The Directors submit herewith the Twenty Sixth Annual Report together with Audited statement of accounts for the period from 1/10/2014 to 31/03/2015.

FINANCIAL RESULTS:-

                                                     Amount in Rs. Lacs

Financial Results                       6 month from      12 month from
                                        1/10/2014 to      1/10/2013 to
                                        31/03/2015        30-09-2014

Gross Income                                4587.45             1363.12

Profit/(Loss) before Interest              (487.69)             (70.67)
and Depreciation

Less-interest                                1.23               906.15

Profit/(Loss) before Depreciation          (488.92)            (976.82)

Less-Depreciation                           277.34              561.03

Profit/(Loss) before Tax                  (766.26)            (1537.85)

Less-Provision for tax                      104.66                 0

Profit/ (loss)After Tax for the           (870.92)            (1537.85)
year

Less-Exceptional/ Extraordinary            3193.29                0
Item

Balance brought forward                    2531.69            (9430.80)

DIVIDEND:

In view of the losses for the year, the directors of the company express their inability for any dividends on the equity shares.

REVIEW OF OPERATIONS:

As the net worth of the company has been eroded completely, the company is in the process of referring to BIFR as per The Sick Industrial Companies Act, 1985. A reference application under the act was made last year to BIFR (Board of Industrial Finance and Reconstruction), an apex body of SICA (The Sick Industrial Companies Act, 1985). The same was declined due to some technical issues and fresh reference was made to the BIFR. The notice was issued by the Secretariat for personal hearing on a date; however the notice was received after the hearing date. The company has represented its case and is awaiting further instruction from BIFR.

The directors are hopeful that the company will come out of current crisis and eventually come out from red on account of various cost reduction measures which are being implemented to improve productivity.

PRODUCTION AND PERFORMANCE

The Company was mainly challenged by the paucity of funds. The funds were drained out on account of Interest and repayments to banks and then the package given for rehabilitation also was not given by the Bankers. However with the loans now being assigned to the ARC the Company is hopeful that the operations will start.

MARKET

The demand for the product of the Company is moderate a because of the lowering of demand of the print media. However the Company has alternative plans to even produce the products at lower cost and survive in the market.

EXPORTS

Due to market conditions the exports are Nil.

LISTING

The Company's Equity Shares continue to be listed on the Stock Exchange, Mumbai (BSE). The Company has paid the requisite Annual Listing Fees for the years 2014-15 to the above Exchange. The Company's Shares continue to be regularly traded on the exchange.

COMPULSORY DEMATERIALISATION OF COMPANY'S SHARES

The Company's Equity Shares were compulsorily dematerialized and as such the Company's Shares continue to be traded in the electronic form as per the relevant SEBI guidelines.

DIRECTORS

Ms. Shruti D. Sharma was appointed as a Director w e f 30th May, 2015 as per the new regulation in terms of SEBI guidelines for appointment of woman director.

Ms. Snehlata Dinesh Sharma was appointed as a additional Director of the company w e f 31 st March, 2015 & tender her resignation from post of directorship w e f 30th May, 2015.

DISCLOSURES

The Company is in the process of appointing a suitable candidate for the post of Company Secretary at the affordable cost to the Company.

DIRECTORS'RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013 (erstwhile Section-217(2AA) of the Companies Act, 1956), with respect to Directors' Responsibility Statement is hereby confirmed:

1) That in the preparation of the accounts for the six months period ended 31 st March, 2015; the applicable accounting standards have been followed along with proper explanation relating to material departures.

2) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the year and of the loss of the Company for the year under review.

3) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4) That the Directors have prepared the accounts for the year ended 31 st March, 2015, on a going concern basis.

5) Had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

6) Had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CORPORATE GOVERNANCE

The Company has complied with the requirements of Corporate Governance, as applicable to the Company, during the period under report, as per the amended Listing Agreement with the Bombay Stock Exchange. The Report on Corporate Governance together with the Auditor's Report thereon, is annexed hereto in accordance with Clause 49 of the Listing Agreement with the Bombay Stock Exchange.

AUDITORS

M/s. Sayeed Khan & Associates, Chartered Accountants, the Statutory Auditors of the Company, hold office until the ensuing Annual General Meeting. The said Auditors have furnished the Certificate of their eligibility for re appointment. Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules framed thereunder, the Audit Committee has proposed to appoint M/s. Sayeed Khan & Associates, Chartered Accountants, as Statutory Auditors of the Company from the conclusion of this Annual General Meeting for a period of 1 year, subject to the approval of shareholders and ratification of their appointment at every Annual General Meeting.

AUDITORS REPORT

i. Notes 24C (1) regarding Company being declared within the purview of the Sick Company's definition and the BIFR Regulations and the application with the board and other matters referred to there under.

- The company on observing erosion of net worth based on abstract as on 30 09.2014 filed a reference with the Board for Industrial and Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act 1985. On dismissal of the reference by the Registrar, the company has filed an appeal before Secretary, BIFR. The company has received appeal hearing notice after due date of the hearing. The company has made suitable representation with request to relist the appeal for hearing. However the request the company is still pending for disposal by the secretary, BIFR.

ii. Notes 24 C (2) regarding Secured Loans from Financial Institutions and other matters as referred to there under.

- The Bank of Baroda has assigned their loan to Invent ARC SBI has also assigned their dues to Invent ARC on security receipt basis. The company has proposed to settle the dues of assignee of debts under scheme of settlement.

iii. During the year, the company has reduced the carrying cost of its Plant & Machinery by the quantum of interest and principal which had been capitalized by the Company. An additional amount which represents the value of Capital Repairs undertaken in respect of the said plant & machineries during the production trial run period has been reduced and reclassified under Other Non-Current Assets, pursuant to the advice of the technical evaluation team. Accordingly, during the year the cost of Plant & Machinery have been decreased to account for the above reduction of carrying cost of the plant as also Capital Repairs to bring the value of the Plant at its reasonable realistic value as per the technical evaluation team.

- The company has undertaken valuation of its Fixed Assets by a Registered Valuer and has also engaged a Technical Evaluation Team to value the same. In light of the advice of the technical evaluation team and valuer's opinion, the company has reduced the value of its plant & machinery by such sums including preoperative expenses and the capitalized interest on term loans which were never considered under the provisions of the Income tax act under its guiding principles.

COST RECORDS AND COST AUDIT

The cost audit is not applicable and the turnover is not falling within the specified limit. However Cost compliance audit report have been complied with.

Proper cost records as per sec 209 (1) (d) have been maintained.

EMPLOYEES

As on date, none of the employees of the company fall within the purview of the provision of the section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, and Companies (Particulars of Employees) Amendment Rules, 2011,

Relations between the management and its employees have been cordial. Your Directors place on record their appreciation of the efficient and loyal services rendered by the employees of the Company at all levels.

ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

The information required under Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo is appended hereto as Annexure 'A' and forms part of this Report.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation of the support received from the Company's Bankers and Shareholders and look forward to their continued support and goodwill.

                                                  BY ORDER OF THE BOARD
                                      For SHREYAS INTERMEDIATES LIMITED
Place: Mumbai
Date : 28th AUGUST, 2015                            RAMCHANDRA GHANEKAR
                                                    WHOLE TIME DIRECTOR