Mirza International Ltd

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

Pros:
Stock is trading at 1.19 times its book value
Company has good consistent profit growth of 89.00% over 5 years
Company has been maintaining a healthy dividend payout of 38.24%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
205 252 240 254 226 262 296 307 287
166 208 198 208 184 219 253 277 259
Operating Profit 39 44 42 46 41 43 43 30 28
OPM % 19% 18% 18% 18% 18% 16% 14% 10% 10%
Other Income 1 0 0 0 0 0 0 0 2
Interest 6 6 5 7 7 7 9 9 9
Depreciation 8 7 8 8 9 8 8 9 10
Profit before tax 26 31 30 31 26 28 25 12 11
Tax % 32% 34% 35% 33% 31% 36% 36% 37% 35%
Net Profit 18 20 19 21 18 18 16 8 7
Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 TTM
225 287 289 936 972 1,152
207 258 286 775 797 1,008
Operating Profit 18 29 3 161 175 144
OPM % 8% 10% 1% 17% 18% 12%
Other Income 15 21 27 1 -1 2
Interest 7 14 15 26 25 34
Depreciation 7 8 9 29 32 35
Profit before tax 19 28 6 107 118 76
Tax % 37% 37% 44% 33% 33%
Net Profit 12 18 3 72 78 49
EPS in Rs 1.20 1.82 0.28 5.78 6.52
Dividend Payout % 39% 26% 86% 15% 14%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.90%
5 Years:27.47%
3 Years:49.86%
TTM:18.48%
Compounded Profit Growth
10 Years:37.48%
5 Years:89.00%
3 Years:188.93%
TTM:-37.77%
Return on Equity
10 Years:9.39%
5 Years:12.95%
3 Years:15.68%
Last Year:14.73%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Sep 2018
19 19 19 24 24 24
Reserves 98 107 113 478 548 579
Borrowings 107 112 113 156 283 284
51 63 64 110 148 249
Total Liabilities 275 301 309 768 1,003 1,136
111 118 124 354 357 398
CWIP 13 18 30 2 25 3
Investments 6 2 6 1 1 1
146 164 149 411 621 734
Total Assets 275 301 309 768 1,003 1,136

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018
-4 29 114 -24
-18 -19 -36 -59
12 -10 -82 89
Net Cash Flow -10 -1 -5 6

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018
ROCE % 18% 9% 29% 19%
Debtor Days 44 45 39 26 50
Inventory Turnover 2.86 3.01 5.26 3.01