The Telegraph
Since 1st March, 1999
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Honour for India Inc

Washington, Oct. 19: In a year when “corporate” is a dirty word in America, thanks to Enron, WorldCom, Imclone and lots and lots of other discredited conglomerates, 13 Indian companies have made it to an impressive global honours list.

Six Indian software firms, two financial companies and one each from the media, chemical, pharmaceutical, food and paints sectors have made it to the list of 200 best companies outside the US with revenues of less than one billion dollars.

These companies figure in a Forbes “List of 200”, released by the magazine yesterday. They were chosen from 20,000 firms worldwide after a gruelling scrutiny.

Among the Indian firms on the list, ICICI Bank comes on top with “sales” of $563 million, followed by Indo Gulf ($559 million) and Infosys Technologies ($534 million).

Ranked by income, Infosys with a net income of $165.6 million comes first, followed by Satyam Computers and Dr Reddy’s Labs with net incomes respectively of $100.5 million and $94.2 million.

Thirty-one countries are on the list, 11 of them from Asia, mostly from the “Tiger” economies of Southeast Asia.

Forbes said “cutting the field down to just 200 names is a lot like choosing a new crop of students at a competitive college. There are far more qualified applicants than available spaces”.

Explaining the process of selection, the magazine said approximately half of the firms which made it to the list did so on numbers alone.

“But sometimes, the numbers don’t look so hot. For the rest of the list, we drew upon the expertise and insight of our network of sources: fund managers, analysts and entrepreneurs.

“Others can fall under the radar by having short histories as public companies. We also include innovative companies that may have stumbled recently but have an unusual competitive strategy.”

Of Asian economies, the magazine said they “have fewer small public companies but are home to some great entrepreneurial stories”.

The Indian companies on the list are: Asian Paints, Britannia Industries, Dr Reddy’s Labs, HDFC Bank, ICICI Bank, Indo Gulf, Infosys Technologies, Mastek, Polaris Software, Rolta India, Satyam Computers, Visualsoft and Zee Telefilms.

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