C Mahendra Exports Ltd IPO Message Board (Page 1)

C Mahendra 200.50

Planning to short if breaches 199. SL 206, Target 181.

i have joined new to this board.

i fail to understand why this stock has moved up so much sinse listing.

Dear Ravi

booked profit of Rs. 2. Buy 400@166 & sold @168.
I don't think i will go below 163 in today's trade.

best of luck

268. Sam amd

C Mahendra (167)

Shorted 150 @ 167.4, Stop-loss 170. Target 150.

Either you or me will make profit today!!!

Hi

Its strong today also....i am entering for intra day.
may touch 174 today

266. pakka hindustani

Shree Ganesh Jewellery (172)

On Jan 25, it fell from 231 to 192 with speed & rapidity and from thereon, it is in downtrend. I think market does not like the management. I would like to buy it at 150 (50% capital).

Their contingent liability is very huge (around 900 crore) and the major portion of that is in 'Bills Discounted'. In the event, foreign customers default in payment to banks, company will have to pay to banks. These are not provisions, but just disclosures. The company is just saying that in case some of the bills are not honored, the company may have additional liabilities. The company has not made any provisions for these bills.


All companies make such disclosures in their annual reports- e.g. at the end of FY 2010, ICICI Bank had contingent liabilities worth Rs 7,27,084 crore; 14 times its networth.


Contingent liability could be because of the audit done by Income Tax of their account books. IT Department has summoned their Managing Director on tax related issue. As these Rs 900 crore are not provisions (and are non-existent), the company can't pay anything from these Rs 900 crore to IT department. The company is hardly paying any tax. For such companies, it is much easier to show fictitious profits. A company that has to pay 30% tax will think twice before over-reporting profits. Could this be the reason that mutual funds are ignoring this company?


Sundry debtors in HY11 results should not happen because the company is exporting the items to retail shop and without being really sold to end customer it is shown as real sales on the book. They might be loading foreign retailers on credit and showing it as sales in the quarterly reports, while actual sale realization would be when items go to the consumers from retailer/shop owner.

Even I am not sure about the total debt of the company. As per RHP, "debt increased from Rs. 89,213.41 lacs to Rs. 1,20,164.06 lacs in 2009-10; debt-equity ratio stood at 2.24 as on 31st March 2010".

Let's take total debt as 1201.64 crore. As per balance sheet, networth of the company is 536.66 crore. Then, debt-equity ratio is 2.239, which is same as 2.24 that is mentioned in the annual report. However, the balance sheet says that the total debt is Rs 349 crore. Even if I add all current liabilities of Rs 623 crore, I don't get Rs 1201.64 crore.

If the price of C mahendra is not being rigged by operators, then I strongly feel that all these jewellery stocks are good bets in future ( Gitanjali gems, Thangamyl jewelley, and now C Mahendra). Only Laggard is Shree Ganesh Jewllery, which inspite of such good results have been hammered down. I don't know the reason but I strongly feel that this stock will bounceback ( at least to its IPO price of Rs 260) once the markets are in green for extended period. Any other boarder comments are welcome.
Note: I hold 300 shares at IPO price.

C Mahendra 162
Nifty Spot 5435

If Nifty cracks 5425, I am planning to short C Mahendra with a stop at 168.

now price is 171.

bye

SGUPTA
You have to send back the torn refund cheque back to the registrar to get the new refund cheque. May also talk to the registrar regarding the process

Please refer my application No. 11044380 for 300 shares @110/- of M/s C.Mahendra Exports Ltd. IPO.
I have been allotted 66 shares @110/-

This after noon I have recieved Allotment cum Refund order from HDFC Bank vide Reference No. 1210000000000001 & Refund order no. 1000195 dated 14/01/2011 for Rs. 25740/- vide Speed Post No. EM 69172195 6 IN

Unfortunately the envelope recieved was in torn condition as a result of which the torn refund order (Checque No. 001103 dated 14/01/2011) can not be submitted in the Bank.

It is requested to send fresh Refund order at the earliest at the following address.

I hereby take the guarantee that the above mentioned Torn Refund order / cheque shall not be presented to thre Bank by me.

Thanking You.


SANGEETA GUPTA

A/c no. 107400190239868 PNB Haridwar
R-101, SHIVALIK NAGAR
BHEL, RANIPUR
HARIDWAR (UTTARAKHAND)
PIN: 249 403
(M) 9837089451

(SANGEETA GUPTA)

Please refer my application No. 11044380 for 300 shares @110/- of M/s C.Mahendra Exports Ltd. IPO.
I have been allotted 66 shares @110/-
I am yet to recieve the refund amount.
Requested to refund the balance amount at your earliest at the following address:-
SANGEETA GUPTA
R-101, SHIVALIK NAGAR
BHEL, RANIPUR
HARIDWAR (UTTARAKHAND)
PIN: 249 403
(M) 9837089451

(SANGEETA GUPTA)

257. SkDash

Cover some @ 108 & full at 106 in case you get opportunity. Anyway, you need to square-off all position before today's session ends.

Nobody got roaring profit, but nobody lost also. They have an operator whose main aim is to keep it floating above the issue price.

@260. Kewal: It is not at all a good idea to keep SL. Most of the times it will trigger and then share will go so high that you will think why you put SL. Also, once your shares are sold, you won't be able to average them and there will be no chance to cover your loss.

257. SkDash

116-117 is resistance not only for today but also for next one week. If unable to surpass, those downward targets are intact.

With just few hours of trading history, I could extract only this much information.

Kewal keep sl of 110 or u have to bare good amount of loss

Thanks Ravi-Blore for useful inf. I have not shorted any shares of CMahendra since direction was not clear. That I asked you for practical knowledge. Hope u will exit with gain.

Thanx
SK Dash
Bangalore

if it breaks 110 if will be dam bursting and go till any lows so booking profit is according to any one likings.

Ravi, Bangalore

any further suggestions on covering or targets stays