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Sunday, January 16, 2011

Mirza International Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Mirza International Ltd
Cmp:21
Traded in:Nse-bse

Story:Mirza manufactures formals, classics, casuals and rough shoes for men under the brand names Red Tape, Oaktrack, Oakridge and Ozark. The products cover three main segments - cemented, tubular mocassins and direct injection. The sole type also varies from leather to PVC, TPR and PU soles. The idea is to reach out to all classes of buyers, be they formal brogues or oxfords preferred by corporate executives or the sturdy footwear preferred by the youth.The company has emerged as a frontrunner in the manufacturing and marketing of leather and leather footwear.The company markets its products across the globe to countries like the UK, Europe, South Africa and the Middle East, to name a few.The company has a fully integrated in-house shoe production facility backed by a state-of-the-art double density direct injection polyurethane plant, a tannery with its own pollution treatment plant, and a dedicated design studio in London. The manufacturing plants are located at Magarwara and Sahjani in Unnao, and in Noida. The tannery is located at Magarwara in Unnao. These plants are backed by more than 25 dedicated ancillary units.Any investor entering this counter now, will have the risk-reward ratio much in his favour.Mirza is likely to conclude FY'11 with a turnover of Rs 500 crore with after tax profits at Rs 32 crore. This works out to a PE of 6 for the Mirza scrip.Inspite of a weak global scenario, it seems the negatives are built into the scrip price. More importantly, the promoters - the Mirza family of Kanpur, and their associates own nearly 65 per cent of the equity in the company. A low price-earning's valuation and strong growth prospects make the Mirza scrip a Buy at dips.

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