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Report Date : |
05.12.2012 |
IDENTIFICATION DETAILS
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Name : |
FONEBOOTH
NETWORKS LTD. |
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Registered Office : |
c/o Berkley Secretaries Ltd., Room 1301, 13/F., Bank of |
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Country : |
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Date of Incorporation : |
10.02.2009 |
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Reg. No.: |
50261927 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Telecommunication Service Provider of All kinds of telecommunication equipment,
software, computer peripherals, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office In Hong Kong |
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Payment Behaviour : |
Unknown |
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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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
Company
Name
FONEBOOTH NETWORKS
LTD.
c/o Berkley Secretaries Ltd.
Room 1301, 13/F., Bank of America Tower, 12 Harcourt Road, Central, Hong
Kong.
PHONE: 2115 9878
FAX: 2115 9818
E-MAIL: sales@fonebooth.hk
Managing Director: Mr. Yasin
Altaf
Incorporated on: 10th February, 2009.
Organization: Private Limited Company.
Capital: Nominal: US$100,000.00
Issued: US$100,000.00
Business Category: Telecommunication
Service Provider.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company
Name
FONEBOOTH NETWORKS
LTD.
Registered
Office:-
c/o Berkley Secretaries Ltd.
Room 1301, 13/F., Bank of America Tower, 12 Harcourt Road, Central, Hong
Kong.
Associated
Companies:-
Fonebooth Networks Inc., US.
GoodCore Software Inc., Malaysia.
Robotics Labs Pvt. Ltd., Pakistan.
The Game Loop, Pakistan.
50261927
1305799
Managing Director: Mr. Yasin
Altaf
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of
US$1.00 each)
Issued Share Capital: US$100,000.00
(As per registry dated 10-02-2012)
|
Name |
|
No. of shares |
|
Afaque Riaz AHMED |
|
50,000 |
|
Yasin ALTAF |
|
50,000 |
|
|
|
–––––– |
|
|
Total: |
100,000 ====== |
(As per registry dated 10-02-2012)
|
Name (Nationality) |
Address |
|
Yasin ALTAF |
House #179II, Khayaban-e-Amir Khurso, Phase-VI, DHA, Karachi,
Pakistan. |
|
Afaque Riaz AHMED |
148/II, 23 Street, Khayaban-e-Roomi, Phase VIII, DHA, Karachi,
Pakistan. |
(As per registry dated 10-02-2012)
|
Name |
Address |
Co. No. |
|
Berkley Secretaries Ltd. |
Room 1301, 13/F., Bank of America Tower, 12 Harcourt Road, Central,
Hong Kong. |
0893681 |
The subject was incorporated on 10th February, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Telecommunication
Service Provider.
Lines: All
kinds of telecommunication equipment, software, computer peripherals, etc.
Employees: Nil.
Commodities Imported: Foreign
advanced countries, etc.
Business Territories: Hong Kong, India, Pakistan, Bangladesh,
Egypt, Sri Lanka and Nepal, etc.
Terms/Sales/Services: As per
contracted.
Terms/Buying: Various terms.
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of
US$1.00 each)
Issued Share Capital: US$100,000.00
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Fonebooth Networks Ltd. is equally owned by Mr. Afaque Riaz Ahmed and
Mr. Yasin Altaf. Both of whom are
Pakistani. The latter is a Pakistan
passport holder while the former is a Canada passport holder. The subject has issued 100,000 ordinary
shares of US$1.00 each while each of the shareholders holds 50,000 shares.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1301, 13/F., Bank of America Tower, 12 Harcourt
Road, Central, Hong Kong” known as “Berkley Secretaries Ltd.” which is handling
its correspondences and documents. This
firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had associated companies in Pakistan,
the United States and Malaysia. Its main
office seems to be in Pakistan. The
subject and its associated companies in the United States and Pakistan are
referred to Fonebooth.
Fonebooth is a leading provider of wholesale and retail global telecom
services. It combines its proprietary
network management and monitoring systems with the latest in VoIP (Voice Over
Internet Protocol) technology to deliver dynamic and individualized
communication solutions that customers have relied upon for years.
The subject has quickly become a recognized leading telecommunication
service provider in the VoIP arena, with resellers in many strategic regions.
Fonebooth’s goal is to empower resellers with the tools needed to
maximize sales in their markets. Its
business is built upon the principles of quality, reliability, and customer
service. Its resellers are part of the
Fonebooth’s VoIP reseller family and it is committed to providing them with
quality services. Its qualified and
experienced network engineers are available on 24x7 basis to cater customer
needs. Its dedicated VoIP business team
is continuously working on premium quality routes for its top destinations i.e.
India, Pakistan, Bangladesh, Egypt, Sri Lanka and Nepal.
On 15th December, 2009, Fonebooth announced that it had launched a
hosted solution for Calling Cards to its product portfolio.
On 20th January, 2010, Fonebooth announced that it had expanded its
network capacity to meet the increasing customer demand worldwide. Fonebooth had deployed additional capacity to
its GENBAND VOIP SoftSwitch and its callshop application in the United
States. With the increased network
capacity, Fonebooth is able to cater for 30% additional traffic load from its
customers. The investment in the
technology came after Fonebooth had achieved significant growth, seeing a
marked increase in sales in year 2009.
The followings are the partners and alliances of Fonebooth:-
·
NexTong, VoipSwith, Pactolus, Juniper, CISCO, etc.
·
Fonebooth has had the following three brands: Fonebooth,
Call 007, Fast Call.
Currently, Mr. Afaque Riaz Ahmed and Mr. Yasin Altaf are also
shareholders of the following two firms:-
·
Fonebooth Networks Inc., US;
·
Robotics Labs Pvt. Ltd., Pakistan.
Besides, Mr. Yasin Altaf has had the following two associated firms:-
·
The Game Loop, Pakistan;
·
GoodCore Software Inc., Malaysia.
The business of Fonebooth is improving.
The subject’s business in Hong Kong is not active. History in Hong Kong is over three years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
|
|
1 |
Rs.88.42 |
|
Euro |
1 |
Rs.71.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.