Applicability of CARO

Ours is a Project Office set-up of the fireign company listed outside India. The only Locas Standi we have is in form of PAN, Service Tax Registration and Shops and Establishment Registration. We are finalising the accounts to be submitted to RBI, an annual requirement. Please someone let me know if CARO is applicable for the Project Office of foreign entity. The foreign entity does not have any other set-up in India.

Only foreign company as defined u/s 591 of the act is coverd under CARO, not project offices, if it is a place of business, then it is certainly applicable. Which entity as mentioned above has PAN, etc.. Please specify.