MIRA INFORM REPORT

 

 

Report No. :

506055

Report Date :

28.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

CRESCENT FASHION AND DESIGN LIMITED

 

 

Registered Office :

17, Dhanmondi R/A, Road #2, Dhaka-1205, Bangladesh.

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.012.2016

 

 

Date of Incorporation :

28.09.2003

 

 

Com. Reg. No.:

C-50610

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Exporter, and Importer of Woven Garments

 

 

No. of Employees :

3932

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.

Garment exports, the backbone of Bangladesh's industrial sector, accounted for more than 80% of total exports and were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Crescent Fashion and Design Limited

Head Office

:

17, Dhanmondi R/A, Road #2, Dhaka-1205, Bangladesh.

Tel No

:

88-02-58611891, 586112040, 8618220-7

Fax No

:

88-02-58613470, 9615523

E-mail

:

beximcochq@beximco.net

Website

:

www.crescentfashions.com

Date/ Year of Incorporation

:

28.09.2003

Incorporation No.

:

C-50610

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships   Partnership                   Not Registered

 others (please specify) ________________

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

Issuing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                              Union Council

 Cantonment Board                                               Chief Controller of  Import & Export (CCIE)

 

 

Other Registry & Certification Details

 

Organization Name

:

Bangladesh Garments Manufacturer & Exporters Association

Membership No

:

Nil

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

31st December, 2015

BDT 3372.28 Million

BDT 3421.45 Million

BDT 161.78 Million

31st December, 2016

BDT 3465.50 Million

BDT 3586.41 Million

BDT 179.23 Million

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. A S F Rahman

Designation

:

Managing Director

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

17, Dhanmondi R/A, Road No#2, Dhaka-1205, Bangladesh.

Tel No

:

88-02-58611891, 586112040, 8618220-7

Fax No

:

88-02-58613470, 9615523

E-mail

:

beximcochq@beximco.net

Website

:

www.crescentfashions.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

Ö

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

50,000

Sq. ft.

 

Commercial Head Office:

 

 

 

Address

:

BEL Tower (Level-10), Road #7, 19, Dhanmondi R/A, Dhaka-1205, Bangladesh.

Tel No

:

88-02-58611891, 5861040

Fax No

:

88-02-58613470, 9615523

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

56

In Factory

:

3876

In Branch:

:

-

Total

:

3932

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. A S F Rahman

100

Mr. Salman F Rahman

100

Bangladesh Export Import Co Ltd

999800

 

 

DIRECTORS

 

Name

Designation

Mr. A S F Rahman

Managing Director

Mr. Salman F Rahman

Director

 

 

MANAGEMENT

 

Name

:

Mr. A S F Rahman

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Sardar Ahmed Khan:

Job Description

:

Chief Operating Officer

Nationality

:

Bangladeshi

Email address

:

sardar@beximtex.com

Other details

:

N/A

 

Name

:

Mr. Major Ariful Momen Chowdhury (Retd.)

Job Description

:

Sr. General Manager - PAGD

Nationality

:

Bangladeshi

Email address

:

arif@beximtex.com

Other details

:

N/A

 

Name

:

Mr. Khaled Shahrior

Job Description

:

Head of Commercial

Nationality

:

Bangladeshi

Email address

:

shahrior@beximtex.com

Other details

:

N/A

 

Name

:

Mr. Baradhraj

Job Description

:

Merchandiser

Nationality

:

Indian

Email address

:

N/A

Other details

:

88-01755587975

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Importer

 

Others

 

 

Range of Products:

 

Products

:

Woven Garments

Production Capacity

:

15,000 pcs (approx.) Day

Last Year Production

:

Do.

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

USA, Canada & Europe.

 

Imports(Country)

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

 

 

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 200 Million

 

Paid-up Capital

:

BDT 10,00,00,000

 

No. of Shares

:

10,00,000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 3586.41 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information has been submitted.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Beximco Group

Mother Company

:

Bangladesh Export Import Co Ltd.  

Sister Concerns

:

Bextrade Ltd.

Sonali Ansh Ltd.

Bangladesh Online

GMG Airlines Ltd.

Essess Fashions Ltd.

Beximco Media Ltd.

Beximco Apparels Ltd.

Beximco Fashions Ltd.

Beximco Holdings Ltd.

Beximco Securities Ltd.

Beximco Petroleum Ltd.

Beximco Synthetics Ltd.

Beximco Computers Ltd.

Shinepukur Ceramics Ltd.

Pharmatek Chemicals Ltd.

Beximco Engineering Ltd

Beximco Pharmaceuticals Ltd.

New Dacca Industries Limited                          

Bangladesh Antibiotics Industries Ltd.

International Knitwear & Apparels Ltd.

Beximco Property Development And Management Limited

 

 

BANKING

 

 

 

Bank Name  

:

Janata Bank Ltd

 

Bank Address

:

Local Office

1, Dilkusha Commercial Area, Dhaka-1000, Bangladesh

Phone: 88-02-9553106, 9556241

Fax: 88-02-9563639

 

 

 

 

 

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our Representative Visited the subject company Head office which is situated at 17, Dhanmondi R/A, Road No#2, Dhaka-1205, Bangladesh. Its office is situated at a Residential area.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 15 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

BDT

1

INR 0.80

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.