Hindustan Lever Retains No. 1 Position as Leading Company in India
To News Editors
For immediate release
December 23, 1998
Sixth Annual Review 200: Asia's Leading Companies Survey
Hong Kong - - Hindustan Lever has retained its No.1 position as India's leading company, according to the Far Eastern Economic Review's annual survey of corporate leadership. This is the fourth consecutive year that Hindustan Lever has held the top spot in the six-year old survey, Review 200: Asia's Leading Companies.
The Review 200 comprises 90 companies from outside Asia that do business in the region as well as 10 companies from each of 11 countries in Asia.
The national slowdown has forced corporate India to concentrate on long-term growth and core operations, says the Review. In India, Hindustan Lever topped the survey for the fourth year running, having strengthened its position by holding down costs, improving products and introducing new lines. Retaining the No. 2 slot for the second year running is Reliance Industries, emerging over the past two years as a market leader and one of India's few companies which are globally competitive, says the Review.
New into this year's top 10 are two companies. ITC Ltd. bounces back to No. 7 from No. 13, having undergone a remarkable turnaround. Having recovered from a row with the government over taxes, the company has expanded its product portfolio and thus generated excellent sales figures. Ranbaxy Laboratories enters the top 10 for the first time, having steadily risen over the years, winning praise for its wide distribution network and low cost base.
The Review 200 survey, conducted by the Far Eastern Economic Review in association with AT&T and administered by ACNielsen, ranks companies on overall leadership as well as on five leadership qualities: quality of products and services, innovativeness in responding to customer needs, long-term management vision, financial soundness and companies that others try to emulate.
In the five leadership categories, Titan Watches took No. 1 position for the fifth consecutive year in high-quality services and products. Titan Watches, also for the fifth year running, was voted the company that's most innovative in responding to customer needs. Reliance Industries retains the No. 1 spot for having a management with long-term vision. Reliance Industries jumps up to take the No. 1 position from Hindustan Lever for financial soundness. Hindustan Lever remained No. 1 for the sixth year running as the company that others try to emulate.
In the rankings of companies outside of Asia that do business in the region, the top five places were dominated once more by five American companies.
The top 10 were: Microsoft, Coca-Cola, Citibank, Intel, McDonald's, Walt Disney, IBM, BMW, General Electric and Daimler-Benz.
Despite its regulatory tangle with the U.S. government, Microsoft kept a hold on the top position for the fourth year running and was ranked first overall in three of the individual categories - innovation, long-term vision and a company others try to emulate.
"Being flexible and innovative in meeting demands in the new economy, embracing reforms and focusing on core businesses are just some of the hallmarks of the winners among this year's Review 200 companies," said the editor of the Far Eastern Economic Review, Nayan Chanda.
This year's survey points out a common trait among those who have survived and thrived through the downturn: They act quickly and decisively, says the Review. And during a tough year, it's the steady cash-flows of utility and transport companies that have scored highly.
These key trends are spotlighted throughout the results. Transport companies are surviving the downturn well. This year, public transport companies - Singapore's MRT and Hong Kong's MTR and KCRC - have all been ranked within the top 10 in their country. In addition, 10 airlines make the Review 200 list this year (two more than last year): As revenues fall, they are looking for new ways to woo back customers.
As last year, technology, Internet and mobile-phone companies continue to do well in the individual-country rankings. Across the region, phone companies scored particularly high. Other winners are utility companies, which provide basic necessities such as water and power.
Despite being at the heart of the economic crisis, banks were still ranked high overall and tended to dominate the financial soundness category, says the Review.
Among the non-Asian companies, Hongkong Bank rose to No. 18 from No. 25 and Citibank took third place.
Several luxury-goods-and-services were introduced to this year's survey, including Christian Dior, Porsche, Gucci, Ritz-Carlton and Cartier. Interestingly, even as Asian consumers cut back on spending, several of these newcomers were given high marks - Christian Dior came straight in at No. 59 among the multinationals....... |
