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Mayur Uniquoters


Play on Automotive & Footwear industry growth.

Let's understand why we should keep this company in our radar and invest for good real upside in 2021 end-2022 onward
Market Cap: 1,140 Cr.
Reserves: 555 cr
Face Value: 5.00
ROCE: 18.12 %
ROE: 14.43 %
Debt to equity: 0.06
Days Payable Outstanding: 52.53
Days Inventory Outstanding: 160.29
Days Receivable Outstanding: 67.05
EPS: 15.47
Debtor Turnover Ratio: 3.7
Inventory Turnover Ratio: 17.95
The global synthetic leather market size: 2019: USD 29.2 billion
Projection by 2027: USD 52.96 billion
It is projected to expand at a revenue-based CAGR of 7.8% during the forecast period.

Mayur Uniquoters: Leading manufacturer of Artificial Leather/PVC Vinyl in the world
There are two primary types of faux leather construction: (1) polyurethane (“PU”)
(2) polyvinyl chloride (PVC – “Vinyl”) also known as “Vegan” Leather.

PVC leather is in the highest demand in
(1) Automotive Industry for interior applications
(3)ladies hand bag and accessories products in the Industry.

Replacement of Real Leather worldwide is increasing in automotive interior, bus & truck, home furnishing, footwear, hospitality industry and general purpose handbags with Imitation leather cloth.
PU leather cloth is primarily used in markets such as ladies footwear, garments, hand bags due to its soft, light weight and supple appeal to consumers.

PU leather products more environment friendly products.
Such raw materials will make a major impact in reducing global warming and new products with better properties with end of life recyclability supporting reduction in use of world’s fossil fuels.
Indian manufactured leather is in demand where raw hides or semi treated hides are in demand in western countries such as USA, Middle East and far eastern countries.

Artificial Leather produced in India also has made several inroads in USA and Europe Markets.
Company's products are used in
(1) automotive
(2) footwear
(3) furnishing
(4) auto replacement
(5) bags and accessories
(6) marine upholstery
(7) miscellaneous applications of artificial leather.
Mayur has successfully started production of PU based synthetic leathers which uses less plasticizer and polymer that is inherently softer than other synthetic leathers that have greater market appeal in many segments. These products are less likely to fade and crack when
exposed to sun light and colder atmospheric condition. At the same time, synthetic leather is advantageous over pure leather in terms of price, look and varieties, which is also driving its demand. Hence, these PU based artificial leathers tend to be higher-quality than
competing products, stimulating demand among the automotive, footwear and clothing industry, despite the higher price tag.

Now a days, PVC leather is often used as substitute for real leather because it is less expensive and does not require any real animal hide.
Mayur’s key customers among automotives:
MG Hector, Maruti, Tata, Mahindra, ISUZU, Suzuki, Honda, Renualt, Volkswagoan, Hero, Bajaj, Piaggio, Sonalika Tractor, Lear, TS Tech Sun, Bharat Seat, Krishna Maruti, Sharda Motors, S.I. Interpact Group, Swaraj Auto, Polor Auto etc
Mayur's key customers among footwear:
Bata, Paragon, Lancer, Action, Relaxo, VKC Group etc.

3 Manufacturing Units (Jaitpura, Dhodsar and Morena) and 2 Marketing Office (Bangalore and Delhi)
Mayur also exports synthetic leather for use in furnishing and fashion products to markets such as Middle East, USA, Colombia, South Africa, Australia, Russia, UK, Europe, Germany, Spain, France, Italy and Srilanka etc.
Main competition is from China in the artificial leather industry, where company is aggressively going for backward integration and forward integration.

Company has installed 35 Circular Knitted Machines. These Knitting Machines are best of the world from Europe and Japan
Very soon company will start warp knitting and non woven fabric for backing support in PU/PVC. In the next stage, they will put up a PU Resin Plant. This is done to keep the cost down, keep quality consistent and develop the new products fast.
So far, forward integration will soon have a foam lamination plant while Perforation Machine they have started long back.

Company has started production of newly setup plant located at Morena, Madhya Pradesh from January 21, 2020.
PU Leather is waterproof, softer, high tensile strength, lighter than real leather, turns easily, and is easy to dry clean and has high abrasion. It also remains unaffected by sunlight.
During FY 19-20, Company has setup new company i.e. Mayur Uniquoters SA (Pty) Ltd. Wholly owned subsidiary in the Republic of South Africa
Company is mainly engage in the trading of PVC Vinyl or Artificial/ Synthetic Leather in the territory of Republic of South Africa
Wholly Owned Subsidiary:
(1) Mayur Uniquoters Corp. (Texas, USA)
(2) Mayur Uniquoters SA (Pty) Ltd (South Africa)
Step Down Subsidiary:
(1) Futura Textiles Inc. (Nevada, USA)

MUC’s main activity is to supply goods to OEM customer in USA on just in time basis.
MUC is not engaged in any manufacturing activity except some job work processing which is based on customers’ requirements

Futura Textiles Inc. USA is mainly engaged in the business of retail and whole sale trading of Upholstery of PVC Vinyl or Artificial/Synthetic Leather
Automobile Industry in particular OEM leaders are promoting PVC leather with highly enhanced properties are moving towards replacing real leather. The journey has already started at the leading OEM’s. We expect to see a volume growth in near future.
Attached Technical Chart gives a perspective of stock outlook based on trend and patterns.
Chart is for educational purpose.
Request to consult expert advise in case required.
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