Milestone Furniture Ltd Management Discussions

INDUSTRY STRUCTURE AND DEVELOPMENT OPPORTUNITIES, THREATS, RISKS, CONCERNS AND OUTLOOK:-

Milestone Furniture is a office furniture manufacturing company, comprising of professionals with many years of experience in this Industry. Milestone has been an important player in the furniture industry in Mumbai and surroundings and has been competing with renowned office furniture suppliers and manufacturers

The company now is contemplating adding more products to its catalogues especially in the home furnishing segments and is on advance level conversations with potential suppliers, distributors and key business partners regarding upcoming projects and plans in the coming year.

Furniture Business recorded an overall growth in home segments over the previous year but the business of office furniture saw an overall dip.

INTERNAL CONTROL SYSTEM AND THEIR ADEQAUCY

The Company has adequate system of internal controls commensurate with its size and nature of business to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and the transactions are authorized, recorded and reported correctly.

Internal Audit Department along with the help of external professional agencies continuously monitor the effectiveness of the internal controls with an objective to provide to the Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the internal control. Based on their assessment, management is of the opinion that your Company maintained effective internal control over financial reporting.

Human Resources and Industrial Relations

Your Companys industrial relations continued to be harmonious during the year under review.

Material developments in Human Resources / Industrial Relations front, including number of people employed:

The relationship with the employees continues to be cordial. The Company recognizes the importance and contribution of its employees for its growth and development and constantly endeavors to train nurture and groom its people. The Company puts emphasis on attracting and retaining the right talent. The company places emphasis on training and development of employees at all levels and has introduced methods and practices for Human Resource Development. There are currently 68 employees in the company.

Cautionary Statement

The Management Discussions and Analysis Statement made above are on the basis of available data as well as certain assumptions as to the economic conditions, various factors affecting raw material prices, selling prices, trend and consumer demand and preference, governing and applicable laws and other economic and political factors.

The management cannot guarantee the accuracy of the assumptions and projected performance of the Company in future. It is therefore, cautioned that the actual results may differ from those expressed and implied therein).