K S Oils Limited has submitted to the Exchange, the financial results for the period ended December 31, 2023.
Awaiting price reaction for this filing.
K.S. Oils Limited, which was admitted to Corporate Insolvency Resolution Process (CIRP) in July 2017 and later went into liquidation, has submitted a massive catch-up filing of unaudited and audited financial results covering FY2017-18 through FY2025-26. The company has been acquired by Soy-Sar Edible Private Limited (SEPL) on a going concern basis following an NCLT order dated February 3, 2025, after which it is preparing these historical results under a newly reconstituted board. For the most recently disclosed quarter ended June 30, 2023, revenue from operations was zero, total income was only Rs 150 lakhs (other income), and the company reported a net loss of Rs 904 lakhs with EPS of Rs (0.20). For the full year ended March 31, 2023, the company posted a loss of Rs 3,048 lakhs on total income of just Rs 210 lakhs. The statutory auditor Devesh Parekh & Co. flagged an Emphasis of Matter on continuous losses, completely eroded net worth, current liabilities exceeding current assets, and inability to verify receivables/payables, and ultimately stated they were unable to obtain sufficient evidence to provide any conclusion on the quarterly results.
The stock remains in 'Suspended' status on BSE/NSE (delisted in 2018 during CIRP), pending relisting clearance, so there is no active price discovery for shareholders. The historical financials show a company that was effectively non-operational with massive accumulated losses and unmanageable debt exposure of over Rs 1,51,583 lakhs in unpaid bank interest alone, though the going-concern acquisition by SEPL provides a fresh start and the relisting process is underway.