No, you have not established a data call - you have established a TCP/IP session!
Again, what you have established is not a data call 
And, again, what you are seeing in Hyperterminal is the raw PPP frames: FAQ forum/wiki? - #9 by awneil
If you want to use Hyperterminal with this TCP/IP connection, you will have to use windows dial-up networking to handle the TCP/IP, and then use Hyperterminal in Telnet mode…