MIRA INFORM REPORT

 

 

Report Date :

22.01.2013

 

IDENTIFICATION DETAILS

 

Name :

HAWK TRAVELS (PVT) LTD

 

 

Registered Office :

# 20 1/2, Regent Building, Parsons Road, Colombo 02

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

21.03.1978

 

 

Com. Reg. No.:

PVS 5162

 

 

Legal Form :

Private Limited Liability Company  (In Operation)

 

 

Line of Business :

Travel Agents

 

 

No. of Employees :

Not Available

 

 

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

 

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth, driven by large-scale reconstruction and development projects following the end of the 26-year conflict with the LTTE. Sri Lanka is pursuing a combination of government directed policies, private investment, both foreign and domestic, to spur growth in disadvantaged areas, develop small and medium enterprises, and increase agricultural productivity. The government struggles with high debt interest payments, a bloated civil service, and historically high budget deficits. However recent reforms to the tax code have resulted in higher revenue and lower budget deficits in recent years. The 2008-09 global financial crisis and recession exposed Sri Lanka's economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded strongly with the end of the war and an IMF agreement, resulting in two straight years of high growth in 2010 and 2011. Per capita income of $5,600 on a purchasing power parity basis is among the highest in the region.

Source : CIA

GENERAL

- Basic information at a glance

     

 

a.

Name of Subject of Inquiry

:

HAWK TRAVELS (PVT) LTD

b.

Legal Form  & Status

:

Private Limited Liability Company  (In Operation)

c.

Chiarman/Managing Director

:

Sunil Rohan Abeywickrema

d.

Primary Line of Business

:

Travel Agents

e.

Head office

&

Place of Business

 

:

 

 # 20 1/2, Regent Building,

Parsons Road,

Colombo 02,

Sri Lanka.

 

Tel. No: (00 94 11) 232 3072 / 232 9281

Fax No: (00 94 11) 244 6511 / 234 3847

 

E-Mail: hawktrav@slt.lk

 

g.

No. of Employees

:

Not Disclosed

           

 

COMPANY DETAILS 

- Registration and Shareholder Details

 

a.

Registration No

:

PVS 5162

Date of Registration

:

21st  March 1978

b.

Registration No

:

PV 9328

Date of Registration

:

14th  November 2008

c.

Registered Office

:

# 20 ˝, Regent Flats, Chittampalam A. Gardiner Mawatha, Colombo 02, Sri Lanka.

d.

Board of Directors

As At

14th October 2009

:

Sunil Rohan Abeywickrema

Managing Director

Sherine Abeywickrema

Director

e.

Issued Share Capital

:

Rs.     3,000,000.00           

f.

Nominal Value of Share

:

Rs.                  10.00

g.

 

Share Holders

As At

31st  December 2011

:

Share Holders

No. of

Shares

Sunil Rohan Abeywickrema

71,500

Sherine Abeywickrema

28,500

h.

Auditors

:

Dayananda & Co.

i.

Company Secretaries

:

Sumathipala Abeywickrema

j.

Bankers

:

-Not Disclosed-

 

 

FINANCIAL DETAILS

- Most recent available Financial Information

                                                                                   

THE COMPANY HAS DECLINED TO PROVIDE INFORMATION ON ITS FINANCES

                                                                                   

Based on the corporate laws of Sri Lanka, legal entities which are Private Company with   Limited Liability is not required to make public disclosure of their annual financials. Therefore no financials are available for this entity

 

 

CURRENT INVESTIGATION                      

 

·         History.

 

The Subject Company HAWK TRAVELS (PVT) LTD is a Private    Limited   liability Company incorporated on 21st March 1978 under registration number PVS 5162 and then the company was re-registered on 14th November 2008 under registration number PV 9328

 

 

·         Location.

                  The Subject Company is located at the client # 20 1/2, Regent Building,

                  Parsons Road, Colombo 02.

 

 

·         Operational Details.

 

General

                  The subject company primary line of business is Travel Agents

Hawk Travels was established in 1978.  Initially selling airline tickets via all international airlines.  As time went by, the company progressed and ventured into inbound and outbound tours.  Now company handle a vast variety of tours catering mainly to the European Union.  The subject company has a range of tours which are quite popular amongst discerning travellers worldwide.  They have handle FIT's & GIT's and deal with a range of tour operators from Denmark, Austria, Belgium, The Netherlands & Israel.  They have handled a host of traffic from The UK, France, Germany, Belgium, Austria, The Netherlands, India, Japan, Israel and the Middle East.  Hawk Travels is registered with CBI and we hold a certificate issued by the authority which is well recognized by the European Union.

 

 

Services

Airline tickets Issue

Arranging Inbound and Outbound Tours

 

Employees

                  Not Disclosed

 

 

  • Director’s Details

01)

Name

Sunil Rohan Abeywickrema

ID Number

570640488V

Nationality

Sri Lankan

Gender

Male

Date of Birth

04th March 1957

Age

55 Years

 

02)

Name

Sherine Abeywickrema

ID Number

586101510 V

Nationality

Sri Lankan

Gender

Female

Date of Birth

19th April 1958

Age

54 Years

 

 

·         Financial Data

The company has declined to provide information on its finances

 

                  Based on the corporate laws of Sri Lanka, legal entities which are Private Company with 

                  Limited Liability is not required to make public disclosure of their annual financials.

                  Therefore no financials are available for this entity

 

                 

·         Trade references

 

Sri Lanka France Business Council

Sri Lanka Association of Inbound Tours Operators

The National Travel Agents Body in Sri Lanka.

 

 

·         Credit Recommendations

 

                  Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.87

UK Pound

1

Rs.85.53

Euro

1

Rs.71.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

 

--

 

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%)

 

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.