Discounting the USN, which is the best in any part of the world, my top 5 are:
JMSDF - these guys have professionalism, size, skill, and don't neglect any aspects of their forces. They have strong anti-air, AWS, electronic-warfare and inter-operational capabilities. Training with and being backed-up by the USN doesn't hurt either.
PLAN - making good progress, but still lacking sorely in ASW warfare and experience. Their sub force is modernizing quickly and they are making good, but not great progress on the naval aviation from. Their destroyer force is a match for any other. Still, their size can overwhelm a technologically and tactically superior navy with shear numbers.
Военно-морской Флот Российской Федерации - The Russian Navy is still a forced to be reasoned with, even if their strength isn't what it used to be they are making a lot of progress in returning to their Cold War days. Their surface fleet may be a bit limited in power-projection, but their naval aviation arm and submarine fleet are second only to the USN. Don't discount the Russian Navy
Even if limited in size, the Russian Navy Pacific Fleet is still very strong:
The Pacific Fleet, established on 10 May 1731 and is headquartered in Vladivostok and based around
Vladivostok and
Petropavlovsk-Kamchatskiy. The Fleet consists of;
That's a pain in the butt for anyone.
Indian Navy - They rank lower as they are still in the process of modernizing and figuring out their overall strategy. A series of naval accidents and a limited sub-surface fleet doesn't help them either. India, like China is still learning the naval aviation game and in terms of both quality and quantity it is lagging behind the other contenders. The IN doesn't have the power-projection capability of the other nations listed and its amphibious assault capabilities are really, really limited in scope.
They're making progress, each of the listed nations is, but I would like to see more effort put into the submarine fleet.
ROKN - The ROKN is a more limited JMSDF. Strong, but not up to the technological or tactical strength of the JMSDF. Their submarines are more limited. Their naval aviation less experienced, their amphibious landing capabilities very weak. Their destroyer force is small, but growing in size. Their most plentiful naval vessel is the Pohang-class corvette. This isn't a navy with can project-power, I'm unsure it can even successfully defend the ROK from a nation like Japan.
These are my top 5, but the undisputed king in Asia is still the US 7th Fleet!
United States Seventh Fleet - Wikipedia, the free encyclopedia