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Sumeet Machines Ltd.

BSE: 517479 Sector: Consumer
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Sumeet Machines Ltd. (SUMEETMACH) - Company History

Sumeet Machines was incorporated on 5 Sep.'84. It was promoted by Ajay Mathur and Vivek Mathur who also have interests in Sumeet Hire Purchase Pvt Ltd. The company is managed by Ajay Mathur, chairman and managing director. Sumeet came out with a public issue of 28 lac equity shares (premium : Rs 40) aggregating Rs 14 cr in Jul.'94. The object of this issue was to raise funds for the modernisation of existing facilities, and expansion of capacity of mixers and food processors, facilities for the launch of wet and dry vacuum cleaners, roller irons, setting up of showrooms/service centres at Mumbai, Pune, Madras, etc, and to augment long term working capital resources. The total project cost is estimated at Rs 21.97 cr. Sumeet is one of the largest manufacturers of mixers and food processors in the organised sector. Its range of products include mixers, food processors, washing machines and vacuum cleaners. It has plans for an alliance with Electrolux, Sweden, to manufacture washing machines and dishwashers. Export earnings during 1994-95 amounted to Rs 39.74 lac. The company faced a setback when a Supreme Court injunction restrained it from using the brand name Sumeet following a family feud. It has since then changed its brand name to Discus.