Radiant Cash Management Services Private Limited
Notes to the financial statements for the year ended March 31, 2018
(All amounts are in Indian Rupees)
1	Background
	Radiant Cash Management Services Private Limited (the Company) was incorporated on March 23, 2005. The Company is a private limited Company having its registered office in Tamil Nadu and is engaged in the business of Cash Logistics Services, Cash Van Operations and Other Services.
2	Significant accounting policies
2.1	Basis of Preparation of Financial Statements
	The financial statements have been brpared and brsented in accordance with the Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises accounting standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
2.2	Use of Estimates
	The brparation of the financial statements in conformity with GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period, reported balances of assets and liabilities, and disclosure of contingent assets and contingent liabilities as at the date of the financial statements.  Actual results could differ from those estimates.  Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in current and future periods.
2.3	Property, Plant and Equipment
	i. Tangible assets
	Property, Plant and Equipment are carried at cost of acquisition or construction less accumulated debrciation. Cost comprises the purchase price and attributable cost of bringing the asset to its working condition for its intended use.
	Borrowing costs directly attributable to acquisition, construction or production of those fixed assets which necessarily take a substantial period of time to get ready for their intended use are capitalised.
	Capital work in progress comprises the cost of fixed assets that are not yet ready for their intended use as at the balance sheet date.
	ii. Debrciation
	Debrciation is provided on the Straight Line Method (SLM).  The useful life as specified in Schedule II to the Companies Act, 2013 has been considered for debrciation computation.  If the management’s estimate of the useful life of a fixed asset at the time of acquisition of the fixed asset or of the remaining useful life on a subsequent review is shorter/longer than that envisaged in the aforesaid schedule, debrciation is provided at higher/lower rate based on the management’s estimate of the useful life/remaining useful life. Debrciation is charged on pro rata basis for assets purchased/sold during the year.
	Pursuant to this policy, fixed assets are debrciated over the useful life as provided below:
	Asset description	Useful Life (in Years)
	Computers			3
	Motor vehicles			6-10
	Furniture & fixtures			10
	Electrical fittings			10
	Office equipments			5
	Vault & lockers			10
	iii. Intangible assets and amortisation
	Intangible assets are recorded at the consideration paid for acquisition. Intangible assets are amortised over their estimated useful lives of 4 years on a straight line basis, commencing from the date the assets is available to the Company for its use.
	Intangible assets under development comprises of cost of intangible assets that are not ready for the intended use as at the balance sheet date.
2.4	Revenue
	Revenue is recognised on a monthly basis based on completion of services. Unbilled revenues rebrsent services rendered and revenues recognized on contracts to be billed in subsequent periods as per the terms of the related contract.
	Interest income is recognised on a time proportionate basis taking into account the amount outstanding and the interest rate applicable.
	Dividend income is recognised in the year when the right to receive payment is established.
2.5	Impairment of Assets
	The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset.  If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the statement of profit and loss. If at the balance sheet date there is an indication that if a brviously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of debrciated historical cost.
2.6	Leases
	Leases under which the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. Such assets acquired are capitalised at the fair value of the asset or brsent value of the minimum lease payments at the inception of the lease, whichever is lower.  Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased items are classified as operating leases. Operating lease payments are recognised as an expense in the statement of profit and loss on a straight line basis over the period of the lease.
2.7	Investments
	Investment that are readily realisable and intended to be held for not more than a year from the date of acquisition are classified as current investments. All other investments are classified as long term investments. However, that part of long term investments which is expected to be realised within 12 months after the reporting date is also brsented under ‘current assets’ as “current portion of long term investments” in consonance with the current / non-current classification scheme of  Schedule-III of the Act.
	Long term investments (including current portion thereof) are carried at cost less any other than temporary diminution in value, determined separately for each individual investment.
	Current investments are carried at the lower of cost and fair value.
2.8	Employee benefits
	(i) Short-term employee benefits: Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of short-term employee benefits to be paid in exchange for employee services are recognised as an expense as the related services are rendered by employees.
	(ii) Provident Fund: Eligible employees receive benefits from the provident fund, which is a defined contribution plan.  Both the employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee’s basic salary.  The Company has no further obligations under the plan beyond its monthly contributions.  Contributions to provident fund are charged to the statement of profit and loss on accrual basis.
	(iii) Gratuity:
	This is a defined benefit plan. Contributions are made to the fund administered by Life Insurance Corporation of India (LIC). Gratuity liability is charged to the statement of profit and loss based on actuarial valuation using projected unit credit method. Actuarial gains and losses comprising of experience adjustments and the effects of changes in actuarial assumptions, are recognised immediately in the statement of profit and loss as income or expense.
2.9	Borrowing Costs
	General and specific borrowing costs directly attributable to the acquisition of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.
2.10	Taxation
	Current and deferred tax
	Tax expense for the period, comprising current tax and deferred tax (i.e. amount of tax for the period determined in accordance with the income-tax law) and deferred tax charge or credit (reflecting that tax effects of timing differences between accounting income and taxable income for the year) are included in the determination of the net profit or loss for the period. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxation laws brvailing in the respective jurisdictions.
	Deferred tax is recognised for all the timing differences, subject to the consideration of prudence in respect of Deferred Tax Asset. Deferred tax assets are recognised only to the extent there is a reasonable certainty that the assets can be realised in future; however, where there is unabsorbed debrciation or carried forward loss under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at the balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realised. Deferred Tax Assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantially enacted by the balance sheet date. At each balance sheet date, the company reassesses unrecognised deferred tax assets, if any.
	Current and deferred tax assets and liabilities are offset to the extent to which the company has legally enforceable right to set off and they relate to taxes on income levied by the same governing taxation laws.
2.11	Provisions, contingent liabilities and contingent assets
	Provisions are recognised when there is a brsent obligation 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 there is a reliable estimate of the amount of the obligation.
	Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which 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 brsent obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Contingent assets are neither recognised nor disclosed in the financial statements.
2.12	Earnings per share
	Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the Company’s earnings per share is the net profit for the period attributable to equity shareholders.
	The weighted average number of equity shares outstanding during the period and for all periods brsented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources.
	For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
2.13	Cash flow statement
	Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non–cash nature and any deferrals or accruals of past or future cash receipts or payments.  The cash flows from regular revenue generating, financing and investing activities of the Company are segregated.
2.14	Foreign currency transactions
	Transactions in foreign currencies are recorded at the exchange rates brvailing on the date of transaction. Foreign currency monetary assets and liabilities are translated at year end exchange rates. Exchange differences arising on settlement of transactions and translations of monetary items are recognised as income or expense in the year in which they arise.

Radiant Cash Management Services Private Limited
Notes to the financial statements for the year ended March 31, 2018
(All amounts are in Indian Rupees)
26.	Related Party Transactions
	a. Names of the Related parties with whom transactions have taken place during the year:
	Description of relationship	Name of the related party
	Chairman and Managing Director (Key management personnel & significant shareholder)	Col. David Devasahayam
	Director (Key management personnel & significant shareholder)	Dr. (Mrs.) Renuka David
	Entity owned by significant shareholder	Radiant Protection Force Pvt Ltd
	Entity owned by significant shareholder	Radiant Integrity Techno Solutions Pvt Ltd
	Entity owned by significant shareholder	Radiant Business Solutions Pvt Ltd
	Entity owned by significant shareholder	Radiant Medical Services Pvt Ltd
	b. Transactions with related parties
	Nature of transaction	Name of related party	Year ended March 31, 2018	Year ended March 31, 2017
	Director's Remuneration	Col. David Devasahayam	19,999,992	20,000,000
	Director's Remuneration	Dr. Renuka David	3,600,000	3,600,000
	Service received	Radiant Business Solutions Pvt Ltd	100,000	867,742
	Service received	Radiant Integrity Techno Solutions Pvt Ltd	8,250,000	10,867,500
	Service received	Radiant Protection Force Pvt Ltd	291,125,014	311,311,964
	Service rendered	Radiant Protection Force Pvt Ltd	-	2,769,936
	Service received	Radiant Medical Services Pvt Ltd	1,800,000	4,054,500
	c. Balances as at the year end:
	Nature of balance	Nature of relationship	As at March 31, 2018	As at March 31, 2017
	Payables (net)
	Col David Devasahayam	Key Management Personnel	-	854,643
	Radiant Integrity Techno Solutions Pvt Ltd	Entity owned by significant shareholder	-	(114,000)
	Radiant Protection Force Pvt Ltd	Entity owned by significant shareholder	-	5,995,158
	Radiant Medical Services Pvt Ltd	Entity owned by significant shareholder	168,000	189,000
	Receivables (net)
	Radiant Protection Force Pvt Ltd	Entity owned by significant shareholder	6,001,023	-
27.	Transfer Pricing
	The Company has domestic transactions with related parties and the Company confirms that it has maintained documents as brscribed by the Income-tax Act, 1961 to prove that these domestic transactions are at arm's length and the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation. Radiant Cash Management Services Private Limited Notes to the financial statements for the year ended March 31, 2018 (All amounts are in Indian Rupees) 28. CSR expenditure (a) Gross amount required to be spent by the company during the year :  Rs. 11,68,683/-   (b) Amount spent during the year on: Year ended  Year ended  March 31, 2018 March 31, 2017 Particulars In cash  Yet to be paid in cash In cash  Yet to be paid in cash (i) Construction/acquisition of any asset                    -                       -                   -                       -   (ii) On purposes other than (i) above       10,200,000                     -       11,086,000                     -   (c) Details of related party transactions: Year ended  Year ended  March 31, 2018 March 31, 2017 Name of the Party          Radiant Foundation   90,00,000   1,10,86,000  29. Comparitives Previous year's figures have been regrouped/recast wherever necessary to confirm to current year brsentation. The accounting policies have been consistently applied by the Company and are consistent with those used in the brvious year.   for Menon & Pai                                                                                      for and on behalf of the Board of Directors of  Chartered Accountants                                                                             Radiant Cash Management Services Private Limited ICAI Firm Registration No. 008025S Sd/- Sd/- Sd/ A. Arjuna Pai                                                                                          Col. David Devasahayam Dr. Renuka David Partner                                  Chairman & Managing Director Director Membership No. 007460                                                                        DIN: 02154891  DIN: 02190575 Place : Chennai Date  : 10.09.2018

2.8	Employee benefits
	(i) Short-term employee benefits: Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of short-term employee benefits to be paid in exchange for employee services are recognised as an expense as the related services are rendered by employees.
	(ii) Provident Fund: Eligible employees receive benefits from the provident fund, which is a defined contribution plan.  Both the employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee’s basic salary.  The Company has no further obligations under the plan beyond its monthly contributions.  Contributions to provident fund are charged to the statement of profit and loss on accrual basis.
	(iii) Gratuity:
	This is a defined benefit plan. Contributions are made to the fund administered by Life Insurance Corporation of India (LIC). Gratuity liability is charged to the statement of profit and loss based on actuarial valuation using projected unit credit method. Actuarial gains and losses comprising of experience adjustments and the effects of changes in actuarial assumptions, are recognised immediately in the statement of profit and loss as income or expense.

25.	Segment reporting
	The Company has only one business segment. Accordingly, there are no separate reportable segments as per Accounting Standard (AS) 17 on Segment Reporting.