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There is a private limited company who has commission income from shipping companies.it has also registered a company of dairy products as sub unit. but in the F.Y. 2012-13 there is no income in the sub unit as its construction is work in progress. So how to account for it is consolidation of accounts apply for this. Whether sub unit is considered as subsidiary company. Directors are same in both the companies.What are the audit report disclosures in such a case. Whether CARO is applicable. Turnover is Rs. 66 lacs. There is no outstanding banking loan.net worth is around Rs.150000
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