Scripscan:Avon Corporation Ltd(Avon Weighing Systems Limited)
BSE code: 532995
cmp:13
Story:Avon Weighing Systems Limited(Avon Corporation Ltd) is engaged in the business of selling weighing systems and is an authorized distributor of A&D Company Limited and Tanita Corporation’s (major weighing scale manufacturers in the world) weighing systems in India. The product range of the company caters to a wide range of industries such as pharmaceuticals, chemicals, gems & jewellery, healthcare and retail etc.It has got no prior experience of promoters in the business of manufacturing industrial electronic and weighing scale.Its excessively dependendent on Tantia Corporation for technical support required for manufacturing weighing products without any definitive agreement.The company has negative cash-flows from the operating activity and the same has been increasing every year.Futher there are issues like non-payments or delayed payment of certain statutory dues. (Not deposited Income tax for the assessment year 2006-2007 & A.Y.2007-2008 amounting to Rs. 5.15 mn and 8.1 mn respectively.Though these kind of stocks sometimes yield inexplicable gains due to the retail investors penny stock fetish and greed of making a killing, prudent investors would do well to realize that they singe portfolios on their inevitable downward descent.
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