The Board of Directors of Mirza International Limited 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.155.46 Crores during the quarter as against Rs. 139.03 Crores 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 programme 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.

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 your Company continues to be leading footwear company in India. The Company recorded a gross turnover of Rs 474.38 Crores during the year as against Rs. 380 Crores in the previous year showing a upward growth of about  25 %. The Net Profit After Tax during the year remained at Rs. 39.85 Crores  as compared to Rs. 18.18 Crores 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.