CARO,2003 Applicablity
This query is : Resolved
CA Sanjay Baheti
(Querist)
22 June 2011
In case of Private Limited Company whose manufacturing plant is under installation Stage & satisfying the Following Conditions as under:-
i) The Paid up Share capital & Reserves(being Share premium Account) as on 31.03.2011 is Rs.9 lacs & Rs.32 Lacs respectively.
ii) The outstanding Term Loan from Bank Balance is Rs.80.49 lacs.
iii) As the Plant is under Installation Stage hence the Turnover is NIL.
Now query is whether CARO is applicable to said company for the purposes of Statutory Audit Report.
i) The Paid up Share capital & Reserves(being Share premium Account) as on 31.03.2011 is Rs.9 lacs & Rs.32 Lacs respectively.
ii) The outstanding Term Loan from Bank Balance is Rs.80.49 lacs.
iii) As the Plant is under Installation Stage hence the Turnover is NIL.
Now query is whether CARO is applicable to said company for the purposes of Statutory Audit Report.
Aditya Maheshwari
(Expert)
22 June 2011
Yes caro will be applicable since it will not fall in the exemption and since all the three conditions for exemption are not satisfied.
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