VENTURA ASSETS LIMITED
2241 Flintridge Drive
Glendale, California 91206
Telephone: (818) 424-0219
September 12, 2008
Mr. Mark P. Shuman, Branch Chief
United States Securities and Exchange Commission
Washington, D.C. 20549
Att. Matthew Crispino
Re: Ventura Assets Limited
Amendment No.1 to Registration Statement on Form S-1
Filed on August 12, 2008
File No. 333-152976
Dear Mr. Shuman:
Thank you for your letter of September 8, 2008 to which we hereby respond.
We have today filed Amendment No. 1 to the above captioned Registration
Statement. This amendment, we believe, fully addresses the issues of your
letter. Additionally, we will address these issues in the order as they were
stated.
Comment:
- --------
General
- -------
1. You disclose in various places of the prospectus that you are in the
process of raising $75,000 of new capital through a private placement. We
note that this disclosure includes the price at which the shares are being
offered in the private placement. We also note that the disclosure does not
contain any legend cautioning readers that the securities offered in the
private placement are not registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
application exemption from registration. Given these factors, it does not
appear that you are in compliance with the safe harbor provided in Rule
135c under the Securities Act regarding notices of proposed unregistered
offerings. Please identify the exemption from registration that you are
relying upon in connection with your private placement and provide us with
your analysis of whether the exemption is available in light of the
disclosure in your prospectus regarding your unregistered offering.
Answer
- ------
We have deleted all specific references to a private offering. These
deletions can be found on the following pages: 5, 7,and 15.
Cover Page
- ----------
2. Please revise the reference to your risk factor disclosure to include the
page number on which that disclosure begins. See Item 501(b)(5) of
Regulation S-K.
Answer
The Cover page paragraph four has been amended as follows:
"RISK FACTORS" SECTION BEGINNING ON PAGE 6.
Selling Security Holders, page 9
- --------------------------------
3. In your response letter please provide a complete discussion of how each
selling shareholder acquired the securities that are being registered for
resale. In this response provide information regarding the background of
the issuances to selling shareholders and the nature of the arrangements,
the date(s) of the transaction in which the securities were sold, the
amount of securities sold.
Answer
- ------
On various dates between September and November 2002, pursuant to our
private placement memorandum dated September 12, 2002, we issued an
aggregate of 1,500,000 shares of common stock to 26 persons for a
consideration of $15,000.
We believe that this Offering was exempt from registration pursuant to
provisions of Section 4(2) of the Securities Act of 1933, as amended. In
this series of transactions (a) there was no general solicitation, (b)
there were less than thirty-five non-accredited purchasers, (c) the
offerees were provided with a disclosure document and given the opportunity
to ask questions of us, and (d) subscribers to the offering represented, in
writing, their intention to acquire the securities for investment purposes
only and not with a view to or for sale in connection with any distribution
thereof.
The stock certificates issued thereto, were imprinted with the following
legend:
"The securities represented by this certificate have not been
registered under either the Securities Act of 1933 (the "Act") or
applicable state securities laws (the "State Acts") and shall not be
sold, pledged, hypothecated, or otherwise transferred by the holder
except upon the issuance to the Company of a favorable opinion of its
counsel or submission to the company of such other evidence as may be
satisfactory to counsel of the Company, in each such case, to the
effect that any such transfer shall not be in violation of the Act and
the State Acts."
The offering was made by Ms. Yaghobyan, then President and the Chef Executive
Officer of the Company. Ms. Yaghobyan solicited relatives and friends, all
persons she had personally known for at least 10 years. She solicited 25 persons
excluding herself, all of whom subscribed to the offering.
On September 30, 2002 Ms. Yaghobyan transferred 125,000 shares of her holding of
1,380,000 shares to a sophisticated investor, Mr. Patrick Brooks. On November
12, 2007 Mr. Brooks transferred said shares to an affiliate, Ascot Funding, Inc.
All stockholders were provided with a disclosure document.
The following list sets forth the name of each subscriber; the date of stock
issuance; the number of shares owned; and, the consideration paid.
Stockholder's List
Ventura Assets Limited
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Name & Address Date of Issue Stock Cert. # # of Shares Amount Paid $
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Shahsanam Mardyrossian 10/24/2002 1001 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Claris Abedian 9/19/02002 1002 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Apram Yaghobian 11/11/2002 1003 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Sevan Barsegian 11/11/2002 1004 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Arabo Axian 9/19/2002 1005 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Tatiana Nazarian 9/27/2002 1006 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Renata Shahgolian 9/27/2002 1007 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Hasmik Yaghobyan 9/20/2002 1008 875,000 2,500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Elma Navasartian 10/27/2002 1009 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Maxi Haghnazarian 9/27/2002 1010 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Osheen Haghnazarian 9/27/2002 1011 380,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Adrineh Yaghobian 11/11/2002 1012 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Nejdick Axian 9/19/2002 1013 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Dejkouhi Axian 10/9/2002 1014 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Roland Shahgolian 11/17/2002 1015 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Raffi Nazarian 9/27/2002 1017 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Name & Address Date of Issue Stock Cert. # # of Shares Amount Paid $
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Jerk Harotoni 9/27/2002 1018 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Lala Haghnazarian 10/14/2002 1019 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Barjouhi Davoodi 9/27/2002 1020 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Astgik Dermovsessian 11/11/2002 1021 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Sona Anbarchian 9/27/2002 1022 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Shakeh Nasiry 9/27/2002 1023 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Janet Bagoomian 10/29/2002 1024 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Varoosh Hartooni 10/27/2002 1025 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Helen Nazarian 9/19/2002 1026 5,000 500.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
Ascot Funding, Inc. 11/12/2007 1027 125,000 1,000.00
- -------------------------------------- ---------------- --------------- ---------------- ---------------
4. In the footnotes to your selling shareholder table, please identify clearly
the natural person or persons that hold the voting and investment powers
with the respect to the shares you are registering on behalf of Ascot
Funding. See Interpretation I.60 of the Telephone Interpretation Manual
(July 1997) and # 4S, Regulation S-K, Manual of Publicly Available
Telephone Interpretations (March 1999).
Answer
- ------
Mr. Patrick Brooks serves as President of this company. He has contractual
voting rights with respect to these shares and may be deemed to share voting and
dispositive power. He disclaims beneficial ownership of these shares except to
the extent of his pecuniary interest therein. The address of Ascot Funding,
Inc., is: 55 E. Foothill Blvd., Arcadia, CA 91006.
5. In the footnotes to your selling shareholder table, please identify all
selling shareholders that are broker-dealers or affiliates of
broker-dealers. If any selling shareholders are registered broker-dealers,
they should be specifically named as underwriters in the prospectus, unless
they acquired their share as transaction-based compensation for the
performance of investment banking or similar services. With respect to any
affiliates of registered broker-dealers, expand the prospectus to indicate
whether they acquired the securities to be resold in the ordinary course of
business.
Answer
- ------
To the best of our knowledge and belief, none of the selling stockholders or
their beneficial owners are broker dealers or affiliated with broker dealers.
Financial Statements
- --------------------
General
6. Please update your financial statements as required by item 8-08 of
regulation S-X. Also, provide an updated consent from you accountant.
Please be sure that your updated financial statements provide cumulative
information from your company's inception through June 30, 2008. See Item
8-03(b)(6) of Regulation S-X.
Answer
- ------
The financial statements have been up-dated (un-audited) to reflect the balances
for:
1) Second Quarter ended June 30, 2008
2) Inception through June 30, 2008
3) Notes to financial statement have been updated to June 30, 2008
Accountant's consent letter of the Independent Public Accountant has been
updated to September 9, 2008.
Part II
- -------
Item 12. Incorporation of Certain Information by Reference, page 35
- -------------------------------------------------------------------
7. Please note that you are not eligible to incorporate information by
reference into your registration statement because you did not file a Form
10-K for your prior fiscal year. See Section VII.C of the Form S-1. Please
revise this section and Item 11A accordingly.
Answer
- ------
Omitted items are being filed with this Amendment.
Item 16. Exhibits and Financial Statement Schedules, page 38
- ------------------------------------------------------------
8. Please revise the footnote in this section to identify the prior filing
that contains your articles of incorporation and by-laws.
Answer
- ------
Exhibits were filed with Form-10 12(g) on April 22, 2008.
Item 17. Undertakings, page 39
- ------------------------------
9. You do not appear to include the undertaking required by Item 512(h) of
Regulation S-K. Please include this undertaking or explain why you have not
included it.
Answer
- ------
Please refer to amended Item 17.
Signatures
- ----------
10. It appears that only the registrant has signed the registration statement.
The registration statement must also be signed by specified persons in
their individual capacities, including the company's principal executive
officer, its principal financial officer, its controller or principal
accounting officer and by at least a majority of the board of directors.
See Instruction 1 to Signatures in the Form S-1. If any person occupies
more than one of the specified position required to sign the Form S-1, you
must indicate on the signature page all of the capacities in which the
person is signing the Form S-1. The appropriate text specified in the Form
S-1 should precede the signatures provided by the required individuals.
Answer
- ------
Please refer to the amended signature page.
Trusting our responses will prove satisfactory, we look forward to your
confirmation of the effectiveness of this Amendment.
Yours truly,
/s/ Hasmik Yaghobyan
- --------------------
Hasmik Yaghobyan
Director, Chie Financial Officer, Chief Accounting Officer,
Treasurer and Secretary
Ventura Assets Limited