Home / Knowledge / News / Fashion / CY provides update on Production Volume at Tengzhou Plant
CY provides update on Production Volume at Tengzhou Plant
04
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

Courtesy: Amazon

Apparel/Garments | On 23rd Sep 2018

Consumers in Turkey get access to Amazon

Amazon has launched in Turkey giving customers in the country...

Value in omni-channel retail with Flipkart buying: Walmart

Apparel/Garments | On 23rd Sep 2018

Value in omni-channel retail with Flipkart buying: Walmart

With the acquisition of Flipkart, Walmart sees great value in...

E-com to result in common SE Asian consumer market: BCG

Textiles | On 23rd Sep 2018

E-com to result in common SE Asian consumer market: BCG

The rapid spread of e-commerce and digital technologies is binding...

Interviews View All

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

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

news category


Related Categories:

Advanced Search