Novagold Petro-Resources Limited
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BSE Code:
531791
NSE Code:
Business Profile
Business Profile
NovaGold Petro-Resources (NOVAGOLD) is engaged in the business of bottling liquefied petroleum gas (LPG) and consultancy. It was incorporated on May 09, 1994 as a private limited company and converted into a public limited company on May 02, 1995. Earlier known as Osian LPG Bottling, it got its present name with effect from Jun. 13, 2007.
Located at Vadodara in Gujarat, the bottling plant bottles LPG in cylinders for domestic and industrial purposes. It has commenced trading activities in commodities and provides consultancy for setting up LPG bottling business, biogas plants in rural areas, and other related businesses.
The registered office is at GF-20/21, Alankar Tower, Opposite Hotel Kalyan Sayajigunj, Vadodara-390005, Gujarat.
Financials
NovaGold Petro-Resources registered a steep drop of 52.17% in net profits of Rs 0.11 million for the quarter ended June 2008 from a profit of Rs 0.23 million for the quarter ended June 2007.
Net sales declined 9.27% to Rs 2.35 million for the quarter ended June 2008 from Rs 2.59 million for the quarter ended June 2007.
Total income dipped 19.80% to Rs 2.35 million from Rs 2.93 million for the quarter ended June 2007.
Recent Developments
08-JAN-08
On Jan. 07, 2008, the board of directors approved the resolution for exploring the possibility of diversifying into the business related to cultivation of jatropha and production and sale of jatropha seeds or bio-diesel.
The board approved the resolution for issue of compulsorily convertible warrants of Rs 24 million to various investors through preferential issue along with the resolution for increase of authorized share capital of the company from Rs 70 million to Rs 80 million.
Future Plans
The company is considering new developments like setting up auto gas outlets. It has ventured into discussions for technology and marketing with organizations in India and abroad.