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1 | P A G E

SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

Farmax India Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - FARMAXIND NSE Market Price (₹) 0.15 NSE Market Cap. (₹ Cr.) 7.48

Sector - FMCG Face Value (₹) 1.00 Equity (₹ Cr.) 53.42

52 week High/Low (₹) 0.60/0.05 Net worth (₹ Cr.) 0.81

Business Group – Indian Private TTM P/E N.A. Traded Volume (Shares) 1,01,867

Year of Incorporation - 1995 TTM P/BV 0.19 Traded Volume (lacs) 0.15

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

Survey No 658 The company manufactures and distributes high margin FMCG products like toothpaste,

hair oil, soaps & detergents, pasta & vermicelli, atta etc. at their GMP facilities located at

Bowrampet, Hyderabad. The company has strong presence in the consumer goods sectors.

They have their distribution network in nine states with more than 600 distributors and

approximately 4,00,000 retail outlets situated in rural and semi urban areas.

Farmax India Ltd was incorporated on 8th November, 1995 with the name Bhagyanagar

Castings Ltd. During the year 2007-08, Farmax Health & Food Products Pvt Ltd was

amalgamated with the company and the company was renamed as Farmax Retail India Ltd.

Also, they acquired business and assets of Obex Hygienic Products, a partnership firm

engaged in manufacturing and marketing of toilet soaps and mosquito coils for a total

consideration of ₹ 3.50 crore.

Bowrampet Villag,

Qutubullapur Mandal,

Ranga Reddy,

500 043, Telangana

Company Website:

http://www.farmax.co.in

TABLE 2 - PRICE PERFORMANCE

30th May,

2016

29th May,

2015

30th May,

2014

% Change CAGR for

2 years 2016 vs 2015 2015 vs 2014

Price (₹) 0.15 0.45 0.50 -66.67% -10.00% -45.23%

Trading Volume (Shares)

(yearly avg.) 11,34,904 3,09,421 58,764 266.78% 426.54% -

NSE Market Cap. (in ₹ Cr.) 8.01 24.04 20.42 -66.68% 17.73% -37.37%

Source - Money Control

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SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

TABLE 3 - FINANCIALS

(₹ Cr.) 2015 2014 2013 % Change CAGR for 2

years 2015 vs 2014 2014 vs 2013

Turnover 21.05 17.41 51.92 20.91% -66.47% -36.33%

Net Worth 0.81 -13.70 -4.86 N.A. N.A. N.A.

Current Assets 19.28 3.57 3.49 440.06% 2.29% 135.04%

Non-Current Assets 25.47 27.38 29.00 -6.98% -5.59% -6.28%

Total Assets 44.75 30.95 32.49 44.59% -4.74% 17.36%

Investments 7.76 4.51 4.54 72.06% -0.66% 30.74%

Finance Cost 0.06 6.14 4.73 -99.02% 29.81% -88.74%

Long Term Liabilities 0.45 0.42 0.44 7.14% -4.55% 1.13%

Current Liabilities 43.49 44.23 36.92 -1.67% 19.80% 8.53%

Profit After Tax (PAT, ₹ Cr.) -2.10 -8.84 -127.32 N.A. N.A. N.A.

EPS (₹) -0.04 -0.22 -3.12 N.A. N.A. N.A.

Source - Money Control/Annual Report

The Company’s net worth eroded in FY 2012-13. Its net worth decreased from 100.86 crores to -4.86 crores.

The Company in its Annual report for 2012-13 has disclosed:

Sales: During the FY 2012-13, Net Sales stood at ₹ 51.92 crores as against ₹ 91.42 crores registering a considerable decrease in

sales.

Net profit/ Loss: During the FY 2012-13 the company has incurred a net loss of 127.31 crores as against a loss of ₹ 1.83 crores

in the previous FY 2011-12.

The financial condition of the Company is not at all good.

The present Power situations in the state, economic condition, high inflation, low purchasing power of the consumers,

realization of the payments from the debtors and working capital problems are the main reasons behind the deteriorating

financial conditions of the Company.

The State of Andhra Pradesh is facing lot of power problems. Everyday there is 5-6 hours of power cut. Government has

allocated 60% of CMD for Industries out of that also only 3-4 hours of power supply is given. The Chief Minister of the State has

also given a statement that the power situations will get even worse in the coming days. Due to this not only the Company’s

industry but many industries are facing problems. Production has nearly stopped. Life and efficiency of the plant and

machineries are also decreasing due to the fluctuations in power. This has resulted in low production thereby making the

Company to run at loss. The economic downfall and the present inflationary conditions have also added to the loss of the

Company. Many industries have been declared as NPA's and have shut down because of the present market situations. The

prices of the raw materials, fuel, manpower, etc. are increasing day by day. This has increased the cost of production of the

products while the selling price remains the same. The present economic conditions have also resulted in the low purchasing

power of the Consumers. As the prices of each and everything is increasing consumers are also facing lot of problems as their

income remains the same while the prices of things of necessity are increasing at a much higher rate. This has resulted in low

sales of the products which in turn has made the Company to incur huge losses. The Company is facing problems in realization

of debtors timely. The debtors are not making the payments because they want continuous supply of the products and the

Company is unable to reach their expectation because of the above constraints. The Company is facing lot of problems in

meeting the day to day working capital of the Company. In the economy where prices are increasing day by day, it has become

very difficult for running the Company.

The Company in its latest Annual report for 2014-15 has disclosed:

The Company's performance for the year 2014-15 has to be viewed in the context of the aforesaid economic and market

environment. Some highlights are given below:

Sales: During the FY 2014-15, Net Sales stood at ₹ 21.04 crores as against ₹ 17.40 crores registering a considerable increase in

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SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

sales.

Net profit/ Loss: During the year under review the company has incurred a net loss of ₹ 2.10 crores as against ₹ 8.84 crores in

the previous financial year 2013-14.

Note: As per Bank Statement the bank has not charged any interest on the loans availed. And it is not possible to calculate the

exact interest to debit the profit and loss account. Which resulted in decrease in loss. The financial condition of the Company is

not at all good.

The entire networth of Company was eroded. Subsequently the Company was required to make a reference to the BIFR. Hence,

a reference was made dated 1st August, 2013 to the BIFR and the reference of the Company has been registered vide case No.

91/2013 by BIFR vide their order as mentioned in their letter dated No. 3(F-1)/BC/2013 dated 19th December, 2013.

AUDIT QUALIFICATIONS

The Auditors have not raised any qualification in their report for FY 2014-15, however, they have raised qualifications in the

Annual Report for FY 2013-14.

The Auditors in their report have mentioned:

a) The company has not complied with AS-15 "Employee Benefits" with regard to provision for gratuity and disclosure

requirements specified in the accounting standard and

b) Confirmations for balances outstanding in sundry debtors, advances, trade payables, secured loans and bank balances are

not obtained.

On the above qualifications, the Company in its Directors; report has mentioned: The Board has duly reviewed the Statutory

Auditors' Report on the Accounts. The observations and comments, appearing in the Auditors' Report are self-explanatory and

do not call for any further explanation / clarification by the Board of Directors.

Response Comment

Frequency of Qualifications - The Auditors raised qualification for the first time in Annual

Report of FY 2013-14.

Have the auditors made any adverse remark in

last 3 years? No -

Are the material accounts audited by the Principal

Auditors? Yes -

Do the financial statements include material

unaudited financial statements? No -

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SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Regulatory Norms Response

% of Independent Directors on the Board 50% 75%

% of Promoter Directors on the Board - 25%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings - Not Disclosed

Source - Money Control/Annual Report

Composition of Board: As per Regulation 17(i)(b) of the Listing Regulations, 2015, the Company should have at least 50%

Independent Directors as the Chairman of the Board is an Executive Promoter Director. The Company as on 31st March, 2015

has 75% of Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 4 directors out of which 3 are male and 1 is a female.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. M Srinivas Reddy as the

Chairman and Managing Director of the Company. Appointment of a single person as the Chairman and Managing Director of

the Company is not a good governance practice as it may lead to concentration of power in a single person.

Attendance at Board Meetings: The Company has not disclosed the attendance of the Board of Directors in Board meetings.

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SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013

% Change

2015 vs 2014 2014 vs

2013

Turn

ove

r

Rat

ios

Inventory Turnover 2.38 5.18 18.35 -54.10% -71.76%

Debtors Turnover 3.04 102.41 324.50 -97.03% -68.44%

Fixed asset Turnover 0.83 0.64 1.79 29.97% -64.48%

Current Asset Turnover 1.09 4.88 14.88 -77.61% -67.22%

Ret

urn

Rat

ios

Operating Profit Margin -9.98% -50.78% -46.22% N.A. N.A.

Net Profit Margin -9.98% -50.78% -245.22% N.A. N.A.

Return on Assets (ROA) -4.69% -28.56% -391.87% N.A. N.A.

Return on Equity (ROE) -259.26% N.A. N.A. N.A. N.A.

Return on Capital Employed

(ROCE) N.A. N.A. N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.44 0.08 0.09 449.25% -14.61%

Quick Ratio 0.24 0.00 0.02 4951.18% -73.44%

Cash Ratio 0.08 0.00 0.01 8798.88% -93.32%

Working Capital Turnover

ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio 50.64 N.A. N.A. N.A. N.A.

Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.41 0.49 0.16 -17.29% 198.22%

Market Cap/ Net Worth 10.56 N.A. N.A. N.A. N.A.

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.

Trading Volume (shares)

(avg. of 1 year) 1,047,381 299,504 62,268 249.70% 380.99%

Trading Volume (shares)

(high in 1 year) 10,279,105 4,544,488 819,948 126.19% 454.24%

Trading Volume (shares)

(low in 1 year) 951 750 50 26.80% 1400.00%

Ratio - High/low trading

volume 10,808.73 6,059.32 16,398.96 78.38% -63.05%

Ratio - High/average trading

volume 9.81 15.17 13.17 -35.32% 15.23%

Source - Money Control

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SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 37.89% 37.32% 32.27% During the year from 1st April, 2014 to 31st March,

2015, the Company issued 12,58,71,427 Equity

shares at issue price of ₹ 1.32 to the promoters and

other shareholders due to which the shareholding

of promoters increased from 37.32% to 37.89%. The

shareholding of non-promoter non-public

decreased from 23.53% to 0.00 during the above

mentioned period due to reclassification of the

shareholders as per the SEBI circular.

Public - Institutional

shareholding 0.83% 1.14% 4.86%

Public - Others

shareholding 61.28% 38.01% 39.34%

Non Promoter Non Public

Shareholding 0.00% 23.53% 23.53%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters did not buy/sell any shares in the market during the period 1st April, 2014 to

31st March, 2015.

Preferential issue to

promoters

The Company issued 5 crores equity shares at issue price of ₹ 1.32 to the promoters of the

Company during the period from 1st April, 2014 to 31st March, 2015.

Preferential issue to others The Company issued 7.58 crores equity shares at issue price of ₹ 1.32 to the promoters of the

Company during the period from 1st April, 2014 to 31st March, 2015.

GDRs issued by the Company

The Company has come out with GDR issue in the year 2010 for an issue size of 51 lakh GDRs

at an issue price of 14.1 dollar per GDR which are liable to be converted in to 25 equity shares

of ₹ 1/- each. It is noted that the Company has not received proceeds of GDR issue and for

recovery of the same, FIR was filed with Dundigal police station at Hyderabad vide

no.664/2013 on 29.10.2013 and the issue is still pending. More details of the GDR issue can

be read on Page 25 of the Annual Report 2014-15.

Issue of ESOPs/Issue of shares

other than Preferential

allotment

The Company did not issue any shares to the employees under its ESOP Scheme in last three

years

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SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

Farmax India Ltd http://www.farmax.co.in

Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the

future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced over

a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets

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Farmax India Ltd http://www.farmax.co.in

Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover

Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates a

Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

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Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated

by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-share stock price by

the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year

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P A G E

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Farmax India Ltd http://www.farmax.co.in

DISCLAIMER

Sources Company Information

Only publicly available data has been used while making the factsheet. Our

data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek,

Reuters, Annual Reports, IPO Documents and Company Website.

Analyst Certification

The analysts involved in development of this factsheet certify that no part of

any of the research analyst’s compensation was, is, or will be directly or

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