Twenty Indian companies have made the cut to enter the list of 200 best companies having sales less than $1 billion in the Asian Pacific region, compiled by business magazine Forbes.

Biotech major Biocon [Get Quote], industrial equipment firm AIA Engineering [Get Quote], IT outsourcing firm Allied Digital Services, software entity AurinoPro Solutions and construction materials company Birla feature in the league of 200 companies.

"All have either increased sales and profits over the past 12 months or are forecast to do so in coming quarters.

Apparel, media, technology and health care led the way.

"Nearly 40 per cent of the companies are from greater China," Forbes said.

Deepak Fertilisers, drug ingredients provider Divi's Laboratories, gas storage products entity Everest Kanto, pharma firm FDC, publishing entity Geodesic and IT consultancy ICSA have also made it to the list.

Others in the 200 league are IT firms GSS America and Micro Technologies, infrastructure firm IVRCL Infrastructure, security systems entity Nitin Fire Protection, medical devices company Opto Circuits, aluminium foil maker Parekh Aluminex [Get Quote], television broadcaster Raj Television and oil exploration firm Selan Exploration Technology [Get Quote].

The top 200 companies were picked from over 12,000 publicly-listed firms with sales of less than $1 billion in the Asia-Pacific region.

"They were vetted for consistent growth of both sales and profits over three years, modest indebtedness and future prospects," the magazine said.

This year's Forbes Asia 'Best under a Billion' list was mainly dominated by as many as 78 small and mid-sized firms from China and Hong Kong thanks to the relative economic strengths of these regions.

Japan was the second most represented country in the coveted list with 24 companies, while its neighbour South Korea had 23 firms.

India was ranked at the fourth place with 20 entries, followed by Australia with 18.

"Consumerism is once again a key driving force behind most of the companies in the list. One hundred and two firms on the list are consumer related, up from 78 in 2008 and 67 in the inaugural edition in 2005," Forbes said.

The business magazine further said 'this year's list of the best small and mid-sized companies throughout the Asia Pacific region is chock-full of survival stories and lessons for entrepreneurs'.

As many as 64 of the entries on this year's list are returnees -- 'a testament to fearless management' Forbes said, while 136 are new entries -- who have "seized opportunities arising from economic uncertainty".