The year 2012 was extraordinarily successful for Mayur Uniquoters
Limited (Mayur), with the best ever performance in the history of the
company. The Company has nearly doubled its revenues over the last two
years. Its market share leadership has grown. The Company continued its
higher growth levels, exceeded its financial targets, progressed on its
non-financial objectives and, remained a dependable partner to all its
stakeholders. The new product programs and ''fit for market'' solutions
helped in increasing the market share. Further, innovations were
encouraged, operating processes and existing product range were
After making marquee names like Ford (USA), Chrysler (USA), Maruti,
Honda Motorcycles & Scooters, Bata, VKC Group as its customers, the
company is now on the verge of adding more global auto majors like BMW
& Mercedes (Germany) and GM (USA) as its customers. The marketing and
distribution structure of Mayur has expanded significantly abroad,
especially in USA.
The Company is going for backward integration into manufacturing of
synthetic knitted fabric. This will ensure availability of good
quality knitted fabric, which would support production of high quality
products. Land has already been acquired about 20 km from existing
plant site. The construction is in full swing and the production is
expected by August 2012. At the new site, Mayur is also expanding its
capacity by the installation of 5th coating line, which will increase
the Company''s installed capacity by another 600,000 linear meters per
month, taking the total capacity to 2.5 million linear meters per
Right talent is an essential element to driving high growth that is
profitable. The Company is likely to increase its employee strength by
350 employees this year. For long-term success of an organization,
capable leadership at various levels is essential. A leader-led
approach to impart these skills has been adopted in the Company. The
Leadership Culture sessions were initiated by the HR Department. The
company also launched the Global Leadership Development Program for the
senior managerial personnel. The Program is intended to help them
become more effective in India and abroad.
The company offers to its employees, not merely employment
opportunities but also long-term growth prospects that allow them to
develop and succeed in the organization. The ''Hire-To- Develop''
strategy is aimed at employing the right talent that believes in the
Mayur core values at the entry level, which is then developed to take
up greater responsibilities in the organization. By doing this in a
structured way, the company will be giving its employees great work
assignments and experiences which will not only enhance their skills
but also cement long term relationships with the Company.
The company is committed to and working determinedly towards increasing
the women representation in coming years. The company also continues to
make progress in expanding the representation of employees from
different regions of India.
A Company can only have sustainable growth if its stakeholders''
interests are well looked after. Mayur has always adopted business
processes that inherently promote the well being of its customers,
vendors, dealers, employees, shareholder, community and the
I am delighted to state that shareholders have benefited from the
Company''s performance. As compared to the 100 percent dividend paid in
the previous year, interim dividend of 85 percent (Rs. 8.50/- per
fully paid-up equity share of Rs. 10/- each) was pajd in the first
three quarters of the FY 201 1-12. We concluded the financial year 201
I- 12 with recommendation of a final dividend of 50 percent (Rs 5.00
per share of Rs. 10/- each) aggregating to a record 135 percent (Rs.
13.50 per share of Rs. 10/-each).
Given the positive market conditions, and the investments that Mayur is
making in human resource development, products, technology and
infrastructure, we believe the Company is poised to achieve new
milestones in the years to come.
I would once again like to thank all those who work for or are
associated with Mayur; especially the bankers i.e. Canara Bank, IDBI
Bank , Andhra Bank, ICICI Bank, Yes Bank , Citibank N.a , State Bank of
Bikaner and Jaipur; for their continued support and the confidence,
they have reposed in us. I am confident that they will continue to
support the company. They have been instrumental in taking Mayur to
where it is today and they will define its future path towards greater
growth and stakeholder satisfaction.
I look forward to your continued support.
Suresh Kumar Poddar
Chairman and Managing Director& CEO
Jaitpura (Jaipur) 22nd June, 2012