Mirza Tanners(MTL), promoted by Irshad Mirza and Rashid Mirza in 1979 is into manufacture of finished leather, shoe uppers, shoes and leather accessories. The company tapped the capital market in Sep 1994. The company to set up a factory to manufacture 6 lac pairs of shoe uppers and 4.5 lac pairs of shoes pa at Shahjani-Unnao, UP, to increase the capacity of the tannery units from 50 lac sq ft to 60 lac sq ft of finished leather pa at Magarwara-Unnao, UP. MTL has established itself as a high-quality shoes supplier catering to the premium segment of the market. It has supplied shoes to the Hush Puppies division of British Shoe Corporation and to reputed brand names -- Oliver Timpson of the Oliver group, UK; Saxone of Clarks shoes, Australia; etc. In the past it has received two export awards of council for leather export for its outstanding performance and unit value realisation among leather footwear exporters. In 1996-97, it allotted bonus shares in the proportion of 1:1 by capitalisation of share premium account. About 85% of the shoes manufactured by the company are exported. It has commenced sale of footwear under its own brands Red Tape and Oakridge and these have received encouraging response. Having established a national presence in the country, Red Tape, the flagship brand of Mirza Tanners Ltd, is on an aggressive expansion drive adding new styles and exploring new markets in 2001. The Company bagged three export awards from the Council for Leather Exports for outstanding export performance for the year 1999-2000. After the successful launching of Double Density PU shoes, the company added a second plant at its Noida Factory doubling the capacity. The Company is expecting a substantial increase in this new range of footwear. During 2001-02 the company issued on private placement basis,Secured Redeemable NCD with a face value of Rs.5 crores. MTL is contemplating of restructuring of Group operations and has appointed Price Waterhouse Coopers (P) Ltd to examine various options.