All Companies except:

1. Banking Companies.

2. Insurance Companies.

3. NPO Companies (Section 8 Company).

4. One Person Company.

5. Small Company (Paid Up Capital upto INR 50 lakhs AND Turnover upto INR 200 lakhs).

6. Private Company (not within any Group Companies) having UPTO INR 1 crore (Capital and Reserves), INR 1 crore (Borrowings) and INR 10 crores (Sales).

Further to note that CARO is not applicable for Consolidated Financial Statements of a Holding Company.