Dear Shareholders,
 
 The year 2010-2011 has been a very encouraging year for the Indian
 coastal shipping.  The overall Indian container industry has been able
 to put up a turnaround performance during the current year. The Indian
 coastal shipping is now identified as a major potential growth area for
 the Indian economy. In fact the Government is formulating a new policy
 for boosting the coastal shipping in India. Further the opening of the
 Vallarpadam port will bring in better opportunities for the Indian
 shipping companies. All this will only augment the growth of the Indian
 coastal shipping.
 
 The container traffic volume surged up by 9.5% over the previous year
 which clearly indicates the turnaround of the Indian container
 industry. Also the Jawaharlal Nehru Port (Nhava Sheva), which handles
 more than 60 percent of the countrys total containerized traffic,
 reported its highest-ever throughput of 4.27 million TEUs, up 5 percent
 as compared to the previous financial year. In fact based on a recent
 assessment by the Shipping Ministry, major ports are expected to handle
 615 million tons of cargo in fiscal 2011-12, beginning 1st April, 2011.
 Total containerized traffic for 2011-12 is projected to reach 11
 million TEUs, from the current 7.54 million TEUs, driven by a strong
 turnaround in the countrys foreign trade.
 
 During the year, your Company refocused its business model and could
 thereby build better revenues alongwith cost monitoring at all times.
 This has helped the Company to achieve a significant turnaround and
 emerge successfully. In fact, I am happy to report that the performance
 of Shreyas has exceeded our expectations and this is substantiated by
 our financials.
 
 Your Company has been able to post a significant profit after tax of
 Rs.8.75 crore against a loss of Rs.20.47 crore in the previous financial
 year. This indicates a turnaround of Rs.29.22 crore in the profit after
 tax of the Company. The sailing was not very smooth as the Company had
 to hurdle through the long strike at the Cochin port and the increase
 in the bunker costs.
 
 Your Company is now venturing into other business verticals in the
 logistics segment with a vision to become a lead logistics player
 within the country thereby offering complete logistics solutions to its
 clients. Your Company also aspires to diversify its shipping activities
 thereby reducing dependence on container shipping.
 
 We seek your continual support which would further strengthen our hands
 as we set out to scale new heights of performance. We believe your
 faith is well-founded and that together we will impact the logistics
 industry. I would like to assure you that all our efforts will be
 directed towards strong growth in the future.
 
 I take this opportunity to thank our shareholders and business partners
 for the trust they have placed in us and your confidence and
 unflinching belief in our ability to deliver value. I also thank my
 colleagues on the Board, whose support and leadership has been
 invaluable. Employees are the backbone of any organization. It is their
 unstinted effort and co-operation that has helped Shreyas reach here.
 
 I also take this opportunity to recognise the support of our customers,
 suppliers, all regulatory authorities, our bankers, auditors,
 consultants, other business associates and legal advisors/counsels.
 
 Mumbai                                           S. Ramakrishnan
 
 25th May, 2011                      Chairman & Managing Director