Bhagawati Gases Limited

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BSE Code: 500051       NSE Code: BAGWATIGAS

Business Profile
Business Profile
Bhagawati Gases (BHAGAS) was incorporated on Dec. 10, 1974 as a Public Company. It was originally a transporter of fertilizer by-product liquid oxygen to the Khetri plant of Hindustan Copper from fertilizer plants like Fertilizer Corporation of India and Gujarat Narmada Fertilizers. Subsequently, it was awarded a contract to set up an oxygen plant at Khetri and supply its entire output to the smelter and converter plants of Hindustan Copper. The company?s plant is at Khetrinagar, Rajasthan.

Bhagawati Gases began to supply oxygen to Hindustan Copper through a 1.5 kilometer pipeline and also continued the gas transportation activities. HCL awarded another contract to the company for setting up another plant at Khetri as transportation of gas from distant locations was uneconomic. BHAGAS has entered into an agreement with Sunflag Iron & Steel for setting up an oxygen plant at Bhandara in Maharastra.

The company`s registered office is at Khetrinagar in Rajasthan.

Bhagawati Gases registered a 32.00% growth in net profits to Rs 3.30 million for the quarter ended September 2007 from a profit of Rs 2.50 million for the quarter ended September 2006.

Net Sales rose 2.31% to Rs 39.90 million for the quarter ended September 2007 from Rs 39.00 million for the quarter ended September 2006.

Total income rose 2.77% to Rs 40.8 million for the quarter ended September 2007 from Rs 39.7 million for the quarter ended September 2006.
The earnings per share (EPS) of the company stood at Rs 0.20 in the quarter ended September 2007.

Recent Developments
Bhagawati Gases said that the board of directors have decided to issue 1,022,166 fully paid equity shares of the company of Rs 10 each to IFCI on conversion of 50% of zero rate optionally convertible loan of Rs 20.44 million amount into equity capital. An extraordinary general meeting of the members of the company for aforesaid approval will be held on Dec. 29, 2007.

Bhagawati Gases has signed a Memorandum Of Understanding on November 13, 2007 with ``ROTOR-1`` presenting Design Bureau `Geophyspribor` of Russian Academy of Science for bidding Tender no. - ZA24L07005 of Oil and Natural Gas Corporation for Hiring Of Services for Low Frequency Passive Seismic Survey for Direct Detection of Hydrocarbon in South Kadi Area of Western Onshore Basin in The State Of Gujarat(India).

Other Information
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