Bangalore: National Association of Software and Service Companies (NASSCOM) has ranked Bangalore-based Nucleus Software Exports Limited (NSEL) as one of the top five Indian product companies in its annual report for the financial year 2002, according to an official company press release.

Having huge market for its banking software product "FinnOne" in premier financial institutions worldwide, the company is now boasting of Rs 63 crore turnouver, the release added.

Speaking on the company's achievements to be among the top five in NASSCOM report, NSEL managing director Vishnu Dusad said, "At a time when Indian IT companies are driven by a low-cost services revenue model, at Nucleus, we have strived to create a world class banking products. This position of leadership reiterates the success of our choice in choosing the product roadmap."

While lauding the efforts of NSEL efforts in building a strong brand, NASSCOM chief Kiran Karnik said, "Despite 2001-02 being a very challenging year for the Indian product companies, the NASSCOM annual survey reveals that the industry has proven to be resilient and continued to record impressive growth."