Your Directors are pleased to present the 45^th Annual Report
on the operational and financial performance of the Company
along with Audited Financial Statements for the year ended
31^st March 2025.

Financial Performance (F in lakhs)

CORPORATE REVIEW

During the year under review, your Company achieved a
production of 87250 MTs as against 89466 MTs in the previous
year. Total revenue of the Company was F634.58 crores against
F734.15 crores of last year. Profit before interest & financial
charges and depreciation stood at F87.33 crores. Net profit after
tax stood at F50.60 crores against F87.42 crores of last year. The
overall performance of your company in the current year could
not match the previous year comparatively mainly due to drop in
sales prices and higher proportion of lower GSM paper. The
demand and overall market for writing and printing paper
remained normal throughout the financial year although profit
margins were under pressure during the year under review as
compared to last year’s profitability.

Your Company renewed its endeavors to maintain its leadership
in agro based writing & printing paper segment with the support &
cooperation of all stake holders including committed team of
professionals & workforce. The Company initiated certain steps
for continual improvement in quality, product development and
cost optimization on sustainable basis.

The never in sight end of conflicts between Russia-Ukraine and
Isreal-Palestine and threats of massive tariff war triggered by
USA in the last quarter of the financial year had its own cascading
effects on the trade and costs although these conflicts & threats
did not directly affect the company’s performance.

Industry in the present times cannot afford to carry on a
sustainable business model by paying lip service to environment
and society. The Governments both in Centre and States are
making industry aware of its obligations towards energy & water
conservation, reducing pollution and emissions for long term
sustainability and marching towards safe and inclusive

development.

Your company continues to make efforts within its resources
towards environment and socio-economic areas. The Company
accord s top p riority to the safety of its human capital, compliance
of environmental obligations and enhancing operational
efficiencies for customer delight.

PAPER INDUSTRY

Educational institutions, schools, coaching centers and to some
extent public/private sector offices are the major consumption
centers and demand generators for writing & printing paper in
India as well overseas.

The New Education Policy of Govt of India is now under
implementation though gradually provides impetus to demand
and growth of writing and printing category. Besides, increasing
budgetary allocation for education is going to further boost the
demand & growth.

India continues to be the fastest growing market for paper in the
world. Overall demand for paper in the country is growing
annually at more than 6% backed by high growth of
packaging/paper board at 8% and moderate growth of 3% in
writing & printing paper and 4.5% in copier paper.

Domestic demand of paper in India continues to witness steady
growth every year. However, per capita consumption of Paper in
India at about 16kgs is quite less as compared to other Asian
countries like Vietnam (33 kg), Thailand (66 kg), China (76 kg)
and above 200kgs in other developed countries. In nutshell,
India’s per capita consumption is considerably lower than the
global average of57-60 kg.

The requirement of good-quality packaging of FMCG/other
products marketed through organized retail & e-commerce,
demand for daily utility/ hygiene products such as tissue paper,
lightweight coated paper, medical grade coated paper, growing
manufacturing sector and Government’s focus to increase
literacy level are expected to be the key drivers for the paper
industry in India in near future.

The Government of India’s resolve to discourage and minimize
use of plastic packing will propel demand for packaging paper
which is evident from the fact that many players in the industry
have turned to paper oriented packaging especially in food &
beverages packaging.

PERFORMANCE REVIEW

The market for paper during the year was average in terms of
demand, revenue and profitability. The top line as well bottom
line were affected as compared to the previous year on account
of higher cost of inputs in India and low priced imports of paper
from China and East Asia. The decline of more than 10% in
prices of writing and printing paper coupled with higher costs led
to lower margins. The unit wise performance of the Company is
described as under:

SHREYANSPAPERS

During the fiscal year, the Company significantly improved
operations at its unit through the installation of a complete hood,
pocket ventilation system, and an upgraded steam and condensate
system on the machine. These enhancements contributed to
operational efficiency and allowed the Company to maintain its
competitiveness by focusing on streamlining processes,
reducing costs, and maximizing output.

However, production levels during the year were lower
compared to the previous year due to a planned shutdown
undertaken for technical upgrades and the installation of new
machinery and equipment as mentioned above.

Looking ahead, the Company plans to continue investing in
capital expenditures with a focus on de-bottlenecking,
enhancing capacity and capabilities, improving productivity, and
reducing costs on a year-to-year basis. As part of this strategy, a
new Synchro Sheet Cutter is planned to be installed at the unit to
improve sheet quality, lower production costs, and enhance
overall efficiency.

SHREE RISHABH PAPERS

Total Paper production in this unit was higher as compared to last
year's production which was possible on account of increase
in machine speed and better working during the year. Complete
Automation in Stock Preparation area, New Folio Sheet Cutting
machine with auto-counter & other automation features and
Bundle Shrink Wrap machines were commissioned during the
year. This helped in improving paper quality, chemical cost
optimization and better finishing of paper & Packages. A few
steps have been taken for improving and streamlining the
working in Pulp mill area. It is expected to start giving desired
results in the next financial year.

FINANCIAL REVIEW
EQUITY SHARE CAPITAL

The paid-up Equity Share Capital as on 31st March 2025 was
F13.82 crores. During the year under review, the Company has
neither issued any shares nor granted stock options and nor
sweat equity.

FINANCE

An amount of F8.18 crores, out of existing term loans and
deposits were repaid and fresh term loan of F8.00 crores were
availed during the year. Overall financial cost relating to
borrowings has decreased during the year owing repayment of
existing term loans and lesser utilization of working capital.

EXTERNAL CREDIT RATING

During the year under review, CARE Ratings Limited has
reviewed the external credit rating for the Long-Term, Short-term
Bank facilities and Fixed Deposits of the company and has
reaffirmed the rating. The facility wise rating is as under:

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under
the provisions of Section 186 of the Companies Act, 2013 are
given in the notes to the Financial Statements.

OTHER EQUITY

The Company does not propose to carry any amount to any
reserves.

PROPOSED DIVIDEND

The Board of Directors has recommended dividend of F3.00/-
per equity share and special dividend of F2.00/- per equity share
amounting to F691.23 lakhs for the year 2024-25 in their meeting
held on 23rd May 2025. The dividend, as recommended by the
Board of Directors, if approved at the Annual General Meeting,
would be paid subject to deduction of tax (TDS) at the prescribed
rates as per Income Tax Act,1961 as amended by Finance Act
2020.

DEPOSITS

The Company has not accepted/renewed any deposits from the
public during the FY 2024-25. The details relating to deposits as
required under Rule 8 of the Companies (Accounts) Rules, 2014
are given hereunder:

(a) Deposits accepted and renewed during the year: Nil

(b) Deposits remained unpaid or unclaimed as at the end of the
year; Nil

(c) Any default in repayment of deposits or payment of interest
thereon during the year; Nil

(d) Details of deposits which are not in compliance with the
requirements of Chapter V of the Companies Act, 2013; Nil

At the end of the year, fixed deposits from the public were
outstanding to the tune of Rs. 0.12 crores. There were no
overdue deposits as on 31st March 2025.

FUTURE PLANS/PROSPECTS

Proposed Capital expenditure have been discussed while
reviewing the performance of both the units. Capital expenditure
planned will help the Company in improving its operations in
terms of quality along with cost effectiveness.

The demand of paper during the year remained normal but low
sales realizations due to competition from low priced imports
ruled the market which had its impact on profitability.

We moved into FY26 under almost similar market conditions
where both demand and prices are bearish. However, 2-3
months in summer are usually considered lean from demand
point of view. As such, demand for paper has become sluggish,
forcing the mills to liquidate stocks at further lower prices. This
may not have further bearing on results in the current year
because input costs are equally supportive. Barring unforeseen
circumstances, it can be cautiously forecasted that the FY26
should be equally good if not better for the company. Your
company shall continue to focus on improvisation in technology
and up gradation of equipment to achieve sustainable growth.

NUMBER OF MEETINGS HELD

The details of Board and Committee/other meetings held in
Financial Year 2024-25 are given in the Corporate Governance
Report.

DIRECTORS/ KEY MANAGERIAL PERSONNEL

In terms of the provisions of the Companies Act, 2013, Mr.
Rajneesh Oswal, Director of the Company, is liable to retire by
rotation at the forthcoming Annual General Meeting of the
Company and being eligible, offers himself for reappointment.
During the period under review, Mr. Prem Kumar (DIN:
00051349) ceased to be an Independent Director of the
company on completion of his first term of five consecutive years
on 12th May, 2024 and Ms. Pratibha Goyal (DIN 07174666)
ceased to be an Independent Director of the company on
completion of her two consecutive terms on 9th August 2024.
The Board places on record its sincere appreciation for the

valuable contribution and guidance provided by Mr. Prem
Kumar and Ms. Pratibha Goyal during their association as
Independent Directors of the Company.

Based on the recommendations of Nomination and
Remuneration Committee and with the approval of members of
the Company by way of Postal Ballot on 8th October 2024,
Mrs. Shalini Gupta (DIN 07176781) has been appointed as an
Independent Director of the Company for her first term of
appointment of 5 consecutive years w.e.f. 5th August, 2024 till
4th August, 2029.

All independent Directors have given declarations that they
meet the criteria of Independence as laid down under Section
149[6] of the Companies Act, 2013 and Regulation 16[1][b] of
the SEBI [Listing Obligations & Disclosure Requirements]
Regulations, 2015.

There was no change in the Key Managerial Personnel during
the year under review.

BOARD EVALUATION

Pursuant to provisions of the Companies Act, 2013 and Listing
Regulations, the Board has carried out an annual evaluation of
its own performance and the performance of the individual
Directors as well as the working of its committees and
expressed its satisfaction over the performance of the Board, its
committees and individual Directors. The performance of
Directors including the Chairman was evaluated on the basis of
their experience, knowledge, Board decisions, participation,
availability and attendance and contribution towards the
Company. The Independent Directors in their separate meeting
held on 5th February, 2025 have reviewed the performance of
non-independent directors, Chairman and Board as a whole
along with review of quality, quantity and timeliness of flow of
information between Board and management and expressed
their satisfaction over the same.

REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and
Remuneration Committee, framed a policy for selection and
appointment of Directors, Key Managerial Personnel, Senior
Management and their Remuneration. The said policy has been
uploaded on the website of the Company. The Key provisions of
Nomination and Remuneration policy are appended as an
Annexure I to the Board’s report.

AUDIT COMMITTEE

The Company has duly constituted Audit Committee, the scope
of which is quite comprehensive and is in conformity with the
provisions of the Companies Act, 2013 and Listing Regulations.
The composition of the Audit Committee is given in Corporate
Governance Report.

All the recommendations of the Audit Committee were accepted
by the Board.

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM/
WHISTLE BLOWER POLICY

The Company has adopted the Whistle Blower Policy/Vigil
mechanism for directors and employees to report concerns
about unethical behavior, actual or suspected fraud, or violation
of the Company’s Code of Conduct and Ethics. Such

mechanism/policy is also uploaded on the website of the
Company.

STATUTORY AUDITORS

At 42nd Annual General Meeting held on 19th August, 2022,
M/s SCV & Co. LLP (formerly known as S.C. Vasaudeva &
Co .) , Chartered Accountant, (FRN : 000235N/N500089), were
appointed as statutory auditors of the Company to hold office
from 42nd Annual General Meeting till the conclusion of the 47th
Annual General Meeting.

The Auditors’ Report on the accounts of the Company for the
year under review requires no comments.

Further, there were no frauds reported by the Statutory Auditors
of the Company during the period under review neither under
Section 143(12) of the Act nor which are reportable to the
Central Government.

COST AUDIT

M/s Rajan Sabharwal & Associates were appointed as Cost
Auditors of your Company for auditing the cost accounts
records for Financial Year 2024-25 under provisions of Section
148 of the Companies Act, 2013. They are likely to submit Cost
Audit Report within the prescribed time limit.

Furthermore, the Board has re-appointed M/s Rajan Sabharwal
& Associates as Cost Auditors of the Company for Financial
Year 2025-26.

SECRETARIAL AUDIT

M/s P.S. Bathla & Associates, Practising Company Secretaries
at Ludhiana, were appointed to conduct the secretarial audit of
the Company for Financial Year 2024-25, as required under
Section 204 of the Companies Act, 2013 and Rules made there
under. The Secretarial Audit Report for Financial Year 2024-25
is appended as an Annexure II to the Board’s Report.

The Secretarial Auditors’ in their report and in Annual
Secretarial Compliance Report (Under Regulation 24A of SEBI
LODR Regulations, 2015) for year ended 31st March 2025 has
marked no observation.

The Board has recommended the appointment of M/s P.S.
Bathla & Associates, Practising Company Secretaries,
Ludhiana as Secretarial Auditor of the Company for a period of 5
consecutive years, commencing from the financial year 2025¬
26 to 2029-30, subject to the approval of members of the
company.

RELATED PARTY TRANSACTIONS

All Related Party transactions entered during the financial year
were on arm’s length basis and in the ordinary course of
business. There were no materially significant related party
transactions with the Company’s Promoters, Directors,
Management or their relatives, which could have had a potential
conflict with the interests of the Company. Transactions with
related parties entered by the Company in the normal course of
business are periodically placed before the Audit Committee for
its approval.

Since there were no contracts/arrangements/transactions
which were not at arm’s length basis or material with Related
Party during the year; disclosure in form AOC-2 is not
applicable.

The Board of Directors of the Company has, on the
recommendation of the Audit Committee, adopted a policy to
regulate transactions between the Company and its Related
Parties, in compliance with the applicable provisions of the
Companies Act, 2013, the rules there under and Listing
Regulations.

This Policy as considered and approved by the Board
has been uploaded on the website of the Company at
https://www.shreyansgroup.com/investors/corporate-policies

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with
Rule 5 of the Companies [Appointment and Remuneration of
Managerial Personnel] Rules, 2014 is appended as an
Annexure III and forms an integral part of this report.

ANNUALRETURN

A copy of Annual Return for the financial year 2024-25 will be
available on the website of the company after submission of the
same to the registrar of Companies.

Annual returns of previous years are available on the website of
the company.

INDUSTRIAL RELATIONS

The Company maintained healthy, cordial and harmonious
industrial relations at all levels.

DEVELOPMENT AND IMPLEMENTATION OF A RISK
MANAGEMENT POLICY

The Company has been addressing various risks through well-
defined risk management policy/procedures, which in the
opinion of the Board may threaten the existence of the
Company.

INTERNAL FINANCIAL CONTROL SYSTEMS

The Company had laid down adequate internal financial
controls with reference to financial statements. During the year
such controls were tested and no material weakness in their
operating effectiveness was observed.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

Financial statements for the year ended 31st March, 2025 have
been prepared in accordance with Indian Accounting Standards
[Ind-AS], the provisions of the Company Act. 2013, and
guidelines issued by the Securities and Exchange Board of
India [SEBI]. The Ind-AS are prescribed under Section 133 of
the Companies Act, 2013 read with Rule 3 of the Companies
[Indian Accounting Standards] Rules, 2015 and relevant
amendment rules issued thereafter.

ASSOCIATES AND SUBSIDIARIES

The Company has no Associates & Subsidiaries as on 31st
March, 2025.

CORPORATE GOVERNANCE

As per the provisions of Listing Regulations, a separate Report
on Corporate Governance practices followed by the Company
together with a Certificate from the Practicing Company
Secretary, confirming compliance forms part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO

As required under Section 134[3][m] of the Companies Act,
2013 read with Rule 8 of Companies [Accounts] Rules, 2014 the
particulars relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo is
app end ed as an Annexure IV to the Board’s Report.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

Shreyans Industries Limited has been positively contributing to
the society for over three decades. Corporate Social
Responsibility (CSR) remains a key priority for the Company,
with dedicated efforts across healthcare, education and skill
development, environmental conservation, and sports
promotion. In collaboration with various NGOs, the Company
continues to focus on expanding access to healthcare,
improving educational outcomes, enhancing vocational skills,
restoring the environment, and promoting sports development.
Key initiatives undertaken include:

• Organizing eye check-up camps and blood donation drives

• Supporting education for girl children

• Empowering women through targeted skill development
programs

• Facilitating access to education for underprivileged children

• Distributing books and stationery to students

These initiatives reflect the Company’s commitment to
promoting social equity, improving livelihoods, enhancing
access to essential services, and fostering environmental
stewardship.

During the year, the Company continued its regular monthly and
annual support to an eye hospital in Ahmedgarh, contributing
towards its operational requirements and facilitating the
organization of a free annual eye check-up camp. In addition,
financial assistance was provided to several NGOs for
conducting blood donation camps, as well as to hospitals to
support medical treatment for underprivileged and needy
individuals.

For the financial year 2024-25, the Company was required to
spend F99.03 lakhs towards its CSR obligations. Out of this, an
expenditure of F54.37 lakhs was incurred during the year. The
remaining amount of F44.66 lakhs, allocated for ongoing
projects, has been transferred to the Unspent CSR Account with
a scheduled bank, in accordance with sub-section (6) of Section
135 of the Companies Act, 2013. This amount will be utilized
towards projects in the areas of education, healthcare and
medical support, and skill development.

CHANGE IN THE NATURE OF BUSINESS

There was no change in the nature of business.

MATERIAL CHANGES

There are no material changes or commitments affecting the
financial position of the Company have occurred during the year
under consideration, or after closure of the financial year till the
date of this report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS
AND COMPANY'S OPERATIONS IN FUTURE

There were no significant and material orders passed by the
Regulators or Courts or Tribunals impacting the going concern
status and Company’s operations.

DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134[5] of the
Companies Act, 2013, your Directors confirm that:

(a) In the preparation of the annual accounts, the applicable
Indian Accounting Standards had been followed along with
proper explanation relating to material departures;

(b) The directors had 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 financial year and of the profit and loss of the
Company for that period;

(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and
detecting fraud and other irregularities;

(d) The directors had prepared the annual accounts on a going
concern basis; and

(e) The directors had laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and were operating effectively;

(f) The directors had devised proper systems to ensure
compliance with the provisions all applicable laws and that
such systems were adequate and operating effectively.

GENERAL DISCLOSURES

1. The Company has complied with the applicable Secretarial
Standards, issued by The Institute of Company Secretaries
of India.

2. As on the date of this report, no application is pending
against the Company under the Insolvency and Bankruptcy
Code, 2016 and the Company did not file any application
under IBC.

3. The requirement to disclose the details of difference
between amount of the valuation done at the time of
onetime settlement and the valuation done while taking
loan from the Banks or Financial Institutions along with the
reasons thereof, is not applicable.

4. The Company has already complied with provisions
relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of women
at the workplace (Prevention, Prohibition and Redressal)
Act, 2013 (POSH Act). There were no complaints/cases
reported with internal complaints committee formed under
the POSH Act.

5. The Independent Directors fulfil the conditions specified in
the Act and the rules made there under for appointment as

IDs including integrity, expertise, experience and
proficiency and confirm that they are independent of the
management. The Independent Directors of the Company
have registered themselves with the data bank maintained
by Indian Institute of Corporate Affairs (IICA).
ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the
contributions made by the employees through their dedication,
hard work and commitment in achieving your Company’s
performance. In an increasingly competitive environment
co llective dedication of employees is delivering superior and
sustainable shareholder value.

The Board has pleasure in recording its appreciation of the
assistance, co-operation and support extended to the Company
by the Government Authorities, Commercial Banks, Financial
Institutions and Depositors.

The Board also places on record its sincere appreciation
towards the Company’s valued customers, vendors,
shareholders and investors for their continued support to the
Company.

For and on Behalf of the Board
Sd/-

Rajneesh Oswal
Chairman & Managing Director
Place : Ludhiana (DIN : 00002668)

Date : 23rd May, 2025