Mangal Credit & Fincorp Ltd

Mangal Credit & Fincorp Ltd

Mangal Credit & Fincorp Ltd (Formerly known as Tak Machinery and Leasing Ltd) was incorporated in December 1961. The Company is emerging as a trusted non-banking financial company based out of Mumbai Maharashtra. Presently it is engaged in business of providing various type of loans to different type of customers. In 1962-63 the Company entered into a ten-year 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. In 1965-66 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. In 1973-74 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. The cost of the plant was estimated at Rs. 40 lakhs. This factory was completed during 1974-75.In 2015-16 the Company allotted 7044075 fully paid up Equity shares of face value Rs. 10/- each through a bonus issue on 9 December 2015 in the ratio of 5 Bonus Equity Shares of Rs. 10/- each for every 1 fully paid-up Equity Share of Rs. 10/- each. Similarly it issued 7361096 equity shares to promoters and non promoters category constituting 46.55% of the post issue share capital of the company through preferential allotment at a price of Rs. 36.45 per share aggregating to 2683.12 lac. The proceeds of the preferential allotment were utilised towards the repayment of equivalent debt primarily for expansion and for future growth of the business.Mangal Buildhome Private Limited and Mangal Global Marbles Private Limited ceased to be Company's subsidiaries during year 2018-19.During the year 2019-20 Mangal Compusolution Private Limited; Mangal Mines and Minerals Private Limited; Satco Capital Markets Limited and Indtrans Container Lines Private Limited ceased to be Company's subsidiaries.