STERLING GREENWOODS LIMITED
ANNUAL REPORT 2008-2009
CHAIRMAN'S REPORT
FROM THE CHAIRMAN
Dear Share holders,
We take pleasure in presenting Co's 17th annual report(for Financial year
2008-09.)
Business outlook & sentiments. as you are aware, there was sudden global
recession and financial melt down in practically ail business sectors. Both
real estate and hospitality were one of the worst affected. We also
experienced lower-sales In real estate from November,2008. Our resort also
experienced lower Occupancies, club memberships also dipped sharply.
REAL ESTATE:
Despite the above gloomy picture, the company has been able to achieve
higher sales. However, to attract business, Lower E.M.I's were offered
which resulted in lower cash inflows.
THE CLUB & RESORT:
The turnover was lower than previous year by 7%. During the year most
development, renovation jobs were completed. The 'golden swan' club
building And the spa was made operational.
OVER ALL FINANCIAL PERFORMANCE:
The company was able to achieve an overall higher turnover of 20%
DIVIDEND:
The board is unable to declare dividend, on account of poor liquidity.
THE FUTURE:
The current market scenario since April 2009, seems to be improving. There
are more Real Estate enquiries .The stock market is again buoyant. We can
look forward to an improved performance in the coming year.
I thank my colleagues on the Board of the company and express my gratitude
to all officers and staff for their support and hard work.
Yours sincerely,
Place: Ahmedabad
Date : 29/05/2009 B. Kumar