Mastek in Forbes Global List of Top 200 Small Firms

Mastek, one of the premier IT Services companies headquartered in India features amongst the Top small companies (along with 13 other Indian companies) in the Forbes Global List of the 200 Best Small Companies in the World.

Mastek, one of the premier IT Services companies headquartered in India features amongst the Top small companies (along with 13 other Indian companies) in the Forbes Global List of the 200 Best Small Companies in the World.

Commenting on this, Ashank Desai, CMD, Mastek said, "It is indeed a great honour for us to be a part of this list. For Mastek, in its 20th year, this is yet another milestone and this gives us encouragement and impetus to scale greater heights. On this occasion, I would like to thank all our customers, partners, investors and all Mastekeers who have contributed to make this happen."

To put together the list, Forbes Global began with 20,000 publicly quoted companies with revenues of less than $1 billion. In order to arrive at the final 200, the companies were scrutinized on the basis of their profitability, earnings and sales growth. The Forbes release mentions that this was not an easy task and of the 20,000 companies outside the U.S. with $1 billion or less in revenue, only 1% of them made the grade.

The study was not based on quantitative data alone "While quantitative data is a handy filter, it doesnt tell the whole story. In the end, the selection process is much more art than science. Approximately half of the members of our list made the grade based on the numbers alone . Forbes Global also drew upon the expertise and insights of our network of sources - fund managers, analysts and entrepreneurs - to spot companies with brief operating histories but a promising future," a statement issued by Forbes Global said.

About Mastek Ltd.
Mastek, is a Rs. 293 cr., US $ 60 million (July 2001 - June 2002) publicly held, global IT application outsourcing company with global operations, that delivers cost effective quality solutions as per the customized requirements of Fortune 1000 organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates through 20 offices located in the US, Europe, Japan and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.

Mastek follows methodologies that generate substantial value to its customers by reducing time to market and insuring a high level of predictability in time cost and quality. The company also focuses on enhancing values for its customers either by generating the same output at a lower cost , or a substantially higher and superior output at the same cost.

Mastek follows a unique subsidiary business model that facilitates Customer Intimacy and has a multinational executive board that drives its short and medium term global business strategy. The company has wholly owned international subsidiaries in USA, UK, Singapore, Malaysia, Germany, Belgium and an office in Japan, which cater to the needs of the specific regions.

For Global Forbes Release please visit :
http://www.forbes.com/global/2002/1028/047.html

For further information please contact:

Investor Relations
Hitesh Danak
Investor Relations Manager
++91-22-8247893
hiteshd@mastek.com