Please find enclosed herewith Standalone Financial Result along with Auditor Report for year ended March 31, 2023.
Awaiting price reaction for this filing.
K.S. Oils Limited, an edible oil company that has been under insolvency proceedings since July 2017 and was acquired by Soy-Sar Edible Private Limited through an NCLT auction (order dated February 3, 2025), has filed its audited standalone results for FY23. The new auditor Devesh Parekh & Co., appointed in May 2025, issued a Disclaimer of Opinion citing multiple unresolved issues including inability to verify inventory, fixed assets, and recoverability of advances; forensic-audit findings of questionable related-party transactions by the erstwhile management; and pending NCLT adjudications. Revenue from operations was nil for the year; total income of Rs 210 lakh came mainly from other sources, against Rs 64 lakh in FY22. The company posted a net loss of Rs 3,048 lakh (slightly better than Rs 3,402 lakh loss in FY22), with EPS of Rs (0.66). Net worth remains deeply negative at Rs (2,88,248) lakh and total borrowings stand at roughly Rs 2,88,969 lakh. Operating cash flow was negative at Rs (45) lakh.
This is a distressed, previously delisted company now applying for relisting with a severely eroded balance sheet and a disclaimer-of-opinion audit — investors should treat the stock as extremely high risk. The going-concern basis is entirely dependent on the new acquirer's relief package from NCLT, and any failure in revival could leave shareholders with little recovery given the negative net worth.