Mirza International Ltd // Footwear

Pros:
Cons:
The company has delivered a poor growth of 8.60% over past five years.
Dividend payout has been low at 11.86% of profits over last 3 years

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Bata India 970.15 50.75 12469.10 0.41 82.55 36.60 797.28 8.32 23.42
2. Relaxo Footwear 797.55 56.57 9598.80 0.19 45.95 23.03 566.48 17.29 33.66
3. Mirza Internatio 87.70 13.87 1055.08 1.03 18.07 -11.46 261.84 3.87 19.15
4. Khadim India 730.25 34.64 1311.91 0.14 7.41 -0.40 189.63 8.66 21.76
5. Sreeleathers 201.90 22.75 507.98 0.00 5.26 22.04 38.56 21.91 10.62
6. Superhouse Ltd 128.60 8.86 141.78 1.06 5.65 122.44 148.25 3.80 5.20
7. Liberty Shoes 174.25 35.14 296.92 0.00 2.26 106.48 146.16 19.89 9.52

Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
255.46 216.18 204.73 252.2 250.26 228.03 205.19 252.08 240.4 253.95 225.65 261.84
214.64 181.95 152.4 208.42 212.3 188.12 165.77 207.95 197.96 207.9 184.28 218.66
Operating Profit 40.82 34.23 52.33 43.78 37.96 39.91 39.42 44.13 42.44 46.05 41.37 43.18
OPM % 15.98% 15.83% 25.56% 17.36% 15.17% 17.5% 19.21% 17.51% 17.65% 18.13% 18.33% 16.49%
Other Income 0.0 0.0 1.18 0.07 0.06 0.02 0.73 0.06 0.01 0.03 0.32 0.06
Depreciation 6.57 6.23 6.66 6.66 7.13 7.51 7.77 7.17 7.55 8.01 8.88 7.87
Interest 9.56 4.92 6.48 6.77 6.51 6.43 6.21 5.92 5.3 6.64 7.1 7.35
Profit before tax 24.7 23.09 40.37 30.41 24.37 25.98 26.17 31.1 29.6 31.43 25.71 28.03
Tax 8.69 8.0 11.4 10.38 7.91 8.7 8.39 10.69 10.25 10.52 7.96 9.95
Net Profit 16.02 15.09 28.97 20.03 16.46 17.29 17.78 20.41 19.35 20.91 17.75 18.07

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
286 291 332 347 484 557 643 707 918 926 936 972 982
257 288 328 327 401 469 528 586 776 755 775 798 809
Operating Profit 29 3 5 20 84 88 116 121 142 171 161 174 173
OPM % 10.05% 0.9% 1.4% 5.84% 17.25% 15.72% 17.96% 17.18% 15.46% 18.42% 17.22% 17.9% 17.62%
Other Income 22 28 29 33 5 7 0 0 1 3 1 0 0
Interest 14 15 14 14 17 27 32 32 39 32 26 25 26
Depreciation 8 9 10 11 14 15 20 22 25 26 29 32 32
Profit before tax 29 6 9 28 57 52 64 68 79 116 107 118 115
Tax 10 3 4 9 18 16 21 24 28 38 35 39 39
Net Profit 18 4 5 19 39 35 43 43 51 78 72 78 76
EPS 1.88 0.32 0.54 1.96 4.14 3.73 4.6 4.59 5.42 7.1 5.78 6.52
Dividend Payout % 25.57% 77.01% 34.51% 19.76% 11.81% 13.11% 10.66% 10.68% 9.05% 6.94% 15.1% 13.81%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.66%
5 Years:8.60%
3 Years:1.91%
TTM:4.95%
Compounded Profit Growth
10 Years:34.21%
5 Years:12.59%
3 Years:14.94%
TTM:5.75%
Return on Equity
10 Years:16.30%
5 Years:16.78%
3 Years:16.61%
TTM: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
19 19 19 19 19 19 19 19 19 24 24 24
Reserves 106 108 100 126 160 188 233 268 294 422 478 548
Borrowings 112 113 116 104 131 170 167 212 218 205 156 283
96 65 69 65 73 84 89 119 130 116 110 148
Total Liabilities 333 305 303 313 383 460 508 618 660 765 768 1,003
118 124 162 168 188 225 252 308 308 336 349 357
CWIP 18 30 6 5 16 17 30 7 3 9 2 25
Investments 1 1 1 1 1 1 1 1 1 1 4 1
197 150 135 139 178 218 226 302 349 419 413 621
Total Assets 333 305 303 313 383 460 508 618 660 765 768 1,003

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