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Report Date : |
11.09.2013 |
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Tel No.: |
86 1889836 2408 |
IDENTIFICATION DETAILS
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Name : |
WHOLESWITCH TELECOM HOLDINGS LTD. |
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Registered Office : |
c/o Smart Registrations Ltd. 7/F., Kin On Commercial Building, 49‑51 Jervois Street,
Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.10.2007 |
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Com. Reg. No.: |
38511271 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is wide range of services including PC to Phone, Mobile VoIP,
Calling Card, Callback, Call Shop, I-PBX, DID Numbers and SMS Service. |
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No. of Employees : |
No Employees in Hong Kong [It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there.] |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
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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 |
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 |
WHOLESWITCH
TELECOM HOLDINGS LTD.
Registered
Office:-
c/o Smart Registrations Ltd.
7/F., Kin On Commercial Building, 49‑51 Jervois Street,
Sheung Wan, Hong Kong.
Holding Company:-
Plan Well Holdings Ltd., British Virgin Islands.
Associated
Company:-
Shenzhen Wholeswitch Telecom Holdings Ltd.
Nanshan District, Shenzhen Special Economic Zone, China.
[Tel: 86-1889 8362 408
Contact Person: Mr. Jacke Ha
E-Mail: jackeha@wholeswitch.com]
38511271
1176444
17th October, 2007.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 17-10-2012)
|
Name |
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No. of shares |
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Plan Well Holdings Ltd. Po. Box. 957 Offshore, Incorporation Center, Road Town, Tortola,
British Virgin Islands. |
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10,000 ===== |
(As per registry dated 17-10-2012)
|
Name (Nationality) |
Address |
|
Plan Well Holdings Ltd. |
Po. Box. 957 Offshore, Incorporation Center, Road Town, Tortola,
British Virgin Islands. |
(As per registry dated 17-10-2012)
|
Name |
Address |
Co. No. |
|
Smart Registrations Ltd. |
7/F., Kin On Commercial Building, 49‑51 Jervois Street,
Sheung Wan, Hong Kong. |
0523381 |
Wholeswitch Telecom Holdings Ltd. was incorporated on 17th October, 2007
as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “7/F., Kin On Commercial Building, 49‑51 Jervois
Street, Sheung Wan, Hong Kong” known as “Smart Registrations Ltd.” which
is handling its correspondences and documents.
This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly owned by Plan Well
Holdings Ltd. [PWHL] which is a BVI-registered firm.
The director of the subject is also PWHL.
To our knowledge, the subject has had an associated company in Shenzhen
Special Economic Zone, China known as Shenzhen Wholeswitch Telecom Holdings
Ltd. [Wholeswitch].
The contact person of Wholeswitch Telecom is Mr. Jacke Ha who can be
reached at your phone number provided:
86-1889 8362 408. This is a China
mobile phone number.
Wholeswitch is committed to provide intelligent voice and data exchange
services for telecommunications operators around the globe.
It offers a wide range of services including PC to Phone, Mobile VoIP,
Calling Card, Callback, Call Shop, I-PBX, DID Numbers and SMS Service. At the same time, it offers full spectrum of
Reseller and White Label programmes to global telecom operators.
Nominally headquartered in Hong Kong, Wholeswitch has integrated state‑of-the-art
voice and data platform and OSS (Operations Support System) with high level of
compatibility. Its established telecom
voice and data network has global coverage, with nodes located in Hong Kong,
Los Angeles, Canada, the United Kingdom.
Wholeswitch has dedicated R&D team which is familiar with voice
telephony and value added service. The
team is focused on international new function modules, and capable of designing
and providing International users with specialized telecommunications operation
solutions per customer’s requirements.
As one of the exhibitors and participating sponsors of International
Telecoms Week (ITW) & ITU TELECOM AFRICA 2008, Wholeswitch enjoys a
position in the key markets to hold the extensive networking opportunities to
make arrangements with over 400 carries.
However, the subject’s business in Hong Kong is not active. History in Hong Kong is over five 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.
NOTE:
It is to be noted that the company
does not have its own operating office in Hong Kong. The company uses the
address of its secretariat as its correspondence address only. Subject operates
from some other country and does not have a base in Hong Kong. Such companies
are registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.21 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.85.21 |
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 |
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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 |
|
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NB |
New Business |
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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.