Mangal Credit and Fincorp Ltd - Stock Valuation and Financial Performance

Tak Machinery and Leasing company is engaged in the financing and investment activities in India. It also involves in the production and trade of cranes, hoists, and spares. The company provides electric and pneumatic hoists, and cranes. Tak Machinery and Leasing is based in Mumbai, India.

Milestones:

• 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, 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. Another, 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.