Aitken Spence, a company now controlled by Jayawardene, has also made it into the list in some previous years.

Distilleries Company of Sri Lanka, whose main business is making and marketing liquor products, had a 57 percent average sales growth over the past three years and a return on equity of 30 percent, Forbes said.

However it has now grown into a group of companies that is in insurance, telecom, tea and rubber and also provides tourism, cargo logistics, infrastructure.

The company has a market value of 269 million dollars, sales of 236 million dollars and a net income of 28 million dollars in the latest financial year.

The magazine said that the list typically has an industrial flavour this year with Taiwan once again boasting the most companies - 41, up from 31 last year - and nearly all parts makers.

"But while machinery, mining and manufacturing picks still dominate the 200, heavy industry has ceded ground to glitzy newcomers catering to the region's rising middle class," it said.

"These folks shop for Li Ning athletic gear, glowing disco balls from Neo-Neon, Sun Hing Vision's line of Celine Dion-endorsed eyewear, 46-jet bath tubs at E. Bon, China Green's frozen organic food and Embry lingerie. Expect more household names to join this elite group."

The Asian region's booming middle class is giving rise to new consumer brands, retailers and marketers, the magazine said.

"That's altering the makeup of our annual list - and offering new ideas for investors".