We Internet Ltd Company Summary

We Internet Ltd Summary

Incorporated in 1980 as a private limited company, S V Electricals (SVEL) was converted into a public limited company in Sep.93. The company was promoted by M Sundareswaran and Girish Nair. SVEL is engaged in manufacture of aluminium lamp caps and tungsten filaments used in general lighting service (GLS) lamps. Major clients of the company include Philips India, Sylvania Laxman, Surya Roshini, HMT, Mysore Lamps, etc. The company set up an unit for manufacturing lamp caps at Dewas, Madhya Pradesh with an installed capacity of 60 mln pcs pa, in 1982. Manufacturing capacity was increased to 80 mln pcs pa in 1991. The company also set up an unit at Dewas, for manufacturing Tungsten filaments, used in electric lamps, with a capacity of 33.4 mln pcs pa. In 1994, the company had expanded the manufacturing facilities of GLS lamp caps from 80 mln pcs pa to 280 mln pcs pa. For the above project, finance was accumalated by a public issue at a premium and term loans. Production was started in June 95.During 1999-2000, the company has been awarded a certificate of Export Excellence by the Engineering Export Promotion Council, Mumbai in recognition of achieving highest export performance during the year 1997-98 amongst the non SSI exporters in the panel `Electrical & Home Appliances by exporting lamp components. Due to the continuous losses caused by persistant adverse business conditions in the tungsten filament division, the company has decided to dispose off the division.