(x) Provisions and Contingencies

Provisions are recognized when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation and a reliable estimate can be
made of the amount of the obligation. The expense
relating to a provision is presented in the statement of
profit and loss.

Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

A contingent liability is a possible obligation that
arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within
the control of the Company; or a present obligation
that arises from past events but is not recognized
because it is not probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation; or the amount of the obligation cannot
be measured with sufficient reliability.

A contingent asset is disclosed, where an inflow of
economic benefits is probable.

(xi) Cash and cash equivalents

Cash and cash equivalents in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short- term
deposits, as defined above, net of outstanding bank
overdrafts, if any, as they are considered an integral
part of the Company's cash management.

(xii) Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

a) Financial assets

Investments in Subsidiaries

Investments in Subsidiaries, Joint ventures and
Associates are carried at cost less accumulated
impairment losses, if any. Where an indication
of impairment exists, the carrying amount of
the investment is assessed and written down
immediately to its recoverable amount. On
disposal of investments in Subsidiaries, Joint
ventures and Associates, the difference between
net disposal proceeds and the carrying amounts
are recognised in the statement of profit and loss.

Initial recognition and measurement

All financial assets are recognized initially at fair
value plus, in the case of financial assets not
recorded at fair value through profit and loss,
transaction costs that are attributable to the
acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement,
financial assets are classified in three
broad categories:

• Financial assets at amortized cost

• Financial assets at fair value
through OCI (FVTOCI)

• Financial assets at fair value through profit
and loss (FVTPL)

Financial asset at amortized cost

A Financial asset is measured at amortized cost
(net of any write down for impairment) the asset
is held to collect the contractual cash flows (rather
than to sell the instrument prior to its contractual
maturity to realize its fair value changes) and the
contractual terms of the financial asset give rise
on specified dates to cash flows that are solely
payments of principal and interest ("SPPI") on the
principal amount outstanding.

Such financial assets are subsequently measured
at amortized cost using the effective interest rate
(EIR) method. Amortized cost is calculated by
taking into account any discount or premium on
acquisition and fees or costs that are an integral
part of the EIR. The EIR amortization is included in
finance income in the profit and loss. The losses
arising from impairment are recognized statement
of profit and loss. This category generally applies
to trade and other receivables.

Financial asset at fair value through OCI (FVTOCI)

A financial asset that meets the following two
conditions is measured at fair value through
OCI unless the asset is designated at fair value
through profit and loss under fair value option.

• The financial asset is held both to collect
contractual cash flows and to sell.

• The contractual terms of the financial asset
give rise on specified dates to cash flows that
are solely payments of principal and interest
on the principal amount outstanding.

Instruments included within the FVTOCI category
are measured initially as well as at each reporting
date at fair value. Fair value movements are
recognized in OCI. However, the Company
recognizes interest income and impairment
losses & reversals in the Profit and Loss. On
derecognition of the asset, cumulative gain or
loss previously recognized in OCI is reclassified
from the equity to Profit and Loss. Interest earned
whilst holding FVTOCI Financial asset is reported
as interest income using the EIR method.

Financial asset at fair value through profit and
loss (FVTPL)

FVTPL is a residual category for company's financial
instruments. Any instruments which does not
meet the criteria for categorization as at amortized
cost or as FVTOCI, is classified as at FVTPL.

All investments included within the FVTPL
category are measured at fair value with all
changes recognized in the Profit and Loss.

In addition, the company may elect to
designate an instrument, which otherwise
meets amortized cost or FVTOCI criteria, as at
FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement
or recognition inconsistency (referred to as
'accounting mismatch').

Derecognition

When the Company has transferred its rights to
receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without
material delay to a third party under a 'pass- through'
arrangement. It evaluates if and to what extent it has
retained the risks and rewards of ownership.

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognized when:

• The rights to receive cash flows from the
asset have expired, or

• Based on above evaluation, either (a) the
Company has transferred substantially
all the risks and rewards of the asset, or
(b) the Company has neither transferred
nor retained substantially all the risks and
rewards of the asset, but has transferred
control of the asset.

When it has neither transferred nor retained
substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the
Company continues to recognize the transferred
asset to the extent of the Company's continuing
involvement. In that case, the Company also
recognizes an associated liability. The transferred
asset and the associated liability are measured on
a bases that reflect the rights and obligations that
the Company has retained.

Continuing involvement that takes the form of a
guarantee over the transferred asset is measured
at the lower of the original carrying amount of the
asset and the maximum amount of consideration
that the Company could be required to repay.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss on the financial
assets which are not fair value through profit & loss
and equity instruments recognized in OCI.

Loss allowances for trade receivables are always
measured at an amount equal to Lifetime ECL.
Lifetime ECL are the expected credit losses that
result from all possible default events over the
expected life of a financial instrument. The
maximum period considered when estimating
ECL is the maximum contractual period over
which the company is exposed to credit risk.

For recognition of impairment loss on other
financial assets and risk exposure, the Company
determines that whether there has been a
significant increase in the credit risk since initial
recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide
for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used.

Lifetime ECL are the expected credit losses
resulting from all possible default events over
the expected life of a financial instrument. The
12-month ECL is a portion of the lifetime ECL
which results from default events that are possible
within 12 months after the reporting date.

ECL is the difference between all contractual cash
flows that are due to the Company in accordance
with the contract and all the cash flows that the
entity expects to receive (i.e., all cash shortfalls),
discounted at the original EIR. When estimating
the cash flows, an entity is required to consider
all contractual terms of the financial instrument
(including prepayment, extension, call and similar
options) over the expected life of the financial
instrument. However, in rare cases when the
expected life of the financial instrument cannot
be estimated reliably, then the entity is required
to use the remaining contractual term of the
financial instrument.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as
income/ expense in the statement of profit
and loss (P&L). This amount is reflected under
the head 'other expenses' in the P&L. The
balance sheet presentation for various financial
instruments is described below:

Financial assets measured as at amortized
cost, contractual revenue receivables and lease
receivables: ECL is presented as an allowance, i.e., as
an integral part of the measurement of those assets
in the balance sheet. The allowance reduces the net
carrying amount. Until the asset meets write-off
criteria, the Company does not reduce impairment
allowance from the gross carrying amount.

b) Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit and loss or at amortized cost,

as appropriate. All financial liabilities are
recognized initially at fair value and, in the
case of loans and borrowings, net of directly
attributable transaction costs. The Company's
financial liabilities include trade payables, lease
obligations, and other payables.

Subsequent measurement

The measurement of financial liabilities depends
on their classification, as described below:

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and
borrowings and other payables are subsequently
measured at amortized cost using the EIR method.
Gains and losses are recognized in profit and loss
when the liabilities are derecognized as well as
through the EIR amortization process.

Amortized cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortization is included as finance
costs in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the
terms of an existing liability are substantially
modified, such an exchange or modification
is treated as the derecognition of the original
liability and the recognition of a new liability. The
difference in the respective carrying amounts is
recognized in the statement of profit and loss.

c) Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

(xiii) Earnings per share

Basic earnings per share are calculated by dividing the
net profit or loss for the year attributable to equity
shareholders by the weighted average number of
equity shares outstanding during the period adjusted
for bonus elements, if any, issued during the year.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the year attributable
to equity shareholders after taking into account the
after income tax effect of interest and other financing
costs associated with dilutive potential equity shares
and the weighted average number of additional equity
shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

(xiv) Segment reporting

The Company has identified "Cash Logistics Service"
as a reportable segment based on the manner in
which the operating results are reviewed by the Chief
Operating Decision Maker.

(xv) Cash Flow Statement

Cash flow statement is prepared in accordance with the
indirect method prescribed in Ind AS 7 'Statement of
Cash Flows'. Cash flows are reported using the indirect
method, whereby profit/ (loss) before tax is adjusted
for the effects of transactions of non-cash nature and
any deferrals or accruals of past or future cash receipts
or payments. Cash flow for the year is classified by
operating, investing and financing activities.

(xvi) Rounding of amount

Amount disclosed in the financial statement and notes
have been rounded off to the nearest million as per the
requirements of schedule III, unless otherwise stated.

Note 15.2 Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of H 1/- per share. The holders of the equity shares are entitled to
receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings
of shareholders.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of the
company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by
the shareholders.

(b) Defined benefit plan

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

Valuation Technique used to determine Fair Value:

Specific valuation techniques used to value financial instruments include:

Use of quoted market prices for Listed instruments

For the year ended March 31, 2025 and year ended March 31, 2024 there are no financial assets under the categories FVTOCI or FVTP&L

Note 37 - Risk Management

Financial Risk Management

The company is exposed to Interest rate risk, Credit risk, Collection risk and liquidity risk. Given the nature of operations, the company
does not face any forex risk, commodity risk and other market risk aspects. The company has assigned the responsibility of managing
these risks with the respective division heads as stated below.

Market Rate - Interest Rates

The company does not have any term loans with variable interest rate. Hence the company does not face any significant market risk in
relation to interest rate volatility. Credit limits, to the extent of H 1945.00 million are variable rate borrowings, subject to periodic interest
rate revision. The Company manages its CC limit utilisation judiciously to minimise interest outgo. This risk is managed by GM - Finance.

Credit Risk

The company is highly underleveraged with zero net long term debt (total long term debt minus free cash) as on March 31, 2025 and March
31, 2024. Hence credit risk of the company is very healthy and risk of default is negligible. This risk is managed by Managing Director.

Trade Receivable

Over 87% of the clients of the company are highly rated banks and financial institutions, with no history of defaults. Hence, credit risk
on the trade receivables are neglible. The company takes adequate precaution in terms of evaluation of the creditworthiness of its
direct clients. The track record of collection of Trade Receivables has been very healthy. The company also has a practice of obtaining
confirmation on service provided from most of its clients before invoicing, and hence risk of subsequent non-collection is negligible. This
risk is managed by Head - Business Development for new clients, and Head - Billing for the existing clients.

Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity
reserves attributable to the equity holders of the parent. The primary objective of the Company's capital management is to maximize the
shareholder value. The Company manages its capital structure and makes adjustments in light the of changes in economic conditions and
the requirements of the financial covenants.The Company does not have any long-term loans outstanding as at March 31, 2025. It has
taken adequate credit facilities from various banks to maintain its liquidity.

Note 40

The Company has completed its Initial Public Offer ("IPO") of 26,676,977 Equity Shares of face value of Re. 1 each. The IPO consist of fresh
issue of 5,454,546 Equity Shares by the Company and an offer for sale of 21,222,431 Equity Shares by the selling shareholders as detailed
in the prospectus. The fresh issue of the Company has been subscribed at H 99 per Equity Share (including securities premium of H 98 per
Equity Share) aggregating to H 540.00 millions (shares alloted on 2nd January,2023) and the offer for sale of 21, 222,431 Equity Shares of
H 1 each were subscribed at H 2,026.41 millions.

Note 41

The Company is in the process of reconciling the monthly returns filed under the Central Goods and Services Tax Act, 2017 ("CGST Act"),
Integrated Goods and Services Tax Act, 2017 ("IGST Act") and other relevant States Goods and Services Tax Acts (SGST Acts) with its books
and records to file the annual return for FY 2024-25. Adjustments, if any, consequent to the said reconciliation will be given effect to in
the financial statements on completion of reconciliation and filing of returns. However, in the opinion of the Management, the impact of
the same will not be material.

Note 42 - Code on Social Security

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 and
has invited suggestions from stakeholders. The Company will assess the impact and its evaluation once the subject rules are notified and
will give appropriate impact in its financial statements in the period in which, the Code and the rules become effective.

Note 43 - Events after the reporting period

There are no significant events after the reporting period that affect the figures presented in this financial statement.

Note 44 - Prior Year Comparatives

Previous year figures have been re-grouped/ re-classified, wherever necessary, to confirm to current year's classification and presentation.

As per our report of even date attached For and On Behalf of the Board of Directors of

For ASA & Associates LLP RADIANT CASH MANAGEMENT SERVICES LIMITED

Chartered Accountants CIN: L74999TN2005PLC055748

Firm Regn No. 009571N/N500006

G.N. Ramaswami Col. David Devasahayam Renuka David

Partner Chairman and Managing Director Whole Time Director

Membership No.202363 DIN: 02154891 DIN: 02190575

Jayanthi T.V Venkataramanan

Independent Director Chief Financial Officer

DIN: 09295572

Nithin Tom

Place: Chennai Company Secretary

Date: 23/05/2025 M.No: ACS 53056