Five Pakistani companies have made it to Forbes annual Asia's 200 Best Under A Billion list, down from seven last year.

Agriauto Industries, Cherat Packaging, Ferozsons Laboratories, Ghandhara Industries and Searle Company made it to the list in 2017.

Ferozsons Laboratories, which made it to the list for the second time, grew 93 per cent last year, Forbes said.

Meanwhile India, which had its 11 companies appearing on the list in 2015, had only three appearances in this year's list.

"This year’s candidates come from 13 countries and averaged 55pc growth in sales, a 24pc profit margin, and 113pc growth in earnings per share," Forbes said, adding that most of them did so by tapping global markets.

China, with over 70 entries, dominated the list with Japan getting 38 entries this year.

The list includes companies with annual revenue between $5 million and $1 billion.

Thinly-traded companies, those trading for less than a year, and those "with worrisome accounting, management, ownership or legal troubles" were excluded from the list, Forbes said.