C Mahendra Exports Ltd IPO (C Mahendra IPO) Detail

Dec 31, 2010 - Jan 6, 2011

Incorporated in 1978, C Mahendra Exports Ltd is one of the leading diamantaire and Jewellery Company, engaged is in the business of manufacturing and trading of diamonds, precious stones and jewellery. It is an integrated diamond and diamond jewellery player encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery.

Company's introduced their flagship brand "Ciemme" in 2003, as a life style brand. Under this flagship brand, they sell jewellery products like rings, earrings, necklace sets, bracelets, based on various concepts. In overseas market, they sell jewellery only under "Ciemme" brand name. In USA they sell diamond jewellery to retail outlets through Ciemme (NY) LLC. In Middle East they directly sell it to the customers.

Currently, Company has two facilities for cutting and polishing of diamonds at Varachha and Udhana in Surat. Further, Ciemme Jewels Limited owns a jewellery manufacturing facility in MIDC, Andheri, Mumbai. C Mahendra Exports marketing offices spread across Surat, Mumbai, Delhi, Kolkata, Hong Kong, New York, Los Angeles and Antwerp to market cut & polished diamonds to domestic and international markets. They have 8 (eight) exclusive retail stores and 1 (one) franchisee store in India. They obtain grading from reputed diamond certifying institutions like GIA (Gemological Institute of America), IGI (International Gemological Institute) and HRD (Hoge Raad voor Diamant).

Company Financials

ParticularsFor the year/period ended (in Rs. millions)
Total Income6,805.5514,311.1314,155.903,146.889,495.36
Profit After Tax (PAT)75.42210.94402.62163.41245.11

Objects of the Issue

The Objects of the Issue are to:

1. Finance setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat;
2. Finance setting up a jewellery manufacturing unit at Mumbai;
3. Finance setting up retail outlets;
4. Finance brand development expenses;
5. Investment in capital of C. Mahendra BVBA;
6. General corporate purposes; and
7. Achieve the benefits of listing on the Stock Exchanges.

C Mahendra IPO Details

C Mahendra IPO Date Dec 31, 2010 to Jan 6, 2011
C Mahendra IPO Face Value ₹10 per share
C Mahendra IPO Price ₹95 to ₹110 per share
C Mahendra IPO Lot Size 60 Shares
Issue Size15,000,000 shares of ₹10
(aggregating up to ₹165.00 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
Company Promoters

The Promoters of the Company are:

1. Mr. Mahendra C. Shah,
2. Mr. Champaklal K. Mehta,
3. Mr. Pravin C. Shah,
4. Mr. Pravin K. Mehta and
5. Mr. Sandeep M. Shah

C Mahendra IPO Lot Size

The C Mahendra IPO lot size is 60 shares. A retail-individual investor can apply for up to 30 lots (1800 shares or ₹198,000).

Application Lots Shares Amount
Minimum 1 60 ₹6,600
Maximum 30 1800 ₹198,000

C Mahendra Exports Ltd

ICRA Limited has assigned an IPO Grade 2 to C Mahendra Exports Ltd IPO. This means as per ICRA, company has 'Below Average Fundamentals'. ICRA assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. Click here to download the ICRA IPO Grading Document for C Mahendra Exports Ltd.

C Mahendra Exports Ltd IPO Tags:

C Mahendra Exports Ltd IPO, C Mahendra Exports IPO, C Mahendra Exports IPO Bidding, C Mahendra IPO Allotment Status, C Mahendra IPO drhp and C Mahendra Exports IPO listing.

C Mahendra IPO Subscription Status (Bidding Detail)

The C Mahendra IPO is subscribed 2.78 times on Jan 6, 2011 5:00:00 PM. The public issue subscribed 4.82 times in the retail category, 1.02 times in the QIB category, and 3.92 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

C Mahendra IPO Prospectus

C Mahendra IPO Rating

Rating:Rated 3.6 stars
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C Mahendra IPO Listing Date

Listing Date Thursday, January 20, 2011
BSE Script Code 533304
Listing In B Group of Securities
ISIN INE378J01013
IPO Price ₹110 per share
Face Value ₹10 per share

Listing Day Trading Information

IPO Price
Last Trade

Company Contact Information

C Mahendra Exports Ltd
1204 Panchratna,
12th Floor, Opera House,
Mumbai 400 004
Phone: +91 22 2363 1487

C Mahendra IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270

C Mahendra IPO Review

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C Mahendra IPO FAQs

C Mahendra IPO is a main-board IPO of 15,000,000 equity shares of the face value of ₹10 aggregating up to ₹165.00 Crores. The issue is priced at ₹95 to ₹110 per share. The minimum order quantity is 60 Shares.

The IPO opens on Dec 31, 2010, and closes on Jan 6, 2011.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

The C Mahendra IPO opens on Dec 31, 2010 and closes on Jan 6, 2011.

C Mahendra IPO lot size is 60 Shares and the minimum order quantity is .

You can apply in C Mahendra IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for C Mahendra IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the C Mahendra IPO allotment status.

The C Mahendra IPO listing date is on Thursday, January 20, 2011.
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C Mahendra IPO Message Board

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272. Ravi, Bangalore |   Link |Feb 23, 2011 11:04:27 AM
Top Contributor Top Contributor (300+ Posts)
C Mahendra 200.50

Planning to short if breaches 199. SL 206, Target 181.
271. SKSingh |   Link |Feb 22, 2011 9:26:04 AM
i have joined new to this board.

i fail to understand why this stock has moved up so much sinse listing.
270. Sam amd |   Link |Feb 4, 2011 1:06:03 PM
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
269. Ravi, Bangalore |   Link |Feb 4, 2011 11:51:52 AM
Top Contributor Top Contributor (300+ Posts)
268. Sam amd

C Mahendra (167)

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

Either you or me will make profit today!!!
268. Sam amd |   Link |Feb 4, 2011 10:35:46 AM

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

267. Ravi, Bangalore |   Link |Feb 2, 2011 3:35:06 PM
Top Contributor Top Contributor (300+ Posts)
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.
266. pakka hindustani |   Link |Feb 2, 2011 11:58:01 AM
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.
265. Ravi, Bangalore |   Link |Feb 1, 2011 11:06:57 AM
Top Contributor Top Contributor (300+ Posts)
C Mahendra 162
Nifty Spot 5435

If Nifty cracks 5425, I am planning to short C Mahendra with a stop at 168.
264. KmfSiddiqi |   Link |Feb 1, 2011 9:21:33 AM
now price is 171.

263. sojourn |   Link |Jan 29, 2011 4:31:47 PM
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
262. S GUPTA |   Link |Jan 29, 2011 2:37:46 PM
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.


A/c no. 107400190239868 PNB Haridwar
PIN: 249 403
(M) 9837089451

261. S GUPTA |   Link |Jan 29, 2011 10:31:17 AM
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:-
PIN: 249 403
(M) 9837089451


260. Ravi, Bangalore |   Link |Jan 20, 2011 2:22:02 PM
Top Contributor Top Contributor (300+ Posts)
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.
259. KK Natarajan |   Link |Jan 20, 2011 2:04:43 PM
IPO Mentor IPO Mentor (500+ Posts)
Nobody got roaring profit, but nobody lost also. They have an operator whose main aim is to keep it floating above the issue price.
258. Lost in Market |   Link |Jan 20, 2011 2:03:41 PM
@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. Ravi, Bangalore |   Link |Jan 20, 2011 2:02:07 PM
Top Contributor Top Contributor (300+ Posts)
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.
256. Bhavin Vashi |   Link |Jan 20, 2011 1:42:00 PM
Kewal keep sl of 110 or u have to bare good amount of loss
255. SkDash |   Link |Jan 20, 2011 1:01:02 PM
IPO Mentor IPO Mentor (800+ Posts, 100+ Likes)
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.

SK Dash
254. Bhavin Vashi |   Link |Jan 20, 2011 1:00:34 PM
if it breaks 110 if will be dam bursting and go till any lows so booking profit is according to any one likings.
253. CLD |   Link |Jan 20, 2011 12:54:05 PM
IPO Mentor IPO Mentor (500+ Posts, 100+ Likes)
Ravi, Bangalore

any further suggestions on covering or targets stays