marvel decor ltd share price Management discussions

INDUSTRY STRUCTURE, DEVELOPMENTS AND OUTLOOK:

The global curtains and window blinds market size was worth around USD 20.8 billion in 2022 and is predicted to grow to around USD 26.5 billion by 2030 with a CAGR of roughly 3.24% between 2023 and 2030. Development Trends: Technological Advancements: The window blinds industry has seen advancements in technology, with the introduction of smart blinds and motorized systems. These products can be controlled remotely through smartphones or integrated into smart home systems.

Energy Efficiency: Theres a growing focus on energy-efficient window treatments. Window blinds with insulating properties help regulate indoor temperature, reduce energy consumption, and lower utility bills.

Sustainability: Consumers are increasingly concerned about sustainability. Manufacturers are responding by producing blinds made from eco-friendly materials and adopting sustainable production processes.

Customization: Personalization and customization are on the rise. Many companies offer made-to-measure blinds, allowing customers to choose colors, materials, and designs that suit their preferences.

We are the leading company in Window Covering Industry. We are the First Indian Company in Window Covering to get ISO 9001-2000 Certificate (Now upgraded to ISO 9001:2015). Our products which are par excellence have found buyers across India, GCC countries, UK, USA, Canada, Nigeria, New Zealand etc. Our reach has increased exponentially. Currently with 350+ Galleries, 650+ Dealers Network, 245+ Cities we have established the largest network in our industry, Combined with 2 lac Sq.ft. ultramodern factory at Jamnagar, Gujarat and more than 6,500 Sq. ft assembly unit at UAE. “MARVEL” is our Brand under which we are operating our Business PAN India Basis and “CALLISTUS” is our brand under which we are operating business for other countries.

SEGMENT WISE PERFORMANCE:

Company is dealing only on the window blinds and has no product wise reportable segments. Company business is geographically segmented on consolidated basis and covers the following countries: UK, UAE, USA, Canada, Malta, Ireland, Australia, Ghana, New Zealand, Mexico, Nigeria, Kenya, Israel, etc.

OPPORTUNITIES AND THREATS:

Opportunities are macro environment factors and developments that Blinds Coverings can leverage to either consolidate existing market position or use them for further expansion. Opportunities can emerge from various factors such as - technological innovations, changes in consumer preferences, political developments & policy changes, economic growth, increase in consumer disposable income, changing technology landscape, access to International talent in Global market, increasing standardization, growing market size and evolving preferences of consumers, etc.

Threats are macro environment factors and developments that can derail business model of Blinds Coverings. Threats can emerge from various factors such as - changes in consumer preferences, political developments & policy changes, increase in consumer disposable income, economic growth, and technological innovations, International geo-political factors, US China trade relations, Ukraine Russia War, growing protectionism, Threats of new entrance because of reducing costs and increasing efficiencies, squeezing middle class in developed and developing world, etc.

RISKS AND CONCERNS:

The Company is committed in recognizing and managing the risks; it is exposed to, both internal and external, and has put in place mechanisms to handle the same proactively and efficiently. The Company also recognizes that these risks could adversely affect its ability to create value for all stakeholders and has taken steps to mitigate the same.

The Company operates in an environment, which is affected by various factors some of which are controllable while some are outside the control of the company. The Company proactively takes reasonable steps to identify and monitor the risk and makes efforts to mitigate significant risks that may affect it.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Management of the Company is committed to ensuring effective internal control systems commensurate with the size and the complexity of the business. The Company has established adequate and effective internal controls to achieve its compliance and reporting objectives. The controls are deployed through various policies and procedures. These policies and procedures are periodically revisited to ensure that they remain updated with the changes in the business environment.

The Company continues to invest in various IT initiatives to automate controls to the extent possible, in order to minimize errors and lapses. The Audit Committee reviews the adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS, INCLUDING NUMBER OF PEOPLE EMPLOYED.

The total employee strength of the Company as of 31.03.2023 was 219. Given the nature of the operations, a significant portion of the said employee strength comprises of sales and marketing team.

The company has also recruited highly qualified and skilled professionals, to help in the growth and functioning of the company. Your management feels proud to state that there were no instances of strikes, lockouts or any other action on part of the employees that affected the functioning of the Company. It is noteworthy that there is no Employee Union within the organization.

#On Standalone basis.