Standalone or financial statements

If the company does not have any subsidiary in India and the audit report is for the single company, then you can write "Report on Financial Statements". If it has subsidiary in India but you are preparing the audit report for a single company irrespective of the financial statements of the subsidiary companies, you can write "Report on standalone Financial Statements".
This is my opinion. Please wait for others to reply

Thanks for the reply

The foreign company has three project offices in India. Will each project office be treated as subsidiary?