BLS Polymers Limited IPO

01At a glance

BLS Polymers IPO date, price band and lot size

• Price band: ₹142 to ₹150 a share, from NSE's issue page; the prospectus leaves the price blank (RHP p.3).
• Lot size: 100 shares, from NSE's issue page; one lot costs ₹15,000 at the upper band (our arithmetic).
• Dates: anchor bidding on Monday, October 26, 2026; the issue opens on Tuesday, October 27, 2026 and closes on Thursday, October 29, 2026 (RHP p.2).
• Size: a fresh issue of up to 1,70,00,000 shares of ₹10 face value; there is no offer for sale (RHP p.1). At the upper band the issue is worth ₹255.0 crore, and ₹241.4 crore at the lower band (our arithmetic, RHP p.1).
• Who gets the shares: a book built issue under Regulation 6(1); not less than 35% of the issue is for retail individual bidders (RHP p.3).
• Lead manager and registrar: Unistone Capital Private Limited is the sole book running lead manager and KFin Technologies Limited the registrar (RHP p.2). CRISIL Ratings Limited is the monitoring agency for the proceeds (RHP p.54).

What the company does: makes custom polymer compounds in 127 grades, used to insulate and sheath wires and cables for telecom, power and railways and to coat underground oil, gas and water pipelines, at one plant in Goa (RHP p.143, RHP p.255). It also trades HDPE and LLDPE resin (RHP p.37).

Who pays it: cable and pipe makers. The largest customer was 31.74% of FY26 revenue and the top ten 66.81% (RHP p.31). Named customers include Advance Cable Technologies, Mantram Industries, Ratnamani Metals & Tubes, Tirupati Plastomatics and Venkateswara Wires (RHP p.31).

Why it is raising money: ₹77.6 crore to expand the Goa plant, ₹89.5 crore for working capital, and the rest for general corporate purposes (RHP p.125).

How fast it has grown: revenue from ₹296.4 crore in FY24 to ₹349.4 crore in FY26, about 8.6% a year, and profit after tax from ₹7.5 crore to ₹27.0 crore, about 89.5% a year (our arithmetic, RHP p.89).

The one thing to understand: profit grew far faster than sales, and two disclosures explain a large part of it. Trade discounts from vendors were 45.18% of FY26 profit before tax (RHP p.61), and resin trading, not manufacturing, was 31.86% of FY26 revenue (RHP p.37).

02The business, in plain words

What BLS Polymers does

BLS Polymers Limited was incorporated in New Delhi on January 16, 1991 as a public limited company (RHP p.3). Its only plant is at Goa, on about 24,220 sq. m. of land, near Mormugao port, with eleven machines (RHP p.255).

A cable or pipe maker needs a compound to a set specification → it places an order with BLS Polymers → BLS mixes base polymers such as HDPE, LLDPE and MDPE with additives, extrudes and pelletises them in Goa → BLS is paid on credit terms, often 60 to 90 days (RHP p.138, RHP p.258).

It makes six product families in 127 grades: PE compounds, XLPE compounds for power cable insulation, halogen free flame retardant compounds, PVC compounds, cable filling compounds, and HDPE and adhesive compounds for three-layer polyethylene (3LPE) pipe coating (RHP p.143, RHP p.258, RHP p.259). It entered pipe coating adhesives in 2022 (RHP p.47). It is phasing out PVC (RHP p.127).

Many customers require the product to be approved first. The company's products are enlisted with a Maharatna power transmission company, a Navratna engineering consultancy, a Miniratna telecom company and the Government of Gujarat, and in May 2026 with a government-promoted city gas company (RHP p.260).

The company also procures and resells HDPE and LLDPE resin: ₹111.3 crore in FY26, 31.86% of revenue (RHP p.37). The prospectus calls this its Trading division (RHP p.410).

Earnings equation: Revenue = tonnes of compound × price per tonne + resin traded. The prospectus gives purchases, not tonnes sold: 34,499.03 tonnes of material bought in FY26 at ₹84,958.50 a tonne (RHP p.147), and production of 23,265 tonnes (RHP p.127).

03Where the money comes from

By division (RHP p.30):

By end use in FY26: telecom 35.10%, water distribution 16.93%, power 14.00%, oil and gas 2.14%, others 31.83% (RHP p.252). By product in FY26: PE compounds 52.71%, XLPE 14.00%, PVC 1.47%, others 31.83% (RHP p.252).

Exports were 4.03%, 8.43% and 5.46% of revenue in FY24, FY25 and FY26 (RHP p.48). Saudi Arabia took 82.64% of FY25 exports and 65.38% of FY26 exports (RHP p.55). Delhi rose from 15.04% of domestic revenue in FY24 to 34.62% in FY26 (RHP p.48).

BLS Polymers customers: how concentrated the revenue is

Source: RHP p.31. The largest customer paid ₹110.9 crore in FY26, against ₹27.6 crore in FY24 (RHP p.31). The top ten are not the same companies each year, and only five are named because the others did not consent (RHP p.31).

Revenue does depend on a few customers: in FY26 one customer was about a third of it and ten were two thirds. Repeat customers gave 96.51% of FY26 revenue (RHP p.42). The company served 190 customers in FY26 (RHP p.31).

04The growth record

BLS Polymers financials: revenue, profit and margins

Source: RHP p.89, RHP p.90, RHP p.147.

Source: RHP p.88, RHP p.147. Borrowings are current plus non-current, our arithmetic.

• Revenue grew about 8.6% a year from FY24 to FY26 (our arithmetic, RHP p.89).
• EBITDA grew about 48.8% a year (our arithmetic, RHP p.147).
• Profit after tax grew about 89.5% a year (our arithmetic, RHP p.89).
• The EBITDA margin rose 623 basis points and the PAT margin 519 basis points (our arithmetic, RHP p.147).

Three months to June 30, 2026: revenue ₹107.0 crore, EBITDA ₹16.2 crore at a 15.15% margin, profit after tax ₹10.2 crore, and operating cash flow of minus ₹6.6 crore (RHP p.89, RHP p.90, RHP p.147). Diluted EPS was ₹1.67, ₹4.69 and ₹5.99 for FY24 to FY26 (RHP p.89).

05What the growth is made of

The company itself splits the revenue change (RHP p.410, RHP p.412):

• Trading division: ₹41.9 crore in FY24, ₹86.8 crore in FY25 and ₹112.4 crore in FY26 (RHP p.412, RHP p.410).
• Polymer division: ₹254.4 crore in FY24, ₹241.6 crore in FY25 and ₹237.0 crore in FY26 (RHP p.412, RHP p.410).
• Exports: down 31.05% in FY26, from ₹27.7 crore to ₹19.1 crore (RHP p.410).

Production at the plant was 23,343 tonnes in FY24, 23,930 in FY25 and 23,265 in FY26 (RHP p.127). Read from the filing: volume made at the plant was flat over the three years, and so was the revenue from manufacturing.

On profit, the company says material and traded goods cost fell from 84.67% of revenue in FY24 to 80.97% in FY25 and 79.90% in FY26, a saving it puts at ₹12.1 crore in FY25 and ₹3.7 crore in FY26 (RHP p.414, RHP p.412). A new risk factor says part of recent performance came from vendor trade discounts of ₹7.1 crore, ₹16.8 crore and ₹16.3 crore in FY24, FY25 and FY26, which were 73.55%, 59.28% and 45.18% of profit before tax, and that these may not be sustainable (RHP p.61).

06Earnings quality

Other income was ₹5.0 crore of ₹36.0 crore profit before tax in FY26 (RHP p.89). In FY25 it was ₹8.3 crore of ₹28.3 crore, and the company says liabilities unpaid for over three years were written back (RHP p.413).

Two parts of the prospectus print different operating cash flows: ₹38.1 crore for FY26 in the cash flow summary (RHP p.90) and ₹35.3 crore in the risk factors (RHP p.36). The prospectus does not explain the gap.

FY26 operating cash flow was helped by a ₹22.7 crore rise in trade payables (RHP p.90).

07The balance sheet

At March 31, 2026 (RHP p.88):

• Short-term borrowings: ₹48.9 crore. Long-term borrowings: ₹2.8 crore.
• Lease liabilities: ₹1.3 crore.
• Cash: ₹0.67 crore, plus other bank balances of ₹1.8 crore.
• Trade receivables: ₹72.7 crore. Inventories: ₹72.6 crore.
• Net worth: ₹94.9 crore.

At June 30, 2026 borrowings were ₹62.9 crore and receivables ₹95.1 crore (RHP p.88). Debt to equity was 2.05 in FY24 and 0.56 in FY26 (RHP p.147). Net debt was about 1.1 times FY26 EBITDA (our arithmetic, RHP p.88, RHP p.147).

Contingent liabilities were ₹9.7 crore at March 2026, of which ₹8.0 crore is a bank guarantee to IOCL (RHP p.91). In FY25 the company gave a ₹9.0 crore letter of comfort for Vinsul Makardi Limited, a group company (RHP p.91, RHP p.93). Capital commitments were ₹1.7 crore (RHP p.91). The company has no credit rating for its debt (RHP p.72).

After the issue: at the upper band the fresh issue adds ₹255.0 crore before expenses to net worth of ₹94.9 crore, and none of it is earmarked to repay loans (our arithmetic, RHP p.88, RHP p.125).

08What the money is for

BLS Polymers IPO objects: what the money is for

Source: RHP p.125, RHP p.126.

Plant expansion: ₹42.9 crore of civil works and utilities and ₹34.6 crore of plant and machinery, mostly twin-screw compounding lines from suppliers in China (RHP p.128, RHP p.131, RHP p.133). It adds 52,050 tonnes a year of PE and XLPE capacity (RHP p.128). ₹11.8 crore was already spent by August 31, 2026 from internal accruals and borrowings and is to be repaid to the company from the proceeds (RHP p.126). Commercial production is scheduled for March 2028 (RHP p.135).

Working capital: ₹39.0 crore in FY27 and ₹50.5 crore in FY28, tied by the company to export orders through a new marketing agent in the UAE (RHP p.136, RHP p.137).

Into the business the whole issue: up to 1,70,00,000 new shares, ₹255.0 crore at the upper band (our arithmetic, RHP p.1). To selling shareholders nothing: there is no offer for sale (RHP p.1).

09Who is selling

BLS Polymers IPO offer for sale: who is selling

There is no offer for sale; the issue is a fresh issue only (RHP p.1).

10Promoters

The promoters are Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal, Diwakar Aggarwal and Karan Aggarwal (RHP p.313). The prospectus does not state the family relationships among them in the pages read.

• Karan Aggarwal is Chairman and Managing Director (RHP p.309) and became a shareholder on January 10, 2025 (RHP p.118).
• Vinod Aggarwal is a non-executive director (RHP p.313).
• The others hold directorships across BLS group companies, including BLS International Services and BLS E-Services (RHP p.313, RHP p.314).

Promoter economics: the promoters' average cost is ₹2.13 a share for Vinod, Sushil and Madhukar Aggarwal, ₹6.91 for Diwakar Aggarwal and ₹14.93 for Karan Aggarwal (RHP p.116). Diwakar Aggarwal and Karan Aggarwal bought 5,76,100 and 9,55,734 shares at ₹70 from B. L. & Sons Limited in January 2025 (RHP p.116). A bonus of 369 shares for every 100 followed on May 28, 2025 (RHP p.108). The weighted average cost of shares acquired in the last three years is ₹2.90 (RHP p.116).

Pay: Vinod Aggarwal received ₹0.53 crore in FY24 and nothing in FY25 or FY26; Karan Aggarwal received ₹0.24 crore in FY26 (RHP p.92). None of the promoters' shares are pledged (RHP p.118).

Regulatory matters: SEBI summoned the company secretary of BLS International Services, a promoter group company, in February 2023 in an investigation of trading in its shares; SEBI has sought nothing further (RHP p.53).

11Who already owns it

BLS Polymers promoter holding before and after the IPO

Source: RHP p.117, RHP p.119; the after column is our arithmetic on 6,20,31,834 shares (RHP p.104).

The largest group holders are Wonder Rock Finance and Investment (5.29%), Intime Finance & Investment (5.24%), V. S. Estates (4.77%) and Fragrance Credit and Securities (4.58%), all classified as promoter group (RHP p.119). No investor outside the promoter group holds 1% or more (RHP p.114). The company has 63 shareholders, 46 of whom, holding 3,32,851 shares, cannot be traced (RHP p.37, RHP p.116).

12What changed just before the IPO

• Revenue: ₹296.4 crore in FY24 to ₹349.4 crore in FY26 (RHP p.89).
• Profit after tax: ₹7.5 crore in FY24 to ₹27.0 crore in FY26 (RHP p.89).
• Receivable days: 77 in FY24 and 76 in FY26 (RHP p.138).
• Promoter remuneration: ₹0.53 crore in FY24 to ₹0.24 crore in FY26 (RHP p.92).
• Largest customer: from 9.30% of revenue in FY24 to 31.74% in FY26 (RHP p.31).
• Trading: resin trading from 13.83% to 31.86% of revenue (RHP p.37).
• Debt: borrowings from ₹93.8 crore to ₹51.7 crore; a ₹9.0 crore loan from Basant India Limited, a group company, was repaid in FY25 and its interest waived (RHP p.88, RHP p.93).
• Group supplier: purchases from Vinsul Makardi Limited rose from nothing in FY24 to ₹32.4 crore in FY26 (RHP p.50).
• Shares: transfers from B. L. & Sons Limited to two promoters at ₹70 in January 2025 (RHP p.116); a bonus issue of 369 for 100 on May 28, 2025 (RHP p.108). No share split is disclosed.
• Auditor: no change of auditor in the last three years; Nangia & Co. LLP is the statutory auditor (RHP p.98).
• Company form: incorporated as a public limited company in January 1991 (RHP p.3).
• Managers: a new CFO from April 2025 and company secretary from May 2025 (RHP p.309).

13Capacity and expansion

Source: RHP p.127, RHP p.128, certified by an independent chartered engineer.

Utilisation was 66.22% in FY24 and 67.88% in FY25, and 73.20% in the June 2026 quarter (RHP p.127). Capacity assumes 300 days and three shifts (RHP p.36). The pollution board's consent to operate covers 38,400 tonnes a year, and the company plans production of 38,394 tonnes by March 31, 2028 (RHP p.127, RHP p.135). Orders for 13.89% of the planned machinery cost had been placed (RHP p.134).

The chain from capacity to revenue needs evidence at each step. The prospectus gives production in tonnes but not tonnes sold or price per tonne by product.

14Market size and industry structure

BLS Polymers industry: market size and growth

The industry chapter is drawn from "Market Assessment & Industry Report on Polymer Compounding for cables & coatings Industry", dated September 2026 and prepared by CRISIL Intelligence, which the company commissioned and paid for (RHP p.25).

As claimed: the report puts the global polymer compounding market at USD 75,526 million in 2025, grown about 6.5% a year since 2019 (RHP p.179). It puts India at USD 9,934 million in 2025, about 13% of the world market (RHP p.182). The same page also labels a chart USD 72,526 million for the global market, a figure that does not match the text (RHP p.179).

The part that is addressable: the company sells compounds for wires and cables and for pipe coating. The report's split of the Indian market by use gives automotive about 40%, furniture about 17%, white goods about 16% and electrical and electronics about 16% (RHP p.185). It does not give a separate rupee or dollar size for cable compounds or pipe coating compounds in the pages read.

What the company is today: in the report's own table of Indian makers, BLS Polymers has 35,251 tonnes a year of capacity and FY26 revenue of ₹349.4 crore (RHP p.187). The company's revenue is a small fraction of the national figure; the report does not state its share.

Size over time: the report says the Indian market grew from USD 5,967 million in 2019 to USD 9,934 million in 2025 (RHP p.183). The report projects about 9.0% a year from 2026 to 2031, to USD 16,507 million; that is CRISIL's projection, not newboard's (RHP p.183). It projects the global market at about 6.7% a year to USD 109,801 million by 2031 (RHP p.179).

Segments: the report divides use into automotive, wire and cable (power and telecom cables, and pipeline coatings), electronics and agriculture (RHP p.184). BLS Polymers is in wire and cable: 80.93% of its FY26 revenue came from wire and cable compounds and 19.07% from pipeline compounds (RHP p.30).

What drives demand: the report names power sector expansion, rural electrification, telecom networks, fibre roll-out and data centres for cables, and expansion and replacement of oil, gas and water pipelines for coatings (RHP p.185, RHP p.186, RHP p.187). It cites production of housing wires rising from 7,093 thousand circuit km in FY19 to 10,639 in FY26, and power cables from 838 thousand km to 1,160, while telephone cables fell from 734 to 560 (RHP p.193).

Structure: the report describes competition from low-cost Chinese imports and many small local compounders, which presses on prices and margins (RHP p.188). It names entry barriers: capital cost, technology, and approval by public sector buyers before a compound can be used (RHP p.189). It lists Kkalpana Industries (15,000 tonnes), DDev Plastiks (237,500 tonnes), Shakun Polymers (more than 70,000 tonnes), KLJ Polymers & Chemicals (118,000 tonnes), Kingfa Science & Technology (more than 110,000 tonnes) and Plastiblends India (more than 130,000 tonnes) (RHP p.187, RHP p.188).

Inputs and trade: the base resins come from petrochemicals, so crude oil prices drive input costs, and China's output sets global price trends (RHP p.193). Indian import prices of HDPE were USD 1.01 a kg in FY21 and USD 0.94 in FY26, and LLDPE USD 0.93 and USD 0.99 (RHP p.193). The report names import dependence for specialty materials as a challenge (RHP p.188).

Rules: compounds for power, telecom and coating uses must be tested and approved by public sector bodies (RHP p.189). The plant needs consents from the Goa State Pollution Control Board and factory licences, and the expansion needs fresh approvals (RHP p.134, RHP p.135).

What the chapter says can go wrong: price swings in base polymers and additives, currency moves, tariff changes, plastic waste rules, high working capital needs and cyclical demand (RHP p.188, RHP p.189).

15Competitive position

BLS Polymers competitors

Source: RHP p.149.

What the company points to: product enlistment with public sector buyers (RHP p.260), three decades of customer relationships with 96.51% of FY26 revenue from repeat customers (RHP p.42, RHP p.143), and a plant near Mormugao port for imported resin and exports (RHP p.255). Against that: a group company, Vinsul Makardi Limited, trades in polymers and polymer compounds and has no non-compete agreement (RHP p.45). Bid-to-win on government portals was 30%, 0% and 20% in FY24, FY25 and FY26 (RHP p.253).

16Peers the company named

Peers named in the offer document: Kingfa Science & Technology (India), DDev Plastiks Industries and Plastiblends India (RHP p.145).

BLS Polymers listed peers

Source: RHP p.145; peer P/E at NSE closing prices of October 12, 2026 on FY26 diluted EPS (RHP p.145). The prospectus gives the peers' P/E as highest 46.25, lowest 12.97 and average 24.59 (RHP p.144).

Kingfa's revenue is about 5.7 times the company's, DDev's about 8.4 times and Plastiblends' about 2.3 times (our arithmetic, RHP p.145). Kingfa is mainly in PP and engineering compounds and protective products, and Plastiblends in masterbatches, as the industry chapter lists them (RHP p.188). DDev's product list, PVC and PE compounds for cables, is the closest to the company's (RHP p.188).

17Valuation at the issue price

BLS Polymers IPO valuation and P/E

At the upper band of ₹150, with 1,70,00,000 new shares added to 4,50,31,834 existing shares (RHP p.104):

Source: our arithmetic on RHP p.89, RHP p.104, RHP p.145. At the lower band of ₹142 the market capitalisation is ₹880.9 crore (our arithmetic, RHP p.104).

Enterprise value on the shares before the issue, with March 2026 borrowings of ₹51.7 crore and cash and bank balances of ₹2.4 crore, is about ₹724.8 crore, 15.6 times FY26 EBITDA of ₹46.6 crore (our arithmetic, RHP p.88, RHP p.147). After the issue, book value including the gross proceeds would be about ₹349.9 crore, and the market capitalisation 2.7 times that (our arithmetic, RHP p.88).

The three peers the prospectus names traded at 46.25, 12.97 and 14.53 times FY26 earnings on October 12, 2026, a median of 14.53 (RHP p.145). At the upper band the issue is priced at 25.0 times FY26 EPS on the prospectus's own share basis and 34.4 times FY26 profit on the enlarged share count, 137% above the peer median on the second measure (our arithmetic, RHP p.145).

18Risks, in plain words

BLS Polymers IPO risks

Customers: one customer was 31.74% of FY26 revenue (RHP p.31) → losing or shrinking that business would cut revenue sharply → the top ten were 66.81%, and there are no firm long-term contracts (RHP p.31, RHP p.37).

Profit from discounts: vendor trade discounts were 45.18% of FY26 profit before tax (RHP p.61) → the company says they are discretionary and may not be renewed → they were 73.55% in FY24 (RHP p.61).

Suppliers: the largest supplier was 71.68% of FY26 raw material procurement and the top ten 93.52% (RHP p.43) → a disruption there stops production → Vinsul Makardi Limited, a group company, was 11.59% (RHP p.50).

Trading: resin trading was 31.86% of FY26 revenue (RHP p.37) → it is a resale business with different margins from manufacturing → the prospectus does not give its margin.

One plant: all manufacturing is in Goa (RHP p.45) → any shutdown stops all production → there was one shutdown of under 21 days, in 2020 (RHP p.46).

Expansion: the plan adds 52,050 tonnes a year to a plant of 35,251 (RHP p.128) → delays or cost overruns would tie up money → commercial production is scheduled for March 2028 and 13.89% of machinery cost was on order (RHP p.135, RHP p.134).

Working capital: receivables and inventory were ₹145.3 crore at March 2026 against revenue of ₹349.4 crore (our arithmetic, RHP p.88, RHP p.89) → slower collections drain cash → operating cash flow was minus ₹6.6 crore in the June 2026 quarter (RHP p.90).

Records: some of the company's old corporate filings are untraceable or incorrect (RHP p.33) → regulators could act on them → 46 shareholders with 3,32,851 shares cannot be traced (RHP p.37).

19Litigation and regulatory matters

Cases against BLS Polymers and its promoters

There are no criminal, regulatory or material civil proceedings against the company or the promoters, and no SEBI or exchange action against the promoters in five years (RHP p.435, RHP p.437).

Cases filed by the company: cheque dishonour complaints against customers including Parmeshwar Enterprises (₹0.08 crore), NEC Wire and Cables (₹0.20 crore, since paid), Saffron Cable Industries (₹0.11 crore) and Vandana Industries (₹0.11 crore, accused acquitted, appeal pending) (RHP p.435, RHP p.436). The company also registered a police complaint against Gupta Power Infrastructure Limited over unpaid supplies; the amount is the company's allegation and is under investigation (RHP p.436).

Dues to two material creditors were ₹33.9 crore at June 30, 2026 (RHP p.440).

20Related-party transactions

Source: RHP p.50, RHP p.93.

Interest of ₹0.3 crore on the Basant India loan was waived (RHP p.93). Key managerial pay in FY26 included ₹0.24 crore to Karan Aggarwal, ₹0.13 crore to executive director Dinesh Sharma and ₹0.25 crore to the CFO (RHP p.92). Rent is paid to Karan Aggarwal, ₹0.09 crore in FY26 (RHP p.92). Vinod Aggarwal had a professional services agreement with the company from April 1, 2023 (RHP p.315).

The arrangements that appeared in the period: purchases from Vinsul Makardi from FY25, the FY25 letter of comfort, and Karan Aggarwal's pay from FY26 (RHP p.50, RHP p.92). The ones that ended: the Basant India loan and Vinod Aggarwal's pay after FY24 (RHP p.92, RHP p.93).

21What the offer document does not say

• Tonnes sold and price per tonne, by product, are not disclosed, so growth cannot be split into volume and price.
• The margin on resin trading, against manufacturing, is not given.
• The name of the largest customer, ₹110.9 crore of FY26 revenue, is not given (RHP p.31).
• Whether the largest customer buys compounds or traded resin is not stated.
• Why two tables give different operating cash flows for FY26 is not explained (RHP p.36, RHP p.90).
• The vendors giving trade discounts, and their terms, are not named.
• The amount for general corporate purposes and the issue expenses are left blank (RHP p.125, RHP p.140).

22Five questions for management

1. Of the ₹110.9 crore from the largest customer in FY26, how much was compound and how much traded resin?
2. What gross margin does the resin trading business earn, against compound manufacturing?
3. Which vendors gave the ₹16.3 crore of FY26 trade discounts, and on what volume terms?
4. Why do the risk factors and the cash flow statement give different FY26 operating cash flows?
5. What utilisation does the 52,050-tonne expansion need to cover its own depreciation and interest?

24Draft to final: what changed

The fresh issue of 1,70,00,000 shares, the absence of an offer for sale and the lead manager are unchanged (DRHP p.29, RHP p.1).

1Sources and cited facts

This study was read from 1 document the company filed. The 159 figures it cites are listed under the document each came from, with the page and the sentence as printed.