MIRA INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
VENUS GROUP INC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29.10.1979 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Textiles Manufacturer |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Venus Textiles |
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Address in the order: |
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Legal Name: |
Venus Group Inc (Venus textiles) |
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Trade Name: |
Venus textiles |
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Legal Address |
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Telephone: |
+1 (949) 609-1299 |
ID : |
C0965947 |
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Fax: |
+1 (949) 455-9499 |
Legal Form: |
Corporation for Profit |
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Email: |
- |
Registered in: |
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Website: |
www.venusgroup.com |
Date Created: |
1972 |
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Manager: |
Kirit Patel, Owner |
Date Incorporated: |
October, 29th, 1979 |
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Staff: |
85 |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Textiles manufacturer. |
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BANKS
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Name of the Bank |
INNOVATIVE BANK |
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Name of the Bank |
COMERICA BANK |
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Name of the Bank |
NARA BANK, N.A. |
BUSINESS
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HISTORY |
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This company was created in the year 1972. |
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PRINCIPAL ACTIVITY |
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This company designs and manufactures Bed, Bath Linen Shops textiles.
It has three divisions: Venus Institution,Textiles Venus Home Venus Hospitality |
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Products/Services description: |
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Venus Institution/Textiles: table and healthcare linens, sheets,
towels, aprons, uniforms, shower curtains, pillows, pillow protectors,
blankets, terry robes, laundry bags, fender and seat covers, and bed sheets Venus Home: home fashion bedding, sheeting, towels, bath accessories,
beach towels, and performance textiles Venus Hospitality: sheets and pillowcases, terries, beddings, table
linens, bed sheets, table linens, top of the bed products, and towels |
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Sales are: |
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Wholesale, Retail |
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Brands: |
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Linea Roma Duratec DreamSheets Diplomat plus |
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Clients: |
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General clientele Various industries: Restaurants Banquets, Hotels Independent properties |
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The company imports from |
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The company export to |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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This company is headquartered at |
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Branches: |
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Shareholders - Manager - Related Companies
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Shareholders Parent Company(ies): |
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The company is privately held, and has Kirit Patel as the main
shareholder. |
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Management: |
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Kirit Patel, Owner James Surrendra, IT Executive |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted Shirley who refused to provide us any financial data
on grounds of confidentiality. |
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However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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USD |
2010(Consolidated from mother company) |
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Turnover |
18,100,000 |
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Legal Fillings |
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There are 123 UCC** files listed with the
Secretary of State of California. There was a lawsuit found for this
company: Plaintiff: Defendant: Venus Group Inc. Case Number: 1:2010cv05094 Filed: July 2, 2010 Court: Office: County: NewYork Presiding Judge: Alvin K. Hellerstein Nature of Suit: Intellectual Property -
Copyrights Cause: 17:101 Jurisdiction: Federal Question Jury Demanded By: Plaintiff THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
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Local credit bureau gave a Low credit
rate. |
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Final
Opinion |
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This company has been in business for 39
years. It has a staff of 85 employees which makes it a medium sized company.
The financial figures were deducted from its mother company. Venus Group Inc,
showed a correct profitability for the year 2010; However there was a legal
filing found against the mother company. We suggest working with GUARANTEES |
SUMMARY
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Profitability |
CORRECT |
Public Records |
YES |
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Indebtedness |
N.A. |
Payments |
REGULAR |
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Cash |
N.A. |
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APPENDIX
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Person Interviewed |
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Shirley |
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Position |
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Accountant |
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Comments |
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Refused to provide us with information due to confidentiality reasons |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.50 |
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1 |
Rs.73.07 |
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Euro |
1 |
Rs.61.63 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.