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Tuesday, July 26, 2011

C Mahendra Exports Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:C Mahendra Exports Ltd

Story:C Mahendra Exports (CMEL) is a flagship company of C Mahendra Group, promoted by Mahendra C. Shah and Champaklal K. Mehta. The group is an integrated diamond and diamond jewellery player sourcing rough diamond, trading rough and polished diamonds, processing diamonds and manufacturing diamond jewellery.C Mahendra Exports initially started in 1978 by trading in diamonds and precious stones. However, it expanded into cutting and polishing of diamonds since 1993, after setting up a processing facility in Surat. The company has manufacturing facilities for cutting and polishing of diamonds at Varachha and Udhana in Surat, each with capacity of 1,20,000 carats per annum.CMEL has two 100% subsidiaries: C Mahendra International (CMIL) and C Mahendra DMCC. It also owns a 54% stake in C Mahendra BVBA, while the remaining 46% is owned by CMIL. CMIL in turn has three 100% subsidiaries: Ciemme Jewels Ltd, C Mahendra (USA), and C Mahendra Exports (HK). C Mahendra (USA) Inc has 99% stake in two of its subsidiaries, C Mahendra (NY) LLC and Ciemme (NY) LLC. C Mahendra Exports (HK) has a 100% subsidiary, AL DASPA Gems & Jewellery FZE. On the other hand, C Mahendra BVBA has 100% subsidiary, Best Shine Ltd, which in turn holds 100% stake in International Gems & Jewellery FZE.The company is an integrated diamond and diamond jewellery group in India having presence in major markets and a leading exporter of cut and polished diamonds.It is also one of the first Surat based entities to receive DTC sight holder recognition in 1991.Direct sourcing of rough diamonds from the primary source suppliers will ensure consistent supply of rough diamonds at competitive rates. The company currently sources 22.45% of rough diamonds from primary suppliers like DTC and ALROSA Company.Well-established marketing network across different export markets ensures access for export revenues.The manufacturing or marketing activities of diamond jewellery are solely undertaken by the company's subsidiary Ciemme Jewels. As the subsidiaries are functioning under different jurisdictions, any disruptions or unfavorable change in the regulatory policy in these jurisdictions could significantly impair the business operations.With limited operational history in retailing, the company will have to face stiff competition from the domestic and international diamond jewellery manufacturing and retailing companies in India.On consolidated basis, the company along with its subsidiaries has negative cash flows from operations.The company has healthy operating margins, relative to many other players in the diamond cutting / polishing sector. But the volatility in performance of the company, with gradual fall in operating profits in the past three years and huge fluctuation in forex impact,is a cause for concern.At present prices its a hold.

1 comment:

ceo said...


C Mahendra is quoting between 10 - 20 CMP these days after plummeting from 200 CMP starting in July 2014. What is your view for this sudden dip in price? Do you see any significant changes in stock price over a 6 month horizon? I bought it at around 30 CMP.

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