MIRA INFORM REPORT

 

 

Report Date :

29.03.2011

 

IDENTIFICATION DETAILS

 

Name :

ARTIST CENTRE

 

 

Registered Office :

Adore House, 1st Floor, K. Dubhash Marg, Kalaghoda, Fort, Mumbai - 400001, Maharashtra

 

 

Country :

India

 

 

Year of Establishment :

1950

 

 

Legal Form :

Charitable Trust – Non Profitable Organizations

 

 

Line of Business :

It is a group of artist who organizes different kind of cultural activities and shows and social exhibitions

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a centre formed by group of artists to offer financial support to the deserving artists.

 

Ms. Maya, CEO provided to us half information and denied to disclose other details about the subject. Therefore, the report is made available from indirect sources of information.

 

Initially, the subject can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Maya

Designation :

Chief Executive Officer

Contact No.:

91-22-22845939

Date :

16.03.2011

 

 

LOCATIONS

 

Registered Office :

Adore House, 1st Floor, K. Dubhash Marg, Kalaghoda, Fort, Mumbai - 400001, Maharashtra, India

Tel. No.:

91-22-22845939

E-Mail :

artistscentre@gmail.com

artistscentre@rediffmail.com

Website :

www.artistscentre.com

 

 

MEMBERS

 

Name :

Mrs. Brinda Chudasama Miller

Designation :

Hon. Chairman

 

 

Name :

Mr. Madhusudan Kumar

Designation :

Hon. Secretary

 

 

Name :

Mr. Narendra Pawaskar

Designation :

Hon. Joint  Secretary

 

 

Name :

Mr. G. A. Dandekar

Designation :

Hon. Treasurer

 

 

Name :

Mrs. Prafulla Dahanukar

Designation :

Members

 

 

Name :

Mrs. Prafulla Dahanukar

Designation :

Members

 

 

Name :

Mr. Babubhai M. Mistry

Designation :

Members

 

 

Name :

Mr. Rajendra Patil

Designation :

Members

 

 

Name :

Ms. Amisha Mehta

Designation :

Members

 

 

Name :

Ms. Ami Patel

Designation :

Members

 

 

Name :

Ms. Tripti Ayyar

Designation :

Co–Opted

 

 

Name :

Ms. Shirin Bharucha

Designation :

Co–Opted

 

 

Name :

Ms. Jyoti Karmakar

Designation :

Co–Opted

 

 

Name :

Mr. Manohar Mhatre

Designation :

Co–Opted

 

 

Name :

Dr. Saryu  Doshi

Designation :

Trustees

 

 

Name :

Mrs. Saroj  Sati

Designation :

Trustees

 

 

BUSINESS DETAILS

 

Line of Business :

It is a group of artist who organizes different kind of cultural activities and shows and social exhibitions

 

 

 

 

GENERAL INFORMATION

 

Bankers :
  • Not available

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Not Divulged

Borrowed :

Not Divulged

Total :

--

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Not Divulged

 

LOCAL AGENCY FURTHER INFORMATION

 

AS PER WEBSITE DETAILS

 

HISTORY:

Six of India's now famous artists got together to form "The Progressive Artist' Group". They made the Subject their base and meeting place. Their meetings and deliberations gave rise to the contemporary art movement in India. These artists: K.H.ARA, S.BAKRE, H. A. GADE, M. F. HUSAIN, S.H.RAZA and F.N. SOUZA.

 

Later the "Bombay Group" was formed with Gaitonde, Padamsee, Bendre, Samant, Tyeb Mehta, Krishan Khanna, Hebbar and host of others who made the Centre their meeting place. Originally known as "Artists' Aid Centre'" that was formed to offer financial support to the deserving artists.

 

Housed in a heritage building in the historic Kala Ghoda in Mumbai, the subject has been in existence for more than 50 years providing a much needed meeting place for artists and art lovers in Mumbai.

 

PROFILE:

 

Welcome to the historic Subject, in the heart of Mumbai's art district - Kalaghoda

 

Artists' Centre, the nursery of the Progressive Artists' Group and formerly the Bombay Art Salon (during the British) was established as the Artists Aid Fund Centre in 1950 by Rudy Von Leyden, an art critic.

 

For years they have been having regular shows every week and they also organise musical evenings, lectures on art related subjects theatrical performances. They have instituted an Annual Members' Art Show to help them to display and interact with other members.

 

PROGRESSIVE ARTISTS GROUP

The Progressive Artists’ Group (1974 – 49)

The Progressive Artists’ Group is one of the most revolutionary organizations in the Post – Independence Indian art scene.  Although it had no set constitution, its presiding genius and the man who held it together was the rebellious Francis Newton (he adopted the patronymic Souza after the days of the Group).  Souza was a typical “angry young man” who had fallen out with his J.J. School of Art Principal Charles Gerrard during the 1942 freedom movement.  A true Son of the Goan soil, Souza was impatient with the academic tradition represented by the J.J.School.  He was not even a respecter of hallowed names of the times like Rabindranath Tagore and Amrita SherGil.  The spirit of this dissent eventually came to characterize all the members of the Progressive Artists’ Group.

 

Apart from Souza, the other founder-members of the Group were : Maqbool Fida Husain, who had developed from a cinema hoarding painter into a highly innovative artist; Syed Haider Raze, who came from Nagpur to Bombay to pass his J.J. School exams; Krishnaji Howlaji Ara who was a humble self-taught painter; Hari Ambadas Gade, who also came from Nagpur to appear for J.J. School exams and Sadanand Bakre who shone particularly well as the only sculptor in the Group.

 

Most of these artists had started exhibiting in Art Society shows sometime before they came together in the Progressive Artists’ Group.  The choice of the work ‘Progressive’ is interesting.  It suggests the group leader Souza’s pro-communist leanings since fellow-travelling organizations of the party adopted this term (i.e. Progressive Writers’ Association).  But Souza was quick to break his communist ties although the first manifesto of the group drafted by him clearly reflects some socialist prompting.  By the time of the inaugural exhibition of the Group, in 1949, its ideology had been considerably watered down.  This was but fitting because the six members did not share a common stylistic platform.  This epoch-making show was held in the Bombay Art Society’s Salon on Rampart Row, which is now the premises of the Artists’ Centre. 

 

Souza showed a fierce attack of the brush stroke in his canvases.  He painted Goan landscapes and the poor folk he empathized with around his Bombay dwelling.  For his Christian imagery he is credited with the influence of the French painter Rouault.  One glaring streak in Souza’s make-up is his obsession with a raw sexuality.  It is particularly noticeable in his nudes.

 

Husain also painted the city around him.  His approach to human figures owed some debt to his cinema hoarding painting.  Essentially, he never gave up the raw strength of that style.  Husain, in a different manner from Souza, had a life-style which helped nurture the myth about his barefoot stance and other oddities.

 

Raza was always of a contemplative frame of mind.  In the days of the Group, his work is restricted to academic water-colour landscapes.  The shadow of Walter Langhammer clearly hung heavily on his style.  However, when he went to Paris in 1951, a great sea-change came over his style till be gradually progressed into his current mysticism.  He made only a beginning when he painted landscapes and cityscapes for showing in the Progressive Artists’ Group.  Studying at the famed Ecole des Beaux Arts in Paris later, Raza began to develop his artistic muscles.  He began to evolve from step to step till he reached almost the opposite point of where he had started.

 

Ara was almost completely self-taught.  Coming from Hyderabad, he did many humble jobs in Bombay for a living.  As an amateur painter he caught the eye of Langhammer who took him under his wing.  Ara painted flowers and vases in an innocent manner and left his own distinct stamp on his still-lives.  Later in his career, after the years of the Group, he essayed nudes in a rough and rugged manner.  During that same years he became the chief promoter of th Artists’ Aid Centre which superceded the existence of the Bombay Art Society’s salon in Rampart Row.  The Centre under Ara drew young and aspiring artists who met for chats and discussions in the Centre.  Eventually, its name was changed to the simple Artists’ Centre by which name it is known to this day.

 

H.A. Fade was the intellectual of the Group.  He claimed a vibrant Expressionist style in his landscapes.  Somehow the focus which Souza, Husain and Raza had caught right from the beginnings of the Group never  lit up Gade’s career.  This was partly because he spent long years away from Bombay and never exhibited from year to year.  He helped devise the Art curriculum of Delhi University for which work he spent time continuously in the Capital. In his late years, he received some recognition from the Maharashtra Government.

 

Bakre, the last and sixth member of the Group, started brilliantly as a sculptor and made a name for himself as a painter in London.  After long absences Bakre has returned and continues to paint.  In his eighties, he now lives a quiet life in the Konkan town of Murud, dropping in here occasionally fondly recalling the good old days.

So this is the story of the Progressive Artists’ Group which lost its moorings soon after 1950 when three of its members left for Europe for more or less permanent sojourn there.  Yet, it remains one of the most influential groups of the post-independence years.  It is but fitting, that the Artists’ Centre should pay it tribute a half-century since its time.  It is a hope, happy memories of the great role the Group played from 1947 onwards.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.71.63

Euro

1

Rs.62.96

 

 

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.