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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

495972

Report Date :

12.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CORDIAL DESIGN LTD.

 

 

Registered Office :

Salimuddin Market, 25/2, Shah Ali Bag, Mirpur-1, Dhaka-1216

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

24.04.2007

 

 

Com. Reg. No.:

C-66661

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, Exporter and Importer of Kids Jeans Pants, Ladies Trousers.

 

 

No. of Employees :

1200

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

 

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Status :

Moderate

 

 

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

 

 

Company Name

 

CORDIAL DESIGN LTD.

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Cordial Design Ltd.

Head Office

:

Salimuddin Market, 25/2, Shah Ali Bag, Mirpur-1, Dhaka-1216,

Bangladesh

Tel No

:

88-02-8035380

Fax No

:

Nil

E-mail

:

info@cordialdesign.net

Website

:

www.cordialdesign.net

Date/ Year of Incorporation

:

24.04.2007

Incorporation No.

:

C-66661

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

:

4506

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

30th June’2017

N/A

N/A

N/A

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Shahnewaz Rana

Designation

:

Manager (Merchentidising)

Contract No

:

88-01678021849

 

                                                               Locations Details

Operating Address

:

Salimuddin Market, 25/2, Shah Ali Bag, Mirpur-1, Dhaka-1216,

Bangladesh

Tel No

:

88-02-8035380

Fax No

:

Nil

E-mail

:

info@cordialdesign.net

Website

:

www.cordialdesign.net

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial Area.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Salimuddin Market, 25/2, Shah Ali Bag, Mirpur-1, Dhaka-1216, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Branch:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

70

In Factory

:

1130

In Branch

:

N/A

Total

:

1200

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

County

Mr. Hannan Ahmed

200

Bangladesh.

Mr. Sanwar Hossain

11800

Bangladesh.

 

 

DIRECTORS

 

1.      

 

 

 

Name

:

Mr. Sanwar Hossain

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

2.      

 

 

 

Name

:

Mr. Hannan Ahmed

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

hannan@cordialdesign.net

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Sanwar Hossain

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Shahnewaz Rana

Job Description

:

Manager (Merchandising)

Nationality

:

Bangladeshi.

Email address

:

srana@cordialdesign.net

Other details

:

88-01678021849

 

Name

:

Mr. Sobuj Ahmed

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Arafat Hossain

Job Description

:

Head of Marketing

Nationality

:

Bangladeshi.

Email address

:

arafat.hossain@cordialdesign.net

Other details

:

N/A

 

Name

:

Mr. Sadequl Islam

Job Description

:

Officer (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

:

Kids Jeans Pants, Ladies Trousers 

Production Capacity

:

300,000 pcs per month

Last Year Production

:

N/A

Import Products

:

N/A

Export Products

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms :

L/C

Ö

Cash

Ö

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Zara

Lefties

Bershka

Springfield

Stradivarius

Pull And Bear

B&C Collecion

Grupo Cortifiel

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

Europe

 

Imports(Country)

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 30 Million

 

Paid-up Capital

:

BDT 1200000

 

No. of Shares

:

12000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

N/A

 

 

FINANCIAL STATEMENT- DETAILED

 

SC didn’t submit any financial to local registry office.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Nil

Name of Mother Company

:

Nil

Subsidiary

:

Nil

Sister Concerns

:

Cordial Wash Ltd

 

 

BANKING

 

Bank Name  

:

Standard Bank Ltd.

Bank Address

:

Gulshan Branch

Udoy Tower, Plot # 57 & 57 A, Gulshan Avenue, Dhaka-1212, Bangladesh

 

Bank Name  

:

Export Import Bank Of Bangladesh Limited

Bank Address

:

Gulshan Branch

Delta Life Tower, Plot # 37, Road # 45 & 90, North Gulshan C/A,

Gulshan-2, Dhaka-1230, Bangladesh

Tel: 88-02-9862262, 9886296, 8819711, 01711404821

Fax: 88-02-8818703

 

 

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 Salimuddin Market, 25/2, Shah Ali Bag, Mirpur-1, Dhaka-1216, Bangladesh. It’s situated at a Semi-commercial Area.

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer, Importer & Exporter. The subject company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears to be Fair.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.08

UK Pound

1

INR 89.85

Euro

1

INR 80.16

BDT

1

INR 0.78

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.