India beats China in ‘Forbes Asia Best Under A Billion’ mid-sized businesses

India was fourth among Asian nations, ahead of China, which had 22 companies on the list. Taiwan has the most listed companies at 30, followed by Japan at 29 and South Korea at 27.

The unranked list was compiled from a long list of more than 20,000 public companies in Asia Pacific with annual revenues greater than $10 million but less than $1 billion.

According to Forbes Asia, the purpose of the list is to highlight companies that demonstrate long-term sustainable performance across a range of parameters. A composite score was prepared using information collected about debt, revenue and earnings per share growth for the most recent fiscal one and three year periods, as well as the strongest one and five year average return on equity. Forbes used full year annual results based on the latest information made publicly available on July 11, 2022.

In addition to these quantitative criteria, qualitative screenings were used to exclude certain companies deemed not to fit the profile sought by Forbes Asia and to ensure fairness. Companies with serious governance issues, questionable accounting, environmental concerns, management problems, or legal issues were excluded, as were state-controlled companies and subsidiaries of larger companies. Forbes Asia said their criteria “ensured geographic diversity of companies across the region.”

This year’s Best Under A Billion list highlights the change in consumer spending from healthcare and pharmaceutical companies, which dominated the list last year when the region was still badly hit by the COVID-19 outbreak. Fashion designers, mall owners, restaurant owners, consumer electronics manufacturers, entertainment companies and luxury brand retailers have all benefited from the return to normal life after the pandemic.

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75 companies that made the list last year are back this year, demonstrating their ability to adapt in a rapidly changing economy. Taiwan’s Aspeed, which has been on the list for nine consecutive years, stands out in this regard.

Among the companies highlighted in the Forbes Asia report is Indian apparel maker Dollar Industries. After recovering from trade and supply chain disruptions caused by COVID-19, Dollar Industries reported revenue growth of 30 percent for the fiscal year ended March, with net income up 72 percent. In addition to expanding the women’s clothing range, the company recently added a spinning mill and warehouse.

Dollar Industries is a Kolkata-based company, established in 1972, that manufactures clothing and hosiery under numerous brand names. It has a market value of $389 million, revenue of $181 million and net income of $20 million.

Another Indian company to make the list is Aarti Industries Limited (AIL). AIL manufactures chemical products used in the downstream manufacturing of pharmaceuticals, agrochemicals, polymers, additives, surfactants, pigments and dyes. In the last decade, AIL has transformed from an Indian company serving global markets to a global company with state-of-the-art manufacturing facilities in India.

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It was founded in 1984 and is based in Mumbai. It has a market value of $3.28 billion, revenue of $939 million and net income of $175 million.

AIL says on their corporate website that they are a leading Indian manufacturer of specialty chemicals and pharmaceuticals with a global presence and that they combine process chemistry expertise (recipe focus) with a scale-up engineering expertise (asset utilization) to create a sustainable future . Singapore had seven companies on the list.

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One of them is the upscale watch shop The Hour Glass. The Hour Glass’ revenue soared over 40% to $766 million last fiscal year, while net income rose 86% to $115 million as customers looked for ways to spend their money. The Hour Glass has 50 stores in Asia Pacific and sells brands such as Rolex, Patek Philippe and Audemars Piguet. At the close of trading last week, it had a market value of $1.12 billion.

Another Singapore company that made the list is UMS Holdings, which provides precision engineering and manufacturing solutions that support the semiconductor industry.

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UMS net income attributable to shareholders for the fiscal year ended December 31, 2021 increased 46 percent to an all-time high of $38.7 million on record revenue of $198 million, up 65 percent from the previous fiscal year . This growth was primarily driven by the continuing increase in semiconductor demand. The market capitalization at the end of the previous week was 592 million US dollars.

The company specializes in manufacturing high-precision front-end semiconductor components, and provides assembly and final testing services. Its main customer is Applied Materials, which is one of the largest manufacturers of semiconductor manufacturing machinery and supports companies such as chipmakers Taiwan Semiconductor Manufacturing Company and Samsung.

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UMS Holdings also works with companies in other industries such as aerospace and oil and gas.

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“This is a significant achievement as it confirms that our business model is dynamic and strong, that our vision to constantly improve and to fulfill our commitments to customers and stakeholders has been recognized,” said Andy Luong, Chairman and CEO of UMS Holdings to The Straits Times (Singapore).

(With ANI inputs)

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