Company A is 100% held by Company X (a listed Indian entity that prepares CFS under Ind AS available for public use). Company A is unlisted, not in the process of listing, and Company X does not object to Company A not preparing CFS. Under Ind AS 110, Company A:

Para 4(a) — an intermediate parent need NOT prepare CFS if ALL four conditions are met: (i) wholly or partly owned and owners are informed and don't object, (ii) instruments not in public market, (iii) not in process of listing, (iv) ultimate/intermediate parent prepares Ind AS CFS available for public use. All four hold for Company A — exemption available. If Company X used non-Ind-AS GAAP, exemption would NOT apply.