Shreyas Shipping & Logistics Ltd Management Discussions.


The calendar year 2019 started off with rising tensions between the worlds two largest economies - US and China. US and China together account for 40% of the global GDP and the trade disputes between them had an adverse effect on the global economy and sentiment overall. This impact was not only seen in the commodities and financial markets (equities, bonds, currencies), but also on the output and profitability of firms leading to deterred investment decisions of businesses. However, as the year progressed, market sentiments were boosted by tentative signs on intermittent favourable news on US-China trade negotiations.

Brexit was the other major event that finally took place on January 2020, after the public referendum in 2016 and years of negotiations. The impact of Brexit is expected to hurt the UK economy primarily in 2020 by having the weakest export growth since 2009, Business investments to contract by 0.7%, and household spending growth predicted to be at its slowest since 2011, due to historically low unemployment.

If the pain felt across global economies was not enough in 2019, the year ended off on a worse footing with the Corona Virus being first detected in December and quickly spreading across the worlds second-largest economy from the capital of Hubei province before infecting more than 110,000 people in at least 110 countries in less than three months. According to the WHO, the death toll reached more than 4,000 by March 2020. From an economic perspective, the key issue was not just the number of cases of this virus, but the level of disruption to economies. In a March report, the Organisation for Economic Co-operation and Development, or OECD, announced that it had downgraded its 2020 predictions for almost all countries, the UN Conference on Trade and Development went even further and predicted that global GDP could take a $2 trillion hit.The global economic activity from the Purchasing Manager Index for the manufacturing and the services sector showed that Both manufacturing and services activity plunged in February 2020. The composite index was at 46.1 indicating that the global economy was potentially in a recession for the month.

As a silver lining, Governments of all countries have taken strong and bold measures to brace their economies from the expected impact of the Corona Virus. USA started off by rate cuts and infusing more than $1.5 Trillion into the financial system in an effort to calm the market turmoil after Wall Street suffered its worst day since the 1987 market crash.

Sources: cent-in-january/articleshow/74101089.cms?from = mdr


The Indian economy started this financial year on a dull note due to the ongoing liquidity crisis. In order to achieve the governments vision of making India a USD 5 trillion economy by 2025, the Finance Ministry slashed domestic corporate tax rates to 25.17% in the mid year to spur the investments in the economy. As a result the domestic investments contributed intermittently to the India growth story, but this proved to be a bit too little, too late.

The Consumer Price Index (CPI) showed retail inflation rising to 7.59% in January 2020 and IIP growth stood at a mere 2% YoY in January 2020, which was mainly driven by intermediate goods output whereas, Capital goods, infrastructure and construction goods output declined.

The liquidity crunch stressed NBFC funding; interest rates hiked up, which resulted in a degrowth of household consumption. The Indian auto sector which has a valuable contribution to the economy went through a difficult phase in the last one year primarily due to government norms pushing to shift to BS-VI models.

The Current Account Deficit narrowed primarily on account of lower non-oil, non-gold imports and robust services exports supported by software, travel and financial services. The balance of payments surplus stood at US$21.6bn which was supported by FPI and FDI flows.

Although, according to the Indian Budget 2020 the real GDP growth was estimated at 5.0% in the financial year 2019-20, growing to 5.6% in financial year 2020-21, with recent development with regards to Covid-19 cases in India, these growth estimates are expected to take a major hit. The financial year 2021, regardless to say, is going to be a challenging one for the world and India.

Sources: recession/articleshow/74633541.cms?from = mdr


Ports in India handle around 95 per cent of international trade volume of the country. Increasing trade activities and private participation in port infrastructure is set to support port infrastructure activity in India. Cargo traffic during FY19 for solid, liquid and container cargo was 292 MT, 262 MT and 145 MT, respectively. Capacity at major ports is expected to grow to 1,477 million tonnes in FY19 from 505 million tonnes in FY07. Utilisation rates of major ports in India such as JNPT port, Kandla port, Ennore port, etc., are much above the worlds average. 12 Major Ports were identified under Sagarmala project, for cargo handling till 2035. The objective of this project is to promote port led development and to provide infrastructure to quickly transport goods to and from ports, with higher efficiency and at lower cost. In July 2019, V.O. Chidambaranar Port created a new record by handling 1,80,597 Metric Tonnes of cargo in a single day. Average turnaround time is influenced by factors such as type of cargo, parcel size and entrance channel. Turnaround time at major ports in India has decreased at a rapid pace from 82.32 hours in FY17 to 59.51 hours in FY19. Turnaround time at major ports stood at 64.69 hours in FY20 (till September 2019).

Strong growth potential, favourable investment climate and sops provided by state governments have encouraged domestic and foreign private players to enter the Indian ports sector. In addition to the development of ports and terminals, the private sector has extensively participated in port logistics services. Government of India is targeting to make the country the first in the world to operate all 12 major domestic government ports on renewable energy. The government plans to install almost 200 MW wind and solar power generation capacity by 2019 at the ports. The energy capacity could be ramped up to 500 MW in future years.

With the increasing private participation in establishing minor ports. Cargo traffic handled by the minor ports are outpacing cargo traffic at major ports. The Government of India is planning to build 14 CEZs in the country to boost manufacturing and jobs. In November 2017, the first mega CEZ at the Jawaharlal Nehru Port in Maharashtra was cleared.

Indias total external trade grew to US$ 838.46 billion in FY19, implying a CAGR of 5.53 per cent since FY09. Merchandise exports during the year were US$ 331.02 billion while imports reached US$ 507.44 billion. Indias merchandise exports and imports stood at US$ 265.26 billion and US$ 398.53 billion, respectively, in FY20 (till Jan 2020). Increasing trade is translating into higher demand for containerisation due to their efficiency.

As per National Meritime Agenda 2010 -2020, government plane to increase the port capacity of around 3,500 MT to handle the expected traffic of about 2,500 MT by 2025. The Proposed investments in major ports by 2020 are expected to total US$ 18.6 billion, while those in non-major ports would be US$ 28.5 billion. The government is also working to float a specialised Maritime Finance Corporation with the equity of ports and financial institutions to fund the Port projects.


As we all know that, India has a long coastline of 7,517 kms., having access to the sea on three sides with 12 major and 205 minor/intermediate ports. It is a well-known fact that the shipping has always been regarded as an important transport sector of national activities in all maritime countries, and it is well suited for transportation of bulk Cargos. at low cost. Coastal Shipping, as a complimentary mode of transport is not only an economic necessity but also a valuable asset in times of emergency. India lies in geographical proximity to important shipping routes which gives a natural advantage to the countrys shipping. Moreover, shipping is no longer an isolated mode of transport but forms a part of an intermodal transport chain linking other transport modes.

The major ports had a capacity of 1,514.09 million tonnes per annum by FY19P The Maritime Agenda 2010-20 has a 2020 target of 3,130 MT of port capacity. The Indian Government plays an important role in supporting the ports sector. It has allowed Foreign Direct Investment (FDI) of up to 100 per cent under the automatic route for port and harbour construction and maintenance projects. It has also facilitated a 10-year tax holiday to enterprises that develop, maintain and operate ports, inland waterways and inland ports.

Multiple initiatives have been taken by the government to promote the costal shipping in India. Various number of projects with total project cost of 13,308.41 Cr have been awarded in the last three years on up gradation of the major ports. As per Union Budget 2020-21, the total allocation for the Ministry of Shipping stands at 1,800 Cr. Major Port Authorities Bill 2020 was introduced in the Loksabha which seek to provide for regulation, operation and planning of Major Ports in India and to vest the administration, control and management of such ports upon the Boards of Major Port Authorities and for matters connected therewith or incidental thereto.

Source: = ShipManualChap22


The deadweight tonnage of container ships between 1980 and 2019 has grown from about 11 million metric tons to around 266 million metric tons, with a total capacity of around four million TEUs. On January 1, 2020, the IMO 2020 regulation on sulphur emissions came into force, allowing the content of sulphur in fuel oil to be at most 0.5 percent, down from 3.5 percent applied since 2012. The revised limits are set to bring disruption and new challenges to the shipping industry, on top of the ones introduced by the coronavirus (COVID-19) pandemic.


Capacity of container ships in seaborne trade from 1980 to 2019 (in million dwt)*


According to Moodys Investors Service report, the outlook for the global shipping industry has changed to negative from stable in the wake of the coronavirus outbreak. The change to a negative outlook primarily reflects the expected decline in 2020 EBITDA amid sharply reduced demand for container and dry bulk shipping services as the outbreak hits Chinese manufacturing output and demand for coal and iron ore, especially during the first half of 2020, as well as related economic disruption.

The report also said that for dry bulk companies, the slow resumption of manufacturing operations in China is a plus because it suggests improved demand for coal and iron ore, two key dry bulk commodities. In addition, port openings in China will also allow for transportation of grains, another large dry bulk commodity. China is the largest importer of dry bulk commodities and the sharp reduction of Chinese demand sent the Baltic Dry Index (BDI), a key benchmark for dry bulk shipping, toward historical lows.


Dry bulk fleet growth is expected to be 3.0% in 2020 compared to 3.8% in 2019. Scrubber retrofitting activities and delays in Chinese yards resulted in the shortage of VLOCs in the Atlantic and increased spot activities over Q3 2019. The physical supply tightness will continue with 1-2% of dry bulk fleet offline in 2020 albeit at a slower pace than 2019 as Chinese yards are gaining experience, the shortage of key supply will be resolved, and more punctual docking schedule is expected.

In total, about 11 million dwt of newbuild capacity has been added to newbuilding orders in 2019, which will probably mean that dry bulk newbuilding orders capacity will be the second lowest in the last decade or so, after 2016 orders accounted only six million dwt, mainly in CAPES/VLOC sector orders. The current orderbook stands at about 10% of the total fleet capacity with 14% of fleet size in Cape sector (vessels bigger than 100,000 dwt) and 10% of fleet size in Panamax/Kamsarmax sector. As a reflection of very low earnings in the first half of 2019, particularly among larger fleets, the orderbook remained relatively muted, with about six million dwt ordered in the first half of the year, which is about a quarter of capacity ordered in total last year.

The fleet is expected to grow slightly more than 3% this year, while trade is expected to follow at a slightly lower pace. For 2020 we would expect to see fleet growth to match the fleet growth seen last year, amid expectations of slightly higher demolitions as influenced by IMO 2020 implementation. The trade growth has been downgraded further with concerns of slowing economic growth and its influence on trade volumes, to little less than 2.6%. This is obviously with a caveat that economies dont slip into recession and that further introduction of tariffs do not cripple trade growth.

Assuming that global crude oil trade growth will reach 1.4 million b/d, shipping demand in Dwt is projected to increase by around 2.5% in 2020, with a higher rate expected for demand in tonne-miles, as the US will export more to further destinations, pushing the average haul significantly higher. This could mean shipping demand growth for the entire tanker sector could reach around 4%. 2020 demand growth for the VLCC segment could reach 5%, compared to a fleet growth estimated close to 4%. Meanwhile, demand growth for Suezmaxes is not expected to exceed 3.5%, while fleet capacity will expand by 2%.



The Cargo traffic at major ports in India stood at 699.05 million tonnes in FY19, growing at a CAGR of 2.74 per cent from FY08-19. Traffic at major ports reached 528.72 million tonnes in FY20T (up to January 2020). In August 2019, India became the first country in the world to issue Biometric Seafarer Identity Document (BSID), capturing the facial bio-metric data of seafarers. In November 2019, first ever movement of container cargo on Brahmaputra (National Waterway 2), focused on improving the connectivity to North Eastern Region (NER). In 2019, upgraded Port Community System has been introduced for all ports in India.







2020* 2019 YEAR TRAFFIC
1 2 3 4
Kolkata Dock System 17303 16551 -6.73
Haldia Dock Complex 46650 45212 3.25
TOTAL: KOLKATA 63953 63763 0.35
PARADIP 112659 109275 3.12
VISAKHAPATNAM 72722 65301 11.36
KAMARAJAR (ENNORE) 21747 34497 -7.97
CHENNAI 40750 53012 -11.60
V.O. CHIDAMBARANAR 36076 34342 5.05
COCHIN 34035 32022 6.30
NEW MANGALORE 39145 42506 -7.91
MORMUGAO 16019 17663 -9.41
MUMBAI 60696 60565 0.15
JNPT 66449 70706 -3.19
DEENDAYAL 122499 115402 6.15
TOTAL: 704622 699099 0.62

(Source: Indian Port Association & IBEF)


Currently, coastal shipping contributes 6 per cent of cargo traffic at ports. The Sagarmala programme plans to double this by 2025 aided by initiatives such as Coastal Berth Scheme; relaxation of Cabotage; abatement of service tax on coastal shipping; green channel clearance for coastal cargo; exemption on lighthouse dues for coastal ships and reduction in GST on bunker fuel to 5 per cent from 18 per cent.

ICRA Ltd. said that coastal shipping has grown to nearly 120 million tonnes (mt) in fiscal 2019 as against 83 mt in fiscal 2015, and is set to increase to 220 mt in the next few years. Considering the potential of coastal shipping, in 2019 Container Corporation of India entered coastal shipping with initial focus on the West Coast. It will later be extended to the East Coast.

However, Pravir Pandey, Vice-Chairman of Inland Waterways Authority of India and Project Director of Jal Marg Vikas Project (JMVP), is quite buoyant. In a recent Sagarmala publication, he said Indias logistics industry is witnessing a major shift as multimodal terminals are being planned on the countrys national waterways and freight villages set up for smooth transportation of cargo.

Under Sagarmala programme, Maharashtra will get another huge port built at a cost of around 65,545 crore at Wadhavan, near Dahanu in Palghar district on the Gujarat border, catapulting India among countries with top 10 container ports in the world. A Special Purpose Vehicle (SPV) will be formed with Mumbais Jawaharlal Nehru Port Trust (JNPT) as the lead partner, with equity participation of at least 50 per cent to execute the Wadhavan Port project. After the completion of its fourth terminal, its capacity will increase to 10 million TEUs by 2023, making it the 17th biggest container port in the world. The development of Wadhavan Port will enable call of larger container vessels of 16,000-25,000 TEUs capacity, giving advantages of economies of scale and reducing logistics costs.

Source: crore-port-in-wadhavan-to-begin-this-year

Inland Waterways

In the last couple of years, the Centre has given tremendous impetus to both coastal shipping and IWT in an attempt to reduce logistics cost to less than 10 per cent of GDP — on par with developed countries such as Germany — from the present 13 per cent. Rail and road combined carry nearly 90 per cent of Indias cargo, but are choking due to congestion despite well-established networks. Both major and non-major ports have attracted huge investment and enough capacity has been created. Thus, the next phase is to boost coastal shipping and IWT, and thats what the Centre has been doing.

Government data shows that cargo movement by IWT has increased to 72.31 mt in fiscal 2019 from 55.03 mt in fiscal 2018 with plans to push it up to 150 mt by 2025. There was good traction on NW1 in the last two years. The projects on other NWs are also under implementation. However, the progress has been slow due to low draught in several locations and there is high requirement of dredging to make the waterways navigable for cargo vessels. To make inland waterways viable on all planned locations, the government needs to ensure that minimum required draught is maintained on these routes, Pravir Pandey said.

With 2019 ending on a high note for both coastal shipping and IWT, 2020 could be more promising.

Project UNNATI

Project UNNATI has been started by Government of India to identify the opportunity areas for improvement in the operations of major ports. Under the project, 116 initiatives were identified out of which 93 initiatives have been implemented as of September 2019.

ADB action plan

The Asian Development Bank has also come out with an action plan for coastal shipping in September 2019, which provides recommendations on infrastructure development needed to boost coastal shipping. There is also traction in coastal coal movement of domestic coal for power companies. From an economic perspective, it is important that coastal shipping is developed. A report by Morgan Stanley in 2016 said that the shift to coastal shipping will result in lower transportation costs. Growth in coastal shipping, at the expense of sending cargo by road, could reduce costs by $2.5 billion by 2025.

The lower cost of transporting bulk commodities, from coal to metal ores, will also distribute savings across the value chain of end-user industries. Indias manufacturing sector, long hindered by high logistics costs, can redeploy those savings elsewhere, for example, towards hiring more workers and expanding operations, which could help fuel economic growth, the report said. A similar boost is also being given by the government to IWT, which is now one of the most promising modes of transport. Over 100 inland waterways (IW) have been identified to be National Waterways (NWs). Out of total 111 NWs, work at 13 NWs have been taken up and studies at others are under way.

Despite having an extensive network of inland waterways in the form of rivers, canals, backwaters and creeks, freight transportation by waterways is under-utilised. Waterways currently contribute around 6 per cent to Indias transportation modal mix, which is significantly less than that in developed economies and some of the developing economies. In some countries, the share is over 50 per cent.



Increasing investments and cargo traffic point towards a heaithy outiook for the Indian ports sector. Providers of services such as operation and maintenance (O&M), piiotage and harbouring and marine assets such as barges and dredgers are benefiting from these investments. The capacity addition at ports is expected to grow at a CAGR of 5-6 per cent tiii 2022, thereby adding 275-325 MT of capacity. Under the Sagarmaia Programme, the government has envisioned a totai of 189 projects for modernisation of ports invoiving an investment of 1.42 triiiion (US$ 22 biiiion) by the year 2035. Ministry of Shipping has set a target capacity of over 3,130 MMT by 2020, which wouid be driven by participation from the private sector. Non-major ports are expected to generate over 50 per cent of this capacity. Indias cargo traffic handied by ports is expected to reach 1,695 miiiion metric tonnes by 2021-22, according to a report of the Nationai Transport Deveiopment Poiicy Committee. Within the ports sector, projects worth an investment of US$ 10 biiiion have been identified and wiii be awarded over the coming five years.

Source: IBEF


Increasing Scope for Private Ports: With rising demand for port infrastructure due to growing imports (crude, coai) and containerisation, pubiic ports (major ports) wiii faii short of meeting demand. This provides private ports with an opportunity to serve the spiii-off demand from major ports and increase their capacities in iine with forecasted new demand.

Cochin Port Trust (CPT) announced measures to increase its revenue by generating higher container traffic and increasing the number of passenger iiners. CPT is aiso pianning to setup a smaii industriai port at the southern end of Wiiiingdon Isiand to boost business.

Ship repair facilities at ports: Dry docks are necessary to provide ship repair faciiities. Of aii the major ports, Koikata has 5 dry docks, Mumbai and Visakhapatnam has 2; the rest have 1 or no dock at aii. Given the positive outiook for cargo traffic and the resuiting increase in number of vesseis visiting ports, demand for ship repair services wiii go up. This wiii provide opportunities to buiid new dry docks and setup anciiiary repair faciiities. Potentiai market size of ship repair in India is around 2,500-3,000 crore (US$ 388-466 miiiion) of which around 1,000-1,500 crore (US$ 155-233 miiiion) has been tapped as of 2017.

Port support services: Operation and maintenance services such as piiotage, dredging, harbouring and provision of marine assets such as barges and dredgers are expected to increase in coming years. Increasing investments and cargo traffic point to a heaithy outiook for port support services . These inciude Operation and Maintenance (O and M) services iike piiotage, harbouring and provision of marine assets iike barges and dredgers. JNPT in Navi Mumbai signed an agreement with Deveiopment Bank of Singapore and State Bank of India, for externai commerciai borrowing worth US$ 400 miiiion for expansion of road network connecting the port.


Suppiiers bargaining power is on a deciine on the back of graduai increase in fleet suppiy and intense giobai competition. Ruies and Reguiations differ at different stages and are imposed by regionai, nationai and iocai authorities. Trained manpower is necessary for third party iogistics sector as weii as the manufacturing and retaii sectors, which is very weak at a practicai ievei.

Logistics sector requires high manpower. Lack of training institutions aiso causes ineffective outputs. Poor management and faciiities are the reason for heavy ioss, damage and deterioration of stock, mainiy in the perishabies sector. Proper refrigerated storage for containers and maintenance is must.

Because of IMO 2020 impiementation from 1st of January 2020, the fuei cost has been increased more than 30% which is defiantiy impact the pricing of the freight rate of aii the shipping iines. Aithough the price wiii pass on to the customers but it is a short term pain for the industry as whoie.

The current Covid-19 situation has affected this sector as weii. Because of the giobai iockdown the transhipment domesticaiiy as weii as internationaiiy has been hoid for a quarter tiii now. Aithough the China market is partiaiiy open in the terms of manufacturing and trading, the normaiization and getting back the previous trading activities wiii take time for sure.


Incorporated in 1988, Shreyas Shipping is a part of the 42-year old global conglomerate Transworld Group, and is headquartered in Mumbai, India. The company is a pioneer and market leader in domestic coastal container shipping services and coastal transhipment services covering most major ports and container terminals on the Indian coast. Shreyas also pioneered domestic multimodal transportation in India and it continues to command its premier position till date. It is a preferred partner of most Main Line Operators for EXIM transhipment services at various Indian ports. The company owns and operates a fleet of 12 vessels with a total capacity of 22,794 TEUs, 2,44,919 GRT & 3,12,016 MT deadweight tonnage and operates across most Indian container ports.

Achievements during the year

1. SSLLs domestic cargo trade of 178,327 containers in the year 2019-20 as against 166,762 containers in 2018-19 achieving a growth of 7%.
2. Shreyas handled a total volume of 447,036 TEUs in 2019-20 as against 487,285 TEUs in the last year with a fall of 8 %.
3. Besides handling containerized cargo, the company has also handled coastal break bulk cargo of 221,445 metric tons.
4. 18 major ports and container terminals in India were serviced during year 2019-2020 by Shreyas containers and break bulk coastal services on regular frequency, making 1108 port calls during the year.

Financial highlights of the year

Standalone revenues for the year 2019-20 stood at INR 612.46 Cr as against INR 624.79 Cr which fell by 1.97 %. EBITDA for FY20 is at INR 46.51 Cr as against INR 73.17 Cr during FY19 and EBITDA Margin stands at 7.59%. PAT stood at INR 8.46 Cr as against INR 33.65 Cr in FY19 and PAT Margin stands at 1.38%. In the terms of key financial ratios. In the terms of key financial ratios, the debtors turnover days has increased to 92 days from 87 days, the Interest coverage ratio stood at 1.47 and current ratio stood at 1.01. The net debt to equity ratio is 0.75 times. The operating margin in FY20 stood at 11.27 % as compared to last year of 14.20%.

Our Strategy

Shreyas Shipping has worked relentlessly towards achieving its vision to enhance development of containerized as well as break bulk coastal shipping and development of EXIM transhipment between Indian ports. The market has been growing at a growth rate of around 16% and we plan to continue our growth both in container as well as break bulk business. Our target is to acquire economic and fuel-efficient vessels. Our focus has been to reduce our operating cost by better strategy and providing competitive services to our customers. Our strategy is to enhance the size of the vessels to get the advantage of economies of scale which can help in reducing the cost per TEU and eventually enhancing the margins. We have replacement plans for our older and smaller vessels in phases starting from this year to the next year. We have already enhanced the connectivity and reached to all the ports in India and committed to our customers to service them as per their requirements. The trend of domestic coastal transportation of cargo has been changing and we find movement of varieties of cargo on multiple legs instead of unidirectional and only few types of cargo. This will provide ample opportunities for the growth and our strategies are in place to grab maximum advantage. We are on a constant look out for new opportunities, new markets/routes which we can serve and add to our existing services. Along with the container business, we are looking forward to strengthen the coastal breakbulk business as well, using the multi-purpose vessels. Besides our usual operations, we also look out for better opportunity in the market to enhance yield on our assets.


The Company has a system of documenting and reviewing risk. Apart from management reviews, the risk are also reviewed by the Risk Management Committee and the Board. The Audit Committee has additional insight in the area of financial risks and controls.


Global Trade/Demand Prospects: The demand for shipping and containerisation largely depends on factors such as Global GDP growth, Global trade patterns. i.e. movement of goods from production to consumption centres and geopolitical situation around the globe.

Bunker Cost: Bunker cost, also known as the oil prices, which is major part of the operating cost which impacts the profitability of the business. Higher oil price turn into high operating cost which, if not accompanied by a proportionate rise in freight rates, will affect the margins of shipping companies. From beginning of the year 2020, as per new IMO regulation, marine fuel oil was replaced by the low sulphur fuel oil which increased the cost of bunker used on all vessels.

Unfavourable Trade Regulations: Regulations exist at different tiers, imposed by national, regional and local authorities. Regulations often differ on state level, which may hinder the creation of national networks, thus impacting the coastal shipping operations.

Poor infrastructure: Lack of multimodal logistic facilities near ports, insufficient integration of transport networks, weak information technology (IT) support, lack of warehousing and distribution facilities can prove to be another hindrance in smooth operations.


Transworld Group offices in India - Shreyas Shipping and Logistics Ltd, has been also conferred the accreditation as a Great Place to Work certified Company!. Great Place to Work Institute is a renowned research and global certification organization which is specialized in company culture and considered as an authority in the study of high performance and high trust culture companies in 5 continents and 60+ countries with its 30+ years of experience. With its employee and high trust culture focused approach, Great Place to Work contributes to forming perfect workplace culture with its trust based philosophy as well as helping companies to increase their innovation and performance.

We, at Shreyas believe that our people are our greatest assets and strategic partners in our journey to achieve organisational objective. In furtherance of our stated philosophy, the company has introduced 360 degree appraisal which will help recognise and boost performance at work in various spheres, creating a culture of Excellence. The objective of 360 Degree profiling is to provide transparency, open feedback and overall development of all our team members.

The Leadership team is one of the most important factor that impacts the organization, people and work atmosphere. As a part of our Developmental plan, we have been conducting Psychometric Profiling of our Senior team members. The Predictive Index Psychometric Profiling is a scientific online assessment tool designed to give us insights on our strengths, motivational drivers, areas of improvement and developmental plans

The Company considers its human capital as an invaluable asset. The Company continued to have cordial relationships with all its employees. The Company ensures safeguarding, training, development and growth of its workforce. The total workforce of Your Company stood at 43 shore staff and 325 floating staff as on 31st March 2020.


Our internal financial control framework is commensurate with the size and operations of the business and is in line with requirements of the regulations. We have laid down adequate procedures and policies to guide the operations of our business. Functional leaders are responsible for ensuring compliance with the policies and procedures laid down by the management. Our internal control systems are routinely tested by the Management, Statutory Auditors and Internal Auditors.


Statements in this report describing the Companys objectives, projections, estimates and expectations may be forward looking statements, within the meaning of applicable laws and regulations, based on beliefs of Shreyass managements. The Companys current views with respect to the future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different from those projected in this report, including amongst others, changes in the general economic and business conditions, changes in the currency exchange rates and interest rates, introduction of competing services, lack of acceptance of new services, and changes in business strategy. Shreyas does not intend to assume any obligation to update any forward-looking statements or information, which speak as of their respective dates reflecting circumstances arising after this date or to reflect the occurrence of underlining events, even if the underlining assumptions do not come to fruition.

For and on behalf of the Board of Directors

Capt. Vivek Kumar Singh Satish Pillania
Place: Mumbai Managing Director Director
Date: 21st July, 2020 DIN:07835635 DIN: 03233212