CRM Presentation Topic

8/2/2019 CRM Presentation Topic

http://slidepdf.com/reader/full/crm-presentation-topic 1/22

CRM Presentation topic:

MERCHANTBANKING Presented by:Priyal Adhiya (01)

Prerna Bhardwaj (03)Khushali Chheeda (05)

Vivek Desai (07)Tanvi Gada (09)

Aayushi Jain (13)



2

INDEX

1. INTRODUCTION TO MERCHANT BANKING

2. MEANING, DEFINATION

3. ORIGIN

4. NEED AND IMPORTANCE

5. MERCHANT BANKING FUNCTIONS

6. MB vs. CB

7. CATAGORIES OF MERCHANT BANKERS

8. SERVICES OF MERCHANT BANKERS

9. QUALITIES OF MERCHANT BANKLERS

10. PROBLEMS ASSOCIATED WITH MB

11. SEBI GUIDELINE &CODE OF CONDUCT

12. FUTURE PROSPECTS IN INDIA

13. REFRENCES



3

1. INTRODUCTION TO MERCHANT BANKING

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 ‘lent3 Merchant Banking

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 and to a degree always has been hallmark of true Merchant Banks.

The second historical of Merchant Banks was the raising of 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 still is raising of capital through the issue of

stocks and bonds. Therefore, Merchant Banks can be accepting houses orissuing houses or both. Merchant Banking started in the beginning of 20 th

century in UK and USA. More recently, the services offered by Merchant

Banks have entered 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 unison sound financial footing. Dictionary meaning of ‘merchant

bank’ refers to an organization that underwrites corporate securities andadvises 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.



4

2. MEANING, DEFINATION

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 with drawable 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”.



5

3. ORIGIN

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 can not 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. theInvestment Banker undertaken 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. The management consultant have a wide area operations like

production, Marketing, Personnel Relations, of finance etc. but they lackstatutory recognition to undertake capital market related activities which

has enabled the merchant banker to cater to the needs of the Corporate

Sector.





7

4. NEED AND IMPORTANCE

Important reason for the growth of merchant banking is due to exerting

excess demand on the sources of funds forever expanding industry and

trade. Corporate sector had the only alternative to avail of the capitalmarket services for meeting their long-term financial requirements through

capital issues of equity and debentures.

With the growing demand for funds there was pressure on capital market

that enthused the commercial banks, share brokers and financial

consultancy firms to enter into the field of merchant banking and share the

growing capital market. In India have opened their merchant banking

windows and are competing in this field, and also doing advisory functionsas merchant bankers as well as managing public issues in syndication with

other merchant bankers.

Merchant banks can play highly significant role in mobilizing funds of savers

to investible channels assuring promising return on investments activity.

With the growth of merchant banking profession corporate enterprises in

both public and private, sectors would be able to meet the growing

requirements for the funds for establishing new enterprises, undertaking

expansion/modernization/diversification of the existing enterprises.

Merchant banks have been procuring impressive support from capital

market for the corporate sector for financing their projects. In view of

multitude of enactments, rules and regulations, guidelines and off shoot

press release instructions brought out by the Government from time to time

imposing statutory obligations upon the corporate sector to comply with all

those requirements prescribed therein, the need of skilled agency existed

which could provide counseling.

Merchant bankers advise the investors of the incentives available in the

form of tax relief’s, other statutory relaxations, good return on investment

and capital appreciation in such investment to motivate them to invest their

savings in securities.



8

5. MERCHANT BANKING FUNCTIONS

The role of merchant banker is dynamic in the wake of diverse nature of

merchant banking services. Merchant banker’s dynamism lies in promptly

attending to the corporate problems and suggests ways and means to solve

it. The nature of merchant banking services is development oriented and

promotional to help the industry and trade to grow and survive. Merchant

banker is, therefore, dedicated to achieve this objective through his

dynamism. He is always awake to renew his skills, develop expertise in new

areas so as to equip himself with the knowledge and techniques to deal with

emerging new problems of corporate business world. He has to keep pace

with the changing environment where Government rules, regulations and

policies affecting business conditions frequently change; where science and

technology create new innovations in production processes of industries

envisaging immediate renovations, diversification, modernizations or

replacements of existing plant and machinery or other equipments putting

new demands for finances and necessitating overhauling of the capital

structure of the firms.

Merchant banker has to think and devise new instruments of financing

industrial projects. He has to assume wider responsibilities of saving

industrial units from going sick and guiding industries to be set up

industrially backward areas to eliminate regional imbalances in industrial

development of the country. He has to guide the wider section of the

community possessing surplus money to invest in corporate securities and

other productive investment channels. He has to help the industry in

different forms to ensure that it runs risk free and devoid of uncertainty by

assisting the has to watch the interest and win over the confidence of the

Government, its agencies, along with the entrepreneurs, the investors and

the whole community. He must bridge the communication gap between



9

different sections and resolve the problem being faced in different areas

concerned with the business world.

To discharge the above role, a merchant banker has t be dynamic. For this

reason, a merchant banker is sometimes, called M.B i.e. Moving Bottom,i.e., one who never sits at one place, always moving- attending meetings

and meeting clients and constituents, doing business and getting business by

attending meetings and conferences, imparting knowledge to others and

acquiring new knowledge to maintain his supremacy in possession of latest

information. His role depicts a personality cult, which is unique and envious

to be followed by others.

In the days ahead, merchant bankers have very significant role to play

tuning their activities to the requirements of the growth pattern of

corporate sector, the industry and the economy as a whole, which is, in it, a

challenging task and to meet these challenges merchant bankers will have to

be more vigorous and strategic in playing their role. They will have also to

adopt new ways and means in discharging their role.



10

6. MB vs. CB

There are differences in approach, attitude, and areas of operations

between commercial banks and merchant banks. The differences between

merchant banks and commercial banks are summarized below:

Merchant bank Commercial bank

Basically they deal

with mainly funds raised through

money market and capital market

and the area of activity is ‘equity

and equity related finance’

Basically deal in debt

related finance and their activities

are appropriately arrayed around

credit proposals, credit appraisal and

loan sanctions.

Is management oriented. Theygenerally are willing to accept risks of

business.

Are asset oriented andtheir lending decisions are based on

detailed credit analysis of loan

proposals and the value of security

offered against loans. They generally

avoid risks.

There activities

include project counseling, corporate

counseling in areas of capitalrestructuring, amalgamations,

mergers, takeovers etc., discounting

and rediscounting of short term

paper in money markets, managing,

underwriting and supporting public

issues and new issue market and

acting as brokers and advisers on

portfolio management in stock

exchange. This activities have

impact on growth, stability and

liquidity of money markets.

They are merely

financiers.



11

7. CATAGORIES OF MERCHANT BANKERS

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:

Merchant Bankers are classified into 4 categories as shown in the above

table having regard 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 consists of 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 category consists

of merchant bankers who act as advisor or consultant to an issue.



12

8. SERVICES OF MERCHANT BANKERS

ISSUE MANAGEMENT:

The public issue of securities is the core of merchant banking function. Atone time it was constructed as the sole function. Merchant bankers were

identified as issue houses. It was later perceived that they provide other

financial services. When companies seek to raise resources for

implementation of a new project or finance expansion or modernization or

diversification of an existing unit or fund long term working capital

requirement, they retain the services of a merchant banker. To a large

extent the type of issue would vary with the purpose for which funds are

raised. Merchant bankers when retained as managers to issue will have to

assist the company in all the stages connected with public issue.

CORPORATE ADVISORY SERVICES RELATING TO THE ISSUE

In India, the pricing of issues is now freely decided by the company, with

valuable inputs from the merchant bankers, who have to sell the issue at the

decided price. The pricing of the issue especially in a public issue is very

important. The pricing has to be such that the investors will be attracted to

invest in the issue at that price, at the same time the company should get

the premium that it is looking for. After all, the premium can play a very role

in deciding the company’s capital structure, as larger the premium lesser will

be the requirement for borrowed funds.

UNDERWRITING

Underwriting is like insurance against the failure of an issue. It is aguarantee to the issuing the company, that the money that it requires for its

project will definitely be raised. It means that even if the issue is not fully

subscribed to by the public, the underwriters will make up the short fall.

Underwriting involves the underwriter agreeing to subscribe directly, or to



13

Procure subscription for the unsubscribe portion of the issue, which is not

taken up. For the risk that the underwriter takes, he is paid commission.

MERGERS AND ACQUISITIONS

Mergers and acquisitions (M&A) and corporate restructuring are a big part

of the corporate finance world. Every day, Wall Street investment bankers

arrange M&A transactions, which bring separate companies together to

form larger ones. When they're not creating big companies from smaller

ones, corporate finance deals do the reverse and break up companies

through spin-offs, carve-outs or tracking stocks.

PROJECT COUNSELLING

Project counseling is very important and lucrative merchant banking services

which only very few merchant bankers having advantages of knowledge,

skills and experience over others are able to render satisfactorily. The

corporate seek advice in respect of identification of profitable investment

opportunities in the related business areas (like forward/backward

integration) or as part of diversification process. The merchant bankers carry

out detailed studies on product demand patterns, cost structures, etc., toenable the corporate in preparation of feasibility study may involve

arrangement of a foreign collaboration, advice on technical parameters and

also legal issues.

LOAN SYNDICATION

It refers to assistance rendered by merchant banks to get mainly term loans

for projects. Such loans may be obtained from a single development financeinstitution or a syndicate or consortium as in the case of large term loans.

Merchant banks can also help corporate clients to raise syndicated loans

from commercial banks.



14

CORPORATE ADVISORY SERVICES

Merchant bankers offer customized solutions to solve the financial problems

of their clients. Advice is sought in areas of financial structuring (as shown in

the Modern Manufacturing case above). Merchant bankers study theworking capital practices that exist within the company and suggest

alternative policies. They also advise the company on rehabilitation and

turnaround strategies, which would help companies to recover from their

current position.

LEASE FINANCE COMPANIES

Lease finance companies provide finance to acquire the use of assets for astipulated period of time without owning them. The user of the asset is

known as the lessee, and the owner of the asset is known as the lesser.

Leasing is medium term arrangement for finance.



15

9. QUALITIES OF MERCHANT BANKLERS

Merchant bankers are individual experts who organize and manage the

merchant banks. The operations of merchant banks are, therefore,

influenced by the personality trait of these individuals. For the success of

merchant bank’s operations, the qualities which merchant bankers should

have are discussed below:-

LEADERSHIP: merchant banker should possess all relevant skills, update

knowledge 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 are always looking 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, persuasiveness 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 exceptwhat 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 and 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 or blunt

outburst withdrew fortunate business opportunities forever. Friendliness



16

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 beacquainted 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 bankingservices, 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, honor and humor by meeting people.

ATTITUDE TOWARDS PROBLEM SOLVING: The most important personality

trait of a merchant banker is his attitude towards problem solving. Evenclient coming to him has got to 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 forreasons of cultivating a habit from environment in which they have been

brought up at home, in school, college and office. This is so important that

it must be treated as a separate objective quality of a good merchant banker



17

INQUISITINESS FOR ACQUIRING NEW SKILLS, INFORMATION AND

KNOLEDGE: merchant bankers lice 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. This is

possible if merchant bankers possess the quality of inquisitiveness.

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 so as to

understand the problems and sell the service product to the needy clients.

10. PROBLEMS ASSOCIATED WITH MB

1. SEBI guidelines have authorized merchant bankers to undertake issue

Related activities only with an exception of portfolio management. These

guidelines have made the merchant bankers either to restrict their activities

or think of separating these activities from the present one and float newsubsidiary and enlarge the scope of its activities.

2. SEBI guidelines stipulate a minimum net worth of Rs.1 crore for

authorization of merchant bankers. Small but professional and specialized

merchant bankers who do not have a net worth of Rs.1 crore may have to

close down their business. The entry is denied to young, specialized

professionals into merchant banking business.

3. Non co-operation of the issuing companies in timely allotment of

securities and refund of application money is another problem of merchant

bankers. The guidelines have put the responsibility on the merchant

bankers. They have to seek the cooperation of the issuing company to

shoulder the responsibility.



18

11. SEBI GUIDELINE &CODE OF CONDUCT

SEBIguidelines-

Merchant Bankers have been barred from undertaking activities other thanrelated to the securities market. The SEBI (Merchant Bankers) Regulations,

1992 have been amended on December 19, 1997 to provide that: a. The applicant should be a fit and proper person;

b. A merchant banker has to seek separate registration for its underwriting

or portfolio management activities; c. The categorization of merchant bankers I, II, III and IV has been

dispensed with; d .A merchant banker, other than a bank or a public financial institution,

has been prohibited from carrying any activities not pertaining to the

securities market; and

e. The applicant should be a body corporate other than non-banking

finance company. The Merchant Bankers Regulations were amended on January 21, 1998 to

provide time up to June 30, 1998 to sever its activities or hive off its

activities not pertaining to the securities market. The Reserve Bank of India

has exempted merchant banking companies from the provisions of Reserve

Bank of India Act, 1934 relating to compulsory registration (section 451A),

maintenance of liquid assets (section 451B),creation of reserve fund (section

451C ) and all the provisions of the recent Directions relating to deposit

acceptance and prudential norms. Merchant banking companies, to be

eligible for the above exemption, are required to satisfy the following

conditions: i. Such companies are registered with the SEBI under section 12 of the SEBI

Act, 1992 and are carrying on the business of merchant banker inaccordance with the Rules / Regulations framed by the SEBI;

ii. They acquire securities only as part of their merchant banking business; iii. They do not carry on any other financial activities as mentioned in

section 451 (c ) of the RBI Act,1934; iv. They do not accept / hold public deposits.



19

Code of conduct:

A merchant banker in the conduct of his business has to observe high

standards of integrity and fairness in all his dealings with his clients and

other merchant bankers. He ought to render at all times high standards of service, exercise due diligence, ensure proper care and exercise

independent professional judgment. He has to, wherever necessary, disclose

to the clients, possible sources of conflict of duties and interest, while

providing services. He cannot make any statement or become privy to any

act, practice unfair competition, which is likely to be harmful to the interest

of other merchant bankers or is likely to place such other merchant bankers

in a disadvantageous position in relation to him, while competing for or

executing any assignments. He should not make any exaggerated statement,

whether oral or written, to the client either about his qualification or his

capability to render certain services or his achievements in regard to

services rendered to other clients. A merchant banker has always to

endeavor to

(1) render the best possible advice to the clients having regard to the clients’

needs and the requirements and his own professional skill; and

(2) ensure that all professional dealings are effected in a prompt, efficient

and cost effective manner. He should not (1) divulge to other clients, press

or any other party any confidential information about his client which has

come to his knowledge; and (2) deal in securities of any client company

without making disclosure to the SEBI as required under the regulations and

also the board of directors of the client company. He should endeavor to ensure that (1) the investors are provided with true

and adequate information without making any misguided or exaggerated

claims and are made aware of attendant risks before any investment

decision is taken by them: (2) copies of prospectus, memorandum and

related literature are made available to the investors; (3) adequate steps aretaken for the fair allotment of share application and transfers, listing of

securities arrangement of underwriting/sub-underwriting, placing of issues,

selection of brokers, bankers to the issue, publicity and advertising agents,

printers, etc. In view of the overwhelming importance of merchant bankers

in the process of capital issues, it is now mandatory that all public issues



20

should be managed by merchant banker(s) functioning as the lead

manager(s). In the case of right issues not exceeding Rs 50 lakh, such

appointments may not be necessary. The salient features of the SEBI

framework of their operations are summarized in this article. Registration: Compulsory Registration: Merchant bankers are compulsory registered with

the SEBI to carry out their activities. They fall in four categories. Category I

merchant bankers carry on any activity relating to issue management, i.e.

preparation of prospectus and other information relating to the issue,

determining financial structure, tie-up of financiers and final allotment of

securities and refund of the subscription. They can also act as advisor,

consultant, manager, underwriter or portfolio manager. Category II

merchant bankers can act as advisor, consultant co-manager, underwriter,portfolio manager. Category III merchant bankers can act as an underwriter,

advisor and consultant to an issue. Thus, only Category I merchant bankers

can act as lead managers to an issue. Capital Adequacy Requirement: A merchant banker is granted recognition

by the SEBI in different categories on the basis of capital adequacy norms in

terms of its net worth comprising of paid-up capital and free reserves. The

minimum net worth requirements for each category is: Rs 5 crore (Category

I), Rs 0.5 crore (Category II), Rs 0.2 crore (Category III) and for Category IV

nil. Apart from minimum capital requirement, the merchant bankers are

expected to have the necessary infrastructure like adequate office space,

equipment and manpower to effectively discharge their activities. They

should employ at least two persons with experience to conduct merchant

banking business; they should not be involved in any litigation connected

with the securities market, have professional qualification in finance, law or

business management and, finally their registration is in the interest of the

investors.



21

12. FUTURE PROSPECTS IN INDIA

In the present dynamic environment where public money is playing a vital

role in financing a large number of projects, both in the public and private

sectors, Merchant Banking has a significant role in managing the show and

meeting the growing demands for funds by the corporate sector. Merchant

Banking includes a whole gamut of activities which meet the needs of both

corporate and individual investors and which range from identification,

evaluation, promoting and financing of projects (both domestic and

overseas) by raising resources in the equity and long-term loans, to organize

and participate in international consortia, to raise foreign currency loans and

to offer advisory services on various matters related to finance, investment,

capital management, structure, mergers, amalgamation, takeovers and

acquisitions.

They also play a useful role in the portfolio management, money market

operations, venture capital, leasing, etc. Merchant bankers act as a guide for

the entrepreneurs who are unaware, or have little knowledge or experience,

of the complexities involved in the above spheres. In addition to the above,

the scope of Merchant Banking services has extended to providing advisory

services to companies to increase or divest their stakes, public sector

undertaking disinvestments, international issues, etc. With the OTCEI being

operation now, Merchant Bankers will have a key role to play in terms of

appraising the projects and offering two-way quotes for market making in

case of entrepreneur going for listing in the above exchange. Merchant

Bankers act as a critical link between the corporate who are intend to raise

funds and the investors who are interested to invest in securities Industry.

Besides issue management, the Merchant Bankers are also undertake the

activities like underwriting connected with the public issue management

business, Managing/advising on International offerings of Debt/Equity i.e.,

GDR, ADR, Bonds and other instruments, Private placement securities,



22

Primary or Satellite dealership of government securities, Corporate Advisory

services related to securities market (e.g., Takeovers, acquisitions,

disengagement), Stock-Broking, Advisory Services for projects, Syndication

of rupee term loans and International Financial Advisory Services.

13. REFRENCES

http://www.answers.com/topic/merchant-banking

http://pnbindia.in/mbddetail.htm

Financial Services : Nalini Prava Tripathy, Prentice-Hall of India Pvt ltd.

‘Merchant Banking and Financial Services’ ,

Prof. Anil Agashe, Pune; Everest Publishing House.

***







Documents

CRM Presentation Topic