30 October 2012
CARO is applicable to all the companies including foreign companies except following:
1. Banking Company
2. Insurance Company
3. Private Company having paid up capital and reserves not more than 50 Lacs which does not have loan outstanding exceeding rupees 25 Lacs from any bank or financial institutions and does not have turnover exceeding 5 Crores any any point of time duing the financial year.
CAclubindia
