SUNSHIELD CHEMICALS Share price

The Company was incorporated on 19th November 1986 as aPrivate Limited Company in the name of SUNSHIELD CHEMICALSPRIVATE LIMITED in Maharashtra. On 28th May 1992 theCompany became a Public Limited Company and changed itsname to SUNSHIELD CHEMICALS LIMITED vide resolution passedat the Extra-ordinary General Meeting held on 3rd April1992.The Company was originally promoted by Mr.Satish M. Kelkaralongwith his then co-promoter Mr. C. M. Kelkar and his threesons. On 27th May 1994 the shareholding pattern was changedwherein Mr.Satish M.Kelkar continued to be promoter andMr. Vinaykumar Patwardhan a Brazil based NRI joinedMr. Satish M. Kelkar as co-promoter. The Board of Directorswas recast on 17th June 1994.The Company commissioned its operations on 17th October1987 to manufacture 900 tpa of Ethylene OxideCondensates(EOC). The expansion / diversification / mergerproject was appraised by ICICI and funded by ICICI SICOMand Saraswat Co-operative Bank. In September 1990 thecapacity was increased to 2100 tpa. Subsequently theCompany''s EOC capacity was increased to 3000 tpa from 7thApril 1993. The capacity increased to 4500 tpa from 17thSeptember 1994 with an additional 1500 tpa capacity of EOCacquired as a result of takeover as going concern of M/sAtsuan Chemical Corporation (Atsuan).The Company also undertook a backward integration-cum-diversification project by putting up a continuous distillation plant at Rasal for production of 3000 tpa of Alkyl Phenols. It started trial production of Nonyl Phenol a range of Akyl Phenol from 24th September 1993 and commercial production commenced from 9th July1994. The products of the Company are well accepted in the market. The Company also captively consumes Nonyl Phenol for the manufacture of Ethoxylates.The Company acquired the entire manufacturing facilities ofM/s Dimple Chemicals & Services (Dimple) then situated atPlot A3/A4 MIDC Chemical Zone Ambernath effective April1993 thereby adding a capacity of 1680 tpa of SulphonatesEsters and Amides. The Company acquired a capacity of 1200tpa of Sulphonates Sulphates Esters Amides as aconsequence of takeover as going concerns of business ofM/s Kamal Chemical Industries (Kamal) effective 17thSeptember 1994.The merger / takeover of Atsuan Chemical Corporation(Atsuan) and Kamal Chemical industries (Kamal) as goingconcerns was completed effective September 17 1994 byexecuting two separate deeds of transfer of businessesbetween Atsuan and Kamal and the Company dated 20th October1994 and both effective 17th September 1994. The purchaseconsideration paid was Rs. 46 lakhs in the case of Atsuanand Rs. 27 lakhs in case of Kamal in addition to thetakeover of liabilities of the two firms the Company as aconsequence of this merger added Fixed Assets worth Rs 183lakhs from Atsuan & Rs 103 lakhs from Kamal aggregatingRs.286 lakhs and the total purchase consideration have beenapportioned into various Fixed Assets through the ReportNo.94042/GB dated 10th November 1994 conducted by M/s.Universal Surveyors & Adjustors Pvt. Ltd. a recognisedfirm of valuers and surveyors.Since only the businesses of Atsun and Kamal were takenover by the Company and not the firms themselves the firmscontinue to exist under the same name and style under theprovisions of Indian Partnership Act 1932 and are in thebusiness of investment and trading. The Bankers of thefirms whose business have been taken over by the Company asabove and the Bankers/Financial Institutions of the Companyare aware of the transaction/take over of business asindicated here.The Company has blending/formulations capacity formanufacture of speciality chemicals -3000 tons at Ambernathand 10000 tons at Rasal.The Company has its R & D Centre at Ambernath which isrecognised by Department of Science and TechnologyGovernment of India.Information regarding the Company''s manufacturingfacilities products and the installed capacities are givenbelow:Manufacturing Units----------------------------------------------------------------------Sr.No. Location Products Installed Capacity (tpa)----------------------------------------------------------------------1. Village Rasal Alkyl Phenol incl. Nonyl Phenol 3000 Taluka Sudhagad Ethylene Oxide Condensates 4500 District Raigad. Blends/Formulations 10000 Sulphonates/Sulphates/Esters/Amides 12002. Ambernath Blends/Formulations 3000 District Thane Sulphonates/Sulphates/Esters/Amides 1680----------------------------------------------------------------------The Company had not faced / is not facing any labourproblems or closure.