Home / Knowledge / News / Fashion / CY provides update on Production Volume at Tengzhou Plant
CY provides update on Production Volume at Tengzhou Plant
Apr '08
CY Oriental Holdings Ltd, a value-added supplier of apparel and fashion products to leading international brands and retailers, reports preliminary financial data for the fourth quarter and fiscal year, 2007. The preliminary financial data has been approved by management and has been reviewed by the Audit Committee of the Company.

The Company reports that its days sales outstanding (DSO) increased to 200 days as at December 31, 2007. For comparison purposes, the Company's DSO was 180 days as at the end of the third quarter of fiscal 2007 and 152 days at December 31, 2006.

The increase in DSO is mainly attributable to higher receivable balances for the Company's two largest customers. CY Oriental has since negotiated and implemented a payment schedule with one of these significant customers that, if satisfied, will fully retire the overdue portion of the account receivable outstanding by the end of fiscal 2008.

The first payment under the payment schedule amounting to US$500,000 was received in March 2008. As the account receivable from this customer had been assigned to a finance company for working capital purposes, the Company has negotiated and is finalizing an agreement with the finance company to accommodate the revised repayment schedule with this significant customer.

In addition, certain new sales to the other significant customer are supported by letters of credit rather than on an open account basis. Arising from the Company's ongoing review of its accounts receivable, CY Oriental has made an allowance for doubtful accounts in the amount of $2.0 million as at December 31, 2007.

Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Top executives
Textile industry

It will take some time for the people to change their buying choices

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search