approved financial results for the quarter nd half year ended 30th September 2024
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The Board of Milestone Furniture approved the unaudited financial results for the quarter and half year ended 30 September 2024 on 11 August 2025 — a significant delay in filing. Total income from operations stood at Rs. 0 across all reported periods, indicating no business activity. The company reported a net loss of Rs. 27.55 lakh in H1FY25, marginally narrower than the Rs. 28.47 lakh loss in H1FY24, with EPS of Rs. (0.30). Most critically, the statutory auditor (R Daga and Company) issued a disclaimer, stating they could not obtain sufficient evidence to form any review conclusion due to a standoff between new and old management, with the new management still unable to verify assets and liabilities. Related party transactions of Rs. 5.74 lakh (reimbursement to the Whole Time Director) and Rs. 66,000 (salary to the Company Secretary) were disclosed.
This is a serious red flag — zero revenue, persistent losses, and the auditor's inability to verify the books due to a management transition standoff raise major governance concerns. Shareholders should treat this as high-risk; the delay in filing and the auditor's disclaimer suggest the company's operational and financial health is highly uncertain.