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 780 Cr.
  • Current Price 64.8
  • High / Low 69.4 / 43.0
  • Stock P/E 93.7
  • Book Value 53.0
  • Dividend Yield 1.39 %
  • ROCE 6.37 %
  • ROE 1.32 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Debtor days have improved from 39.24 to 27.72 days.

Cons

  • Company has low interest coverage ratio.
  • Company has a low return on equity of 5.66% for last 3 years.
  • Dividend payout has been low at 14.96% of profits over last 3 years
  • Company's cost of borrowing seems high
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
261.84 295.78 307.12 286.97 308.03 306.04 397.73 249.39 83.11 271.79 381.25 312.78
218.65 253.19 277.47 258.72 274.21 261.02 339.03 215.13 84.08 239.60 334.39 272.62
Operating Profit 43.19 42.59 29.65 28.25 33.82 45.02 58.70 34.26 -0.97 32.19 46.86 40.16
OPM % 16.49% 14.40% 9.65% 9.84% 10.98% 14.71% 14.76% 13.74% -1.17% 11.84% 12.29% 12.84%
Other Income 0.06 0.08 0.27 1.68 0.06 0.20 0.59 0.82 0.14 0.51 0.23 0.33
Interest 7.35 9.06 8.77 9.14 10.06 13.64 11.47 10.41 10.29 11.26 12.05 7.42
Depreciation 7.87 8.46 9.22 9.90 8.80 20.77 16.38 17.49 12.49 15.65 18.32 20.08
Profit before tax 28.03 25.15 11.93 10.89 15.02 10.81 31.44 7.18 -23.61 5.79 16.72 12.99
Tax % 35.50% 35.94% 37.13% 34.53% 36.48% 11.38% 31.87% 0.00% 1.65% -8.98% 3.89% 31.56%
Net Profit 18.07 16.11 7.50 7.12 9.54 9.58 21.42 7.18 -23.23 6.32 16.07 8.89
EPS in Rs 1.50 1.34 0.62 0.59 0.79 0.80 1.78 0.60 -1.93 0.53 1.34 0.74

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
225 287 289 936 972 1,152 1,261 1,049
207 258 286 775 797 1,008 1,089 931
Operating Profit 18 29 3 161 175 144 172 118
OPM % 8% 10% 1% 17% 18% 12% 14% 11%
Other Income 15 21 27 1 -1 2 2 1
Interest 7 14 15 26 25 34 46 41
Depreciation 7 8 9 29 32 35 63 67
Profit before tax 19 28 6 107 118 76 64 12
Tax % 37% 37% 44% 33% 33% 36% 26% 30%
Net Profit 12 18 3 72 78 49 48 8
EPS in Rs 1.27 1.89 0.35 5.96 6.52 4.06 3.97 0.69
Dividend Payout % 39% 26% 86% 15% 14% 22% 23% 0%
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:3%
TTM:-17%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-53%
TTM:-83%
Stock Price CAGR
10 Years:13%
5 Years:-6%
3 Years:-14%
1 Year:37%
Return on Equity
10 Years:%
5 Years:%
3 Years:6%
Last Year:1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
19 19 19 24 24 24 24 24
Reserves 98 107 113 478 548 588 604 614
Borrowings 107 112 113 156 283 357 270 125
51 62 63 106 146 147 362 407
Total Liabilities 274 300 308 764 1,002 1,115 1,260 1,170
111 118 124 354 357 409 585 565
CWIP 13 18 30 2 25 5 11 11
Investments 6 2 6 1 1 1 1 2
145 163 148 408 619 701 663 593
Total Assets 274 300 308 764 1,002 1,115 1,260 1,170

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-4 29 114 -24 35 228 238
-18 -19 -36 -59 -67 -63 -41
12 -10 -82 89 26 -157 -201
Net Cash Flow -10 -1 -5 6 -6 8 -3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 18% 9% 19% 12% 12% 6%
Debtor Days 44 45 39 26 50 49 41 28
Inventory Turnover 1.83 2.06 1.57 1.69 1.66 1.40

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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