Rajivlochan auditor flags going-concern doubts. Management claims it didn't.
The statutory auditor issued a disclaimer of opinion. The company's filing says the opposite.
— 1 earlier story on Shree Rajivlochan Oil Extraction Ltd. →What's new
- Shree Rajivlochan reported zero revenue from operations for FY26.
- Auditors issued a 'Disclaimer of Opinion', citing inability to assess going-concern status.
- A management declaration in the same filing erroneously claims an 'unmodified opinion' was received.
Why this matters
The auditor cannot do its job. Management's incorrect claim in the same document signals a severe governance breakdown for a company that already has no operations.
What we're watching
- Regulatory or exchange queries on the contradictory statements.
- Any formal going-concern assessment from management to its auditors.
- Further disclosure on the source of the non-operational income.
The full read
Shree Rajivlochan Oil Extraction has no business left to report. It sold its primary manufacturing plant, and for FY26 it recorded ₹0 in revenue from operations. The only income was non-operational, yielding a net profit of ₹6.87 lacs. The statutory auditors responded to this with a 'Disclaimer of Opinion', the most severe form of qualified report, stating they could not obtain evidence on the company's viability as a going concern. Then, in a flatly contradictory move, management included a declaration in the same filing claiming it received an 'unmodified opinion'. The two statements cannot both be true. One comes from an independent auditor who examined the books. The other comes from the company itself, which has no operations. For a ₹9 crore nano-cap, this is a governance failure that overshadows the dormancy.
Questions answered
- What is the core contradiction in the filing?
- The statutory auditor issued a 'Disclaimer of Opinion', stating it could not verify the company's ability to continue as a going concern. The company's own management declaration within the same report incorrectly states it received an 'unmodified opinion'.
- Why did the auditor issue a disclaimer?
- The auditor could not obtain sufficient evidence regarding the company's ability to continue as a going concern. This follows the company's disposal of its primary manufacturing plant, which left it with zero operational revenue.
- What is the company's current operational status?
- It is dormant. The company reported zero revenue from operations for the full year. Its only income, producing a profit of ₹6.87 lacs, was from non-operational sources.
- How large is the company?
- Shree Rajivlochan Oil Extraction is a nano-cap entity with a market capitalisation of ₹9 crores.
Story so far
All notes on SHRAJOI →- 29 May 2026 · 6:35 PM IST Rajivlochan auditor flags going-concern doubts. Management claims it didn't.
- 1d ago Shree Rajivlochan auditors disclaim on going concern. The company says they didn't.