I think, 3 different formats will have significantly different order, because surprisingly some teams are exceptionally good in one format - for example SRL in T20. Putting 1, 2, 3, 4 doesn't give the real picture. If I am to give points out of 10, this'll be my standing -
Test:
IND 7, PAK 6, BD 3, SRL 2
None of the teams are actually that good in Test. IND heads the table mainly due to rolling teams at home, but I expect them at similar receiving end at least in AUS, SAF & ENG. At the same time PAK lost a Test at UAE to a WI side which won't save a single Test against IND C in Asia. Clearly better bunch of the 2, but IND ahead because of mainly their ruthlessness - they might have similar outing in AUS/SAF like PAK, but won't allow WI or NZ to win a Test at home.
BD is clearly better Test team than SRL, not because we are great (or just have won a Test), rather SRL is absolutely at rock bottom - it's almost a one man team. In this series, SRL got a bit lucky with 2 toss (Gale is probably the most one sided venue to toss winners); while to our misfortune, the guy taking the 1st Test away was out 1st ball to a no ball. May be, SRL was a bit under strength without Angelo, but with him comes his Captaincy, which net net balances out. Against a SAF side without AB & Styen, SRL would have lost all 3 Tests by innings inside 2.5 days had SAF enforced the follow-on. I expect BD to beat SRL comprehensively at home.
ODI:
IND 6, PAK 5, BD 5, SRL 4
IND actually is relatively a poor ODI team than they look - it's almost Virat or bust. One reason is that their main 2 weapons in Test are at best decent in ODI. Overall IND's fielding, fitness, running between the wicket, game intelligence is better hence they are ahead of PAK, but I do believe that Sarfu's PAK will be almost neck a neck with IND.
Overall, we are a better ODI team than PAK, but missing one good bowler. I think, contest with current PAK team will be really close everywhere barring AUS, where PAK should have the edge for faster attack, while in Asia, we are better. I personally take our batting best as a combined force without the individual brilliance of Virat & oblate (Sharjeel), but this lineup isn't dependent on one player firing, rather it has a tendency to choke under pressure. SRL is poor, but decent at home, still they'll lose to us at home & won't compete much away.
T20:
IND 6, SRL 5, PAK 5, BD 2
None of the teams are that good in T20, but India's overall game is more compact - they won't lose regulation matches or from a dominating position. I do think that PAK actually is slightly better T20 team, but they have a tendency to lose soft matches & now absence of Sharjeel has to be factored - that's why on same point, but SRL has the better capacity to win from tight spot like they recently did in AUS & SAF. Both times hosts were under strength, so it was easy for SRL & I do think PAK also would have won at least 3 of the 6 matches, but they would have bolted one match from winning position.
We are not that good a side in T20 - may be at home with spin attack, can keep teams under 170 sometimes, which is our batting maximum.
Overall, it's like -
IND 7, PAK 6, BD 4.5, SRL 3.5
It'll change soon - may be in a year or two, we should reach 6+ level.