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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

490540

Report Date :

06.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CASSIOPEA FASHION LTD

 

 

Registered Office :

AJ Heights, Cha-72/1/D Progoti Shoroni, Uttar Badda, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.05.2007

 

 

Com. Reg. No.:

C-66825 

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, Exporter, Importer, Men’s Ladies, Boys, Girls and Children, all sorts of bottom items such asPants, Skirts, Overall, Shorts, Jogging, Suits & Dress

 

 

No. of Employees :

3034

 

 

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 :

Slow but Correct

 

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Cassiopea Fashion Ltd.

Head Office

:

AJ Heights, Cha-72/1/D Progoti Shoroni, Uttar Badda, Dhaka-1212,

Bangladesh.

Tel No

:

88-02-58814750, 58816599, 9842017

Fax No

:

88-02-9842417

E-mail

:

info@elegant-fashion.org  

Website

:

www.elegant.com

Date/ Year of Incorporation

:

13.05.2007

Incorporation No.

:

C-66825 

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

 

 

Other Registry & Certification Details

 

Organization Name

:

Bangladesh Garments Manufacturer & Exporters Association

Membership No

:

4664

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

30th June’ 16

BDT 4490 Million

BDT 410.25 Million

BDT 231.90 Million

30th June’ 17

BDT  4351 Million

BDT 429.48Million

BDT 197.82Million

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Golam Mustafa Kaiyum

Designation

:

Assistant Manager (Commercial)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

AJ Heights, Cha-72/1/D Progoti Shoroni, Uttar Badda, Dhaka-1212,

Bangladesh.

Tel No

:

88-02-58814750, 58816599, 9842017

Fax No

:

88-02-9842417

E-mail

:

info@elegant-fashion.org  

Website

:

www.elegant.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1800

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Borkan Monipur, Vobanipur, Mirzapur, Joydevpur, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branch:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

85

In Factory

:

2949

In Branch:

:

Nil

Total

:

3034

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

 

Names of Shareholders

No. of Share

County

Mr. Tanveer Ahmed

4100

Bangladeshi.

Mrs. Ruba Ahmed

1900

Bangladeshi.

Mrs. Rowshan Murshed

1000

Bangladeshi.

Cassiopea Apparels Ltd

100000

Bangladeshi.

 

 

DIRECTORS

 

1.      

 

 

 

Name

:

Mr. Tanveer Ahmed

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

tanveer@elegant-fashion.org

Other details

:

N/A

 

2.      

 

 

 

Name

:

Mr. Golam Mustafa  Kaiyum             

Designation

:

Assistant Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Tanveer Ahmed

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

tanveer@elegant-fashion.org

Other details

:

N/A

 

Name

:

Mr. Golam Mustafa  Kaiyum             

Job Description

:

Assistant Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Men’s Ladies, Boys, Girls and Children, all sorts of bottom items such as

Pants, Skirts, Overall, Shorts, Jogging, Suits & Dress.

Production Capacity

:

6, 50,000 Pieces Per Month

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

H & M,

Primark Stores Ltd

Penney Store

Bernardi spa

Centex spa

Peacock Store

Mothers World INC

Jacobs,

Klenjel

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe

 

Imports

:

China, India, Pakistan,

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 30 Million

 

Paid-up Capital

:

BDT10700000

 

No. of Shares

:

107000

 

Share Value

:

BDT100.00Each

 

Main Assets

:

BDT 429.48Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information Given.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

 

Sister Concerns

:

Elegant Accessories

Elegant Washing Plant

Cassiopea Clothing Ltd.

Elegant Construction Company

Levender Convenience Store Ltd

Mother Company

:

Cassiopea Apparels Ltd

Name of  The Group

:

Elegant Group

 

 

BANKING

 

 

Bank Name  

:

Southeast Bank Ltd

Bank Address

:

Motijheel Branch

125, Motijheel C/A, (1st Floor), Motijheel,

Dhaka – 1000, Bangladesh.

Tel: 88-02-9567286, 9567202, 9567303, 9567262

Fax: 88-02-9567701

 

Bank Name  

:

IFIC Bank Ltd

Bank Address

:

Motijheel Branch

Islam Chamber,125/A, Motijheel C/A,

Dhaka-1000, Bangladesh.

Tel : 88-02-9565215-8, 7111934, 7111923-26

Fax: 88-02-9566352

 

 

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 AJ Heights, Cha-72/1/D Progoti Shoroni, Uttar Badda, Dhaka-1212, Bangladesh.

 

 

GENERAL COMMENTS

 

The subject company maintains acceptable business volume.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

BDT

1

INR 0.77

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

NIT

 

 

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.