Rank 31: Mascot Systems: Placing its Bets on Asia

Bangalore-Based Mascot Systems went through a scare last year when two

large customers in the United States suddenly scaled down operations severely,

soon after 9.11. The company recovered from that quickly, though, and ended the

year with a revenue growth of 19% and a net profit growth of 21% to Rs 45.5

crore. But billing pressure hit operating margins, which declined, from 16% to

12%. Big events during the year included a ramping up of sales and marketing

activity globally, where it spent close to $3 million. In India, however, the

opposite happened–Mascot scaled down marketing.

Performance Highlights General Electric alone accounts for 53% of revenues  Strong presence in Japan and APAC–gets 10% and 8% of revenues from these regions respectively Startup: 1994 l Products & Services: Information Technology services l Branches: 7 l Employees: 1,505 l Address: No.1 Main Road, Jakkasandra, Koramangala, Bangalore 560 034 l Tel: 5521701 l Fax: 5521704 l Website: www.mascotsystems.com

The company also converted two large customers into overseas development

center (ODC) operations and recently signed up with a Chinese IT services

company for an ODC in that country. Mascot’s revenues base, however, continues

to be severely concentrated. One customer alone–General Electric–accounts

for 53% of revenues, and nearly 70% of total revenues come from the US–76% of

this is from work done onsite.