Mirza International Ltd

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

Pros:
Cons:
The company has delivered a poor growth of 8.60% over past five years.
Dividend payout has been low at 11.94% of profits over last 3 years

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

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

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
286 291 332 347 484 557 643 707 918 926 936 972 1,152
257 288 327 325 401 469 527 582 775 755 775 797 1,008
Operating Profit 29 3 5 22 84 88 116 125 143 171 161 175 144
OPM % 10% 1% 2% 6% 17% 16% 18% 18% 16% 18% 17% 18% 12%
Other Income 22 28 29 31 5 7 -0 -3 -1 3 1 -1 2
Interest 14 15 14 14 17 27 32 32 39 32 26 25 34
Depreciation 8 9 10 11 14 15 20 22 25 26 29 32 35
Profit before tax 29 6 9 28 57 52 64 68 79 116 107 118 76
Tax % 37% 41% 41% 33% 32% 32% 33% 36% 35% 33% 33% 33%
Net Profit 18 4 5 19 39 35 43 43 51 78 72 78 49
EPS in Rs 1.88 0.32 0.54 1.96 4.14 3.73 4.60 4.59 5.42 7.10 5.78 6.52
Dividend Payout % 26% 77% 35% 20% 12% 13% 11% 11% 9% 7% 15% 14%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.82%
5 Years:8.60%
3 Years:1.91%
TTM:18.48%
Compounded Profit Growth
10 Years:36.02%
5 Years:12.59%
3 Years:14.94%
TTM:-37.80%
Return on Equity
10 Years:16.61%
5 Years:16.68%
3 Years:16.47%
Last Year:14.73%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 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 19 24 24 24 24
Reserves 106 108 100 126 160 188 233 268 294 422 478 548 588
Borrowings 112 113 116 104 131 170 167 212 218 205 156 283 338
96 65 69 65 73 84 89 119 130 116 110 148 165
Total Liabilities 333 305 303 313 383 460 508 618 660 765 768 1,003 1,115
118 124 162 168 188 225 252 308 308 336 349 357 409
CWIP 18 30 6 5 16 17 30 7 3 9 2 25 5
Investments 1 1 1 1 1 1 1 1 1 1 4 1 1
197 150 135 139 178 218 226 302 349 419 413 621 701
Total Assets 333 305 303 313 383 460 508 618 660 765 768 1,003 1,115

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
29 49 38 45 36 50 89 48 97 90 114 -24
-19 -28 -24 -17 -38 -46 -58 -54 -59 -34 -36 -59
-10 -19 -15 -28 5 3 -39 8 -39 -51 -82 89
Net Cash Flow -0 2 -1 -0 3 7 -8 2 -1 6 -5 6

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 19% 9% 10% 18% 26% 21% 24% 23% 23% 25% 20% 19%
Debtor Days 44 38 27 34 24 24 18 22 17 25 26 50
Inventory Turnover 2.88 3.05 3.81 4.27 5.27 4.79 4.84 4.29 4.41 3.79 3.55 3.01