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MIRA
INFORM REPORT
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Report No. : |
487118 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CUTTING EDGE INDUSTRIES LIMITED |
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Formerly Known As : |
CUTTING EDGE GARMENTS FACTORY LIMITED |
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Registered Office : |
M-19 & M-14, Section # 14, Mirpur, Dhaka-1216 |
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Country : |
Bangladesh |
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Date of Incorporation : |
09.10.2006 |
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Com. Reg. No.: |
C-64073 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter, Importer of Shorts & Pants, Casual Shirts
both denim & non denim, Corporate Uniforms, Bottoms, Maternity Trouser,
Denim Vest, School Uniforms, Children wear for Infants & Toddlers |
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No. of Employees : |
2700 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
IDENTIFICATION
DETAILS
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Correct company Name |
: |
CUTTING EDGE
INDUSTRIES LIMITED |
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Company previous Name |
: |
CUTTING EDGE GARMENTS
FACTORY LIMITED |
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Head Office |
: |
M-19 & M-14, Section # 14, Mirpur, Dhaka-1216, Bangladesh. |
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Tel No |
: |
88-02-9001357 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@cuttingedgebd.com, info@mbmdhaka.com |
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Website |
: |
www.cuttingedgebd.com |
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Date/ Year of Incorporation |
: |
09.10.2006 |
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Incorporation No. |
: |
C-64073 |
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Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
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Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
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Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms
City Corporation Municipal Administration Union Council |
FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income/
(Loss) |
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30th June’ 16 |
BDT 1737 Million |
BDT 1210.25 Million |
BDT 105.20 Million |
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30th June’ 17 |
BDT 1895 Million |
BDT 1281.08 Million |
BDT 114.32 Million |
FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Farhana Islam |
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Designation |
: |
CFO & Manager |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
: |
M-19 & M-14, Section # 14, Mirpur, Dhaka-1216, Bangladesh. |
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Tel No |
: |
88-02-9001357 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@cuttingedgebd.com, info@mbmdhaka.com |
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Website |
: |
www.cuttingedgebd.com |
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Location : |
:
Owned |
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Rented |
Ö |
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Leased |
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Area |
3600 |
Sq. ft. |
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Type of
Office : |
: Commercial Office Bldg. |
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Semi-commercial office area. |
Ö |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
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1612, South Salna (Montri
Bari Road), Salna Bazar, Gazipur-1702, Bangladesh. |
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Tel No |
: |
88-02-9205131, 9205176 |
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Fax No |
: |
N/A |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
240,000 |
Sq. ft. |
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Branch: |
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Address |
: |
Nil |
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Tel No |
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Nil |
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Fax No |
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Nil |
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Employee: |
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No. of
Employees |
In Office |
: |
75 |
In Factory |
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2625 |
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In Branch: |
: |
Nil |
Total |
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2700 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of
Share |
Country |
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Mr. Wasim Rahman |
35,68,293 |
Bangladesh. |
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Mr. M. Siraj Ul Islam |
2,50,556 |
Bangladesh. |
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Mr. Mohammad Mehroz Jalil |
2,50,556 |
Bangladesh. |
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MBM Garments Ltd. |
4,09,89,032 |
Bangladesh. |
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Absolute Quality Wear Ltd. |
16,10,000 |
Bangladesh. |
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MBM Fashion Wear Ltd. |
17,21,007 |
Bangladesh. |
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Ms. Sara Tasneem Rahman |
16,10,000 |
Bangladesh. |
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Ms. Monowara Rahman |
556 |
Bangladesh. |
DIRECTORS
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Name |
: |
Mr. Wasim Rahman |
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Designation |
: |
Managing Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Ms. Monowara Rahman |
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Designation |
: |
Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Ms. Sara Tasneem Rahman |
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Designation |
: |
Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
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N/A |
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Other details |
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N/A |
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Name |
: |
Mr. Kamran Sadique |
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Designation |
: |
Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Quazi Sadat Omar |
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Designation |
: |
Director |
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Nationality |
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Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
MANAGEMENT
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Name |
: |
Mr. Wasim Rahman |
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Job Description |
: |
Managing Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Farhana Islam |
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Job Description |
: |
CFO & Manager |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Sirajul Islam |
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Job Description |
: |
Vice President
(Commercial & Finance) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Belal Ahmed |
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Job Description |
: |
Officer (Business
Development) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
Ö |
Services |
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Others |
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Range of Products: |
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Products |
: |
Shorts & Pants, Casual Shirts both denim
& non denim, Corporate Uniforms, Bottoms, Maternity Trouser, Denim Vest,
School Uniforms Children wear for Infants & Toddlers
etc. |
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Production
Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
Trading
Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
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Selling
Terms : |
L/C |
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Cash |
Ö |
Others |
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Credit : |
Ö |
30 days |
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60 days |
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90 days |
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days |
DETAILED DATA
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Trade Reference & Related Parties |
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Overseas Clients |
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JCP Target H&M VF Corp |
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Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
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Local Suppliers |
: |
N/A |
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Trade Markets |
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Exports |
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Europe, USA |
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Imports |
: |
China, India |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
A. K. Azad and Co. Chartered Accountants |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Garments Manufacturer &
Exporters Association |
CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT 2,000 Million |
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Paid-up
Capital |
: |
BDT 500,00,00,000 |
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No. of
Shares |
: |
5,00,00,000 |
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Share
Value |
: |
BDT 100.00 Each |
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Main
Assets |
: |
BDT 1281.08 Million |
FINANCIAL STATEMENT- DETAILED
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Summary Information has been Given. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
: |
MBM Washing MBM Fashions Ltd. M.B.M. Garments Ltd MBM Fashion Wears Ltd. Cutting Edge Industries LLC. |
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Subsidiary |
: |
Nil |
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Name of The Group |
: |
MBM Group |
BANKING
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Bank Name |
: |
AB Bank Ltd. |
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Bank Address |
: |
Mirpur Branch 5/A, 5/B, Darus Salam
Main Road (1st floor), Section # 1, Mirpur, Dhaka-1216,
Bangladesh. Tel: 88-02-9013693,
9006525 Fax: 88-02-9006525 |
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Bank Name |
: |
Hong Kong Sang hai
Banking Corporation
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Bank Address |
: |
Dhaka Main Office Anchor Tower, 108, Bir
Uttam C R Dutta Road, Dhaka-1205, Bangladesh Tel: 88-02-9660536-43 Fax : 88-02-9660554 |
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Bank Name |
: |
Citi Bank N.A
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Bank Address |
: |
Motijheel Branch Shreyasi Tower, 10 No.
Crossing, Mirpur, Dhaka-1216, Bangladesh Tel: 88-02-8054226,
8056776 Fax: 88-02-8033801 |
ADVERSE DATA MONITORING
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Dishonored
Checks |
: |
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record Found |
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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 M-19 & M-14, Section # 14, Mirpur,
Dhaka-1216, Bangladesh. It is situated at Semi-commercial office area. |
GENERAL COMMENTS
|
The subject company is engaged in manufacturer,
Importer & Exporter. It is reputed company in this line of business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.84 |
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|
1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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BDT |
1 |
INR 0.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.