Mitshi India Limited has announced the outcome of its board meeting held on March 05, 2026, confirming the appointment of Mrs. Sheetal Bhavin Nagda as Additional Director (Non-Executive Independent Director). The company, formerly known as Dera Paints & Chemical Ltd, has made this disclosure in compliance with regulatory requirements.

Board Meeting Details

The board of directors of Mitshi India Limited convened on Thursday, March 05, 2026, to consider and approve the appointment of Mrs. Sheetal Bhavin Nagda. The meeting was conducted between 03:45 P.M. and 04:15 P.M., with the appointment taking effect from March 05, 2026.

Director Profile and Experience

Mrs. Sheetal Bhavin Nagda brings substantial corporate experience to Mitshi India Limited's board. She has worked across multiple sectors including rail infrastructure, steel manufacturing, construction, engineering, and media services, demonstrating a diverse corporate portfolio. Her professional background spans over 10 years of directorship experience, with active roles in both listed and private companies.

Regulatory Compliance and Disclosures

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has provided comprehensive disclosure details regarding the appointment. The disclosure was submitted to BSE Limited with proper documentation and regulatory adherence.

Company Information

Mitshi India Limited operates with its registered office located at 204 B-Wing, Master Mind III, E Building Aarey Milk Colony, Mumbai, Goregaon East, Maharashtra, India, 400065. The company operates under CIN U91100MH1990PLC057373 and maintains its website at www.mitshi.in . The appointment documentation was signed by Kumar Vasantlal Shah, Managing Director (DIN: 01451912), ensuring proper corporate governance procedures were followed throughout the process.

Mitshi India Limited , a company listed on the Indian stock exchanges, has released its financial results for the quarter and half year ended September 30, 2023. The company's Board of Directors approved the standalone unaudited financial results, which were reviewed by the Audit Committee and subjected to a limited review by statutory auditors.

Financial Highlights

• Total Income: Rs 828.04 lacs for the quarter ended September 30, 2023
• Year-on-Year Growth: 49.4% increase from Rs 554.39 lacs in the previous comparable period
• Cash and Cash Equivalents: Increased to Rs 92.77 lacs from Rs 18.95 lacs in the previous period

Financial Results Overview

Mitshi India Limited demonstrated strong financial performance in the second quarter of the fiscal year 2023-24. The company's total income saw a significant year-on-year growth of 49.4%, rising from Rs 554.39 lacs in the previous comparable period to Rs 828.04 lacs in the current quarter.

Improved Liquidity Position

The company's liquidity position showed marked improvement, with cash and cash equivalents increasing substantially to Rs 92.77 lacs from Rs 18.95 lacs in the previous period. This represents a 389% increase in cash holdings, potentially strengthening the company's financial flexibility and ability to manage short-term obligations.

Audit and Compliance

The financial results underwent a thorough review process:

1. The Audit Committee reviewed the results
2. The Board of Directors subsequently adopted the financial statements
3. Statutory auditors conducted a limited review and issued an unmodified review report, indicating that no significant issues were found in the financial statements

Ongoing Legal Matter

It's worth noting that Mitshi India Limited has an outstanding sales tax demand of Rs 380.94 lakhs. The company has filed an appeal against this demand, which is currently pending. This legal matter represents a contingent liability that investors and stakeholders should be aware of.

Conclusion

Mitshi India Limited's financial results for Q2 FY24 reflect a strong growth in total income and an improved cash position. However, the pending sales tax appeal remains a point of consideration for the company's financial outlook. As always, investors are advised to consider both the growth indicators and potential risks when evaluating the company's performance.