PTI
 
Singapore, Oct 31: India has emerged as the fourth biggest home to the best small companies in Asia with as many as 23 domestic firms finding place in a list of '200 best under-billion companies' prepared by the Forbes magazine.

In a development that marks growing recognition for India Inc -- including small companies and not just the corporate giants and IT majors, India has been ranked ahead of countries like Japan, Hong Kong, Singapore, South Korea and Thailand.

Three Indian firms - Great Eastern Shipping, Cipla and Sesa Goa - have also managed to make to the top-25 of the "Asia's 200 Best Under Billion" list published in the latest Asia edition of the business magazine.

Taiwan leads the tally with as many as 31 companies, followed by China with 30 entries and Australia with 27 companies on the list.

The list include 11 companies each from Hong Kong, South Korea and Thailand, five from Indonesia, 19 each from Japan and Singapore, eight from Malaysia, three from Pakistan and one each from New Zealand and Sri Lanka.

Domestic shipping firm, GE Shipping has been ranked as the third most profitable entity on the list with a net income of $193 million, followed by pharma major Cipla at 9th position with net income of $136 million in the overall Asia list.

Sesa Goa has been ranked at 20th position with net income of $108 million. Hong Kong-based China Merchants Holdings tops the list with a profit of $305 million, followed by Australia's Oil Search at second position with profit of $193 million.