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.