Milestone Furniture Ltd

Dematerialisation/rematerialisation status

• No processing or listing details for dematerialisation/rematerialisation are disclosed in this filing chunk.

Financial Performance H1 FY24

• Revenue from operations for H1 FY24 was nil, total income nil
• Total expenses were Rs. 28.47 lakh, down from Rs. 195.93 lakh in H1 FY23
• Loss before tax was Rs. 28.47 lakh versus profit of Rs. 195.93 lakh in H1 FY23
• Net loss after tax was Rs. 28.47 lakh compared to profit of Rs. 195.93 lakh in H1 FY23
• Basic and diluted EPS were negative Rs. 0.31 per share versus positive Rs. 2.11 in H1 FY23

Balance Sheet Highlights

• Total assets stood at Rs. 2580.38 lakh as of 30 Sep 2023
• Non-current assets were Rs. 966.84 lakh, including Rs. 299.14 lakh in tangible assets
• Current assets totaled Rs. 1613.54 lakh, with Rs. 448.24 lakh in trade receivables
• Total equity was Rs. 2530.02 lakh, with equity share capital of Rs. 929.70 lakh
• Non-current borrowings increased to Rs. 32.08 lakh from Rs. 27.71 lakh as of 31 Mar 2023

Cash Flow

• Net cash used in operating activities was Rs. 4.37 lakh for H1 FY24
• No cash flow from investing activities reported
• Net cash from financing activities was Rs. 4.37 lakh
• Cash and cash equivalents remained stable at Rs. 2.78 lakh

Audit and Compliance

• Board approved standalone unaudited financial results for H1 FY24 on 18 Mar 2026
• Limited review report was approved but auditor did not express conclusion
• Auditor unable to review due to management transition and lack of clarity on assets/liabilities
• Previous auditor did not conduct limited review for H1 FY24; current auditor engaged to regularize

Regulatory Disclosures

• Company not required to disclose related party transactions under SEBI Reg 23(9)
• Paid-up equity share capital is Rs. 929.70 lakh, net worth below Rs. 25 crore threshold

Business Model

• Milestone Furniture Limited operates in a single business segment: furniture manufacturing
• Financial results are standalone and pertain to half year ended 30 Sep 2023

Financial Results Approval

• Approved standalone unaudited financial results for half year ended 30 September 2023
• Approved limited review report on standalone financial results for half year ended 30 September 2023

Financial Performance Highlights

• Reported net loss of Rs. 28.47 lakh for half year ended 30 September 2023
• Basic and diluted EPS stood at Rs. (0.31) for the period
• Total equity as of 30 September 2023 was Rs. 2530.02 lakh
• Total assets as of 30 September 2023 were Rs. 2580.38 lakh

Balance Sheet and Cash Flow

• Non-current assets totaled Rs. 966.84 lakh as of 30 September 2023
• Current assets totaled Rs. 1613.54 lakh as of 30 September 2023
• Net cash used in operating activities was Rs. 4.37 lakh
• No change in cash and cash equivalents, closing balance Rs. 2.78 lakh

Related Party Transactions Disclosure

• Company not required to disclose related party transactions under Regulation 23(9) due to capital and net worth thresholds

Auditor Review and Remarks

• Auditor unable to perform standard review due to management standoff and lack of clarity on assets and liabilities
• No review conclusion expressed due to insufficient appropriate review evidence
• Current auditor undertaking limited review to regularize compliance for half year ended 30 September 2023

🗓️ Meeting Details

• Board meeting scheduled for 16 March 2026 at registered office, Level 4, DYNASTY Business Park, Mumbai.

📍 Key Agenda Items

• Approval of standalone unaudited financial results for half year ended 30 September 2023.
• Approval of Limited Review Report for standalone unaudited financial results for half year ended 30 September 2023.
• Consideration of appointment of an Additional Director under Section 161 of Companies Act, 2013.

🗓️ AGM Details

• AGM held on 27 December 2025 via Video Conferencing from 12:30 PM to 12:40 PM.
• Record date for voting was 20 December 2025.

📍 Key Resolutions and Voting Results

• All nine resolutions passed with approximately 91.18% votes in favor, 8.82% against, no invalid votes.
• Resolutions included adoption of financial statements, director re-appointment, auditor appointments, related party transactions, borrowing powers, and investment limits.

👥 Director Changes

• Re-appointment of director retiring by rotation approved.
• Regularization of Mrs. Payal Vatsal Thakkar as Non-Executive, Non-Independent Director approved.
• Resignation of Mrs. Muskan Rana, Independent Director noted.

🔍 Auditor Appointments

• M/s R Daga & Company regularized as statutory auditors.
• Brajesh Gupta & Co. appointed secretarial auditor for five years.

⚖️ Other Material Approvals

• Borrowing powers increased up to Rs. 50 Crore under Section 180(1)(c).
• Increased permissible investment limits for NRIs and FPIs approved.