I need to check the debt nos, but going by the AR, management claims the company is under borrowed and don’t see any significant capex in foreseeable future. Besides so long as the ROCE nos are in high 20’s debt shouldn’t be a concern.
Gov being the major customer is in a sense positive, since the economic cycle doesn’t affect orders and execution as would be the case with pvt RE players.
Reason they call it WC-ve I think is, they source RM from subsidiary Uniply Decor, make the fitouts in house and deploy. Once they get payment in phase manner the parent Uniply would payback the decor company thus being WC -ve