Mirza International Ltd

About

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. [1]

Key Points

Geogrpahical Revenue Breakup
The company derives majority of its revenues from India at 58%, UK - 28%, US - 7% and ROW - 7%. It exports its products to a total of 29 countries. [1]
Out of the total 42% contribution of export sales, only 4% of it was attributable to company's own brand RED TAPE. The majority of export sales came from selling white-labeled footwear. [2]

See full details
  • Market Cap 713 Cr.
  • Current Price 59.2
  • High / Low 69.4 / 43.0
  • Stock P/E 17.0
  • Book Value 53.0
  • Dividend Yield 1.52 %
  • ROCE 6.18 %
  • ROE 1.22 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is trading at 1.12 times its book value
  • Company is expected to give good quarter
  • Debtor days have improved from 39.27 to 27.78 days.

Cons

  • The company has delivered a poor sales growth of 2.49% over past five years.
  • Company has a low return on equity of 5.63% for last 3 years.
  • Dividend payout has been low at 14.97% of profits over last 3 years
  • Company's cost of borrowing seems high
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
296 307 287 308 306 397 249 83 272 380 312 251
253 278 259 274 261 339 215 84 239 334 273 216
Operating Profit 43 30 28 34 45 59 34 -1 32 46 39 35
OPM % 14% 10% 10% 11% 15% 15% 14% -1% 12% 12% 13% 14%
Other Income 0 0 2 0 0 1 1 0 1 0 0 1
Interest 9 9 9 10 14 11 10 10 11 12 7 6
Depreciation 8 9 10 9 21 16 17 12 16 18 20 14
Profit before tax 25 12 11 15 11 32 7 -24 6 16 13 15
Tax % 36% 37% 34% 36% 11% 32% 0% 2% -9% 2% 29% 25%
Net Profit 16 7 7 10 10 22 7 -23 6 15 9 11
EPS in Rs 1.34 0.62 0.59 0.79 0.79 1.79 0.58 -1.94 0.53 1.29 0.74 0.94

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
347 484 557 643 707 918 926 936 972 1,152 1,260 1,047 1,215
325 400 469 527 582 775 755 775 797 1,009 1,088 930 1,062
Operating Profit 22 84 88 116 125 143 171 161 175 143 172 117 153
OPM % 6% 17% 16% 18% 18% 16% 18% 17% 18% 12% 14% 11% 13%
Other Income 31 4 6 -0 -3 -1 3 1 -1 3 2 0 2
Interest 14 17 27 32 32 39 32 26 25 34 46 41 37
Depreciation 11 14 15 20 22 25 26 29 32 35 63 66 68
Profit before tax 28 57 52 64 68 79 116 107 118 76 64 10 49
Tax % 33% 32% 32% 33% 36% 35% 33% 33% 33% 36% 26% 29%
Net Profit 19 39 35 43 43 51 78 72 78 49 48 7 42
EPS in Rs 2.03 4.23 3.81 4.69 4.68 5.52 6.49 5.96 6.52 4.05 3.96 0.61 3.50
Dividend Payout % 20% 12% 13% 11% 11% 9% 7% 15% 14% 22% 23% 0%
Compounded Sales Growth
10 Years:8%
5 Years:2%
3 Years:3%
TTM:17%
Compounded Profit Growth
10 Years:-15%
5 Years:-37%
3 Years:-54%
TTM:185%
Stock Price CAGR
10 Years:12%
5 Years:-9%
3 Years:-11%
1 Year:21%
Return on Equity
10 Years:12%
5 Years:9%
3 Years:6%
Last Year:1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
19 19 19 19 19 19 24 24 24 24 24 24
Reserves 126 160 188 233 268 294 422 478 548 588 604 613
Borrowings 104 131 170 167 212 218 205 156 283 357 288 140
63 72 82 87 117 127 113 106 146 147 344 391
Total Liabilities 312 381 459 506 616 657 762 764 1,002 1,115 1,260 1,168
168 188 225 252 308 308 336 349 357 409 585 563
CWIP 5 16 17 30 7 3 9 2 25 5 11 11
Investments 1 1 1 1 1 1 1 4 1 1 2 3
138 177 217 224 300 346 416 410 619 701 663 591
Total Assets 312 381 459 506 616 657 762 764 1,002 1,115 1,260 1,168

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
45 36 50 89 48 97 90 114 -24 35 228 234
-17 -38 -46 -58 -54 -59 -34 -36 -59 -67 -63 -39
-28 5 3 -39 8 -39 -51 -82 89 26 -157 -201
Net Cash Flow -0 3 7 -8 2 -1 6 -5 6 -6 8 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 34 24 24 18 22 17 25 26 50 49 41 28
Inventory Days 130 138 143 136 175 151 191 192 291 240 215 264
Days Payable 41 40 39 48 61 56 40 29 65 45 50 68
Cash Conversion Cycle 123 122 129 107 135 113 175 189 275 244 206 224
Working Capital Days 95 89 92 87 104 92 125 125 182 182 139 139
ROCE % 18% 26% 21% 24% 23% 23% 25% 20% 19% 12% 12% 6%

Shareholding Pattern

Numbers in percentages

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

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