Chapter One: Introduction: Floristry Plant Breeding

Chapter one: Introduction
1.1 Background of Floriculture industry
Floriculture is a discipline of horticulture concerned with the cultivation of flowering for

gardens and for floristry. The development, via plant breeding, of new varieties is a major
occupation of floriculturists.
Floriculture crops include bedding plants, houseplants, flowering garden and pot plants, cut
cultivated greens, and cut flowers. As distinguished from nursery crops, floriculture crops are
generally herbaceous. Bedding and garden plants consist of young flowering plants (annuals
and perennials) and vegetable plants. They are grown in cell packs (in flats or trays), in pots,
or in hanging baskets, usually inside a controlled environment, and sold largely for gardens
and landscaping. Pelargonium ("geraniums"), Impatiens ("busy lizzies"), and Petunia are the
best-selling bedding plants. The many cultivars of Chrysanthemum are the major perennial
garden plant in the United States.
Flowering plants are largely sold in pots for indoor use. The major flowering plants are
poinsettias, orchids, florist chrysanthemums, and finished florist azaleas. Foliage plants are
also sold in pots and hanging baskets for indoor and patio use, including larger specimens for
office, hotel, and restaurant interiors.
Cut flowers are usually sold in bunches or as bouquets with cut foliage. The production of cut
flowers is specifically known as the cut flower industry. Farming flowers and foliage employs
special aspects of floriculture, such as spacing, training and pruning plants for optimal flower
harvest; and post-harvest treatment such as chemical treatments, storage, preservation and
packaging. In Australia and the United States some species are harvested from the wild for
the cut flower market.
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Floral Industry
The floral industry is one of the growing industries in many developing and underdeveloped
countries. Floriculture as an industry began in the late 19th century in the United Kingdom,
where flowers were grown on a large scale on the vast estates. The present day floral industry
is a dynamic, global, fast-growing industry, which has achieved significant growth rates
during the past few decades. In the 1950s, the global flower trade was less than US$3 billion.
By 1994, it had grown to US$100 billion. In recent years, the floral industry has grown six
percent annually, while the global trade volume in 2003 was US$101.84 billion.
The floral industry essentially consists of three major components: the growers,
the wholesalers and the retailers whose businesses are quite intermingled. The recent trends
are more towards eliminating the intermediaries, the wholesalers between the growers and the
retailers, so that the flowers are made available at considerably low prices.
The Netherlands and the history of the flower industry
Traditionally, the centre of flower production has been near their largest consumers, for
example the developed world, where Japan, Western Europe and North America were both
major producers and consumers. The major consumer markets being Germany (22 percent),
the United States (15 percent), France (10 percent), the United Kingdom (10 percent), the
Netherlands (9 percent), Japan (6 percent), Italy (5 percent), and Switzerland (5 percent).
The Netherlands remains the centre of production for the European floral market, as well as a
major international supplier to other continents. The flower auction at Aalsmeer is the
largest flower market in the world. Since the mid-1970s, the production
and distribution of cut flowers in Netherlands has burgeoned. In 1995, Dutch growers
produced over 8 billion blooms and the flower auctions collectively traded more than 5.4
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billion guilders (about $3.2 billion) in cut flowers and potted plants, contributing over 4
billion guilders annually to the Dutch balance of trade.
New flower growing centres
Experts believe that the production focus has moved from traditional growers to countries
where the climates are better and production and labour costs are lower. This has resulted in a
paradigm shift in the floral industry. The Netherlands, for instance, has already shifted
attention from flower production to flower trading, though it plays an important role still in
the development of floricultural genetics. The new centres of production are typically
developing countries like Colombia (second largest exporter in the world and with a market
of more than 40 years old), Ecuador, Ethiopia, Kenya, and India. Other players in this global
industry are Israel, South Africa, Australia, Thailand and Malaysia. New Zealand, due to its
position in the Southern Hemisphere, is a common source for seasonal flowers that are
typically unavailable in Europe and North America.
In Africa, Kenya is the largest exporter, supplying a large percentage of Europe's flowers; the
industry there is represented by the Kenya Flower Council.
In South America, Colombia is the leading flower producer and exporter accounting for 59%
of all flowers imported to The United States in 2006. The United States imports 82% of its
flowers. Growers in the United States state that 3 out of 4 flowers in the United States are
grown outside the US with Colombia being the biggest exporter. The United States signed a
free trade agreement with Colombia and that has lowered the cost of Colombian flowers in
the United States. Ecuador has become, in recent years, the leading South American rose
producer and is well known throughout the world for its high quality, large headed roses due
to the high altitude location of its rose farms.
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1.2 Floriculture in India
Post liberalisation in 1991, the government of India identified floriculture as a sunrise

industry and accorded it 100 percent export oriented status. A steady increase in the demand
for flowers, floriculture has become an important commercial trade in agriculture. Some
major floricultural crops in the international cut flower trade are: rose, carnation,
chrysanthemum, gargera, gladious, gypsophila, liastris, nerine, orchids, archilea, anthuriu,
tulip and lilies.
Floriculture in India is seen as a high growth industry. Commercial floriculture is

becoming important from the point of view of exports. The liberalization of industrial and
trade policies have paved the way for development of export oriented production of cut
flowers.
The government of India offers tax benefits to new export oriented floriculture companies in
the form of income-tax holidays and exemption from certain import duties. Agricultural and
Processed Food Products Export Development Authority (APEDA), is responsible for the
promotion and development of floriculture in India. The government also grants subsidies for
establishing cold storage, precooling units, refrigerated vans and green houses, and air freight
subsidy to exporters. It has been found that commercial floriculture has higher potential per
unit area than most of the field crops and is therefore a lucrative business.
According to the statistics indicated in the Handbook on Horticulture Statistics 2014, the
total area under flower crops in 2012-13 was 232.70 thousand hectares. Total area under
floriculture in India is second largest in the world and only next to China. Production of
flowers was estimated to be 1729.2 MT of loose flowers and 76731.9 million (numbers) of
cut flowers in 2012-13. Fresh and Dried cut flowers dominate floriculture exports from India.
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Among states, Karnataka is the leader in floriculture with about 29,700 hectares under
floriculture cultivation. Other major flower growing states are Tamil Nadu and Andhra
Pradesh in the South, West Bengal in the East, Maharashtra in the West and Rajasthan, Delhi
and Haryana in the North. There are more than 300 export oriented units in India. APEDA
(Agricultural and Processed Food Products Export Development Authority) is the registering
authority for such units.
According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM)

the floriculture industry in India in 2012/13 was poised at 3700 crores which amounted to
only 0.61% of the global floriculture industry. However it had also projected a rise in this
industry to nearly 8000 crores by 2017.
Marketing
At present the marketing aspect of cut flowers in India, be it roses, tulips, sunflowers, orchids
or any other, is exceedingly unorganised. In big cities with a fairly large demand and potential
for cut flowers, flowers are brought to wholesale markets and a few large flower merchants
buy most of the produce and sell it to retail outlets or florists with a significant mark up.
These retail shops usually function in the open on roadsides with different flowers arranged
in large baskets. Usually these flowers have a shabby cardboard or discarded news paper
wrapped around them for some protection. However there are some decent flower shops
which maintain the flowers in a well organised manner under adequate temperature
conditions to enhance their shelf life. The government has begun investing in auction
platforms for flowers and better storage facilities by conducting various kinds of research
activities and it is also looking at the possibility to buy the storage technology from big
flower exporters like Europe, US and Japan.
The packaging and the transportation of flowers from the production area to the wholesale
market place is also much unorganised. Flowers, depending on the type, are packed in either
old gunny bags; baskets made of bamboo, simple cartons or just wrapped in old newspapers
and are transported to markets by road, rail or air. Depending on the distance to the markets
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and the volume the mode of transport is decided. Mostly, in the evenings flowers are
harvested and transported to nearby cities overnight by buses or lorries. In recent years
though, the government has provided some sophisticated refrigerated vans for better
transportation of flowers keeping their freshness in mind. Many EOUs (Export oriented
units) have built a state of the art infrastructure of pre cooling chambers and cold storage
facilities which further enhance both the vase and the shelf life of flowers making them of
superior quality and a tad bit expensive for the end buyer.
In July every year the wedding season sets in, in India. Indians consider this time to be an
auspicious one for tying nuptial knots. Thus with the wedding season setting in and rains
taking control of the climate, the demand for flowers shoots up manifold resulting in less
supply and steep hike in prices.
A rose stick, which earlier could be bought for Rs.8 or Rs.10 has suddenly shot up in the
price bracket of Rs.15 to Rs.20. Similarly an orchid stem which would otherwise cost 12 to
15 Rs skyrockets between 20 to 25 Rs.
A flower vendor at a flower mandi on being interviewed by a Times of India reporter

says: The quality of roses during this season tends to improve as they have got adequate
water. When there is a heavy rain as seen in the past few days, the farmers are unable to go in
the field and pluck the roses, which then cause a shortfall in supply," said Deepak
Kusumakar, a vendor at a flower mandi in Bangalore.
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The prices of popular flowers such as 'navranga,' 'mogra' (jasmine) genda (marigold),
sunflower and orchids have skyrocketed. Due to the wedding season demand for rose and
seasonal flowers has also gone up almost after a hiatus of 5 months. Due to a massive
domestic demand of cut flowers rising mainly from wedding organisers and households very
little of good quality flowers are available in the markets. Arti Bhagwat, an event decorator
has to say:
Only 25 per cent of flowers are available in the market and that too at a high price,
which is a big trouble for us. We use a mix of artificial and real flowers in weddings
nowadays to maintain the budget and give the best look possible.
As far as demand of individual customers is concerned, city florist, Anwar Ali said:
"As a retailer, we need to take special care of flowers especially during this season as
direct rainwater can deteriorate their quality. With the price of jasmine, orchids, tulips and
marigold soaring high, flowers like gerbera and carnations are chosen for bouquets and
decors by the customers.
Bangalore your entry to India's flower market:

Bangalore is the capital of Karnataka, a state with 50 million people and the largest
agricultural and horticultural production area in India. The state of Karnataka will provide
substantial funding for the cultivation of useful and ornamental plants in the future.
FLORATECH INDIA 2016 - the show target:

The show target is to cover the entire chain in the horticultural and floriculture industry. The
FLORATECH INDIA offers a comprehensive range from plants, trees, palms, greenhouse and
landscape equipment to floristry and garden features. You will discover the new trends,
talents and ideas this industry has to offer.
India is poised to become the top trade centre in this part of the world. Imports of flowers,
seeds, bulbs, planting materials, greenhouse technologies and gardening-related tools,
accessories and equipment from all over the world are increasing every year at a fast rate
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because industry professionals in India are always looking for new products, techniques and
devices that are highly effective and cost efficient.
Floriculture in India has become one of the important commercial trades in agriculture and as
mentioned earlier, is being viewed as a high growth industry. About 260 thousand hectares
are under cultivation in floriculture. Flower consumption is becoming a future market in the
flower and gardening segments. The Government of India has identified floriculture as a
'sunrise industry' and accorded it 100% export-oriented status.
For Exhibitors, FLORATECH INDIA 2016 is the gateway to realize the huge potential of
South Asian market as a year-round supplier and consumer. Meet everyone at FLORATECH
INDIA 2016, concurrently with 8th edition of AgriTech India 2016 at BIEC, Bangalore,
India.
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1.3 Statement of the problem
The core objectives of this project is to evaluate the financial and operating performance of
the 5 selected floriculture firms in India. These days, the floriculture industry is generating
foreign exchange and creates employment opportunities in the country. Besides, many
foreign and domestic investors are emerging into the sector. In general, this title is selected
due to the following basic points.
The firms have the problems of supplying their products in the international market
due to transportation problem.
Despite this industry being almost 3 decades old, firms still have difficulty in creating
awareness in the domestic market.
The product is perishable hence the firms have problems in selling the products in the
planned selling price.
The above points have direct effects on the performance of the industry so, studying the
financial and operating performance and assessing the major problems in the industry are
important for these emerging sector in the country.
1.4 Objectives of the study
The main objective of this study is to evaluate the financial and operating performance of the
selected 5 floriculture firms in India.
In order to help achieving the above broad objectives of the study, the following specific
research objectives are developed.
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Evaluate the profitability of floriculture firms.
Evaluate the firms ability to meet their short-term and long-term financial
obligations.
Identify the factors that affect the profitability and liquidity of the firms.
Identify the determinants of ROE of floriculture firms.
1.5 Research Methodology
Different methods and techniques were used in order to address the objectives mentioned
above in section 1.4. Most of this study was conducted using quantitative methods of
research. In other words, the study mostly used secondary sources of data to evaluate the
financial and operating performance of the floriculture firms. The time period chosen to
conduct this study was between year 2011 and 2015.
The study includes only 5 firms as a sample because the rest of the firms were far smaller in
comparison to the selected 5. The other reason being the lack of availability of financial data
like various ratios, net sales, net worth, PAT, operating profit etc of the unselected ones.
Further, the study used the tools like Data Envelopment analysis (DEA), the DuPont analysis
the SPSS software and different types of ratios, such as current ratio, operating profit ratio,
net profit ratio and operating expenses ratio to evaluate their performance. Post the analysis
and the compilation of all the data, summaries, inferences and conclusions have been drawn,
followed by suggestions.
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1.6. Scope and limitation of the study
This study focuses on the evaluation of the financial and operating performance of the
selected 5 floriculture firms in India. As floriculture industry is a sunrise industry in India,
the project did not cover all the issues. Therefore, the study selected some issues that better
measure the performance of the industry. Unavailability of enough written documents and
related research made in the industry was the other barrier for the completion of this project.
To undertake this study, the researcher was restricted to include only those firms whose
financial data were available. Moreover the study with special reference to Midas Orchids is
restricted to their Villupuram office only. All the firms mentioned in the study are located in
India. The time period covered for the financial analysis is from 2011 to 2015 since data only
for this period was retrievable.
1.7 Structure of the project report
This report has been divided into five chapters. Chapter one deals with the introduction
which includes the background of the floriculture industry, floriculture in India, statement of
the problem, objectives of the study, research methodology and scope and limitation of the
study.
Chapter two deals with the review of literature. The third chapter deals with the
company profile of Midas Orchids, their plans of expansion, operations and their history. The
fourth chapter deals with the financial analysis which includes DEA, DuPont Analysis and
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the ratio analysis. These include tables and short inferences. The fifth chapter is the
concluding chapter containing analysis results, findings, suggestions and conclusions.
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Chapter 2
Review of literature
Wijnands (2005) defines horticulture as the industry and science of plant cultivation. It
includes flowers, fruits, vegetable, and trees. Floriculture is a discipline of horticulture
concerned with the cultivations of flower. Flowering plants are largely sold on pots for indoor
use. In general, floral industry is one of the major industries in many developing and
underdeveloped countries. Floriculture as an industry begun in the late of 1800s in England,
when flowers were grown on a large scale on the vast estates. In the present day flora
industry is a dynamic, global, fast growing industry, which has achieved significant growth
rates during the past few decades.
Fresh flowers are highly perishable because they maintain only limited life-supporting
processes by taking water up through their stems. Fresh flowers are used for decorative
purposes such as vase arrangements and bouquets at formal events; designs for weddings and
funerals; gifts on occasions such as Mothers Day, Valentines Day, in times of illness, and at
holidays such as Christmas and Easter; corsages and boutonnieres; and informal displays to
beautify homes and public places.
In order to assess this fast growing industry various techniques could be used. Like
operating and financial performance assessment tools may be used. Operating and financial
performances are the processes of identifying the financial strength and weakness of the firm
by establishing relationships between the items of the balance sheets and the profit and loss
account. This strength and weakness are measured by financial ratios.
Foster (1986) concludes that financial ratios are measures that show a proportional
relationship between two factors, such as sales compared to working capital or liabilities
compared to net worth. Often they are used to judge the investment suitability of a particular
company; a firms ratios can be compared to its own past performance and/or to the
performance of the industry as a whole. Financial ratios are calculated from the figures given
in the firm's annual financial statement. Financial ratios can be designed to measure any
aspects of the performance of the company. In general financial analysts use the ratios as
tools identify the areas of strength and weakness in the firm.
This chapter presents a review the related literature on the development of horticulture in
general and floriculture in particular. This chapter is divided in five different sections. The
first section presents the growth of horticulture industry in the world followed by the growth
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of horticulture industry in developing countries. Section three discusses the growth of
horticulture industry in India. Section four reviews expansion, export performance, the
cultivated area and employment opportunities of the sector. Finally, section five presents
basic tools of financial analysis.
2.1. Growth of floriculture industry in the world
All over the world, the floricultural sector can nowadays be characterized as a sector
experiencing rapid changes. Due to globalization and its effect on income development in the
different regions of the world, per capita consumption in most countries is growing. Besides,
the traditional centres of production (USA, Japan, Italy, The Netherlands, Columbia), new
production centres are developing (Groot, 1998). In Latin America and Africa, production is
increasing very quickly. Also in Asia, countries like India, China, and Vietnam seem to be
moving in the direction of more intensive horticulture. In the traditional centres, the total area
under production remains stable or increase slightly. Productivity will go up in these centres
(Groot, 1998)
In many countries flowers are grown for commercial purposes for domestic markets,
although the size of individual markets or its development are difficult to assess given the
lack of consumption and production data. The main consuming countries (Germany is the
exception) are largely self-sufficient in flowers. Japan and United States are the largest
markets. In 1994, China had close to an estimated 60,000 hectares under cultivation for
flowers, while India had 34,000 hectares (compared to United States at 15,000 hectares, and
Japan and the Netherlands 8,000 hectares.
World cut-flower markets are growing at a current rate of 6-9 percent per year. The total
consumption in year 1985 was about 12.5 billion USD. In year 1990, the consumption rose to
about 25 billion USD. In year 1995, the total world market was about 31 billion USD. Taking
developments in production, imports and economic variables into account, consumption of
cut flowers is to be expected to rise to 35 billion USD. In international terms, the
consumption of cut flowers is concentrated in three regions: Western Europe, North America
and Japan. The highest growth is expected in Japan and the USA. The West European market
is becoming saturated. As a result, its cut flower consumption share is declining. New
markets are emerging in the Eastern European countries.
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2.2. Growth of floriculture industry in developing countries
In past decades, a number of developing countries experienced a rapid growth in their exports
of highly perishable horticultural products to developed high-income countries (Batt, 2000).
In general, this growth can be explained by comparative advantage. Batt (2000) concludes
that labour-intensive cut flowers are grown in low cost countries.
Especially African countries have become very competitive for specific labour-intensive rose
varieties and partly pushed European growers out of the market (Wijnands, 2005). In most
developing countries a well-developed domestic flower market is absent, making production
fully export oriented. Most African flower industries maintain a close link with the markets in
Europe and South America.
The supporting and supplying firms fully rely on imports from developed countries. The
Netherlands and Israel are the main suppliers of flower varieties and advanced technologies.
In addition, the Dutch flower auctions are the leading marketplace for African flowers
Wijnands, 2005). However, the development of the flower industry is unbalanced; in the
same region one finds countries experiencing a prosperous export growth as well as countries
that show a poor growth or even a decline. For example, in the period 1997/98 to 2003/04
Ecuador showed a strong growth of its share on the world flower market, whereas
neighboring Colombia showed a decline of its share (Wijnands,2005).
Flower production in Africa is highly competitive to any professional grower in the world.
Especially with regard to the European growers the competition is becoming fierce. The first
cut-flower nurseries were established in Kenya in year 1969, which originally is a tea and
coffee producing country. Nowadays Kenya is the largest African cut-flower grower,
followed by Zimbabwe, Morocco and South Africa. Other promising countries on the market
are Zambia, Malawi, Tanzania and Uganda (Wijnands, 2005).
Bulk flower production is intended primarily for export to the European market, although
there is increasing export to the Asian market as well. The quality of the flowers is very good
at the time of harvesting but the products lose quality due to poor transport conditions. Africa
used to produce primarily carnations, roses and summer flowers.
Nowadays the growing of roses is increasing, because higher prices can be obtained on the
export markets. The assortment is focused on the European market because high
transportation costs oblige growers to strive for a high value per kilogram (Wijnands, 2005)
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2.3. Growth of floriculture industry in India
According to an article published in the Times of India in February this

year India's share in global floriculture trade may not be significant but the country has, of
late, shown enough potential to eventually turn itself as a favourite destination of flower
importers in near future.
Surprisingly, the small land-holding pattern, considered a handicap for the country's
agricultural production, comes as an advantage in floriculture due to its 'low volume high
value' character. Since the sector has huge export potential, a number of small and marginal
farmers have started turning towards flower production.
Increasing domestic demand for both cut and loose flowers has also attracted farmers, mainly
in leading flower producing states like Tamil Nadu, Karnataka, West Bengal, Madhya
Pradesh and Maharashtra, towards floriculture.
The north-eastern states, especially Mizoram, have also turned towards cultivating flowers of
export varieties in a big way.
Though the country had during 2014-15 exported floriculture products worth over Rs 460
crore, its overall share is quite low in the global trade of nearly USD 40 billion or nearly Rs
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2,72,000 crore.
"There is a great demand for Indian flowers in Gulf countries. Besides the major cut flowers,
the export of traditional flowers such as jasmine and marigold is also gaining momentum in
recent times," said A K Singh, managing director of the agriculture ministry's National
Horticulture Board (NHB).
Explaining how floriculture in the country moved from "dormancy to infancy", backed by
growing domestic demand and policy support from the government, Singh said, "The country
is bestowed with ideal temperature conditions for commercial floriculture throughout the year
in some or other part. This has helped entrepreneurs and growers in recognising
diversification into floriculture as of a commercial value."
Floriculture in India is viewed as a high growth industry and the government has already
identified this sector as a sunrise industry, according it 100% export-oriented status.
Though major export destination of Indian cut flowers (flowers harvested in clusters or in
single along with their stems) were the USA, UK, Germany, Netherlands and UAE during
2014-15, loose flowers (flowers harvested without stalk) like jasmines and marigold are
generally exported to Sri Lanka, Malaysia, Singapore and West Asian countries. China, India
and Peru are leading producers and exporters of marigold.
The annual world trade in marigold is currently estimated to be around Rs 500 crore.
Singh said, "In recent times, flower importers have been shifting their focus to India and
Ethiopia for cheaper flowers in the wake of rising cost of production in Kenya - the world's
largest exporter."
Quoting reports from the Kenya Investment Authority (KenInvest), he said, "India could
overtake Kenya in floriculture in the near future."
The NHB managing director has reasons to believe the KenInvest reports as he enlisted a
number of factors which are conducive for the floriculture sector to grow substantially in
future.
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"The traditional disadvantage associated with the 'small farm holding' is an advantage in
floriculture ventures. Even non-arable land can be put to agricultural use since protected
floriculture involves specific growing media or amendment of the existing soil," said Mr.
Singh.
2.4 Basic tools of financial analysis
Financial analysis is the process of identifying the financial strength and weakness of the firm
by properly establishing relationships between the items of the balance sheets and profit and
loss account. Foster (1986) concludes that financial ratios are measures that show a
proportional relationship between two factors, such as sales compared to working capital or
liabilities compared to net worth. Often they are used to judge the investment suitability of a
particular company; a firms ratios can be compared to its own past performance and/or to the
performance of the industry as a whole. Financial ratios are calculated from the figures given
in the firm's annual financial statement. Financial ratios can be designed to measure any
aspects of the performance of the company. In general financial analysts use the ratios as one
tool in identifying the areas of strength and weakness in the firms.
Financial analysis can be time series analysis, cross-section analysis industry analysis and pro
forma analysis. Cross-section analysis is a kind of comparison of one firm with some selected
firms in an industry at the same point in time. This kind of comparison indicates the relative
financial position and performance of the firm (Anthony, 1975).
To determine the financial condition and performance of the firm, its ratio may be compared
with the average ratio of the industry of which the firm is a member. This sort of analysis is
known as industry analysis. Besides, future ratios are used as the standard of comparison.
Future ratios are developed from pro forma or projected financial statements.
The comparison of current or past ratio with the future ratio shows the firms relative
weakness. and strength in the past and the future. If the future ratios indicate weak financial
position, corrective actions should be initiated (Anthony, 1975).
There are several types of ratios: liquidity ratios which measure a firms ability to meet
its short-term financial obligations; leverage ratios which measure ability to meet long-term
obligations; profitability or operating ratios which measure the success of a companys
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operating performance; activity or efficiency ratios which indicate how effectively a company
uses and controls its assets (Foster, 1986).
Chapter 3: Company profile
Profile of Midas Orchids.
Mr. Sanjeev Jhunjhunwala the founder and architect of Midas orchids founded his company
25 years ago in the floriculture capital of India Bangalore, Karnataka. Born and brought up in
Bhagalpur Bihar, he came to Bangalore with a dream of making it big. With no big degrees to
boast about and as little as 1000 Rs in hand, Mr. Jhunjhunwala ventured out first in the silk
business. He along with his father opened a small outlet of clothes made of silk. Soon that
business turned out to be a success as the shop was located in a neighbourhood with very
little apparel shops with quality silk clothing. I had hit the jackpot he says reminiscing
about his former venture. With the money he earned from that business he built a house for
himself in the posh locale of Bangalore. Soon his focus shifted from the silk business to the
agricultural sector, specially the floriculture sector. With already enough money generated
from his silk business he bought himself a 30 acre agricultural land on the outskirts of
Bangalore for the cultivation of roses. And guess what he proved to be lucky once again.
With his shrewd business skills he found a market in and around Bangalore for selling roses
and this venture proved to be a bigger success. Since then there has been no stopping him.
From the cultivation of roses he expanded to the cultivation of orchids. In order to start the
cultivation of orchids he went to Bangkok to study the setup of orchid farms and purchase
orchid plants that could be nurtured in India under a suitable weather and proper
nourishment. In 2009 after extensive search of agricultural land he bought another piece of
land in Villupuram for around 8 crores. However in 2011 as cyclone Thane hit the coastal
region of southern India, the orchid farm suffered some serious damages as cyclone Thane
decimated 75% of the farm. A normal business man would normally sell-off the remaining
portion of the land and wind up, but Mr. Jhunjhunwala had no such plans. He rebuilt the
damaged portions and the farms beauty was restored and cultivation of flowers resumed after
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a gap of 7 months. The business is in full swing now as Mr. Jhunjhunwala wishes to expand
his set up of flower cultivation in Tanjore. However due to lack of agricultural land at the
price he wants the search for a land is still on. But he is hopeful of getting one soon. In the
year 2012 one of the producers of the south Indian film industry had expressed his desire to
Mr. Jhunjhunwala for shooting certain portions of his film in the orchid farm, to which Mr.
Jhunjhunwala happily agreed. However that could not materialise as the film got shelved.
Today the orchid farm has become one of the go to places in Villupuram. However not many
people are aware of it as it is situated on the outskirts of Villupuram nearly 25 km from the
heart of the city. Below are some breathtaking images of the orchid farm in Villupuram.
On an average 50,000 stems of flowers are harvested normally.
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Primarily only violet flowers are in production but white and pink flowers can also be found.
There are countless types of orchids available in the world but Midas orchids cultivates only
the type called Dendrobium.
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Chapter 4: Analysis and interpretation
Data Envelopment Analysis (DEA)
Case1:
Output Variables: Net Sales for the year 2015 of 5 companies
Input Variable: Net worth, current liabilities for the year 2015 of 5 companies
Table 4.1
Company Efficiency Rank
karuturi globals 0.070 4
HRB floriculture 1.000 1
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Elegant Floriculture and 0.063 5
agrotech india
Pushpanjali floriculture 0.141 3
Midas Orchid 1.000 1
Table 4.1 Efficiency summary of 5 companies in the flower business of the year 2015 with
net sales as output and net worth and current liabilities as inputs.
Table4.1 summarises the efficiencies of the aforementioned 5 companies in the

flower business. The mean efficiency of the companies is 0.455. The companies that are
above the mean efficiency are Midas Orchids and HRB floriculture. The remaining
companies are below the mean efficiency.
Inference: In the year 2015, the financial performances of Midas Orchids and HRB
Floriculture are the most efficient. While the company Elegant Floriculture and agrotech
india is the least efficient. The companies which are below the mean are not at par.
Case1:
Table 4.2

agrotech india
23
Table 4.2 summarises the efficiencies of the aforementioned 5 companies in the

Inference: In the year 2014 like in 2015, the financial performances of Midas Orchids and
HRB Floriculture are the most efficient. While the company Karuturi globals is the least
efficient. The companies which are below the mean are not at par.
Case1:
Table 4.3

agrotech india
24

above the mean efficiency are Midas Orchids and Pushpanjali floriculture. The remaining
Inference: In the year 2013, the financial performances of Midas Orchids and Pushpanjali
floriculture are the most efficient. While the company Karuturi globals once again is the least
efficient. The companies which are below the mean are not at par.
Case1:
Intput Variable: Net worth, current liabilities for the year 2012 of 5 companies
Table 4.4
25
agrotech india

floriculture once again are the most efficient. While the company Karuturi globals once again
is the least efficient at 0.235 Rank 4. The companies which are below the mean are not at par.
Case1:
Table 4.5
26

agrotech india

floriculture once again like in the years 2012 2014 and 2015 are the most efficient. While the
company Pushpanjali floriculture is the least efficient at 0.412. The companies which are
below the mean are not at par.
Case1:
Output Variables: Net Sales of 5 companies of 5 years from 2011 to 2015 combined
Input Variable: Net worth, current liabilities of 5 companies of 5 years from 2011 to 2015
combined
Table 4.6
27

agrotech india
Table 4.6 Efficiency summary of 5 companies in the flower business of the last 5 years
combined from 2011 to 2015 with net sales as output and net worth and current liabilities as
inputs.

Inference: In the last half a decade starting from 2011 to 2015, Midas Orchids is the most
efficient company followed by Pushpanjali floriculture. The least efficient company is
karuturi globals.
Case2:
Input Variable: Fixed assets, current assets and investments for the year 2011 of 5
companies.
Table 4.7
company Efficiency Rank
28

agrotech india
Table 4.7 Efficiency summary of 5 companies in the flower business for the year 2011 with
net sales as output and fixed assets, current assets and investments as inputs.

Inference: In year 2011, Midas Orchids and Pushpanjali floriculture are the most efficient
companies. The least efficient company is karuturi globals. The companies below the mean
are not at par.
Case2:
companies.
Table 4.8
29

agrotech india

above the mean efficiency are Midas Orchids, HRB floriculture and Pushpanjali floriculture.
The remaining companies are below the mean efficiency.
Inference: In year 2012, Midas Orchids and HRB floriculture are the most efficient
companies followed by Pushpanjali floriculture. The least efficient company is karuturi
globals. The companies below the mean are not at par.
Case2:
companies.
Table 4.9
30

agrotech india

above the mean efficiency are Midas Orchids, Pushpanjali floriculture and HRB floriculture.
companies followed by HRB floriculture. The least efficient company is Elegant Floriculture
and agrotech india. The companies below the mean are not at par.
Case2:
companies.
Table 4.10
31

agrotech india

companies. The least efficient company is karuturi globals. The companies below the mean
are not at par.
Case2:
companies.
Table 4.11
32

agrotech india

Inference: In year 2015, Midas Orchids and Pushpanjali floriculture are the most efficient
companies. The least efficient company is Elegant Floriculture and agrotech india. The
companies below the mean are not at par.
Case2:
Output Variables: Net Sales of 5 companies of 5 years from 2011 to 2015 combined
Input Variable: Fixed assets, current assets and investments of 5 companies of 5 years from
2011 to 2015 combined
Table 4.12
33

agrotech india
Table 4.12 Efficiency summary of 5 companies in the flower business of the last 5 years
combined from 2011 to 2015 with net sales as output and fixed assets, current assets and
investments as input.

above the mean efficiency are Midas Orchids and Elegant Floriculture and agrotech india.
Inference: In the last half a decade starting from 2011 to 2015, Midas Orchids and Elegant
Floriculture and agrotech india are the most efficient companies followed by Pushpanjali
floriculture. The least efficient company is karuturi globals.
DuPont Analysis
Impact of Sales Margin, Asset Turnover and Equity Multiplier on ROE
The Impact of Sales Margin, Asset Turnover and Equity Multiplier on ROE of the
floriculture industry has been explored using Regression Analysis and the results have
been displayed in the following two tables.
Table 4.1: Model Summary (Determinants of ROE for Karuturi Globals)
Model Summary
34
Model R R Square Adjusted R Std. Error of
Square the Estimate
1 .999a .998 .992 .0021965
a. Predictors: (Constant), Equity Multiplier, MOS, ST
Inference: The value of R Square 0.998, suggesting that 99.8% variance of the dependent
variable of ROE is explained by the three independent variables of sales margin, asset
turnover and equity multiplier during the period 2011 to 2015.
Table 4.2: Coefficients Summary ( Determinants of ROE for karuturi Globals)
Coefficientsa
Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Error Beta
(Constant) -.065 .073 -.889 .537
MOS .021 .001 .990 21.456 .030
1 SalesTurnover .763 .479 .227 1.592 .357
Equity
.038 .046 .117 .812 .566
Multiplier
a. Dependent Variable: ROE
Inference: Since the significance value of Margin on sales (MOS) is 0.030 which is less
than 0.05 it can be said that Margin of Sales alone makes a significant impact on ROE.
Determinants of ROE of HRB Floriculture

Impact of Margin of sales, Asset Turnover and Equity Multiplier on ROE of HRB
Floriculture has been explored using Regression Analysis and the results have been displayed
in the following two tables.
Table 4.3: Model Summary (Determinants of ROE of HRB Floriculture)
Model Summary
35
Square the Estimate
a
1 .998 .996 .986 .0110170
Table 4.4: Coefficients Summary (Determinants of ROE for HRB Floriculture)

B Std. Error Beta
(Constant) .178 .139 1.275 .423
MOS .079 .006 .915 12.427 .050
1 SalesTurnover .072 .022 .279 3.307 .187
Equity
-.208 .133 -.138 -1.562 .363
Multiplier
Inference: Since the significance value of Margin on sales (MOS) is 0.050, it can be said that
Margin of Sales alone makes a significant impact on ROE.
Determinants of ROE of Elegant Floriculture and agrotech india
Impact of Margin of sales, Asset Turnover and Equity Multiplier on ROE of Elegant
Floriculture and agrotech india has been explored using Regression Analysis and the results
have been displayed in the following two tables.
Table 4.5: Model Summary (Determinants of ROE of Elegant Floriculture and
agrotech india)
Model Summary
Square the Estimate
a
1 .999 .998 .993 .0007587
a. Predictors: (Constant), Equity Multiplier, ST, MOS
36
Table 4.6: Coefficients Summary (Determinants of ROE for Elegant Floriculture and
agrotech india)
Coefficientsa
B Std. Error Beta
(Constant) .013 .064 .200 .874
MOS .037 .003 .806 12.812 .050
1 SalesTurnover .193 .046 .257 4.221 .148
Equity
-.019 .062 -.014 -.298 .815
Multiplier
Inference: Since the significance value of Margin on sales (MOS) is 0.050, it can be said that
Margin of Sales alone makes a significant impact on ROE.
Determinants of ROE of Pushpanjali floriculture
Impact of Margin of sales, Asset Turnover and Equity Multiplier on ROE of Pushpanjali
floriculture has been explored using Regression Analysis and the results have been displayed
in the following two tables.
Table 4.7: Model Summary (Determinants of ROE of Pushpanjali floriculture)
Model Summary
Square the Estimate
a
1 .998 .997 .987 .0030822
37
turnover and equity multiplier during the period 2011 to 2015
Table 4.8: Coefficients Summary (Determinants of ROE for Pushpanjali floriculture)
Coefficientsa
B Std. Error Beta
(Constant) -.104 .045 -2.289 .262
MOS .085 .025 1.418 3.346 .185
1 SalesTurnover .880 .201 .820 4.376 .143
Equity
.029 .040 .326 .718 .603
Multiplier
Inference: Since the significance value of all the factors MOS, sales turnover and equity
multiplier is more than 0.05, none of the factors have an impact on ROE.
Determinants of ROE of Midas Orchids
Impact of Margin of sales, Asset Turnover and Equity Multiplier on ROE of Midas Orchids
has been explored using Regression Analysis and the results have been displayed in the
following two tables.
Table 4.9: Model Summary (Determinants of ROE of Midas orchids)
Model Summary
Square the Estimate
a
1 .994 .988 .951 .0011531
38
Table 4.10: Coefficients Summary (Determinants of ROE for Midas Orchids)
Coefficientsa
B Std. Error Beta
(Constant) -.024 .008 -2.979 .206
MOS .039 .007 1.722 5.446 .116
1 SalesTurnover .014 .007 .527 1.932 .304
Equity
.126 .024 .845 5.304 .119
Multiplier
Inference: Since the significance value of all the factors MOS, sales turnover and equity
multiplier is more than 0.05, none of the factors have an impact on ROE
Determinants of ROE for all 5 previously mentioned floriculture firms combined
Impact of Margin of sales, Asset Turnover and Equity Multiplier on ROE of all 5 previously
mentioned floriculture firms combined has been explored using Regression Analysis and the
results have been displayed in the following two tables.
Table 4.11: Model Summary (Determinants of ROE for all 5 firms)
Model Summary
Square the Estimate
1 .876a .767 .734 .0337607
39
Table 4.12: Coefficients Summary (Determinants of ROE for all 5 firms)
Coefficientsa
B Std. Error Beta
(Constant) -.021 .025 -.847 .407
MOS .067 .008 .867 8.206 .000
1 SalesTurnover .021 .035 .086 .610 .548
Equity
.013 .019 .095 .677 .506
Multiplier
Inference: Since the significance value of Margin on sales (MOS) is 0.000 which is less
than 0.05 it can be said that Margin of Sales alone makes a significant impact on ROE.
Ratio Analyses
In the following pages of this chapter financial analyses using different ratios has been
conducted. The researcher has used 5 different ratios such as current ratio, operating profit
ratio, net profit ratio, operating expenses ratio and fixed asset turnover ratio to evaluate the
performances of the five companies in the floriculture sector being studied. Analysis of each
company in each of the five years starting from 2011 to 2015 has been conducted. A brief
introduction of each ratio is as follows.
40
Current Ratio
Current ratio gives an idea of a companys operating efficiency. A high ratio indicates safe
liquidity, but also it can be a signal that the company has problems getting paid on its
receivables or have long inventory turnover, both symptoms indicate that the company may
not be efficiently using its current assets. Acceptable current ratio values vary from industry
to industry. Generally a current ratio of 2:1 is considered to be acceptable. The higher the
current ratio is, the more capable the company is to pay its obligations. Current ratio is also
affected by seasonality.
The formula is given by:
current Asset
Current Ratio Current Liabilities
Operating Profit Ratio
Operating profit ratio is a measurement of what proportion of a companys revenue is left

over after paying for variable costs of production such as wages, raw materials, etc. It can be
calculated by dividing a companys operating income aka operating profit during a given
period by its net sales during the same. Operating income here refers to the profit that a
company retains after removing operating expenses (such as cost of goods sold and wages)
and depreciation. Net sales here refer to the total value of sales minus the value of returned
goods, allowance for damaged and missing goods and discount sales.
41
Operating income
Operating Profit Ratio Net sales
Net profit Ratio
Net profit Ratio is a useful tool to measure the overall profitability of the business. A high
ratio indicates the efficient management of the affairs of business. There is no norm to
interpret this ratio. To see whether the business is constantly improving its profitability or not,
the analyst should compare the ratio with the previous years ratio, the industrys average and
the budgeted net profit ratio. The use of net profit ratio in conjunction with the assets
turnover ratio helps in ascertaining how profitably the assets have been used during the
period.
Profit after Tax

Net Profit Ratio Net sales
Fixed Asset turnover Ratio
The fixed asset turnover ratio is in general used by analyst to measure operating performance.
It is a ratio of net sales to fix assets. This ratio specifically measures how able a company is
to generate net sales from fixed asset investments, namely property, plant and equipment, net
42
of depreciation. In a general sense, a higher fixed asset turnover ratio indicates that a
company has more effectively utilized investment in fixed asset to generate revenue.
Net Sales

Fixed asset turnover Ratio Assets
Operating expenses ratio
The OER is a measure of what it costs to operate a piece of property compared to the income
that the property brings in. The OER is calculated by dividing up propertys operating
expense by its gross operating income. Investors using the ratio can further compare each
type of expense, such as utilities, insurance, taxes and maintenance, to the gross operating
income, as well as the sum of all expenses to the gross operating income.
100net profit ratio

Fixed asset turnover Ratio
Company Year current Operating net profit operating fixed asset

ratio Profit ratio expenses turnover
ratio ratio % ratio
karuturi 2015 0.6 323.9 0.1 90 0.0

globals
43
HRB 2015 13.5 100.0 0.0 99 3.6
floriculture
Elegant 2015 208.5 104.0 0.2 80.2 0.1

Floriculture
and
agrotech
india
Pushpanjali 2015 2.2 160.0 1.2 -18 0.1

floriculture
Midas 2015 14.2 152.0 0.6 40 0.6

Orchid
The following two tables contain the ratio analysis of the 5 companies in 2015 along with
their ranks.
Company Year current Op.Profit net profit operating fixed

ratio Ratio ratio expenses asset
ratio % turnover
ratio
Rank Rank Rank Rank Rank
karuturi 2015 5 1 4 4 4
globals
HRB 2015 3 5 5 5 1
floriculture
Elegant 2015 1 4 3 3 3
Floriculture
and agrotech
india
Pushpanjali 2015 4 2 2 1 3
floriculture
Midas 2015 2 3 1 2 2
Orchids
their ranks.
44
ratio ratio % ratio
karuturi 2014 0.8 893.0 0.6 38.6 0.0

globals
HRB 2014 154.0 135.0 -0.1 112.5 1.8

floriculture
Elegant 2014 92.8 126.0 0.0 97.4 0.1

Floriculture
and
agrotech
india
Pushpanjali 2014 1.4 151.3 1.2 -22.5 0.3

floriculture
Midas 2014 0.0 70.2 0.1 90.9 1.0

Orchid
Company Year current Op.Profit net profit operating fixed asset

ratio Ratio ratio expenses turnover
ratio % ratio
Rank
Rank Rank Rank Rank
karuturi 2014 4 1 2 2 5
globals
HRB 2014 3 5 5 1
floriculture 1
Elegant 2014 2 4 4 4 4
Floriculture
and agrotech
india
floriculture
Midas 2014 5 5 3 3 2
Orchids
45
their ranks.

ratio ratio % ratio
karuturi 2013 1.1 902.1 -2.2 323.0 0.0

globals
HRB 2013 7.0 144.4 -2.6 361.0 0.1

floriculture
Elegant 2013 18.3 100.0 -0.3 131.5 0.0

Floriculture
and
agrotech
india
Pushpanjali 2013 0.9 78.4 0.5 49.6 1.3

floriculture
Midas 2013 0.0 65.1 0.1 88.7 0.9

Orchid

ratio % ratio

karuturi 2013 3 1 4 4 4
globals
HRB 2013 2 2 5 5 3
floriculture
Elegant 2013 1 3 3 3 4
Floriculture
and agrotech
india
floriculture
46
Midas 2013 5 5 2 2 2
Orchids
their ranks.

ratio ratio % ratio
karuturi 2012 0.6 762.1 0.5 47.3 0.0

globals
HRB 2012 2.6 120.0 -0.7 172.0 0.1

floriculture
Elegant 2012 7.5 100.0 0.0 97.0 0.0

Floriculture
and
agrotech
india
Pushpanjali 2012 1.4 87.6 0.5 50.5 0.2

floriculture
Midas 2012 0.3 188.6 0.1 85.7 0.7

Orchid

ratio % ratio

karuturi 2012 4 1 1 1 4
globals
HRB 2012 2 3 5 5 3
floriculture
Elegant 2012 1 4 4 4 4
Floriculture
and agrotech
india
47
floriculture
Midas 2012 5 2 3 3 1
Orchids
their ranks.

ratio ratio % ratio
karuturi 2011 4.1 708.9 0.3 68.8 0.0

globals
HRB 2011 1.8 130.0 -0.4 136.0 0.2

floriculture
Elegant 2011 4.2 101.4 -0.1 113.0 0.0

Floriculture
and
agrotech
india
Pushpanjali 2011 2.5 91.6 0.2 79.0 0.3

floriculture
Midas 2011 0.0 180.6 0.0 97.0 0.8

Orchid

ratio % ratio

karuturi 2011 2 1 1 1 4
globals
48
HRB 2011 4 3 5 5 3
floriculture
Elegant 2011 1 4 4 4 4
Floriculture
and agrotech
india
floriculture
Midas 2011 5 2 3 3 1
Orchids
Findings from Ratio Analysis, DEA and DuPont Analysis
Ratio Analysis
During the period 2011 to 2015 through the analysis of ratios one can see that there is a
fluctuation in the operating expenses ratio of all the companies being studied. For example
the operating expenses ratio for Karuturi Globals in 2015 was 90%, however in 2014 it
dropped less than half to 38.6% as compared to 323% in the year 2013. However for Midas
Orchids it is somewhat consistent to 90% except when it dropped last year to 40%.
But as far as the operating profit is concerned there is a downward trend for Karuturi
globals as the operating profit dropped to 323.9% in 2015 from 893% in 2014. No matter
which ratio, none of the ratios for karuturi globals are consistent. They all have a fluctuating
trend. The operating profit ratio for Midas floriculture too has a somewhat fluctuating trend
like the floriculture giant Karuturi globals. For example it had 152% in 2015, a massive jump
from 65.1% in 2013. That was somewhat maintained to 70.2% in 2014 as it dropped from
188.6% in 2012.
As far as fixed asset turnover ratio is concerned, Midas orchids is somewhat consistent
fluctuating in the range of 0.6 to 1. But the case for HRB floriculture is different as its fixed
asset turnover ratio doubled to 3.6% in 2015 from 1.8% in 2014. But in the years 2013, 2012
and 2011 it somewhat remained consistent at 0.1%.
The current ratio analysis is also somewhat constant for all companies except HRB
floriculture. In the year 2014 HRB floricultures current ratio was 154% which increased to
49
208.5% in the year 2015. Midas Orchids for example maintained its current ratio to almost
nil throughout. Except in 2015 it jumped to 14.2% from 0 in 2014.
DEA
From the Data Envelopment Analysis it is found that Midas Orchids, the company with the
least net worth and capital, has the most efficient utilisation of capital compared to its
competitors. As every year starting from 2011 till 2015 its efficiency rate was consistently 1.
Whereas other companies were mostly under the mean, indicating that their capital utilisation
was not at par. In the past half a decade Midas Orchids though being the smallest company
among the four others was best in terms of efficiency of funds. Incidentally Karuturi globals,
the one with the highest net worth was the worst performer as far as utilisations of funds are
concerned. Throughout the period of study its efficiency remained below par, and was ranked
last almost every time.
DuPont Analysis
Throughout the period of study DuPont analysis shows that almost every time close to 100%
variance of the dependent variable ROE is explained by the three independent variables of
sales margin, asset turnover and equity multiplier. However during the combined analysis of
last 5 years of the companies, the Model summary table indicates that the variance drops to
76%.
As far as the coefficient table is concerned only for Midas orchids and Pushpanjali
floriculture none of the factors had an impact on ROE as the significance value for them were
higher than 0.05. For the remaining companies their MOS had a significant impact on ROE
as their significance values were lower than 0.05
50
Chapter 5:
Suggestions and Conclusion

1. Flowers in India are luxury items that not many people can afford. Also, Indians are
not very familiar with the culture of giving flowers. They rather buy a kilo of sweets
or fruits like oranges and bananas but not flowers. In general, the domestic market of
flower products is small; therefore, more effort should be made to create peoples
awareness about the use of flowers.
2. India lacks the infrastructure enough manpower that has the necessary education and
good experience in floriculture. This prevents the industry from producing at its full
capacity. Therefore, more education in the flower sector should be given. Besides,
training must be given for growers, exporters and retailers.
3. The Indian government should continue encouraging investors, offering them more
tax benefits and duty-free import of machinery and raw materials.
4. Finally, future researchers should give emphasis on the effect of cargo flight in flower
export, new entrant on the profitability, perishable behaviour of the products for
supplying to the international market.
5. For better management of funds the companies should have a balanced structure in
their capital structure. The concept of borrowed funds should be there while raising
capital. Especially for Midas orchids the availability of debt should be there in its
capital structure as it has no borrowed funds. Borrowed funds could either be in form
of equity or loans from banks or by issuing debentures.
51
Conclusion
The various analysis conducted by the researcher in this report indicates that the Indian
floriculture industry in general has been volatile in the past half a decade. Some companies
have had a negative net profit ratio which has caused an impact on their profitability.
However the lack of availability of secondary data of other companies in this sector has
limited the scope of this study. But during this study it was found that the smallest company
in terms of net worth, Midas Orchids has been performing well as far as the utilisation of
funds is concerned. This proves that for better management of funds a company need not
have a big net worth like Karuturi globals. Even smaller companies can effectively manage
their capital. However it is advised for all companies especially Midas orchids to have a
balanced capital structure by introducing borrowed funds to increase and impact ROE
52
BIBLIOGRAPHY
http://Moneycontrol.com
http://accountingformanagers.org
http://www.orchidsasia.com/orcintro.htm
http://timesofindia.com
http://google.com
http:// http://apeda.gov.in/apedawebsite/SubHead_Products/Floriculture.htm
http:// floriculturetoday.in
https://www.indiaagronet.com/indiaagronet/horticulture
http:// youtube.com
www.fao.org/docrep/005/ac452e/ac452e04.htm
53
https://india.gov.in/topics/agriculture/floriculture
marketpublishers.com
http:// Wikipedia.com
54

Chapter One: Introduction: Floristry Plant Breeding

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Chapter One: Introduction: Floristry Plant Breeding

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Chapter one: Introduction

1.1 Background of Floriculture industry

Floriculture is a discipline of horticulture concerned with the cultivation of flowering for

The Netherlands and the history of the flower industry

New flower growing centres

Post liberalisation in 1991, the government of India identified floriculture as a sunrise

Floriculture in India is seen as a high growth industry. Commercial floriculture is

According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM)

A flower vendor at a flower mandi on being interviewed by a Times of India reporter

Bangalore your entry to India's flower market:

FLORATECH INDIA 2016 - the show target:

1.4 Objectives of the study

1.5 Research Methodology

1.7 Structure of the project report

2.1. Growth of floriculture industry in the world

According to an article published in the Times of India in February this

2.4 Basic tools of financial analysis

Chapter 3: Company profile

Profile of Midas Orchids.

On an average 50,000 stems of flowers are harvested normally.

Data Envelopment Analysis (DEA)

Output Variables: Net Sales for the year 2015 of 5 companies

Company Efficiency Rank

karuturi globals 0.070 4

HRB floriculture 1.000 1

Pushpanjali floriculture 0.141 3

Midas Orchid 1.000 1

Table4.1 summarises the efficiencies of the aforementioned 5 companies in the

Output Variables: Net Sales for the year 2014 of 5 companies

Company Efficiency Rank

karuturi globals 0.063 5

HRB floriculture 1.000 1

Elegant Floriculture and 0.218 4

Pushpanjali floriculture 0.291 3

Table 4.2 summarises the efficiencies of the aforementioned 5 companies in the

Output Variables: Net Sales for the year 2013 of 5 companies

Company Efficiency Rank

karuturi globals 0.196 5

HRB floriculture 0.943 3

Elegant Floriculture and 0.345 4

Midas Orchid 1.000 1

Table 4.3 summarises the efficiencies of the aforementioned 5 companies in the

Output Variables: Net Sales for the year 2012 of 5 companies

Company Efficiency Rank

karuturi globals 0.235 5

HRB floriculture 1.000 1

Pushpanjali floriculture 0.828 3

Midas Orchid 1.000 1

Table 4.4 summarises the efficiencies of the aforementioned 5 companies in the

Output Variables: Net Sales for the year 2011 of 5 companies

Company Efficiency Rank

karuturi globals 0.506 4

Elegant Floriculture and 0.772 3

Pushpanjali floriculture 0.412 5

Midas Orchid 1.000 1

Table 4.5 summarises the efficiencies of the aforementioned 5 companies in the

Company Efficiency Rank

karuturi globals 0.389 5

Elegant Floriculture and 0.587 3

Pushpanjali floriculture 0.729 2

Midas Orchid 1.000 1

Table 4.6 summarises the efficiencies of the aforementioned 5 companies in the

Output Variables: Net Sales for the year 2011 of 5 companies