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Mirza International Ltd Stock Analysis

Small Cap
Evaluated by 1439 users | BSE: 526642 | NSE: MIRZAINT |
Footwear
Mirza International Limited was incorporated on September 5, 1979 with a small tannery for manufacturing finished leather at Magarwara near Kanpur. The company, established by Irshad Mirza and Rashid Mirza, was then called ‘Mirza Tanners Private Limited’. The company focused on...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20TTM
Return on Capital Employed 17.62%14.68%16.57%14.89%15.49%17%13.73%12.77%7.94%8.45%-
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 4845576437079189269369721,1521,2601,215
Y-o-Y Gr. Rt.-14.9%15.6%9.9%29.9%0.8%1.1%3.9%18.5%9.4%-
Adjusted EPS (Rs.) 3.993.374.724.955.637.215.966.584.023.963.49
Y-o-Y Gr. Rt.--15.5%40.1%4.9%13.7%28.1%-17.3%10.4%-38.9%-1.5%-
Book Value per Share (Rs.) 19.2622.3127.1130.9133.7140.9341.7347.5350.8452.1953.90
Adjusted Net Profit 3731.343.745.952.278.171.779.248.447.742
Net Op. Cash Flow (Rs. Cr.) 36.15089.448.497.390.3114-23.835.5228-
Debt to Cash Flow from Ops 3.633.391.874.382.242.271.37-11.8910.061.26-
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Mirza International Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 11.2%6.5%10.4%9.4%
Adjusted EPS -0.1%-6.8%-12.7%-1.5%
Book Value per Share 11.79.17.72.7
Share Price 13.1% -8.5% -16.1% 8.5%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20TTM
Return on Equity (%) 22.9116.2419.117.0617.4220.615.1314.748.177.696.58
Operating Profit Margin (%) 17.4115.8118.0317.6815.6218.4217.2118.0112.4213.6312.58
Net Profit Margin (%) 7.645.626.86.495.688.447.668.144.23.783.46
Debt to Equity 0.730.820.670.740.70.460.310.50.580.46-
Working Capital Days 134123120132126146157189206194-
Cash Conversion Cycle 697467706585106133146137-
Loading price chart...
Entity Percentage Holding
Promoters 67.66%
Institutions 0.08%
Non-Institutions 32.26%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

Mirza International Ltd's earnings have declined by -6.8%, whereas share price has declined -8.5% CAGR over the past five years, indicating the company’s share price is likely undervalued. However, for specific investment actions please consult your investment advisor.

Mirza International Ltd share price has appreciated 12.6% annually (CAGR) over the past ten years.

Data is not available for this company.

Mirza International Limited was incorporated on September 5, 1979 with a small tannery for manufacturing finished leather at Magarwara near Kanpur. The company, established by Irshad Mirza and Rashid Mirza, was then called ‘Mirza Tanners Private Limited’.

The company focused on supplying high quality leather and leather products to the overseas markets and gradually became one of the largest exporters of finished leather in the country.

During this phase, Mirza took a

Mirza International Limited was incorporated on September 5, 1979 with a small tannery for manufacturing finished leather at Magarwara near Kanpur. The company, established by Irshad Mirza and Rashid Mirza, was then called ‘Mirza Tanners Private Limited’.

The company focused on supplying high quality leather and leather products to the overseas markets and gradually became one of the largest exporters of finished leather in the country.

During this phase, Mirza took a significant leap, by venturing into newer areas which were extensions of its existing competencies. The global shoe market was then looking upon outsourcing of leather footwear in a big way. To take advantage of this opportunity, Mirza diversified into manufacturing of shoes. Very swiftly, four state-of-the-art manufacturing units were setup at Unnao and Noida.

Having gained a foothold in the footwear business, Mirza quickly reorganized itself by setting up in-house design and development studios, marketing offices and a strong distribution and logistics network. After successfully reorganizing itself, Mirza moved a step ahead of others by launching its own brands ‘Red Tape’ and ‘Oaktrak’.

Having firmly established its product line and market geographies, the company spread its wings to several other countries through its marketing companies and networking associates. Some of countries where Mirza has a significant presence are UK, Portugal, South Africa, USA, Germany, France, Scandinavian countries and UAE. 80% of company’s sales being contributed by overseas sales to 24 countries.

Today, the company has emerged as a frontrunner in the manufacturing and marketing of leather and leather footwear. The company is listed on the NSE, BSE and UP Stock exchanges and is ISO 9001, 9002 and 14000 certified.

The company has four fully integrated in-house shoe production facilities with an installed production capacity of 3.35 mn pairs of shoes per annum. The manufacturing plants are located at Magarwara and Sahjani in Unnao, and in Noida. The tannery is located at Magarwara in Unnao. These facilities are backed by a state-of-the-art double density direct injection polyurethane plant, a tannery with a capacity of 20 million sq ft per annum & its own effluent treatment plant and 25 dedicated ancillary units. Shoes are produced at these facilities using latest methods like Stuck on, Double Density Direct Injection & Moccassins

The company sources its cowhides from Europe and manufactures leather in stringent adherence to international norms, ensuring that no banned chemicals are used in the production process.

In addition to direct sales to leading global footwear retailers, the company also has a strong presence in the branded segment through three brands: Red Tape, Oak Trak, Red Tape Gal.

Mirza International Limited’s focus on design is a key differentiator for its shoes. The company invests considerable resources on research and development on an ongoing basis, in order to introduce new designs, styles and product lines into the market.

Product range of the company include:

Red Tape- The flagship brand of Mirza International Limited, was launched in the year 1996. The brand has today become synonymous with hi-fashion & lifestyle, owing to its unmatched quality, skilled craftsmanship and trendy products. Endorsed by the style icon Salman Khan, Red Tape has become India’s most loved premium lifestyle brand.

Red Tape Gal- It is a stylish footwear range for women that bring in a fresh, energetic and youthful appeal through its trendy designs. Introduced in March 2007, the brand is Mirza International Limited’s first step towards tapping the immense opportunity available in the women footwear segment. The range is available in a variety of styles and shapes and has already become a preferred brand of the Indian women. It is endorsed by the critically acclaimed actress Kangana Ranaut.

Oaktrak- It is a niche brand of formal footwear, designed exclusively for the upwardly mobile executives and businessmen. The range is both casual and urban, with the emphasis on comfort with style. Oaktrak is sold through independents, small retailers and multiples.  Primary markets for the brand are UK and South Africa

Subsidiary

MTL Trading (Pty) Ltd., South Africa is the only subsidiary of the company.

Awards/Achievements

  • 2009 - Award for Oustanding Export Performance From Government of U.P.
  • 2007: Shopper’s Stop Pinnacle Awarded by best brand- footwear
  • 2007: BVMSR-III Consumer Award in fashion and specialty shoes.
  • 2007: Export award for overall Export & Plaque (first prize) for footwear export by council of Leather Exports.
  • 2006: Dun & Bradstreet American Express Corporate Award
  • 2005: Excellence Award for Innovative Export Marketing by Merchant’s Chamber U.P.
  • 2004: Certificate of merit by National Praductivity Council
  • 2004: IFCOMA Excellence Award for greatest contribution towards Indian Footwear Industry.
  • 1999: Samman/Award by Central Excise & Customs, Govt. of India
  • 1998: Best export performance in Finished Leather by council of leather export
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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