BMI is misleading.
I would agree with the poster above that waist to hip measurement may be a better alternative. The 40" threshold looks high though, I'd personally put it around 36" considering an Asian frame.

In the end, if you look in a mirror and look fit, you're golden.

True. A lot of Olympic athletes are considered fat if judged based on BMI, but that is because of their muscle density. Viewed externally, they are the fittest people on the planet.