Mirza International Ltd

Mirza International is a leading manufacturer & exporter of finished leather,Footwear and trader of footwear and apparels.

Pros:
Stock is trading at 1.07 times its book value
Company has been maintaining a healthy dividend payout of 17.03%
Cons:
The company has delivered a poor growth of 10.25% over past five years.
Company has a low return on equity of 12.43% for last 3 years.

Peer Comparison Sector: Leather // Industry: Leather / Leather Products

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
250 228 205 252 240 254 226 262 296 307 287 308
212 188 166 208 198 208 184 219 253 278 259 274
Operating Profit 38 40 39 44 42 46 41 43 43 30 28 34
OPM % 15% 18% 19% 18% 18% 18% 18% 16% 14% 10% 10% 11%
Other Income 0 0 1 0 0 0 0 0 0 0 2 0
Interest 7 6 6 6 5 7 7 7 9 9 9 10
Depreciation 7 8 8 7 8 8 9 8 8 9 10 9
Profit before tax 24 26 26 31 30 31 26 28 25 12 11 15
Tax % 32% 33% 32% 34% 35% 33% 31% 36% 36% 37% 34% 36%
Net Profit 16 17 18 20 19 21 18 18 16 7 7 10
EPS in Rs 1.36 1.43 1.48 1.70 1.58 1.72 1.48 1.50 1.34 0.62 0.59 0.79
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
291 332 347 484 557 643 707 918 926 936 972 1,152 1,198
288 327 325 401 469 527 582 775 755 775 797 1,008 1,063
Operating Profit 3 5 22 84 88 116 125 143 171 161 175 144 134
OPM % 1% 2% 6% 17% 16% 18% 18% 16% 18% 17% 18% 12% 11%
Other Income 28 29 31 5 7 -0 -3 -1 3 1 -1 2 2
Interest 15 14 14 17 27 32 32 39 32 26 25 34 37
Depreciation 9 10 11 14 15 20 22 25 26 29 32 35 36
Profit before tax 6 9 28 57 52 64 68 79 116 107 118 76 63
Tax % 41% 41% 33% 32% 32% 33% 36% 35% 33% 33% 33% 36%
Net Profit 4 5 19 39 35 43 43 51 78 72 78 49 40
EPS in Rs 0.32 0.54 1.96 4.14 3.73 4.60 4.59 5.42 7.10 5.78 6.52 4.05 3.34
Dividend Payout % 77% 35% 20% 12% 13% 11% 11% 9% 7% 15% 14% 22%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.23%
5 Years:10.25%
3 Years:7.55%
TTM:21.98%
Compounded Profit Growth
10 Years:24.07%
5 Years:1.17%
3 Years:-14.74%
TTM:-47.08%
Stock Price CAGR
10 Years:11.80%
5 Years:6.26%
3 Years:-16.58%
1 Year:-31.54%
Return on Equity
10 Years:15.53%
5 Years:14.44%
3 Years:12.43%
Last Year:8.18%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
19 19 19 19 19 19 19 19 24 24 24 24
Reserves 108 100 126 160 188 233 268 294 422 478 548 588
Borrowings 113 116 104 131 170 167 212 218 205 156 283 357
65 69 65 73 84 89 119 130 116 110 151 151
Total Liabilities 305 303 313 383 460 508 618 660 765 768 1,006 1,120
124 162 168 188 225 252 308 308 336 349 357 409
CWIP 30 6 5 16 17 30 7 3 9 2 25 5
Investments 1 1 1 1 1 1 1 1 1 4 1 1
150 135 139 178 218 226 302 349 419 413 624 705
Total Assets 305 303 313 383 460 508 618 660 765 768 1,006 1,120

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
49 38 45 36 50 89 48 97 90 114 -24 35
-28 -24 -17 -38 -46 -58 -54 -59 -34 -36 -59 -67
-19 -15 -28 5 3 -39 8 -39 -51 -82 89 26
Net Cash Flow 2 -1 -0 3 7 -8 2 -1 6 -5 6 -6

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9% 10% 18% 26% 21% 24% 23% 23% 25% 20% 19% 12%
Debtor Days 38 27 34 24 24 18 22 17 25 26 50 49
Inventory Turnover 3.05 3.81 4.27 5.27 4.79 4.84 4.29 4.41 3.79 3.55 3.01 2.82