MIRA INFORM REPORT

 

 

Report Date :

11.05.2013

 

IDENTIFICATION DETAILS

 

Name :

BBPOS  LTD.

 

 

Registered Office :

Unit 812, 8/F., Grand City Plaza, 1-17 Sai Lau Kok Road, Tsuen Wan, New Territories

 

 

Country :

Hong Kong 

 

 

Date of Incorporation :

23.12.2008

 

 

Com. Reg. No.:

50136421

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Electronic Product Designer and Trader of all kinds of POS terminal and payment solutions, etc.

 

 

No. of Employees :

15

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No  Complaints

 

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Hong Kong 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

 

BBPOS  LTD.

 

 

Company ADDRESS

 

Unit 812, 8/F., Grand City Plaza, 1-17 Sai Lau Kok Road, Tsuen Wan, New Territories, Hong Kong.

PHONE:            3158 2585

FAX:                 3158 2586

E-MAIL:            mail@bbpos.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Chan Wing Cheong

 

 

SUMMARY

 

Incorporated on:            23rd December, 2008.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:             HK$1,000.00

 

Business Category:       Electronic Product Designer and Trader.

 

Employees:                  15.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

Company ADDRESS:

 

Registered Head Office:-

Unit 812, 8/F., Grand City Plaza, 1-17 Sai Lau Kok Road, Tsuen Wan, New Territories, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

50136421

 

 

COMPANY FILE NUMBER 

 

1296567

 

 

MANAGEMENT

 

Managing Director:  Mr. Chan Wing Cheong

Contact Person:  Ms. Bonnie Luk Pui-Yee

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital:     HK$1,000.00

 

 

SHAREHOLDERS

(As per registry dated 23-12-2012)

 

Name

 

No. of shares

CHAN Wing Cheong

 

750

Michael Prados Hollinger

 

125

Eric L. Weller

 

125

 

 

––––

 

Total:

1,000

====

 

 

DIRECTOR    

(As per registry dated 23-12-2012)

 

Name

(Nationality)

 

Address

CHAN Wing Cheong

Flat B, 4/F., 31 Chi Kiang Street, Tokwawan, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 23-12-2012)

 

Name

Address

LEUNG Yee Kuen

Flat A, 10/F., Kam Sing Mansion, Taikoo Shing, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 23rd December, 2008 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.

 

 

OPERATIONS

 

Activities:                      Electronic Product Designer and Trader.

 

Lines:                           All kinds of POS terminal and payment solutions, etc.

           

Employees:                  15.

 

Commodities Imported: Europe, US, etc.

 

Markets:                        Hong Kong, other Asian countries, Europe, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,000.00

 

Profit or Loss:               Making a small profit every year.

 

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making rather 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:                      Normal.

 

 

GENERAL

 

Having issued 1,000 ordinary shares of HK$1.00 each, BBPOS Ltd. is jointly owned by Mr. Chan Wing Cheong, holding 75.0% interests; Mr. Michael Prados Hollinger, holding 12.5%; Mr. Eric L. Weller, also 12.5%.

The first is a Hong Kong merchant.  He is also the only director of the subject.

The subject is a payment technology company founded in 2009 by a team of engineers.  It focuses on the design and development of low cost Point of Sales (POS) terminal and payment solution.  The design of its first product, also named BBPOS, is funded by the Hong Kong government Innovative Technology Fund.  The subject is now involved in many projects with partners from different parts of the world including the United States, Canada, and China.

The followings are the product markets of the subject:-

·         EMV - A global standard for credit and debit payment cards based on chip card technology.  All POS terminals must pass EMV Level 1 & Level 2 Type Approval in order to accept EMV chip payment cards. BBPOS is EMV version 4.2 (or version 2008) L1 & L2 certified;

·         Low cost device;

·         Mobile solution; &

·         PCI - All newly deployed Point of Sales (POS) terminals must pass by Payment Card Industry (PCI) Security Standard.  BBPOS is PCI PED 2.1 approved.  Inside each BBPOS, there is a powerful secure processing integrated circuit specially designed for secure applications.

The subject’s BBOPS system is a Point of Sales (POS) terminal which can accept credit cards, debit cards and other payment cards to perform electronic funds transfer and other transactions.  It can read both magnetic stripe cards and EMV cards.  It is also equipped with a secure PIN pad for PIN entry.

BBPOS’s patent pending technology enables it to use any mobile phones (smart phones like Blackberrys, iPhones, Android phones, Symbian phones or less sophisticated mobile phones at the lower end of the product spectrum) as a modem to communicate with payment gateway or processor.  Data communications are done over the voice channel. and this means that no data plan is needed and better coverage.  With this innovative device, card payment can be done at taxis, temporary exhibition centers and trade shows easily.

The subject is engaged in designing the following products:-

·         Communication Protocol;

·         Cryptographic Process;

·         Electronic Hardware;

·         Embedded System;

·         Firmware Design;

·         Integrated System Design;

·         Mechanical Structure;

·         Process Design;

·         Production Flow Design;

·         Security Product;

·         Stand-alone Software; &

·         Web Application Design.

The subject now has business partners and clients located at different parts of the world including the United States, Canada and China.  It is expanding its business to countries in South East Asia, Central and South America, etc.  Business is rather active.

As the history of the subject is over four years in Hong Kong, on the whole, consider it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.54

UK Pound

1

Rs.84.19

Euro

1

Rs.71.11

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.