Ravinder correctly notes that expanding the parameter list in a for statement avoids the possible argument list too long problem.

But:
Taking the above considerations into account, you might want to also try something like:

Code:

#!/bin/ksh
sequence=92311
for i in bep01.smsc.*-00000.cdr
do	new="${i%00000.cdr}$(printf '%05d.cdr' "$sequence")"
	# mv $i $new
	echo "file $i has been renamed to $new"
	sequence=$((sequence + 1))
done

which will work with ksh, bash, or any other shell that performs POSIX standard parameter expansions and arithmetic substitutions.

If the echo statements show that the renaming calculations are correct, remove the # from the start of the mv command line so the script will actually move the files.