Incorporated as a public limited company in Feb.'89, Veera Treatwood and subsequently change its name to V R Woodart in May, 98, was promoted by the Kerala-based Veera Group jointly with the Technology Development & Information Company of India (TDICI), a venture capital fund promoted by ICICI and UTI. The company manufactures and exports high-quality treated, finger jointed, glue laminated boards. It is a 100% EOU. The company's manufacturing facilities are located at Kakkanad (Cochin), Kerala. In 1992, it undertook a project to add certain new lines of products like mug tree, towel holder, kitchen board, cutting board, etc, to the product line, in order to broad base and widen the company operations. It came out with a public issue in Oct.'92 to part-finance the project. The company is continuously making losses due to uneconomical levels of production arising from paucity of working capital. In order to overcome the persistent financial problems, the company made a rights issue of partially convertible debentures for Rs.495.23 lacs. The turnover of the company leapfrogged from Rs.7.03 lacs in the previous year to Rs.140.40 lacs in the current year i.e. 1999-2000.