Chapter – I
INTRODUCTION
New Millennium succeeded Partially due to Liberalisation, Privatisation & Globalisation After a decade of Liberalization Privatisation & Globalisation, means of transport and communication developed & advanced, so did the desire for Banking renovation in New Millennium. It is the natural instinct.
New Millennium in India brought a positive impact on economy & society due to Liberalisation Privatisation & Globalisation in the last decade. New developments in the form of transliteration of production process and owner of enterprises, financial flow and the emergence of global technological market have been facilitated by wide ranging policy reforms world over in New Millennium due to Liberalisation Privatisation & Globalisation
India introduced new reforms and opened-up its markets for foreign investment, partly because almost all the countries had become part and parcel of global market and it was impracticable to remain in isolation; and partly because of India’s foreign exchange crisis of 1989-91. The countries financial markets viz. money market, capital market, and foreign exchange market have become more sophisticated and have shown considerable improvement over time in regard to volume and value of transaction, number and categories of participants, trading rules and procedures, regulatory control and so on. India introduced structural changes and initiated economic reforms in the year 1991. Since India integrated with the world economy with gradual shifting of the Indian economy including the capital market to open economic regime since 1991, the prospects of Liberalisation Privatisation & Globalisation in New Millennium have brightened.
Merchant banking activity was ushered in two decades ago. However, it was only in 1992 after the formation of Securities and Exchange Board of India that it is defined and a set of rules and regulations in place. Today a merchant banker is who has the ability to merchandise that is, create or expand a need and fulfill capital requirements.
Organization of Indian Financial System
Source: Indian Economy K.P.M.Sunderam Ruddar Dutt
Figure1.1 Structure of Indian Financial System
An overview about the financial markets and the role of merchant bankers in the growth of these markets is provided the Thesis charts out how the merchant banks works, rules & regulations laid by SEBI & its impact on the merchant banking activities. Their importance in the economy is expected to grow even further in the coming years with an increasing proportion of household savings getting invested in corporate & other securities. Hence, the Thesis focuses on the challenges and advantages, which India gets and will get in future by merchant banking activities. The researcher exposed several services provided by Merchant Bankers & the role of Merchant bankers in providing those services to the business world.
Finally, the top players, which exist in merchant banking, are also dealt with their services are also been focused. To get the practical knowledge about merchant banking activities, the researcher visited and interviewed State bank of India, Kotak Mahindra bank and SPA Merchant Bankers Ltd.
The term “Merchant Banking” has its origin in the trading methods of countries in the late eighteenth and early nineteenth century when trade-taking place was financed by bill of exchange drawn by merchanting houses. At that time the merchants were merely financing their own activities. As international trade grew and other lesser-known names wanted to import goods from abroad, the established merchants ‘lent their names’ to the newcomers by agreeing to accept bills of exchange on their behalf. The acceptance houses would charge a commission for this service and thus there grew up the business of accepting bills of finance trade not merely of themselves, but of others. Acceptance business thus became a hallmark of true Merchant Banks.
Secondly Merchant Bankers started raising the capital for foreign Government. In many cases, the Merchant Banks have been trading in the countries concerned and gained the confidence of Governments and other authorities in those countries. Thus the second principal ingredient of Merchant Banking became and raising of capital through the issue of stocks and bonds. Therefore, Merchant Banks can be accepting houses or issuing houses or both. Merchant Banking started in the beginning of 20th century in UK and USA. More recently, the services offered by Merchant Banks have ventured into the other areas of operations. Their role is wide ranging and they can now provide most of the financial services required by a company, touching almost all aspects of establishing and running of industrial units on sound financial footing.
1.1 Definition
Dictionary meaning of ‘merchant bank’ refers to an organization that underwrites corporate securities and advises such clients on issues like corporate mergers, etc. involved in the ownership of commercial ventures. This organization may be a bank, corporate body, firm or proprietary concern.
The first authoritative definition for the term ‘Merchant Banker’ has been given in the Rule 2 (e) of SEBI (Merchant Bankers) Rules, 1922. Accordingly, “A Merchant Banker means any person who is engaged in the business of Issue Management either by making arrangements regarding selling, buying or subscribing to Securities as Manager, Consultant, Adviser of rendering Corporate Advisory Service in relation to such Issue Management”.
Sec/5 (b) of the Banking Regulation Act, 1949 defines Banking as “accepting, for the purpose of lending or investment of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise”.
The Notification of the Ministry of Finance defines a merchant banker as, “any person who is engaged in the business of issue management either by making arrangements regarding selling, buying or subscribing to the securities as manager, consult, adviser or rendering corporate advisory service in relation to such issue management”.
Qualities Of Good Merchant Bankers
Merchant bankers are individual experts who organize and manage the merchant banks. The operations of merchant banks are, hence influenced by the personality traits of these individuals. which Merchant bankers should possess following qualities to make Merchant Banks operation successful:
- Leadership:– Merchant banker should possess all relevant skills, He should update knowledge, be able to interact with the clients and effectively communicate. Leadership is synonymous with followers who follow the one who leads.
- Aggressive Action:- Aggressiveness is a personality trait of a good leader but in merchant banking it has a wider connotation. Aggressive merchant bankers always look for new business. Once a business opportunity has been located, the merchant banker has got to obtain the mandate for the merchant banking assignment from the clients at once which will depend upon his own communication skills, expression and the background of the organization to which he belongs. A good merchant banker is one who does not allow his client to think anything outside except what has been advised
- Cooperation And Friendliness:- These two characteristics are the symbols of good leadership but it hardly needs to be stressed that cooperation and friendliness coupled with persuasiveness are the main instruments with which a merchant banker mixes with the people, gathers information, obtains business mandate and renders satisfactory services to the clients. Business of an honest business merchant banker spreads with geometrical propagation when he shares the thoughts of his clients with sympathetic gestures and offers pragmatic suggestions without greed or favors. Very often, rude, intemperate and indifferent disposition withdrew fortunate business opportunities forever. Friendliness and cooperation must flow as natural traits in the merchant banker to win the trust of the clients.
- Contacts :– Success of merchant banker depends upon his sociable nature and the richness of wider contacts. A merchant banker is supposed to be acquainted deeply with all the constituents of merchant banking. The scope of contact encompasses intimate contiguity and acquaintances within his own organization, Central and State Government Offices where compliances under various relevant enactments are to be reported, Indian and foreign banks, financial institutions at Central and State levels, promoters/directors/owners and chief executives of the private and public enterprises which would be prospective beneficiaries of merchant banking services, printers, advertising agencies, brokers and stock exchange dealers, advocates and solicitors and members of the press whose services are availed of in executing merchant banking assignments. Merchant bankers should widen contacts and references and continue to maintain them with goodness, honour and humors by meeting people.
- Attitude towards Problem Solving:– The most important personality trait of a merchant banker is his attitude towards problem solving. Even his client should return fully satisfied having consulted a merchant banker. Positive approach to understand the view points of others, their difficulties and their adverse circumstances is possible only when a person is skilled in human relations particularly the inter-personal and intra-personal behavior. Effective communication and proper feedback are the pre-requisite for creating a positive attitude towards problem solving. Many persons are effective in this trait without any training for reasons of cultivating a habit from environment in which they have been brought up at home, in school, college and office. This trait is important and it must be treated as a separate objective quality of a good merchant banker.
- Inquisitiveness For Acquiring New Skills, Information And Knowledge: – Merchant bankers lies on their wits they earn by giving information to needy clients. Therefore, they should keep abreast with latest information in the area of the service product they market. For this, merchant bankers should possess the quality of inquisitiveness.
1.2 History Of Merchant Banking
During the seventeenth and most of the eighteenth century, international finance was centered on Amsterdam. Consequently, Amsterdam merchants became the first masters of the various financial techniques and developments which, in the course of time, became identified with the emergent profession of ‘Merchant Bankers’.
Commercial Banking and Investment Banking are often confused with Merchant Banking. In many ways, there may be similarities in their functions. However, in certain ways, Merchant Banking is distinctly different from commercial Banking and Investment Banking.
The primary function of a commercial bank is to receive deposits from the public and lend the same to others. Commercial Banks can undertake some of the merchant banking activities like Issue Management whereas Merchant Banking Units cannot undertake commercial banking activities. However, the functions of Merchant Banking may not widely vary from Investment Banking. The Merchant Banker mainly deals with Issue Management, post issue services, corporate adviser services etc. The Investment Banker undertake trading in securities, Investment advises and bought out deals which are not the main activities of Merchant Bankers.
In today’s Scenario the Merchant banker and management consultants undertake advisory services to the corporate sector. The Merchant Banker advices corporation and firms relating to opening of issues, receiving loans etc, Just as the management consultants . The management consultant have a wide area operations like production, Marketing, Personnel Relations, of finance etc. but they lack legal identification to undertake capital market related activities which has enabled the merchant banker to cater to the needs of the Corporate Sector.
A merchant bank may be considered as an institution which centers its operation on all or most of the following activities.
(1) Corporate financial advice, on such diverse matters as new share and bond issues, capital reconstructions, mergers and acquisitions;
(2) The taking of deposits and currency, money market operations including foreign exchange dealing;
(3) Medium-term lending and syndication of loans;
(4) Acceptance credits and all forms of export finance;
(5) The holding and dealing in quoted and unquoted investment; and
(6) Fund management on behalf of clients, most typically pension funds, unit trust, investment trusts and wealthy individuals.
Merchant Bankers and Market Making
Many successful public issues get listed on the stock exchanges but later do not see any trade i.e. liquidity in the market. Listing remains a formality only and investors practically cannot buy/sell shares of that company for lack of liquidity (volume). In well organized markets, there is a system of market makers who offer two way quotes on any scrip, so that continuous liquidity is provided to all scripts. Market making means that a trader or a company puts both buy and sell orders into the market, and wait for people to trade with him on either sides. Market making could be made compulsory at least for a period of six to twelve months after listing of issues. Most merchant bankers and brokers are significantly undercapitalized to perform
1.3 Evolution & Emergence of Merchant Banking
India has entered the 21st century as one of the Asia’s most dynamic economies. This is the part of the evaluation made by International Financial and Capital Market Institutions based on India’s economic and financial reforms initiated in 1991 and brought to final result in various budget.
The progress of any economy mainly depends on the efficient financial system of the country. The importance of the financial sector reforms affirms an efficient means for solving the problems of economic, financial and social in India and also where in the developing nations of the world. The progress of the Securities Industry of any country depends mainly on the flow of funds. In fact, capital generation is the major aspect of the capital market without which the health and soundness of the financial system cannot be geared and for which well-developed capital market as well as money market is necessary.
India’s capital market is among the largest in the developing world. The market is comprised of 24 stock exchanges transacting long-term debt; debentures and equity shares both electronic and physical forms. Derivatives financial instruments are also be added to the market shortly. The number of firms listed on the Indian Stock Exchange is more than the USA. Market Capitalization of listed firms is 1980s was similar to Brazil, Malaysia, Singapore and Denmark.
The capital market of the country, however, underwent dramatic changes since the beginning of 1980s basically due to the progressive consciousness that the command economy on which the highlighting was placed could not lead to higher levels of economic development and that a slant towards a market-oriented economy is necessary.
It is in the context of fast increasing economy and a liberalized and deregulated atmosphere that the growth of the Indian Stock Market activities has to be viewed. The markets have registered a quantum jump judge by any standards.
Merchant Banking in India
In India prior to the enactment of Indian Companies Act, 1956,managing agents acted as issue houses for securities, evaluated project reports, planned capital structure and to some extent provided venture capital for new firms. Few share broking firms also functioned as merchant bankers.
The need for specialized merchant banking services was felt in India with the rapid growth in the number and size of the issues made in the primary market. The merchant banking services were started by foreign banks, namely the National Grindlays Bank in 1967 and the City Bank in 1970. The Banking Commission in its report in 1972 recommended the setting up of merchant banking institutions. This marked the beginning of specialized merchant banking in India.
Merchant banking services were infact offered along with other traditional banking services. In the mid-Eighties, the Banking Regulation Act was amended permitting commercial banks to offer a wide range of financial services through the financial assistance rule. The State Bank of India was the first India Bank to set up merchant Banking division in 1972. Later ICICI set up its Merchant Banking division followed by Bank of India, Bank of Baroda, Canada Bank, Punjab National Bank and UCO Bank. The merchant banking gained reputation during 1983-84 due to new issue boom.
1.4 Merchant Banking: Past and Present
Many banks opted for merchant banking in the 1960s to take advantage of the economies produced when private equity investing is added to other bank services, particularly commercial lending. Lenders to small and medium-sized companies, banks became familiar about individual firms’ products and prospects and consequently are natural providers of direct private equity investment to these firms. Commercial banks were the largest providers of venture capital in the 1960s. In the middle to late 1980s, compelled to go for merchant banking due to other banks and bank holding companies were unforeseen events. In those years, as a result of the LDC (less-developed-country) debt crisis, many banks received private equity from developing nations in return for their defaulted loans. At that time, many of these banks set up merchant banking subsidiaries to try to get some value from this private equity.
Most commercial banks began refocusing their private equity investments to middle-market and public companies (often low-tech, already profitable companies) rather than providing seed capital, financed expansion or changes in capital structure and ownership. Most particularly, they took equity positions in LBOs, takeovers, or recapitalizations or provided subordinated debt in the form of bridge loans to facilitate the transaction. Commercial banks financed much of the LBO activity of the 1980s.Then, in the mid-1990s; major commercial banks began once again focusing on venture capital, where they had sizeable expertise from their previous exposure to this kind of investment. Some of these recent venture-capital investments have been very successful. For example, the Internet search engine Lycos was a 1998 investment of Chase Manhattan’s venture-capital arm. Commercial banks are permitted to report either realized or unrealized gains on their merchant-banking portfolios, as long as they are consistent in the reporting. This option makes it difficult for one to compare different entities’ financial results and could lead to an overly liberal exposure of profits.
1.5 Growth Of Merchant Banking In India
Formal merchant banking activity in India was originated in 1969 with Merchant Banking Division set up by the Grindlays Bank, the largest foreign bank in the country. The main service offered at that time to the corporate enterprises by the merchant banks were the management of public issues and some aspects of financial consultancy. Other foreign banks like City Bank, Chartered Bank also started the merchant banking activity in India. State Bank of India started merchant banking in 1973 followed by ICICI in 1974. Both these Indian merchant bankers emerged as leaders in merchant banking having done significant business during the period of 1974-1987 in comparison to foreign banks. The early and mid-seventies witnessed a boom in the growth of merchant banking organizations in the country with various commercial banks, financial institutions, and broker’s firms entering in to the field of merchant banking.
The early growth of merchant banking in the country is assigned to the Foreign Exchange Regulation Act, 1973 (FERA) where large number of foreign companies operating in India were required to dilute their foreign holdings in order to continue business in the country. This had caused two-pronged effect viz. firstly, in the form of spate in ‘Foreign Exchange Regulation Act Issues’ eliciting interest of the investors by creating massive awareness about capital markets amongst the new class of investing public, Secondly, merchant banking activity became attractive to banks and the firms of consultants and share brokers who entered into this fields vigorously to reap the advantages of the expanding capital markets.
1.6 Current Scenario
Merchant banking needs to be promoted and nurtured . India cannot afford to loose its hold in the globalized era . So it becomes increasingly necessary for us to look at this business in a more holistic manner.
Obviously, international players with strong domestic partners such as DSP Merrill Lynch, JM Morgan Stanley, Kotak Mahindra Capital, together with experienced organizations like Enam and institutional backed investment bankers such as ICICI Securities, etc., are the ones who possess expertise, muscle, and placement power in a greater measure than relatively new entrants.
The red hot economy is the obvious starting point. India is likely to end the year with GDP growth in excess of 7 percent. Companies and private equity investors are sitting on large piles of cash. In 2006 deal activity was largely restricted to the IT and Telecom sectors. Thus, there is a steady flow of deals but there is now a shortage of talent to do the job.
Merchant Banking-Future Development
The Merchant banking Industry in India has always witnessed, experienced and underwent significant changes. The very purpose for which these firms are commences their services should be taken care of and they should mould their policy decision and activities to move in tune with the main objectives of Investor’s protection and to create healthy environment in capital markets. No doubt, Merchant Banking firms are subject to a host of control measures, regulations and rules framed and guided by SEBI. To some extent, frequent changes and /or amendments to policies and control measures, are needed for smooth working of the securities Industry. But it prove to be detrimental to the very existence of the Merchant Banking system in the country. The SEBI’s Act 1992 confers power upon SEBI to supervise and control the affairs of the Merchant Banking firms in India.
In recent past, the small investor lost his faith in the primary capital market. Issue after issue has failed to capture his imagination, rekindle his enthusiasm, and reinforce his faith. He has lost all hopes of appreciation of his investment.
With the advent of SEBI, an organisation that was brought into existence to guard the interest of the small investor, hopes ran high that the small investor would now have a safe playing field. But these hopes were soon belied. But SEBI did not guard the interests of the investing public. However SEBI embarked on a course of action, which has positively hurt them. The latest fiat of EBI bans corporate advertising after the receipt of acknowledgement card by a company wanting to go public. SEBI’s action has led to the closure of an information window. Now 50 million potential investors are deprived of official and authentic information given by the Issuer. It is hard to understand reasons for this drastic and totally uncalled for action. While there has been no official explanation for this fiat, there is reason to believe that it may be based on a wrong perception of the role for corporate advertising.
All this has been done perhaps because the corporate and intermediaries is to follow the practices of Western capital markets here, oblivious of the fact that our capital markets are altogether different in structure, in systems and in the number of participants Freedom of commercial expression could be exploited by some for their selfish purpose, just as freedom of speech and expression could be abused but this has not led our Government to put arbitrary restrictions on our freedom.
Merchant Bankers have reason to believe they will be handicapped without the marketing support. But the worst sufferer would be the investor; especially the small investor. It is this class, which forms the backbone of the capital market. As a result of the ban, the small investor would be deprived of the opportunity to study the corporate profile of the Issuer. In the absence of adequate information, they will have to depend on manipulated facts and information fed by unreliable sources.
Besides, there are larger issues arising out of SEBI’s action. From the point of view of liberalization of the economy, SEBI has taken a retrograde step. A market economy flourish through bigger markets, higher sales and lesser profits. To achieve this performance, a company needs an aggressive marketing plan and advertising effort is the main thrust to such a plan. No marketing plan can be worthwhile unless it is backed by an valuable advertising plan. The ban imposed by SEBI nips the marketing plan in the bud.
The Indian primary capital market is mainly a retail market. It consists of innumerable investors who take own individual investment decisions. Whatever, the system, it is this market that will bring in the funds. If these markets destabilized, the investors will look for alternative avenues to invest their funds. SEBI in its one of the first documents on “SEBI and Investor Protection, Development and Regulation of Securities Market” clearly specifies significance of regulating capital market and its future plans for fulfilling the twin objectives viz., Development of capital market and investor protection are explained in introductory paragraphs. It speak out that, “The decade of the 1980 witnessed a phenomenal growth and development of the securities market, verified its potential not only to mobilize the savings of the horseshoed sector but also to allocate it with some degree of efficiency for industrial development. The strength of the holdings of the multinational companies at affordable prices in the latter part of the 1970s had generated significant interest, which was, carries well into the next decade. Several companies’ came in the early part of the 1980s and successfully raised large resources from the market especially through debt instruments, which further sustained investor interest. There were several changes in Government policy, which appreciably influenced industry and aided the market. India was then entering the phase of liberalization and decontrol which was to accelerate and gather momentum in the 1980s.
By the end of the decade, the securities markets in India were firmly integrated with the financial system of the country. With the corporate sector increasingly relied on the securities market for meeting their long-term requirement of funds.So the securities market their long-term requirement of funds; the securities market competed on equal terms with the Development Financial Institutions, which were the traditional purveyors of long-term capital. The emergence of the securities markets into the main stream of the financial system of the country was thus one of the major economic processes of the 1980s – an inevitable outcome of the maturing process of the financial system. They brought about notable changes in the capital structure of the companies across industries, gave birth to new intermediaries and institutions in the securities market and created a new awareness and interest in investment opportunities in the securities market among investor. In unkindness market, its quality lagged far behind and there was absence of adequate professionalism and fair competition among the various players in the market. Besides, the regulatory framework then prevailing was uneven difficult, if not effective.
1.7 Merchant Banking: Indian Scenario
Merchant Banking activity was formally initiated into the Indian capital markets when Grind lays Bank received the license from Reserve Bank in 1967. Grind lays which started with management of capital issues, recognized the needs of emerging class of entrepreneurs for diverse financial services ranging from production planning and system design to market research. Apart from meeting specially, the needs of small-scale units it provided management constancy services to large and medium sized companies. Then Citi Bank set up its Merchant Banking division in 1970. The division took up the task of supporting new entrepreneur and existing units in the evaluation of new projects and raising funds through borrowing and issue of equity. Management consultant services were also offered. Consequent to the recommendations of Banking Commission in1972, that Indian bank should start Merchant Banking Division in 1972. In the initial years the SBI’s objective was to render corporate advice and assistance to small and medium entrepreneurs.
The economic reforms initiated by the Government since July 1991 in the industry, trade and financial sector have led to the development of the economy. Several projects have been conceived since then and almost all the major groups in the country have announce their intentions to set-up mega projects in infrastructure sector envisaging investment of thousands of crores. With several large projects been set up and many more on the drawing board, the demand for a complete range of Merchant Banking services encompassing project advisory services, issue management and financial advisory services for corporate sector has increased considerably. This has led to a sharp growth in the Merchant Banking business in the last 2 years.
Merchant Banking: International Scenario
The Merchant Banking scenario in developed countries like USA and UK are different from Indian Merchant Banking activities. The Merchant banker is also called as Investment Bankers. A brief outline of Merchant Banking in USA and UK is provided.
Merchant Banks in UK
In United Kingdom, Merchant Banks arrived in the late eighteenth century and early nineteenth century. Industrial revolution transformed England into a powerful trading nation. Rich merchant houses which made their fortunes in a colonial trade diversified into banking. Their principle activity started with the acceptance of commercial bills pertaining to domestic as well as international trade. The acceptance of the trade bills and their discounting gave rise to acceptance houses, discount houses, and issue houses. Merchant Bankers initially included acceptance houses, discount houses and issue houses. .
Merchant Banks in UK:
Finance foreign trade,
Issue capital,
Manage individual funds,
Undertake foreign security business, and
Foreign loan business.
They also used to finance sovereign government through grant of long-term loans. Since the end of Second World War commercial banks in Western Europe have been offering multiple services including Merchant Banking services to their individual and corporate clients. British banks set-up separation or subsidiary to offer their customers Merchant Banking services.
Merchant Banking in USA
Merchant banks make the primary markets in USA, arrange mergers and acquisitions, undertake global, custody, proprietary trading and market making, niche business, fund management and advisory services to governments and firms.
The increased regulation and control of domestic operations gave a fillip to large US banks to undertake Merchant Banking functions in international capital markets. The US investments Banks have extended their operations to the international level. They are largely responsible for the development of the Euro-dollar market in the securities and globalization of capital markets. They have a prominent presence in London and other European financial centers. Merchant Banks have today a strong parent, a strong balance sheet and a strong international network to play a global role.
Merchant Banking Organisations
In India, merchant banks operate in the form of Divisions of Indian and Foreign banks and financial institutions, subsidiary companies established by banks like SBI Capital Markets Ltd., can Bank Financial Services Ltd., PNB Capital Services Ltd., Indian Bank Merchant Banking services Ltd., etc., the firm organized by the stock brokers, stock exchange dealers, the financial and technical consultants and chartered accountants. Securities and Exchange Board of India (SEBI) has divided merchant bankers into four categories, which are as follows: –
Categories Activities Networth
Category I To carry on the activity of issue management and to act as adviser, consultant, manager, underwriter, portfolio manager. Rs.1crore
Category II To act as adviser, consultant, co-manager, underwriter, portfolio manager. Rs.50 lakhs
Category III To act as underwriter, adviser or consultant to an issue. Rs. 20 lakhs
Category IV To act only as adviser or consultant to an issue Nil
Merchant Bankers are classified into 4 categories as shown in the above table according to their nature and range of activities and their responsibilities to SEBI, investors and issuers of securities. The minimum net worth and initial authorization fee depends on the category. The first category comprises merchant bankers who carry on any activity of issue management, determining financial structure, tie-up of financiers, advisor or consultant to an issue, portfolio manager and underwriter. The second category consists of those authorized to act in the capacity of co-manager/advisor, consultant, and underwriter to an issue or portfolio manager. The third category consists of those authorized to act as underwriter, advisor or consultant to an issue. The fourth categories are merchant bankers who act as advisor or consultant to an issue.
The above qualities of a merchant banker are only illustrative. All good qualities in merchant bankers are difficult to be defined so elaborately. Nevertheless, merchant banker should possess super business acumen, managerial abilities, administrative capacities and salesmanship in order to understand the problems and sell the service product to the needy clients.
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