Promoted by R Ravendran, Shanti Ravendran and their associates, Sarash India Mines and Marines, now known as Virtual Industries Ltd was incorporated as a public limited company on 17 Mar.'95. The proprietory concerns of the promoters -- Sarash India and Sarash Stones, were taken over by the company in Apr.'95, as going concerns.
The company is engaged in the manufacture of granite monuments and processed jelly fish for the international market. Its manufacturing facilities are located at Thirupachur (Chingleput district), Tamilnadu. Granite monuments are being exported to Japan under the Sarash brand name. Processed jelly fish are exported to Taiwan and Japan.
The company proposed to carry out an expansion programme in 1994-95. As a part of expansion, it set up three additional procurement centres at Chettinagarm, Mudhaliarkuppar and Kadappakkam, in Tamilnadu. It also expanded its granite manufacturing activities by setting up a new factory nearby the existing one. The company came out with a public issue in Dec.'95 to part-finance the project.
In 1997-98, the total foreign exchange earning of the company was Rs 422.87 lacs. The company has planned to enter the european market for higher sales during 1998-99.