The 200, the magazine says, were selected from among 20,000 companies worldwide.
The Indian companies which make the grade are Asian Paints, Britannia Industries, Dr Reddys Labs, HDFC Bank and ICICI Bank, Indo Gulf, Infosys Technologies, Mastek, Polaris Software, Rolta India, Satyam Computers and Visualsoft and Zee Telefilms.
In terms of sale, Icici Bank tops the list with $563 million closely followed by Indo Gulf at $559 million and Infosys Technologies at $534 million.
These are followed HDFC Bank ($418 million), Satyam Computer ($355 million), Britannia Industries ($297 million), Asian Paints ($274 million), Dr Reddy Labs ($195 million), Zee Telefilms ($99 million), Rolta India ($62 million), Polaris Sofware ($57 million), Visualsoft ($22 million) and Mastek ($17 million).
In terms of net income, Infosys tops with $165.6 million followed by Satyam Computers with $100.5 million and Dr Reddys Labs with $94.2 million.
Almost 31 countries are represented in this years list, including Britain, France and Japan which have well-developed markets. But Latin America and most of Africa is absent because of tough economic times and historically underdeveloped small-company exchanges, Forbes said.
It says included in the list are companies which may have stumbled recently but have a unusual competitive edge. About half of the companies make the grade on the basis of numbers alone.
But for the rest, the magazine says it drew upon expertise and insight of its network of source fund managers, analysts and entrepreneurs as number do not tell the whole story.