S.P. Apparels Limited (SPAL) is one of the leading manufacturers and exporters of knitted garments for infants and children in India. The company has integrated manufacturing facilities which provides end-to-end garment manufacturing from greige fabric to finished products. The company also manufactures and retails menswear garments in India under the brand `Crocodile'. SPAL's business consists of two main divisions - (i) garments division for manufacture and the export of knitted garments for infants and children; and (ii) retail division for manufacture distribution and marketing of products in India under the brand name `Crocodile'.SPAL has two subsidiaries viz. Crocodile Products Private Limited (CPPL) and S. P. Apparels (UK) Private Limited (SPUK). CPPL which is a joint venture between SPAL and Crocodile International Pte. Ltd. (CIPL) is engaged in the business of inter alia establishing and managing units to manufacture trade deal import and export garments and has entered into a technology license agreement with CIPL for the exclusive manufacture distribution and marketing of menswear under the trademark `Crocodile' in India. SPUK was incorporated in 2014 to explore possible marketing opportunities and engage in trading activities with new customers in the United Kingdom Ireland and other European countries. SPAL operates on a hub and spoke business model which includes 24 manufacturing facilities as of June 2018 in and around Avinashi Tamil Nadu and within 125 km from the corporate office. The wide range of infrastructure and machinery at the company's facilities for the production of yarn dyeing of fabric sewing cutting printing embroidery and finishing of garments enables the company to service its customers with multiple bulk orders in a timely manner. The proximity of the company's manufacturing facilities and an integrated set-up allows the company to optimize its operations and services customers in a timely manner.S.P. Apparels came out with an initial public offer (IPO) in August 2016. The IPO included 8022388 equity shares as fresh issue and 900000 equity shares by way of Offer for sale by New York Life Investment Management India Fund (FVCI) II LLC.During the financial year ended 31 March 2016 the company added 120 new sewing machines. The Processing Division achieved 85% utilization of its capacity. The embroidery and printing factories achieved 90% of their capacities during the year. The efficiency level of the factories of the Garment Division has shown improvement in the range of 5% to 10% during the year under review. The retail division has shown significant growth in terms of increase of retail stores to 40 across the country.During the year under review the company converted 7249454 numbers of 6% Compulsorily Convertible Preference Shares (6% CCPS) of Rs.10/- each and issued 345212 equity shares of Rs.10/- each paid up (including a premium of Rs.200/-) per share and allotted the same in favour of M/s. Euro Asia Agencies Limited Hong Kong.During the financial year ended 31 March 2017 S.P. Apparels increased the capacity of yarn production by adding a few machines. During the year under review the company balanced its dyeing and finishing capacities by adding a compacting machine. During the year under review the company added 300 new sewing machines. During the year the company's retail business grew due to increase in the number of stores and change in the product mix offered to customers. During the year under review growth in the company's garment division was supported by the increase in capacities and increase in customer demand. Higher growth led to increase in margins. Increase in capacity of the garment division was due to setting up of new factories as also increase in capacities of the existing factories. During the year under review the company re-aligned its product mix of the garment division. This new product mix also helped the garment division improve worker efficiency and this contributed to revenue growth of the division. The company's Large Format Stores' sales also grew substantially due to opening up of new outlets. The company's products were well accepted in all regions and its partners offered it more space looking at the brand's performance. E-commerce business posted good growth as the company targeted quality conscious customers. During the year under review S.P. Apparels' subsidiary S. P. Apparels (UK) Private Limited (SPUK) started business relationship with some new customers and also started working on new products.