Table of Contents

Zenith Exports Ltd

Updated on April 20, 2024

Stock/Share Code - ZENITHEXPO

Zenith Exports is an India-based company engaged in the manufacturing Leather Gloves for use in Industry and Silk Fabrics.(Source : 201803 Annual Report Page No:25)

Below is the details of ZENITHEXPO Zenith Exports Ltd

Market Cap	₹22.95 Cr.
Current Price	₹121.6 as on 8 Feb 23
52 Week High / Low Price	₹80.3 / ₹31.05
Face Value	₹10
Stock P/E
Book Value	₹145.82
Dividend Yield	0.00 %
ROCE	-0.80 %
ROE	-1.96 %
Sales Growth (3yrs)	-13.63 %
Sector	Textiles
Industry	Textiles - Products
Listed on	BSE AND NSE
Company Website	Company Website

Pros: Company has reduced debt. Company is virtually debt free. Stock is trading at 0.30 times its book value

Cons: Company has low interest coverage ratio. The company has delivered a poor growth of -20.83% over past five years. Company has a low return on equity of -1.68% for last 3 years. Contingent liabilities of Rs.7.50 Cr.

Zenith Exports Ltd Price Chart

Zenith Exports Ltd Peer Comparison in Textiles

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Qtr Sales Var %	Sales Qtr Rs.Cr.	ROCE %
1.	Welspun India	₹66.05	14.56	₹5,470.73 Cr.	1.84	₹49.09 Cr.	-67.28	-30.46	1201.80	13.45
2.	Garware Tech.	₹99.1	28.33	₹3,946.54 Cr.	0.39	₹35.7 Cr.	-2.51	-12.77	252.56	23.17
3.		14.57	₹3,312.37 Cr.	5.52	₹10.11 Cr.	-91.74	-46.00	708.54	10.17
4.	Swan Energy			₹3,135.04 Cr.	0.08	-₹5.24 Cr.	86.45	7.79	105.00	2.25
5.	TCNS Clothing Co		722.16	₹2,614.22 Cr.	0.00	-₹45.33 Cr.	-321.45	-88.41	32.42	12.71
6.	Raymond		11.47	₹1,915.33 Cr.	1.04	-₹68.25 Cr.	-253.03	-29.31	1278.65	8.68
7.	Jindal Worldwide		36.37	₹1,035.69 Cr.	0.10	₹0.27 Cr.	-94.83	-10.30	639.66	11.38
8.	Zenith Exports			₹22.95 Cr.	0.00	₹0.87 Cr.	152.41	-14.85	18.87	-0.80

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Zenith Exports Ltd Fundamentals

Quarterly Results

Quarterly reports are issued by companies every three months. Most companies have a financial year-end of Mar. 31 and quarters that end on June 30, Sept. 30, Dec. 31 and March 31.

Standalone Figures in Rs. Crores

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
Sales -	37.81	25.80	21.87	24.04	22.69	27.19	24.68	22.16	20.72	27.19	16.08	18.87
YOY Sales Growth %	-11.97%	-16.59%	-24.19%	-7.11%	-39.99%	5.39%	12.85%	-7.82%	-8.68%	0.00%	-34.85%	-14.85%
Expenses -	36.44	24.89	22.72	26.24	23.69	28.39	23.68	23.85	20.07	28.32	18.30	19.42
Material Cost %	70%	63%	62%	68%	62%	61%	57%	62%	58%	77%	62%	59%
Employee Cost %	6%	9%	11%	11%	9%	7%	9%	11%	11%	8%	13%	10%
Operating Profit	1.37	0.91	-0.85	-2.20	-1.00	-1.20	1.00	-1.69	0.65	-1.13	-2.22	-0.55
OPM %	3.62%	3.53%	-3.89%	-9.15%	-4.41%	-4.41%	4.05%	-7.63%	3.14%	-4.16%	-13.81%	-2.91%
Other Income	0.21	0.17	0.23	0.64	-5.28	0.50	0.26	0.52	0.32	0.57	1.53	1.81
Interest	0.20	0.13	0.21	0.32	0.22	0.32	0.35	0.43	0.31	0.26	0.19	0.24
Depreciation	0.35	0.35	0.36	0.35	0.34	0.34	0.35	0.41	0.42	0.41	0.43	0.43
Profit before tax	1.03	0.60	-1.19	-2.23	-6.84	-1.36	0.56	-2.01	0.24	-1.23	-1.31	0.59
Tax %	10.68%	76.67%	-25.21%	8.07%	22.22%	20.59%	66.07%	17.41%	41.67%	-28.46%	25.19%	-47.46%
Net Profit	0.92	0.14	-1.49	-2.05	-5.32	-1.08	0.19	-1.66	0.14	-1.58	-0.98	0.87
EPS in Rs	1.70	0.26	-2.76	-3.80	-9.85	-2.00	0.35	-3.07	0.26	-2.92	-1.81	1.59
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L statement is synonymous with the income statement. These records provide information about a company's ability or inability to generate profit" by increasing revenue, reducing costs or both. Some refer to the P&L statement as a statement of profit and loss, income statement, statement of operations, statement of financial results or income, earnings statement or expense statement.

Standalone Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Sales -	223.15	193.75	238.50	272.96	279.83	315.52	266.46	242.51	128.61	109.52	98.60	82.86
Sales Growth %	1.55%	-13.17%	23.10%	14.45%	2.52%	12.75%	-15.55%	-8.99%	-46.97%	-14.84%	-9.97%	-15.96%
Expenses -	223.32	203.42	228.60	264.52	269.45	299.98	261.86	240.39	133.26	113.85	99.27	87.53
Material Cost %	72%	76%	68%	71%	72%	72%	73%	72%	70%	66%	61%	66%
Manufacturing Cost %	13%	15%	15%	14%	15%	12%	13%	14%	16%	17%	19%	1%
Employee Cost %	4%	5%	5%	5%	5%	4%	5%	5%	7%	9%	9%	10%
Other Cost %	11%	9%	8%	7%	5%	7%	6%	8%	10%	12%	12%	28%
Operating Profit	-0.17	-9.67	9.90	8.44	10.38	15.54	4.60	2.12	-4.65	-4.33	-0.67	-4.67
OPM %	-0.08%	-4.99%	4.15%	3.09%	3.71%	4.93%	1.73%	0.87%	-3.62%	-3.95%	-0.68%	-5.64%
Other Income	17.19	17.63	4.50	2.95	2.55	1.24	6.45	4.68	3.63	5.32	-5.82	5.64
Interest	6.68	4.15	4.35	5.85	5.27	7.49	6.69	3.28	0.31	1.36	1.65	1.00
Depreciation	5.94	6.11	6.40	6.31	6.50	6.46	4.56	3.49	1.42	1.41	1.63	1.69
Profit before tax	4.40	-2.30	3.65	-0.77	1.16	2.83	-0.20	0.03	-2.75	-1.78	-9.77	-1.72
Tax %	82.95%	29.57%	34.79%	55.84%	27.59%	40.99%	140.00%	-400.00%	24.36%	-5.06%	19.34%	9.30%
Net Profit	0.75	-1.62	2.38	-0.34	0.84	1.67	0.08	0.16	-2.08	-1.88	-7.87	-1.56
EPS in Rs	1.39	0.00	4.41	0.00	1.55	3.09	0.16	0.29	0.00	0.00	0.00	-2.90
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth

10 Years:: -8.14%
5 Years:: -20.83%
3 Years:: -13.63%
TTM:: -15.96%

Compounded Profit Growth

10 Years:: 0.64%
3 Years:: -8.28%
TTM:: -254.55%

Return on Equity

10 Years:: -3.71%
5 Years:: -7.15%
3 Years:: -7.08%
1 Year:: -0.57%

Balance Sheet

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure. It is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. It is used alongside other important financial statements such as the income statement and statement of cash flows in conducting fundamental analysis or calculating financial ratios.

Standalone Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Share Capital -	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40
Equity Capital	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40	5.40
Reserves	88.67	87.05	89.42	89.03	89.87	91.53	86.41	86.57	84.48	82.77	74.86	73.29
Borrowings	41.75	27.05	24.38	29.96	32.89	35.67	31.63	12.63	6.80	11.30	13.02	8.27
Other Liabilities -	31.56	31.04	35.03	34.40	35.84	28.49	13.45	16.43	13.76	11.93	14.26	12.27
Trade Payables	20.89	14.42	16.08	16.40	19.23	12.16	3.22	6.68	6.11	3.57	6.16	6.10
Advance from Customers	0.00	0.00	2.52	1.31	2.85	0.94	0.71	2.82	1.89	0.90	0.65
Other liability items	10.67	16.62	16.43	16.69	13.76	15.39	9.52	6.93	5.76	7.46	7.45	6.17
Total Liabilities	167.38	150.54	154.23	158.79	164.00	161.09	136.89	121.03	110.44	111.40	107.54	99.23
Fixed Assets -	57.69	55.88	52.38	49.20	45.77	40.82	29.16	22.89	20.69	17.96	15.59	14.89
Gross Block	136	140	142	145	147	148	148	131	122	101	92
Accumulated Depreciation	78	84	90	95	102	107	119	108	101	83	76
CWIP	1.72	0.23	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.42	0.01	0.01	0.01	0.12	0.21	0.01	0.01	4.08	17.56	2.00	0.00
Other Assets -	107.55	94.42	101.83	109.58	118.11	120.06	107.72	98.13	85.67	75.88	89.95	84.34
Inventories	52.11	54.98	58.01	63.61	74.30	68.53	61.32	43.34	34.70	33.63	43.96	27.30
Trade receivables	32.54	14.48	15.60	17.06	16.50	16.70	21.48	34.45	22.22	16.87	13.68	13.08
Cash Equivalents	3.12	3.29	2.54	2.54	2.35	5.65	3.25	4.62	7.07	6.69	13.83	25.92
Loans n Advances	20.91	22.98	15.56	17.30	15.70	19.82	13.89	11.16	12.26	12.32	15.10	2.90
Other asset items	-1.13	-1.31	10.12	9.07	9.26	9.36	7.78	4.56	9.42	6.37	3.38	15.14
Total Assets	167.38	150.54	154.23	158.79	164.00	161.09	136.89	121.03	110.44	111.40	107.54	99.23

Cash Flows

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company’s ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow.

Standalone Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
Cash from Operating Activity -	19.67	20.16	6.10	1.77	2.80	7.93	6.83	19.21	11.67	7.99	-8.87	14.15
Profit from operations	16.09	6.43	13.11	9.91	11.38	15.78	9.46	4.92	-2.02	-0.21	-6.21	-0.91
Receivables	2.29	16.42	-1.12	-1.46	0.56	-0.19	-4.88	-12.97	12.33	5.35	3.19	1.26
Inventory	4.69	-2.87	-3.03	-5.60	-10.69	5.76	7.21	17.98	8.64	1.07	-10.33	16.66
Payables	-2.78	0.34	1.78	0.66	1.32	-8.76	-11.56	3.22	-2.46	-1.82	2.33	-2.57
Loans Advances	0.00	0.00	-3.99	-0.66	1.48	-3.01	7.81	0.00	0.00	0.00	0.00	0.00
Other WC items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.35	-4.66	3.78	2.29	0.00
Working capital changes	4.20	13.89	-6.36	-7.06	-7.33	-6.20	-1.42	14.58	13.85	8.38	-2.52	15.35
Direct taxes	-0.62	-0.16	-0.65	-1.08	-1.25	-1.65	-1.21	-0.29	-0.17	-0.17	-0.13	-0.29
Cash from Investing Activity -	-5.86	-2.07	-2.19	-2.85	-2.77	-1.40	0.42	3.57	-2.59	-12.03	15.61	3.69
Fixed assets purchased	-6.26	-2.86	-2.60	-3.37	0.00	0.00	0.00	-0.68	-0.56	-0.35	-0.56	-1.29
Fixed assets sold	0.00	0.07	0.10	0.24	0.35	0.09	0.57	3.99	1.29	1.09	0.21	1.02
Capital WIP	0.00	0.00	0.00	0.00	-3.26	-1.58	-0.82	0.00	0.00	0.00	0.00	0.00
Investments purchased	-0.37	-0.04	0.00	0.00	-0.30	-0.30	-0.15	0.00	-4.08	-17.82	0.00	-0.16
Investments sold	0.26	0.49	0.00	0.00	0.20	0.21	0.36	0.00	0.04	4.60	14.74	2.32
Interest received	0.34	0.27	0.31	0.28	0.24	0.18	0.45	0.26	0.73	0.62	1.31	1.79
Dividends received	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01
Other investing items	0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.17	-0.08	0.00
Cash from Financing Activity -	-14.90	-17.91	-4.67	1.08	-0.22	-3.23	-9.64	-21.42	-6.14	3.64	0.40	-5.75
Proceeds from borrowings	0.00	0.00	0.00	6.84	4.23	0.00	0.00	0.00	0.00	4.50	1.72	0.00
Repayment of borrowings	-9.14	-14.70	-1.09	-1.02	-0.25	3.02	-4.00	-18.99	-5.83	0.00	0.00	-4.75
Interest paid fin	-5.76	-3.21	-3.58	-4.74	-4.20	-6.25	-5.64	-2.43	-0.30	-0.86	-1.32	-1.00
Net Cash Flow	-1.09	0.18	-0.76	0.00	-0.19	3.30	-2.39	1.37	2.94	-0.39	7.15	12.09

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Ratios

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	8.04%	1.41%	6.63%	4.13%	4.97%	7.95%	4.81%	2.53%	-1.62%	-0.81%	-0.72%	-0.80%
Debtor Days	53.22	27.28	23.87	22.81	21.52	19.32	29.42	51.85	63.06	56.22	50.64	57.62
Inventory Turnover	3.11	2.94	3.10	3.40	3.11	3.32	3.19	3.49	2.35	2.17	1.59	1.55

Announcements & News

Recent Announcements

Credit Ratings

Zenith Exports Limited: Ratings reaffirmed Aug 11 from icra
Zenith Exports Limited: Long-term rating of [ICRA]B+(Stable) assigned; short-term rating reaffirmed 11 Feb 2019 from icra
Zenith Exports Limited: [ICRA]A4 Rating reaffirmed 12 Jun 2018 from icra
ICRA reaffirms rating of [ICRA]A4 to the bank facilities of Zenith Exports Limited 11 Apr 2017 from icra
ICRA withdraws ratings placed on notice of withdrawal for the bank lines of Zenith Exports Ltd. 24 Feb 2016 from icra
Rating of [ICRA]A4 reaffirmed for bank lines of Zenith Exports Ltd. 2 Feb 2016 from icra

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