Mangal Credit & Fincorp Ltd

Mangal Credit & Fincorp Limited, formerly known as Tak Machinery and Leasing Limited was incorporated on December 29, 1961 as ' Tak Machinery Limited'. The name of the Company was changed to 'Tak Machinery and Leasing Limited' on December 18, 1985 and again the name of the Company was changed to Mangal Credit & Fincorp Limited' on May 10 2013. The Company has emerged 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 70,44,075 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 73,61,096 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. The Company reached network of 21 branches as on March, 2024. In March 2025, the Company opened two new branches in Rajasthan, making it the third state after Maharashtra and Gujarat.