| YEAR EVENTS
1961 - The Company was incorporated at Mumbai. The main object of the
Company is to manufacture wide range of lifting & hoisting
equipments. The main items to be manufactured electric overhead
travelling cranes, hoist, bucket elevators, screw conveyors, flat
conveyors, etc. In addition, the Company is engaged in
structural fabrication work, production of gray iron castings &
leasing equipment.
1962 - The Company entered into a ten-years technical collaboration
agreement with Fellows Brothers, Ltd., of England for manufacture
of electric hoists and chain pulley blacks. Technical
Collaboration Agreement was also finalised with Naylor Brothers,
Ltd. of U.K., for manufacture of conveying equipment and
martonair, Ltd., of U.K., for manufacture of air hoists.
1963 - 25,500 of shares were reserved for directors & their relatives
and 24,500 shares were offered for public subscription.
1965 - A technical collaboration agreement was concluded with Ursvikens
Nekanisks Verkstads AB, Sweden, for the manufacture of press
brakes and another collaboration agreement with Nuquip, Ltd., of
U.K., for the manufacture of airline equipment like filters,
lubricators, pressure regulators and automatic drain valves.
- 336 No. of Equity shares forfeited for non-payment of calls.
1966 - 105 No. of Equity shares reissued out of the forfeited shares.
10 No. of Equity shares reissued out of the forfeited shares.
1971 - 5 No. of Equity shares reissued out of the forfeited shares.
1973 - The Government approved the collaboration agreement entered into
by the Company with Fellows Stringer, Ltd., England, for the
manufacture of flameproof electric hoists. In order to meet the
needs of the expansion, a new plant was being set up at Vatwa
near Ahmedabad.
1979 - A part of the plant and machinery at Ambernath was disposed of.
Following the closure of Ambernath plant, operations at Vatwa
plant was stepped up to meet the requirements of the order book.
1982 - There was marginal decline in sales turnover.
1983 - The production was adversely affected due to labour unrest,
strike and go-slow for a period of about two months. Sales also
suffered a substantial decline on account of continued demand
recession.
1991 - However, the working of the manufacturing division was affected
adversely on account of cost escalation and intensified
competition from small scale sector.
- 19,914 Rights Equity shares of Rs.100 offered (premium
Rs.50, prop. 2:5 all were taken up). Another 996 No. of Equity
shares of Rs.100 (premium Rs.50) issued to employees on equitable
basis.
1992 - The performance of the manufacturing division continued to
decline due to demand recession on one hand and the escalating
input costs on the other.
2005
-The Company recommended dividend @ 20% on equity shares
2006
-The Company has recommended 20 % dividend on equity shares.
-Board of Directors appointed Dr D S Mahadevia, as a Chairman of the Company.
2007
-The Company has recommended 20% dividend on equity shares.
2008
-The Company has recommended 20% dividend on equity shares
2009
-The Company has recommended 40% dividend on equity shares.
2010
-The Company has recommended 20% dividend on equity shares
2011
-Registered Office of the Company shifted from Janmabhoomi Bhavan, 4 floor, Janmabhoomi Marg, Fort, Mumbai - 400 001 (Maharashtra) to 308, Maker Bhavan No.III, 21, Marine Lines, Above Balwas Restaurant, MUMBAI 400 020 (Maharashtra).
-The Company has recommended 20% dividend on equity shares
2012
-The Company has recommended dividend of Rs. 2.50 on Equity share of Rs. 10/- each i.e. @ 25%.
2013 -The Company has recommended dividend of Rs. 2/- per share (i.e. @ 20%). -The Company has changed its name from Tak Machinery & Leasing Ltd. to Mangal Credit And Fincorp Ltd.
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