY 2021-22
Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy 0 0 - 0 0 -
Advertising 0 0 - 0 0 -
Cyber-security 0 0 - 0 0 -
Delivery of essential services 0 0 - 0 0 -
Restrictive trade practices 0 0 - 0 0 -
Unfair trade practices 0 0 - 0 0 -
Other 541 0 The complaints 419 0 The complaints
received were received were
service related service related
and the same and the same
were redressed were redressed
in a time bound in a time bound
manner manner
4. Details of instances of product recalls on account of safety issues.

Number Reasons for Recall

Voluntary Recalls 0 0
Forced Recalls 0 0
5. Does the entity have a framework/policy on cyber security and risks related to data privacy? If available, provide a web
link to the policy. Yes .
Weblink : https://radiantcashservices.com/corporate-governance/
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/action
taken by regulatory authorities on the safety of products/services.
Not applicable

98 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Independent Auditor’s Report

To the Members of Radiant Cash Management Services Limited
(formerly known as Radiant Cash Management Services Private Limited)
Report on the Audit of the Ind AS Financial Statements
Opinion
We have audited the accompanying Ind AS financial statements (“the financial statements”) of Radiant Cash Management Services
Limited (“the Company”) (formerly known as Radiant Cash Management Services Private Limited), which comprise the balance sheet
as at March 31, 2023, the statement of Profit and Loss (including other comprehensive income), the statement of changes in
equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,
2023, and its profit including other comprehensive income, 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 Act. 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 (“ICAI”) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the 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 matters
described below to be the key audit matters to be communicated in our report.

Sr No Key Audit Matter Auditor’s Response

1 Revenue from Operations: In view of the significance of the matter, we applied the following audit
procedures in this area, among others, to obtain sufficient appropriate
We have identified revenue recognition as a
audit evidence:
key audit matter since:
• Assessing the appropriateness of the Company’s accounting
• There is a element of inherent risk and
policies in respect of revenue recognition by comparing with
presumed fraud risk around accuracy
applicable accounting standards.
and existence of revenue recognised.
• Evaluating the design and testing the implementation of the
• Overstatement of revenue is considered
internal financial controls and testing the operating effectiveness
as a significant audit risk as it is a key
of internal controls for a randomly selected sample of transactions.
performance indicator.
• Performing substantive testing by comparing selected samples
• There is a significant audit effort, due to
of revenue transactions accounted during the year and matching
volume of transactions, to ensure that
the parameters used in the computation with the relevant source
unbilled revenue is recorded based on
documents.
contractual terms and the services are
rendered. • For selected samples of unbilled transactions, tested with
subsequent invoicing / other underlying documents to verify
services rendered.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 99
Other Information Auditor’s Responsibilities for the Audit of the Financial
Statements
The Company’s Board of Directors is responsible for the other
information. The other information comprises the information Our objectives are to obtain reasonable assurance about
included in the Management Discussion and Analysis, Board’s whether the financial statements as a whole are free from
Report including Annexures to Board’s Report, Business material misstatement, whether due to fraud or error, and to
Responsibility Report, and Shareholder’s Information, but does issue an auditor’s report that includes our opinion. Reasonable
not include the financial statements and our auditor’s report assurance is a high level of assurance but is not a guarantee
thereon. These reports are expected to be made available to us that an audit conducted in accordance with SAs will always
after the date of this auditor’s report. detect a material misstatement when it exists. Misstatements
Our opinion on the financial statements does not cover the can arise from fraud or error and are considered material if,
other information and we will not express any form of assurance individually or in aggregate, they could reasonably be expected
conclusion thereon. to influence the economic decisions of users taken on the basis
of these financial statements.
In connection with our audit of the financial statements, our
responsibility is to read the other information identified above As part of an audit in accordance with SAs, we exercise
when it becomes available and, in doing so, consider whether professional judgment and maintain professional skepticism
the other information is materially inconsistent with the throughout the audit. We also:
financial statements or our knowledge obtained in the audit, or • Identify and assess the risks of material misstatement of
otherwise appears to be materially misstated. the financial statements, whether due to fraud or error,
When we read the other information, if we conclude that design and perform audit procedures responsive to those
there is a material misstatement therein, we are required to risks, and obtain audit evidence that is sufficient and
communicate the matter to those charged with governance appropriate to provide a basis for our opinion. The risk
and take appropriate actions. of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
Responsibilities of Management and Those Charged with
may involve collusion, forgery, intentional omissions,
Governance for the Financial Statements
misrepresentations, or the override of internal control.
The Company’s Board of Directors is responsible for the
• Obtain an understanding of internal financial control
matters stated in section 134(5) of the Act with respect to
relevant to the audit in order to design audit procedures
the preparation of these financial statements that give a true
that are appropriate in the circumstances. Under Section
and fair view of the financial position, financial performance,
143(3)(i) of the Act,
including other comprehensive income, changes in equity and
cash flows of the Company in accordance with the accounting we are also responsible for expressing our opinion on
principles generally accepted in India, including the Indian whether the Company has adequate internal financial
Accounting Standards (Ind AS) specified under section 133 of controls with reference to financial statements in place
the Act read with the Companies (Indian Accounting Standards) and the operating effectiveness of such controls.
Rules, 2015, as amended. This responsibility also includes
• Evaluate the appropriateness of accounting policies used
maintenance of adequate accounting records in accordance
and the reasonableness of accounting estimates and
with the provisions of the Act for safeguarding of the assets
related disclosures made by management.
of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate • Conclude on the appropriateness of the management’s
accounting policies; making judgments and estimates that use of the going concern basis of accounting and, based
are reasonable and prudent; and design, implementation on the audit evidence obtained, whether a material
and maintenance of adequate internal financial controls, uncertainty exists related to events or conditions that
that were operating effectively for ensuring the accuracy may cast significant doubt on the Company’s ability to
and completeness of the accounting records, relevant to the continue as a going concern. If we conclude that a material
preparation and presentation of the financial statements uncertainty exists, we are required to draw attention
that give a true and fair view and are free from material in our auditor’s report to the related disclosures in the
misstatement, whether due to fraud or error. financial statements or, if such disclosures are inadequate,
In preparing the financial statements, the management and the to modify our opinion. Our conclusions are based on the
Board of Directors are responsible for assessing the Company’s audit evidence obtained up to the date of our auditor’s
ability to continue as a going concern, disclosing, as applicable, report. However, future events or conditions may cause
matters related to going concern and using the going concern the Company to cease to continue as a going concern.
basis of accounting unless the Board of Directors either intends • Evaluate the overall presentation, structure and content
to liquidate the Company or to cease operations, or has no of the financial statements, including the disclosures, and
realistic alternative but to do so. whether the financial statements represent the underlying
The Board of Directors are also responsible for overseeing the transactions and events in a manner that achieves fair
company’s financial reporting process. presentation.

100 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Materiality is the magnitude of misstatement in the financial (e) On the basis of the written representations received
Statements that, individually or in aggregate, makes it probable from the directors as on March 31, 2023 taken
that the economic decisions of a reasonably knowledgeable on record by the Board of Directors, none of the
user of the financial statements may be influenced. We consider directors is disqualified as on March 31, 2023 from
quantitative materiality and qualitative factors in (i) planning being appointed as a director in terms of Section
the scope of our audit work and in evaluating the results 164 (2) of the Act;
of our work; and (ii) to evaluate the effect of any identified
(f) With respect to the adequacy of the internal financial
misstatement in the financial statements.
controls over financial reporting of the Company and
We communicate with those charged with governance the operating effectiveness of such controls, refer
regarding, among other matters, the planned scope and to our separate Report in “Annexure B”. Our report
timing of the audit and significant audit findings, including expresses an unmodified opinion on the adequacy
any significant deficiencies in internal control that we identify and operating effectiveness of the Company’s
during our audit. internal financial controls over financial reporting.
We also provide those charged with governance with a (g) With respect to the matters to be included in the
statement that we have complied with relevant ethical Auditor’s Report under Section 197(16) of the Act,
requirements regarding independence, and to communicate in our opinion, and to the best of our information
with them all relationships and other matters that may and according to the explanations give to us, the
reasonably be thought to bear on our independence, and remuneration paid by the Company to its directors
where applicable, related safeguards. during the year is in accordance with the provisions
of section 197 read with Schedule V of the Act, and
From the matters communicated with those charged with
governance, we determine those matters that were of most (h) With respect to the other matters to be included in
significance in the audit of the financial statements of the the Auditor’s Report in accordance with Rule 11 of
current period and are therefore the key audit matters. We the Companies (Audit and Auditors) Rules, 2014, in
describe these matters in our auditor’s report unless law or our opinion and to the best of our information and
regulation precludes public disclosure about the matter or according to the explanations given to us:
when, in extremely rare circumstances, we determine that a
i. The Company has disclosed the impact of
matter should not be communicated in our report because
pending litigations as at March 31, 2023 on its
the adverse consequences of doing so would reasonably be
financial statements – Refer Note No. 36 to the
expected to outweigh the public interest benefits of such
financial statements.
communication.
ii. The Company did not have any long-term
Report on Other Legal and Regulatory Requirements
contracts including derivative contracts for
1. As required by the Companies (Auditor’s Report) Order, which there were any material foreseeable
2020 (“the Order”), issued by the Central Government losses.
of India in terms of sub-section (11) of section 143 of
iii. There has been no delay in transferring
the Act, we give in the “Annexure A”, a statement on the
amounts, required to be transferred, to the
matters specified in paragraphs 3 and 4 of the Order, to
Investor Education and Protection Fund by the
the extent applicable.
Company.
2. As required by Section 143(3) of the Act, we report that:
iv.
(a) We have sought and obtained all the information
(a) The Management has represented that,
and explanations which to the best of our knowledge
to the best of its knowledge and belief,
and belief were necessary for the purposes of our
no funds have been advanced or loaned
audit;
or invested (either from borrowed funds
(b) In our opinion, proper books of account as required or share premium or any other sources or
by law have been kept by the Company so far as it kind of funds) by the Company to or in
appears from our examination of those books; any other person(s) or entity(ies), including
foreign entities (“Intermediaries”), with
(c) The Balance Sheet, the Statement of Profit and
the understanding, whether recorded in
Loss including Other Comprehensive Income, the
writing or otherwise, that the Intermediary
statement of changes in equity and the statement of
shall, directly or indirectly lend or invest
cash flows dealt with by this Report are in agreement
in other persons or entities identified in
with the books of account;
any manner whatsoever by or on behalf of
(d) In our opinion, the aforesaid financial statements the Company (“Ultimate Beneficiaries”) or
comply with the Ind AS specified under Section 133 provide any guarantee, security or the like
of the Act; on behalf of the Ultimate Beneficiaries.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 101
 (b) The Management has represented, that, vi. As proviso to Rule 3(1) of the Companies
to the best of its knowledge and belief, no (Accounts) Rules, 2014 relating to maintaining
funds have been received by the Company books of account using accounting software
from any person(s) or entity(ies), including which has a feature of recording audit trail (edit
foreign entities (“Funding Parties”), with log facility) is applicable to the Company only
the understanding, whether recorded in with effect from April 1, 2023 and accordingly
writing or otherwise, that the Company reporting under clause (g) of Rule 11 is not
shall, directly or indirectly, lend or invest in applicable for the current financial year.
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 For ASA & Associates LLP
on behalf of the Ultimate Beneficiaries. Chartered Accountants
Firm Registration No: 009571N/N500006
(c) Based on the audit procedures performed
that have been considered reasonable and
G N Ramaswami
appropriate in the circumstances, nothing
Partner
has come to our notice that has caused us
Membership No. 202363
to believe that the representations under
UDIN: 23202363BGSQTV2657
sub-clause (i) and (ii) of Rule 11(e) contain
any material mis-statement.
Place: Chennai
v. The Interim dividend declared and paid during Date: May 22, 2023
the year and until the date of this report by the
Company is in compliance with Section 123 of
the Act.

102 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure - A
referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date

(i) (a) (A) According to the information and explanations given to us and audit procedures performed by us, the Company has
maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and
Equipment.
(B) According to the information and explanations given to us and audit procedures performed by us, the Company has
maintained proper records showing full particulars of intangible assets.
(b) A portion of the Property, Plant and Equipment were physically verified during the year by the management in
accordance with phased program of verification, which in our opinion covers all the fixed assets at reasonable
intervals. According to the information and explanation given to us no material discrepancies were noticed on such
physical verification;
(c) The Company does not have immovable properties (other than properties where the company is the lessee and the
lease agreements are duly executed in favour of the lessee). Accordingly, reporting under clause 3(i)(c) of the Order
is not applicable..
(d) According to information and explanations given to us and audit procedures performed by us, the Company has not
revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year.
(e) According to information and explanations given to us and audit procedures performed by us, there are no
proceedings initiated or are pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
ii. (a) The Company does not hold any physical inventories during the year. Accordingly, reporting under clause 3(ii)(a) of
the Order is not applicable.
(b) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks
on the basis of security of current assets. According to information and explanations given to us and on the basis of
our examination of the records of the Company, the quarterly returns or statements filed by the Company with such
banks or financial institutions are in agreement with the books of account of the Company, except as follows:
(Amounts in ₹ Millions)

Reason for
Amount as Amount as reported
Amount of Discrepancies (As
Name of the Banks Quarter per books of in the quarterly
Differences explained by the
account Return/ Statement
management)
Standard Chartered
June-22 876.51 898.64 (22.13) Provision for bad &
Bank and YES Bank
doubtful debts not
Standard Chartered
Sep-22 847.61 869.76 (22.15) considered
Bank and YES Bank
iii. According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not made any investments, provided any guarantee or security or granted any loans or
advances in the nature of loans, secured or unsecured, to companies, firms, and Limited Liability partnerships or any
other parties. Accordingly, reporting under clause 3(iii)(a) to 3(iii)(f) of the Order are not applicable.
iv. According to information and explanations given to us and audit procedures performed by us, the Company has neither
made any investments nor has given loans or provided guarantee or security and therefore the relevant provisions of
Section 185 and 186 of the Companies Act, 2013 are not applicable to the Company. Accordingly, reporting under
clause 3(iv) of the Order is not applicable.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly,
reporting under clause 3(v) of the Order is not applicable.
vi. According to information and explanations given to us, the Central Government has not prescribed the maintenance of
cost records under Section 148(1) of the Companies Act, 2013 for the services provided by it. Accordingly, reporting
under clause 3(vi) of the Order is not applicable.

RADIANT
CASH MANAGEMENT SERVICES LIMITED 103
vii. (a) According to the information provided and explanations given to us and based on our examination of the records of
the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues
including Goods and Services Tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess and other material statutory dues applicable to it. There are no material
outstanding statutory dues existing as on the last day of the financial year which is outstanding for more than six months
from the day they becomes payable except for the statutory dues mentioned herein below with respect to PF and ESI
due to the non-linkage of Aadhar with the authorities by the staff:

Amount Period to which

Name of the Statute Nature of the Dues Remarks
(₹ in Million) it relates
Employees Employee contribution 0.62 Mar’20 - Sep’22 Non-linking of the Aadhar with
Provident Fund the authorities by the staff
and Miscellaneous Employer contribution 0.67 Mar’20 - Sep’22 Non-linking of the Aadhar with
Provisions Act, 1952 the authorities by the staff
(b) According to the information provided and explanations given to us, the details of statutory dues that have not been
deposited on account of dispute are as under:

Amount
Period to which Forum where the dispute is
Name of the Statue Nature of the dues (₹ in
the amount relates pending
Millions)
Income Tax Act, 1961 Income Taxes 6.42 FY 2016-17 Pending before Commissioner
of Income Tax(Appeals)
Income Tax Act, 1961 Income Taxes 0.24 FY 2019-20 Pending before Commissioner
of Income Tax(Appeals)
Income Tax Act, 1961 Income Taxes 4.31 FY 2020-21 Pending before Commissioner
of Income Tax(Appeals)
Finance Act, 1994 Service Tax 0.84# FY 2014-15 Custom Excise and Service Tax
Appellate Tribunal, Chennai

# ₹ 0.08 Million paid under protest were obtained.

viii. According to the information provided and (d) According to the information and explanations given
explanations given to us, and on the basis of our to us and on an overall examination of the financial
examination of the records of the Company, the statements of the Company, we report that no funds
Company has not surrendered or disclosed any raised on short-term basis have been used for long-
transactions, previously unrecorded as income in the term purposes by the Company.
books of account, in the tax assessment under the
(e) The Company does not hold any investment in any
Income Tax Act, 1961 as income during the year and
subsidiary, associate or joint venture as defined
accordingly reporting under clause 3 (viii) of the Order
under the Companies Act, 2013 during the year and
is not applicable to the Company.
accordingly reporting under clause 3 (ix)(e) and clause
ix. (a) According to the information and explanations given 3 (ix)(f) of the Order is not applicable to the Company.
to us and audit procedures performed by us, the
x. (a) According to the information provided and explanations
Company has not defaulted in repayment of loans and
given to us, and on the basis of our examination of
borrowings or in the payment of interest thereon to
the records of the Company in our opinion, money
the lenders during the year.
raised by way of initial public offer were being applied
(b) According to the information and explanations given for the purposes during the year (Refer Note xxx) for
to us, the Company has not been declared as willful which these were obtained as stipulated in the offer
defaulter by any bank or financial institution or document, though idle funds which were not required
government or any government authority. for immediate utilization have been invested in readily
realizable liquid investments.
(c) According to the information and explanations given
to us and audit procedures performed by us, term (b) According to the information provided and
loans were applied for the purposes for which they explanations given to us, and on the basis of our

104 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

examination of the records of the Company, the opinion, the Company has an internal audit system
Company has not made any preferential allotment or commensurate with the size and nature of its business.
private placement of shares or convertible debentures
(b) We have considered the internal audit reports of the
(fully, partially or optionally convertible) during the
Company issued till date, for the year under audit.
year. Accordingly, reporting under clause 3(x)(b) of the
Order is not applicable. xv. According to the information and explanations given
to us, in our opinion the Company has not entered
xi. (a) According to the information and explanations
into any non-cash transactions with its directors
given by the management and based upon the audit
or persons connected with its directors and hence
procedures performed for the purpose of reporting
provisions of section 192 of the Companies Act, 2013
the true and fair view of the financial statements, we
are not applicable to the Company.
report that no fraud by the Company or any fraud on
the Company has been noticed or reported during xvi. (a) According to the information and explanations given
the year except for the following mentioned herein to us, the Company is not required to be registered
under: under section 45-IA of the Reserve Bank of India Act,
1934.
Amount
No of (b) According to the information and explanations given
Nature of Fraud involved
cases to us, the Company has not conducted any Non-
(₹ Mn)
Banking Financial or Housing Finance activities.
Cash Embezzlement by 40 50.54
the Cash executives of the (c) The Company is not a Core Investment Company
Company during the transit of (CIC) as defined in the regulations made by the
Cash in the normal course of Reserve Bank of India. Accordingly, reporting under
business. clause 3(xvi)(c) and (d) of the Order are not applicable.

Of the above, ₹ 17.32 Million had been recovered, xvii. According to the information and explanations given
₹ 9.42 Million had been charged off (being not to us and on an overall examination of the financial
recoverable) and the management is taking appropriate statements of the Company, the Company has not
action to recover the balance amount of loss due to incurred cash losses in the financial year and in the
fraud. The management is of the opinion that all such immediately preceding financial year.
reported amounts during the year are recoverable in xviii. There has been no resignation of the statutory
full. auditors during the year and accordingly reporting
(b) According to the information and explanations given under clause 3(xviii) of the Order is not applicable.
to us, no report under sub-section 12 of section 143 xix. According to the information and explanations given
of the Act, in ADT-4, has been filed by the auditors to us and on the basis of the financial ratios, ageing
during the year and hence clause 3 (xi)(b) of the order and expected dates of realization of financial assets
is not applicable. and payment of financial liabilities, other information
(c) As represented to us by the management, there are no accompanying the financial statements, our
whistleblower complaints received by the Company knowledge of the Board of Directors and management
during the year. plans and based on our examination of the evidence
supporting the assumptions, nothing has come to
xii. According to the information and explanation given to our attention, which causes us to believe that any
us, the Company is not a Nidhi Company. Accordingly, material uncertainty exists as on the date of the audit
reporting under clause 3(xii) of the Order is not report that the Company is not capable of meeting its
applicable. liabilities existing at the date of balance sheet as and
xiii. In our opinion and according to the information and when they fall due within a period of one year from the
explanations given to us, the transactions entered balance sheet date. We, however, state that this is not
with the related parties are in compliance with an assurance as to the future viability of the Company.
sections 177 and 188 of Companies Act, 2013 where We further state that our reporting is based on the
applicable and details have been disclosed in the information and explanation as made available to us
financial statements as required by the applicable by the management of the Company up to the date
Indian Accounting Standards. of the audit report and we neither give any guarantee
nor any assurance that all liabilities falling due within
xiv. (a) According to the information and explanations given a period of one year from the balance sheet date, will
to us and audit procedures performed by us, in our

RADIANT
CASH MANAGEMENT SERVICES LIMITED 105
 get discharged by the Company as and when they fall
due.
xx. According to the information and explanation given
to us, as per the provision of Corporate Social
Responsibility u/s 135 of the Companies Act, 2013,
the Company has made the required contributions
during the year and there are no unspent amounts
which are required to be transferred to the special
account as on the date of our audit report and hence
reporting under clause 3 (xx) is not of the Order is not
applicable to the Company.

For ASA & Associates LLP

Chartered Accountants
Firm Registration No: 009571N/N500006

G N Ramaswami
Partner
Membership No: 202363
UDIN: 23202363BGSQTV2657

Place: Chennai
Date: May 22, 2023

106 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Annexure - B
to the Independent Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of over financial reporting included obtaining an understanding
Sub-section 3 of Section 143 of the Companies Act, 2013 of internal financial controls over financial reporting, assessing
(“the Act”) the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
We have audited the internal financial controls over financial
control based on the assessed risk. The procedures selected
reporting of Radiant Cash Management Services Limited (the
depend on the auditor’s judgment, including the assessment of
“Company”) as of March 31, 2023 in conjunction with our audit
the risks of material misstatement of the financial statements,
of the financial statements of the Company for the year ended
whether due to fraud or error.
on that date.
We believe that the audit evidence we have obtained is
Management’s Responsibility for Internal Financial Controls
sufficient and appropriate to provide a basis for our audit
The Company’s management is responsible for establishing opinion on the Company’s internal financial controls system
and maintaining internal financial controls based on the over financial reporting.
internal control over financial reporting criteria established
Meaning of Internal Financial Controls over Financial
by the Company considering the essential components
Reporting
of internal control stated in the Guidance Note on Audit of
Internal Financial Controls over Financial Reporting issued A company’s internal financial control over financial reporting is
by the Institute of Chartered Accountants of India (‘ICAI’). a process designed to provide reasonable assurance regarding
These responsibilities include the design, implementation and the reliability of financial reporting and the preparation of
maintenance of adequate internal financial controls that were financial statements for external purposes in accordance with
operating effectively for ensuring the orderly and efficient generally accepted accounting principles. A company’s internal
conduct of its business, including adherence to company’s financial control over financial reporting includes those policies
policies, the safeguarding of its assets, the prevention and and procedures that(1) pertain to the maintenance of records
detection of frauds and errors, the accuracy and completeness that, in reasonable detail, accurately and fairly reflect the
of the accounting records, and the timely preparation of transactions and dispositions of the assets of the company; (2)
reliable financial information, as required under the Companies provide reasonable assurance that transactions are recorded
Act, 2013. as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
Auditors’ Responsibility
that receipts and expenditures of the company are being made
Our responsibility is to express an opinion on the Company’s only in accordance with authorizations of management and
internal financial controls over financial reporting based on directors of the company; and (3) provide reasonable assurance
our audit. We conducted our audit in accordance with the regarding prevention or timely detection of unauthorized
Guidance Note on Audit of Internal Financial Controls over acquisition, use, or disposition of the company’s assets that
Financial Reporting (the “Guidance Note”) and the Standards could have a material effect on the financial statements.
on Auditing, issued by ICAI and deemed to be prescribed
Inherent Limitations of Internal Financial Controls over
under section 143(10) of the Companies Act, 2013, to the
Financial Reporting
extent applicable to an audit of internal financial controls, both
applicable to an audit of Internal Financial Controls and, both Because of the inherent limitations of internal financial
issued by the Institute of Chartered Accountants of India. Those controls over financial reporting, including the possibility
Standards and the Guidance Note require that we comply of collusion or improper management override of controls,
with ethical requirements and plan and perform the audit to material misstatements due to error or fraud may occur and
obtain reasonable assurance about whether adequate internal not be detected. Also, projections of any evaluation of the
financial controls over financial reporting was established and internal financial controls over financial reporting to future
maintained and if such controls operated effectively in all periods are subject to the risk that the internal financial control
material respects. Our audit involves performing procedures over financial reporting may become inadequate because of
to obtain audit evidence about the adequacy of the internal changes in conditions, or that the degree of compliance with
financial controls system over financial reporting and their the policies or procedures may deteriorate.
operating effectiveness. Our audit of internal financial controls

RADIANT
CASH MANAGEMENT SERVICES LIMITED 107
Opinion
In our opinion, the Company has, in all material respects, an
adequate internal financial controls system over financial
reporting and such internal financial controls over financial
reporting were operating effectively as at March 31, 2023,
based on the internal control over financial reporting criteria
established by the Company considering the essential
components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India.

For ASA & Associates LLP

Chartered Accountants
Firm Registration No: 009571N/N500006

G N Ramaswami
Partner
Membership No: 202363
UDIN: 23202363BGSQTV2657

Place: Chennai
Date: May 22, 2023

108 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Balance sheet
(Amount in INR millions, unless otherwise stated)
Note As at As at
Particulars
Nos. March 31, 2023 March 31, 2022
ASSETS
Non-Current Assets
(a) Property, Plant and Equipment 4 (a) 126.46 131.59
(b) Capital Work in Progress 4 (b) 19.39 -
(c) Intangible Assets 5 6.43 9.32
(d) Financial Assets
(ii) Other Financial Assets 6 84.10 38.84
(e) Deferred Tax Assets (Net) 7 14.35 18.57
(f) Non Current Tax Asset (Net) 8 8.68 14.44
(g) Other Non Current Assets 9 2.53 0.31
Total Non Current Assets 261.94 213.07
Current Assets
(a) Financial Assets
(i) Trade Receivables 10 702.12 785.29
(ii) Cash and Cash Equivalents 11 979.60 702.06
(iii) Bank Balances other than (ii) above 12 738.30 90.63
(iv) Other Financial Assets 13 17.98 70.27
(b) Other Current Assets 14 88.64 44.41
Total Current Assets 2,526.64 1,692.66
Total Assets 2,788.58 1,905.73
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 15 106.71 101.25
(b) Other Equity 16 2,192.63 1,296.37
Total Equity 2,299.34 1,397.62
Liabilities
Non-Current Liabilities
Financial Liabilities
(i) Long Term Borrowings 17 8.82 12.63
(ia) Lease Liabilities 18 - 7.95
Total Non Current Liabilities 8.82 20.58
Current Liabilities
(a) Financial Liabilities
(i) Short Term Borrowings 19 269.16 254.85
(ia) Lease Liability 20 9.44 12.09
(ii) Trade Payables 21
a) Total Outstanding Dues of Micro Enterprises and Small Enterprises; 3.85 2.96
b) Total Outstanding Dues of Creditors other than Micro Enterprises and 4.35 11.18
Small Enterprises
(iii) Other Financial Liabilities 22 157.19 120.24
(b) Other Current Liabilities 23 35.26 65.42
(c) Provisions 24 - 17.67
(d) Current Tax Liabilities (Net) 25 1.17 3.12
Total Current Liabilities 480.42 487.53
Total Liabilities 489.24 508.11
Total Equity and Liabilities 2,788.58 1,905.73
Note:
The accompanying notes form an integral part of the Financial Statements

As per our report of even date attached For and On Behalf of the Board of Directors of
For ASA & Associates LLP RADIANT CASH MANAGEMENT SERVICES LIMITED
Chartered Accountants CIN: L74999TN2005PLC055748
Firm Regn No. 009571N/N500006

G.N. Ramaswami Col. David Devasahayam Vasanthakumar AP

Partner Chairman and Managing Director Director
Membership No.202363 DIN: 02154891 DIN: 02069470

Jayanthi T.V Venkataramanan

Independent Director Chief Financial Officer
DIN: 09295572

K. Jaya Bharathi
Place: Chennai Company Secretary
Date: May 22, 2023 M.No: FCS 8758

RADIANT
CASH MANAGEMENT SERVICES LIMITED 109
Statement of Profits and Loss
(Amount in INR millions, unless otherwise stated)

Note For the year ended For the year ended

Particulars
No March 31, 2023 March 31, 2022
I Revenue from operations 26 3,549.06 2,860.35
II Other income 27 25.76 9.39
III Total Income (I+II) 3,574.82 2,869.74
IV Expenses
Employee benefits expenses 28 605.10 497.27
Finance costs 29 9.26 36.71
Depreciation and Amortization expenses 30 44.56 37.59
Other expenses 31 2,072.78 1,777.59
Total Expenses (IV) 2,731.70 2,349.16
V Profit Before Tax ( III- IV) 843.12 520.58
VI Tax Expense
- Current tax 216.23 141.08
- Tax relating to previous years (3.43) -
- Deferred tax charge/(credit) 3.05 (2.59)
Total Tax Expense (VI) 215.85 138.49
VII Profit for the Year/ Period ( V- VI) 627.27 382.09
VIII Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
Remeasurements of Defined Benefit Plan Actuarial Gains / 4.63 (7.27)
(Losses)
Less: Income Tax expense on above 1.17 (1.83)
Total Other Comprehensive Income (VIII) 3.46 (5.44)
IX Total Comprehensive Income for the Year / Period 630.73 376.65
(Comprising Profit and other comprehensive Income for the
Year) (VII+VIII)
X Earnings Per Equity Share ( Face Value of INR 1 each) 32
(1) Basic (in INR) 6.11 3.77
(2) Diluted (in INR) 6.11 3.77
Note:
The accompanying notes form an integral part of the Financial Statements

As per our report of even date attached For and On Behalf of the Board of Directors of
For ASA & Associates LLP RADIANT CASH MANAGEMENT SERVICES LIMITED
Chartered Accountants CIN: L74999TN2005PLC055748
Firm Regn No. 009571N/N500006

G.N. Ramaswami Col. David Devasahayam Vasanthakumar AP

Partner Chairman and Managing Director Director
Membership No.202363 DIN: 02154891 DIN: 02069470

Jayanthi T.V Venkataramanan

Independent Director Chief Financial Officer
DIN: 09295572

K. Jaya Bharathi
Place: Chennai Company Secretary
Date: May 22, 2023 M.No: FCS 8758

110 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Statement of Cash flows

(Amount in INR millions, unless otherwise stated)

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Cash Flows from Operating Activities
Profit Before Tax 843.12 520.58
Adjustments:
Depreciation and Amortization expenses 44.56 37.59
Provision for Gratuity 9.35 9.60
Provision for Expected Credit Loss - 0.20
Bad debts written off 7.85 -
Interest on Income Tax refund (0.33) -
Interest income (22.66) (6.58)
Fixed assets written off 0.81 -
Profit on sale of fixed assets (1.88) (0.08)
Interest Expense 7.50 21.08
Operating Cash Flow before Working Capital Changes 888.32 582.39
Changes in
Decrease/(Increase) In Trade Receivables 75.32 (84.68)
Decrease/(Increase) In Other Current Financial Asset(s) 61.79 (59.34)
Decrease/(Increase) In Other Current Asset(s) (43.89) 12.20
Decrease/(Increase) In Other Non-Current Financial Assets (7.56) 8.14
(Decrease)/Increase In Trade Payables Current (5.94) (16.52)
(Decrease)/Increase In Other Current Liabilities (30.16) 8.65
(Decrease)/Increase In Provisions (net of advances) (22.73) -
(Decrease)/Increase In Other Financial Liabilities 36.45 18.34
951.60 469.18
Income Taxes paid (net) (209.55) (158.34)
Net Cash Generated from Operating activities 742.05 310.84
Cash Flows from Investing Activities
Purchase of Property, Plant & Equipment, Intangibles (including capital advances) (58.97) (61.05)
Proceeds from Sale of Fixed Assets 2.70 0.18
Investment in Fixed Deposits (Net) (685.37) 30.93
Interest income 13.16 6.52
Net Cash Generated used in Investing Activities (728.48) (23.42)
Cash Flows from Financing Activities
Proceeds from issue of shares (net of expenses) 499.20 -
Dividend paid (including Dividend Distribution Tax, as applicable) (228.21) (250.00)
Proceeds from borrowings - 1.65
Repayment of long term loans (3.46) (3.08)
Net increase / (decrease) in Short Term Borrowings 13.96 158.42
Payment of principal portion of lease Liability (10.60) (9.36)
Interest paid (including interest on lease liability) (6.92) (20.74)
Net Cash Generated from Financing Activities 263.97 (123.11)
Increase / (Decrease) in Cash and Cash Equivalents 277.54 164.31
Cash and Cash Equivalents at the Beginning of the Year 702.06 537.75
Cash and Cash Equivalents at the End of the Period/Year 979.60 702.06
Components of Cash and Cash Equivalents (Refer Note 11)
Cash on Hand 0.16 0.37
Balances with Banks in current accounts 82.24 84.33
Balances with Banks in Deposit accounts 152.91 -
Fund held relating to Cash Management activity 744.29 617.36
Total Cash and Cash Equivalents 979.60 702.06
Note:
The accompanying notes form an integral part of the Financial Statements

As per our report of even date attached For and On Behalf of the Board of Directors of
For ASA & Associates LLP RADIANT CASH MANAGEMENT SERVICES LIMITED
Chartered Accountants CIN: L74999TN2005PLC055748
Firm Regn No. 009571N/N500006

G.N. Ramaswami Col. David Devasahayam Vasanthakumar AP

Partner Chairman and Managing Director Director
Membership No.202363 DIN: 02154891 DIN: 02069470

Jayanthi T.V Venkataramanan

Independent Director Chief Financial Officer
DIN: 09295572

K. Jaya Bharathi
Place: Chennai Company Secretary
Date: May 22, 2023 M.No: FCS 8758

RADIANT
CASH MANAGEMENT SERVICES LIMITED 111
 Statement of Changes in Equity
(Amount in INR millions, unless otherwise stated)
Equity Share Capital
As at March 31, 2023

Balance at the Changes in Equity Restated balance Changes in Equity

Balance at the
beginning of the Share Capital due at the beginning Share Capital
Particulars end of the current
current reporting to prior period of the current during the current
reporting period
period errors reporting period year
Equity Share 101.25 - - 5.46 106.71
Capital

As at March 31, 2022

Balance at the Changes in Equity Restated balance Changes in Equity

Balance at the
beginning of the Share Capital due at the beginning Share Capital
Particulars end of the current
current reporting to prior period of the current during the current
reporting period
period errors reporting period year
Equity Share 10.25 - - 91.00 101.25
Capital
Note :
1. During the period ended December 31, 2021, Company has passed a board resolution for conversion of 1,66,216 CCPS
into 1,66,216 Equity shares of ₹10 each fully paid up. Pursuant to above, 1,66,216 equity shares of ₹10/- each fully paid
up have been issued against 1,66,216 CCPS of ₹10/- each fully paid up.
2. On 10.08.2021, the Company has passed a special resolution at the Extraordinary General Meeting for increasing Authorized
Share Capital to INR 120 Mn pursuant to which Authorized Share capital has been increased to INR 120 Mn.
3. Further, the Company has passed ordinary resolution at the Extraordinary General Meeting held on 21.08.2021 for issue of
bonus shares at the rate of 7.5 equity shares of ₹10/- each fully paid up for each existing equity share of ₹10/- each fully
paid up, to the existing equity shareholders per records of company till 09-08.2021. Consequently, 89,34,120 equity shares
of ₹10/- each fully paid up have been issued to existing equity shareholders.
4. The Company has passed special resolution at the Extraordinary General Meeting held on 23.09.2021 for split of each
existing equity share of ₹10/- each fully paid up into 10 equity shares of ₹1/- each fully paid up. As a result, 1,01,25,336
equity shares of ₹10/- each fully paid up are split into 10,12,53,360 equity shares of ₹1/- each fully paid up.
5. The Company went public with its Initial Public Offer (IPO) during December 2022, pursuant to which 54,54,546 shares of
₹1/- each (at a premium of ₹98 per share) were alloted on 2nd January 2023, as under:

Date of Allotment No of Shares Share Capital Securities Premium Total

January 2, 2023 5,454,546 5.46 534.55 540.01
The Company’s shares were listed in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on 4th January
2023.

112 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Other Equity
As at March 31, 2023

Other
Equity Reserves and Surplus Comprehensive
component Income (OCI)
Particulars of compound Remeasurement Total
financial General Securities Capital Retained of Net Defined
instruments Reserve Premium Reserve Earnings benefit Liability/
Asset
Balance as at April 01, 2022 - 32.00 254.61 - 1,002.63 7.13 1,296.37
Total Comprehensive Income for - - - - 627.27 - 627.27
the Year
Other Comprehensive Income - - - - - 3.46 3.46
for the Year
Premium Utilised for issue of - - 534.55 - - - 534.55
shares
Premium utilised for absorbing (40.81) (40.81)
Company share of IPO expenses
Dividend - - - - (228.21) - (228.21)
Balance as at March 31, 2023 - 32.00 748.35 - 1,401.69 10.59 2,192.63

As at March 31, 2022

Other
Equity Reserves and Surplus Comprehensive
component Income (OCI)
Particulars of compound Remeasurement Total
financial General Securities Capital Retained of Net Defined
instruments Reserve Premium Reserve Earnings benefit Liability/
Asset
Balance as at April 01, 2021 1.66 32.00 343.10 0.85 870.54 12.57 1,260.72
Total Comprehensive Income for - - - - 382.09 - 382.09
the Year
Other Comprehensive Income - - - - - (5.44) (5.44)
for the Year
Premium Utilised for issue of - - (88.49) (0.85) - - (89.34)
bonus shares
Dividend - - - - (250.00) - (250.00)
Convertible preference shares (1.66) - - - - - (1.66)
converted during the year
Balance as at March 31, 2022 - 32.00 254.61 - 1,002.63 7.13 1,296.37

As per our report of even date attached For and On Behalf of the Board of Directors of
For ASA & Associates LLP RADIANT CASH MANAGEMENT SERVICES LIMITED
Chartered Accountants CIN: L74999TN2005PLC055748
Firm Regn No. 009571N/N500006

G.N. Ramaswami Col. David Devasahayam Vasanthakumar AP

Partner Chairman and Managing Director Director
Membership No.202363 DIN: 02154891 DIN: 02069470

Jayanthi T.V Venkataramanan

Independent Director Chief Financial Officer
DIN: 09295572

K. Jaya Bharathi
Place: Chennai Company Secretary
Date: May 22, 2023 M.No: FCS 8758

RADIANT
CASH MANAGEMENT SERVICES LIMITED 113
Notes to financial statements
for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

1 Corporate Information A liability is treated as current when it is:

1.1 Radiant Cash Management Services Limited (“the • It is expected to be settled in normal operating
Company”) (CIN: L74999TN2005PTC055748) was cycle or due to be settled within twelve months
incorporated as a private limited company under the after the reporting period
provisions of the Companies Act, 1956 on March 23,
• It is held primarily for the purpose of trading
2005. The Company’s registered office is situated at
28, Vijayaraghava Road, T.Nagar, Chennai – 600017. • There is no unconditional right to defer the
The Company is engaged in the business of Cash settlement of the liability for at least twelve
Logistics Services, Cash Van Operations and related months after the reporting period.
services. The company was converted into a Public
All other liabilities are classified as non-current.
Limited Company with effect from August 25, 2021
as approved by the Registrar. Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
1.2 The company went public with its Initial Public Offer
(IPO) during December 2022, pursuant to which The operating cycle is the time between the
54,54,546 shares of Re.1 each (at a premium of Rs acquisition of assets for processing and their
98 per share)were allotted on 2nd January 2023 realization in cash and cash equivalents. The
(Refer Note 15.6). The Company’s shares got listed Company has identified period of twelve months as
in the National Stock Exchange(NSE) and Bombay its operating cycle.
Stock Exchange(BSE)on 4th January 2023. (iv) Significant accounting, judgments, estimates and
2 Basis of Preparation assumptions

(i) These financial statements have been prepared The preparation of financial statements in conformity
in accordance with Indian Accounting Standards with Ind AS requires the management to make
(Ind AS) as per the Companies (Indian Accounting judgments, estimates and assumptions that affect
Standards) Rules, 2015 specified under Section the reported amounts of revenues, expenses, assets
133 of Companies Act, 2013, (the ‘Act’) and other and liabilities and the accompanying disclosures, and
relevant provisions of the Act. the disclosure of contingent liabilities, at the end of
the reporting period. Estimates and judgements are
(ii) The financial statements were authorised for issue
continually evaluated. They are based on historical
by the Company’s Board of Directors on May 22,
experience and other factors, including expectations
2023.
of future events that may have financial impact on
(iii) Current versus Non-current classification the company and that are believed to be reasonable
under the circumstances.
The Company presents assets and liabilities in
the balance sheet based on current/ non-current The areas involving critical estimates or judgments
classification. are:

An asset is treated as current when it is: • Estimation of useful life of property, plant and
equipment and intangible asset
• Expected to be realized or intended to be sold
or consumed in normal operating cycle or • Estimation of defined benefit obligation
expected to be realized within twelve months
• Impairment of financial assets & non-financial
after the reporting period
assets
• Held primarily for the purpose of trading
• Measurement of Right-of-Use (ROU) Asset and
• Cash or cash equivalents unless restricted from Liabilities
being exchanged or used to settle a liability
(v) Functional currency and presentation currency
for at least twelve months after the reporting
period Items included in the Financial Statements of the
Company are measured and presented using the
All other assets are classified as non-current
currency of the primary economic environment
in which the Company operates (“Functional
Currency”). Indian Rupee is the functional Currency
of the Company.

114 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Notes to financial statements

for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

(vi) Historical cost convention the services are rendered as per the terms of
agreement with the customers and is disclosed
The Financial Statements have been prepared under
net of credit notes towards deductions by
historical cost convention on accrual basis except
customers as per the terms of the agreement.
for certain assets and liabilities as stated in the
respective policies, which have been measured at b) Dividend and Interest Income
fair value.
Dividend income from investments is
(vii) Measurement of Fair value recognized when the Company’s right to receive
payment has been established (provided that it
A few of the Company’s accounting policies and
is probable that the economic benefits will flow
disclosures require the measurement of fair values,
to the Company and the amount of income can
for both financial and non-financial assets and
be measured reliably).
liabilities.
Interest income is accrued on a time proportion
The Company has an established control framework
basis, by reference to the principal outstanding
with respect to the measurement of fair values.
and at the effective interest rate (provided
Fair values are categorized into different levels in a that it is probable that the economic benefits
fair value hierarchy based on the inputs used in the will flow to the Company and the amount of
valuation techniques as follows: income can be measured reliably).
• Level 1: quoted prices (unadjusted) in active (ii) Property, Plant and Equipment
markets for identical assets or liabilities.
Property, plant and equipment is stated at cost,
• Level 2: inputs other than quoted prices net of accumulated depreciation and accumulated
included in Level 1 that are observable for the impairment losses, if any.
asset or liability, either directly (i.e. as prices)
The Company identifies and determines cost of
or indirectly (i.e. derived from prices).
each component/ part of the asset separately, if the
• Level 3: inputs for the asset or liability that component/ part have a cost which is significant to
are not based on observable market data the total cost of the asset and has useful life that is
(unobservable inputs). materially different from that of the remaining asset.
When measuring the fair value of an asset or a liability, Property, plant and equipment are eliminated from
the Company uses observable market data as far as financial statements, either on disposal or when
possible. If the inputs used to measure the fair value retired from active use. Losses arising in case of
of an asset or a liability fall into different levels of the retirement of property, plant and equipment and
fair value hierarchy, then the fair value measurement gains or losses arising from disposal of property,
is categorized in its entirety in the same level of the plant and equipment are recognized in statement of
fair value hierarchy as the lowest level input that is profit and loss in the year of occurrence.
significant to the entire measurement.
Depreciation is provided on the Straight Line Method
The Company recognizes transfers between levels (SLM). The useful life as specified in Schedule II
of the fair value hierarchy at the end of the reporting to the Companies Act, 2013 has been considered
period during which the change has occurred. for depreciation computation. If the management’s
estimate of the useful life of a fixed asset at the time
3 Summary of significant accounting policies
of acquisition of the fixed asset or of the remaining
(i) Revenue recognition useful life on a subsequent review is shorter/longer
a) Commission than that envisaged in the aforesaid schedule,
depreciation is provided at higher/lower rate based
Revenue is recognized to the extent that it on the management’s estimate of the useful life/
is probable that the economic benefits will remaining useful life. Depreciation is charged on pro
flow to the Company and the revenue can rata basis for assets purchased/sold during the year.
be reliably measured. Revenue is recognized
to the extent that it is highly probable and a Pursuant to this policy, the Property, Plant and
significant reversal will not occur. Revenue from Equipments are depreciated over the useful life as
rendering of services is recognized as and when provided below:

RADIANT
CASH MANAGEMENT SERVICES LIMITED 115
Notes to financial statements
for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

Company estimates the asset’s recoverable amount.

Estimated useful Life
Asset description An asset’s recoverable amount is the higher of an
(in Years)
asset’s or cash-generating unit’s (CGU) net selling
Computers 3 price and its value in use. The recoverable amount
Motor vehicles 6-10 is determined for an individual asset, unless the
Furniture & fixtures 10 asset does not generate cash inflows that are largely
independent of those from other assets or groups
Electrical fittings 10
of assets. When the carrying amount of an asset
Office equipments 5 or CGU exceeds its recoverable amount, the asset
Vault & lockers 10 is considered impaired and is written down to its
recoverable amount.
(iii) Intangible assets
In assessing value in use, the estimated future cash
Intangible assets purchased are measured at
flows are discounted to their present value using a
cost as of the date of acquisition, as applicable,
pre-tax discount rate that reflects current market
less accumulated amortization and accumulated
assessments of the time value of money and the
impairment, if any.
risks specific to the asset. In determining fair value
Intangible assets are recognized when it is less costs of disposal, recent market transactions are
probable that the future economic benefits that taken into account. If no such transactions can be
are attributable to the assets will flow to the identified, an appropriate valuation model is used.
company and the cost of the asset can be measured
Impairment losses of operations are recognized in
reliably. Internally generated intangibles, excluding
the statement of profit and loss.
capitalized development costs, are not capitalized
and the related expenditure is reflected in profit At each reporting date if there is an indication that
and loss in the period in which the expenditure is previously recognized impairment losses no longer
incurred. exist or have decreased, the Company estimates the
asset’s or CGU’s recoverable amount. A previously
The amortization period and the amortization
recognized impairment loss is reversed in the
method for an intangible asset with a finite useful
statement of profit and loss only to the extent of
life are reviewed at least at the end of each
lower of its recoverable amount or carrying amount
reporting period. Changes in the expected useful
net of depreciation considering no impairment loss
life or the expected pattern of consumption of
recognized in prior years only if there has been a
future economic benefits embodied in the asset are
change in the assumptions used to determine the
considered to modify the amortization period or
asset’s recoverable amount since the last impairment
method, as appropriate, and are treated as changes
loss was recognized.
in accounting estimates.
(v) Borrowing Cost
Intangible assets with finite lives are amortized over
the useful economic life and assessed for impairment The Company capitalizes borrowing costs that are
whenever there is an indication that the intangible directly attributable to the acquisition or construction
asset may be impaired. Useful life of intangible asset of qualifying asset as a part of the cost of the asset.
is considered as 3-4 years. The Company recognizes other borrowing costs as
an expense in the period in which it incurs them.
Gains or losses arising from de-recognition of an
A qualifying asset is an asset that necessarily takes
intangible asset are measured as the difference
a substantial period of time to get ready for its
between the net disposal proceeds and the
intended use or sale.
carrying amount of the asset and are recognized in
the statement of profit and loss when the asset is To the extent the Company borrows generally and
derecognized. uses them for the purpose of obtaining a qualifying
asset, amount of borrowing cost eligible for
(iv) Impairment of non-financial assets
capitalization is computed by applying a capitalization
The Company assesses at each reporting date rate to the expenditure incurred. The capitalization
whether there is an indication that an asset may be rate is determined based on the weighted average
impaired. If any indication exists, or when annual of borrowing costs, other than borrowings made
impairment testing for an asset is required, the specifically towards purchase of a qualifying asset.

116 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Notes to financial statements

for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

(vi) Foreign currency translation an expense in the statement of profit and loss
-Service costs comprising current service costs
Transactions in foreign currencies are initially
and Net interest expense or income.
recorded by the company at their respective
functional currency spot rates, at the date the The Company operates a defined benefit
transaction first qualifies for recognition. gratuity plan, which requires contributions to
be made to a separately administered fund. The
Monetary assets and liabilities denominated in
cost of providing benefits under the defined
foreign currencies are translated at the functional
benefit plan is determined using the projected
currency spot rates of exchange at the reporting
unit credit method. Liability for gratuity as at the
date. Exchange differences arising on settlement
year-end is provided on the basis of actuarial
or translation of monetary items are recognized as
valuation.
income or expenses in the period in which they arise.
Re-measurement, comprising of actuarial
Non-monetary items that are measured in terms of
gains and losses and the return on plan
historical cost in a foreign currency are translated
assets (excluding amounts included in net
using the exchange rates at the dates of the initial
interest on the net defined benefit liability),
transactions.
are recognized immediately in the balance
(vii) Employee benefits sheet with a corresponding debit or credit to
retained earnings through OCI in the period in
Short term employee benefits obligations are
which they occur. Re-measurements are not
measured on an undiscounted basis and are
reclassified to profit and loss in subsequent
expensed as the related services provided. A liability
periods.
is recognized for the amount expected to be paid
under short-term employee benefits if the company Net interest is calculated by applying the
has a present legal or constructive obligation to pay discount rate to the net defined benefit liability
this amount as a result of past service provided by or asset.
the employee and the obligation can be estimated
(viii) Income taxes
reliably.
a) Current income tax
a) Defined contribution plan
Current tax comprises the expected tax
Retirement benefit in the form of provident
payable or receivable on the taxable income
fund is defined contribution scheme. The
or loss for the year and any adjustment to the
Company has no obligation, other than the
tax payable or receivable in respect of previous
contribution payable to such schemes. The
years. The amount of current tax reflects the
Company recognizes contribution payable
best estimate of the tax amount expected
to such schemes as an expense, when an
to be paid or received after considering the
employee renders the related service.
uncertainty, if any, related to income taxes. It is
b) Defined benefit plan measured using tax rates (and tax laws) enacted
or substantively enacted by the reporting date.
The Company’s obligation on account of
gratuity is determined based on actuarial Current tax assets and current tax liabilities
valuations. An actuarial valuation involves are offset only if there is a legally enforceable
making various assumptions that may differ right to set off the recognized amounts, and it
from actual developments in the future. These is intended to realize the asset and settle the
include the determination of the discount rate, liability on a net basis or simultaneously.
future salary increases and mortality rates. Due
b) Deferred tax
to the complexities involved in the valuation and
its long-term nature, these liabilities are highly Deferred tax is recognized in respect of
sensitive to changes in these assumptions. All temporary differences between the tax bases
assumptions are reviewed at each reporting of assets and liabilities and their carrying
date. amounts for financial reporting purposes at the
reporting date.
The Company recognizes the following
changes in the net defined benefit obligation as The carrying amount of deferred tax assets is

RADIANT
CASH MANAGEMENT SERVICES LIMITED 117
Notes to financial statements
for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

reviewed at each reporting date and reduced (x) Provisions and Contingencies
to the extent that it is no longer probable that
Provisions are recognized when the Company has
sufficient taxable profit will be available to
a present obligation (legal or constructive) as a
allow all or part of the deferred tax asset to
result of a past event, it is probable that an outflow
be utilized. Unrecognized deferred tax assets
of resources embodying economic benefits will
are reassessed at each reporting date and are
be required to settle the obligation and a reliable
recognized to the extent that it has become
estimate can be made of the amount of the
probable that future taxable profits will allow
obligation. The expense relating to a provision is
the deferred tax asset to be recovered.
presented in the statement of profit and loss.
Deferred tax assets and liabilities are measured
Provisions are reviewed at each balance sheet date
at the tax rates that are expected to apply in the
and adjusted to reflect the current best estimates.
year when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that A contingent liability is a possible obligation that
have been enacted or substantively enacted at arises from past events and whose existence will
the reporting date. be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events
Deferred tax assets and deferred tax liabilities
not wholly within the control of the Company; or a
are offset if a legally enforceable right exists
present obligation that arises from past events but
to set off current tax assets against current
is not recognized because it is not probable that an
tax liabilities and the deferred taxes relate to
outflow of resources embodying economic benefits
the same taxable entity and the same taxation
will be required to settle the obligation; or the
authority.
amount of the obligation cannot be measured with
(ix) Leases sufficient reliability.
The Company, being a lessee, assesses whether a A contingent asset is disclosed, where an inflow of
contract contains a lease, at inception of a contract. economic benefits is probable.
Company recognizes Right of Use Asset and lease
(xi) Cash and cash equivalents
liability only when the contract conveys the right to
control the use of an identified asset for a period of Cash and cash equivalents in the balance sheet
time in exchange for consideration. comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
The right-of-use assets are initially recognized at
or less, which are subject to an insignificant risk of
cost, which comprises the initial amount of the lease
changes in value.
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus For the purpose of the statement of cash flows, cash
any initial direct costs less any lease incentives. They and cash equivalents consist of cash and short- term
are subsequently measured at cost less accumulated deposits, as defined above, net of outstanding bank
depreciation and impairment losses. overdrafts, if any, as they are considered an integral
part of the Company’s cash management.
Right-of-use assets, for which the entity is
reasonably certain to exercise the right to purchase, (xii) Financial instruments
are depreciated from the commencement date on a
A financial instrument is any contract that gives
straight-line basis over the shorter of the lease term
rise to a financial asset of one entity and a financial
and useful life of the underlying asset. The lease
liability or equity instrument of another entity.
liability is initially measured at amortised cost at the
present value of the future lease payments. The lease a) Financial assets
payments are discounted using the interest rate Initial recognition and measurement
implicit in the lease or, if not readily determinable,
using the incremental borrowing rates. All financial assets are recognized initially at fair
value plus, in the case of financial assets not
For the short-term and low value leases, the recorded at fair value through profit and loss,
Company recognizes the lease payments as an transaction costs that are attributable to the
operating expense on a straight-line basis over the acquisition of the financial asset.
term of the lease.

118 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Notes to financial statements

for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

Subsequent measurement movements are recognized in OCI. However,

the Company recognizes interest income and
For purposes of subsequent measurement,
impairment losses & reversals in the Profit and
financial assets are classified in three broad
Loss. On derecognition of the asset, cumulative
categories:
gain or loss previously recognized in OCI
• Financial assets at amortized cost is reclassified from the equity to Profit and
Loss. Interest earned whilst holding FVTOCI
• Financial assets at fair value through OCI
Financial asset is reported as interest income
(FVTOCI)
using the EIR method.
• Financial assets at fair value through profit
Financial asset at fair value through profit and
and loss (FVTPL)
loss (FVTPL)
Financial asset at amortized cost
FVTPL is a residual category for company’s
A Financial asset is measured at amortized financial instruments. Any instruments which
cost (net of any write down for impairment) does not meet the criteria for categorization as
the asset is held to collect the contractual cash at amortized cost or as FVTOCI, is classified as
flows (rather than to sell the instrument prior to at FVTPL.
its contractual maturity to realize its fair value
All investments included within the FVTPL
changes) and the contractual terms of the
category are measured at fair value with all
financial asset give rise on specified dates to
changes recognized in the Profit and Loss.
cash flows that are solely payments of principal
and interest (“SPPI”) on the principal amount In addition, the company may elect to designate
outstanding. an instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
Such financial assets are subsequently
However, such election is allowed only if
measured at amortized cost using the effective
doing so reduces or eliminates a measurement
interest rate (EIR) method. Amortized cost is
or recognition inconsistency (referred to as
calculated by taking into account any discount
‘accounting mismatch’).
or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR Derecognition
amortization is included in finance income
When the Company has transferred its rights
in the profit and loss. The losses arising from
to receive cash flows from the asset or has
impairment are recognized statement of profit
assumed an obligation to pay the received cash
and loss. This category generally applies to
flows in full without material delay to a third
trade and other receivables.
party under a ‘pass- through’ arrangement. It
Financial asset at fair value through OCI evaluates if and to what extent it has retained
(FVTOCI) the risks and rewards of ownership.
A financial asset that meets the following two A financial asset (or, where applicable, a part of
conditions is measured at fair value through a financial asset or part of a Company of similar
OCI unless the asset is designated at fair value financial assets) is primarily derecognized when:
through profit and loss under fair value option.
• The rights to receive cash flows from the
• The financial asset is held both to collect asset have expired, or
contractual cash flows and to sell.
• Based on above evaluation, either (a) the
• The contractual terms of the financial Company has transferred substantially
asset give rise on specified dates to cash all the risks and rewards of the asset, or
flows that are solely payments of principal (b) the Company has neither transferred
and interest on the principal amount nor retained substantially all the risks and
outstanding. rewards of the asset, but has transferred
control of the asset.
Instruments included within the FVTOCI
category are measured initially as well as at When it has neither transferred nor retained
each reporting date at fair value. Fair value substantially all of the risks and rewards

RADIANT
CASH MANAGEMENT SERVICES LIMITED 119
Notes to financial statements
for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

of the asset, nor transferred control of the When estimating the cash flows, an entity is
asset, the Company continues to recognize required to consider all contractual terms of
the transferred asset to the extent of the the financial instrument (including prepayment,
Company’s continuing involvement. In extension, call and similar options) over the
that case, the Company also recognizes an expected life of the financial instrument.
associated liability. The transferred asset and However, in rare cases when the expected life
the associated liability are measured on a bases of the financial instrument cannot be estimated
that reflect the rights and obligations that the reliably, then the entity is required to use the
Company has retained. remaining contractual term of the financial
instrument.
Continuing involvement that takes the form
of a guarantee over the transferred asset is ECL impairment loss allowance (or reversal)
measured at the lower of the original carrying recognized during the period is recognized as
amount of the asset and the maximum amount income/ expense in the statement of profit
of consideration that the Company could be and loss (P&L). This amount is reflected under
required to repay. the head ‘other expenses’ in the P&L. The
balance sheet presentation for various financial
Impairment of financial assets
instruments is described below:
In accordance with Ind AS 109, the Company
Financial assets measured as at amortized
applies expected credit loss (ECL) model for
cost, contractual revenue receivables and lease
measurement and recognition of impairment
receivables: ECL is presented as an allowance,
loss on the financial assets which are not
i.e., as an integral part of the measurement of
fair value through profit & loss and equity
those assets in the balance sheet. The allowance
instruments recognized in OCI.
reduces the net carrying amount. Until the
Loss allowances for trade receivables are always asset meets write-off criteria, the Company
measured at an amount equal to Lifetime ECL. does not reduce impairment allowance from
Lifetime ECL are the expected credit losses the gross carrying amount.
that result from all possible default events over
b) Financial liabilities
the expected life of a financial instrument. The
maximum period considered when estimating Initial recognition and measurement
ECL is the maximum contractual period over
Financial liabilities are classified, at initial
which the company is exposed to credit risk.
recognition, as financial liabilities at fair value
For recognition of impairment loss on other through profit and loss or at amortized cost,
financial assets and risk exposure, the Company as appropriate. All financial liabilities are
determines that whether there has been a recognized initially at fair value and, in the
significant increase in the credit risk since initial case of loans and borrowings, net of directly
recognition. If credit risk has not increased attributable transaction costs. The Company’s
significantly, 12-month ECL is used to provide financial liabilities include trade payables, lease
for impairment loss. However, if credit risk has obligations, and other payables
increased significantly, lifetime ECL is used.
Subsequent measurement
Lifetime ECL are the expected credit losses
The measurement of financial liabilities depends
resulting from all possible default events over
on their classification, as described below:
the expected life of a financial instrument.
The 12-month ECL is a portion of the lifetime Financial liabilities at amortized cost
ECL which results from default events that are
After initial recognition, interest-bearing
possible within 12 months after the reporting
loans and borrowings and other payables are
date.
subsequently measured at amortized cost
ECL is the difference between all contractual using the EIR method. Gains and losses are
cash flows that are due to the Company in recognized in profit and loss when the liabilities
accordance with the contract and all the cash are derecognized as well as through the EIR
flows that the entity expects to receive (i.e., all amortization process.
cash shortfalls), discounted at the original EIR.

120 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

Notes to financial statements

for the year ended March 31, 2023
(Amount in INR millions, unless otherwise stated)

Amortized cost is calculated by taking into For the purpose of calculating diluted earnings per
account any discount or premium on acquisition share, the net profit or loss for the year/ period
and fees or costs that are an integral part of the attributable to equity shareholders after taking
EIR. The EIR amortization is included as finance into account the after income tax effect of interest
costs in the statement of profit and loss. and other financing costs associated with dilutive
potential equity shares and the weighted average
Derecognition
number of additional equity shares that would have
A financial liability is derecognized when the been outstanding assuming the conversion of all
obligation under the liability is discharged or dilutive potential equity shares.
cancelled or expires. When an existing financial
(xiv) Segment reporting
liability is replaced by another from the same
lender on substantially different terms, or the The Company has identified “Cash Logistics Service”
terms of an existing liability are substantially as a reportable segment based on the manner in
modified, such an exchange or modification which the operating results are reviewed by the
is treated as the derecognition of the original Chief Operating Decision Maker.
liability and the recognition of a new liability.
(xv) Cash Flow Statement
The difference in the respective carrying
amounts is recognized in the statement of Cash flow statement is prepared in accordance
profit and loss. with the indirect method prescribed in Ind AS 7
‘Statement of Cash Flows’. Cash flows are reported
c) Offsetting of financial instruments
using the indirect method, whereby profit/ (loss)
Financial assets and financial liabilities are offset and before tax is adjusted for the effects of transactions
the net amount is reported in the balance sheet if of non-cash nature and any deferrals or accruals of
there is a currently enforceable legal right to offset past or future cash receipts or payments. Cash flow
the recognized amounts and there is an intention to for the year is classified by operating, investing and
settle on a net basis, to realize the assets and settle financing activities.
the liabilities simultaneously.
(xvi) Rounding of amount
(xiii) Earnings per share
Amount disclosed in the financial statement and
Basic earnings per share are calculated by dividing notes have been rounded off to the nearest million
the net profit or loss for the year/period attributable as per the requirements of schedule III, unless
to equity shareholders by the weighted average otherwise stated.
number of equity shares outstanding during the
period adjusted for bonus elements, if any, issued
during the year.

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CASH MANAGEMENT SERVICES LIMITED 121
 (Amount in INR millions, unless otherwise stated)
Note 4 (a). - Property Plant and Equipment

Furniture &
Office Vault & fixtures and Motor
Description Building* Computers Total
equipments lockers Electrical vehicles
fittings
Gross block (Cost/Deemed
cost)
As at April 01, 2021 37.67 46.93 16.02 8.96 17.59 29.59 156.76
Additions during the year - 10.38 0.36 2.89 20.94 33.43 68.00
Deletions during the year - 1.10 - - 0.03 - 1.13
As at March 31, 2022 37.67 56.21 16.38 11.85 38.50 63.02 223.63
Additions during the year - 10.71 0.33 5.11 0.55 18.21 34.91
Deletions during the year - 4.50 0.53 0.20 0.58 0.39 6.20
As at March 31, 2023 37.67 62.42 16.18 16.76 38.47 80.84 252.34
Accumulated Depreciation
As at April 01, 2021 6.96 26.61 6.78 6.18 6.47 9.27 62.27
Charge for the year 11.07 7.49 2.00 1.78 3.88 4.58 30.80
Deletions during the year - 1.01 - - 0.02 1.03
As at March 31, 2022 18.03 33.09 8.78 7.96 10.33 13.85 92.04
Charge for the year 10.96 8.42 1.85 2.84 4.16 10.99 39.22
Deletions during the year - 4.16 0.22 0.19 0.42 0.39 5.38
As at March 31, 2023 28.99 37.35 10.41 10.61 14.07 24.45 125.88
Net Book Value
As at March 31, 2023 8.68 25.07 5.77 6.15 24.40 56.39 126.46
As at March 31, 2022 19.64 23.12 7.60 3.89 28.17 49.17 131.59
* Building represents leased premises capitalized as Right of Use asset as per Ind AS 116 - Leases
1.1. Following are the changes in the carrying value of ROU:

For the year ended For the year ended

Description
March 31, 2023 March 31, 2022
Opening balance 19.64 30.71
Add: Additions during the year - -
Less: Depreciation for the year 10.96 11.07
Closing balance 8.68 19.64

Note 4 (b) - Capital-Work-in Progress (CWIP):

For the year ended For the year ended

Description
March 31, 2023 March 31, 2022
Opening balance - -
Add: Additions 19.39 -
Less: Deletions - -
Closing balance 19.39 -

CWIP aging schedule

Amount in CWIP for a period of

Particulars Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 19.39 - - - 19.39
Projects temporarily suspended - - - - -

122 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 5 - Intangible Assets

Particulars Software
Gross block (Cost/Deemed cost)
As at April 01, 2021 29.88
Additions during the year 0.06
Deletions during the year -
As at March 31, 2022 29.94
Additions during the year 2.45
Deletions during the year 0.02
As at March 31, 2023 32.37
Accumulated Amortization
As at April 01, 2021 13.83
Additions during the year 6.79
Deletions during the year -
As at March 31, 2022 20.62
Additions during the year 5.34
Deletions during the year 0.02
As at March 31, 2023 25.94
Net Book Value
As at March 31, 2023 6.43
As at March 31, 2022 9.32

Note 6 - Other Financial Assets - Non Current

As at As at
Particulars
March 31, 2023 March 31, 2022
Rental Deposit 6.46 5.86
Bank Balances with maturity period more than 12 months* 52.35 14.65
Insurance claim receivable 25.29 18.33
Total 84.10 38.84

*Includes deposit of ₹ 46.13 Mn (PY- 14.65 Mn) under lien with banks for issue of guarantees.

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CASH MANAGEMENT SERVICES LIMITED 123
 (Amount in INR millions, unless otherwise stated)
Note 7 - Deferred Tax Assets / (Liabilities)
7.1 Recognised Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities are attributable to the following:

As at As at
Particulars
March 31, 2023 March 31, 2022
Deferred Tax Liability
Right of Use Assets 2.18 4.94
Employee Benefits 0.09 -
Sub Total 2.27 4.94
Deferred tax Assets
Property, Plant and Equipment 9.16 8.94
Provision for Bad and Doubtful Debts 5.08 5.08
Employee Benefits - 2.05
Remeasurements of defined benefit plan actuarial gains/ (losses) - OCI - 2.40
Lease Liability ( ROU Assets) 2.38 5.04
Sub Total 16.62 23.51
Net Deferred Tax Assets / (Liabilities) 14.35 18.57

Movement in Deferred Tax balances

As at As at
Particulars
March 31, 2023 March 31, 2022
Opening balance 18.57 14.15
Recognised in Statement of Profit & Loss (3.05) 2.59
Recognised in Other Comprehensive income (1.17) 1.83
Total 14.35 18.57

7.2 Tax Recognised in Other Comprehensive Income

As at As at
Particulars
March 31, 2023 March 31, 2022
Defined benefit plan Actuarial Gains (Losses) (1.17) 1.83
Total (1.17) 1.83

7.3 Reconciliation of Effective Tax Rates

As at As at
Particulars
March 31, 2023 March 31, 2022
Profit Before Tax 843.12 520.58
Effective tax Rate (%) 25.168 25.168
Computed Expected Tax 212.20 131.02
Tax effect of:
Non-deductible expenses & Deemed income 12.01 16.24
Deductions (7.98) (6.18)
Current tax expenses for the year 216.23 141.08

The Company has opted for tax under Section 115BAA in the earlier assessment years and hence the effective tax rate applied
is 25.168%

124 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 8 - Non Current Tax Asset (Net)

As at As at
Particulars
March 31, 2023 March 31, 2022
Tax payments pending adjustment 8.68 14.44
Total 8.68 14.44

Note 9 -Other Non Current Assets

As at As at
Particulars
March 31, 2023 March 31, 2022
Capital Advances 2.45 0.23
Taxes paid under dispute 0.08 0.08
Total 2.53 0.31

Note 10 - Trade Receivables

As at As at
Particulars
March 31, 2023 March 31, 2022
Trade Receivables
Trade Receivable considered Good - Secured - -
Trade Receivable considered Good - Unsecured 685.06 774.07
Have Significant increase in Credit Risk 23.65 17.81
Credit impaired 13.60 13.60
722.31 805.48
Less:
Impairment for Trade Receivable under expected credit loss model 20.19 20.19
Retention Money Receivable - Unsecured Considered Good
Total 702.12 785.29

Notes

10.1. Movement in expected credit loss allowance of trade receivable

As at As at
Particulars
March 31, 2023 March 31, 2022
Balance at the beginning of the period/year 20.19 19.99
Additions during the year - 0.20
Written off during the year - -
Balance at the end of the period/year 20.19 20.19

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 (Amount in INR millions, unless otherwise stated)
10.2. Trade Receivables ageing schedule
As at March 31, 2023

Outstanding for following periods from due date of

payment
Particulars Not Due / More Total
6 months 1-2 2-3
Less than 6 than 3
- 1 year years years
months years
(i) Undisputed Trade receivables - considered good 362.23 22.90 - - - 385.13
(ii) Undisputed Trade receivables - which have - - 0.75 - - 0.75
significant increase in credit risk
(iii) Undisputed Trade receivables - credit impaired - - - - - -
(iv) Disputed Trade receivables - considered good - - - - - -
(v) Disputed Trade receivables - which have - - - - - -
significant increase in credit risk
(vi) Disputed Trade receivables - credit impaired - - - - 13.60 13.60
Unbilled Dues (Not Due) 322.83 - - - - 322.83
Total 685.06 22.90 0.75 - 13.60 722.31

As at March 31, 2022

Outstanding for following periods from due date of

payment
Particulars Not Due / More Total
6 months 1-2 2-3
Less than 6 than 3
- 1 year years years
months years

(i) Undisputed Trade receivables - considered good 774.07 - - - - 774.07

(ii) Undisputed Trade receivables - which have - 17.81 - - - 17.81
significant increase in credit risk
(iii) Undisputed Trade receivables - credit impaired - - - - - -
(iv) Disputed Trade receivables - considered good - - - - - -
(v) Disputed Trade receivables - which have - - - - - -
significant increase in credit risk
(vi) Disputed Trade receivables - credit impaired - - - - 13.60 13.60
Unbilled Dues (Not Due) - - - - - -
Total 774.07 17.81 - - 13.60 805.48

126 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 11 - Cash and Cash Equivalents

As at As at
Particulars
March 31, 2023 March 31, 2022
i) Balances with Banks
- In current accounts 82.24 84.33
- In deposit accounts (upto 3 months)* 152.91 -
ii) Cash on Hand 0.16 0.37
iii) Fund relating to cash management activities 744.29 617.36
Total 979.60 702.06

*Includes deposit of ₹ 8.43 Mn (PY- Nil) under lien with banks for issue of guarantees.
Fund relating to cash management activities (Refer note below)

As at As at
Particulars
March 31, 2023 March 31, 2022
Cash (Refer Note no (ii)) 976.18 1,040.75
Bank 2,327.01 2,585.67
Total 3,303.19 3,626.42
Less : Payable to customer (2,558.90) (3,009.06)
Total (Net) 744.29 617.36

Note:
(i) Funds relating to cash management activity represents the net funds parked by the company in the cash management
activity.
(ii) Includes cash-in-transit with cash executives - March 31, 2023 - INR 507.95 Million and March 31, 2022 - INR 675.98
million
(iii) Includes deposit of ₹ 8.38 Mn under lien with banks for issue of guarantees.

Note 12 - Bank balances other than note 11

As at As at
Particulars
March 31, 2023 March 31, 2022
In deposits account with maturity period less than 12 months from the balance 738.30 90.63
sheet date*
Total 738.30 90.63

*Includes deposit of ₹ 66.57 Mn (PY- 90.63 Mn) under lien with banks for issue of guarantees.

Note 13 - Other Current Financial Assets

As at As at
Particulars
March 31, 2023 March 31, 2022
Unsecured, Considered Good
Loans and Advances* 3.57 69.57
Recoverable from Related Parties (differential GST on IPO expenses recoverable 4.50 -
from related parties received subsequently)
Accrued Interest on fixed deposits 9.91 0.41
Recoverable from cash executives - 0.29
Total 17.98 70.27

Note:
*Loans and Advances include expenses towards proposed Initial Public Offer - Nil ( Previous Year ₹ 61.40 Million)

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 (Amount in INR millions, unless otherwise stated)
Note 14 - Other Current Assets
As at As at
Particulars
March 31, 2023 March 31, 2022
Unsecured Considered Good
Rental Deposits 15.40 14.92
Security deposit - NSE and BSE 19.55 -
Balance with Government Authorities 29.34 11.45
Prepaid Expenses 23.70 17.85
Gratuity 0.34 -
Advances to Suppliers/ Expenses 0.31 0.19
Total 88.64 44.41

Note 15 - Equity Share Capital

As at As at
Particulars
March 31, 2023 March 31, 2022
Authorised Share Capital
Equity share capital 120.00 120.00
120,000,000 equity shares of ₹ 1/- each
(Previous year - 12,00,00,000 equity shares of ₹ 1/- each)
Total 120.00 120.00
Issued, Subscribed And Fully Paid Up
Equity share capital
(10,67,07,906 shares of ₹ 1/- each fully paid up 106.71 101.25
(Previous year 10,12,53,360 shares of ₹ 1/- each fully paid up)
Total 106.71 101.25

Movement in respect of Equity Shares is given below :

As at As at
Particulars March 31, 2023 March 31, 2022
Nos. Nos.
At the beginning of the year 101,253,360 1,025,000
(+) Conversion of CCPS into equity shares - 166,216
(+) Bonus shares issued - 8,934,120
(+) Share split from ₹ 10 per share to ₹ 1 per share - 91,128,024
(+) Fresh issue of shares in Initial Public Offering (IPO) 5,454,546 -
Outstanding at the end of the year 106,707,906 101,253,360

Note 15.1 Statement of changes in equity

As at March 31, 2023
Balance at the beginning Restated balance at the Changes in Equity Balance at the
Particulars of the current reporting beginning of the current Share Capital during end of the current
period reporting period the current year reporting period
Equity Share Capital 101.25 - 5.46 106.71
As at March 31, 2022
Balance at the beginning Restated balance at the Changes in Equity Balance at the
Particulars of the current reporting beginning of the current Share Capital during end of the current
period reporting period the current year reporting period
Equity Share Capital 10.25 - 91.00 101.25

128 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 15.2 Terms / Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of INR. 1/- per share. The holders of the equity shares are
entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding
at the meetings of shareholders.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of
the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Note 15.3 Details of Shareholders Holding more than 5% shares in the Company

As at As at
Particulars March 31, 2023 March 31, 2022
Nos. Nos.
Col. David Devasahayam 52,235,575 58,722,431
Dr. (Mrs.) Renuka David 8,500,000 8,500,000
Unit Trust of India Investment Advisory Services Limited A/C Ascent India Fund 19,294,954 34,030,529
III
Total 80,030,529 101,252,960

As per records of the company, including its register of shareholders/members and other documents received from shareholders
regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
Disclosure of shareholding of Promoters

As at March 31, 2023 As at March 31, 2022

Promoters name No of % of Total % Change No of % of Total % Change
Shares Shares during the year Shares Shares during the year
Col. David Devasahayam 52,235,575 48.95% 9.05% 58,722,431 58.00% 5.22%
Dr. (Mrs.) Renuka David 8,500,000 7.97% 0.42% 8,500,000 8.39% 1.36%
Note on Changes in promoters shareholding pattern:
During the financial year 2022-23, the shareholding of Col.David Devasahayam decreased by 9.05% consequent to offering his
shares in the intial public offering (IPO) through offer for sale (OFS) and the shareholding of Dr. (Mrs.) Renuka David marginally
decreased by 0.42% on account of fresh issue of shares to the public in the IPO.
During the year ended 31st March 2022, shareholding of Col.David Devasahayam has decreased by 5.22% and Dr. (Mrs.) Renuka
David has decreased by 1.37%
During the year ended 31st March 2023, shareholding of Col.David Devasahayam has decreased by 9.00% and Dr. (Mrs.) Renuka
David has decreased by 0.40%
Except for the above, there is no change in shareholding pattern.
Promoters do not hold any class of shares other than stated above.
Note 15.4 Dividend
The Board as its meeting held on 28th January 2023, declared an Interim Dividend of ₹ 1/- per share (100%) for the financial year
2022-23.
The Board as its meeting held on 22nd May 2023, declared a Final Dividend of ₹ 2/- per share (200%) for the financial year
2022-23.

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 (Amount in INR millions, unless otherwise stated)
Note 15.5 Shares issued for consideration other than cash, bonus issues and shares bought back in the preceeding 5 years:

As at As at As at As at As at
Particulars March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2018
Nos. Nos. Nos. Nos. Nos.
Shares issued for consideration Nil Nil Nil Nil Nil
other than cash
Bonus shares issued 8,934,120 Nil Nil Nil Nil
Shares bought back Nil 85,090 Nil Nil Nil
Note 15.6 The Company went public with its Initial Public Offer (IPO) during December 2022, pursuant to which 54,54,546
shares of ₹ 1/- each (at a premium of ₹ 98 per share) were alloted on 2nd January 2023, as under:

Date of Allotment No of Shares Share Capital Securities Premium Total

January 2, 2023 5,454,546 5.46 534.55 540.01
The Company’s shares got listed in the National Stock Exchange(NSE) and Bombay Stock Exchange(BSE)on 4 January 2023.
th

Note 16- Other Equity

As at As at
Particulars
March 31, 2023 March 31, 2022
Equity component of Compound financial instruments
166,216 (0.001%) Compulsorily Convertible Cumulative Preference shares of - 1.66
₹10/- each fully paid up
Less: Converted during the year - (1.66)
Closing balance - -
General Reserve
Balance as at the beginning of the year 32.00 32.00
Balance as at the beginning and at the end of the year 32.00 32.00
Capital Redemption Reserve
Opening balance - 0.85
Less: Utilized for issue of fully paid bonus shares - (0.85)
Closing balance - -
Securities premium
Opening balance 254.61 343.10
Add: Premium received on issue of shares 534.55 -
Less: Premium utilised for issue of fully paid bonus shares - (88.49)
Less: Premium utilised for absorbing Company share of IPO expenses (40.81) -
Closing balance 748.35 254.61
Retained Earnings
Opening balance 1,002.63 870.54
Add: Net profit after tax transferred from statement of Profit and Loss 627.27 382.09
Less: Dividend paid (228.21) (250.00)
Closing balance 1,401.69 1,002.63
Other Comprehensive Income
Opening balance 7.13 12.57
Add: Other comprehensive income after tax transferred from Statement of 3.46 (5.44)
profit & loss
Closing balance 10.59 7.13
Total Equity 2,192.63 1,296.37
16.1. Securities Premium: The amount received in excess of face value of the shares is recognised in Securities Premium. The
Companies share of IPO expenses is netted off against share premium.
16.2. Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders.

130 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 17 - Long Term - Borrowings

As at As at
Particulars
March 31, 2023 March 31, 2022
Non Current - Secured
Term loan
- From Banks (Refer note 17.1) 12.62 16.08
Less: Current Maturities of Long term borrowings (3.80) (3.45)
Total 8.82 12.63

17.1 Terms and Security:

The above vehicle loans are repayable in 60 to 84 equated monthly installments and secured by exclusive charge on vehicles

Tenure Repayment
Loan date Loan type Amount Interest (%)
(months) Start Date End Date
24/04/2019 Vehicle loan 19.70 84 9.25 24/04/2019 15/04/2026
24/04/2019 Vehicle loan 1.58 84 9.51 15/05/2019 15/04/2026
24/12/2020 Vehicle loan 0.58 60 10.51 15/01/2019 15/12/2025
24/12/2020 Vehicle loan 0.58 60 10.51 15/01/2019 15/12/2025
22/06/2021 Vehicle loan 0.71 60 10.51 15/07/2021 15/06/2026
22/06/2021 Vehicle loan 0.94 60 10.51 15/07/2021 15/06/2026

Note 18 - Lease Liabilities

As at As at
Particulars
March 31, 2023 March 31, 2022
Lease Liabilities 9.44 20.04
Less: Current Maturities of Lease Liability (9.44) (12.09)
Total - 7.95

Note 19 - Short Term Borrowings

As at As at
Particulars
March 31, 2023 March 31, 2022
Secured Demand Loans from Banks (Refer note 19.1 below) 265.36 251.40
Current maturities of long term borrowings (Refer note 17) 3.80 3.45
Total 269.16 254.85

19.1 Terms and conditions of borrowings

Name of lender Facility and Limit Rate of Interest Repayment Terms and Security details
Standard Working Capital - One month MCLR, applicable on the 1. Repayable on demand
Chartered Bank ₹ 300 Million interest reset date, payable on daily
2. pari-passu charge on entire current
o/s balances under the OD Facility
asset of the company
Yes Bank Cash Credit - 3 months - 0.05% over and above 1. Repayable on demand
₹300 Million YBL months MCLR
2. pari-passu charge on entire current
asset of the company

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 (Amount in INR millions, unless otherwise stated)
Reconciliation of Quarterly returns furnished with the Banks and Books of account

Amounts as per Amount as reported in the Amount of Reason for Material

Quarter
Books of Account quarterly returns/ statements Differences Discrepancies (if any)
Jun-22 876.51 898.64 (22.13) Provision for bad & doubtful
debts not considered
Sep-22 847.61 869.76 (22.15) Provision for bad & doubtful
debts not considered
Dec-22 765.54 765.55 (0.01)
Mar-23 675.28 675.29 (0.01)

Note 20 - Lease Liability

As at As at
Particulars
March 31, 2023 March 31, 2022
Current maturities of Lease Liability (Refer Note 18) 9.44 12.09
Total 9.44 12.09
Note 21 - Trade Payables

As at As at
Particulars
March 31, 2023 March 31, 2022
Trade Payables (Refer Notes below)
- Dues to Micro and Small Enterprises 3.85 2.96
- Others 4.35 11.18
Total 8.20 14.14

Notes:
21.1 Trade Payables ageing schedule
As at March 31, 2023

Outstanding for following periods from due date of

payment
Particulars Total
Less than More than
1-2 years 2-3 years
1 year 3 years
(i) Micro and Small Enterprises 3.85 - - - 3.85
(ii) Others 4.35 - - - 4.35
(iii) Disputed Dues - Micro and Small Enterprises - - - - -
(iv) Disputed Dues - Others - - - - -
Unbilled Dues - - - - -
Total 8.20 - - - 8.20

As at March 31, 2022

Outstanding for following periods from due date of

payment
Particulars Total
Less than More than
1-2 years 2-3 years
1 year 3 years
(i) Micro and Small Enterprises 2.96 - - - 2.96
(ii) Others 11.18 - - - 11.18
(iii) Disputed Dues - Micro and Small Enterprises - - - - -
(iv) Disputed Dues - Others - - - - -
Unbilled Dues - - - - -
Total 14.14 - - - 14.14

132 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

21.2 Details required under MSME Act, 2006

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
a) Principal amount remaining unpaid to the supplier at the end of each 3.85 2.96
accounting year
b) Interest due thereon (a) and remaining unpaid to supplier at the end of 0.20 0.07
each accounting year
c) Amount of Interest paid by the buyer in terms of Sec.16 of MSME - -
Act, 2006 along with the amount of the payment made to the supplier
beyond the appointed day during each accounting year;
d) The amount of interest due and payable for the period of delay in making 0.38 0.62
payment ( which have been paid but beyond the appointed day during
the year) but without adding the interest specified under the MSME Act,
2006;
e) The amount of interest accrued and remaining unpaid at the end of each 0.59 0.69
accounting year; and
f) The amount of further interest remaining due and payable even in the 1.27 0.69
succeeding years, until such date when the interest due above are
actually paid to the small enterprise, for the purpose of disallowance of
a deductible expenditure under Sec.23 of MSME Act, 2006
This information has been given in respect of such vendors to the extent they could be treated as ‘Micro and Small Enterprises’
on the basis of information available with the Company on which the Auditors have relied upon.
Note 22 - Other Financial Liabilities

As at As at
Particulars
March 31, 2023 March 31, 2022
Payable to Employees 47.86 34.73
Creditors for Capital Expenses - 0.33
Interest payable to MSME 1.27 0.69
Creditors for Expenses 108.06 84.49
Total 157.19 120.24

Note 23 - Other Current Liabilities

As at As at
Particulars
March 31, 2023 March 31, 2022
Statutory Liabilities 35.26 65.42
Total 35.26 65.42

Note 24 - Short Term Provisions

As at As at
Particulars
March 31, 2023 March 31, 2022
Provision for employee benefits:
Gratuity Payable - 17.67
Total - 17.67

Note 25 - Current Tax Liabilities (Net)

As at As at
Particulars
March 31, 2023 March 31, 2022
Provision for Income Tax (Net of advance tax and TDS) 1.17 3.12
Total 1.17 3.12

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 (Amount in INR millions, unless otherwise stated)
Note 26 - Revenue From Operations

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Commission 3,549.06 2,860.35
Total 3,549.06 2,860.35

Information about major customers

The Company primarily operates in one business segment – Cash Management Services. Further there is no reportable
Geographical segment.
The Company has derived revenues from customers which amounts to more than 10 per cent of Company’s revenues. The details
are given below:
As on March 31, 2023

Number of Customers Revenue % on Total Revenue

4 1,787.29 50.36%

As on March 31, 2022

Number of Customers Revenue % on Total Revenue

5 1,871.31 65.42%

Note 27 - Other Income

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Interest on fixed deposit 22.66 6.58
Interest - Others 0.93 0.82
Profit on sale of fixed asset 1.88 0.08
Miscellaneous Income 0.29 1.91
Total 25.76 9.39

Note 28 - Employee Benefits Expenses

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Salaries, Wages and Bonus 546.67 445.60
Contribution to Provident and Other Funds (Refer note 33) 47.70 43.57
Staff Welfare Expenses 10.73 8.10
Total 605.10 497.27

Note 29 - Finance Cost

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Interest on:
-Borrowings 2.98 12.16
- Others 3.84 18.42
Other borrowing cost 2.44 6.13
Total 9.26 36.71

134 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 30 - Depreciation and Amortisation Expenses

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Depreciation / Amortisation Expenses
- Tangible Assets 39.22 30.80
- Intangible Assets 5.34 6.79
Total 44.56 37.59

Note 31 - Other expenses

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Service Charge expenses 909.89 747.10
Rent
- Building 42.73 41.00
- Vehicles and generators 159.39 156.25
- Computers and accessories 17.62 11.70
Rates and taxes 1.60 1.91
Contract Charges - Guards & Drivers 299.85 224.31
Contract expenses - Cash Van 196.06 168.36
Insurance 44.17 37.33
Consumables 7.17 8.43
Conversion charges 13.30 26.21
Cash loss in transit 18.21 18.99
Bank Charges 180.59 186.96
Legal and professional charges 26.24 23.74
Power and fuel 21.48 8.73
Repairs and maintenance
- Buildings 2.96 2.99
- Computers 4.32 2.90
- Vehicles 2.26 5.45
- Others 5.14 4.73
Travelling and Conveyance 20.38 14.21
Communication expenses 24.26 21.03
Printing and stationery 42.11 28.92
Office maintenance 9.08 12.49
Payment made to auditors
- For Statutory Audit 2.80 2.00
- For Others* - -
- For Expenses 0.06 -
Bad debts 7.85 0.20
Fixed assets written off 0.81 -
Miscellaneous expenses 12.45 21.65
Total 2,072.78 1,777.59

* Excludes ₹2.32 millions, (PY- ₹11.16 millions) excluding GST towards fees related to IPO of Equity Shares, which has been borne
by the Company (debited to Securities Premium account) and the selling shareholders in the ratio of issue proceeds.

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 (Amount in INR millions, unless otherwise stated)
Note 32 - Basic and Diluted EPS
The earnings and weighted average number of ordinary shares used in the calculation of EPS is as follows:

For the years ended/period

Particulars
March 31, 2023 March 31, 2022
Profit for the year, attributable to the owners of the Company 627.27 382.09
Earnings used in calculation of basic and diluted earnings per share (A) 627.27 382.09
Weighted average number of ordinary shares for the purpose of basic 102,583,373 101,253,360
earnings per share (B)
Weighted average number of ordinary shares for the purpose of diluted 102,583,373 101,253,360
earnings per share ©
Basic EPS = (A/B) (Face Value of ₹1 per share) (in INR) (not annualised for the 6.11 3.77
period ended March 31, 2023)
Diluted EPS = (A/C) (Face Value of ₹1 per share) (in INR) (not annualised for 6.11 3.77
the period ended March 31, 2023)

Note 33 - Employee Benefits

Defined contribution plan
Year ended March 31, 2023 and March 31, 2022 the Company contributed the following amounts to defined contribution plans:

As at As at
Particulars
March 31, 2023 March 31, 2022
Provident Fund and Employees’ Family Pension Scheme 29.64 25.68
Employees’ State Insurance Corporation 8.69 8.29
Total 38.33 33.97

Defined benefit plan

As per the payment of Gratuity Act, 1972, the Company has a defined benefit gratuity plan. Every employee who has completed
five years or more of service gets a gratuity on departure at 15 days’ salary (last drawn salary) for each completed year of service.
The scheme of the Company is funded with an insurance company in the form of a qualifying insurance policy. Management
aims to keep annual contribution relatively stable at such a level such that no plan deficits will arise. The Company has purchased
an insurance policy, which is a year-on-year cash accumulation plan in which the interest rate is declared on yearly basis and is
guaranteed for a period of one year. The insurance Company, as part of the policy rules, makes payment of all gratuity outgoes
happening during the year (subject to sufficiency of funds under the policy). The policy, thus, mitigates the liquidity risk. However,
being a cash accumulation plan, the duration of assets is shorter compared to the duration of liabilities. Thus, the Company is
exposed to movement in interest rate (in particular, the significant fall in interest rates, which should result in a increase in liability
without corresponding increase in the asset).
The following table summarizes the components of net benefit expense recognized in the Statement of Profit and Loss and the
funded status and amounts recognized in the balance sheet for the gratuity plans of the Company.
Statement of Profit and Loss- Net employee benefits expense (recognized in employee cost)

As at As at
Particulars
March 31, 2023 March 31, 2022
Current Service Cost - -
Net Expenses for the period 9.35 9.60
Recognised in other comprehensive income (OCI) (4.63) 7.26

136 RADIANT
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 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Net employee benefits expense (recognised in Other Comprehensive Income):

As at As at
Particulars
March 31, 2023 March 31, 2022
Actuarial gains/losses
Experience variance (i.e actual experience vs assumptions) (5.26) 6.80
Return on plan assets, excluding amount recognised in net interest expense 0.63 0.46
Components of defined benefit cost recognised in other comprehensive (4.63) 7.26
income

Balance Sheet
Details of provision and fair value of plan assets

As at As at
Particulars
March 31, 2023 March 31, 2022
Present value of obligation 40.93 36.82
Fair value of plan asset 41.27 19.15
Net Liability (0.34) 17.67

Changes in present value of obligation

As at As at
Particulars
March 31, 2023 March 31, 2022
Present value of obligation at the beginning of the year 36.82 20.42
Current service cost 7.98 9.84
Interest expense 3.55 1.44
experience variance (i.e actual experience vs assumptions) (5.26) 6.80
Benefits paid (2.16) (1.68)
Present value of obligation at the end of the year 40.93 36.82

Changes in the fair value of plan asset are as follows:

As at As at
Particulars
March 31, 2023 March 31, 2022
Fair value of plan assets at the beginning 19.15 19.62
Adjustment to Opening balance 0.11 -
Investment Income 0.01 1.67
Contributions made: 22.63 -
Return on plan assets except amount recognised as net Interest expense (0.63) (2.15)
Fair value of plan assets at the end 41.27 19.15

The following is the maturity profile of the Company’s defined benefit obligation

As at As at
Particulars
March 31, 2023 March 31, 2022
Weighted average duration (based on discounted cash flows)(in years) 17.00 17.00

The principal assumptions used in determining gratuity benefit obligations for the Company’s plan are shown below

As at As at
Particulars
March 31, 2023 March 31, 2022
Discount Rate 7.23% 7.37%
Salary growth rate 5.00% 5.00%
Employee attrition rate 3.00% 3.00%

RADIANT
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 (Amount in INR millions, unless otherwise stated)
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the
period over which the obligation is to be settled.
A quantitative sensitivity analysis for the significant assumptions on defined benefit obligation as at March 31, 2023 and March
31, 2022

As at March 31, 2023 As at March 31, 2022

Particulars Decrease in Increase in Decrease in Increase in
assumption (in %) assumption (in %) assumption (in %) assumption (in %)
Discount Rate (0.50% movement) 4.99 (4.61) 5.36 (4.91)
Salary Growth Rate (0.50% (4.61) 4.99 (4.91) 5.36
movement)
Attrition Rate (0.50% movement) (1.17) 1.09 (1.40) 1.30
The sensitivity analysis above have been determined based on a method that extrapolates the impact on define benefit obligation
as a result of reasonable changes in key assumptions occurring at the end of reporting period.
Expected maturity analysis of the defined benefit plans in future years

As at As at
Particulars
March 31, 2023 March 31, 2022
Within one year 9.87 7.57
Between 1 year to 5 years 4.93 2.23
Between 5 years to 10 years 16.22 14.82
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social
Security, 2020 and has invited suggestions from stakeholders. The Company will assess the impact and its evaluation once the
subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes
effective and the related rules to determine the financial impact are published.
Note 34 - Leases
In case of assets taken on lease:
The Company has taken office premises, vehicles and computers under operating lease agreements, which expire at various dates.
These agreements are generally renewable by mutual consent. Some of the lease agreements for premises have a lock in period
of 3 years and price escalation clause. ROU asset for long term leases has been recognised with corresponding credit to Lease
liability.
Details relating to the leases of the company are as follows:
a) The following is the break-up of current and non-current lease liabilities as at March 31, 2023 and March 31, 2022

As at As at
Particulars
March 31, 2023 March 31, 2022
Current Lease Liabilities 9.44 12.09
Non-current Lease Liabilities - 7.95

b) Following are the changes in carrying value of Lease liabilities.

As at As at
Particulars
March 31, 2023 March 31, 2022
Balance as at the beginning of the year 20.04 29.40
Additions - -
Finance cost accrued during the year 1.49 2.45
Payment of lease liabilities (12.09) (11.81)
Balance as at the end of the year 9.44 20.04
Note: There are no lease concessions for the long term leases of the company.

138 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

c) Following amounts were recognized as expense:

As at As at
Particulars
March 31, 2023 March 31, 2022
Depreciation of right of use assets* 10.96 11.07
Expense relating to short term leases** 219.74 208.95
Interest on lease liabilities 1.49 2.45
Total amount recognized in statement of Profit & Loss 232.19 222.47

* Includes amortisation of present value difference on fair valuation of lease deposit

** Includes office premises, vehicles and computers

d) Maturity analysis of lease liabilities under Ind AS 116 on an undiscounted basis

As at As at
Particulars
March 31, 2023 March 31, 2022
Within one year 9.44 12.09
After one year but not more than 5 years - 7.95
More than five years - -
Total 9.44 20.04

e) Following is the movement in Right of Use Asset

As at As at
Description
March 31, 2023 March 31, 2022
Opening Balance 19.64 30.71
Add : Additions during the year - -
Less: Depreciation for the year 10.96 11.07
Closing Balance 8.68 19.64

The incremental borrowing rate applied to lease liabilities is 9.75%

The outflow on account of lease liabilities for the period ended March 31, 2023 is 12.09 Mn and for the years ended March 31,
2022 is 11.82 Million
Note 35 - Related party disclosures
Key Managerial Personnel
1. Col. David Devasahayam, Chairman and Managing Director
2. Dr. (Mrs) Renuka David, Whole-Time Director
3. Mr. Ayyavu Palanichamy Vasanthakumar, Director
4. Mr. T V Venkataramanan, Chief Financial Officer
5. Ms. K. Jaya Bharathi, Company Secretary
6. Ms. Jayanthi, Independent Director
7. Mr. Devraj Anbu, Independent Director
8. Mr. Ashok Kumar Sarangi, Independent Director
Relatives of Key Managerial Personnel:
1. Mr. Alexander David

RADIANT
CASH MANAGEMENT SERVICES LIMITED 139
 (Amount in INR millions, unless otherwise stated)
Enterprises owned or significantly influenced by Key Management Personnel or their Relatives
1. Radiant Protection Force Private Limited
2. Radiant Integrity Techno Solution Private Limited
3. Radiant Medical Services Private Limited
4. Renuka Management Services LLP
5. Radiant Foundation
6. Radiant Content Creations Private Limited
7. Radiant Business Solutions Private Limited
Significant shareholder
Unit Trust of India Investment Advisory Services Limited A/C Ascent India Fund III
Transactions with Key Managerial Persons (KMP)

For the year ended For the year ended

Name of key Managerial Persons Nature of Transaction
March 31, 2023 March 31, 2022
Col. David Devasahayam Advance given - 25.00
Advances repaid - (26.19)
Remuneration 20.00 20.00
Reimbursement of IPO expenses 52.59 -
Dividend paid 122.70 135.99
Dr. Renuka David Remuneration 3.60 3.60
Dividend paid 18.70 20.99
Ms. Jayanthi Sitting Fees 1.23 0.39
Mr. Devraj Anbu Sitting Fees 1.23 0.39
Mr. Ashok Kumar Sadangi Sitting Fees 0.89 0.23
Col.Benz Jacob Remuneration 2.93 1.48
Cyrus Shroff Remuneration 6.06 5.46
Karthik Sankaran Remuneration 3.45 2.40
Mr. T V Venkataramanan Remuneration 7.33 4.00
Ms. K. Jaya Bharathi Remuneration 1.20 0.70

Outstanding Balances of Key Managerial Persons

As at As at
Name of key Managerial Persons Nature of transactions
March 31, 2023 March 31, 2022
Remuneration Payable
Col. David Devasahayam Remuneration payable (1.00) (1.00)
GST on IPO expenses recoverable 1.38 -
Dr. Renuka David Remuneration payable (0.21) (0.21)
Col.Benz Jacob Remuneration payable (0.15) (0.14)
Cyrus Shroff Remuneration payable (0.09) (0.09)
Karthik Sankaran Remuneration payable (0.20) (0.17)
Mr. T V Venkataramanan Remuneration payable (0.40) (0.33)
Ms. K. Jaya Bharathi Remuneration payable (0.10) (0.09)

140 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Enterprises owned or significantly influenced by Key Management Personnel or their Relatives and Other Related Parties:
Transactions during the year/period

Sl. For the year ended For the year ended

Name of Related Party Nature of Transaction
No. March 31, 2023 March 31, 2022
Services Received
1 Radiant Protection Force Private Contract Charges - Guards & 282.10 215.56
Limited Drivers
Contract expenses - Cash Van 206.65 168.51
Rent - Vehicles & Generators 90.76 92.73
Rent - Buildings 8.89 8.47
2 Radiant Integrity Techno Solution Service Charges - 0.02
Private Limited
3 Radiant Medical Services Private Interest income - 0.11
Limited Advances given & repaid - 5.57
4 Radiant Business Solutions Private Interest income - 0.16
Limited Advances given & repaid - 7.91
5 Radiant Foundation Donation 8.96 6.30
6 Unit Trust of India Investment Dividend Paid 60.13 93.02
Advisory Services Limited A/C Reimbursement of IPO expenses 119.46 -
Ascent India Fund III
7 Mr. Alexander David Remuneration 1.80 1.80

Outstanding Balances

Sl. As at As at
Name of Related Party Nature of Balance
No. March 31, 2023 March 31, 2022
1 Radiant Protection Force Private Expenses payable (3.49) (7.73)
Limited Rental Deposit 7.00 7.00
2 Mr. Alexander David Remuneration payable (0.09) (0.09)
3 Unit Trust of India Investment GST on IPO expenses 3.12 -
Advisory Services Limited A/C recoverable
Ascent India Fund III

Note 36 - Contingent Liabilities

Claims against the Company not acknowledged as debts

As at As at
Nature of Statute
March 31, 2023 March 31, 2022
Income Tax related matters 10.97 75.37
Service tax related matter (excluding interest)* 0.84 0.84
Total 11.81 76.21

*Against which INR 0.084 million paid on 13-05-2019 under dispute and included in other non current assets (Note 9).
Capital committements - ₹ 13.65 million (Previous year - Nil)

RADIANT
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 (Amount in INR millions, unless otherwise stated)
Note 37 - Corporate Social Responsibility
1. Gross amount required to be spent:

For the year ended For the year ended

Particulars
March 31, 2023 March 31, 2022
Prescribed CSR expenditure 9.82 8.78
2. Amount spent for the period/years ended:

Particulars March 31, 2023 March 31, 2022

Construction / acquisition of any asset - -
Other than above* 9.84 9.76
* Includes Donation of March 31, 2023 - ₹ 8.96 Mn and FY 21-22 ₹ 6.30 Mn) to Radiant Foundation (Related Party- Refer Note
35)
Note 38 - Financial Instruments Categories and Fair Value Hierarchy
a) Financial Instruments by Categories
The carrying value and fair value measurement of financial instruments by categories were as follows:

As at March 31, 2023 As at March 31, 2022

Financial Financial
Financial Financial
Assets/ Assets/
Particulars Assets/ Assets/
Amortized Liabilities Amortized Liabilities
Liabilities Liabilities
Cost at fair value Cost at fair value
at fair value at fair value
through profit through profit
through OCI through OCI
or loss or loss
Financial Assets:
Non Current Investment
Non- Current Financial Assets 84.10 - - 38.84 - -
Current Trade Receivables 702.12 - - 785.29 - -
Cash & Cash Equivalents 979.60 - - 702.06 - -
Other Bank Balances 738.30 - - 90.63 - -
Other Financial Assets 17.98 - - 70.27 - -
Financial Liabilities:
Long term Borrowings 8.82 - - 12.63 - -
Non Current - Lease Liability - - - 7.95 - -
Short Term Borrowings 269.16 - - 254.85 - -
Current - Lease Liability 9.44 - - 12.09 - -
Trade Payables 8.20 - - 14.14 - -
Other Financial Liabilities 157.19 - - 120.24 - -
The management assessed that cash and cash equivalents, trade receivables, trade payables, and other current financial assets
and financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Further
the difference between carrying amount and fair value of insurance receivables, deposit measured at amortised cost is not
significantly different in each of the year presented.
b) Fair Value Hierarchy
• Level 1 - Quoted prices (unadjusted) in active markets for identical Assets or Liabilities.
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

142 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Valuation Technique used to determine Fair Value:
Specific valuation techniques used to value financial instruments include:
Use of quoted market prices for Listed instruments
For the year ended March 31, 2023 and year ended March 31, 2022 there are no financial assets under the categories FVTOCI
or FVTP&L
Note 39 - Risk Management
Financial Risk Management
The company is exposed to Interest rate risk, Credit risk, Collection risk and liquidity risk. Given the nature of operations, the
company does not face any forex risk, commodity risk and other market risk aspects. The company has assigned the responsibility
of managing these risks with the respective division heads as stated below.
Market Rate - Interest Rates
The company does not have any term loans with variable interest rate. Long term borrowings, in the nature of vehicle loans, are
of fixed interest rate, and the extent of such borrowings are less than 5% of the networth of the company. Hence the company
does not face any significant market risk in relation to interest rate volatility. Cash credit limits, to the extent of Rs. 600 million
are variable rate borrowings, subject to periodic interest rate revision. The Company manages its CC limit utilisation judiciously to
minimise interest outgo. This risk is managed by GM - Finance.
Credit Risk
The company is highly underleveraged with zero net debt (total debt minus free cash) as on March 31, 2023 and March 31, 2022.
Hence credit risk of the company is very healthy and risk of default is negligible. This risk is managed by Managing Director.
Trade Receivable
Over 98% of the clients of the company are highly rated banks and financial institutions, with no history of defaults. Hence, credit
risk on the trade receivables are neglible. The company takes adequate precaution in terms of evaluation of the creditworthiness
of its direct clients. The track record of collection of Trade Receivables has been very healthy. The company also has a practice of
obtaining confirmation on service provided from most of its clients before invoicing, and hence risk of subsequent non-collection
is negligible. This risk is managed by Head - Business Development for new clients, and Head - Billing for the existing clients.
The following table provides information about the exposure to credit risk and expected credit loss for trade receivables:

March 31, 2023 March 31, 2022

Particulars Weighted Weighted

Gross carrying Loss Gross carrying Loss
average loss average loss
amount allowance amount allowance
rate rate
< 90 days 650.65 0.69% 4.49 719.77 0.73% 5.24
90 to 180 days 34.41 1.77% 0.61 54.30 1.12% 0.61
181 to 365 days 22.90 3.23% 0.74 17.81 4.18% 0.74
> 365 days 14.35 100.00% 14.35 13.60 100.00% 13.60
Total 722.31 20.19 805.48 20.19

RADIANT
CASH MANAGEMENT SERVICES LIMITED 143
 (Amount in INR millions, unless otherwise stated)
The details of receivable balance from customers having more than 5% of total receivables for each reporting period are given
below:
As on March 31, 2023

Number of Customers Trade Receivable Outstanding % on Total Trade Receivable

5 486.64 67.37%

As on March 31, 2022

Number of Customers Trade Receivable Outstanding % on Total Trade Receivable

7 601.91 74.73%
Liquidity risk
The company has cash credit limit of Rs. 600 million. The company is also highly underleveraged and also has sufficient drawing
power in its net current assets, to enhance its borrowing capacity at short notice, if required. Hence liquidity risk faced by the
company is negligible. This risk is managed by the GM - Finance.
The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2023:

Within
Particulars On Demand 1 to 5 years Total
12 months
Borrowings 265.36 3.80 8.82 277.98
Trade payables - 8.20 - 8.20
Other Financial liabilities - 157.19 - 157.19
Lease Liability - 9.44 - 9.44
Total 265.36 178.63 8.82 452.81

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2022:

Within
Particulars On Demand 1 to 5 years Total
12 months
Borrowings 251.40 3.45 12.63 267.48
Trade payables - 14.14 - 14.14
Other Financial liabilities - 120.24 - 120.24
Lease Liability - 12.09 7.95 20.04
Total 251.40 149.92 20.58 421.90

Capital management
The Company issued fresh issue of 54,54,546 equity shares in the of ₹ 1/- each at a premium of ₹ 98 /- per share in the Initial
Public Issue (IPO). The promoter Col. David Devasahayam and the investor Ascent Capital sold 64,86,856 and 1,47,35,575 share
respectivly in the Offer for Sale (OFS) portion of the IPO.

144 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 40 - Ratios
As at March 31, 2023

Current Previous Variance

Ratio Numerator Denominator Reason for variance
period period (%)
Current ratio 2,526.64 480.42 5.2592 3.4719 51.48 There is a significant increase about
Rs. 835.55 Mn mainly due to increase
in Fixed depoit with banks. However,
current liabilities is almost in the
same level as last year and hence the
current ratio as increased significantly.
Debt equity 287.42 2,299.34 0.1250 0.2057 (39.24) The borrowing is almost at the same
ratio level as last year whereas there is
a significant increase of about Rs.
900.15 Mn in shareholders funds
due to issue of fresh shares (at a
premium) and Profit After Tax (net of
dividends). Hence the debit equity
ratio decreased substantially during
the year.
Net Profit ratio 627.27 3,549.06 0.1767 0.1336 32.31 Revenue as increased by about 24%
whereas Profit After Tax has increased
by 64% during the year. Hence net
profit ratio as increased significantly
during the current year.
Debt service 896.94 20.98 42.7622 17.9245 138.57 EBITDA as increase by about Rs. 303
coverage ratio Mn whereas debt service obligation
as increased only by about Rs. 4 Mn
during the year, Hence debit service
coverage ratio increased significantly
during the year.
Return on 627.27 2,299.34 0.2728 0.2734 (0.21) No comments
equity ratio
Trade 3,549.06 763.90 4.6460 3.7481 23.96 No comments
receivables
turnover ratio
Trade payables 1,565.19 11.17 140.1244 56.5416 147.83 The purchase has increased by about
turnover ratio Rs. 269 Mn whereas the payable has
reduced by Rs. 10 Mn during the year,
Hence Trade payable turnover ratio
increased significantly during the year.
Return 852.38 2,586.76 0.3295 0.3307 (0.36) No comments
on capital
employed
Return on 627.27 1,607.16 0.3903 0.3887 0.42 No comments
investments

RADIANT
CASH MANAGEMENT SERVICES LIMITED 145
 (Amount in INR millions, unless otherwise stated)
As at March 31, 2022

Current Previous Variance

Ratio Numerator Denominator Reason for variance
period period (%)
Current ratio 1,692.66 487.53 3.4719 4.5318 (23.39) No Comments
Debt equity 287.52 1,397.62 0.2057 0.1101 86.91 Though the (PAT) for the current year
ratio was Rs. 382.24 Mn, the net increase
in equity is only Rs. 126.80 Mn as we
have paid dividend of Rs. 250 Mn.
However the increase in debt is Rs.
147.63 Mn and hence debt equity
ratio has increased.
Net Profit ratio 382.09 2,860.35 0.1336 0.1463 (8.70) No Comments
Debt service 594.88 33.19 17.9245 3.9775 350.65 Though there is an increase in EBITDA
coverage ratio Rs. 97.46 Mn the amount pertaining
towards debt service (both interest as
well as repayments), have come down
subsentially by Rs. 89.30 Mn. Hence
the debt service coverage ratio has
increased significantlly.
Return on 382.09 1,397.62 0.2734 0.2552 7.13 No Comments
equity ratio
Trade 2,860.35 763.14 3.7481 3.4532 8.54 No Comments
receivables
turnover ratio
Trade payables 1,296.03 22.92 56.5416 43.1470 31.04 Though the value of the services
turnover ratio increased by Rs. 316.95 Mn in FY
2021-22, the value of the average
payable is around Rs. 23 Mn both
as of March 2021 and March 2022.
Hence the trade payable turnover
ratio has significantlly increased as of
March 2022.
Return 557.29 1,685.14 0.3307 0.3333 (0.78) No Comments
on capital
employed
Return on 382.09 983.08 0.3887 0.3715 4.63 No Comments
investments

146 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 41 - Disclosure under Ind AS 7 - Statement of Cash flows
Reconciliation of liabilities from financing activities:-
(i) Long Term Borrowings (Including Current maturities)
As at March 31, 2023

Particulars Opening balance Proceeds Repayments Closing balance

Term Loan from Bank 16.08 - (3.46) 12.62
Total 16.08 - (3.46) 12.62

As at March 31, 2022

Particulars Opening balance Proceeds Repayments Closing balance

Term Loan from Bank 17.51 1.65 (3.08) 16.08
Total 17.51 1.65 (3.08) 16.08

(ii) Lease Liabilities

As at March 31, 2023

Particulars Opening balance Proceeds Repayments Closing balance

Lease Liabilities 20.04 - (10.60) 9.44
Total 20.04 - (10.60) 9.44

As at March 31, 2022

Particulars Opening balance Proceeds Repayments Closing balance

Lease Liabilities 29.40 - (9.36) 20.04
Total 29.40 - (9.36) 20.04

(iii) Short Term Borrowings

As at March 31, 2023

Particulars Opening balance Net proceeds / repayment Closing balance

Working capital facilities 251.40 13.96 265.36
Total 251.40 13.96 265.36

As at March 31, 2022

Particulars Opening balance Net proceeds / repayment Closing balance

Working capital facilities 92.98 158.42 251.40
Total 92.98 158.42 251.40

RADIANT
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 (Amount in INR millions, unless otherwise stated)

Note 42
As stated in Note 1.2 and 15.6, the Company has completed its Initial Public Offer (“IPO”) of 26,676,977 Equity Shares of face
value of ₹ 1 each. The IPO consist of fresh issue of 5,454,546 Equity Shares by the Company and an offer for sale of 21,222,431
Equity Shares by the selling shareholders as detailed in the prospectus. The fresh issue of the Company has been subscribed at
₹ 99 per Equity Share (including securities premium of ₹ 98 per Equity Share) aggregating to ₹ 540.00 millions (shares alloted
on 2nd January, 2023) and the offer for sale of 21, 222,431 Equity Shares of Re. 1 each were subscribed at ₹ 2,026.41 millions.
The net proceeds and its utilisation as per the objects of the offer is as under: ₹ in millions

Amount to be Amount to be
Utilised in To be utilised
Particulars/ Objects Total Amount deployed in deployed in
FY 2022-23 in FY 2023-24
FY 2022-23 FY 2023-24
Funding working capital 200.00 100.00 100.00 100.00 100.00
requirements
Funding of capital expenditure 254.80 46.33 208.47 28.39** 226.41
requirements for purchase of
specially fabricated armoured vans
General corporate purposes 37.72 10.00 27.72 -** 37.72
Total Net Proceeds 492.52* 156.33 336.19 128.39 364.13
* Net of GST
** The balance amount is being utilised in the FY 2023-24
The Company’s shares were listed in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on 4th January 2023.
Note 43
The Company is in the process of reconciling the monthly returns filed under the Central Goods and Services Tax Act, 2017
(“CGST Act”), Integrated Goods and Services Tax Act, 2017 (“IGST Act”) and other relevant States Goods and Services Tax Acts
(SGST Acts) with its books and records to file the annual return for FY 2022-23. Adjustments, if any, consequent to the said
reconciliation will be given effect to in the financial statements on completion of reconciliation and filing of returns. However, in
the opinion of the Management, the impact of the same will not be material.
Note 44 - Recent accounting pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting
Standards) Amendment Rules, 2023, as below:
Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting
policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods
beginning on or after April 1, 2023. The Company has evaluated the amendment and the impact of the amendment is insignificant
in the financial statements.
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of
‘accounting estimates’ and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from
changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April
1, 2023. The Company has evaluated the amendment and there is no impact on its financial statements.
Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not apply
to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment
is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its
financial statements.

148 RADIANT
CASH MANAGEMENT SERVICES LIMITED
 CORPORATE OVERVIEW MANAGEMENT REPORTS FINANCIAL STATEMENTS

(Amount in INR millions, unless otherwise stated)

Note 45 - Code on Social Security
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social
Security, 2020 and has invited suggestions from stakeholders. The Company will assess the impact and its evaluation once the
subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes
effective and the related rules to determine the financial impact are published.
Note 46 - Events after the reporting period
There are no significant events after the reporting period that affect the figures presented in this financial statement.
Note 47- Prior Year Comparatives
Previous year figures have been re-grouped/ re-classified, wherever necessary, to confirm to current year's classification and
presentation.

As per our report of even date attached For and On Behalf of the Board of Directors of
For ASA & Associates LLP RADIANT CASH MANAGEMENT SERVICES LIMITED
Chartered Accountants CIN: L74999TN2005PLC055748
Firm Regn No. 009571N/N500006

G.N. Ramaswami Col. David Devasahayam Vasanthakumar AP

Partner Chairman and Managing Director Director
Membership No.202363 DIN: 02154891 DIN: 02069470

Jayanthi T.V Venkataramanan

Independent Director Chief Financial Officer
DIN: 09295572

K. Jaya Bharathi
Place: Chennai Company Secretary
Date: May 22, 2023 M.No: FCS 8758

RADIANT
CASH MANAGEMENT SERVICES LIMITED 149
CORPCOMM
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JsTuDI0
 Radiant Cash Management Services Ltd.
4/3 Raju nagar, 1st street, Okkiyam, Thoraipakkam,
OMR, Chennai – 600 096
Email: investorrelations@radiantcashlogistics.com
Tel: (+91)- 44 – 4904 4904