SUNTECK REALTY LIMITED
ANNUAL REPORT 2010-2011
CHAIRMAN`S REPORT
Dear Shareholders,
It is my privilege to address you and update you about your company`s
performance for FY 2010-2011. In the FY 2010-11 your Company has continued
to grow as a leading Real Estate Player and is constantly pursuing its
esteemed projects inspite of facing economic turbulances at macro level as
well as the Sector specific hurdles. Your Company has succeeded in
overcoming the market challenges and we have tried to make the most of the
opportunities available in the market. Like last few years, this year too
we could grow the company in terms of acquiring more projects in Mumbai as
we enjoyed sound fundamentals in terms of cash flow availability on account
of Committed Sales and near negligible levels of Debt. Sales bookings from
the launch of 2 more residential projects in this year, Signia Pearl and
Signia Isles added to the cash flow of the company as they have got a
resounding response from the customers. In FY 2010-11, we have received Rs.
4733.02 mns as customer advances from sales bookings in the projects under
execution we made best efforts to capitalize the tough times by utilising
these cash flows to expedite execution and acquire projects at Goregaon,
Airoli (Navi Mumbai), Andheri and Kalina through SPVs and Jvs. These
projects were chosen keeping in mind our philosophy of turning them around
in less than a year and completing the projects in 3-4 years time-
frame. Your Company has recommended the Dividend for the year 2010-2011 and
that demonstrates the policy to share the profits of the Company with its
wide spread Shareholders who have reposed their faith in the company. Even
though the year 2010-11 was full of economic upheaval, uncertainties and
lower market sentiments, the Company has managed to persuade its goals with
its vigor and fundamental strength.
We believe that we are in a good position to further strengthen our
position as a premier player in the Mumbai real estate market. This year we
are looking forward to completing few projects and also launching new
projects to enhance cash flow visibility. We would continue to look out for
opportunities for strategic acquisitions as we have a very healthy balance
sheet and cash flow visibility to make the most of the challenging
environment in the economy by acquiring projects at low costs.
At the end, I would like to take this opportunity to thank all the members
of Sunteck Family. Your energy and commitment gives me full faith in
pursuing even higher goals in future. I thank the shareholders for
continuing to repose faith in the Sunteck . Finally, to all our customers,
we extend our gratitude for their belief in our products. And, let me re-
iterate our commitment for quality delivery to them.
Kamal Khetan
Chairman and Managing Director |