RADIANT FINANCIAL SERVICES LTD

32ND ANNUAL REPORT

2022-2023
 CORPORATE INFORMATION
RADIANT FINANCIAL SERVICES LIMITED
CIN: L65991WB1991PLC053192
BOARD OF DIRECTORS INTERNAL AUDITOR
Mr. Abhishek Kayan (DIN: 00195504) - Mrs. Kavita Kayan
Managing Director
Mr. Manish Dalmia (DIN:00264752)- BANKERS
Non – Executive Director HDFC Bank, Stephen House Branch,
Mr. Girdhar Didwania (DIN: 00264822)- Kolkata
Non Executive Independent Director
Mr. Hari Prasad Agrawal (DIN: 06889566) REGISTERED OFFICE
Non Executive Independent Director P - 355 Keyatala Road, Kolkata-700 029
Ms. Roshni Shah (DIN: 07810540) – Tel. No. : (033) 4064 8252
Non Executive Independent Director E-mail ID: rfsl@rediffmail.com
Website:www.radiantfinancialservices.com
KEY MANAGERIAL PERSONNEL
Ms. Priya Jhunjhunwala CORPORATE OFFICE
Martin Burn House
(Membership No: A65393)
1, R.N. Mukherjee Road, 5 th Floor,
Mrs. Kavita Kayan, CFO Room No. 11, Kolkata-700001
(PAN: AOQPB3772G) Tel. No. : (033) 4001 9929/5471

AUDIT COMMITTEE REGISTRAR & SHARE TRANSFER

Mr. Girdhar Didwania- Chairman AGENTS
Mr. Hari Prasad Agrawal - Member Maheshwari Datamatics Pvt. Ltd
Ms. Roshni Shah- Member 23, R. N. Mukherjee Road, 5th Floor
Kolkata-700001
SHAREHOLDERS/ INVESTORS Phone No: 033-22482248, 2243-5029
GRIEVANCE COMMITTEE Email Id: mdpldc@yahoo.com
Mr. Hari Prasad Agrawal – Chairman
Ms. Roshni Shah- Member LISTING
Mr. Girdhar Didwania- Member The Calcutta Stock Exchange Limited
(CSE Scrip Code: 028163)
NOMINATION AND
REMUNERATION COMMITTEE DEPOSITORIES
Mr. Hari Prasad Agrawal – Chairman National Securities Depository Limited
Mr. Girdhar Didwania - Member Trade World, 4th Floor,
Ms. Roshni Shah- Member Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
STATUTORY AUDITOR Mumbai - 400 013
H R Agarwal & Associates.
Chartered Accountants Central Depository Services (India)
219-C, Old China Bazar Street Limited
1st Floor Room No. B-6, Kolkata-700001 Phiroze Jeejeebhoy Towers,
28th Floor, Dalal Street,
SECRETARIAL Mumbai – 400 001
AUDITOR
Kamal Kumar Sharma, ISIN: INE 939B01019
Company Secretary, CIC MERMBERSHIP ID: NBF0001425
“Punarnava” Ground Floor, R. No. 005, RBI REGISTRATION NO: 05.01680
13 B.B. Ganguly Street, Kolkata – 700 012
 RADIANT FINANCIAL SERVICES LIMITED
CIN: L65991WB1991PLC053192
Regd. Office: P-355, Keyatala Road, Kolkata – 700 029
Website: www.radiantfinancialservices.com,
E-mail id: rfsl@rediffmail.com, Phone: (033) 4064 8252

NOTICE
NOTICE is hereby given that the Thirty Second Annual General Meeting of the Members of the
Company will be held on Tuesday, the 05th day of September, 2023 at 11.00 A.M. through Video
Conferencing (“VC”)/ Other Audio Visual Means (“OAVM”) to transact the following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt the Financial Statement of the Company for the Financial Year
ended March 31, 2023 together with the Reports of the Board of Directors and the Auditors’
thereon.

2. To appoint a Director in place of Mr. Manish Dalmia (DIN:00264752), who retires by rotation at
this Annual General Meeting and being eligible offers himself for re-appointment.

SPECIAL BUSINESS:

3. Approval for revision in remuneration of Mr. Abhishek Kayan, Managing Director of the
Company

To consider and if thought fit, to pass, the following resolution as a Special Resolution:

“RESOLVED THAT pursuant to the provisions of Sections 196, 197, 203 and any other applicable
provisions of the Companies Act, 2013 (“the Act”) and the rules made there under (including any
statutory modification(s) or re-enactment thereof), read with Schedule V to the Act and the
provisions of the relevant rules and regulations of the Securities and Exchange Board of India as
applicable in this regard consent of the members of the Company be and is hereby accorded for
the revision in the remuneration of Mr. Abhishek Kayan, (DIN: 00195504), Managing Director of
the Company, w.e.f. 01.10.2023 as recommended by the nomination and remuneration committee
and as set out in the explanatory statement annexed to the notice, for the remaining duration of
his appointment, i.e., upto September 28, 2024”.

RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby
authorized to do all such acts, deeds, matters and things as may be necessary, expedient or
desirable for the purpose of giving effect to the aforesaid resolutions and in connection with any
matter incidental thereto.

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4. Ratification/ Approval of Material Related Party Transactions

To consider and if thought fit, to pass, the following resolution as Special Resolution:

“RESOLVED THAT pursuant to the provisions of Section 188 of the Companies Act, 2013 and
Rules made there under, including statutory modification(s) or re- enactment thereof for the time
being in force and as may be notified from time to time and the provisions of the relevant rules
and regulations of the Securities and Exchange Board of India as applicable in this regard, consent
of the members of the Company be and is hereby accorded to the agreement as entered by the
Company with one of the Related Party of the Company as detailed in the table forming part of
the Explanatory Statement annexed to this notice containing transactions exceeding 10% of the
Consolidated Turnover of the Company and the transactions proposed to be carried
out/transacted vide the said Agreement stands approved, confirmed and ratified accordingly.

RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby
authorized to do all such acts, deeds, matters and things as may be necessary, expedient or
desirable for the purpose of giving effect to the aforesaid resolutions and in connection with any
matter incidental thereto.

By Order of the Board

For Radiant Financial Services Ltd.

Sd/-
Regd. Office: P-355, Keyatala Road, Priya Jhunjhunwala
Kolkata – 700 029 Company Secretary
CIN: L65991WB1991PLC053192 Membership No. A65393
Website: www.radiantfinancialservices.com
E-mail id: rfsl@rediffmail.com
Phone: (033) 4064 8252
Dated: 29th May, 2023

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NOTES:

1. The Ministry of Corporate Affairs (MCA) with reference to Circular Nos. 14/2020 dated
April 8, 2020, Circular No.17/2020 dated April 13, 2020, 20/2020 dated May 5, 2020,
02/2021 dated January 13, 2021, 19/2021 dated December 8, 2021, 21/2021 dated
December 14, 2021, 2/2022 dated May 5, 2022, 10/2022 dated December 28, 2022 and all
other relevant circulars issued from time to time (hereinafter collectively referred to as
“Circulars”) has allowed companies whose AGMs are due in the year 2023, to conduct
their AGMs on or before 30.09.2023, in accordance with the requirements laid down in
paragraphs 3 and 4 of the General Circular No. 20/2020 dated May 5, 2020. Hence, in
compliance with these Circulars, the annual general meeting of the Company (hereinafter
referred as “AGM”) will be conducted through Video Conferencing (VC)/Other Audio
Visual Mode (OAVM). The venue for the 32nd AGM shall be the Corporate Office of the
Company i.e,” Martin Burn House, 1 R.N. Mukherjee Road, 5th floor, Room No. 11,
Kolkata-700001.”

2. Details as required under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and in terms of Secretarial Standard - 2 in respect of the
Directors seeking appointment/ re-appointment/ or whose remuneration is proposed to
be increased at the 32nd AGM are annexed hereto as Annexure - 1 to the Notice.

3. An Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 which sets
out details relating to special business to be transacted at the AGM is annexed hereto.

4. MEMBER ENTITLED TO ATTEND AND VOTE AT THE AGM IS ENTITLED TO

APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF AND
SUCH PROXY NEED NOT BE A MEMBER OF THE COMPANY. However, since this
AGM is held through VC/OAVM only, pursuant to the MCA Circular No. 14/2020 dated
April 08, 2020, the facility to appoint proxy to attend and cast vote for the members is not
available for this AGM and they are encouraged to attend and participate through
VC/OAVM. However, the Body Corporates are entitled to appoint Authorised
representatives to attend the AGM through VC/OAVM and participate there at and cast
their votes through e-voting. Accordingly, Route Map, Proxy Form and Attendance Slip
are not annexed to this Notice.

5. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the
scheduled time i.e. Tuesday, September 05, 2023 at 11.00 A.M. IST of the commencement of
the Meeting by following the procedure mentioned in the Notice. The facility of
participation at the AGM through VC/OAVM will be made available for 1000 members on
first come first served basis. This will not include large Shareholders (Shareholders holding
2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial
Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration
Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to
attend the AGM without restriction on account of first come first served basis. The detailed
instructions for joining the meeting through VC/OAVM form part of the Notes to this
Notice.

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6. The attendance of the Members attending the AGM through VC/OAVM will be counted
for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.

7. In compliance with provisions of Section 108 of the Companies Act, 2013, Rule 20 of the
Companies (Management and Administration) Rules, 2014 as amended by the Companies
(Management and Administration) Amendment Rules, 2015 and Regulation 44 of the SEBI
(LODR), Regulations, 2015 and the revised Secretarial Standard on General Meeting (SS-2)
issued by ICSI read with MCA Circulars dated April 08, 2020, April 13, 2020, May 05, 2020,
January 13, 2021 and May 5, 2022, the Company is providing members the facility to
exercise their right to vote on resolutions proposed to be considered at the AGM by
electronic means and the business may be transacted through e-Voting Services. The
remote e-voting facility will be provided by National Securities Depository Limited
(NSDL), the authorized e-Voting agency. The members who have not cast their vote by
remote e-voting shall be able to exercise their right at the meeting through e-voting system.
The members who have cast their vote by remote e-voting prior to the AGM may also
attend the AGM but shall not be entitled to cast their vote again. For this purpose, the
Company has entered into an agreement with National Securities Depository Limited
(NSDL) for facilitating voting through electronic means, as the authorized agency. The
facility of casting votes by a member using remote e-Voting system as well as venue voting
on the date of the AGM will be provided by NSDL.

8. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13,
2020, and SEBI Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15,
2021, the Notice calling the AGM has been uploaded on the website of the Company at
www.radiantfinancialservices.com. The Notice can also be accessed from the websites of
NSDL (agency for providing the Remote e-Voting facility) i.e. www.evoting.nsdl.com.

9. Pursuant to Section 113 of the Act, Corporate shareholders are requested to send a certified
copy of the Board Resolution authorising their representative to attend this AGM, by email
from their registered email addresses to the Scrutinizer at kamalfcs@rediffmail.com with a
copy marked to the Company at rfsl@rediffmail.com and/or to its RTA at
mdpldc@yahoo.com, mentioning the name of the Company in the subject line.

10. In case of joint holders joining the AGM, only such joint holder who is higher in the order
of names will be entitled to vote.

11. Members are informed that Share transmission and transposition and related activities are
being carried out by the Registrar & Share Transfer Agents, M/s Maheshwari Datamatics
Pvt. Ltd., 23, R. N. Mukherjee Road, 5th Floor, Kolkata- 700 001. All correspondence may
kindly be sent to the above address only, further no request shall be accepted for transfer
of shares held in physical forms any more as per the SEBI directions.

12. The Register of Members and Share Transfer Books of the Company will remain closed
from 30.08.2023 (Wednesday) to 05.09.2023 (Tuesday) (both days inclusive).

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13. Members holding shares in dematerialized form are requested to intimate immediately
any change in their address or Bank mandates to Depository Participant with whom they
are maintaining demat account and members holding shares in physical form are
requested to notify immediately any change in their address (with Pin Code) to the
Company, or it’s Registrar and Share Transfer Agents, M/s Maheshwari Datamatics Pvt.
Ltd at mdpldc@yahoo.com. To prevent fraudulent transactions, members are advised to
exercise due diligence and notify the Company of any change in address or demise of any
member as soon as possible.

14. Members who would like to express their views or ask questions with respect to the
agenda items of the meeting or desirous of obtaining any information concerning the
accounts and operations of the Company, will be required to register themselves as
speaker by sending e-mail to the Company Secretary at rfsl@rediffmail.com from their
registered e-mail address, mentioning their name, DP ID & Client ID / folio number and
mobile number. Only those Members who have pre-registered themselves as speaker will
be able to speak at the meeting. The Company reserves the right to restrict the number of
questions and / or number of speakers, depending upon availability of time, for smooth
conduct of the AGM.

Further, Members who would like to have their questions / queries responded to during
the AGM are requested to send such questions / queries in advance within the aforesaid
time period.

15. The Register of Directors and Key Managerial Personnel and their shareholding,
maintained under section 170 of the Act, and the Register of Contracts or Arrangements in
which the directors are interested, maintained under section 189 of the Act, will be
available electronically for inspection by the members during the AGM. Members can send
an e-mail to rfsl@rediffmail.com requesting for inspection of the said Registers.

16. As per the provisions of the Companies Act, 2013, the facility for
making/varying/cancelling nominations is available to individuals holding shares in the
Company. Nominations can be made in Form SH-13 and any variation/cancellation
thereof can be made by giving notice in Form SH-14, prescribed under the Companies
(Share capital and Debentures) Rules, 2014 for the purpose. The Forms can be obtained
from the RTA at https://www.mdpl.in/. The Members holding shares in demat form may
contact their respective depository participant(s) for making such nominations.

17. Members may please note that SEBI vide its Circular No.
SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated 25th January, 2022 has
mandated the Listed Companies to issue securities in demat form only while processing
service requests viz., issue of duplicate securities certificate, claim from Unclaimed
Suspense Account, renewal/exchange of securities certificate, endorsement, sub-
division/splitting of securities certificate, consolidation of securities certificates/folios,
transmission and transposition. Accordingly, Members are requested to make service
request by submitting a duly filled and signed form ISR-4, the format of which is available
on the website of RTA at https://www.mdpl.in/. Members holding Equity Shares of the
Company in physical form are requested to kindly get their Equity Shares converted into
demat/electronic form since transfer of equity shares/issuance of equity shares in physical
form have been disallowed by SEBI.

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18. SEBI vide its Circular No. SEBI/HO/MIRSD/ MIRSD_RTAMB/P/CIR/2021/655
(‘Circular’) dated 3rd November, 2021 has provided common and simplified norms for
processing investor’s service request by RTA’s and norms for furnishing PAN, KYC and
Nomination details. As per the said Circular, it is mandatory for the shareholders holding
securities in physical form to inter-alia furnish PAN, KYC and Nomination details.
Physical folios wherein the PAN, KYC and Nomination details are not available shall be
frozen by the RTA on or after 1st April, 2023. Holders of such frozen folios shall be eligible
to lodge their grievance or avail service request from the RTA only after furnishing the
complete documents / details. Similarly, the holders of such frozen folios shall be
intimated in case of any payment including dividend, interest or redemption stating that
such payment is due and shall be made electronically upon furnishing complete
documents / details. Pursuant to the said Circular, the Company has sent individual
letters to all the Members holding shares of the Company in physical form for furnishing
their PAN, KYC details (i.e., Postal Address with Pin Code, email address, mobile number,
bank account details) and Nomination details through Form ISR-1. The said Form ISR-1
can be downloaded from the website of the RTA at https://www.mdpl.in/.

19. Members, who are holding shares in identical order of names in more than one folio, are
requested to write to the Company or to the Registrar enclosing their share certificates to
enable the Company to consolidate their holdings in one folio.

20. Members who have not registered their e-mail addresses so far are requested to register
their e-mail address so that they can receive the Annual Report and other communication
from the company electronically.

21. Electronic copy of the Annual Report for 2023 with Notice of the 32nd Annual General
Meeting of the Company inter alia indicating the process and manner of e-voting is being
sent to all the members whose email IDs are registered with the Company/Depository
Participants(s). Members (Physical/Demat) who have not registered their email addresses
with the company can get the same registered with the company by sending an email to
mdpldc@yahoo.com and rfsl@rediffmail.com. Please note that in terms of MCA directive,
physical copy of the Annual Report will not be sent to the shareholders. The entire set of
annual report can be downloaded from the Company’s website at
www.radiantfinancialservices.com.

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THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING
GENERAL MEETING ARE AS UNDER:-

The remote e-voting period begins on Saturday, 02nd September, 2023 at 09:00 A.M. and ends
on Monday, 04th September, 2023 at 05:00 P.M. The remote e-voting module shall be disabled
by NSDL for voting thereafter. The Members, whose names appear in the Register of Members
/ Beneficial Owners as on the record date (cut-off date) i.e. 29th August, 2023, may cast their vote
electronically. The voting right of shareholders shall be in proportion to their share in the
paid-up equity share capital of the Company as on the cut-off date, being 29th August, 2023.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned
below:

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding
securities in demat mode

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed
Companies, Individual shareholders holding securities in demat mode are allowed to vote
through their demat account maintained with Depositories and Depository Participants.
Shareholders are advised to update their mobile number and email Id in their demat accounts
in order to access e-Voting facility.

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

Type of Login Method

shareholders

Individual 1. Existing IDeAS user can visit the e-Services website of

Shareholders NSDL Viz. https://eservices.nsdl.comeither on a
holding securities in Personal Computer or on a mobile. On the e-Services
demat mode with home page click on the “Beneficial Owner” icon under
NSDL. “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.

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 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/IdeasDirectRe
g.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.

Individual 1. Users who have opted for CDSL’S Easi / Easiest

Shareholders facility, they can login through their existing user id
holding securities in and password. Option will be made available to reach
demat mode with e-Voting page without any further authentication. The
CDSL users to login Easi /Easiest are requested to visit CDSL
website www.cdslindia.comand click on login icon &
New System Myeasi Tab and then user your existing
my easi username & password.

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 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 i.e.
CDSL/NSDL/KARVY/LINKINTIME, 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 You can also login using the login credentials of your demat
Shareholders account through your Depository Participant registered with
(holding securities in NSDL/CDSL for e-Voting facility. upon logging in, you will be
demat mode) login able to see e-Voting option. Click on e-Voting option, you will
through their be redirected to NSDL/CDSL Depository site after successful
depository authentication, wherein you can see e-Voting feature. Click on
participants 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.

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Login type Helpdesk details

Individual Shareholders Members facing any technical issue in login can contact
holding securities in NSDL helpdesk by sending a request at evoting@nsdl.co.in
demat mode with or call at toll free no.: 022 - 4886 7000 and 022 - 2499 7000
NSDL

Individual Shareholders Members facing any technical issue in login can contact
holding securities in CDSL helpdesk by sending a request at
demat mode with CDSL helpdesk.evoting@cdslindia.com or contact at 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.
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. Your User ID is:
Demat (NSDL or CDSL) or
Physical

a) For Members who hold shares in 8 Character DP ID followed by 8 Digit

demat account with NSDL. Client ID

For example if your DP ID is IN300***

and Client ID is 12****** then your user
ID is IN300***12******.

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 b) For Members who hold shares in 16 Digit Beneficiary ID
demat account with CDSL.

For example if your Beneficiary ID is

12************** then your user ID is
12**************

c) For Members holding shares in EVEN Number followed by Folio

Physical Form. Number registered with the company

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 time, you will need to
retrieve the ‘initial password’ which was communicated to you. Once you
retrieve your ‘initial password’, you need to enter the ‘initial password’
and the system will force you to change your password.

c) How to retrieve your ‘initial password’?

(i) If your email ID is registered in your demat account or with the
company, your ‘initial password’ is communicated to you on your
email ID. Trace the email sent to you from NSDL from your
mailbox. Open the email and open the attachment i.e. a .pdf file.
Open the .pdf file. The password to open the .pdf file is your 8
digit client ID for NSDL account, last 8 digits of client ID for CDSL
account or folio number for shares held in physical form. The .pdf
file contains your ‘User ID’ and your ‘initial password’.
(ii) If your email ID is not registered, please follow steps mentioned
below in process for those shareholders whose email ids are not
registered.

6. If you are unable to retrieve or have not received the “ Initial password” or
have forgotten your password:
a) Click on “Forgot User Details/Password?”(If you are holding shares in
your demat account with NSDL or CDSL) option available on
www.evoting.nsdl.com.
b) Physical User Reset Password?” (If you are holding shares in physical
mode) option available on www.evoting.nsdl.com.

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 c) If you are still unable to get the password by aforesaid two options, you can
send a request at evoting@nsdl.co.inmentioning your demat account
number/folio number, your PAN, your name and your registered address
etc.
d) Members can also use the OTP (One Time Password) based login for casting
the votes on the e-Voting system of NSDL

7. After entering your password, tick on Agree to “Terms and Conditions” by

selecting on the check box.

8. Now, you will have to click on “Login” button.

9. After you click on the “Login” button, Home page of e-Voting will open.

Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.

How to cast your vote electronically and join General Meeting on NSDL e-Voting system?

1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which
you are holding shares and whose voting cycle and General Meeting is in active status.
2. Select “EVEN” of company for which you wish to cast your vote during the remote e-
Voting period and casting your vote during the General Meeting. For joining virtual
meeting, you need to click on “VC/OAVM” link placed under “Join General Meeting”.
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the
number of shares for which you wish to cast your vote and click on “Submit” and also
“Confirm” when prompted.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on
the confirmation page.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your
vote.

12 | P a g e
 General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are
required to send scanned copy (PDF/JPG Format) of the relevant Board
Resolution/ Authority letter etc. with attested specimen signature of the duly
authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-
mail to kamalfcs@rediffmail.comwith a copy marked to
evoting@nsdl.co.inInstitutional shareholders (i.e. other than individuals, HUF,
NRI etc.) can also upload their Board Resolution / Power of Attorney /
Authority Letter etc. by clicking on "Upload Board Resolution / Authority
Letter" displayed under "e-Voting" tab in their login.
2. It is strongly recommended not to share your password with any other person
and take utmost care to keep your password confidential. Login to the e-voting
website will be disabled upon five unsuccessful attempts to key in the correct
password. In such an event, you will need to go through the “Forgot User
Details/Password?” or “Physical User Reset Password?” option available on
www.evoting.nsdl.com to reset the password.
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs)
for Shareholders and e-voting user manual for Shareholders available at the
download section of www.evoting.nsdl.com or call on toll free no.: 022 - 4886
7000 and 022 - 2499 7000 or send a request to Ms. Pallavi Mhatre, Senior
Manager evoting@nsdl.co.in.

Process for those shareholders whose email ids are not registered with the depositories for
procuring user id and password and registration of e mail ids for e-voting for the resolutions
set out in this notice:

1. In case shares are held in physical mode please provide Folio No., Name of shareholder,
scanned copy of the share certificate (front and back), PAN (self attested scanned copy of
PAN card), AADHAR (self attested scanned copy of Aadhar Card) by email to
rfsl@rediffmail.com.

2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID +
CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account
statement, PAN (self attested scanned copy of PAN card), AADHAR (self attested
scanned copy of Aadhar Card) to rfsl@rediffmail.com. If you are an Individual
shareholders holding securities in demat mode, you are requested to refer to the login
method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual
meeting for Individual shareholders holding securities in demat mode.

3. Alternatively shareholder/members may send a request to evoting@nsdl.co.infor

procuring user id and password for e-voting by providing above mentioned documents.

13 | P a g e
 4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed
Companies, Individual shareholders holding securities in demat mode are allowed to
vote through their demat account maintained with Depositories and Depository
Participants. Shareholders are required to update their mobile number and email ID
correctly in their demat account in order to access e-Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE EGM/AGM
ARE AS UNDER:-

1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned
above for remote e-voting.

2. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM
facility and have not casted their vote on the Resolutions through remote e-Voting and are
otherwise not barred from doing so, shall be eligible to vote through e-Voting system in
the AGM.

3. Members who have voted through Remote e-Voting will be eligible to attend the AGM.
However, they will not be eligible to vote at the AGM.

4. The details of the person who may be contacted for any grievances connected with the
facility for e-Voting on the day of the AGM shall be the same person mentioned for
Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE EGM/AGM

THROUGHVC/OAVM ARE AS UNDER:

1. Member will be provided with a facility to attend the AGM through VC/OAVM through
the NSDL e-Voting system. Members may access by following the steps mentioned above
for Access to NSDL e-Voting system. After successful login, you can see link of
“VC/OAVM link” placed under “Join General meeting” menu against company name.
You are requested to click on VC/OAVM link placed under Join General Meeting menu.
The link for VC/OAVM will be available in Shareholder/Member login where the EVEN
of Company will be displayed. Please note that the members who do not have the User ID
and Password for e-Voting or have forgotten the User ID and Password may retrieve the
same by following the remote e-Voting instructions mentioned in the notice to avoid last
minute rush.

2. Members are encouraged to join the Meeting through Laptops for better experience.

3. Further Members will be required to allow Camera and use Internet with a good speed to
avoid any disturbance during the meeting.

14 | P a g e
 4. Please note that Participants Connecting from Mobile Devices or Tablets or through
Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to
Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or
LAN Connection to mitigate any kind of aforesaid glitches.

5. Shareholders who would like to express their views/ask questions during the meeting
may register themselves as a speaker may send their request/questions in advance
mentioning their name, demat account number/folio number, email id, mobile number at
rfsl@rediffmail.com latest by 05.00 p.m. (IST) on Saturday, 26th day of August, 2023. The
same will be replied by the company suitably.

6. Those shareholders who have registered themselves as a speaker will only be allowed to
express their views/ask questions during the meeting.

7. When a pre-registered speaker is invited to speak at the meeting but he / she does not
respond, the next speaker will be invited to speak. Accordingly, all speakers are requested
to get connected to a device with a video/ camera along with good internet speed.

8. The Company reserves the right to restrict the number of questions and number of
speakers, as appropriate, for smooth conduct of the AGM.

By Order of the Board

For Radiant Financial Services Ltd.

Sd/-
Regd. Office: P-355, Keyatala Road, Priya Jhunjhunwala
Kolkata – 700 029 Company Secretary
CIN: L65991WB1991PLC053192 Membership No. A65393
Website: www.radiantfinancialservices.com
E-mail id: rfsl@rediffmail.com
Phone: (033) 4064 8252
Dated: 29th May, 2023

15 | P a g e
EXPLANATORY STATEMENT PURSUANT TO THE PROVISIONS OF SECTION 102 OF
THE COMPANIES ACT, 2013.

Item No. 3

Mr. Abhishek Kayan (holding DIN 00195504) is the Managing Director of the Company with
effect from 29th September, 2019 for a tenure of 5 years, i.e .upto 28th September, 2024.

The Nomination and Remuneration Committee, in its meeting held on April 27, 2023,
recommended and the Board of Directors, in its meeting held on April 27, 2023, approved the
revised remuneration to be paid to Mr. Abhishek Kayan (holding DIN 00195504), as Managing
Director of the Company with effect from October 01, 2023 superseding the earlier one as
approved by the shareholders of the Company in this regard but only for remaining tenure of his
appointment, i.e., upto September 28, 2024 subject to the approval of the shareholders in the
General Meeting on the terms and conditions set out below:

(1) Basic Salary: A Basic Salary of Rs. 1,00,000/- (Rupees One Lakh Only) per month.

(2) Performance Incentive would be paid @ 20% per annum of the net profit of the Company
for each financial year computed in the manner laid down in Section 198 of the Companies
Act, 2013, if the net profit of the Company exceeds Rs. 50,00,000/-(Rupees Fifty Lakh Only) .

(3) Perquisites:
a) Reimbursement of Electricity expenses for his residence not exceeding Rs. 20,000/-
p.m.
b) Reimbursement of Club expenses including subscription at actual.
c) Medical Benefits: Reimbursement of premium paid for medical insurance and medical
expenses including hospitalization, diagnostic checks, and periodic health checks, for
self and family, will be borne by the company subject to ceiling of one month’s basic
salary (Rs. 1,00,000/-) per annum. For the above purpose, “Family” includes spouse,
and dependent children.
d) Leave Travel Assistance: Once in a year free air passage , for self and family, subject
to ceiling of one month’s Basic salary (Rs. 1,00,000/-) per annum. For the above
purpose, “Family” includes spouse and dependent children.
e) Personal Accident Insurance: Premium not exceeding Rs. 50,000/- (Rupees Fifty
Thousand only) per annum for him and his family (family shall include spouse and
dependent children).
f) Reimbursement of Annual Maintenance charges paid for Generator for his residence
on actual basis.

Such other allowances, perquisites, amenities, facilities and benefits as per the service Rules of the
Company and as applicable to the Managing Director and as may be permitted and approved by
the Board of Directors to be paid to the Managing Director and shall be valued as per Income Tax
Act & Rules, as amended from time to time.

The appointee shall not be entitled to any sitting fees for Board/Committee meetings.

In the event of inadequacy of profits calculated as per Section 198 of the Companies Act, 2013
in this financial year Mr. Abhishek Kayan shall be entitled to a minimum remuneration
comprising salary, perquisites and benefits as detailed above subject to such revisions as may
be approved by the Board from time to time within the overall stipulated in terms of the
provisions of the Act and rules related thereto.

16 | P a g e
The above may be treated as an abstract of the terms of contract between the Company and
Mr. Abhishek Kayan. Disclosure in accordance with the requirement of Section II of Part II of
Schedule V of the Companies Act, 2013 is also enclosed as Annexure 2.

Approval of the shareholders is sought for the revision in remuneration payable to Mr. Abhishek
Kayan as Managing Director of the Company with effect from October 01, 2023.

The Board of Director recommends the relevant resolution for your consideration and approval.

Except Mr. Abhishek Kayan and his relatives no other Director, Key Managerial Personnel of
Company or their relatives are concerned or interested, financially or otherwise in the proposed
Resolution.

Item No 4:

Mr. Avyay Kayan, [PAN: CDMPK6730Q] is the relative (son) of Mr Abhishek Kayan., Managing
Director of the Company and who is undergoing training in terms of the Service Contract
Agreement dated 17th Day of December, 2022 entered with him and in terms of which, inter alia,
he will be serving the Company after completion of his training period plus a moratorium period
of 2 years for a minimum period of 5 years.

Approval of the members by way of special Resolution is required for material related party
transactions (i.e. transactions exceeding 10% of the consolidated turnover of the Company as per
the latest audited financial statements). Transactions between your Company and Mr Avyay
Kayan exceeded the threshold limit of 10% of the annual consolidated turnover during the years
2022-23. Particulars in terms of Rule 15(3) of The Companies (Meeting of Board and its Power)
Rules, 2014 Dated are furnished below:

Name of Name of the Nature of Nature, material terms, exceeding

Related director or Relationship monetary value and particulars 10% of the
Party key of the contract or arrangements consolidated
managerial turnover of
personnel the
who is Company
related, if any
Mr Avyay Mr. Abhishek Mr.Avyay As per Service Contract Yes
Kayan Kayan Kayan is son Agreement dated 17th Day of
of Mr. December, 2022 for USD 1,00,000
Abhishek annually for a period of Four
Kayan years.
The members may refer to the
Service Contract Agreement
hosted on the website of the
Company or may inspect the
same upto the date of AGM in
the manner stated elsewhere in
the Notice of AGM.

17 | P a g e
Members are requested to approve and ratify the agreement by approving the proposed
resolution vide item no 04.

Mr. Abhishek Kayan, being the father of Mr Avyay Kayan is deemed to be interested in the
proposed resolution along with other members of the Promoters Group related with Mr Avyay
Kayan may be interested in the proposed resolution to the extent of their shareholding. Apart
from this, no director or key managerial personnel or their relatives are interested or deemed to
be interested in this resolution, financial or otherwise, except to the extent of their shareholding, if
any.

18 | P a g e
 ANNEXURE 1 TO THE NOTICE

[Additional information of directors seeking appointment/ re-appointment/ or whose remuneration is proposed to be

increased at the 32nd Annual General Meeting pursuant to Regulation 36 of Listing Regulations]

Name Mr. Manish Dalmia Mr. Abhishek Kayan

Date of Birth / Age 18.01.1975/ 48 Years 02.12.1976/ 47 Years

Nationality Indian Indian

Date of first Appointment on the 29/01/2005 29/09/2014

Board
Qualification & Expertise in MBA in Finance. B.Com (Hons).
specific functional areas/ Good knowledge Finance, Tax and Good knowledge of Capital
Experience/ Brief resume of the Accounts and vast experience in Markets, Non Banking Financial
Director running various industries. Industries and is well acquainted
with various related Acts and
Laws.
Relationship with other None None
directors
Directorships held in other 1.DalmiaPolypack Ltd. 1.PKC Stock Broking Pvt Ltd.
companies 2.Bateli Tea Co Ltd 2.Kayan Investment & Trading Co.
(excluding foreign companies) 3.Dalmia Tea Plantation & Pvt. Ltd
Industries Ltd 3. R F S L Exports Private Limited
4.Manish Co Pvt. Ltd 4. Abhi Plastics Pvt Ltd
5.Oracle Properties and Trades Pvt.
Ltd
6.Dalmia Laminators Ltd

Resignation from the

Nil Nil
Directorship of the listed
companies in past three years

Memberships/Chairmanships of
committees of other companies
(includes only Audit Committee
and Shareholders/
Dalmia Laminators Ltd None
Investors’ Grievance Committee)

Number of shares held

in the Company ;
NIL 1,70,600

Number of Meetings of the Board 5 5

attended during the year

19 | P a g e
 ANNEXURE 2 TO THE NOTICE

Disclosure in accordance with the requirement of Section II of Part II of Schedule V of the Companies Act,
2013

I. General Information

a) Nature of industry: Company is carrying on the business of NBFC and

investment in shares.

b) Date of commencement of commercial production: Company is carrying on

the business of NBFC since it’s incorporation.

c) Financial performance based on given indicators:

(Rupees in Lakhs)

Particulars Financial Year Financial Year

Ended 31/03/2023 Ended 31/03/2022

Total Income 52.20 69.92

Profit before Tax 11.30 17.22

Profit after Tax 5.27 12.65

EPS 0.11 0.25

d) Foreign investments or collaboration, if any: Nil

II. Disclosures:

The disclosures as required on all elements of remuneration package such as salary,

benefits, perquisites, details of fixed components and performance linked incentives
have been made in the Explanatory Statement of the AGM Notice and Annual Report.

20 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED
CIN: L65991WB1991PLC053192
Regd. Office: P-355, Keyatala Road, Kolkata – 700 029
Website: www.radiantfinancialservices.com,
E-mail id: rfsl@rediffmail.com, Phone: (033) 4064 8252

DIRECTORS’ REPORT
To,
The Members,

Your Directors are pleased to present this Thirty Second Annual Report together with the Audited
Financial Statement of the Company for the financial year ended 31st March 2023.

Financial Highlights:
The Company’s financial performance, for the year ended March 31, 2023 is summarised below:

(Rupees in Lakhs)
Particulars Financial Year Financial Year
Ended 31/03/2023 Ended 31/03/2022

Total Income 52.20 69.92

Total Expenditure (excluding depreciation) 40.54 52.16
Profit/(Loss) before Depreciation & Tax 11.66 17.77
Less: Depreciation 0.36 0.55
Profit before Tax 11.30 17.22
Tax Expense 6.03 4.57
Profit after Tax 5.27 12.65
Other Comprehensive Income (net of tax) 46.03 375.47
Total Comprehensive Income after tax 51.30 388.11

RESULTS OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

The highlights of the Company’s performance are as under:

Revenue from operations decreased by 25.34% to Rs. 52.20 Lakhs.
Profit before Tax decreased by 34.38% to Rs. 11.30 Lakhs.
Profit after Tax decreased by 58.34% to Rs. 5.27 Lakhs.
Net Profit is of Rs. 5.27 Lakhs during the period.
The Company has earned Profit of Rs.5.27 Lakhs during the year ended 31st March, 2023 in
comparison to Rs. 12.65 Lakhs during the previous year.

MATERIAL CHANGES / EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL

STATEMENTS
In pursuance to Section 134(3)(l) of the Companies Act, 2013, no material changes and
commitments affecting the financial position of your company has occurred between the end of the
financial year to which the financial statements relate and the date of this Report.

CHANGES IN THE NATURE OF BUSINESS

There has been no change in the nature of business of your company; the company still continues
to carry on the business of NBFC and investment in shares.

21 | P a g e
DIVIDEND
The Board of Directors of your Company, after considering holistically the relevant circumstances,
has decided that it would be prudent, not to recommend any Dividend for the year under review.

STATUTORY RESERVES
The company being an NBFC duly registered with RBI, an amount of Rs. 1.05 Lakhs has been
transferred to Statutory Reserve for the compliance of section 45IC of RBI Act, 1934.

PROVISION FOR STANDARD ASSETS

The Company being an NBFC duly registered with RBI, has made provision for standard asset for
amount of Rs. 0.06 Lakhs as per the RBI circular no DNBR (PD) CC. No.044/03.10.119/2015-16
dated 01st July, 2015.

SHARE CAPITAL
During the year under review, there have been no changes in the Share Capital of the Company.
The Authorized Share Capital of the Company as on March 31, 2023 stands at Rs. 5,50,00,000
divided into 55,00,000 equity shares of Rs. 10/- each. The Issued and Subscribed Capital of the
Company is Rs. 5,01,43,250 divided into 50,14,325 equity shares of Rs. 10/- each. The Paid-up Share
Capital of the Company is Rs. 4,98,57,000 divided into 49,85,700 equity shares of Rs. 10/- each.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Non-Banking Financial Companies (“NBFCs”) are one of the most critical pillars for financial
services in India. They play an important role in reaching out to a hitherto under / unserved and
thereby broad-basing the formal lending ecosystem. NBFCs cater to the needs of both retail as well
as commercial sectors and, at times, develop strong niches with their specialized credit delivery
models that even larger players including banks have found hard to match. They play a critical
role in supporting economic growth across income levels, sectors as well as geographies, and in
doing so, leading to more employment opportunities and greater wealth creation. Over the past
few years, NBFCs have steadily gained prominence and visibility. However, the challenging
macroeconomic environment, weaker than expected demand, liquidity concerns, and lower
investor confidence in the sector, led to a significant moderation in the financial performance.

Opportunities and Threats

NBFCs have played an important role by providing funding to the unbanked sector by catering to
the diverse financial needs of the customers. Further, such companies play a critical role in
participating in the development of an economy by providing a fillip to transportation,
employment generation, and wealth creation, bank credit in rural segments and to support
financially weaker sections of the society. In order to revive the economy, in the post COVID era
the Reserve Bank of India had announced numerous measures to inject liquidity and keep the cost
of funds benign to increase credit off-take and promote economic growth. The regulator increased
credit off-take to Micro, Small & Medium enterprises and Consumer segments. The economist
fraternity is expecting a sharp V-shaped recovery in the economy and is projecting India’s GDP to
grow in double digits which will result in increase in credit off-take and consumer spending.

Segment-wise or Product-wise Performance

The Company continues to be in the business of financing/investment and trading in shares and
securities and accordingly, there are no separate segments hence Segment Reporting as per
Accounting Standards 17 not applicable. The performance of the Company was slightly better this
year due to sell of shares held by the company.

22 | P a g e
Outlook
The Outlook of the Company for the year ahead is to drive profitable growth across all business
segments and improve its asset quality. The Company will continue to focus on Non- Banking
Financial activities and its areas. The Company, as a whole, will focus on balanced measured
growth, asset quality, opportunities, digital and analytics. The operation of the company in future
is likely to be influenced by the economic and financial condition in India as well as globally.

Risk & Concern

Risk Management is an integral part of the Company’s business strategy with focus on building
risk management culture across the organization. The Risk Management oversight structure
includes Committees of the Board and Senior Management Committees. The Risk Management
process is governed by the Group level comprehensive Enterprise Risk Management Framework
which lays down guidelines for Risk identification, assessment and monitoring as an ongoing
process that is supported by a robust risk reporting framework.

RISK MANAGEMENT
Risk management is a business facilitator by making more informed decision with balanced risk-
reward paradigm. The Company follows a disciplined risk management process and has been
taking business decisions, ensuring growth and balancing approach on risk reward matrix.

There are mainly three types of risk associated with our business discussed as under:

i) Credit Risk
A risk of loss due to failure of a borrower to meet the contractual obligation of repaying his debt as
per the agreed terms, inclusive of payment of interest is commonly known as risk of default.

Risk Mitigation
• Credit risk is being managed using a set of credit norms and policies set by the management.
There are defined roles and responsibilities for originators and approvers which is being followed.
All credit exposure limits are approved by authorized persons and are monitored.

• There is a structured and standardized credit approval process to ascertain the credit
worthiness of the borrower and review of his financial results periodically.

• Company has developed internal evaluation team to make credit decisions more robust and in
line to manage collateral risk by reviewing the financial result.

• Company follows a process of time- to- time revisiting the credit policy and processes, on the
basis of experience and feedback from market.

ii) Operational Risk

Any eventuality arising from the act relating to people, technology, infrastructure and external
factors, which can give rise to some type of loss in the organisation is termed as Operational Risk.
Majorly it is internal and unknown therefore continuous watch and gathering the
symptoms/warning signals to manage Operational risk.

iii) Market risk

This is majorly external market dynamics, which give rise to Risks like Liquidity risk, Interest Rate
risk and funding risk.

23 | P a g e
Liquidity
Liquidity risk is the inability to meet financial obligations in a timely manner and without stress
and is monitored periodically by the person in charge.

Risk Mitigation
The Company has a structured Risk Management framework designed to identify, assess and
mitigate risks appropriately. The Risk Management Committee has been entrusted with the
responsibility to oversee and approve the Company’s risk management framework and to suggest
all possible measures to achieve prudent balance between risk and reward in ongoing business
activities. The approach of Risk Management is defined across the Company at various levels with
a periodical review to maintain its contemporariness so as to effectively address the emerging
challenges in a dynamic business environment.

Accounting Treatment
The Financial Statements of the Company have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)
Rules, 2015. There is no variation than that of as prescribed under the various Accounting
Standards as applicable to the Company in preparation of financial statements of the Company
during the year under report.

MEETINGS OF THE BOARD OF DIRECTORS

The Board meets at regular intervals to discuss and decide on Company / business policy and
strategy apart from other Board business. The notice of Board meeting is given well in advance to
all the Directors. Five meetings of the Board of Directors were held during the year. The maximum
interval between any two meetings did not exceed 120 days. During the Financial Year 5 Board
Meetings were held by the company on 25.04.2022, 26.05.2022, 03.08.2022, 14.10.2022 and
01.02.2023.

Board Meeting held during Financial Year 2022-23 and Attendance of Directors:

Sl Name of Directors Category No. of Board Attended Last

NO. Meetings attended AGM on
during the year 27.07.2022
2022-23
1 Mr.AbhishekKayan Managing Director 5 YES
2 Mr. Manish Dalmia Non Executive Director 5 YES
3 Mr. Girdhar Non Executive YES
5
Didwania Independent Director
4 Mr. Hari Prasad Non Executive
5 YES
Agrawal Independent Director
5 Non Executive
Ms. Roshni Shah 5 YES
Independent Director

COMPOSITION AND MEETINGS OF COMMITTEES

As on March 31, 2023, the Board has 3 (three) committees, namely, the Audit Committee, the
Nomination & Remuneration Committee and the Stakeholders Relationship Committee.

24 | P a g e
  Audit Committee

The Board of Directors of the Company has duly constituted an Audit Committee of the Board in
terms of the requirements of Section 177 of the Companies Act, 2013 and Rules framed thereunder
read with Regulation 18 of SEBI (LODR) Regulations, 2015.The Audit Committee of the company
is chaired by Mr. Girdhar Didwania, Independent Director and the members of the Committee are
Mr. Hari Prasad Agarwal and Ms. Roshni Shah. During the Financial Year 5 Audit Committee
Meetings were held by the company on 25.04.2022, 26.05.2022, 03.08.2022, 14.10.2022 and
01.02.2023.

During the Financial Year 5 meetings of Audit Committee were held and attendance of

No. of Audit Committee

Sl.
Name of the Director meetings attended during the
No.
year 2022-23
Mr. Girdhar Didwania (Non Executive Independent
1. Director) 5
Mr. Hari Prasad Agrawal, (Non Executive Independent
2. Director) 5
3. Ms. Roshni Shah, (Non Executive Independent Director) 5

The Board has accepted all the recommendations of Audit Committee during the financial year
2022-23.

Powers of the Audit Committee:

The powers of the Audit Committee include the following:

1. To investigate any activity within its terms of reference

2. To seek information from any employee
3. To obtain outside legal or other professional advice
4. To secure attendance of outsiders with relevant expertise, if it considers necessary.

Functions of Audit Committee:

The Audit Committee reviews the Reports of the Statutory Auditors periodically and discusses
their findings. The role of the Audit committee includes the following:

1. Oversight of the Company’s financial reporting process and the disclosure of its financial
information to ensure that the financial statements are correct, sufficient and credible;

2. Recommending to the Board the appointment, re-appointment and if required, the replacement
or removal of the statutory auditors and the fixation of audit fees;

3. Reviewing, with the management, the quarterly financial statements before submission to the
board for approval;

4. Reviewing with the management, the annual financial statements before submission to the board
for approval, with particular reference to:

(i) Matters required to be included in the Director’s Responsibility Statement to be included in the
Board’s Report in terms of Section 134(3)(c) of the Companies Act, 2013.

(ii) Changes, if any, in accounting policies and practices and reasons for the same.
25 | P a g e
 (iii) Compliance with listing and other legal requirements relating to financial statements.

(iv) Disclosure of any related party transactions

5. Reviewing, with the management, performance of statutory and internal auditors and adequacy
of the internal control systems;

6. Reviewing and monitoring the auditor’s independence and performance, and effectiveness of
audit process;

7. Scrutiny of inter-corporate loans and investments;

8. Evaluation of internal financial controls and risk management systems;

9. Discussion with statutory auditors before the audit commences, about the nature and scope of
audit as well as post – audit discussion to ascertain any area of concern;

10. Carrying out any other function as is mentioned in the terms of reference of the Audit
Committee;

11. Discussion with internal auditors any significant findings and follow up;

12. Reviewing, the findings of any internal investigations by the internal auditors;

13. The Audit Committee shall mandatorily review the following:

(i) Management discussion and analysis of financial condition and result of operation;

(ii) Statement of significant related party transactions (as defined by the Audit Committee),
submitted by the management;

(iii) Management letters/letters of internal control weakness issued by the statutory auditors;

(iv) Internal audit reports relating to internal control weaknesses;

 Stakeholders’ Relationship Committee

The Board of Directors of the Company has duly constituted a Stakeholders Relationship
Committee in terms of the requirements of Regulation 20 of SEBI (LODR) Regulations, 2015. The
Stakeholders’ Relationship Committee of the company is headed by the chairman Mr. Hari Prasad
Agarwal, and the other members of the Committee are Ms. Roshni Shah and Mr. Girdhar
Didwania. All the members of the Committee are Non Executive Independent Directors.

During the year, No, Complaint were received from the shareholders and no other issues have
been raised by any of the Shareholder during the year under report. One meeting of the Investor
Grievance committee was held on 20.02.2023 during the year under report.

Powers of the Stakeholders Relationship Committee:

The role of the committee shall, inter-alia, include the following:

1. Resolving the grievances of the security holders of the listed entity including complaints related
to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends,
issue of new/duplicate certificates, general meetings etc.

26 | P a g e
2. Review of measures taken for effective exercise of voting rights by shareholders.

3. Review of adherence to the service standards adopted by the listed entity in respect of various
services being rendered by the Registrar & Share Transfer Agent.

4. Review of the various measures and initiatives taken by the listed entity for reducing the
quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual
reports/statutory notices by the shareholders of the company.

 Nomination and Remuneration Committee

The Board of Directors of the Company has duly constituted a Nomination and Remuneration
Committee in terms of the requirements of Section 178 of the Companies Act, 2013 and Rules
framed there under read with Regulation 19 of SEBI (LODR) Regulations, 2015. The Nomination
and Remuneration Committee of the company is chaired by Mr. Hari Prasad Agarwal and the
members of the Committee are Mr. Girdhar Didwania and Ms. Roshni Shah.

All the members of the Committee are Non Executive Independent Directors.

During the Financial Year, only one meeting of Nomination and Remuneration Committee were
held on 16.02.2023.

The Nomination and Remuneration Policy of the Company containing the criteria for payment of
remuneration to Executive and Non- Executive Directors including Independent Directors, as
adopted by the Board of Directors of the company is available on the website of the company at
www.radiantfinancialservices.com.

The Key Objectives of the Policy includes:

1. To guide the Board in relation to appointment and removal of Directors, Key Managerial
Personnel and Senior Management.
2. To evaluate the performance of the members of the Board.
3. To recommend to the Board on Sitting fees payable to the Directors,
4. To recommend to the Board on remuneration of Key Managerial Personnel and Senior
Management.

Role of the Nomination and Remuneration Committee:

The roles and responsibilities of the committee include the following:

1. Formulate the criteria for determining qualifications, positive attributes and independence of a
director.

2. Identifying persons who are qualified to become directors and who may be appointed in senior
management in accordance with the criteria laid down, recommend to the Board their
appointment and removal.

3. Formulate the criteria for evaluation of director's and Board's performance and to carry out the
evaluation of every director's performance.

4. Devising a policy on Board diversity.

5. To decide the remuneration of consultants engaged by the Committee.

27 | P a g e
6. Framing, recommending to the Board and implementing, on behalf of the Board and on behalf of
the Shareholders, policy on remuneration of Directors, Key Managerial Persons (KMP) & other
Employees, including ESOP, pension right and any other compensation payment.

7. Considering, approving and recommending to the Board changes in designation and increase in
salary of the Directors, KMP and other employees.

8. Framing the Employees Share Purchase Scheme / Employees Stock Option Scheme and
recommending the same to the Board / shareholders for their approval and
implementing/administering the scheme approved by the shareholders.

Sitting Fees for attending Board Meeting

Sitting Fees for attending the Board Meeting held during the year have been paid to all the
directors who were liable to receive and continue to remain the same.

MEETING OF INDEPENDENT DIRECTORS:

The Independent Directors of the company met on 13th March, 2023 without the presence of any
non-independent directors and any one from the Management Team. The meeting was attended
by all the Independent Directors. The meeting was conducted covering the agenda items
mentioned vide Schedule IV to the Companies Act, 2013.

Familiarization programs for Independent Directors

All the Independent Directors are continuing from last year and no new Independent Director was
introduced in the company during the year. All the independent directors are well acquainted with
their roles and responsibilities. They get briefed about the developments on legal fronts in the
board meetings too.

DIRECTORS AND KEY MANAGEMENT PERSONNEL:

As on March 31, 2023, the Board of Directors of your Company is duly constituted under the
Chairmanship of a Managing Director and Four Non-Executive Director out of which three are
Independent Directors. The Board has an appropriate mix of knowledge, wisdom and varied
industry experience to guide the Company in achieving its objectives in a sustainable manner.

In accordance with the provisions of Section 152 (6) & (7) of the Companies Act, 2013, the executive
and non-executive directors of the Company, apart from Independent Directors, are subject to
retirement by rotation. Accordingly, Mr. Manish Dalmia (DIN: 00264752), who was appointed on
29.01.2005, being the longest-serving and who is liable to retire, being eligible, seeks re-
appointment. The Board recommends his re –appointment at the ensuing AGM.

A brief resume of Mr. Manish Dalmia (DIN: 00264752) who is to be reappointed, is furnished in the
Notice of the ensuing Annual General Meeting (AGM). Mr. Manish Dalmia is not disqualified from
being appointed as a Director as specified in terms of Section 164 of the Companies Act, 2013.

None of the Directors of the Company suffer from any disqualification under Section 164(2) of the
Companies Act, 2013 and rule 14(1) of Companies (Appointment and Qualification of Directors)
Rules, 2014.

Mr. Abhishek Kayan (DIN:00195504) was reappointed as Managing Director on the Board of
Directors on 07th August, 2019 and continues to hold office.

28 | P a g e
During the financial year under review, Mrs Kavita Kayan was appointed on 03.08.2022 as Chief
Financial Officer of the Company and Mrs. Tanusri Banerjee placed her resignation as Chief
Financial Officer of the Company w.e.f 03.08.2022. The Board placed on record its recognition and
appreciation of the services rendered by Mrs. Tanusri Banerjee during her tenure as the Chief
Financial Officer of the Company.

Ms. Minakshi Gupta is the Company Secretary of the Company. However after the closure of
Financial Year, Ms. Minakshi Gupta placed resignation letter which was accepted by the Company
w.e.f. May 10, 2023 and the Board places on record its recognition and appreciation of the services
rendered by Ms. Minakshi Gupta during her tenure as the Company Secretary. The Board,
thereafter, holistically considering the qualifications and experience and on the recommendation of
the Nomination & Remuneration Committee, appointed Ms. Priya Jhunjhunwala as the Company
Secretary of the Company w.e.f. May 10, 2023.

DECLARATION OF INDEPENDENCE
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under Section 149(6) of the
Companies Act, 2013. Based on the confirmation / disclosures received from the Directors and on
evaluation of the relationships disclosed, the following Non-Executive Directors are Independent
under Section 149(6) of the Companies Act, 2013 :-

a. Mr. GirdharDidwania
b. Mr. Hari Prasad Agrawal
c. Ms. Roshni Shah

The Independent Directors have also confirmed the compliance pertaining to their enrolment with
the databank of the independent directors maintained by The Institute of Corporate Affairs in
terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

REMUNERATION OF KEY MANAGEMENT PERSONNEL:

The Key Management Personnel (KMP) appointed in the Company is the Managing Director,
Company Secretary and Chief Financial Officer. The KMPs has operational responsibilities in
addition to the responsibilities specified by the Companies Act, 2013. The remuneration package of
the Key Management Personnel comprises of:

Fixed Pay: This includes Basic Salary,

Allowances: This consists of, Conveyance Allowance, House Rent Allowance and Medical
Allowance.

Further, the Managing Director also gets reimbursement of Utility Expenses, Leave Travel
Allowance, Medical Benefits and Personal Accident Insurance

As the company does not have any Holding or Subsidiary Company and therefore the Managing
Director has not received any remuneration or commission from any such Holding or Subsidiary
company during the year under review.

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DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to
Directors’ Responsibility Statement, it is hereby confirmed that:

(a) In the preparation of the annual accounts for the year ended March 31, 2023, the applicable
accounting standards read with requirements set out under Schedule III to the Act, have been
followed and there are no material departures from the same;

(b) the directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the company as at March 31, 2023 and of the profit of the company for the
year ended on that date;

(c) the directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors have prepared the annual accounts for the financial year ended 31st March 2023 on
a ‘going concern’ basis;

(e) the directors have laid down internal financial controls to be followed by the company and
such internal financial controls are adequate and are operating effectively; and

(f) the directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and such systems are adequate and operating effectively.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

The Company does not have any Subsidiary or Joint Venture or any associate company.

ANNUAL RETURN:

In accordance with the provisions of Section 92(3) & Section 134(3)(a) of the Companies Act, 2013
read with Rule 12 of the Companies (Management & Administration) Rules, 2014, as amended
from time to time, copy of the Annual Return can be accessed from the following link:
https://www.radiantfinancialservices.com/policies_and_declarations.php.

AUDITORS AND AUDITORS’ REPORT:

 Statutory Auditors

Pursuant to the provisions of Section 139 of Companies Act, 2013 read with the Companies (Audit
and Auditors) Rules, 2014, as amended, M/s. H R Agarwal & Associates, Chartered Accountants
(FRN:323029E), the Statutory Auditor of the Company, will continue to hold office upto the
conclusion of 35th Annual General Meeting of the Company.

Auditor’s remarks in their report with the notes to accounts referred to by them are self –
explanatory and do not call for any further comments.

30 | P a g e
Reporting of Fraud
The Auditors of the Company have not reported any fraud as specified under the second proviso
of Section 143(12) of the Companies Act, 2013.

 Cost Auditors

Cost Audit under Section 148 of the Companies Act, 2013 is not applicable to the Company.
Therefore, the company has not appointed any Cost Auditor.

 Secretarial Auditor:

Your Company has complied with the provisions of Section 204 read with Section 134(3) of the
Companies Act, 2013, and had appointed Mr. Kamal Kumar Sharma, Practising Company
Secretary, as the Secretarial Auditor of the Company to conduct Secretarial Audit for the financial
year 2022-23. The Secretarial Audit Report for the financial year ended 31 st March, 2023 is annexed
to this Report as Annexure I and there was no qualification therein.

Secretarial Standards:
During the year under review your company has complied with the respective Secretarial
Standards issued by the Institute of Companies Secretaries of India.

Qualification, Reservation or Adverse Remark in the Auditor’s Reports and Secretarial Audit
Report
There is no qualification, reservation or adverse remark made by the Auditors in their Reports to
the Financial Statements or by the Secretarial Auditor in his Secretarial Audit Report for the
financial year ended March 31, 2023.

 Internal Audit

Mrs. Tanusri Banerjee has tendered her resignation as Internal Auditor w.e.f 27.04.2023.
Mrs Kavita Kayan, has been appointed as Internal Auditor of the Company w.e.f, 27.04.2023

CONSERVATION OF ENERGY, TECHONOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO:
The Company does not have any activity relating to conservation of energy or technology
absorption, therefore the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with
the Rule 8 of Companies (Accounts) Rules, 2014 regarding conservation of energy, technology
absorption are not applicable. The Company has neither incurred nor earned any foreign exchange
during the year under review.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS

A show cause Notice had been received from The Securities and Exchange Board of India in
connection with activity in illiquid stock option during March, 2015 and the company has availed
Settlement Scheme 2022 as per Consolidated Order dated 08.03.2023.

Apart from the above no significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company’s operations in future.

31 | P a g e
INTERNAL FINANCIAL CONTROL SYSTEMS & THEIR ADEQUACY
Your Company has in place adequate internal financial control system through documented policy
& procedures commensurate with the size of the business. The policies and procedures of Internal
Control System are designed to ensure reliability of financial reporting, compliance with policies,
procedure and applicable laws and regulations. It also ensures that all assets and resources are
used efficiently and are adequately protected.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The performance of the company has decreased compared to previous year performance.
However, the company is taking all efforts to improve the financial performance from next year
onwards.

LENDING OPERATIONS
The loans sanctioned during the year ended 31st March, 2023 were to the extent of Rs. 561.59 Lakhs
as against Rs. 536.24 Lakhs in the previous financial year.

HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATION

The Company continues to maintain cordial relationship with its staff and at the same time also
ensuring Human Resource Development. Number of employees of the Company during the year
under review was below 10.

TRADING BY DIRECTORS AND SENIOR STAFF

None of the Directors and senior staffs of the organization have traded in the shares of the
company.

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEES GIVEN

AND SECURITIES PROVIDED:
The company being an NBFC, the provisions of Section 186 of Companies Act, 2013 in relation to
Loan, Investment & Guarantee given by the company, loans have been provided & investments are
being made as an NBFC Company. No guarantee has been provided by the company.

KNOW YOUR CUSTOMER (KYC) NORMS

Your Company has Board approved KYC & AML Policy in place. The said Policy is in line with
RBI guidelines. The Company has furnished the details of Principal Officer and designated
Director to Financial Intelligence Unit (FIU). The Company is periodically updating the KYC
records of the Corporate and individual clients and keeping the records as stipulated in AML
policy as per the directions of RBI.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility is the continuing commitment by the business to behave ethically
and contribute to economic development while improving the quality of life of the workforce and
their families as well as of the local community and society at large.

Provisions of Section 135 of the Companies Act, 2013 is not attracted and hence the Company has
not constituted any CSR Committee.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIESREFERRED TO IN

SECTION 188(1) OF THE COMPANIES ACT, 2013
All contracts / arrangements / transactions entered by the Company during the financial year
2022-23 with related parties were in the ordinary course of business and on an arm’s length basis.
Your Directors draw attention of the members to Note No. 22 forming part of Notes to the financial
Statements which sets out related party disclosures. The declaration of the same in the prescribed
format AOC-2 is enclosed and forms part of the report as Annexure-II.

32 | P a g e
DISCLOSURE ON REMUNERATION OF DIRECTORS AND EMPLOYEES

a. Information pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Ratio of the remuneration of each Director/ KMP to the median remuneration of all employees of
the Company for the financial year:

Particulars Designation Amount Percentage(%)

Median Remuneration of all Managing Director (MD) 6,56,075 53.28
employees of the Company Chief Financial Officer (CFO)* 2,38,065 19.34
for FY 2022-23
Company Secretary (CS) 3,37,196 27.38
The percentage increase in Managing Director (MD) NIL -
median remuneration of Chief Financial Officer (CFO) NIL -
employees in the Financial
Year Company Secretary (CS) NIL -

The number of permanent Managing Director (MD)

employees on rolls of Chief Financial Officer (CFO)
Company as on March 31, Company Secretary (CS)
2023
Total 3 Employees

Note: The ratio of remuneration to median remuneration is based on remuneration paid during the period
from April 1, 2022 to March 31, 2023. The remuneration paid is as per the terms of agreement, mutually
agreed upon and as permissible under the Act or Statute.

The Company does not pay any remuneration to any other Director except Managing Director as specified
above. Further, no stock option has been issued by the Company to any of its Directors. Other directors
including the Independent Directors are only paid sitting fees for attending Board Meetings @ Rs 1000/- per
Meeting attended. The Nomination and Remuneration Committee of the Company has affirmed that the
remuneration is as per the remuneration policy of the Company.

*During the financial year Mrs. Tanusri Banerjee - the Chief Financial Officer placed her resignation w.e.f
03.08.2022 and was paid a total remuneration of Rs. 40,000 and Mrs Kavita Kayan was appointed on
03.08.2022 as Chief Financial Officer of the Company and was paid a total remuneration as mentioned
above.

b. Information pursuant to Rule 5(2) & 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014
Pursuant to the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, no employee
of the Company draws remuneration in excess of the limits as set out in the said rules.

c. Employee Benefits:
Provision of the Gratuity Act is not applicable to the Company for the financial year ended March
31, 2023.

33 | P a g e
VIGIL MECHANISM:
Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, the company has
framed a vigil mechanism and Whistle Blower Policy in place for directors and employees to
report genuine concerns. The Whistle Blower Policy aims to:
• Allow and encourage stakeholders to bring to the management notice concerns about unethical
behaviour, malpractices, wrongful conduct, actual or suspected fraud or violation of policies.
• Ensure timely and consistent organizational response.
• Build and strengthen a culture of transparency and trust.
• Provide protection against victimization.

The above mechanism has been appropriately communicated. The Company Secretary of the
Company ensures compliance with the relevant provisions of the Companies Act, 2013 and SEBI
(LODR) Regulations, 2015, to the extent applicable. It was also confirmed that no personnel has
been denied access to the Audit Committee.

The Policy on vigil mechanism and whistle blower policy may be accessed on the Company’s
website at the link:
http://www.radiantfinancialservices.com/download_file.php?type=C&file=Whistle%20Blower%
20Policy.pdf

ANNUAL EVALAUTION OF BOARD OF DIRECTORS, COMMITEES OF THE BOARD AND

INDEPENDENT DIRECTORS:
The evaluation framework for assessing the performance of Directors comprises of the following
key areas:

i. Attendance at Board Meetings and Committee Meetings

ii. Quality of contribution to Board deliberations
iii. Strategic perspectives or inputs regarding future growth of Company and its performance
iv. Providing perspectives and feedback going beyond information provided by the management
v. Commitment to shareholder and other stakeholder interests.

The evaluation involves Self–Evaluation by the Board Member and subsequently assessment by
the Board of Directors. The evaluation was done in terms of provisions of the Companies Act, 2013
and SEBI (LODR) Regulation 2015.

ADDITIONAL DISCLOSURES PURSUANT TO SEBI (LODR) REGULATIONS, 2015

 MEANS OF COMMUNICATION:

The Company has been submitting its financial results quarterly and half yearly as well as annual
audited financial results within the stipulated time period to the Stock Exchange after they are
approved by the Board. The results are normally published in the main editions of Business
Standard and in vernacular language newspaper Arthik Lipi.

The Company’s results and other corporate announcements are promptly sent to the stock
exchange i.e. The Calcutta Stock Exchange Limited (CSE) with which the shares of the Company is
listed.

The financial results and other relevant information are also displayed on the website of the
Company i.e.https://www.radiantfinancialservices.com/

The Company has email address rfsl@rediffmail.com to interface with the investors.

34 | P a g e
  GENERAL SHAREHOLDER INFORMATION

ANNUAL GENERAL MEETING

The Thirty Second (32th) Annual General Meeting (AGM) of the Company will be held on 05th day,
September, 2023 at 11:00 A.M. IST through Video Conferencing (“VC”) / Other Audio Visual
Means (“OAVM”).

FINANCIAL YEAR
The Financial Year of the Company is from 1st April to 31st March

Financial Calendar [Current Financial Year 2023-24 Tentative Date / Schedule

First Quarter Financial Results (June 30) By 14th day of August 2023
Second Quarter Financial Results (September 30) By 14th day of November 2023
Third Quarter Financial Results (December 31) By 14th day of February 2024
Fourth Quarter & Annual Audited Financial Results of By end of May 2024
the current Financial Year (March 31)

INFORMATION PURSUANT TO LISTING AGREEMENT WITH STOCK EXCHANGES:

The name and address of the Stock Exchange where the Company’s shares are listed:

The Calcutta Stock Exchange Ltd.

7, Lyons Range, Kolkata-700 001

However, due to some restriction imposed by SEBI on Calcutta Stock Exchange (CSE), the shares
are not traded in the CSE.

Listing fees to CSE has been paid upto 2023-2024.

Our Website Address: www.radiantfinancialsevices.com
CSE Scrip Code: 028163

REGISTRAR & SHARE TRANSFER AGENT:

The Company continues M/s. Maheshwari Datamatics Pvt. Ltd. 23, R.N. Mukherjee Road, 5 th
floor, Kolkata-700001 as its Registrar and Share Transfer Agent for both physical and
dematerialized shares.

CORPORATE GOVERNANCE:
Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Regulation
27 is not applicable to the company as the paid up equity capital of the company does not exceed
Rs. 10 crore and the Net Worth as on 31st March, 2023 did not exceed Rs. 25 crore.

DISTRIBUTION OF SHAREHOLDING AS AT MARCH 31, 2023

According to Number of Shares held:

Shareholding No. of % of No. of shares % of

Range shareholders Shareholders Shareholding
1-500 177 69.6850 22,358 0.4484
501-1,000 17 6.6929 14,899 0.2988
1,001-2,000 11 4.3307 18,200 0.3650
2,001-3,000 6 2.3622 15,050 0.3019

35 | P a g e
3,001-4,000 10 3.9370 36,990 0.7419
4,001-5,000 3 1.1811 13,250 0.2658
5,001-10,000 8 3.1496 69,100 1.3860
Above 10,000 22 8.6614 47,95,853 96.1922
Total 254 100 49,85,700 100

DEMATERIALISATION OF SHARES
96.48%of the company's paid up Equity Share Capital is in dematerialized form as on 31st March,
2023 and balance 3.52% is in physical form. The entire shareholding of the promoters’ and
promoters’ group are in dematerialized form.

GENERAL BODY MEETINGS

The location, date and time of Annual General Meetings held during the preceding three years are
given below:

Year Venue Day & Date Time

2021-22 Wednesday, 27th July, 11.00 A.M

2022
Video Conferencing
(“VC”) / Other Audio
2020-21 Wednesday, 25th 11.00 A.M
Visual Means
August, 2021
(“OAVM”)
Wednesday, 07th
2019-20 August, 2020 01.00 P.M

POSTAL BALLOTS
During the financial year 2022-23, there were no ordinary or special resolutions passed by the
members through Postal Ballot.

CERTIFICATION FROM COMPANY SECRETARY IN PRACTICE

Mr. Kamal Kumar Sharma, Company Secretary in whole-time practice, has issued a certificate as
required under the Listing Regulations, confirming that none of the directors on the Board of the
Company has been debarred or disqualified from being appointed or continuing as director of
companies by the SEBI / Ministry of Corporate Affairs or any such statutory authority. The
certificate is enclosed as Annexure-III.

INVESTORS’ GRIEVANCE AND SHARE TRANSFER SYSTEM:

The Securities and Exchange Board of India (‘SEBI’) and Ministry of Corporate Affairs (‘MCA’)
during FY 2018-19, has mandated that existing members of the Company who hold securities in
physical form and intend to transfer their securities after April 1, 2019, can do so only in
dematerialised form, except in case of requests received for transmission or transposition and
relodged transfer of securities. Therefore, necessary intimation was sent by the Company to the
members regarding the restriction on transfer of securities in the physical form and members
holding shares in physical form were requested to consider converting their shareholding to
dematerialized form within the due date. Further SEBI vide circular no.
SEBI/HO/MIRSD/RTAMB/CIR/P/2020/236 dated December 2, 2020 had fixed March 31, 2021 as
the cut-off date for re-lodgement of transfer deeds and the shares that are re-lodged for transfer
shall be issued only in demat mode.

36 | P a g e
SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated
January 25, 2022, mandated all listed companies to issue securities in dematerialized form only
while processing the service request of issue of duplicate securities certificate, claim from
Unclaimed Suspense Account, renewal/ exchange of securities certificate, endorsement, sub-
division/ splitting of securities certificate, consolidation of securities certificates/folios,
transmission and transposition.

In compliance with Regulation 40(9) of the Listing Regulations all certificates have been issued
within 30 days of the date of transfer, sub-division, consolidation, renewal and exchange of
endorsement of calls/ allotment monies as applicable during FY 2022-23.

Now share transactions in electronic form can be effected in a much simpler and faster manner.
After a confirmation of a sale/purchase transaction from the broker, shareholders should approach
the Depository Participants (‘DP’) with a request to debit or credit the account for the transaction.
The DP will immediately arrange to complete the transaction by updating the account. There is no
need for a separate communication to the Company to register these share transfers.

Shareholders should communicate with the Company’s Registrars and Transfer Agents (‘RTA’)
quoting their folio number or Depository Participant ID (‘DP ID’) and Client ID number, for any
queries relating to their securities at the above mentioned addresses which are available on their
website or at the Registered Office of the Company.

Designated E-Mail Address for Investor Services

To serve the investors better and as required under Regulation 46(2)(j) of the Listing Regulations,
the designated e-mail address for investor complaints is rfsl@rediffmail.com. The e-mail address
for grievance redressal is monitored by the Company’s Compliance Officer.

Nomination Facility
Shareholders whose shares are in physical form and wish to make/change a nomination in respect
of their shares in the Company, as permitted under Section 72 of the Companies Act, 2013, may
submit to RTA the prescribed Forms SH-13/SH-14.

Shares held in Electronic Form

Shareholders holding shares in electronic form may please note that instructions regarding change
of address, bank details, email ids, nomination and power of attorney should be given directly to
the DP.

Shares held in Physical Form

Shareholders holding shares in physical form may please note that instructions regarding change
of address, bank details, e-mails ids, nomination and power of attorney should be given to the
Company’s RTA.

SEBI vide circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated

November 3, 2021 had laid down common and simplified norms for processing Investor’s Service
request by RTAs and norms for furnishing PAN, KYC details and nomination. As per the above
said circular the shareholders holding physical securities are required to mandatory furnish PAN,
KYC details and Nomination by holders and are also required to link PAN with Aadhaar. The said
circular stipulates that folios wherein the required documents are not made available on or before
April 1, 2023 shall be frozen by RTA. The Company had sent relevant communication to all
physical holders along with relevant Forms to enable the shareholders to update the PAN, KYC
37 | P a g e
and other relevant details with RTA/Company in line with the SEBI directives through the RTA.
The PAN, KYC and other relevant documents are being processed by RTA on receipt from the
shareholders.

During the year the company or the Registrar and Transfer Agent M/s. Maheshwari Datamatics
Pvt. Ltd has not received any physical share transfer request as the same is prohibited by SEBI
w.e.f 01/04/2019.

Green Initiative
As a responsible corporate citizen, the Company welcomes and supports the ‘Green Initiative’
undertaken by the Ministry of Corporate Affairs, Government of India, enabling electronic
delivery of documents including the Annual Report, amongst others, to shareholders at their e-
mail address previously registered with the DPs and RTAs.

Shareholders who have not registered their e-mail addresses so far, are requested to do the same.
Those holding shares in demat form can register their e-mail address with their concerned DPs.

Shareholders who hold shares in physical form are requested to register their e-mail addresses
with the RTA, by sending a letter, duly signed by the first/sole holder quoting details of their Folio
No.

RBI REGULATIONS AND COMPLIANCE

Your Company continues to carry on its business of Non-Banking Finance Company as a Non-
Deposit taking Company and follows RBI norms as applicable. Your Company appends a
statement containing particulars as required in terms of Paragraph 13 of Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,
2007 in Schedule to the Balance Sheet.

CODES AND STANDARDS

Fair Practice Code

Your Company has in place a Fair Practice Code (FPC), which includes guidelines on appropriate
staff conduct when dealing with customers and on the organisation’s policies vis-à-vis client
protection. The FPC captures the spirit of the RBI guidelines on fair practices for NBFCs.

Code of Conduct
Your Company has adopted a Code of Conduct for its Board Members and Senior Management
personnel. Declaration regarding compliance by board members and senior management
personnel with the company’s code of conduct is annexed to this report as Annexure ”IV”. The
code of conduct has also been posted on the official website of the Company:
www.radiantfinancialservices.com

Code for Prevention of Insider Trading Practices

Your Company has formulated and adopted a Code of Internal Procedures and Conduct for
regulating, monitoring and reporting of trading by insiders in accordance with SEBI (Prohibition of
Insider Trading) Regulations, 2015.

38 | P a g e
DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has formulated and adopted a policy for prevention, prohibition, and redressal of
complaints/grievances on the sexual harassment of women at workplace in line with the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules there under. Internal Complaints Committee is also formed
which is headed by the Presiding Officer and three other members including two senior employees
of the company and one member from the non-governmental organization who is familiar with the
issue relating to sexual harassment. The policy is also displayed on company’s website.

The Company has zero tolerance towards sexual harassment at the workplace of the Company for
female employees. During the Financial Year 2022-23, the Company has not received any
complaint of sexual harassment.

POLICY FOR PRESERVATION OF DOCUMENTS

Pursuant to requirements under Regulation 9 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirement) Regulations, 2015, the Board has formulated and
approved a Document Retention policy prescribing the manner of retaining the company’s
documents and the time period up to certain documents are to be retained. The policy percolates to
all level of the organization who handle the prescribed categories of documents.

FORWARD LOOKING STATEMENT

Statements in the report describing the Company’s objective, projections, estimates, and
expectations may be ‘forward looking’ within the meaning of applicable laws and regulations.
Actual results may differ from those expressed or implied. Important factor that could make a
difference to the Company’s operation include global economy, stock performance on the stock
market, changes in government regulations, tax regimes, economic developments and other
incidental factors. The information contained herein is based on management information and
estimates.

DEPOSITS
The company being an NBFC, the provisions of Section 73(1) of the Companies Act, 2013 and
Companies (Acceptance of Deposits) Rules, 2014 are not applicable to the company. As the
Company is a RBI registered Non- Deposit Accepting NBFC, it has not accepted any Public
Deposits during the year under review in compliance with RBI Guidelines.

DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE

INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR
ALONGWITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR
During the year under review, there is no application or proceeding pending under the Insolvency
& Bankruptcy code, 2016 against the company.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE

TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN
FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS
THEREOF
The Company has not obtained loan from Banks or Financial Institutions and hence, the
requirement of valuation does not arise.

39 | P a g e
APPRECIATION
The Directors would like to place on record their gratitude for the valuable guidance and support
received from RBI, SEBI, Registrar of Companies and other Government and Regulatory agencies
and to convey their appreciation to the Company. The Directors also commend the continuing
commitment and dedication of the employees at all levels which has been critical for the
Company’s growth. The Directors look forward for their continuing support in future.

For and on behalf of the Board

Sd/- Sd/-
Regd. Office: P-355, Keyatala Road, Abhishek Kayan Manish Dalmia
Kolkata – 700 029 Managing Director Director
CIN: L65991WB1991PLC053192 DIN: 00195504 DIN:00264752
Website: www.radiantfinancialservices.com
E-mail id: rfsl@rediffmail.com
Phone: (033) 4064 8252
Dated: 29th May, 2023

40 | P a g e
ANNEXURE I TO DIRECTORS' REPORT

FORM No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2023

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment
and Remuneration of managerial Personnel) Rules, 2014]

To,
The Members,
Radiant Financial Services Limited
(CIN:L65991WB1991PLC053192)
P - 355, Keyatala Road,
Kolkata -700029
(West Bengal)

I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and
the adherence to good corporate practices by Radiant Financial Services Limited (hereinafter
called the company). Secretarial Audit was conducted in a manner that provided me a reasonable
basis for evaluating the corporate conducts/statutory compliances and expressing my opinion
thereon.

Based on my verification of the Company’s books, papers, minute books, forms and returns filed
and other records maintained by the Company and also the information provided by the
Company, its officers, agents and authorized representatives during the conduct of secretarial
audit, I hereby report that in my opinion, the Company has, during the audit period covering the
financial year ended on 31st March, 2023 complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes and compliance-mechanism in place to
the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records
maintained by Radiant Financial Services Limited (the Company) for the financial year ended on
31st March, 2023 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder (Not
Applicable to the Company during the Audit Period);

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to
the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial
Borrowings (Not Applicable to the Company during the Audit Period);

41 | P a g e
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’):-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 & 2018; (Not applicable to the Company during the
Audit Period);

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines, 1999; (Not applicable to the Company
during the Audit Period);

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities)
Regulations, 2008; (Not applicable to the Company during the Audit Period);

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993; regarding the Companies Act and dealing with client (Not
applicable to the Company during the Audit Period);

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,
2009;(Not applicable to the Company during the Audit Period); and

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
(Not applicable to the Company during the Audit Period);

(vi) Following other laws specifically applicable to the Company:

1. The Reserve Bank of India Act, 1934.

I have also examined compliance with the applicable clauses of the following-

(i) Secretarial Standards issued by The Institute of Company Secretaries of India:

I have examined compliances with the applicable clauses of Secretarial Standards (SS-1 and SS-2)
issued by the Institute of Company Secretaries of India and the Company has complied with the
same to the extent possible.

(ii) The Listing Agreements entered into by the Company with The Calcutta Stock
Exchange Limited:

I further report that during the period under review the Company has complied with the Listing
Agreement entered into by the Company with The Calcutta Stock Exchange Limited and
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulation, 2015(as amended).

42 | P a g e
I further report that in response to the show cause Notice received from The Securities and Exchange
Board of India in connection with activity in illiquid stock option during March, 2015 the company has
availed Settlement Scheme 2022 as per Order dated 08.03.2023.

During the period under review the Company has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned above.

I further report that

The Board of Directors of the Company is duly constituted with proper balance of Non-Executive
Directors and Independent Directors. There was no change in the composition of the Board of
Directors during the period under review.

Adequate notices were given to all Directors to schedule the Board Meetings, agenda and detailed
notes on agenda were sent at least seven days in advance, and a system exists for seeking and
obtaining further information and clarifications on the agenda items before the meeting and for
meaningful participation at the meeting.

There is no disagreement of the Audit Committee with the Board requiring any notice of and/or
disclosure by the Company in relation to any matter.

All decisions of the board were unanimous and the same were captured and recorded as part of
the minutes.

I further report that there are adequate systems and processes in the Company commensurate
with the size and operations to monitor and ensure compliance with applicable laws, rules,
regulations and guidelines.

Sd/-
Place: Kolkata (CS Kamal Kumar Sharma)
Date: 29th May, 2023 FCS No. 3337
UDIN: F003337E000402769 C P No. 4057

Note: This report is to be read with “Annexure-I” attached herewith and forms an integral part of
this report

43 | P a g e
 ANNEXURE-I to the Secretarial Audit Report

To,
The Members,
Radiant Financial Services Limited,
(CIN: L65991WB1991PLC053192)
P - 355, Keyatala Road,
Kolkata -700029
(West Bengal)

My report of even date for the financial year ended 31 st March, 2023 is to be read along with this
letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. My

responsibility is to express an opinion on these secretarial records based on my audit.

2. I 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 the random test basis to ensure that correct facts are reflected in secretarial records and
other relevant records. I believe that the processes and practices followed provide a reasonable
basis for my opinion.

3. I have not verified the correctness and appropriateness of the financial records and Books of
Accounts of the Company as it is a part of financial audit as per the provisions of the Companies
Act, 2013.

4. Wherever required, I 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 the management. My examination was limited to the verification
of procedures on random 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.

Sd/-
Place: Kolkata (CS Kamal Kumar Sharma)
Date: 29th May, 2023 FCS No. 3337
C P No. 4057

44 | P a g e
ANNEXURE II TO DIRECTORS' REPORT

Form No.AOC-2

PARTICULARS OF CONTRACTS/ARRANGEMENTS MADE WITH RELATEDPARTIES

{Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014}

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 arm’s length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not an arm’s length basis: Nil

2. Details of material contracts or arrangements or transactions at arm’s length basis:

Sl. Name of Nature of Nature of Duration Salient terms Date of Amoun

No the Relationship contracts/arr of the of the contracts approval t paid
related angements/t contracts or by the as
party ransactions /arrange Arrangements Board, if advanc
ments/tra or transactions any es, if
nsactions including the any
value, if any
1. Abhishek Managing Director’s 5years Remuneration 25.04.2022 NA
Kayan 1 Director Remunerati of Rs. 42,000/-
on per month.
2. Abhishek Managing Loan Given 24 months Loan Given 25.04.2022 NA
Kayan Director with ceiling
limit of Rs. 2
Crores.
3. Abhishek Managing Interest NA Interest 25.04.2022 NA
Kayan Director Amount receivable
from
Abhishek
Kayan Rs.
12,72,659/-
4. Kavita Relative of Loan Given 24 months Renewed as & 25.04.2022 NA
Kayan Director when expired
with overall
ceiling limit of
Rs. 1 cr.

5. Kavita Relative of Interest NA Interest 25.04.2022 NA

Kayan Director Amount receivable
from Kavita
Kayan Rs.
5,90,550/-
6. Tanusri Key Salary NA Salary of Rs. 25.04.2022 NA
Banerjee Managerial 10,000/- per
Person month for four
months paid.

45 | P a g e
7. Kavita Relative of Salary NA Salary of Rs. 03.08.2022 NA
Kayan Director & 30,000/-per
Key month paid.
Managerial
Person
8. Minakshi Key Salary NA Salary of Rs. 25.04.2022 NA
Gupta Managerial 3,11,258/- per
Person annum.
9. Avyay Relative of Salary NA Salary of Rs. 25.04.2022 NA
Kayan Managing 75,000/-per
Director month from
the month of
April- June
and October
to November.
10. Avyay Relative of Salary NA Salary of Rs. 14.10.2022 NA
Kayan Managing 75,000/-per
Director month from
the month of
December -
March
(As per
Service
Contract
Agreement
dated 17th Day
of December,
2022)
11. Avyay Relative of Loan Given 4 years Upto Value of 14.10.2022 NA
Kayan Managing 100000 USD in
Director INR per year.
(As per
Service
Contract
Agreement
dated 17th Day
of December,
2022)
12. PKC Enterprise over Loan Given 24 Renewed as & 25.04.2022 NA
Stock which Director months when expired
Broking or his relative with overall
Pvt. Ltd. has Significant ceiling limit of
influence Rs.50 lakhs.

13. PKC Enterprise over Interest NA Interest 25.04.2022 NA

Stock which Director Amount receivable
Broking or his relative from PKC
Pvt. Ltd. has Significant Stock Broking
influence Pvt. Ltd.
Interest

46 | P a g e
 receivable Rs.
4,15,611/-

14. PKC Enterprise over Rent paid NA Rent paid for 25.04.2022 NA
Stock which Director the use of
Broking or his relative premises PKC
Pvt. Ltd. has Significant Stock Broking
influence Pvt. Ltd.
Amounting to
Rs. 6,600/-.
15. Pradeep Relative of Loan Given 24 months Loan Given 25.04.2022 NA
Kumar Director with ceiling
Kayan limit of Rs. 50
Lakhs
16. Pradeep Relative of Interest 24 months Interest 25.04.2022 NA
Kumar Director Amount receivable
Kayan from Pradeep
Kumar Kayan
Rs. 3,69,549/-

17. Sheila Relative of Loan Given 24 months Loan Given 25.04.2022 NA

Devi Director with ceiling
Kayan limit of Rs. 50
Lakhs
18. Sheila Relative of Interest 24 months Interest 25.04.2022 NA
Devi Director Amount receivable
Kayan from Sheila
Devi Kayan
Rs. 2,33,551/-
19. Kavita Relative of Purchase of NA Purchase of NA NA
Kayan Director Shares Shares of
various
companies
amounting to
Rs. 5,32,380/-.
20. Abhi Enterprise over Purchase of NA Purchase of NA NA
Plastics which Director Shares Shares of
Pvt. Ltd. or his relative various
has Significant companies
influence amounting to
Rs. 1,96,140/-.
21. RFSL Enterprise over Purchase of NA Purchase of NA NA
Exports which Director Shares Shares of
Pvt. Ltd. or his relative various
has Significant companies
Influence amounting to
Rs. 32,54,523/-

47 | P a g e
 22. Mr. Director and Sitting Fees NA Sitting Fees 25.04.2022 NA
Manish Key paid for
Dalmia Managerial attending
Person Board
Meeting Rs.
1000/- per
Board
Meeting
23. Mr. Director and Sitting Fees NA Sitting Fees 25.04.2022 NA
Girdhar Key paid for
Didwania Managerial attending
Person Board
Meeting Rs.
1000/- per
Board
Meeting
24. Ms. Director and Sitting Fees NA Sitting Fees 25.04.2022 NA
Roshni Key paid for
Shah Managerial attending
Person Board
Meeting Rs.
1000/- per
Board
Meeting
25. Mr.Hari Director and Sitting Fees NA Sitting Fees 25.04.2022 NA
Prasad Key paid for
Agarwal Managerial attending
Person Board
Meeting Rs.
1000/- per
Board
Meeting

Sd/- Sd/-
Abhishek Kayan ManishDalmia
Place: Kolkata Managing Director Director
Date: 29thMay2023 DIN: 00195504 DIN:00264752

48 | P a g e
ANNEXURE III TO DIRECTORS' REPORT

CERTIFICATION OF NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015]

To
The Members
Radiant Financial Services Ltd.
CIN: L65991WB1991PLC053192
P-355, Keyatala Road,
Kolkata – 700 029

I have examined the relevant registers, records, forms, returns and disclosures received from the
Directors of RADIANT FINANCIAL SERVICES LIMITED [CIN: L65991WB1991PLC053192]
and having registered office at P-355, Keyatala Road, Kolkata – 700 029 (hereinafter referred to as
‘the Company’), produced before me 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 my opinion and to the best of my 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 me by the Company & its officers, I hereby certify that
none of the Directors on the Board of the Company as stated below for the Financial Year ending
on 31st March, 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 appointment

in Company
1 ABHISHEK KAYAN 00195504 29/09/2014
2 MANISH DALMIA 00264752 29/01/2005
3 GIRDHAR DIDWANIA 00264822 30/04/2003
4 HARI PRASAD AGRAWAL 06889566 12/06/2014
5 ROSHNI SHAH 07810540 11/05/2017

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the
responsibility of the management of the Company. My 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.

Sd/-
Place: Kolkata (CS Kamal Kumar Sharma)
Date: 26th July, 2023 FCS No. 3337
UDIN number: F003337E000679861 C P No. 4057

49 | P a g e
ANNEXURE IV TO DIRECTORS' REPORT

DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR

MANAGEMENT PERSONNAL WITH THE COMPANY’S CODE OF CONDUCT

To
The Board of Directors
Radiant Financial Services Ltd.
P-355, Keyatala Road,
Kolkata – 700 029

This is to confirm that the company has adopted a Code of Conduct for the Board of Directors and
Senior Management of the Company. The same is available on website of the Company i.e.
www.radiantfinancialservices.com.

As the Director of the Radiant Financial Services Ltd. we hereby declare that all Board Members
and Senior Management personnel of the Company have affirmed compliance with the Code of
Conduct for the year ended 31st March, 2023.

Further this is to declare that, in view of SEBI Circular No. CIR/CFD/POLICY CELL/7/2014
dated 15th September, 2014 on Amendments to Clause 49 of the Listing Agreement, the Corporate
Governance Clause has become non-mandatory for the company as the paid up equity share
capital of the company does not exceed Rs 10 Crore and the Net Worth is also below Rs. 25 Crore
as on 31st March 2023.

Thanking You,
Yours Faithfully,
For Radiant Financial Services Ltd.

Sd/-
AbhishekKayan
Managing Director
DIN: 00195504

Place: Kolkata
Date: 29th May, 2023

50 | P a g e
NAME AND ADDRESS OF TOP TEN SHAREHOLDERS
Sl.
no Name & Address of the Shareholder No. of Shares
Kayan Investment And Trading Co. Pvt. Ltd
1 1 R.N. Mukherjee Road, Martin Burn Building,
Room No. 12, 5th Floor, Kolkata-700001 16,47,728
PKC Stock Broking Pvt. Ltd.
2 1 R.N. Mukherjee Road, Martin Burn Building,
Room No. 11, 5th Floor, Kolkata-700001 5,12,500
Kemicare Products Ltd
3 5, Nistarini Temple Road, Opposite Kalibari, Sheoraphuli,
Hooghly-712223 4,04,650
Sheila Devi Kayan
4
P-355, Keyatala Road, Kolkata - 700 029 3,84,500
Kavita Kayan
5
49A/1, Tollygunge Circular Road, New Alipore, Kolkata - 700 053 3,59,367
Sankatmochan Dealtrade Private Limited
6 1 R.N. Mukherjee Road, Martin Burn Building,
Room No. 13, 5th Floor, Kolkata-700001 2,34,500
Netai Chand Seal
7
21, Fordyce Lane, Kolkata-700014 1,84,750
Abhishek Kayan
8
P-355, Keyatala Road, Kolkata - 700 029 1,70,600
Union Bank Of India
9 Union Bank Bhawan, 239, Vidhan Bhawan Marg, Nariman point,
Mumbai-400021 1,55,000
Citistar Developer Pvt Ltd
10
120 Lenin Sarani, 5th Floor, Kolkata- 700013 1,53,100

51 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED

NON-BANKING FINANCIAL COMPANIES AUDITOR’S REPORT

To,
The Board of Directors,
Radiant Financial Services Limited

As required by the "Non-Banking Financial Companies Auditor's Report (Reserve Bank)

Directions, 2016" by the Reserve Bank of India, on the matters specified in Chapter-II of the said
Directions to the extent applicable to the Company, we report that:

1) The Company is engaged in the business of non-banking financial institution, having

valid certificate of registration issued by Reserve Bank of India vide No. 05.01680 dated
22.04.1998. Further, the Company is entitled to continue to hold such registration in terms
of its asset/income pattern as on 31.03.2023.

2) The Company is meeting the requirement of net owned funds applicable to an Investment
Company as contained in Master Direction - Non-Banking Financial Company Non-
Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016.

3) The Board of Directors of the Company has passed the resolution for non-acceptance of
any Public Deposit during the financial year 2022-23.

4) The company has not accepted any public deposits during the financial year 2022-23.

5) As per the roadmap notified by Ministry of Corporate Affairs (MCA), the Company has
adopted Indian Accounting Standards (Ind AS) as at 31st March 2023 and the financial
results have been prepared in accordance with recognition and measurement principles of
Ind AS prescribed under section 133 of the Companies Act, 2013 read with relevant rules
issued thereunder.
As the Company is following Ind AS, the Company has not followed the prudential
norms relating to income recognition, accounting standards, asset classification and
provisioning for Bad and Doubtful debts in terms of Non-Banking Financial Company-
Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions,
2016.

For H R AGARWAL & ASSOCIATES.

Firm’s Registration Number: 323029E

Sd/-
Place: Kolkata (Hari Ram Agarwal)
Date: 29thMay, 2023 Chartered Accountant
Partner
UDIN: 23057625BGUBQU2487 Membership Number: 057625

52 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED

AUDITOR’S CERTIFICATE UNDER SECTION 45-IA OF THE RBI ACT, 1934

TO WHOMSOEVER IT MAY CONCERN

We, H R AGARWAL & ASSOCIATES., Statutory Auditor of the company M/S RADIANT
FINANCIAL SERVICES LIMITED having its registered office at P-355, Keyatala Road,
Kolkata–700029, states that we have verified the records for the financial year ending 31 st
March, 2023 as produced before us and certify that the said company has undertaken the
business of Non-Banking Financial Institutions during the financial year ended 31 st March,
2023, thereby requiring to hold Certificate of Registration No.:05.01680 dated 22.04.1998
issued to them by Reserve Bank of India, Kolkata under section 45-IA of the RBI Act, 1934.

We further state that Financial Assets of the company are more than 50% of its Total Assets as
on 31st March, 2023 and Income from Financial Assets are more than 50% of its Total Incomes
for the year ended 31st March, 2023.

For H R AGARWAL & ASSOCIATES

Chartered Accountant
Firm’s Registration Number: 323029E

Sd/-
Place: Kolkata Hari Ram Agarwal, FCA
Date: 29thMay, 2023 Partner
UDIN: 23057625BGUBQU2487 Membership Number: 057625

53 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED

Statement of Asset & Income Pattern as on 31st March, 2023

Rs. In Lakhs Rs. In Lakhs
TOTAL ASSETS
Cash and Cash Equivalents 18.03
Loans 561.59
Investments 835.93
Inventories 0.76
Current Tax Assets (Net) 2.74
Investment Property 141.52
Property, Plant and Equipment 0.85
Other Financial Assets 0.27
Other Non-Financial Assets 0.64
1,562.33
FINANCIAL ASSETS
Loans 561.59
Investments 835.93
Inventories 0.76
Other Financial Assets 0.27
1,398.55
% of Financial Assets to Total Assets 89.52%

TOTAL INCOMES
Interest Income 45.43
Dividend Income 0.15
Other Income 0.05
Sale of Stock-in-Trade 6.57
52.20
FINANCIAL INCOMES
Interest Income 45.43
Dividend Income 0.15
Other Income 0.05
Sale of Stock-in-Trade 6.57
52.20
% of Financial Incomes to Total Incomes 100.00%

For H R AGARWAL & ASSOCIATES

Firm’s Registration Number: 323029E

Sd/-
Place: Kolkata Hari Ram Agarwal
Date: 29thMay, 2023 Chartered Accountant
UDIN: 23057625BGUBQT9546 Partner
Membership Number: 057625

54 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED

STATUTORY AUDITOR CERTIFICATE

We have examined the books of accounts and other records of RADIANT FINANCIAL
SERVICES LIMITED for the Financial Year ending March 31, 2023. On the basis of the
information submitted to us, we certify the following:

Sl. Particulars Details

1 Name of the company RADIANT FINANCIAL SERVICES

LIMITED

2 Certificate of Registration No. 05.01680

3 Registered office Address P-355, Keyatala Road, Kolkata-700 029

4 Corporate office Address Martin Burn House, 1, R. N. Mukherjee

Road, 5th Floor, Room No.11, Kolkata-700
001

5 The company has been classified by RBI as:

(Investment Company / Loan Company / INVESTMENT COMPANY

AFC / NBFC-MFI / NBFC- Factor / IFC /
IDF- NBFC)

6 Net Owned Fund (in Rs. Lakhs) 642.26

(Calculation of the same is given in the Annex)

7 Total Assets (in Rs. Lakhs) 1562.33

8 Asset-Income pattern:

(in terms of RBI Press Release 1998-99/1269

dated April 8, 1999)
a) 89.52%
a) % of Financial Assets to Total Assets
b) 100.00%
b) % of Financial Income to Gross Income

(NBFC-Factor / NBFC-MFI / AFC / IFC may also

report separately below)

9 Whether the company was holding any NO

Public Deposits, as on March 31, 2017?

If Yes, the amount in Rs. Crore

55 | P a g e
10. Has the company transferred a sum not less YES
than 20% of its Net Profit for the year to
Reserve Fund?

(In terms of Sec 45-IC of the RBI Act, 1934).

11 Has the company received any FDI? NO

If Yes, did the company comply with the

minimum capitalization norms for the FDI?

12 If the company is classified as an NBFC- NO

Factor;

a) % of Factoring Assets to Total Assets

b) % of Factoring Income to Gross Income

13 If the company is classified as an NBFC-MFI; NO

% of Qualifying Assets to Net Assets

(refer to Notification DNBS.PD.No.234 CGM

(US) 2011 dated December 02, 2011)

14 If the company is classified as an AFC; NO

a) % of Advances given for creation of

physical / real assets supporting economic
activity to Total Assets

b) % of income generated out of these assets

to Total Income

15 If the company is classified as an NBFC-IFC NO

% of Infrastructure Loans to Total Assets

16 Has there been any takeover/acquisition of NO

control/ change in shareholding/
Management during the year which required
prior approval from RBI?

(please refer to per DNBR (PD) CC. No.

065/03.10.001/2015-16 dated July 09, 2015 on the
subject for details)

56 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED

In terms of paragraph 2 of Notification No. DNBS.201 /DG(VL)-2008 dated September 18, 2008, a
separate report to the Board of Directors of the company has been made.

I have read and understood paragraph 5 of Notification No. DNBS. 201 /DG(VL)-2008 dated
September 18, 2008.

For H R Agarwal & Associates

Firm's Registration No.323029E

Sd/-
Hari Ram Agarwal
Place: Kolkata Chartered Accountant
Dated: 29.05.2023 Partner
UDIN: 2305 7625BGUBQV1147 Membership No. 057625

57 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED
Annex

Capital Funds - Tier I (Rs. In Lakhs)

1. Paid up Equity Capital 501.43
2. Pref. shares to be compulsorily converted into equity -
3. Free Reserves:
a. Statutory Reserve 24.34
b. Share Premium -
c. Capital Reserves -
d. Debenture Redemption Reserve -
e. Capital Redemption Reserve -
f. Credit Balance in P&L Account 204.53
g. Other free Reserve (General Reserve) 22.53
4. Special Reserves -
Total of 1 to 4 752.83
5. Less: i. Accumulated balance of loss .00
ii. Deferred Revenue Expenditure -
ii. Deferred Tax Assets (Net) -
iii. Other intangible Assets -
Owned Fund 752.83
6. Investment in shares of: 163.06
(i) Companies in the same group
(ii) Subsidiaries -
(iii) Wholly Owned Subsidiaries -
(iv) Other NBFCs -
7. Book value of debentures, bonds outstanding loans and
advances, bills purchased and is counted (including H.P. 22.79
and lease finance) made to, and deposits with:
(i) Companies in the same group
(ii) Subsidiaries -
(iii) Wholly Owned Subsidiaries/Joint Ventures Abroad -
8. Total of 6 and 7 185.85
9. Amount in item 8 in excess of 10% of Owned Fund 110.57
10. Net Owned Fund 642.26

For H R Agarwal & Assocaites

Firm's Registration No.323029E

Sd/-
Hari Ram Agarwal
Place: Kolkata Chartered Accountant
Dated: 29th May,2023 Partner
UDIN: 2305 7625BGUBQV1147 Membership No. 057625

58 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED

INDEPENDENT AUDITOR’S REPORT

To,
The Members,
Radiant Financial Services Limited

Report on the Audit of the Ind AS Financial Statements

Opinion
We have audited the standalone financial statements of Radiant Financial Services Limited (“the
Company”), which comprises the Balance sheet as at 31 stMarch 2023, the Statement of Profit and
Loss (including Other Comprehensive Income), Statement of Cash Flow and Statement of
Changes in Equity 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 as
amended (‘’the Act’’) in the manner so required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed u/s 133 of the Companies Act,2013 read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2023, and its profit, total comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Companies Act, 2013
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the 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.

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.

Information other than the Ind AS Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual Report, but does not include the Ind AS
financial statements and our Auditor’s Report thereon.

Our opinion on the Ind AS financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

59 | P a g e
In connection with our audit of the Ind AS financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information; we are required to
report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards
specified under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate implementation
and maintenance of accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Ind AS financial statement that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the Ind AS financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
60 | P a g e
  Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness of
such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to
continue as a going concern.

 Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in
the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Ind AS financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.

61 | P a g e
Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in
the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

1) As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.

d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on 31st March, 2023
taken on record by the Board of Directors, none of the directors is disqualified as on 31st
March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure-B” to this report.

g) In our opinion and as per information and explanation provided to us, the managerial
remuneration for the year ended 31st March, 2023 has been paid/ provided by the Company
to its directors in accordance with the provisions of section 197 read with Schedule V of the
Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014(as amended), in our opinion and
to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31 st March, 2023 on its
financial position in its Ind AS financial statements. Refer Note No. 23 to the Ind AS
Financial Statements.
ii. The Company has made provision, as required under the applicable law or Indian
accounting standards. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

62 | P a g e
 iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) The Management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. The company is not required to pay any dividend as per Section 123 of the act.Thus
reporting under this clause is not applicable.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from 1 st April, 2023 and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable
for the financial year ended 31st March, 2023.

For H.R. AGARWAL & ASSOCIATES

Chartered Accountants
Firm Reg. No. 323029E

Sd/-
(HARI RAM AGARWAL, FCA)
Partner
Membership No. 057625
UDIN: 23057625BGUBQR1407

Place: Kolkata
Dated: 29/05/2023

63 | P a g e
 Annexure - A to the Independent Auditor’s Report
Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section
of our report to the members of Radiant Financial Services Limited of even date on the Ind AS
Financial Statements for the year ended March 31, 2023, we report that:
To the best of our information and according to the explanations provided to us by the company
and the books of account and records examined by us in the normal course of business, we state
that:
i. In respect of the Company’s Property, Plant and Equipment and Intangible Asset:

a) A) The Company has maintained proper records showing full particulars, including
Quantitative details and situation of its Property, Plant and Equipment.

B) The Company does not have any intangible asset. Accordingly, reporting under clause
3(i)(a)(B) of the Order is not applicable.

b) The Company has a program of physical verification to cover all the items of Property,
Plant and Equipment in a phased manner which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. Pursuant to the program,
certain Property, Plant and Equipment were physically verified by the management
during the year. According to the information and explanations given to us, no material
discrepancies were noticed on such physical verification.

c) According to the information and explanations given to us, and on the basis of our
examination of the records provided to us, we report that Property, Plant and Equipment
does not consist of any immovable properties held in the name of the Company as at the
balance sheet date. Hence the clause is not applicable for reporting purposes.

d) Based on the records examined by us and information and explanation given to us, The
Company has not revalued any of its Property, Plant and Equipment (including Right of
Use assets) including Intangible Assets during the year. Hence the clause is not applicable
for reporting purposes.

e) Based on the information and explanations given to us, no proceedings have been initiated
during the year or are pending against the Company for holding any Benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there
under, as at 31st March, 2023.
ii. a) The Company deals in securities and bonds which does not constitute inventory.
Accordingly, reporting under clause 3(ii)(a) of the Order is not applicable.
b) The Company has not been sanctioned working capital limits in excess of five crore
rupees, in aggregate, from banks or financial institutions on the basis of security of
current assets at any point during the year. Accordingly, reporting under clause 3(ii)(b) of
the Order is not applicable.
iii. In our opinion and according to the information and explanations given to us, the Company
being NBFC company, reporting under clause 3(iii) (a), (b), (c), (d), (e) and (f) of the Order are
not applicable.

64 | P a g e
 iv. 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 given unsecured loans to
entities covered under section 185 of the Companies Act, 2013. The Company has complied
with section 185and section 186(1) of the Act in relation to investments made by the
Company. The remaining provisions related to section 186 of the Act do not apply to the
Company as it is an NBFC registered with the Reserve Bank of India (‘RBI’).

v. In our opinion and according to the information and explanations given to us, the Company
has not accepted any deposits or deemed to be deposits during the year and therefore, the
provisions of the clause 3(v) of the Order is not applicable to the Company.

vi. The Central Government has not prescribed maintenance of cost records under sub-section (i)
of section 148 of the Act in respect of any activities of the Company. Therefore, the provision
of Clause 3(vi) of the said Order is not applicable to the Company.

vii. A) According to the information and explanations given to us and on the basis of our
examination the records, the Company is generally regular in depositing undisputed
applicable statutory dues including Goods and Services Tax, provident fund, employees’
state insurance, income tax and any other statutory dues to the appropriate authorities and
there are no undisputed dues outstanding as on March 31, 2023 for a period of more than six
months from the date they become payable.

B) In our opinion and according to the information and explanations given to us, there are no
statutory dues referred in sub-clause(a) which have not been deposited on account of any
dispute except property tax, as reported below

Name of the Nature of Amount Period to Forum Remarks,

Statue Dues (Rs. in which the where if any
Lakhs) amount dispute is
relates pending

Income Tax Income Tax 3.48,960* Assessment CIT(Appeals) Pending

Act 1961 year 2012-13
KOLKATA -
4

* The company has deposited Rs. 55,010/= against the disputed amount

viii. There were no transactions relating to previously unrecorded income that have been
surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961.

ix. a) 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 taken any loans or other
borrowings from banks, financial institutions and Government. Accordingly, clause 3(ix)(a)
of the Order is not applicable.

65 | P a g e
 b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company does not have any outstanding
dues on account of loan payable to bank or financial institution or other lender. Accordingly,
clause 3(ix)(b) of the Order is not applicable.

c) 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 obtained any term loans
during the year. Accordingly, reporting under clause 3(ix)(c) of the Order is not applicable.
d) 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 raised funds on short-term
basis from banks and financial institutions during the year. Accordingly, reporting under
clause 3(ix)(d) of the Order is not applicable.
e) 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 taken any funds from any
entity or person on account of or to meet the obligations of its subsidiaries, associates or joint
ventures.
f) The Company has not raised any secured loans during the year. Accordingly, reporting on
clause 3(ix)(f)of the Order is not applicable.
x. a) According to the information and explanations given to us, the Company has not raised
monies by way of initial public offer or further public offer (including debt instruments).
b) The Company has not made any preferential allotment or private placement of shares or
convertible debentures during the year. Accordingly, reporting on clause3(x)(b)of the Order
is not applicable.

xi. a) To the best of our knowledge and according to the information and explanations given to
us, no fraud by the Company or no material fraud on the Company has been noticed or
reported during the year.

b)No report under sub-section (12) of section 143 of the Companies Act has been filed in
ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the
Central Government, during the year and upto the date of this report.
c) No whistle-blower complaints have been received by the Company during the year.
xii. The Company is not a Nidhi Company. Accordingly, reporting under clause 3 (xii) of the
Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the Company is
in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all
transactions with the related parties and the details of related party transactions have been
disclosed in the financial statements as required by the applicable accounting standards.
xiv. a) In our opinion the Company has an adequate internal audit system commensurate with the
size and the nature of its business.
c) We have considered, the internal audit reports of the Company issued till date, for the
period under audit.
xv. In our opinion and according to the information and explanations given to us, during the year
the Company has not entered into any non-cash transactions with its Directors or persons
connected to its directors during the year and hence reporting on clause3(xv)of the Order is
not applicable.

66 | P a g e
 xvi. (a) & (b)The Company is a NBFC Company and continues to hold valid RBI Registration
Certificate under section 45–IA of the Reserve Bank of India Act, 1934.
(c) & (d) In our opinion and according to the information and explanations given to us,
neither the Company is a CIC nor does the group have any core investment company within
the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016.
xvii. In our opinion and according to the information and explanations given to us, the Company
has not incurred cash losses in the financial year and in the immediately preceding financial
year.

xviii. There has been no resignation of Statutory Auditors of the Company during the year.
Accordingly, reporting under Clause 3(xviii) of the Order is not applicable.

xix. On the basis of financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements and
our knowledge of the Board of Directors and Management plans and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention
which causes us to believe that any material uncertainty exists as on the date of the audit
report indicating that Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet
date. We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts upto the date of audit
report and we neither give any guarantee nor any assurance that all liabilities falling due
within a period of one year from the balance sheet will get discharged by the company as and
when they fall due.
xx. The Company is not required to spend amount in pursuance of the Corporate Social
Responsibility as stipulated under Section 135 of the Companies Act, 2013. Accordingly,
reporting under clause 3(xx) (a) and (b) of the Order are not applicable.

xxi. The Company is not required to prepare Consolidated Financial Statements. Accordingly,
clause 3(xxi) of the Order is not applicable.

For H.R. AGARWAL & ASSOCIATES

Chartered Accountants
Firm Reg. No. 323029E

Sd/-
(HARI RAM AGARWAL, FCA)
Partner
Membership No. 057625
UDIN: 23057625BGUBQR1407

Place: Kolkata
Dated: 29/05/2023

67 | P a g e
Annexure “B” to the Independent Auditors’ Report

(Referred to in paragraph 2(f) under“Report on Other Legal and Regulatory Requirements”

section of our report to the members of Radiant Financial Services Limited of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-
section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Radiant Financial
Services Limited (“the Company”) as of 31 March 2023 in conjunction with our audit of the
financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial
controls 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 (‘ICAI’). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over
financial reporting with reference to these Ind AS financial statements based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit of Internal
Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls operated
effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls over financial reporting with reference to these Ind AS financial
statements and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditor’s judgment, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Company’s internal financial controls over financial reporting
with reference to these Ind AS financial statements.

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Meaning of Internal Financial Controls over Financial Reporting (with Reference to these Ind
AS Financial Statements)

A company's internal financial controls over financial reporting (with reference to these Ind AS
financial statements is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company's internal financial
controls over financial reporting with reference to these Ind AS financial statements includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting with Reference to
these Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting with
reference to these Ind AS financial statements, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls over financial
reporting with reference to these Ind AS financial statements to future periods are subject to the
risk that the internal financial controls over financial reporting with reference to these Ind AS
financial statements may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to explanation given to us, the
Company has, in all material respects, adequate internal financial controls over financial reporting
with reference to these Ind AS financial statements and such internal financial controls over
financial reporting with reference to these Ind AS financial statements were operating effectively
as at 31 March 2023, based on the internal financial 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 H.R. AGARWAL & ASSOCIATES

Chartered Accountants
Firm Reg. No. 323029E

Sd/-
(HARI RAM AGARWAL, FCA)
Partner
Membership No. 057625
UDIN: 23057625BGUBQR1407

Place: Kolkata
Dated: 29/05/2023

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 RADIANT FINANCIAL SERVICES LIMITED
BALANCE SHEET AS AT 31ST MARCH 2023
CIN:L65991WB1991PLC053192

(Rs. in Lakhs)
As at As at
Particulars Note No.
31st March 2023 31st March 2022
ASSETS
I) Financial Assets
a) Cash and Cash Equivalents 2 18.03 92.43
b) Loans 3 561.59 536.24
c) Investments 4 835.92 717.67
d) Inventories 5 0.76 5.52
e) Other financial assets 0.27 0.33
Total Financial Assets 1,416.56 1,352.18

II) Non-Financial Assets

a) Current Tax Assets (Net) 6 2.76 3.14
b) Investment Property 7 141.52 141.52
c) Property, Plant and Equipment 8 0.85 1.22
d) Other Non-Financial Assets 9 0.63 0.69
Total Non-Financial Assets 145.77 146.57

Total Assets 1,562.33 1,498.75

LIABILITIES AND EQUITY

LIABILITIES
I) Financial Liabilities
a) Borrowings (Other than Debt Securities) 10 - 2.50
b) Other Financial Liabilities 11 - 0.00
Total Financial Liabilities - 2.50

II) Non-Financial Liabilities

a) Provisions 12 4.80 4.51
b) Deferred Tax Liabilities (Net) 13 204.07 189.52
Total Non-Financial Liabilities 208.88 194.03

EQUITY
a) Equity Share Capital 14 501.43 501.43
b) Other Equity 15 852.02 800.79
Total Equities 1,353.45 1,302.22

Total Liabilities and Equity 1,562.33 1,498.75

- -
The accompanying notes 1 to 23 are the integral part of these Financial Statements.

As per our report of even date attached For and on behalf of the Board of Directors
For H R AGARWAL & ASSOCIATES
Firm's Registration No. 323029E
Sd/- Sd/-
Abhishek Kayan Manish Dalmia
Sd/- Managing Director Director
Hari Ram Agarwal DIN: 00195504 DIN: 00264752
Chartered Accountant
Partner
Membership No. 057625 Sd/- Sd/-
Place: Kolkata Kavita Kayan Priya Jhunjhunwala
Date: 29th May,2023 Chief Financial Officer Company Secretary
UDIN: 23057625BGUBQR1407 PAN: AAHPC1271A Membership No: A65393

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 RADIANT FINANCIAL SERVICES LIMITED
STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH 2023
CIN:L65991WB1991PLC053192

(Rs. in lakhs)
For the year For the year
Particulars Note No.
ended 31.03.2023 ended 31.03.2022
Revenue from Operations
a) Interest Income 16 45.43 36.03
b) Dividend Income 0.15 1.07
c ) Sale of Stock-in-Trade 6.57 32.55
d) Other Income 0.05 0.28
I) Total Revenue from Operations 52.20 69.92

II) Total Income 52.20 69.92

Expenses
a) Purchase of Stock-in-Trade - -
b) Change in Inventories of Stock-in-Trade 17 4.76 24.95
c) Employees Benefits Expenses 18 23.02 16.49
d) Depreciation and Amortization Expenses 8 0.36 0.55
e) Other Expenses 19 12.75 10.71
III) Total Expenses 40.90 52.71

IV) Profit/(Loss) before tax (II-III) 11.30 17.22

Tax Expenses
a) Current Tax
- Current Year 5.97 4.50
- Earlier Year - -
b) Deferred Tax 0.06 0.07
V) Total Tax Expenses 6.03 4.57

VI) Profit/(Loss) for the year (IV-V) 5.27 12.65

Other Comprehensive Income(OCI)

(A) (i) Items that will not be reclassified to Profit & Loss
- Remeasurement of Equity Instruments through OCI 60.52 455.58
(ii) Income tax relating to these items (14.49) (80.12)
Subtotal (A) 46.03 375.47
(B) (i) Items that will be reclassified to Profit & Loss - -
(ii) Income tax relating to these items - -
Subtotal (B) - -
VII) Other Comprehensive Income (A+B) 46.03 375.47

VIII) Total Comprehensive Income for the year (VI+VII) 51.30 388.11

IX) Earnings per equity share

Basic & Diluted(Rs.) 0.11 0.25
The accompanying notes 1 to 23 are the integral part of these Financial Statements.

As per our report of even date attached For and on behalf of the Board of Directors
For H R AGARWAL & ASSOCIATES
Firm's Registration No. 323029E
Sd/- Sd/-
Abhishek Kayan Manish Dalmia
Sd/- Managing Director Director
Hari Ram Agarwal DIN: 00195504 DIN: 00264752
Chartered Accountant
Partner
Membership No. 057625 Sd/- Sd/-
Place: Kolkata Kavita Kayan Priya Jhunjhunwala
Date: 29th May,2023 Chief Financial Officer Company Secretary
UDIN: 23057625BGUBQR1407 PAN: AAHPC1271A Membership No: A65393

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 RADIANT FINANCIAL SERVICES LIMITED
STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2023
CIN:L65991WB1991PLC053192

(Rs. In Lakhs))
Particulars For the year ended 31st March 2023 For the year ended 31st March 2022
A) Cash Flow from Operating Activities
Net Profit/(Loss) before tax as per Statement of Profit & Loss 11.30 17.22
Adjustments for:
Depreciation and Amortization Expense 0.36 0.55
Prepaid Expenses Written off 0.13 0.13
Gain/(Loss) on Sale of Investment - -
- 0.49 - 0.68
Operating Cash Flow before Working Capital Changes 11.79 17.89
Adjustments for Changes in Working Capital
(Increase)/Decrease in Trade Receivables - -
(Increase)/Decrease in Inventories 4.76 24.95
(Increase)/Decrease in Other Financial Assets (0.57) (0.37)
Increase/(Decrease) in Other Financial Liabilities (0.00) -
Increase/(Decrease) in Provisions 0.23 4.42 0.94 25.52
Net Cash Flow from Operating Activities before taxes 16.21 43.42
Less: Direct Taxes Paid/Deducted (Net of Refund) 5.03 2.71
Net Cash Flow from Operating Activities (A) 11.18 40.71
B) Cash Flow from Investing Activities
Purchase of Property,Plant and Equipment - -
Investment in Property - -
(Increase)/Decrease in Loans (25.35) (287.53)
Purchase of Investments (103.31) -
Sale of Investments 45.58 (83.08) 272.28 (15.25)
Net Cash Flow from Investing Activities (B) (83.08) (15.25)
C) Cash Flow from Financing Activities
Proceeds/(Repayment) of Borrowings (Other than Debt Securities) (2.50) -
Net Cash Flow from Financing Activities (C) (2.50) -
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) (74.39) 25.46
Cash and Cash Equivalents at the beginning of the year 92.43 66.97
Cash and Cash Equivalents at the end of the year 18.03 92.43
The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard (Ind AS-7) on ‘Statement
of Cash Flows’.

As per our report of even date attached

For H R AGARWAL & ASSOCIATES
Firm's Registration No. 323029E
Sd/- Sd/-
Abhishek Kayan Manish Dalmia
Sd/- Managing Director Director
Hari Ram Agarwal DIN: 00195504 DIN: 00264752
Chartered Accountant
Partner
Membership No. 057625 Sd/- Sd/-
Place: Kolkata Kavita Kayan Priya Jhunjhunwala
Date: 29th May,2023 Chief Financial Officer Company Secretary
UDIN: 23057625BGUBQR1407 PAN: AAHPC1271A Membership No: A65393

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 RADIANT FINANCIAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY

a) EQUITY SHARE CAPITAL

Particulars Rs. In Lakhs
Balance as at 31st March,2022 501.43
Changes in equity share capital during the year -
Balance as at 31st March,2023 501.43

b) OTHER EQUITY
Reserves and Surplus Other Comprehensive Income
Items that will not be
Particulars General reclassified to Profir & Loss Total Other Equity
Statutory Reserves Retained Earnings
Reserve Equity Instruments through
OCI (Net of tax)
Balance as at 1st April,2021 20.76 22.53 50.76 319.35 413.39
Profit/(Loss) for the year ended 31st March,2022 - - 12.65 - 12.65
Other Comprehensive Income (Net of tax) for the year ended 31st March,2022 - - - 375.47 375.47
Transfer to Retained Earnings from Other Comprehensive Income (Profit on Sale of Investment) - - 137.28 (137.28) -
Transfer to Statutory Reserves (20% of profit for the year) 2.53 - (2.53) - -
Provision for Standard Assets - - (0.72) - (0.72)
Balance as at 31st March,2022 23.28 22.53 197.43 557.54 800.79
Profit/(Loss) for the year ended 31st March,2023 - - 5.27 - 5.27
Other Comprehensive Income (Net of tax) for the year ended 31st March,2023 - - - 46.03 46.03
Transfer to Retained Earnings from Other Comprehensive Income 2.95 (2.95) -
Transfer to Statutory Reserves (20% of profit for the year) 1.05 - (1.05) - -
Provision for Standard Assets - - (0.06) - (0.06)
Balance as at 31st March,2023 24.34 22.53 204.53 600.62 852.02
The accompanying notes 1 to 24 are the integral part of these Financial Statements.

As per our report of even date attached For and on behalf of the Board of Directors
For H R AGARWAL & ASSOCIATES
Firm's Registration No. 323029E
Sd/- Sd/-
Abhishek Kayan Manish Dalmia
Sd/- Managing Director Director
Hari Ram Agarwal DIN: 00195504 DIN: 00264752
Chartered Accountant
Partner
Membership No. 057625 Sd/- Sd/-
Place: Kolkata Kavita Kayan Priya Jhunjhunwala
Date: 29th May,2023 Chief Financial Officer Company Secretary
UDIN: 23057625BGUBQR1407 PAN: AAHPC1271A Membership No: A65393

73 | P a g e
 RADIANT FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS

(Rs. in lakhs)
As at As at
Particulars
31st March 2023 31st March 2022
Note No.2:
CASH AND CASH EQUIVALENTS
Cash on Hand 0.78 1.01
Balance with Bank 17.25 91.41

TOTAL 18.03 92.43

Note No.3: At At
LOANS Amortised Cost Amortised Cost
(A) (i) Loan repayable on demand 561.49 536.24
(ii) Others
- Staff Advance 0.10 -
Total (A) - Gross 561.59 536.24
Less: Impairment loss allowance - -
Total (A) - Net 561.59 536.24

(B) (i) Secured Loans - -

(ii) Unsecured Loans 561.59 536.24
Total (B) - Gross 561.59 536.24
Less: Impairment loss allowance - -
Total (B) - Net 561.59 536.24

(C) Loans in India

(i) Public Sector - -
(ii) Others 561.59 536.24
Total (C) - Gross 561.59 536.24
Less: Impairment loss allowance - -
Total (C) - Net 561.59 536.24

TOTAL 561.59 536.24

Note No.4: At Fair Value At Fair Value
INVESTMENTS through OCI through OCI
(A) Mutual Fund - 0.55
Equity Instruments 835.92 717.12
Total - Gross (A) 835.92 717.67

(B) Investments in India 835.92 717.67

Total - Gross (B) 835.92 717.67
Less: Allowance for impairment loss (C) - -
Total - Net (D)=(A)-(C) 835.92 717.67

TOTAL 835.92 717.67

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Note No.5: At Fair Value At Fair Value
INVENTORIES through P&L through P&L
Equity Instruments 0.76 5.52

TOTAL 0.76 5.52

Note No.6:
CURRENT TAX ASSETS (NET)
Advance Income Tax Paid 2.50 1.00
Income Tax Paid against Demand for A.Y.2012-13 0.70 0.70
Tax Deducted at Source 5.54 7.49
Less: Provision for Current Tax AY 2021-22 - 1.55
Less: Provision for Current Tax AY 2022-23 - 4.50
Less: Provision for Current Tax AY2023-24 5.97 -
TOTAL 2.76 3.14
Note No.7:
INVESTMENT PROPERTY
Flat situated at LIVSMART, Kurla(W),
Mumbai-400070, Maharashtra, India 141.52 141.52

TOTAL 141.52 141.52

Note No.8:
PROPERTY, PLANT AND EQUIPMENT
GROSS BLOCK DEPRECIATION / AMORTIZATION NET BLOCK
Particulars Additions/ Deletions/ As at Deletions/ As at As at As at
As at 31.03.2022 As at 31.03.2023 For the year
Adjustments Adjustments 31.03.2022 Adjustments 31.03.2023 31.03.2023 31.03.2022

Furniture & Fixture 0.09 - - 0.09 0.08 - - 0.08 0.01 0.01

Vehicles 11.99 - - 11.99 10.90 0.34 - 11.24 0.76 1.10

Office Equipment 0.34 - - 0.34 0.29 0.02 - 0.31 0.03 0.05

Computer Machine 3.67 - - 3.67 3.62 - - 3.62 0.05 0.05

Mobile Phones 0.02 - - 0.02 0.01 - - 0.01 0.00 0.00

16.11 - - 16.11 14.89 0.36 - 15.26 0.85 1.22

As at As at
Particulars 31st March 2023 31st March 2022
Note No.9:
OTHER NON-FINANCIAL ASSETS
Prepaid Expense 0.52 0.65
Input C GST 0.06 0.02
Input S GST 0.06 0.02
TOTAL 0.63 0.69
Note No.10: At At
BORROWINGS (OTHER THAN DEBT SECURITIES) Amortised Cost Amortised Cost
(A) Others
- Unsecured - 2.50
Total (A) - 2.50

(B) Borrowings in India - 2.50

Total (B) - 2.50

TOTAL - 2.50

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Note No.11:
OTHER FINANCIAL LIABILITIES
Professional Tax Payable - 0.00

TOTAL - 0.00
Note No.12:
PROVISIONS
Provision for Employee Benefit Expenses 2.61 2.65
Other Provisions 2.20 1.86

TOTAL 4.80 4.51

Note No.13:
DEFERRED TAX ASSET/(LIABILITY) (NET)
Deferred Tax Asset:
On account of Depreciation 1.03 1.09
Total(A) 1.03 1.09

Deferred Tax Liability:

On account of Other Comprehensive Income 205.10 190.61
Total(B) 205.10 190.61

Deferred Tax Asset/(Liability)(Net):(A-B) (204.07) (189.52)

Note No.14:
EQUITY SHARE CAPITAL
As at 31.03.2023 As at 31.03.2022
Particulars
No. of Shares Amount (Rs.) No. of Shares Amount (Rs.)
AUTHORISED
55,00,000 (31 March 2022: 55,00,000)
equity Shares of Rs. 10/- each 55.00 550.00 55.00 550.00
550.00 550.00
ISSUED, SUBSCRIBED AND PAID UP
49,85,700 (31 March 2022: 49,85,700)
equity Shares of Rs. 10/- each fully paid up in cash 49.86 498.57 49.86 498.57
Add: Forfeited Shares * 2.86 2.86
501.43 501.43
* The company has forfeited 1,14,500 equity shares on which amount originally paid up is Rs.2,86,250.

RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING

As at 31.03.2023 As at 31.03.2022
Particulars
No. of Shares Amount (Rs.) No. of Shares Amount (Rs.)
Shares outstanding at the beginning of the year 49.86 498.57 49.86 498.57
Add: Shares issued during the year - - - -
Less: Shares bought back during the year - - - -
Shares outstanding at the end of the year 49.86 498.57 49.857 498.57

TERMS AND RIGHTS ATTACHED TO EQUITY SHARES

The Company has one class of equity shares having par value of Rs.10 per share. Each equity shareholder is eligible for one vote per share held. The holders of
equity shares are entitled to dividends,if any, proposed by the Board of Directors and approved by shareholders at the Annual General Meeting. In the event of
Liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The
distribution will be in the proprtion to the number of equity shares held by the shareholders.

SHARE HELD BY PROMOTERS

2022-23 2021-22
Name of the Promoters % of Total % Change % of Total % Change
No. of Shares Shares during the year No. of Shares Shares during the year
Kayan Investment & Trading Co. (P) Ltd. 16,47,728 33.05 3.86 14,55,308 29.19 0.00
PKC Stock Broking (P) Ltd. 5,12,500 10.28 1.10 4,57,500 9.18 43.79
Smt. Sheila Devi Kayan 3,84,500 7.71 0.00 3,84,500 7.71 0.00
Smt. Kavita Kayan 3,59,367 7.21 0.00 3,59,367 7.21 0.00
Shri Abhishek Kayan 1,70,600 3.42 - 1,70,600 3.42 117.25
Sankatmochan Dealtrade Pvt Ltd 2,34,500 4.70 - 2,34,500 4.70 100.00
Ankit Kayan 2,100 0.04 0.00 2,100 0.04 0.00

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DETAILS OF THE SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
As at 31.03.2023 As at 31.03.2022
Name of the Shareholders No. of Shares % of Holding No. of Shares % of Holding
Kayan Investment & Trading Co. (P) Ltd. 16,47,728.00 33.05 14,55,308 29.19
Kemicare Products Ltd 4,04,650.00 8.12 - 0.00
Balaji Scales Pvt. Ltd. - 0.00 3,97,560 7.97
Smt. Sheila Devi Kayan 3,84,500.00 7.71 3,84,500 7.71
Smt. Kavita Kayan 3,59,367.00 7.21 3,59,367 7.21
PKC Stock Broking (P) Ltd. 5,12,500.00 10.28 4,57,500 9.18

Note No.15:
OTHER EQUITY
As at As at
Particulars
31st March 2023 31st March 2022
Statutory Reserve
Balance at the beginning of the year 23.28 20.76
Add: Transferred during the year 1.05 2.53
Balance at the end of the year 24.34 23.28
General Reserve
Balance at the beginning of the year 22.53 22.53
Add: Transferred during the year - -
Balance at the end of the year 22.53 22.53
Surplus/(Deficit) in the Statement of Profit & Loss
Balance at the beginning of the year 197.43 50.76
Add/(Less): Profit/(Loss) during the year 5.27 12.65
Add/(Less): Gain/(Loss) on Sale of Investment 2.95 137.28
Less: Transfer to Statutory Reserve (1.05) (2.53)
Less: Transfer to Provision for Standard Assets (0.06) (0.72)
Balance at the end of the year 204.53 197.43
Other Comprehensive Income
Balance at the beginning of the year 557.54 319.35
Add: Transferred during the year (Net of tax) 46.03 375.47
Add/(Less): Loss/(Gain) on Sale of Investment (2.95) (137.28)
Balance at the end of the year 600.62 557.54 -
TOTAL 852.02 800.79 -

Nature and Purpose of Reserve:

Statutory Reserve
Statutory reserve represents the Reserve Fund created under section 45-IC of the Reserve Bank of India Act, 1934.
Under section 45-IC, the Company is required to transfer a sum not less than twenty percent of its net profit for the
financial year to the statutory reserve. The statutory reserve can be utilised for the purposes as may be specified by
the Reserve Bank of India from time to time.

For the year For the year

Particulars
ended 31.03.2023 ended 31.03.2022
Note No.16: On Financial Assets On Financial Assets
INTEREST INCOME measured at Amortised Cost measured at Amortised Cost
Interest on Loans 45.43 36.03

TOTAL 45.43 36.03

Note No.17:
CHANGE IN INVENTORIES OF STOCK-IN-TRADE
Opening Stock 5.52 30.47
Less: Closing Stock 0.76 5.52

TOTAL 4.76 24.95

Note No.18:
EMPLOYEE BENEFIT EXPENSES
Salary and Allowances 17.95 11.42
Staff Welfare Expenses 0.03 0.03
Managing Director Remuneration 5.04 5.04

TOTAL 23.02 16.49

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Note No.19:
OTHER EXPENSES
Electricity 0.92 0.51
Rent 0.91 1.35
Rates and Taxes 1.68 0.28
Repairs and Maintenance
- Vehicles 2.96 2.63
- Computers 0.01 0.01
- Others 0.70 0.66
Legal and Professional Charges 1.51 0.94
Advertisement and Publicity 1.88 0.88
Printing and Stationery 0.20 0.40
Payment to Auditors
- As Auditors 0.15 0.15
- For Other Services 0.07 0.07
Other Expenditure 1.77 2.84
TOTAL 12.75 10.71

Note No.20:
MATURITY ANALYSIS OF ASSETS AND LIABILITIES
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled.

As at 31st March 2023 As at 31st March 2022

Particulars Within After Within After
Total Total
12 months 12 months 12 months 12 months
Financial Assets
Cash and Cash Equivalents 18.03 - 18.03 92.43 - 92.43
Loans - 561.59 561.59 - 536.24 536.24
Investments - 835.92 835.92 - 717.67 717.67
Inventories 0.76 - 0.76 5.52 - 5.52
Other Financial Assets 0.27 - 0.27 0.33 - 0.33
Non-Financial Assets
Current Tax Assets (Net) 8.04 0.70 8.74 6.94 0.70 7.64
Investment Property - 141.52 141.52 - 141.52 141.52
Property, Plant and Equipment - 0.85 0.85 - 1.22 1.22
Other Non-Financial Assets - 0.63 0.63 - 0.69 0.69
Total Assets 27.08 1,541.22 1,568.30 105.21 1,398.04 1,503.25
Financial Liabilities
Borrowings (Other than Debt Securities) - - - - 2.50 2.50
Other Financial Liabilities - - - 0.00 - 0.00
Non-Financial Liabilities
Provisions 1.32 3.48 4.80 1.15 3.36 4.51
Deferred Tax Liabilities (Net) - 204.07 204.07 - 189.52 189.52
Total Liabilities 1.32 207.56 208.88 1.15 195.38 196.53

Note No.21:
FAIR VALUE MEASUREMENTS

a) Financial Instruments by Category:

As at 31st March 2023 As at 31st March 2022
Particulars
FVTPL FVOCI Amortised Cost FVTPL FVOCI Amortised Cost
Financial Assets
Cash and Cash Equivalents - - 18.03 - - 92.43
Loans - - 561.59 - - 536.24
Investments - 835.92 - - 717.67 -
Inventories 0.76 - - 5.52 - -
Total Financial Assets 0.76 835.92 579.62 5.52 717.67 628.67
Financial Liabilities
Trade Payables - - - - - -
Borrowings (Other than Debt Securities) - - - - - 2.50
Other Financial Liabilities - - - - - 0.00
Total Financial Liabilities - - - - - 2.50

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b) Fair Value Hierarchy:
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value. To provide an indication about the reliability
of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath
the table.
Financial Instruments measured at Fair As at 31st March 2023 As at 31st March 2022
Value Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial Assets
Investments 383.30 - 349.30 732.61 377.96 - 339.71 717.67
Inventories 0.76 - - 0.76 5.52 - - 5.52

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible
on entity-specific estimates.If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unquoted equity instruments.

c) Valuation technique used to determine fair value:

Specific Valuation techniques used to value financial instruments include:-
For Mutual Fund- Net asset value of the scheme as at each balance sheet date has been taken as fair value..
For Quoted Equity Investment- Closing price of these investments as at each balance sheet date available on National Stock Exchange or Bombay Stock Exchange except in case of Kemicare Products Limited
where book value based on its financial statements as at each balance sheet date has been taken as fair value.
For Unquoted Equity Investment- Book value based on Standalone financial statements of these investments as at each balance sheet date has been taken as fair value
For Inventories- Closing price of these inventories as at each balance sheet date available on National Stock Exchange or Bombay Stock Exchange has been taken as fair value.

Note No.22:
RELATED PARTY DISCLOSURES
As per the Indian Accounting Standard on ‘Related Party Disclosures’ (Ind AS-24), Name of the related parties with whom the company has entered transactions, Nature of relationship and Details of the
transactions entered are given below.

A) Name of the related parties and Nature of relationship:

i) Directors Nature of Relationship

Mr. Manish Dalmia Director
Mr. Girdhar Didwania Independent Director
Mr. Hari Prasad Agrawal Independent Director
Ms. Roshni Shah Independent Director

ii) Key Managerial Personnel (KMP) and their relatives Nature of Relationship
Mr. Abhishek Kayan Managing Director
Ms. Priya Jhunjhunwala Company Secretary
Mrs. Kavita Kayan Chief Financial Officer
Mr. Pradeep Kayan Father of Managing Director
Mrs. Shelia Devi Kayan Mother of Managing Director
Mr.Avyay Kayan Son of Managing Director

iii) Other Related Parties

PKC Stock Broking Pvt. Ltd.
Kayan Investment & Trading Co. Pvt. Ltd.
Sankatmochan Dealtrade Pvt Ltd

B) Details of transactions with abovementioned Related Party:

Transaction value Outstanding Transaction value Outstanding

Sl.
Name of the Related Party Nature of the transaction for the year ended amount as at 31st for the year ended amount as at 31st
No.
31st March 2023 March 2023 31st March 2022 March 2022

i) Directors
Mr. Manish Dalmia Sitting Fees 5,000 - 5,000 -
Mr. Girdhar Didwania Sitting Fees 5,000 - 5,000 -
Mr. Hari Prasad Agrawal Sitting Fees 5,000 - 5,000 -
Ms. Roshni Shah Sitting Fees 5,000 - 5,000 -

ii) Key Managerial Personnel (KMP) and their relatives

Director's Remuneration 5,04,000 - 5,04,000 -
Mr. Abhishek Kayan
Perquisites 1,52,075 - 1,77,992 -
Mrs. Kavita Kayan Salary 2,38,065 -
Mr. Avyay Kayan Salary 6,75,000
Salary 3,11,258 - 3,98,643 -
Ms. Minakshi Gupta
Incentive - 25,938 - 33,220
Salary 40,000 - 1,20,000 -
Mrs. Tanusri Banerjee
Bonus - - - 10,000
Loan Given - 85,91,000 - 44,45,000
Mrs. Kavita Kayan
Interest receivable on Loan Given - 5,90,550 - 4,36,278
Purchase of Shares 5,32,380
Loan Given 1,20,95,734
Mr, Abhishek Kayan
Interest receivable on Loan Given 12,72,659
Loan Given 47,74,045
Mr. Pradeep Kayan
Interest receivable on Loan Given 3,69,549
Loan Given 32,52,000
Mrs. Sheila Devi Kayan
Interest receivable on Loan Given 2,33,551
Mr. Avyay Kayan Loan Given 70,73,000
iii) Other Related Parties
Loan Given - 18,63,439 - 24,08,500
Interest receivable on Loan Given - 4,15,611 - 73,089
PKC Stock Broking Pvt. Ltd. Purchase of Shares - - - -
Sale of Shares - - - -
Rent Paid 6,600 - 6,600 -
Purchase of Shares 1,96,140
Abhi Plastics Pvt Ltd
Sale of Shares
Purchase of Shares 32,54,523
RFSL Exports Pvt Ltd

Rent Paid - - - -
Kayan Investment & Trading Co. Pvt. Ltd.
Reimbursement of Electricity Expenses - - - -
Note: All these transactions with related parties were carried out in ordinary course of business and on arm’s length basis. Further, related party relationships have been identified by the management and
relied upon by the auditors.

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Note No.23:
CONTINGENT LIABILITY (As Certified by the Management)
(Amount in Rupees)
As at As at
Particulars
31st March 23 31st March 22
Income Tax demand for the A.Y. 2012-13 of Rs. 3,48,960
disputed by the company and appeal has been filed with CIT(A) 3,48,960 3,48,960

As per our report of even date attached For and on behalf of the Board of Directors
For H R Agarwal & Associates
Firm's Registration No. 323029E

Sd/- Sd/-
Abhishek Kayan Manish Dalmia
Sd/- Managing Director Director
Hari Ram Agarwal DIN: 00195504 DIN: 00264752
Chartered Accountant
Partner
Membership No. 057625 Sd/- Sd/-
Place: Kolkata Kavita Kayan Priya Jhunjhunwala
Date: 29th May,2023 Chief Financial Officer Company Secretary
UDIN: 23057625BGUBQR1407 PAN: AAHPC1271A Membership No: A65393

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 RADIANT FINANCIAL SERVICES LIMITED
SCHEDULE ANNEXED TO THE BALANCE SHEET

Disclosure of details as required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential
Norms (Reserve Bank) Directions, 2007
(Rs. In Lakhs)
Sl. Amount outstanding Amount overdue
Particulars
No. as at 31st March 2023 as at 31st March 2023
LIABILITIES
1) Loans and advances availed by the NBFCs inclusive of interest
accrued thereon but not paid:
a) Debentures:
- Secured Nil Nil
- Unsecured Nil Nil
(other than falling within the meaning of public deposits *)
b) Deferred Credits Nil Nil
c) Term Loans Nil Nil
d) Inter corporate loans and borrowings Nil Nil
e) Commercial Paper Nil Nil
f) Public Deposits Nil Nil
g) Other Loans (Specify nature) Nil Nil
* Please see Note 1 below

(Rs. In Lakhs)
Sl. Amount outstanding
Particulars
No. as at 31st March 2023
ASSETS
2) Break-up of Loans and Advances including Bills Receivables {other
than those included in (3) below}:
a) Secured Nil
b) Unsecured 561.59

3) Break-up of Leased Assets and stock on hire and other assets counting
towards AFC activities:
a) Lease assets including lease rentals under sundry debtors:
i) Financial Lease Nil
ii) Operating Lease Nil
b) Stock on hire including hire charges under sundry debtors:
i) Assets on hire Nil
ii) Repossessed Assets Nil
c) Other loans counting towards AFC activities:
i) Loans where assets have been repossessed Nil
ii) Loans other than (a) above. Nil

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 (Rs. In Lakhs)
Sl. Amount outstanding
Particulars
No. as at 31st March 2023
4) BREAK-UP OF INVESTMENTS
Current Investments
1) Quoted:
a) Shares: i) Equity (Held as Inventories) 0.76
ii) Preference Nil
b) Debentures and Bonds Nil
c) Units of Mutual Funds Nil
d) Government Securities Nil
e) Others (Please specify) Nil

2) Unquoted:
a) Shares: i) Equity Nil
ii) Preference Nil
b) Debentures and Bonds Nil
c) Units of Mutual Funds Nil
d) Government Securities Nil
e) Others (Please specify) Nil
0.76

Long Term Investments

1) Quoted:
a) Shares: i) Equity 389.76
ii) Preference Nil
b) Debentures and Bonds Nil
c) Units of Mutual Funds -
d) Government Securities Nil
e) Others (Please specify) Nil

2) Unquoted:
a) Shares: i) Equity 446.16
ii) Preference Nil
b) Debentures and Bonds Nil
c) Units of Mutual Funds Nil
d) Government Securities Nil
e) Others (Please specify) Nil
835.92

5) Borrower group-wise classification of assets financed as in (2) and (3) above:

Please see Note 2 below (Rs. In Lakhs)
Amount net of Provisions(Rs.)
Category Total as at
Secured Unsecured
31st March 2023
1) Related Parties **
a) Subsidiaries Nil Nil Nil
b) Companies in the same group Nil 22.79 22.79
c) Other related parties Nil 382.52 382.52
2) Other than Related Parties Nil 156.28 156.28
TOTAL Nil 561.59 561.59

6) Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and
and unquoted): Please see Note 3 below (Rs. In Lakhs)
Market Value/Break Book Value (Net of
Category up or Fair Value or NAV Provisions) as at
as at 31st March 2023 31st March 2023
1) Related Parties **
a) Subsidiaries Nil Nil
b) Companies in the same group 163.06 Nil
c) Other related parties Nil Nil
2) Other than Related Parties 672.86 Nil
TOTAL 835.92 Nil

** As per Indian Accounting Standards of ICAI (Please see Note 3 below)

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7) Other Information: (Amount in Rupees)
Total as at
Particulars
31st March 2023
a) Gross Non-Performing Assets
i) Related Parties Nil
ii) Other than related parties Nil
b) Net Non-Performing Assets
i) Related Parties Nil
ii) Other than related parties Nil
c) Assets acquired in satisfaction of debt Nil

Notes:
1 As defined in Paragraph 2(1)(xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.
2 Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential
Norms (Reserve Bank) Directions, 2007.
3 All Indian Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

For and on behalf of the Board of Directors

Sd/- Sd/-
Abhishek Kayan Manish Dalmia
Managing Director Director
DIN: 00195504 DIN: 00264752

Sd/- Sd/-
Kavita Kayan Priya Jhunjhunwala
Place: Kolkata Chief Financial Officer Company Secretary
Date: 29th May,2023 PAN: AAHPC1271A Membership No: A65393

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 RADIANT FINANCIAL SERVICES LTD
Ratios
2022-23 2021-22
Current Assets
A) Current Ratio,
Current Liabilities 54.78 61.01
Total Debt
B) Debt-Equity Ratio,
Total Equity 0 0
Net Operating
C) Debt Service Coverage Ratio,
Total Income
Debt Sevices 0 0
Net Income
D) Return on Equity Ratio,
Shareholder's Equity 0.02 0.03
Cost of Goods Sold
E) Inventory turnover ratio,
Average Inventory 1.52 1.39
Net Credit Slales
F) Trade Receivables turnover ratio,
Average Accounts 0 0
Receivable
Net Credit 0 0
G) Trade payables turnover ratio,
Purchase
Average Account
Payable
Net Sales
H) Net capital turnover ratio,
Working Capital 0.01 0.05
PAT
I) Net profit ratio,
Net Sales 0.80 0.39
EBIT
J) Return on Capital employed,
Capital Employed 0.01 0.01
Profit / Loss on
K) Return on investment.
CostInvestment
of Investment 0.15 1.02
The company shall explain the items included in numerator and denominator for computing the above
ratios. Further explanation shall be provided for any change in the ratio by more than 25% as compared
to the preceding year.

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 E-VOTING

Name & Registered Address of Sole/First :

named Member

Joint Holders Name (If any) :

Folio No. / DP ID & Client ID :

No. of Equity Shares Held :

Dear Shareholder,

Subject: Process and manner for availing E-voting facility:

Pursuant to provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies
(Management and Administration) Rules, 2014 as amended by the Companies (Management and
Administration) Amendment Rules, 2016 read with Regulation 44 of the SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015, the Company is pleased to provide E-voting facility to the
members to cast their votes electronically on all resolutions proposed to be considered at the Thirty
Second (32nd) Annual General Meeting to be held on Tuesday, September 05, 2023 at 11.00 A.M. IST
through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) and at any adjournment
thereof.

The Company has engaged the services of National Securities Depository Limited (NSDL) to provide the
e-voting facility. The e-voting facility is available at the link https://www.evotingindia.com.

The Electronic Voting Particulars are set out below:

EVEN User ID PAN / Sequence No./ Password

(Electronic Voting Event
Number)

124820

The E-voting facility will be available during the following voting period:

Remote e-Voting Start On Remote e-Voting End On

Saturday, September 02, 2023 (9:00AM) Monday, September 04, 2023 (5:00PM)

Please read the instructions mentioned in the Notice before exercising your vote.

By the Order of the Board

For Radiant Financial Services Limited

Sd/-
Date: 29.05.2023 Priya Jhunjhunwala
Place: Kolkata Company Secretary

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