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.