Regarding Internal Audit applicability

Suresh (Article Student) (22 Points)

18 August 2017  
if the pvt company having loan of Rs 55cr and 52cr from the bank and financial institution respectively. whether internal audit is applicable for such company??
my doubt arise because loans or borrowings from banks or financial institutions 100 Cr or more during preceding financial year.

as the words. banks or financial institutions are used hence I assumed that the. criteria is not as the words they not used "or both". whether it is correct??