Dear Members,
 
 The Directors are pleased to present the Twenty third Annual Report
 and the audited accounts for the financial year ended 31st March, 2011.
 
 FINANCIAL PERFORMANCE                                  (Rs. in Lacs)
 
                                         Current Year 
                                                ended  Previous Year 
                                                               ended
 
                                           31.03.2011     31.03.2010
 
 Operating Income                           12,687.68       9,845.57
 
 Other Income                                  234.01        (376.89)
 
 Profit before Interest, 
 Depreciation and Tax                        2,560.69        (522.44)
 
 Less: Interest                                618.33         313.33
 
 Depreciation                                1,054.11       1,157.86
 
 Profit before Tax and Prior Year Adjustment   888.24      (1,993.63)
 
 Less: Provision for Current Taxation           13.00          53.76
 
 Profit after Tax and Exceptional Items        875.24      (2,047.39)
 
 Add: Balance brought forward from 
 previous year                               3,207.20       5,455.40
 
 Amount available for appropriation          4,082.44       3,408.01
 
 Appropriations:
 
 Transfer to General Reserve                    25.00              -
 
 Transfer to Capital Redemption Reserve             -         110.00
 
 Transfer to Tonnage Tax Reserve               159.00              -
 
 Preference Dividend paid                       76.00              -
 
 Tax on dividend paid                           12.62              -
 
 Interim dividend paid on Equity Shares        109.79              -
 
 Tax on Interim dividend on Equity Shares       18.23              -
 
 Proposed Equity Dividend                      131.75              -
 
 Tax on Equity Dividend                         21.37              -
 
 Proposed Preference Dividend                       -          77.88
 
 Tax on Preference Dividend                         -          12.94
 
 Balance carried to Balance Sheet            3,528.68       3,207.20
 
 DIVIDEND
 
 In view of the turnaround performance of the Company, the Board of
 Directors recommend a Dividend of 6% on the Equity shares for the
 current financial year. This Dividend is subject to the approval of the
 Members at the Twenty third Annual General Meeting to be held on 17th
 August, 2011. The payment of dividend on shares will entail a cash
 outflow of Rs.153.12 lacs including dividend distribution tax.
 
 The Board of Directors at its meeting held on 26th October, 2010 has
 declared an interim dividend of 5% on the Equity Shares of Rs.10/- each
 and 11% on its 11% Convertible Non Cumulative Redeemable Preference
 Shares of Rs.100/- each.
 
 Thus the total outflow on account of dividend distribution would amount
 to Rs.216.64 lacs including total dividend distribution tax.
 
 REVIEW OF OPERATIONS
 
 The current year has been one of the memorable years for Shreyas.
 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.
 
 Shreyas has put up a commendable performance during the year.  Though
 Shreyas had posted a Net Loss of Rs.2,047.39 lacs, in the previous year.
 However during the current year, it has been able to make a Profit
 After Tax (PAT) of Rs.875.24 lacs. This clearly depicts a swing of
 Rs.2,922.63 lacs in the profits of the Company. This was possible due to
 the cost saving measures. Also the refocusing helped in building the
 top line.
 
 Shreyas presently operates on the West coast and the South coast.
 
 As regards, containerized logistics, Shreyas has through its wholly
 owned subsidiary, ventured into road transportation and warehousing. It
 is also venturing into rail movement. Shreyas is now moving towards a
 complete backward integration of its services thereby offering its
 clientele various value added services.  Shreyas has through its wholly
 owned subsidiary plans to acquire trailers (owned and leased) for its
 road transportation. The fleet of trailers acquired by the Company have
 GPS connectivity thereby providing real time information to clients. In
 addition to the above, the Company has through its wholly owned
 subsidiary also signed an agreement for Warehouse & Domestic cargo
 distribution center at Tuticorin and Mundra. With this, Shreyas is now
 moving closer towards establishing itself as a Lead Logistics Player in
 the Industry giving complete logistics solutions to our clients.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 A detailed review of the operations, performance and future outlook of
 the Company and its business is given in the Management Discussion and
 Analysis appearing as Annexure I to this Report.
 
 TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND
 
 No unclaimed dividend was due for transfer to the Investor Education
 and Protection Fund established by the Central Government during the
 year.
 
 QUALITY
 
 Quality, integrity and safety have been core to the Company. We firmly
 believe that the pursuit of excellence is one of the most critical
 components for success in the competitive market and therefore,
 consistently strive to adhere to the highest quality standards. Shreyas
 has been re-certified by DNV Quality Registrar in accordance with the
 Standard ISO 9001:2008 upto 31st October, 2012.
 
 Moving forward, the Company shall continue to further strengthen its
 processes by adopting best-in-class standards.
 
 FIXED DEPOSITS
 
 The Company has not accepted fixed deposits from the public during the
 year under review.
 
 DIRECTORS
 
 Mr. S. Mahesh and Mr. Amitabha Ghosh retire by rotation at the ensuing
 Annual General Meeting, and being eligible, offer themselves for
 re-appointment.
 
 Mr. K.P. Medhekar has resigned as a Director with effect from 1st
 October, 2010.
 
 Mr. Mannil Venugopalan was appointed as additional director w.e.f. 3rd
 September, 2010
 
 The above appointment and re-appointments form part of the Notice of
 the Annual General Meeting and the Resolutions are recommended for your
 approval.
 
 Profiles of these Directors, as required by Clause 49 of the Listing
 Agreement, are given in the Report on Corporate Governance forming part
 of this Report.
 
 SUBSIDIARY COMPANY
 
 In compliance with the provisions of Section 212 of the Companies Act,
 1956, the audited statement of accounts alongwith the Directors and
 Auditors report for the year ended 31st March, 2011 of Shreyas Relay
 Systems Ltd, the wholly owned subsidiary and Haytrans (India) Ltd, the
 subsidiary of the Company are annexed.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956, the Directors confirm that, to the best of their knowledge
 and belief, in respect of the year ended on 31st March, 2011;
 
 a) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 b) appropriate accounting policies have been selected and applied
 consistently, and such judgments and estimates have been made that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company as at 31st March, 2011 and of the profit of
 the Company for the year ended on 31st March, 2011;
 
 c) proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities; and
 
 d) the annual accounts have been prepared on a ‘going concern basis.
 
 CORPORATE GOVERNANCE
 
 As required by Clause 49 of the Listing agreement entered into with the
 Stock Exchanges, a detailed Report on Corporate Governance is given as
 Annexure II to this Report alongwith the Auditors Certificate on its
 compliance by the Company (Annexure IV) and applicable certification of
 the Chief Executive Officer and Chief Financial Officer (Annexure III).
 
 AUDITORS
 
 M/s. PKF Sridhar & Santhanam, Chartered Accountants, retire at the
 conclusion of the 23rd Annual General Meeting and offer themselves for
 re-appointment. A Certificate from the Auditors has been received to
 the effect that their re-appointment, if made, would be within the
 limits prescribed under Section 224(1B) of the Companies Act, 1956.
 
 As regards the observation made in the Auditors report, your Directors
 wish to state that the interpretation of the Institute of Chartered
 Accountants of India is not found in the notification issued by the
 Government of India and hence has no legal sanction. Accounting
 Standard-16 covers capitalisation of interest in projects in respect of
 ‘qualifying assets and cannot be applied to all cases of capital
 expenditure. Such an interpretation by the Institute of Chartered
 Accountants of India has the effect of taking foreign exchange gains to
 the credit of capital expenditure but a major part of foreign exchange
 loss to interest expenditure, which cannot be the intention of the
 Government notification, which is to give relief to industries from
 violent negative fluctuations in foreign exchange. In our view the
 accounting treatment given by the Company is correct and helps reflect
 a true and fair view of profit of the year.
 
 COST AUDIT
 
 The Central Government has not recommended cost audit of the Company
 during the year under consideration.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
 AND OUTGO
 
 Under the Notification No.GSR 1029, dated 31st December, 1988,
 companies are required to furnish prescribed information regarding
 conservation of energy and technology absorption.  This, however, does
 not apply to your Company, as the shipping industry is not included in
 the Schedule to the relevant rules.
 
 With regard to foreign exchange earnings and outgo, the position is as
 under:
 
 Sr.  Particulars                                      Rs. in Lacs
 No.                                                   (2010-11)
 
 (i) Foreign exchange earnings including                2,441.23 
 proceeds on sale of ship (on accrual basis)
 
 (ii) Foreign exchange outgo including operating        3,658.29 
 components and spare parts and other expenditure 
 in foreign currency (on accrual basis)
 
 PERSONNEL
 
 Iformation as per section 217(2A) of the Companies Act, 1956, read with
 the Companies (Particulars of Employees) Rules, 1975, forms part of
 this Report. However, as per the provisions of section
 
 219(1)(b)(iv) of the said Act, this Report and the Accounts Statement
 are being sent to all Shareholders excluding the Statement of
 Particulars of Employees under section 217(2A). Any Shareholder
 interested in obtaining a copy of the statement may write to the
 Company Secretary at the Registered Office of the Company.
 
 ACKNOWLEDGMENTS
 
 Your Directors thank the Companys clients, vendors, charterers,
 business associates, main line operators, investors and bankers for
 their continued support during the year. It will be your Companys
 endeavour to build and nurture strong links with them based on
 mutuality, respect and co-operation with each other. Your Directors
 take this opportunity to thank all employees for their hard work,
 dedication and commitment. The enthusiasm and unstinting efforts of the
 employees have enabled the Company to remain at the forefront of the
 industry despite increased competition from several existing and new
 players.
 
 Your Directors place on record their appreciation for the support and
 continued co-operation that the Company received from the Government of
 India, the Ministry of Shipping, the Ministry of Finance, the Ministry
 of Corporate Affairs, the Directorate General of Shipping, the
 Mercantile Marine Department, the Stock Exchanges, the Reserve Bank of
 India, the Central Board of Excise and Customs, and other Government
 agencies. Your Directors also express their sincere thanks to the
 Indian National Ship Owners Association, Port authorities, Insurance
 companies, Protection and Indemnity clubs for their continued support
 during the year.
 
                          For and on behalf of the Board of Directors
 
 Place: Mumbai                                        S. Ramakrishnan
 
 Date: 25th May, 2011                    Chairman & Managing Director