Ninth AIMS International Conference on Management

January 1-4, 2012

What ails the MSME Sector in India? Is it Poor Access to Funds

Priya Solomon psoloman@amity.edu Amity University, Noida 1. Introduction
This paper attempts to look into some of the problems which this sector faces in India and focuses largely on the issue of funding problems. If India is to attain its aspiration of double-digit growth rates and a reduced poverty ratio, greater focus on the well being of the Small and Medium Enterprises (SME) sector becomes a necessity. According to AIMA StudyAugust 2003, the constraints faced by the MSMEs have been observed as follows: Market related 25% Finance related 70% Government Policy related 12.78% Power related/ Infrastructure 14.0% Technology 14.6% CARE in its latest report Leading Small Industries, Performance and Growth Potential comments Poor access to funding The most severe constraint for MSME Sector The report claims that the contribution of MSMEs to Indias GDP is expected to increase to 30% by 2019-20 from its present 8% and this would not be possible without addressing the funding constraint.

2. The Small Scale Sector in India

They contribute nearly 35% in direct export and 45% in the overall export from the country. The SME is the second biggest employment-providing sector (after agriculture), providing direct work to around 30 million people and contribute 6% of GDP There also exist 1,38,000 sick units within the sector. This contribution is despite the sector being exposed to intensified competition since liberalisation of Indian economy in 1991. In 2006 a new bill was passed, The Micro, Smalland Medium Enterprises Development Act, which defines the enterprises as the following, a small enterprise, where the investment in plant and machinery is more than twenty five lakh rupees but does not exceed five crore rupees. In The Act, first time in India, defines the MSMEs by the level of investment in plant and machinery. The Act simplifies the registration process for new MSMEs by submitting simplified Memoranda. The Act stipulates that Central Government may, from time to time, for the purpose of facilitating and promoting the competitiveness of Micro, Small and Medium Enterprises, by way of development of skills in the employees, management and entrepreneurs, provision for technology upgradation, market assistance, infrastructure facilities and cluster development with a view to strengthening backward and forward linkages which is necessary for the development of MSMEs in the rural areas. As per the estimates compiled for the year 2009-10, the employment was 695.38 lakh persons in the sector.

Projected data for the year 2007-08 to 2009-10. ** Data for 2005-06 pertain to small scale industries (SSI) only

The size of the registered MSME sector is estimated to be 15,63,974 in 2010-2011. Of the total working enterprises, the proportion of micro, small and medium enterprises were 94.94%, 4.89% and 0.17% respectively.

242

Ninth AIMS International Conference on Management

January 1-4, 2012

About 45.23% (7.07 lakh) of the units were located in rural area 67.10 % of the enterprises in the registered MSME sector were engaged in manufacturing/ assembling/processing, whereas 16.78 % of the units were engaged in services activities. The remaining 16.13 % of the enterprises were engaged in the repair and maintenance. Increase in number of items reserved for MSME
Year 1967 1970 1974 1978 1980 1986 No. of Items reserved 47 55 177 504 833 863

1989 836 Source Rakesh Mohan (2002)

In India SMEs have around 40% share in industrial output, producing over 6000 value-added products However MSMEs in India, which constitute more than 80% of total number of industrial enterprises and form the backbone of industrial development, suffer from the problems of sub-optimal scale of operation and technological obsolescence. Indian MSMEs are facing stiff competition from their global counterparts due to liberalization, change in manufacturing strategies and uncertain market scenario. The non-availability of institutional finance on affordable and easy terms is hindering access to new technologies (Kacker, 2005).

3. Rationale of Study
Presently, the MSMEs in India are at a crossroad and it needs to be examined what would be the future of the small enterprises? How these enterprises can survive in the international trade arena? What role can the government play in making these MSMEs more competitive? In this context, it is important to re-look into the basic issues of SMEs, past, present and future prospects. We are on threshold of the danger of a lurking global economic recession and overall in the period of second generation economic reforms the performance of the MSME had also been affected by this reform agenda which may require probably third generation reforms for removing some of the persistent bottlenecks in this era of liberalization and a dynamic competitive environment, The financial institutions have also been affected by the provision of prudential norms and non-performing assets management The study gains greater significance under such circumstances to highlight how far MSME have gathered strength to meet the present competitive environment and the road ahead.

4. Methodology
This paper probes the implications of globalisation and domestic economic liberalisation for small-scale industries and analyses its growth performance in terms of units, employment, output and exports. And examines How availability and ease of accessibility of credit has a direct impact on the growth of MSMEs? How a stronger capital market platform has a direct impact on the viability and growth of MSME MSMEs - POST 1991 When we started economic liberalization in the nineties, there was widespread fear that it would lead to marginalization of the MSMEs. However, the MSMEs have emerged as the second largest source of employment generation of more than 60 million people. Outpacing other segments of the economy, the MSMEs production grew at a CAGR of 19.2% during the period 2003 04 to 2008 09 at constant prices. In the recent past, small companies have performed better than their larger counterpart. Between 2001-06, net companies with net turnover of Rs. 1 crore 50 crore had a higher growth rate of 701 per cent as compared to 169 per cent for large companies with turnover of over Rs. 1,000 crore (Business World Jan. 2007). The total SSI production, which had reached the all time high of Rs. 1,89,200 crores in 1989-90 dropped dramatically in the next 10 years and only in 2001-02 the level of production was surpassed. But after 2002, the production has risen at a faster rate. Since 2000, there is a continuous growth in number of units, production, employment and in exports. The average annual growth in the number of units was around 4.1%. It is estimated that there are 400 modern SME and 2000 rural and artisan based clusters exist in India. These contribute to 60 % of Indias manufacturing exports. Some of the clusters are so big that they produce 70 to 80 243

Ninth AIMS International Conference on Management

January 1-4, 2012

% of the total volume of that particular product produced in India. For example, Panipat produces 75 % of the total woollen blankets produced in the country; Tirupur produces 80% of the countrys cotton hosiery.

5. Micro, Small & Medium Enterprises in India Some Basic Issues and Challenges
Small industry in India has been confronted with an increasingly competitive environment due to: (1) liberalisation of the investment regime in the 1990s, favouring foreign direct investment (FDI); (2) the formation of the World Trade Organisation (WTO) in 1995, forcing its member-countries (including India) to drastically scale down quantitative and non-quantitative restrictions on imports, and (3) domestic economic reforms. The cumulative impact of all these developments is a remarkable transformation of the economic environment in which small industry operates, implying that the sector has no option but to 'compete or perish'. India's economic reforms have seen two major outcomes-Firstly; the growth of the public sector has declined considerably since 1991. The public sector has been a major customer of small enterprises in India. This will most probably further bring down public sector demand for small industry products. Secondly, the introduction of an exclusive policy for small industry, marked: (1) the beginning of the end of protective measures for small industry, and (2) promotion of competitiveness by addressing the basic concerns of the sector, namely, technology, finance and marketing. Subsequently, the number of items reserved exclusively for small industry manufacturing has been gradually brought down from 842 in 1991 to 239 in 2007. Small enterprises in India have come up in an unplanned, uncontrolled and haphazard manner. They have emerged anywhere and everywhere closer to the location of resources as well as markets, in clusters as well as in a dispersed manner, in industrial, commercial and residential areas. Of these, the 2000-odd small industry clusters vary in size with a population ranging from 100 to 1,000 units. Approximately, these clusters would account for 1/3 to the total small industry units in the country. A considerable majority of these clusters are based on natural and traditional skills. By and large, these clusters lack reliable and efficient infrastructural facilities such as power, road, water, transportation and communications, information and technical inputs. But the infrastructural problem is more acute in case of units that are located in a dispersed manner. The increasing availability of cheap foreign imports has further hindered the development of Indian micro, small and medium enterprises. Some of the major issues and challenges of SME growth and development are as follows: They are unable to capture market opportunities, which require large production facilities and thus could not achieve economies of scale, homogenous standards and regular supply. They are experiencing difficulties in purchase of inputs such as raw materials, machinery and equipments, finance, consulting services, new technology, highly skilled labor etc. Small size hinders the internalization of functions such as market research, market intelligence, supply chain, technology innovation, training, and division of labor that impedes productivity. Emphasis to preserve narrow profit margins makes the SMEs myopic about the innovative improvements to their product and processes and to capture new markets. They are unable to compete with big players in terms of product quality, range of products, marketing abilities and cost. And most importantly, absence of a wide range of Financing and other services those are available to raise money and sustain the business. Absence of Infrastructure, quality labor, Business acumen and limited options / opportunities to widen the business. Poor IT and Knowledge infrastructure.

6. Is Access to Funds Adequate to the Capacity Requirements of the MSME

SMEs can access capital through seven channels. The non-availability of finance on affordable terms is hindering their growth. Theoretically, seven modes of finance can be employed- but all have some degree of problem associated with them in providing capital to SMEs. Banks are invariably restrictive in lending to SMEs. Early stage ventures often have a low equity base and lack a visibility in cash flow, which can sustain debt finance. Further, the loans are collateralized, high cost and often are bundled with a delay in receivables. The high informational asymmetry makes it difficult for the debt finance to thrive. With the banks increasingly being in the public eye, there is an increased element of risk averseness. The course of debt financing from a development finance institution has not been a runaway success. Bond finance as an option is as good as negligible even for a large corporate in India, let alone being workable for an SME. The MFI sector is growing but not rapidly enough and certainly not large enough to provide the required capital. The same may be said of the VC industry, A large part of the capital required by SMEs still comes from lending by NBFCs and through 244

Ninth AIMS International Conference on Management

January 1-4, 2012

informal finance wherein the cost of borrowing is significantly high. Thus, the situation is complicated by the fact that the preferred mode of finance is self largely due to associated high interest rates. Of the 2.6 crore enterprises, a predominant number is in the unorganized sector, often located in nonconforming urban zones. The sector is heterogeneous with pockets of high technology enterprises but majority suffering from low technology base resulting in low productivity and poor quality of products. The units being small in size also have poor access to equity and credit. Most of the time, the equity is coming from savings and loans from friends and relatives rather than through banking systems. Very often, the credit is coming from operations or domestic savings rather than established systems of cheap banking credit for working capital. This problem is particularly acute for the village industries as well as the lower end of micro industries. Internal sources only account for about 15% of total financing for all SMEs but there exists significant variations among subgroups. While unlisted SMEs generate only 11.2% of all funding internally, listed SMEs, which are significantly larger than unlisted SMEs, rely on internal sources for almost 40% of total financing (for listed firms in services, the largest firm group of the SME sector, this ratio is 58.7 SMEs overall also rely more on bank finance than those in the large enterprise sector. In contrast to evidence from developed countries, SMEs also rely more on trade credits than large firms in India. In the credit market, small scale units face a disadvantage due to the greater behavioral risk of default as well as the higher cost of lending. The government attempted to counter the problem by enforcing mandatory credit allocation. The target fixed for priority sector lending by domestic and foreign banks is 40% and 32% of their net bank credit (NBC) respectively. The declining share of the SSI sector in the outstanding priority sector advances of public and private sector banks since 1999-2000 is a cause for concern. The share of SSI advances in the NBC declined from 16% at the end of March 2000 to 11% at the end of March 2003 in respect of public sector banks. For the private sector banks, the share declined from 19% to about 8% in the same period. Large corporates are able to access bank loans at below PLR besides accessing international markets. But, for the SSI sector, the cost of funds continues to remain high. Even the best of small scale units get loans at rates 175-200 basis points higher than large corporates. Despite several initiatives to speed up credit-flow, such as setting up of the Credit Guarantee Corporation, tiny sector credit norms, intervention of specialised institutions such as NABARD and SIDBI, the purview of institutional credit is still limited only to14.91 per cent of SSI units in the country. A study by CRISIL showed that small enterprises have lower access to bank credit, with a significantly lower median gearing (i.e. debt as a percentage of shareholders equity) of .34 times compared to .73 for large corporates. This premium at which funds are obtained, again affect the units ability to perform competitively and efficiently, further accentuating the vicious cycle of small size and inadequate finance. Any Indian business enterprise, with net worth of less than 10 crores, cannot raise capital from the stock market. The smaller enterprises have no other choice of finance and they will be forced to borrow on higher interest rates and some will end-up inclosure and sickness. The Government proposed a policy of 20% of annual value of purchases by PSEs, Central govt. departments etc. from MSMEs. Presently, 358 items, out of 7,500 items that are manufactured by SSI, are reserved for exclusive purchase from Micro and Small enterprises. There is a special reservation for disadvantages section of the Society (SCs/STs/Women). At least 22.5% of the value of total annual procurement of goods and services should be procured from the above section. There is a special reservation for 10% of the value of total annual procurement of goods and services from MSMEs owned by women enterprises. Today, most of the lendings are concentrated on priority sectors like auto ancillaries, pharmaceuticals and IT sector where India had a proven record of competitive advantage., in addition of loan facilities, there is need for venture capital investment. To increase the flow of loans to the micro, small and medium enterprises (MSME), IDBI Bank and the Small Industries Development Bank of India (SIDBI) signed a new memorandum of understanding to jointly finance enterprises in this segment. Aimed at leveraging synergies between the bank and the financial institution, the MoU envisages common documentation and joint appraisal of projects so that loans can flow smoothly to the MSME customers.

7. New Capital Financing Options for MSMES

The current means of financing for SMEs are not adequate as they do not have easy access to funds from Angel Investors, VCs and PE players. Most costs of compliance in raising capital under the existing guidelines are fixed. As a result, the costs become burdensome for smaller issues. 245

Ninth AIMS International Conference on Management

January 1-4, 2012

Some of the untapped or lesser used sources of finance, as given below, need to be boosted and mainstreamed through various measures and conducive environment. Factoring in MSME Sector Factoring has started gaining ground in the Indian system in the recent years. As per the data available for the year 2008, factoring turnover reached 485 billion which constituted about 2% of total bank credit. Factoring organizations not only provide MSMEs with finance, but also offer other services, among other, like Sales Ledger Administration, Debt collection and Credit insurance. Securitization Securitization of debt by MSMEs makes the debt instruments more liquid and brings down the cost of lending. As per the data available, total securitization market through asset backed, residential mortgage backed and collateralized loan obligations structured financial market stood at 425.9 billion as on March 31, 2010,out of which 209.7 billion securitization done through Asset Backed Securitization, which also has the 4% volume for MSMEs i.e., approximately 5 billion. A well performing SME capital market is a critical need for the Indian SMEs, not only for meeting the equity requirements of deserving and growing SMEs, but also for providing efficient exit to private venture capital investment in early stage companies. This would encourage more venture capital investments into early and innovation based enterprises. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) CGTMSE was set up on July 27, 2000 by the Government of India and SIDBI to provide collateral free/ thirdparty guarantee free credit facility extended by Banks/ FIs, to new as well as existing Micro and Small Enterprise (MSEs), with a maximum credit cap of 10 million under its Credit Guarantee Scheme (CGS).The extent of credit guarantee depends on borrower category and quantum of credit facility. CGTMSE has accorded guarantee approvals of for more than 162 billion as at end August, 2010.The setting up of CGTMSE has brought out a revolution in the banking world, as more and more Banks/ FIs have started providing credit to MSEs. The proactive attitude of banks/FIs in providing capital with guarantee support of CGTMSE. SIDBI Venture Capital Ltd. (SVCL) The venture capital industry in India has been witnessing buoyant growth in the recent years. Private equity firms invested about US$ 2364 million across 67 deals during the quarter ended June 2010, according to a study by Venture Intelligence The latest numbers take the total PE investments in 2010 to US $ 4571 million (across 138 deals, excluding those in real estate), more than three times the US$ 1508 million invested (across 111 deals) during the same period in 2009. SIDBIs own subsidiary, SVCL manages two SEBI registered venture capital funds, viz. National Venture Fund for Software and Information Technology (NFSIT) of `for IT / ITES sector in collaboration with Ministry of Communications and Information Technology (MCIT), Govt. of India and the other fund SME Growth Fund (SGF) of 5 billion with contribution from major Public Sector Banks. SGF is for growth sectors like biotechnology, pharmaceuticals, light engineering, IT, etc. NFSIT has completed ten years of operations. The cumulative sanctions and disbursements (net of cancellation) as on March 31, 2010 aggregated 0.84 billion (31 companies). The total commitments under the SGF amounted to about 4.7 billion. Risk Capital Fund (RCF) A Risk Capital Fund of 20 billion has been setup in SIDBI for providing risk capital/ equity support to deserving MSMEs. As at end June, 2010, SIDBI has provided risk capital of more than 13.5 billion to various National and State level VC funds and MSMEs. Green Financing Green Financing is another new area. These new concepts are yet to gain momentum in India. However, some beginning has been made with the IFCIs Green India Venture Fund and CII-Godrej Green Business Centre (CII-GBC) to support green entrepreneurs. Realizing the need for taking the first step to foster investment by MSMEs in the energy efficiency technologies and cleaner production measures, SIDBI has raised funds earmarked for environment, Energy Efficiency and cleaner production from its international partners, viz. US $520 million from World Bank, JPY 30 billion from JICA, and Euro 50 million from AFD, France Under the Energy Efficiency Scheme, SIDBI provides concessional direct credit to MSMEs at interest rates ranging from 9.5 - 10%, which is 100 - 150 bps below the PLR of SIDBI. To encourage MSMEs to go for green rating, SIDBI 246

Ninth AIMS International Conference on Management

January 1-4, 2012

gives concession in interest rate upto 50 bps in its loan assistance to MSMEs, obtaining green rating of SME Rating Agency of India Ltd. (SMERA) SMERA Green 3 and above. Launching of Trade Receivables Engine for E-discounting In order to provide quicker and timely financial assistance to MSMEs, SIDBI, along with National Stock Exchange (NSE), took the initiative in setting up an electronic platform for discounting of MSME receivables, named as NTREES (NSETrade Receivables Engine for E-discounting in coordination with SIDBI) for discounting of trade receivables on RTGS basis. From the investors perspective, the existence of a platform for SMEs allows them to invest in it ,allows mutual fund to bring in more innovation into their products When companies are in the growth phase, they tend to get leveraged. Beyond a certain point, banks are reluctant to provide further credit. Equity capital is required to bring strength to the leveraged balance sheet. At this point either the promoter will have to self provide for injecting in the requisite levels of equity or would have to do without the capital, which in turn would kill the impetus of growth. Having the option of equity financing through the equity market, allows the firm not only to raise long-term capital but also to get further credit due to additional equity cushion now being available. The much-awaited BSE SME Exchange has got final approval from the capital market Regulator SEBI recently. Earlier, BSE SME Exchange received in principle approval in May, 2011. The cost of raising the IPO of Rs. 10 crores on the main board is about 7 to 8%. There is a cost reduction in the SME Exchange on account of printing forms, advertisement and marketing. However, there is additional responsibility given to the merchant bankers and it involves additional cost for 100% underwriting, subunderwriting and responsibility of market making for three years. About 50 companies have already shown interest for listing on BSE SME Exchange and half of them have already signed mandates with the merchant bankers (MBs). These MBs have to file the offer documents (RHP) with BSE SME Exchange and take approvals, before getting the issue subscribed by the public. The first batch of companies will be listed on the day of launch of the BSE SME exchange Three years profit making track record is mandatory on the BSE Main Exchange. This is not necessary for the listing of SMEs and waived off, so that more and more SMEs can list on the SME Exchange. The major differentiator for the SME Exchange is that there is 100% underwriting of the issue and the IPO issue will be 100% success, irrespective of whether it is fully subscribed or not. There is guarantee of listing, unlike on the main board. This is encouraging the SMEs to come forward in a big way, as the uncertainty of failure of IPO is no longer there. Generally, SMEs need small capital.. The SMEs will need at least 50 investors each investing at least Rs 1 lakh at the time of IPO and the size of IPO can be as low as Rs. 50 lakhs. Generally, the SMEs require capital for very long period, say at least 10 years. If they are opting for debt, they need collaterals for taking debt from the Banks. They have to pay interest of about 15% per annum and service the debt for all these long years. After that, they should return the principal capital. If the promoter of SME is not able to pay the debt, his assets will be attached and the debt will be recovered from him. The investor of equity capital is like a partner for the SME. There is no burden on the promoters and the investors cannot compel him like in debt funding. If the company performs and grows, the investor also reaps benefits. The equity capital has only one time cost of raising it. If this cost is apportioned over the long period, the cost of capital for each year is insignificant. Thus, raising equity capital is very cost effective and it does not make the promoters liable for the capital.

8. The Road Ahead

The ray of hope is that Small and Medium Enterprises (SMEs) is an emerging, inevitable and profitable target market for the financers i.e. financial institutions and banks The SMEs sector is considered to be an untapped market for financial institutions in India. We just need to combat certain obstacles. Minimization of probabilities of skewed returns from SMEs by better risk management Eradicate inconsistency in the knowledge of SMEs business. For example, entrepreneurs may possess more information about the nature and characteristics of their products and processes than potential financiers. Absence of managerial and technical expertise of intermediaries whose role is to evaluate and monitor companies Lack of international infrastructure and expertise in SME financing

9. Concluding Notes
MSMEs are important for achieving the national objective of growth with equity and Inclusion The potential future strategies would mainly rest on five pillars They are (not in order of priority): 247

Ninth AIMS International Conference on Management

January 1-4, 2012

1. 2. 3. 4. 5. 6. 7.

Skill development Markets Technology Infrastructure Credit availability(life line of other pillars)

10. References
Acharya, V. V., Pedersen, L. H., 2002. Asset pricing with liquidity risk. Unpublished working paper. Stern School of Business. Barber, Brad M. and Odean Terrance, All that Glitters: The effect of Attention and News on the buying Behaviour of Individual and institutional Investors, 2003, Moscow Meetings Paper. Barclay, Michael, Christie William, Harris Jeff, Kandel Eugene, and Schultz Paul, The effects of market reform on the trading costs and depths of Nasdaq stocks, 1999, Journal of Finance 54, 1-34. Bardhan, Pranab and Udry Christopher, Readings in Development Economics- Vol I: MIT Press, 2000. Black, Bernard S. and Gilson Ronald J., Venture Capital and the structure of Capital Markets: Banks versus Stock Markets, Journal of Financial Economics, Vol 47, 1998, pp. 243-277. Chopra, V.K., Innovations in SME financing. Cohen, Kalman J., Maier Steven F., Schwartz Robert A., and David K. Whitcomb, Transaction costs, order placement strategy, and existence of the bid-ask spread, Journal of Political Economy 89, 1981, 287-305. Demirguc-Kunt A. and Levine, R., Bank-Based and Market-Based Financial systems: Cross country comparisons, MIT Press: Cambridge, MA, 2001. Demirguc-Kunt A. and Levine, R., Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets and Development, MIT Press: Cambridge, MA, 2001. Drucker P.F. Innovation and Entrepreneurship, Harper and Row, New York, 1985. Garman, Mark, Market microstructure, Journal of Financial Economics 3, 1976, 257-275. Dudley William C. and Hubbard Glenn, How Capital Markets Enhance Economic Performance and Facilitate Job Creation, 2004, Goldman Sachs Report. Gemmill, G., "Transparency and Liquidity: A Study of Block Trades on the London Stock Exchange under Different Publication Rules," Journal of Finance 51, 1996, 1765-1790. Foucault, T., Kadan, O., Kandel, E., Limit order book as a market for liquidity. Unpublished working paper. HEC School of Management, 2001. Glosten, Lawrence R., and Harris Lawrence E., Estimating the components of the bid-ask spread, Journal of Financial Economics 21, 1988, 123-142. Glosten, L., "Is the Electronic Open Limit Order Book Inevitable?" Journal of Finance 49, 1994, 11271161. Green, R., B. Hollifield, and N. Schurhoff,, "Financial Intermediation and the Costs of Trading in an Opaque Market," Feb. 2004, unpublished manuscript. Kacker Stuti, Overcoming Barriers to Innovation for Indian SMEs, Ministry Small Scale Industries, 2005, Government of India Report. Laux, Paul, Dealer market structure, outside competition, and the bid-ask spread, Journal of Economic Dynamics and Control, 19, 1995, 683-710. Madhavan, Ananth, Trading mechanisms in securities markets, Journal of Finance 47, 1992, 607641. Oxford Analytica, Assessment of the Economic Benefits and Opportunities for A Pan-European Growth Market, 2005, for The London Stock Exchange. Stiglitiz Joseph, Mechanisms for Allocating and Coordinating Investment 1993, NBER. Stoll, Hans R., The supply of dealer services in securities markets, Journal of Finance 33, 1978a, 1133-1151. Stoll, Hans R, Regulation of securities markets: an examination of the effects of increased competition, Monograph Series in Finance and Economics, 1979-2, New York University, Graduate School of Business, 82 pages. Thomas Susan, How the financial sector in India was reformed, 2005, Documenting Reforms: Case Studies from India, Observer Research Foundation.

11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27.

28.

248