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Sunshield Chemicals Ltd. Company History and Annual Growth Details

The Company was incorporated on 19th November 1986 as a Private Limited Company in the name of SUNSHIELD CHEMICALS PRIVATE LIMITED in Maharashtra. On 28th May 1992 the Company became a Public Limited Company and changed its name to SUNSHIELD CHEMICALS LIMITED vide resolution passed at the Extra-ordinary General Meeting held on 3rd April, 1992.

The Company was originally promoted by Mr.Satish M. Kelkar alongwith his then co-promoter Mr. C. M. Kelkar and his three sons. On 27th May 1994 the shareholding pattern was changed wherein Mr.Satish M.Kelkar continued to be promoter and Mr. Vinaykumar Patwardhan, a Brazil based NRI joined Mr. Satish M. Kelkar as co-promoter. The Board of Directors
was recast on 17th June 1994.

The Company commissioned its operations on 17th October 1987 to manufacture 900 tpa of Ethylene Oxide Condensates(EOC). The expansion / diversification/merger project was appraised by ICICI and funded by ICICI, SICOM and Saraswat Co-operative Bank. In September 1990, the
capacity was increased to 2100 tpa. Subsequently the Company's EOC capacity was increased to 3000 tpa from 7th April, 1993. The capacity increased to 4500 tpa from 17th September 1994, with an additional 1500 tpa capacity of EOC acquired as a result of takeover as going concern of M/s. Atsuan Chemical Corporation (Atsuan).

The Company also undertook a backward integration-cum-diversification project by putting up a continuous distil lation 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 July,1994. 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 of M/s Dimple Chemicals & Services (Dimple), then situated at Plot A3/A4 MIDC Chemical Zone, Ambernath, effective April, 1993 thereby adding a capacity of 1680 tpa of Sulphonates, Esters and Amides. The Company acquired a capacity of 1200 tpa of Sulphonates, Sulphates, Esters, Amides as a consequence of takeover as going concerns of business of M/s Kamal Chemical Industries (Kamal) effective 17th September, 1994.

The merger / takeover of Atsuan Chemical Corporation (Atsuan) and Kamal Chemical industries (Kamal) as going concerns was completed, effective September 17, 1994, by executing two separate deeds of transfer of businesses between Atsuan and Kamal and the Company dated 20th October
1994 and both effective 17th September, 1994. The purchase consideration paid was Rs. 46 lakhs in the case of Atsuan and Rs. 27 lakhs in case of Kamal, in addition to the takeover of liabilities of the two firms, the Company as a consequence of this merger, added Fixed Assets worth Rs 183
lakhs from Atsuan & Rs 103 lakhs from Kamal aggregating Rs.286 lakhs and the total purchase consideration have been apportioned into various Fixed Assets through the Report No.94042/GB dated 10th November, 1994 conducted by M/s. Universal Surveyors & Adjustors Pvt. Ltd., a recognised firm of valuers and surveyors.

Since only the businesses of Atsun and Kamal were taken over by the Company and not the firms themselves, the firms continue to exist, under the same name and style, under the provisions of Indian Partnership Act, 1932, and are in the business of investment and trading. The Bankers of the firms whose business have been taken over by the Company as
above and the Bankers/Financial Institutions of the Company are aware of the transaction/take over of business as indicated here.

The Company has blending/formulations capacity for manufacture of speciality chemicals -3000 tons at Ambernath and 10000 tons at Rasal.

The Company has its R & D Centre at Ambernath which is recognised by Department of Science and Technology, Government of India.

Information regarding the Company's manufacturing facilities, products and the installed capacities are given below:

Manufacturing Units
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Sr.No. Location Products Installed
Capacity (tpa)
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1. Village Rasal, Alkyl Phenol incl. Nonyl Phenol 3,000
Taluka Sudhagad, Ethylene Oxide Condensates 4,500
District Raigad. Blends/Formulations 10,000
Sulphonates/Sulphates/Esters/Amides 1,200

2. Ambernath Blends/Formulations 3,000
District Thane Sulphonates/Sulphates/Esters/Amides 1,680
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The Company had not faced/is not facing any labour problems or closure.

2002-Sunshield Chemicals Ltd has informed that Mr Devdatta Buche, Company Secretary has resigned from his post w e f September 16, 2002 and that Ms Aarti Kamath has been appointed as Company Secretary and Compliance Officer w e f September 30, 2002.

-Sunshield Chemicals Ltd has bags five-year contract from German chemical giant Altana Chemie AG to supply electrical enamel insulation material.
 
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