Shree Krishna's auditor can't find the books. Its board says the audit is clean.
The company's statutory auditor filed a disclaimer of opinion, the worst possible outcome. In the same document, the board declared the audit was unmodified. The two statements contradict each other.
— 1 earlier story on Shree Krishna Infrastructure Ltd. →What's new
- Operational revenue collapsed to ₹3.44 lacs from ₹79.55 lacs the prior year.
- Auditor NKSC & Co. issued a disclaimer of opinion after a management change.
- The board's filing claims the auditor gave a clean, unmodified opinion.
Why this matters
An auditor's disclaimer of opinion is a red flag. A company board issuing a filing that contradicts its own auditor's attached report is a different kind of red flag. The company provided no financial records, and the board is claiming the audit is clean. This is a direct, documented governance failure.
What we're watching
- Whether the stock exchange queries the contradictory filings.
- If SEBI opens a probe into the disclosure mismatch.
- Whether the company produces the missing audit trail.
The full read
Shree Krishna Infrastructure reported operational revenue of just ₹3.44 lacs for the year, down from ₹79.55 lacs. Its ₹9.32 lacs net profit came entirely from other income. The real story is in the audit. The company's statutory auditor, NKSC & Co., filed a disclaimer of opinion, the worst possible outcome, because management changed and the new team produced no records. In the same document, the company's board declared the auditor gave an unmodified opinion. That's a clean report. The two statements cannot both be true. The auditor says it can't find the books. The board says everything is fine. One of them is wrong, and the filing proves it.
Questions answered
- What did the auditor actually say?
- NKSC & Co. filed a 'Disclaimer of Opinion,' stating it could not obtain sufficient evidence to verify the company's financial records after a change in management. This is the most negative form of audit report.
- How did the company describe the audit in its filing?
- The board's declaration in the same filing claimed the auditor had issued an 'unmodified opinion,' which is a clean, unqualified report. This flatly contradicts the auditor's own attached report.
- What was Shree Krishna's revenue?
- Operational revenue was just ₹3.44 lacs for the year, down from ₹79.55 lacs in the prior year. The reported net profit of ₹9.32 lacs came entirely from other income, not operations.
- Why is this particularly concerning?
- The company failed to provide accounting records to its own auditor, then issued a public filing mischaracterizing the audit result. For a company with a ₹13 crore market cap, this combination points to severe internal control failures.
Story so far
All notes on SKIFL →- 29 May 2026 · 6:21 PM IST Shree Krishna's auditor can't find the books. Its board says the audit is clean.
- 1d ago Shree Krishna's auditor disclaims the books. The board says the audit was clean.