SPAL manufactures and exports knitted garments for infants and children. Exports constitute ~86%, 84% and 79% of SPAL's total revenues over FY16, FY15 and FY14, respectively. In addition to the same, top five customers comprise ~95% of total revenues. In the absence of long-term supply agreements, we believe this client concentration is a major risk. Furthermore, with the new textile policy promoting smaller manufacturing units, there would be increased competition, which may lead to tepid volume growth and competitive pricing....