MIRA INFORM REPORT
|
Report No. : |
313189 |
|
Report Date : |
23.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIRZA INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
14/6 Civil Lines, |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.09.1979 |
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|
|
|
Com. Reg. No.: |
20-004821 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 185.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L19129UP1979PLC004821 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KNPM01745C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM3626M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturing and Marketing of Leather and Leather
Footwear. |
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|
|
|
No. of Employees
: |
2601 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8200000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a fine track record. Financial position of the company appears to be strong. Over all fundamentals
of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = “A” |
|
Rating Explanation |
Adequate degree of safety low credit risk. |
|
Date |
January 27, 2015 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
January 27, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office/ Head Office : |
14/6, Civil
Lines, |
|
Tel. No.: |
91-512-2530775/ 844/ 676 |
|
Fax No.: |
91-512-2530166/ 2534301 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate and Marketing Office : |
A-7, Mohan Cooperative Industrial Estate, |
|
Tel. No.: |
91-11-26959553/ 9554 |
|
Fax No.: |
91-11-26959559/ 0499 |
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|
|
|
Factory 1 : |
Kanpur – Unnao Link Road, Magarwara, Unnao – 209 801, Uttar Pradesh,
India |
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|
|
|
Factory 2 : |
Kanpur – Unnao Link Road, Sahjani, Unnao – 209 801, Uttar Pradesh,
India |
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Factory 3 : |
UPSIDC Industrial Area, Site II, Unnao – 209 801, Uttar Pradesh, India |
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Factory 4 : |
C-4, 5, 36 and 37, Sector – 59, Noida – 201 303, Uttar Pradesh, India |
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Factory 5 : |
1A, Sector-Ecotech- I, Extension- I, Greater Noida – 201 308, Uttar
Pradesh, India |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Irshad Mirza |
|
Designation : |
Chairman and Chief Financial Officer |
|
DIN: |
00048946 |
|
|
|
|
Name : |
Mr. Rashid Ahmed Mirza |
|
Designation : |
Managing Director |
|
DIN: |
00049009 |
|
|
|
|
Name : |
Mr. Shahid Ahmad Mirza |
|
Designation : |
Whole- time Director |
|
DIN: |
00048990 |
|
|
|
|
Name : |
Mr. Tauseef Ahmad Mirza |
|
Designation : |
Whole- time Director |
|
DIN: |
00049037 |
|
|
|
|
Name : |
Mr. Tasneef Ahmad Mirza |
|
Designation : |
Whole- time Director |
|
Date of Birth/Age : |
19.03.1972 |
|
Qualification : |
Degree in Leather Technology, |
|
Experience : |
16 Years |
|
Date of Appointment : |
01.01.1997 |
|
Other Directorships : |
|
|
DIN: |
00049066 |
|
|
|
|
Name : |
Mr. Narendra Prasad Upadhyaya |
|
Designation : |
Whole- time Director |
|
Date of Birth |
10.01.1949 |
|
Qualification : |
B.Tech (Mech), Post Graduate Diploma in Business Management. |
|
Experience : |
43 Years |
|
Date of Appointment : |
01.04.1997 |
|
DIN: |
00049196 |
|
|
|
|
Name : |
Dr. Yashveer Singh |
|
Designation : |
Director |
|
Date of Birth |
03.02.1947 |
|
Qualification : |
M. Sc., M. Phil, PhD |
|
Date of Appointment : |
06.02.2012 |
|
DIN: |
01479900 |
|
Other Directorships : |
Akhileshwar Technology Private Limited |
|
|
|
|
Name : |
Mr. Pashupati Nath Kapoor |
|
Designation : |
Director |
|
Date of Birth |
09.08.1937 |
|
Qualification : |
B. Tech (Mech) IIT and M.S. (Mech) Chicago |
|
Experience : |
46 Years |
|
Date of Appointment : |
08.07.1994 |
|
DIN: |
00058126 |
|
|
|
|
Name : |
Mr. Qazi Noorus Salam |
|
Designation : |
Director |
|
Date of Birth |
08.09.1944 |
|
Qualification : |
Senior Advocate |
|
Experience : |
45 Years |
|
Date of Appointment : |
08.07.1994 |
|
DIN: |
00051645 |
|
|
|
|
Name : |
Mr. Sudhindra Jain |
|
Designation : |
Director |
|
Date of Birth |
23.05.1956 |
|
Qualification : |
M.Com, LLB, FCA |
|
Experience : |
34 Years |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. Subhash Sapra |
|
Designation : |
Director |
|
Date of Birth |
25.12.1941 |
|
Qualification : |
B. Tech (Mech) |
|
Date of Appointment : |
08.03.2002 |
|
DIN: |
00049243 |
|
Other Directorships : |
UEM Trading Private Limited |
|
|
|
|
Name : |
Mr. Islamul Haq |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.07.1935 |
|
Qualification : |
M.Com |
|
Date of Appointment : |
28.03.2008 |
|
Other Directorships : |
Jalees Commercial Limited |
|
DIN: |
02121287 |
|
|
|
|
Name : |
Mrs. Vinita Kejriwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.05.1959 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
24.07.2014 |
|
DIN: |
06952088 |
KEY EXECUTIVES
|
Name : |
Mr. M.K. Gupta |
|
Designation : |
Department General Manager |
|
|
|
|
Name : |
|
|
Designation : |
Vice President (Accounts) and Company Secretary |
|
PAN: |
AAPPP4482L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
60155981 |
64.89 |
|
|
60155981 |
64.89 |
|
|
|
|
|
|
1000000 |
1.08 |
|
|
1000000 |
1.08 |
|
Total shareholding of Promoter
and Promoter Group (A) |
61155981 |
65.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5500 |
0.01 |
|
|
229880 |
0.25 |
|
|
235380 |
0.25 |
|
|
|
|
|
|
6678774 |
7.20 |
|
|
|
|
|
|
19871695 |
21.44 |
|
|
3372822 |
3.64 |
|
|
1391348 |
1.50 |
|
|
1263852 |
1.36 |
|
|
2500 |
0.00 |
|
|
124996 |
0.13 |
|
|
31314639 |
33.78 |
|
Total Public shareholding (B) |
31550019 |
34.03 |
|
Total (A)+(B) |
92706000 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
92706000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Leather and Leather
Footwear. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2601 (Approximately) |
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Bankers : |
Punjab National
Bank, The Mall, Kanpur, Uttar Pradesh, India |
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Facilities : |
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Auditors : |
|
|
Name : |
Khamesra Bhatia
and Mehrotra Chartered
Accountants |
|
|
|
|
Cost Auditors : |
Mr. A.K.
Srivastava Cost Accountant |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
Rs.2/- each |
Rs.450.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
92706000 |
Equity Shares |
Rs.2/- each |
Rs.185.400 Million |
|
|
|
|
|
Note:
The reconciliation
of the number of shares outstanding at the beginning and at the end of the
reporting period
|
Particulars |
Equity
Shares |
|
|
Number |
Rs. in Million |
|
|
Shares
outstanding at the beginning of the year |
92706000 |
185.400 |
|
Shares Issued
during the year |
- |
- |
|
Shares bought
back during the year |
- |
- |
|
Shares outstanding at the end of the year |
92706000 |
185.400 |
The details of
Shareholders holding more than 5% shares
|
Name of Shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
% of Holding |
|
|
Irshad Mirza |
6793541 |
7.33% |
|
Tauseef Ahmad Mirza |
6944000 |
7.49% |
|
Tasneef Ahmad Mirza |
7728650 |
8.34% |
|
Yasmin Mirza |
11300850 |
12.19% |
Details of shares alloted/bought
back during the previous five years immediately preceding the date of
Balance Sheet:
Company has not
issued any shares as fully paid up pursuant to contracts without payment being
received in Cash or by way of shares allotted as fully paid up as by way of
Bonus Shares and has not bought back any shares during the period of five years
immediately preceding the date of this Balance Sheet.
Rights,
Preferences and restrictions attached to Shares:
The Company has only
one class of Equity Shares having a par value of Rs.2/- each. Each shareholder
is entitled to one vote per share held. The Dividend proposed by the Board of
Directors is subject to approval of the shareholders in the ensuing Annual
General Meeting, except in case of Interim Dividend. In the event of
liquidation of the Company, the Equity Shareholders are eligible to receive
remaining assets of the Company, after distributing all the preferential
amounts, in the proportion of their Shareholding.
Disclosure pursuant to Note no. 6(U) of Part I of Schedule VI to the
Companies Act, 1956
|
Name of Shareholder |
As at 31st March, 2013 |
|
|
Rs. In Million |
Per Shares |
|
|
Dividend
proposed to be distributed to equity shareholders |
46.400 |
0.50 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
185.400 |
185.400 |
185.400 |
|
(b) Reserves & Surplus |
2680.100 |
2327.500 |
1882.500 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
2865.500 |
2512.900 |
2067.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
454.400 |
503.800 |
458.600 |
|
(b) Deferred tax liabilities (Net) |
205.800 |
189.800 |
183.000 |
|
(c) Other long term
liabilities |
30.000 |
20.300 |
17.300 |
|
(d) long-term
provisions |
53.700 |
48.300 |
43.400 |
|
Total Non-current
Liabilities (3) |
743.900 |
762.200 |
702.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1435.400 |
1040.200 |
1024.000 |
|
(b) Trade
payables |
669.200 |
485.000 |
344.400 |
|
(c) Other
current liabilities |
368.400 |
183.300 |
377.500 |
|
(d) Short-term
provisions |
75.100 |
75.900 |
71.500 |
|
Total Current
Liabilities (4) |
2548.100 |
1784.400 |
1817.400 |
|
|
|
|
|
|
TOTAL |
6157.500 |
5059.500 |
4587.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3078.400 |
2516.100 |
2247.700 |
|
(ii)
Intangible Assets |
74.600 |
298.400 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
165.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.000 |
7.000 |
7.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.600 |
47.100 |
63.300 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3194.600 |
2868.600 |
2483.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1915.500 |
1383.000 |
1274.400 |
|
(c) Trade
receivables |
420.200 |
325.500 |
369.600 |
|
(d) Cash
and cash equivalents |
63.500 |
38.700 |
119.700 |
|
(e) Short-term
loans and advances |
24.000 |
16.500 |
45.500 |
|
(f) Other
current assets |
539.700 |
427.200 |
295.200 |
|
Total
Current Assets |
2962.900 |
2190.900 |
2104.400 |
|
|
|
|
|
|
TOTAL |
6157.500 |
5059.500 |
4587.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7069.700 |
6434.000 |
5565.300 |
|
|
|
Other Income |
3.800 |
3.300 |
3.200 |
|
|
|
TOTAL (A) |
7073.500 |
6437.300 |
5568.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2597.200 |
2290.300 |
2139.100 |
|
|
|
Purchases of Stock-in-Trade |
1834.600 |
1529.800 |
1324.100 |
|
|
|
Changes in
inventories of finished goods work-in-progress and Stock-in-Trade |
(390.400) |
(118.200) |
(181.300) |
|
|
|
Employee benefits
expense |
365.600 |
328.600 |
288.400 |
|
|
|
Other expenses |
1448.300 |
1248.000 |
1120.000 |
|
|
|
TOTAL (B) |
5855.300 |
5278.500 |
4690.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1218.200 |
1158.800 |
878.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
320.000 |
315.700 |
272.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
898.200 |
843.100 |
606.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
220.400 |
199.200 |
152.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
677.800 |
643.900 |
453.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
244.100 |
209.500 |
100.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
433.700 |
434.400 |
353.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1505.500 |
1170.400 |
911.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
45.000 |
40.000 |
|
|
|
Proposed Dividend- Equity Shares |
46.400 |
46.400 |
46.400 |
|
|
|
Dividend on Tax |
7.900 |
7.900 |
7.500 |
|
|
|
Income Tax |
8.500 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1826.400 |
1505.500 |
1170.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
4502.000 |
4282.900 |
3622.200 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-Trade |
482.800 |
421.500 |
410.800 |
|
|
|
Stores, Chemicals and Packing Materials |
157.300 |
95.200 |
23.500 |
|
|
|
Capital Goods |
250.500 |
235.000 |
149.100 |
|
|
TOTAL IMPORTS |
890.600 |
751.700 |
583.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.68 |
4.69 |
3.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.13 |
6.75 |
6.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.23 |
18.01 |
15.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02 |
12.74 |
10.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.26 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.66 |
0.61 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.23 |
1.16 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
Unaudited 30.06.2014 |
Unaudited 30.09.2014 |
Unaudited 31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Revenue |
2,117.380 |
2,597.530 |
2,295.610 |
|
Other Income |
-- |
-- |
-- |
|
Total Income |
2,117.380 |
2,597.530 |
2,295.610 |
|
Expenditure |
(1,811.080) |
(2,231.910) |
(1,882.890) |
|
Interest |
(92.280) |
(90.540) |
(103.030) |
|
PBDT |
214.020 |
275.090 |
309.690 |
|
Depreciation |
(63.100) |
(68.900) |
(72.060) |
|
PBT |
150.920 |
206.190 |
237.630 |
|
Tax |
(53.400) |
(70.750) |
(82.340) |
|
Net Profit |
97.520 |
135.440 |
155.290 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
185.400 |
185.400 |
185.400 |
|
Reserves & Surplus |
1882.500 |
2327.500 |
2680.100 |
|
Net worth |
2067.900 |
2512.900 |
2865.500 |
|
|
|
|
|
|
long-term borrowings |
458.600 |
503.800 |
454.400 |
|
Short term borrowings |
1024.000 |
1040.200 |
1435.400 |
|
Total borrowings |
1482.600 |
1544.000 |
1889.800 |
|
Debt/Equity ratio |
0.717 |
0.614 |
0.660 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
5565.300 |
6434.000 |
7069.700 |
|
|
|
15.609 |
9.880 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
5565.300 |
6434.000 |
7069.700 |
|
Profit |
353.100 |
434.400 |
433.700 |
|
|
6.34% |
6.75% |
6.13% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE OF THE
COMPANY:
The turnover of the Company at Rs. 7073.500 Million has shown an increase of 9.89 % as compared to Rs. 6437.300 Million for the corresponding period in the previous year. The profit before tax is Rs. 677.800 Million as compared to Rs. 643.900 Million for the previous year.
The major highlights of
the performance are as under:
- The revenue from operations increased by 10 %.
- The EBITDA increased to Rs. 1218.200 Million from Rs. 1158.800 Million in the previous year and thus showing an increase of 5.13 %.
- Export increased to Rs. 4502.000 Million from Rs. 4282.900 Million, showing a growth of 5.12 %.
- Revenue from Domestic Market increased to Rs.1998.900 Million from Rs.1545.700 Million, showing a growth of 29.32 %.
- Cash Profit increased to Rs. 654.100 Million from Rs. 633.600 Million, showing an increase of 3.24 %.
MANAGEMENT DISCUSSIONS AND ANALYSIS:
ECONOMIC OVERVIEW:
During 2013-14, the Indian economy experienced an adverse mix of slowing growth and high inflation. The Real GDP growth for 2013-14 is estimated to be about 4.9%. A significant and sustained slowdown in growth over the years has contributed to low business confidence. Moreover, the economy has been under serious fiscal pressure. Revised estimates suggest that the fiscal deficit for 2013-14 will be around 4.6% of the GDP. However, by the end of 2013-14, there have been some positive signals, although it is probably too early to make a call as whether the nation is definitely getting back to a higher growth path. The Wholesale Price Index (WPI) moderated to 5.9% in March 2014, while Consumer Price Index (CPI) inflation reduced to 25 months low at 8.1% still remained high by any long term yardstick. Also, driven mainly reduction in imports, India’s trade deficit reduced, consequently, the current account deficit as a ratio to GDP has narrowed significantly. In addition, there has been a surge in foreign capital inflows into India. However, one needs to be careful. Even if it is the case that the business cycle has bottomed out, it is equally true that the upswing will be gradual.
BUSINESS OVERVIEW:
The leather industry is one of the oldest and fast growing industries in India and leather is one of the most widely
Traded commodities globally. The growth in demand is driven by the fashion industry, especially footwear, furniture and interior design and the automotive industry, among others. The Indian leather industry occupies a place of prominence in the Indian economy in view of its substantial export earnings and growth, besides the fact that it employed 2.5 million people. India’s leather industry has witnessed robust growth, transforming from a mere raw material supplier to a value added product exporter. The major markets for Indian leather products are Germany, the US, the UK, Italy, France, Hong Kong, Spain, the Netherlands and UAE.
In 2013-14, India’s leather exports recorded a growth rate of 17.81% reaching US $ 5908.82 million as against US
$5015.41 million in the corresponding period of last year. Export of different categories of footwear holds a major share of about 43% in India’s total leather and leather products exports with an export value of US$ 2531.04 million followed by leather goods and accessories with a share of 23% and finished leather with 22%.
According to the Council for Leather Exports, India’s leather exports are likely to grow 20% at US $ 6 billion by end of the current fiscal and may even touch $ 14 million mark by end of 12th Five Year Plan i.e. by 2016-17. Setting up of infrastructural facilities to ramp up production and focus on domestic market are the some of the issues faced by leather industry. The availability of leather will be a major factor which will decide the future growth of this Sector. On the domestic front, India produced only 2 billion sq. ft. of leather and to achieve the export target of US $ 14 billion by 2016-17, the industry requires an additional 4 billion sq. ft. of leather. On production capacity, China has been a dominant player in the leather industry with a huge chunk of about 30% share and as against this, India with only 3.05% share in the global market needs to create new capacities and production centers of value added leather products.
STRENGTH: Abundant raw materials, modern manufacturing with ultramodern factories, skilled manpower, good brand value in international markets, excellent CETP’s and Exporters’ friendly export policies are the major strength of the leather industry. Government of India is giving top priority to the Leather Sector considering the growth potential and employment opportunities offered by the segment. Indian Leather Industry holds only 3% share in the global trade of leather and leather products and Government of India wants to increase it to at least 5%, which comes around to US $ 14 billion by 2017. The strength of finished leather segment is attracting global brands to India.
WEAKNESS: In Design capabilities, Low Value Additions, Skill improvement, Environmental pollution, Poor capacity utilization and quality issues especially in the Small Sector are the major areas which needs immediate attention.
OPPORTUNITIES: Exist in Improvement in quality, Product diversification, Tapping of Local and international Markets further and coping up with the changing scenario internationally.
THREATS: Are there to face competition from China, Brazil and other countries like Vietnam and Indonesia, to Give quality products at lower prices and to diversify and sustaining the industry despite many challenges being faced by it especially on pollution front.
OUTLOOK:
India has state of the art manufacturing plants. The footwear sector has matured from the level of manual footwear manufacturing method to the automated footwear manufacturing systems. Footwear production units are installed with world class machines. Manned by skilled technicians, these machines help to turn any new innovative idea into reality. Support systems created for the sector have indeed served the footwear industry well. The future growth of the footwear industry in India will continue to be market driven, and oriented towards US and EU Markets. With technology and quality of the footwear improving year after year, Indian footwear industry is stamping its class and expertise in the global market. Keeping in view its past performance, current trend in global trade, the industry’s inherent strength and growth prospects, the footwear industry aims to augment production, thereby enhancing its exports from the current level.
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10472083 |
28/12/2013 |
180,000,000.00 |
PUNJAB NATIONAL BANK |
MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA |
B94209848 |
|
2 |
10331186 |
31/12/2011 |
400,000,000.00 |
PUNJAB NATIONAL BANK |
MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA |
B30376313 |
|
3 |
10265230 |
17/01/2011 |
300,000,000.00 |
PUNJAB NATIONAL BANK |
MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA |
B05597513 |
|
4 |
10149900 |
06/03/2009 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA |
A59441006 |
|
5 |
10149906 |
06/03/2009 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA |
A59441303 |
|
6 |
90271590 |
17/10/2014 * |
3,977,500,000.00 |
PUNJAB NATIONAL BANK |
MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA |
C33028267 |
* Date
of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 31.12.2014
[RS.
IN MILLION]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2295.394 |
2596.807 |
7006.778 |
|
b) Other operating income |
0.220 |
0.723 |
3.748 |
|
Total
Income from Operations (net) |
2295.614 |
2597.530 |
7010.526 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
915.254 |
894.223 |
2696.667 |
|
Purchases of Stock-in-Trade |
507.012 |
525.598 |
1479.498 |
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(94.255) |
240.523 |
94.761 |
|
Employees benefits expense |
110.197 |
108.565 |
319.822 |
|
Depreciation |
72.064 |
68.903 |
204.070 |
|
Other expenses |
444.681 |
462.993 |
1335.124 |
|
Total expenses |
1954.953 |
2300.805 |
6129.942 |
|
|
|
|
|
|
3. Profit from operations before other income, and
financial costs and Exceptional Items |
|
|
|
|
Profit/ (Loss) before Interest, Depreciation, Tax and
Amortization |
340.661 |
296.725 |
880.584 |
|
4. Other income |
0.000 |
0.000 |
0.000 |
|
5.Ecxhange Gain |
0.000 |
0.000 |
0.000 |
|
6. Profit from ordinary activities before finance costs |
340.661 |
296.725 |
880.584 |
|
7. Finance costs |
103.033 |
90.540 |
285.853 |
|
8. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
237.628 |
206.185 |
594.731 |
|
9. Exceptional item |
0.000 |
0.000 |
0.000 |
|
10. Profit from ordinary
activities before tax Expense: |
237.628 |
206.185 |
594.731 |
|
11.Tax expenses |
82.336 |
70.750 |
206.486 |
|
12.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
155.292 |
135.435 |
388.245 |
|
13.Extraordinary
Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
14.Net
Profit / (Loss) for the period (11 -12) |
155.292 |
135.435 |
388.245 |
|
15.Paid-up equity share capital (Nominal value Rs.10
per share) |
185.412 |
185.412 |
185.412 |
|
16. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
- |
- |
- |
|
17.i)
Earnings per share (before extraordinary items) of Rs.10/- each) (not
annualised): |
|
|
|
|
(a) Basic and diluted |
1.68 |
1.46 |
4.19 |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
31550019 |
31550019 |
31550019 |
|
- Percentage of shareholding |
34.03 |
34.03 |
34.03 |
|
2.
Promoters and Promoters group Shareholding |
- |
- |
- |
|
a) Pledged /Encumbered |
- |
- |
- |
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
61155981 |
61155981 |
61155981 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
65.97 |
65.97 |
65.97 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the Quarter |
20 |
|
|
Disposed of during the quarter |
20 |
|
|
Remaining unresolved at the end of the quarter |
0 |
|
Segment
wise (primary) Revenue Results and Capital Employed |
3 Months Ended |
9 Months Ended |
|
|
Particulars |
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
|
|
|
|
Segment Revenue |
|
|
|
|
Shoes |
1982.401 |
2290.534 |
6055.154 |
|
Leather |
612.545 |
721.703 |
3043.988 |
|
Others |
0.220 |
0.723 |
3.748 |
|
Total |
2595.166 |
3012.960 |
8102.890 |
|
Less : Inter Seqment Revenue |
299.552 |
415.430 |
1092.364 |
|
Income from Operations |
2295.614 |
2597.530 |
7010.526 |
|
Segment Results (Profit before interest & tax) |
|
|
|
|
Shoes |
431.454 |
392.359 |
1146.524 |
|
Leather |
(15.218) |
(26.706) |
(34.878) |
|
Others |
0.220 |
0.723 |
3.748 |
|
Total |
416.456 |
366.376 |
1115.394 |
|
Less: Interest |
103.033 |
90.540 |
285.853 |
|
- Unallocable expenditure net of other
unallocable income |
75.795 |
69.651 |
234.810 |
|
Total Profit Before Tax |
237.628 |
206.185 |
594.731 |
|
Captital Employed (Segment assets less segment liabilities) |
|
|
|
|
44Shoes |
2777.535 |
2653.990 |
2777.535 |
|
Leather |
425.076 |
440.044 |
425.076 |
|
Others |
6.284 |
17.952 |
6.284 |
|
Total Capital Employed in segments |
3208.895 |
3111.986 |
3208.895 |
Note:
1. The above financial results have been reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their meeting held on January 23, 2014.
2. Figures for the period have been regrouped wherever necessary in order to
make them comparable.
3. The Statutory Auditors have carried out a Limited Review of the above
results.
FIXED ASSETS
Tangible Assets
- Land Freehold
- Land Leasehold
- Buildings
- Machinery
- Effluent Treatment Plant
- Tools and Shoe Lasts
- Furniture and Fixtures and Electrical Installation
- Vehicles
- Computers
PRESS RELEASES:
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the Third Quarter ended on 31st December, 2014. Though Company's Gross Revenue has gone up to Rs.2295.600 Million for the Quarter ended 31st December, 2014 as against Rs.1725.600 Million for the same period of previous year and as such showing a growth of about 33%. Similarly, total revenue for the nine months period ended 31st December, 2014 has reached at Rs.7010.500 Million as compared to Rs.5373.700 Million during the same period of previous year and thus, showing a growth of about 30%. Management expect to maintain this growth rate in future too. The Net Profit after Tax for the quarter ended 31tst December, 2014 were at Rs. 155.300 Million as compared to Rs.108.800 Million for the same period of the previous year thus showing a growth of 43%. On account of above, Earning per Share for the quarter has gone down to Rs. 1.68 as compared to Rs. 1.17 for the corresponding period of previous year. Mirza International Limited., a leading Footwear manufacturing Company having renowned Brands of REDTAPE, OAKTRACK & OAKRIDGE is maintaining a consistent growth record, is confident to achieve heights in terms of Turnover and Profitability in coming days too.
The Company In its meeting held today has taken on record the un-audited financial results of the Company for the Second Quarter and Half Year ended on 30th September, 2014. Though Company's Gross Revenue has gone up to Rs. 2597.500 Million for the Quarter ended 30th September, 2014 as against Rs. 2014.200 Million for the same period of previous year and as such showing a growth of about 29%. Similarly, total revenue for the half year ended 30th September, 2014 has reached at Rs. 4714.900 Million as compared to Rs. 3648.100 Million during the same period of previous year and thus, showing a growth of about 29%. Management expect to maintain this growth rate in future too. However, on account of steep increase in price of Raw Hides and Chemicals, the overall margin has gone down considerably. Consequently, there has been a considerable fall in margins, which were at 14% during the quarter ended 30th September, 2014 as against 19.2% for the same period of previous year. The Net Profit after Tax for the quarter ended 30th September, 2014 were at Rs. 135.400 Million as compared to Rs. 166.400 Million for the same period of the previous year. On account of above, Earning per Share for the quarter has gone down to Rs.1.46 as compared to Rs. 1.79 for the corresponding period of previous year. Mirza International Limited., a leading Footwear manufacturing Company having renowned Brands of REDTAPE, OAKTRACK & OAKRIDGE is maintaining a consistent growth record, is confident to achieve heights in terms of Turnover and Profitability in coming days too.
ANNUAL GENERAL
MEETING OF MIRZA INTERNATIONAL LIMITED.
COMPANY DECLARED 25%
DIVIDEND
The 35th Annual General Meeting of the Company was held today at the Auditorium of Council for Leather Exports, HBTI Campus, Nawab Ganj, Kanpur. Mr. Irshad Mirza, Chairman of the Company addressed the shareholders and other invitees present at the meeting. In his speech, the chairman pointed out that the Year 2013-14 for The Company has been marked with a number of significant achievements. This year They Company has achieved ever highest turnover crossing the mark of Rs. 7000.000 Million. This performance is even more heartening given the challenging circumstances in the global economy and slowdown in India. It is also gratifying that They Company's exemplary performance continue to receive national recognition. The Company has been given the Award of Excellent Export Performance in Leather Footwear for the year 2012-13 by Council for Leather Exports, Ministry of Commerce and government of India. Shareholders approved the Dividend @ 25% on equity shares as recommended by the Board of Directors of the Company for the year ended 31st March, 2014. The dividend declared demonstrated the managements’ intention to keep the shareholders’ interest at heart. Chairman informed the shareholders that the Company in meeting out its Corporate Social Responsibilities (CSR). The Company has embarked upon a number of social welfare and community development initiatives under thrust areas. The Company has engaged itself directly with local communities, identifying their basic needs, and integrating them with its obligation under Corporate Social Responsibilities (CSR) Policy. At the end of his speech, Mr. Irshad Mirza whole-heartedly thanked the shareholders of the Company for their valuable and unshakable support over the years. He also thanked the Bankers of the Company, Central Government, State Government and Council for Leather Exports for their valuable support and cooperation. In the meeting, besides the shareholders, Directors of the company viz. Mr. Shahid Mirza, Mr. Tauseef Mirza, Mr. Tasneef Mirza, Mr. Q.N. Salam, Mr. P.N. Kapoor, Mr. Sudhindra Jain, Mr. N.P. Upadhyay and Mr. Islamul Haq, Mr. Subhash Sapra and Mrs. Vinita Kejriwal were present. The meeting was also attended by the auditors and officers & employees of the company.
PROFIT AFTER TAX
INCREASED BY 24%
TURNOVER UP BY 30%
The Company its meeting held today has taken on record the unaudited financial results of the Company for the Quarter ended on 30th June, 2014. The Company recorded a turnover of Rs. 2117.400 Million during the Quarter as against Rs. 1633.800 Million recorded during the corresponding period of previous year showing an upward growth of about 30%. The Profit before tax were Rs. 150.900 Million as against Rs.118.900 Million during the corresponding period of previous year. After providing for tax of Rs. 53.400 Million, the net profit for the Quarter ending 30th June, 2014 were Rs. 97.500 Million as against Rs. 78.400 Million during the corresponding period of previous year. The above growth in Turnover as well as Profit was achieved despite adverse conditions prevailing in the overseas market and steep hike in the prices of basic raw materials and chemical etc. It is to be noted here that there has been remarkable improvement in leather export in Tannery Division and better performance in Domestic market in case of Shoe Division. It is worth mentioning that benefit of expansion / modernization programmer implemented last year by the Company have started yielding better results. Company is hopeful to improve its profitability by adopting cost saving measures and also by improving further its working efficiencies. The Board of Directors have already recommended a dividend of Rs. 0.50 (25%) per equity share of Rs. 2/- each subject to approval of shareholders of the Company in the ensuing Annual General Meeting.
TOTAL INCOME
INCREASED BY 10%
The Board of Directors at its meeting held on 24th May, 2014, taken on record the Audited Financial Results for financial year ended 31st March, 2013. During the year under review, the Gross Income of the Company was Rs. 7073.500 Million as compared to Rs. 6437.300 Million in the previous year, thus recording a growth of about 10 %. The profit before tax of the Company for the year ended 31st March, 2014 was Rs. 677.800 Million as against Rs. 643.900 Million during the previous year and thereby showing a growth to the extent of about 5%. Mr. Irshad Mirza, Chairman of the Company explained that the Profit margin has remained constrained due to increased borrowing cost i.e. 16% for the year as compared to the previous year. This hike in borrowing cost is mainly attributed to repeated increase in Bank Rates by RBI. Mr. Irshad Mirza explained that on account of steep hike in the prices of major input items like raw hide and chemical, margin remained constrained. Also, operations of Tannery Division were affected adversely mainly on account of implementation of Modernization Scheme and also for the disruption of Process activities on account of Magh Mela. There has been decrease in finance cost also as a result of Capital Expenditure incurred during the year. However, he further assured to the Board that benefits of Modernization Scheme shall start reflecting during ensuing year with higher savings in operations resulting to higher profits. He informed the Board that all manufacturing units are working as per their standard level and it is Board's constraint endeavor to achieve better performance in upcoming quarters. A dividend of Rs. 0.50 per equity share of Rs. 2/- each was also recommended by the Board for the year subject to the approval of the Shareholders of the Company in the ensuing Annual General Meeting.
TURNOVER INCREASED BY
12%
NET PROFIT INCREASED
BY 15%
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the third quarter ended on 31st December, 2013. During the quarter under review, the Company recorded a Gross Income of Rs. 1725.600 Million as against Rs.1723.400 Million during the corresponding period in the previous year. Further, during the quarter ended 31st December, 2013, Company earned Net Profit of Rs. 108.800 Million as against Rs. 142.100 Million during the corresponding period in the previous year. During the Nine Months period ended on 31.12.2013, Company's Gross Income is Rs. 5373.700 Million as against Rs. 4792.900 Million and thus, showing a growth of 12%. Profit Before Tax for the Nine Months ended on 31.12.2013 were at Rs. 537.000 Million as against Rs. 466.900 Million during the corresponding period of previous year and thus, showing a growth of 15%. The Company is hopeful to achieve further growth in terms of Income and Profit for the ensuing Quarter too. During the quarter, despite sluggish market conditions prevailing in the overseas market, Company could register sales comparable to the same level of turnover as achieved last year. The overall Margins were also affected on account of increased prices of the major raw materials viz. Raw Hides and Chemical items. Recently, Company has been awarded First Position in Men's Footwear and Second Position in Overall Exports in Footwear segment by Council for Leather Exports for the year 2012-13.
TURNOVER UP BY 22% -
PBT UP BY 25%
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the second quarter and half year ended on 30th September, 2013. Despite adverse conditions as prevailing in the overseas market, the Company recorded a Gross Income of Rs. 2014.200 Million during the quarter as against Rs. 1653.200 Million during the corresponding period in the previous year and thus showing a growth of 22%. The Gross Revenue for the half year ended on 30th September, 2013 was achieved at Rs. 3648.100 Million as against Rs. 3069.600 Million and thus showing an upward growth of about 19%. Thus showing the increased customers’ acceptance of Company's products in the market despite adverse market conditions prevailing in European Market. Despite increased prices of major input items viz. Raw Hide and Chemicals and also increased interest cost on account of ongoing expansion plan, the Profit Before Tax for the quarter ended 30th September, 2013 were at Rs. 251.900 Million as against Rs. 201.400 Million for the same period of corresponding year, showing an increase of 25%. It reflects the overall efficient management of operations of the Company. Also the Earning per Share for the quarter has been Rs. 1.79 as compared to Rs. 1.45 for the corresponding period of previous year and thus showing an increase of 23%. MIL, a leading Footwear manufacturing Company having renowned Brands of REDTAPE, OAKTRACK & OAKRIDGE is maintaining a consistent growth record, is confident to achieve heights in terms of Turnover and Profitability in Coming days too.
ANNUAL GENERAL
MEETING OF MIRZA INTERNATIONAL LIMITED.
COMPANY DECLARED 25%
DIVIDEND
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the second quarter and half year ended on 30th September, 2013. Despite adverse conditions as prevailing in the overseas market, the Company recorded a Gross Income of Rs. 2014.200 Million during the quarter as against Rs. 1653.200 Million during the corresponding period in the previous year and thus showing a growth of 22%. The Gross Revenue for the half year ended on 30th September, 2013 was achieved at Rs. 3648.100 Million as against Rs. 3069.600 Million and thus showing an upward growth of about 19%. Thus showing the increased customers’ acceptance of Company's products in the market despite adverse market conditions prevailing in European Market. Despite increased prices of major input items viz. Raw Hide and Chemicals and also increased interest cost on account of ongoing expansion plan, the Profit Before Tax for the quarter ended 30th September, 2013 were at Rs. 251.900 Million as against Rs. 201.400 Million for the same period of corresponding year, showing an increase of 25%. It reflects the overall efficient management of operations of the Company. Also the Earning per Share for the quarter has been Rs. 1.79 as compared to Rs. 1.45 for the corresponding period of previous year and thus showing an increase of 23%. MIL, a leading Footwear manufacturing Company having renowned Brands of REDTAPE, OAKTRACK & OAKRIDGE is maintaining a consistent growth record, is confident to achieve heights in terms of Turnover and Profitability in Coming days too.
ANNUAL GENERAL
MEETING OF MIRZA INTERNATIONAL LIMITED.
COMPANY DECLARED 25%
DIVIDEND
The 34th Annual General Meeting of the Company was held today i.e. 28th September, 2013 at the Auditorium of Council for Leather Exports, HBTI Campus, Nawab Ganj, Kanpur. Mr. Irshad Mirza, Chairman of the Company addressed the shareholders and other invitees present at the meeting. In his speech, the chairman pointed out that the Year 2012-13 for The Company has been marked with a number of significant achievements. The Company has earned highest ever Turnover of Rs 6440.000 Million during 2012-13 against Rs 5570.000 Million during 2011-12, showing an upward growth of 15.7%. Company has also earned highest ever Profit after Tax (PAT) of Rs 434.400 Million during the year 2012-13 as against Rs 353.100 during 2011-12, thus, showing a jump of 23%. Shareholders approved the Dividend @ 25% on equity shares as recommended by the Board of Directors of the Company for the year ended 31st March, 2013. The dividend declared demonstrated the managements’ intention to keep the shareholders’ interest at heart. At the end of his speech, Mr. Irshad Mirza whole-heartedly thanked the shareholders of the Company for their valuable and unshakable support over the years. He also thanked the Bankers of the Company, Central Government, State Government and Council for Leather Exports for their valuable support and cooperation. In the meeting, besides the shareholders, Managing Director of the Company Mr. Rashid Mirza, Directors of the company viz. Mr. Shahid Mirza, Mr. Tasneef Mirza, Mr. Q.N. Salam, Mr. P.N. Kapoor, Mr. Sudhindra Jain, Mr. N.P. Upadhyay and Mr. Islamul Haq were present. The meeting was also attended by the auditors and officers & employees of the company.
NET PROFIT AFTER TAX
INCREASED BY 68%
The Company in its meeting held today has taken on record the unaudited financial results of the Company for the Quarter ended on 30th June, 2013. The Company recorded a turnover of Rs.1572.700 Million during the Quarter as against Rs. 1419.600 Million recorded during the corresponding period of previous year showing an upward growth of about 11%. The Profit before tax were Rs. 118.900 Million as against Rs. 70.000 Million during the corresponding period of previous year. After providing for tax of Rs. 40.500 Million, the net profit for the Quarter ending 30th June, 2013 were Rs. 78.400 Million as against Rs. 46.700 Million during the corresponding period of previous year. Despite lingering recessionary trends in European Countries and political uncertainties in Overseas, Company could achieve a growth of 11% in its Turnover. However, higher commodities prices, high inflation in general and higher interest rates are the factors which have put a strain in Company's margin. The Management is consistently adopting the measures to control costs in all areas to maximize the profit of the Company. Company is hopeful to improve its profitability by adopting cost saving measures and also by improving further its working efficiencies. The Board of Directors have already recommended a dividend of Rs. 0.50 (25%) per equity share of Rs. 2/- each subject to approval of shareholders of the Company in the ensuing Annual General Meeting.
NET PROFIT INCREASED
BY 23%
The Board of Directors at its meeting held on 25th May, 2013, taken on record the Audited Financial Results for financial year ended 31st March, 2013. During the year under review, the Gross Income of the Company was Rs. 6341.300 Million as compared to Rs. 5534.700 Million in the previous year, thus recording a growth of about 15 %. The profit before tax of the Company for the year ended 31st March, 2013 was Rs. 643.900 Million as against Rs. 453.500 Million during the previous year and thereby showing a growth to the extent of about 42%. Mr. Irshad Mirza, Chairman of the Company explained in detail that the Net Profit for the year is increased by 23% as compared to previous year, it remained not up to the expected performance of the Company due to closure of the manufacturing unit of the Company for about two months in the last quarter due to Govt. orders of closure in view of Maha Kumbh. He further explain that the Profit margin has remained constrained due to increased borrowing cost i.e. 16% for the year as compared to the previous year. This hike in borrowing cost is mainly attributed to repeated increase in Bank Rates by RBI. He informed the Board that all manufacturing units are working as per their standard level and it is Board's constraint endeavor to achieve better performance in upcoming quarters. During the IV th quarter of the year, the Gross Income amounted to Rs. 1579.100 Million as against Rs. 1285.600 Million showing a growth of 23% during the same period in the previous year. A dividend of Rs. 0.50 per equity share of Rs. 2/- each was also recommended by the Board for the year subject to the approval of the Shareholders of the Company in the ensuing Annual General Meeting.
TURNOVER INCREASED BY
17%
NET PROFIT INCREASED
BY 9%
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the third quarter ended on 31sl December, 2012. During the quarter under review, the Company recorded a Gross Income of Rs. 1675.200 Million as against RS.1474.000 Million during the corresponding period in the previous year and thus showing a growth of 14%. Further, during the quarter ended 31'1 December, 2012, Company earned Net Profit of Rs. 142.100 Million as against Rs. 130.900 Million during the corresponding period in the previous year and thus showing a growth of 9%. Despite gloomy market situation in the global market, Company has been able to show growth in its overall revenue and profitability. Despite steep hike in prices of raw material viz. Raw Hide and other essential chemicals and also increase in finance cost on account of increased borrowings, Company has been able to improve its overall margins by implementing measure of cost cuttings in its operations and higher utilization of its manufacturing capacities. Ongoing expansion programmer is being implemented as per schedule and Company is expecting to achieve its benefits in years to come. Recently, Company has been awarded second position in Overall Exports in Footwear segment by Council for Leather Exports for the year 2011-12.
NET PROFIT UP BY 19%
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the second quarter and half year ended on 30th September, 2012. Despite adverse conditions as prevailing in the overseas market, the Company recorded a Gross Income of Rs.1667.400 Million during the quarter as against Rs. 1554.600 Million during the corresponding period in the previous year and thus showing a growth of 7%. The Gross Revenue for the half year ended on 30th September, 2012 was achieved at Rs. 3087.000 Million as against Rs. 2775.100 Million and thus showing an upward growth of 11%. Thus showing the increased customers’ acceptance of Company's products in the market. Despite increased prices of major input items viz. Raw Hide and Chemicals and also increased interest cost on account of ongoing expansion plan, the Profit after tax for the quarter ended 30th September, 2012 were at Rs. 134.000 Million as against Rs. 112.700 Million for the same period of corresponding year, showing an increase of 19%. Also the Earning per Share for the quarter has been Rs. 1.45 as compared to Rs. 1.22 for the corresponding period of previous year and thus showing an increase of 19%. MIL, a leading Footwear manufacturing Company is maintaining a consistent growth record, is confident to achieve heights in terms of Turnover and Profitability in Coming days.
ANNUAL GENERAL
MEETING OF MIRZA INTERNATIONAL LIMITED.
COMPANY DECLARED 25%
DIVIDEND
The 33rd Annual General Meeting of the Company was held today at the Auditorium of Council for Leather Exports, HBTI Campus, Nawab Ganj, Kanpur. Mr. Irshad Mirza, Chairman of the Company addressed the shareholders and other invitees present at the meeting. In his speech, the chairman pointed out that the global economic environment continues to be weak and challenging. Debt crisis in European countries has led to pull down the output growth significantly in Euro-zone and jolted the global growth prospects. Overall global growth slipped to 3.9% in 2011 from 5.3% in 2010, with growth in both advanced and emerging economies slipping to 1.6% and 6.2% in 2011 from 3.2% and 7.5%, respectively in 2010. Shareholders approved the Dividend @ 25% on equity shares as recommended by the Board of Directors of the Company for the year ended 31st March, 2012. The dividend declared demonstrated the managements’ intention to keep the shareholders’ interest at heart. At the end of his speech, Mr. Irshad Mirza whole-heartedly thanked the shareholders of the Company for their valuable and unshakable support over the years. He also thanked the Bankers of the Company, Central Government, State Government and Council for Leather Exports for their valuable support and cooperation. In the meeting, besides the shareholders, directors of the company viz. Mr. Shahid Mirza, Mr. Q.N. Salam, Mr. P.N. Kapoor, Mr. Sudhindra Jain, Mr. Subhash Sapra, Mr. N.P. Upadhyay and Mr. Islamul Haq were present. The meeting was also attended by representatives of the Company’s Bankers, auditors and officers & employees of the company.
GROSS INCOME
INCREASED BY 16%
The Company in its meeting held today has taken on record the unaudited financial results of the Company for the Quarter ended on 30th June, 2012. The Company recorded a turnover of Rs. 1419.600 Million during the Quarter as against Rs. 1220.200 Million recorded during the corresponding period of previous year showing an upward growth of about 16%. The Profit before tax were Rs. 70.000 Million as against Rs. 101.400 Million during the corresponding period of previous year. After providing for tax of Rs. 23.400 Million, the net profit for the Quarter ending 30th June, 2012 were Rs. 46.700 Million as against Rs. 68.600 Million during the corresponding period of previous year. Despite lingering recessionary trends in European Countries and political disturbances in the Countries of Middle East, Company has achieved a growth of 16% in its Turnover. However, higher commodities prices, high inflation in general and rising in interest rates are the factors which have put a strain in Company's margin and resulted into fall in net profit during the Quarter under review. Company is hopeful to improve its profitability by adopting cost saving measures and also by improving further its working efficiencies. The Board of Directors have already recommended a dividend of Rs. 0.50 (25%) per equity share of Rs. 2/- each subject to approval of shareholders of the Company in the ensuing Annual General Meeting.
TURNOVER INCREASED BY
17%
The Board of Directors at its meeting held on 28th May, 2012, taken on the Audited Financial Results for financial year ended 31st March, 2012. During the year under review, the Gross Income of the Company was Rs. 5534.700 Million as compared to Rs. 4743.800 Million in the previous year, thus recording a growth of about 17 %. However, the profit before tax of the Company for the year ended 31st March, 2012 was Rs. 453.500 Million as against Rs. 542.000 Million during the previous year and thereby showing a decline to the extent of about 19.50%. Mr. Irshad Mirza, Chairman of the Company explained in detail the reason in fall of overall profitability mainly on account of increase in cost of major inputs items viz. Raw Hides and Chemicals and also on account of significant increase in cost of borrowing. The borrowing cost for the year were of Rs. 271.900 Million as compared to Rs. 174.300 Million during the previous year. This hike in borrowing cost is mainly attributed to repeated increase in Bank Rates by RBI and also to increased requirement of working capital coupled with fresh term loan borrowed from Bank to finance ongoing expansion plan of the Company. He further explained to the Board that successful completion of expansion plan shall further contribute to Company's profitability. During the IVth quarter of the year, the Gross Income amounted to Rs. 1285.600 Million as against Rs. 1180.100 Million showing a growth of 9% during the same period in the previous year. A dividend of Rs. 0.50 per equity share of Rs. 2/- each was also recommended by the Board for the year subject to the approval of the Shareholders of the Company in the ensuing Annual General Meeting. Chairman further informed the Board that despite adverse market conditions, Company has crossed the remarkable turnover figure of Rs. 5500.000 Million and is still striving its best efforts to achieve better results in coming months.
TURNOVER INCREASED BY
18%
The Company in its meeting held today i.e. 6th February, 2012 has taken on record the Un-Audited Financial Results of the Company for the third quarter ended on 31st December, 2011. During the quarter under review, the Company recorded a Gross Income of Rs.1474.000 Million as against Rs.1252.900 Million during the corresponding period in the previous year and thus showing a growth of 18%. Further, during the quarter ended 31st December, 2011, Company earned Net Profit of Rs. 130.900 Million as against Rs. 105.500 Million during the corresponding period in the previous year and thus showing a growth of 24%. However, on account of gloomy market situation prevailing in the global market, Company's operations are witnessing pressure on its overall income as well as on its gross margins. Company's overall margins were lower mainly on account of increase in prices of major raw material items like raw hides and other chemical items, Borrowing Cost were also on higher side on account of increased Working Capital requirement and also for the financing of capital expenditure under expansion programmer of Shoe Units. The Company is striving hard to achieve its best results and its consistent growth. The Management is taking all possible steps to curtail the cost and to improve the overall working of the Company. For the Financial Year 2010-11, the Company was awarded for achieving First Place in Leather Footwear and the Second Place in Overall Exports by the Council for Leather Exports.
TURNOVER INCREASED BY
12%
The Company in its meeting held today has taken on record the un-audited financial results of the Company for the second quarter ended on 30th September, 2011. Despite adverse conditions as prevailing in the overseas market, the Company recorded a Gross Income of Rs.1554.600 Million during the quarter as against Rs. 1390.300 Million during the corresponding period in the previous year and thus showing a growth of 12%. However, benefits of increased income could not result into increased profits on account of steep increase in price of key raw material items and increased borrowing costs. The Company has already taken up its expansion programmer and hopeful to get benefits of the increased capacities by the end of ensuing financial year. MIL, a leading Footwear manufacturing Company is maintaining a consistent growth record, is confident to achieve heights in terms of Turnover and Profitability in Coming days.
ANNUAL GENERAL
MEETING OF MIRZA INTERNATIONAL LIMITED.
COMPANY DECLARED 25%
DIVIDEND
The 32nd Annual General Meeting of the Company was held today at the Auditorium of Council for Leather Exports, HBTI Campus, Nawab Ganj, Kanpur. Mr. Irshad Mirza, Chairman of the Company addressed the shareholders and other invitees present at the meeting. In his speech, the chairman pointed out that They Company continues to be leading footwear company in India. The Company recorded a gross turnover of Rs 4743.800 Million during the year as against Rs. 3800.000 Million in the previous year showing an upward growth of about 25 %. The Net Profit after Tax during the year remained at Rs. 398.500 Million as compared to Rs. 181.800 Million for the previous year and thus showing an increase of 119 %. Shareholders approved the Dividend @ 25% on equity shares as recommended by the Board of Directors of the Company for the year ended 31st March, 2011. The dividend declared demonstrated the managements’ intention to keep the shareholders’ interest at heart. At the end of his speech, Mr. Irshad Mirza whole-heartedly thanked the shareholders of the Company for their valuable and unshakable support over the years. He also thanked the Bankers of the Company, Central Government, State Government and Council for Leather Exports for their valuable support and cooperation. In the meeting, besides the shareholders, directors of the company viz. Mr. Shahid Mirza, Mr. Tasneef Mirza, Mr. Q.N. Salam, Mr. P.N. Kapoor, Mr. Sudhindra Jain, Mr. Subhash Sapra and Dr. Yashveer Singh were present. The meeting was also attended by representatives of the Company’s Bankers, auditors and officers & employees of the company.
NET PROFIT UP BY
64%.
GROSS INCOME
INCREASED BY 28%.
The Company in its meeting held today has taken on record the unaudited financial results of the Company for the Quarter ended on 30th June, 2011. The Company recorded a turnover of Rs. 1220.200 Million during the Quarter as against Rs. 950.900 Million recorded during the corresponding period of previous year showing an upward growth of about 28%. The Profit before tax were Rs. 101.400 Million as against Rs. 59.700 Million during the corresponding period of previous year. After providing for tax of Rs. 32.700 Million, the net profit for the Quarter ending 30th June, 2011 were Rs. 68.700 Million as against Rs. 41.900 Million during the corresponding period of previous year, thus showing an upward growth of 64%.The Board of Directors have already recommended a dividend of Rs. 0.50 (25%) per equity share of Rs. 2/- each subject to approval of shareholders of the Company in the ensuing Annual General Meeting.
The Company has also started trial production at its newly set up ultra-Modern
Shoe Factory at Greater Noida. The Company has started reaping benefits of
successfully completed first phase of expansion programmer. Further expansion
in its capacities are in progress. Company is also making efforts in the field
of Garments & Apparels marketing and has taken up an ambitious programmer
to further enhance its turnover in this field too.
NET PROFIT UP BY
105%.
The Company in its meeting held today i.e. 28th May, 2011 has taken on record the audited financial results of the Company for the year ended on 31st March, 2011. The Company recorded a turnover of Rs. 4728.500 Million in the year compared to Rs 3788.900 Million recorded in the previous year showing an upward growth of 25%. The Profit before tax was Rs 542.200 Million as against Rs. 276.100 Million in the previous year. After providing for tax of Rs 180.300 Million the net profit for the year was Rs 361.900 Million as against Rs 181.700 Million during the previous year, thus showing an upward growth of 105%.
During the 4th quarter ended on 31.03.2011, the company recorded Net Sale of
Rs. 1167.700 Million as against Rs. 986.600 Million during the corresponding
period in the previous year.
The Board of Directors has recommended a dividend of Rs 0.50 per equity share
of Rs 2/- each subject to approval of shareholders of the Company in the
ensuing Annual General Meeting.
Production at newly set up Shoe Factory at Greater Noida has also started and
this will further augment the Company's turnover and overall profitability.
The Company is a leading exporter of Leather Footwear from India. It also own
RED TAPE, a premium brand of Footwear, Garments and men's accessories.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report: No press reports / filings exists on the
subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.49 |
|
|
1 |
Rs.92.26 |
|
Euro |
1 |
Rs.66.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.