Acquisition of an Indian motorcycle brake hose business and strengthening of its business foundation
First written in FY2019-Q3. 1 of 3 entries say "Restated". Latest entry: FY2022.
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- FY2022WorsenedAnnual report
「Due to declining profitability at NICHIRIN IMPERIAL AUTOPARTS INDIA PVT., LTD., we decided to recognize ¥126 million in impairment losses on customer-related assets.」
In the Indian two-wheeler brake-hose business, ¥126 million in impairment losses on customer-related assets was recognized due to declining profitability. - FY2019RestatedAnnual report
「Under a joint venture agreement signed on 17 December 2018 with Indian automotive-parts manufacturer and distributor IMPERIAL AUTO INDUSTRIES LIMITED, NICHIRIN IMPERIAL AUTOPARTS INDIA PVT., LTD. (NII) acquired the rubber brake-hose business for two-wheelers in India on 30 September 2019.」
The acquisition of the Indian two-wheeler rubber brake-hose business described in the third quarter was confirmed in the business-combination note, including customer-related assets of ¥332 million and five-year amortization. - FY2019-Q3First statedAnnual report
「Under a joint venture agreement signed with Indian automotive-parts manufacturer and distributor IMPERIAL AUTO INDUSTRIES LIMITED (hereinafter, Imperial) on 17 December 2018, NII acquired the rubber brake-hose business for two-wheelers in India on 30 September 2019. The Indian two-wheeler market is growing steadily and is expected to offer further expansion opportunities for our two-wheeler business, partly because regulatory revisions requiring ABS have increased the installation rate of brake hoses. The acquisition was intended to strengthen our business base in India by leveraging Imperial's sales network among domestic Indian manufacturers and its expertise in labor management of local employees. NICHIRIN IMPERIAL AUTOPARTS INDIA PVT., LTD., our consolidated subsidiary, conducted a third-party allotment of new shares totaling INR 176,126 thousand on 30 September 2019, with Imperial as the subscriber. Capital was INR 258,300 thousand, capital surplus was INR 72,826 thousand, and the ownership ratio was 60% for our company and 40% for Imperial.」
On 30 September 2019, we acquired the rubber brake-hose business for two-wheelers in India and introduced measures to strengthen the Indian business base by leveraging Imperial's sales network and labor-management expertise. Following the third-party allotment of INR 176,126 thousand, the ownership ratio was 60% for our company and 40% for Imperial.