Century Plyboards, one of the largest plywood manufacturers in the country, has written-off its entire investments in its subsidiary P T Century Ply Indonesia. Consequently, P T Century Ply Indonesia has also ceased to be a step-down subsidiary of Century Plyboards (India) Ltd. (CPIL) with effect from April 5, 2018.
P T Century Ply Indonesia was incorporated with the objective of exploring the possibilities of trading in timber, manufacturing and trading in plywood, etc. in Indonesia. However, after a detailed analysis of the current industrial and marketing scenario in Indonesia, the proposition has not worked out to be presently viable, the company said in a release.
P T Century Ply Indonesia has not made any business turnover since its incorporation and its net-worth constituted only a negligible part of the consolidated net worth of CPIL. Further, writing-off of the aforesaid investments by Century Ply Singapore Pte. Ltd. would have no material implication on its functioning or that of CPIL.