Mirza International Ltd

About [ edit ]

Founded in 1979, Mirza International Limited is India’s leading leather footwear manufacturer, marketer and exporter. It owns a portfolio of well recognized brands like Red Tape, oaktrak, MODE & Bond Street.
It is also the preferred supplier of leather footwear to leading international brands and one of the largest Indian suppliers of finished leather to overseas markets. #

Key Points [ edit ]
  • Market Cap 583 Cr.
  • Current Price 48.5
  • High / Low 64.0 / 36.8
  • Stock P/E 106
  • Book Value 51.0
  • Dividend Yield 1.86 %
  • ROCE 11.7 %
  • ROE 7.70 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 0.95 times its book value
  • Company has been maintaining a healthy dividend payout of 19.57%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -2.63%
  • The company has delivered a poor sales growth of 6.53% over past five years.
  • Company has a low return on equity of 10.02% for last 3 years.
  • Contingent liabilities of Rs.181.86 Cr.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
226 262 296 307 287 308 306 397 249 83 272 380
184 219 253 278 259 274 261 339 215 84 239 334
Operating Profit 41 43 43 30 28 34 45 59 34 -1 32 46
OPM % 18% 16% 14% 10% 10% 11% 15% 15% 14% -1% 12% 12%
Other Income 0 0 0 0 2 0 0 1 1 0 1 0
Interest 7 7 9 9 9 10 14 11 10 10 11 12
Depreciation 9 8 8 9 10 9 21 16 17 12 16 18
Profit before tax 26 28 25 12 11 15 11 32 7 -24 6 16
Tax % 31% 36% 36% 37% 34% 36% 11% 32% 0% 2% -9% 2%
Net Profit 18 18 16 7 7 10 10 22 7 -23 6 15
EPS in Rs 1.48 1.50 1.34 0.62 0.59 0.79 0.79 1.79 0.58 -1.94 0.53 1.29

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
332 347 484 557 643 707 918 926 936 972 1,152 1,260 983
327 325 401 469 527 582 775 755 775 797 1,008 1,088 872
Operating Profit 5 22 84 88 116 125 143 171 161 175 144 172 111
OPM % 2% 6% 17% 16% 18% 18% 16% 18% 17% 18% 12% 14% 11%
Other Income 29 31 5 7 -0 -3 -1 3 1 -1 2 2 2
Interest 14 14 17 27 32 32 39 32 26 25 34 46 44
Depreciation 10 11 14 15 20 22 25 26 29 32 35 63 64
Profit before tax 9 28 57 52 64 68 79 116 107 118 76 64 5
Tax % 41% 33% 32% 32% 33% 36% 35% 33% 33% 33% 36% 26%
Net Profit 5 19 39 35 43 43 51 78 72 78 49 48 6
EPS in Rs 0.58 2.03 4.23 3.81 4.69 4.68 5.52 6.49 5.96 6.52 4.05 3.96 0.46
Dividend Payout % 35% 20% 12% 13% 11% 11% 9% 7% 15% 14% 22% 23%
Compounded Sales Growth
10 Years:14%
5 Years:7%
3 Years:10%
TTM:-24%
Compounded Profit Growth
10 Years:9%
5 Years:-2%
3 Years:-13%
TTM:-88%
Stock Price CAGR
10 Years:8%
5 Years:-13%
3 Years:-27%
1 Year:30%
Return on Equity
10 Years:14%
5 Years:12%
3 Years:10%
Last Year:8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
19 19 19 19 19 19 19 24 24 24 24 24 24
Reserves 100 126 160 188 233 268 294 422 478 548 588 604 590
Borrowings 116 104 131 170 167 212 218 205 156 283 357 288 269
68 63 72 82 87 117 127 113 106 146 147 344 495
Total Liabilities 302 312 381 459 506 616 657 762 764 1,002 1,115 1,260 1,379
162 168 188 225 252 308 308 336 349 357 409 585 586
CWIP 6 5 16 17 30 7 3 9 2 25 5 11 15
Investments 1 1 1 1 1 1 1 1 4 1 1 2 2
134 138 177 217 224 300 346 416 410 619 701 663 776
Total Assets 302 312 381 459 506 616 657 762 764 1,002 1,115 1,260 1,379

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
38 45 36 50 89 48 97 90 114 -24 35 228
-24 -17 -38 -46 -58 -54 -59 -34 -36 -59 -67 -63
-15 -28 5 3 -39 8 -39 -51 -82 89 26 -157
Net Cash Flow -1 -0 3 7 -8 2 -1 6 -5 6 -6 8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 10% 18% 26% 21% 24% 23% 23% 25% 20% 19% 12% 12%
Debtor Days 27 34 24 24 18 22 17 25 26 50 49 41
Inventory Turnover 2.50 2.86 3.14 2.91 2.90 2.55 2.73 2.17 2.01 1.57 1.69 1.73

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
70.43 70.19 70.19 70.22 70.19 70.19 70.19 70.42 70.45 70.45 70.29 67.66
3.02 1.40 1.33 0.63 0.06 0.06 0.06 0.06 0.06 0.04 0.04 0.04
2.89 2.48 2.46 0.95 0.13 0.18 0.09 0.14 0.12 0.04 0.04 0.04
23.66 25.94 26.02 28.21 29.62 29.58 29.66 29.37 29.36 29.47 29.63 32.26

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