The Hindu Business Line : `India's 24 gems' in <I>Forbes</I><I> </I>list of rising Asian firms

HERE is some good news for India Inc. Twenty four Indian companies figure among `Asia's Rising Companies' listed by Forbes magazine in its latest issue dated November 1.

What is significant is that, in this list, which covers the 100 best smaller-size enterprises in both Asia Pacific and Europe, the number of Indian companies is next only to UK's. And India is ahead of industrial powers such as Japan, Germany, France, Italy and China.

The study has a cap of $1 billion a year on the company revenue.

The cover page of the publication screams `Best Under a Billion - Asia's Rising Companies - India's 24 Gems'. To prepare the list, the publication screened the database of 2,600 publicly-traded companies which had less than $1 billion a year in revenue and five-year returns on capital of at least 5 per cent.

Sustained gains in sales and returns and latest year market momentum were considered for the ranking. It also looked for companies with a track record of rewarding their shareholders.

The magazine felt that these companies represented `economic dynamism' in the two regions.

The magazine says, "One thing that's a surer bet: A country's climate for entrepreneurism is reflected in these ranks." It goes on to say, "Note that India, with 24 entries, has more than any nation except the UK," which is sure to gladden the hearts of many an Indian.

The Indian companies listed are Aurobindo Pharma, Balrampur Chini Mills, Bharat Forge, Cipla, Corporation Bank, Essel Propack, Graphite India, Gujarat Ambuja Cement, HDFC Bank, i-flex Solutions, Indian Hume Pipe, IPCA Laboratories, J&K Bank, JB Chemicals and Pharmaceuticals, Jubilant Organosys, MphasiS BFL, Neyveli Lignite Corporation, Nicholas Piramal India, Oriental Bank of Commerce, Satyam Computers, Sesa Goa, Shanthi Gears, Sun Pharmaceuticals and Zee Tele Films.

The survey gives details of sales, net income, market value (all in $ terms) and five year's average in percentage terms of return on equity, EPS growth and P/E for the latest 12 months.

That pharma companies outscored software companies by 7-3 in the list.

Speaking to Business Line, Mr P. Subramanian, Chairman and Managing Director, Shanthi Gears, expressed happiness over his company being included in the list, which came as a surprise since the he had no inkling of it. He was confident that this honour would bring further recognition to the company.