KANSAI PAINT CO., LTD. December 27,2023
To Whom It May Concern,
Company name: Kansai Paint Co., Ltd.
Representative: MORI Kunishi,
Representative Director of the Board, President
(Code number: 4613, Tokyo Stock Exchange Prime Market)
Contact: MARUYAMA Kazuhide,
Director, Financial Planning & Analysis Dept. Corporate Finance Div. (Tel. +81-6-7178-5531)
Notice of Transfer of Noncurrent Assets by Subsidiary, and Recording of Extraordinary incomes
Kansai Paint Co., Ltd. (the "Company") hereby announces that Kansai Nerolac Paints Limited of India, a consolidated subsidiary of the Company, will transfer its noncurrent assets as follows, and the gain on the sale of noncurrent assets is expected to be recorded as extraordinary income as a result.
1. Reason for transfer
In order to make effective use of management resources, Kansai Nerolac Paints Limited, a consolidated subsidiary of the Company located in India, has transferred noncurrent assets.
2. Outline of the Company's subsidiary
Name and location | Kansai Nerolac Paints Ltd. | ||
Lower Parel, Mumbai, India | |||
Title and name | of | Managing Director Anuj Jain | |
representative | |||
Description | of | Manufacture and sale of paints | |
Business | |||
Capital | 538,919 | thousand rupees (964 million yen) | |
(74.99% | owned by the Company) |
3. Details of the transferred assets Details and location Land（16,877 ㎡）
of assets | Lower Parel, | Mumbai, India | |||
Use before transfer | Idle | ||||
Transfer price | 7,260,000 | thousand rupees | (12,995 | million yen) | |
Book | value | 500 thousand | rupees (0 million yen) | ||
Gain | on transfer | 6,674,300 | thousand rupees | (11,946 | million yen) |
*1 The above amounts are approximate figures converted at the most recent exchange rate.
*2 The gain on the sale is an approximate amount after deducting the the book value and the estimated cost associated with the transfer from the transfer price.
4. Outline of the transferee
Name | Aethon Developers Private Limited (Subsidiary of Runwal |
Developers Private Limited) | |
Location | 601, Runwal & Omkar Premises CHS Ltd, Opp Sion |
Chunabhatti Signal, Sion (East) Mumbai - 400022 | |
Name of representative | Mr. Pradeep Dwivedi and Ms. Jayshree Taori |
Date of Establishment | July 23,2021 |
Description of Business | Land Development and Real Estate |
Capital | 100 thousand rupees (０ million yen) |
Total Assets | 300 thousand rupees（０ million yen) |
Net Assets | △300 thousand rupees（△０ million yen) |
- There are no capital, personal or business relationships or related parties between the Group and the transferee that should be noted.
5. Schedule of Transfer | |||
Date of resolution of | December 21,2023 | ||
the | Board | at the | |
subsidiary | |||
Date | of | contract | December 26,2023 |
conclusion | |||
Delivery date | March or April,2024 (expected) |
6. Future Outlook and Earnings Forecast
The impact of this event on the consolidated financial results for the fiscal year ending March 2024 has not yet been determined, as the delivery date of the noncurrent assets has not yet been determined, but the gain on the transfer of the noncurrent assets will be recorded as "gain on the sale of noncurrent assets" as extraordinary income. Regarding the impact on the Company's consolidated earnings forecast, we will promptly notify you if there are any matters that need to be announced in the future.
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Kansai Paint Co. Ltd. published this content on 27 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 December 2023 07:05:37 UTC.
