Liquidation of MIPOX Precision Polishing Product (Shanghai) Co., Ltd. and consolidation of manufacturing sites
First written in FY2020. 1 of 4 entries say "Advanced", first in FY2021-Q3. Latest entry: FY2024-Q1.
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- FY2024-Q1RestatedAnnual report
「MIPOX Precision Polishing Product (Shanghai) Co., Ltd., formerly a consolidated subsidiary, completed its liquidation in April 2023 and was therefore excluded from the scope of consolidation from the first quarter of the current consolidated accounting period.」
The company reconfirms that the liquidation of the Chinese subsidiary was completed in April 2023 and that it has been excluded from the scope of consolidation from the first quarter of the current consolidated accounting period. - FY2023Liquidation of the Chinese subsidiary completed; liquidation of the Thai subsidiary ongoingAnnual report
「MIPOX Precision Polishing Product (Shanghai) Co., Ltd., a consolidated subsidiary, completed its liquidation in April 2023. MIPOX Asia Pte. Ltd. and Mipox (Thailand) Co., Ltd. are undergoing liquidation procedures.」
The liquidation of the Chinese factory and subsidiary was completed in April 2023, while the Thai subsidiary and other entities are undergoing liquidation procedures. - FY2021-Q3AdvancedAnnual report
「At a meeting of its Board of Directors held on 9 February 2021, the company resolved to relocate part of the factory of its consolidated subsidiary MIPOX Malaysia Sdn. Bhd. In connection with this relocation, after examining the future recoverability of existing assets expected to be derecognized at the time of relocation, the company reduced their carrying amounts to their recoverable amounts and recognized an impairment loss of ¥61,720 thousand as an extraordinary loss.」
As part of its efforts to consolidate and improve the efficiency of manufacturing sites, the company resolved at a Board of Directors meeting to relocate part of the factory of MIPOX Malaysia Sdn. Bhd. and recognized an impairment loss of ¥61,720 thousand on related assets. - FY2020First statedAnnual report
「At a meeting of its Board of Directors held on 17 March 2020, the company resolved to liquidate its consolidated subsidiary MIPOX Precision Polishing Product (Shanghai) Co., Ltd.」
The company resolved to liquidate its Chinese subsidiary and recognized an impairment loss of ¥16,234 thousand and a provision for loss on liquidation of affiliated companies of ¥131,531 thousand. It states that it aims to eliminate rising labor costs and country risk in China and improve efficiency and profitability by consolidating manufacturing sites.