Applicability of CARO- Check before Report finalization:
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.