Mirza International Ltd

₹ 38.8 -0.92%

16 Dec 9:09 a.m.

About

Incorporated in 1979, Mirza International Ltd is a manufacturer & exporter of finished leather, Footwear and trader of footwear and apparels and allied products^[1]

Key Points

Business Divisions:^[1]
a) Tannery Division:
Manufacturing Finished Leather from Raw Hides, Wet Blue & Crust
b) Shoe Division:
Manufacturing Finished Leather Shoes
c) Garments/ Accessories Division:
Trading of Garments/Accessories

Website BSE NSE

Market Cap ₹ 536 Cr.
Current Price ₹ 38.8
High / Low ₹ 63.6 / 37.4
Stock P/E 52.4
Book Value ₹ 33.7
Dividend Yield 0.00 %
ROCE 5.31 %
ROE 3.02 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Stock is trading at 1.16 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -12.2% over past five years.
Company has a low return on equity of 8.50% over last 3 years.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Leather Industry: Leather / Leather Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	392.74	585.37	156.74	180.33	178.36	118.07	150.30	124.19	198.74	137.25	142.58	137.12	197.84
	344.34	507.49	141.63	157.39	158.89	104.85	143.70	116.06	184.23	123.24	132.50	126.50	183.90
Operating Profit	48.40	77.88	15.11	22.94	19.47	13.22	6.60	8.13	14.51	14.01	10.08	10.62	13.94
OPM %	12.32%	13.30%	9.64%	12.72%	10.92%	11.20%	4.39%	6.55%	7.30%	10.21%	7.07%	7.75%	7.05%
	10.84	5.40	0.09	0.24	0.13	0.14	4.52	2.71	2.33	1.36	0.69	0.37	0.42
Interest	7.34	6.48	2.70	1.72	2.39	1.73	1.90	1.52	1.93	2.03	1.56	1.25	2.54
Depreciation	18.11	17.25	7.10	6.53	6.12	6.60	6.17	6.88	6.26	7.02	7.86	7.92	7.22
Profit before tax	33.79	59.55	5.40	14.93	11.09	5.03	3.05	2.44	8.65	6.32	1.35	1.82	4.60
Tax %	20.63%	28.48%	7.59%	25.59%	21.28%	19.48%	24.92%	10.66%	30.17%	22.94%	34.81%	25.27%	32.17%
	26.81	42.60	4.99	11.11	8.73	4.05	2.30	2.18	6.05	4.87	0.89	1.36	3.12
EPS in Rs	2.23	3.54	0.41	0.92	0.73	0.34	0.17	0.16	0.44	0.35	0.06	0.10	0.23
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	643	707	918	926	936	972	1,152	1,260	1,047	1,386	627	603	615
	527	582	775	755	775	797	1,009	1,088	930	1,209	568	556	566
Operating Profit	116	125	143	171	161	175	143	172	117	177	59	47	49
OPM %	18%	18%	16%	18%	17%	18%	12%	14%	11%	13%	9%	8%	8%
	-0	-3	-1	3	1	-1	3	2	0	18	8	7	3
Interest	32	32	39	32	26	25	34	46	41	23	8	7	7
Depreciation	20	22	25	26	29	32	35	63	66	58	25	28	30
Profit before tax	64	68	79	116	107	118	76	64	10	114	34	19	14
Tax %	33%	36%	35%	33%	33%	33%	36%	26%	29%	25%	23%	26%
	43	43	51	78	72	78	49	48	7	86	26	14	10
EPS in Rs	4.69	4.68	5.52	6.49	5.96	6.52	4.05	3.96	0.61	7.11	1.90	1.01	0.74
Dividend Payout %	11%	11%	9%	7%	15%	14%	22%	23%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-12%
3 Years:	-17%
TTM:	4%

Compounded Profit Growth
10 Years:	-11%
5 Years:	-22%
3 Years:	22%
TTM:	-30%

Stock Price CAGR
10 Years:	21%
5 Years:	40%
3 Years:	36%
1 Year:	-18%

Return on Equity
10 Years:	10%
5 Years:	7%
3 Years:	9%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	19	19	19	22	24	24	24	24	24	28	28	28	28
Reserves	233	268	294	422	478	548	588	604	613	406	428	443	438
	167	212	218	207	156	283	357	288	140	49	26	20	27
	87	117	127	111	106	146	147	344	391	134	111	107	109
Total Liabilities	506	616	657	762	764	1,002	1,115	1,260	1,168	617	593	597	601
	252	308	308	336	349	357	409	585	563	289	314	304	299
CWIP	30	7	3	9	2	25	5	11	11	4	0	0	1
Investments	1	1	1	1	4	1	1	2	3	10	15	16	16
	224	300	346	416	410	619	701	663	591	315	263	277	285
Total Assets	506	616	657	762	764	1,002	1,115	1,260	1,168	617	593	597	601

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	89	48	97	90	114	-24	35	228	234	341	69	29
	-58	-54	-59	-34	-36	-59	-67	-63	-39	-231	-39	-18
	-39	8	-39	-51	-82	89	26	-157	-201	-113	-31	-14
Net Cash Flow	-8	2	-1	6	-5	6	-6	8	-5	-3	-1	-3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	18	22	17	25	26	50	49	41	28	28	47	49
Inventory Days	136	175	151	191	192	291	240	215	264	59	121	134
Days Payable	48	61	56	40	29	65	45	50	68	42	59	60
Cash Conversion Cycle	107	135	113	175	189	275	244	206	224	45	109	123
Working Capital Days	80	92	79	119	120	177	176	134	132	50	100	108
ROCE %	24%	23%	23%	25%	20%	19%	12%	12%	6%	22%	8%	5%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	67.91%	67.91%	67.91%	67.95%	68.15%	71.77%	71.77%	71.76%	71.77%	71.39%	71.27%	71.27%
	2.82%	3.00%	3.42%	3.49%	3.09%	1.56%	2.40%	1.38%	0.47%	0.34%	0.34%	0.30%
	0.04%	0.04%	3.11%	3.87%	4.47%	4.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	29.23%	29.05%	25.56%	24.69%	24.30%	22.55%	25.83%	26.85%	27.75%	28.27%	28.38%	28.44%
No. of Shareholders	68,221	67,615	67,752	70,808	72,756	73,029	91,500	87,644	87,980	87,833	84,125	81,943

	Feb 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	70.87%	73.78%	70.43%	70.22%	70.42%	67.66%	67.91%	71.77%	71.39%	71.27%
	0.00%	0.42%	3.58%	0.63%	0.06%	0.04%	3.00%	1.56%	0.34%	0.30%
	2.05%	0.16%	2.88%	0.95%	0.14%	0.04%	0.04%	4.13%	0.00%	0.00%
	27.07%	25.64%	23.11%	28.21%	29.37%	32.26%	29.05%	22.55%	28.27%	28.44%
No. of Shareholders	26,390	41,883	36,751	41,747	42,176	52,648	67,615	73,029	87,833	81,943

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Mirza International Ltd

Mirza International Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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