Tag: Merchant

Ledger Merchant Account: Meaning, Advantages, and Features
Ledger Merchant Account: The ledger system of double-entry bookkeeping includes the utilization of various record administered books (known as a bunch of books) to record exact data, in cash esteems, of every day exchanging activities of a business. Accounting essay present; Ledger Account is a diary where an organization keeps up the information of the relative multitude of exchanges and fiscal summary. The organization’s overall cartulary account coordinate under the overall cartulary with the monetary record grouped into various records like resources, Accounts receivable, creditor liability, investors, liabilities, values, incomes, charges, costs, benefit, misfortune, reserves, advances, bonds, stocks, compensations, compensation, and so forth.

Ledger Merchant Account: Meaning, Definition, Types, Features, Advantages, and Disadvantages.

Before understanding What ledger accounts are? Let us take a concise prologue to Ledger. Diary is utilized to record the exchanges sequentially. Yet, Journal just gives the impact of individual exchanges. The proprietor of a business, in any case, isn’t just keen on thinking about the impacts of individual exchanges on fiscal summaries yet also the gathered impact of each Account.

For instance, if he needs to know the aggregate sum of buys identifying with a specific bookkeeping period, at that point it will be a chaotic task to discover it from the Journal as it contains countless exchanges identifying with buys at better places as indicated by their particular dates of the event. In any case, he can without much of a stretch locate the number of all-out buys from the “Buys Account”. Subsequently, it requires that exchanges of a comparative sort should figure out and collected in one spot. This spot is a cartulary.

Meaning of Ledger Merchant Account:

What Does Accounting Ledger Mean? The notes or diary gives a total posting of the everyday exchanges of a business. Be that as it may, it doesn’t give data about a particular record in one spot. For instance, to realize how much money balance we have, the bookkeeping agent would need to check all the diary sections in which money includes, and this is an arduous work; because there are hundreds or even great many money exchanges recorded on various pages of the diary. To dodge this trouble, the charge and credit of journalized exchanges move to ledger accounts. Hence all the progressions for a solitary record are situated in one spot – in a cartulary account. This makes it simple to decide the current equilibrium of any record.

At the point when all the exchanges of a given period have been journalized, the following thing is to characterize them as per the records influenced. All comparative exchanges must unite. For example, all exchanges identifying with money must place in one spot. Likewise, all exchanges with a client or a provider must collect in one spot. The book in which this characterization do know as the ledger.

Definition of Ledger Merchant Account:

What is the Ledger in Business? The cartulary is a book that contains a consolidated and arranged record of the relative multitude of financial exchanges of the business by and large brought, moved, or posted from the books of unique section.

The cartulary knows as the ruler of all books of records since all sections from the books of unique passage must present on the different records in the ledger. It should notice that the diary contains a sequential record while the cartulary contains an ordered record, all things considered.

Kinds of Types of Ledger Merchant Account:

A cartulary is where all ledger accounts are kept up in a summed up manner. What are 3 different types of Ledger double entry? All records joined to make a cartulary book. A cartulary otherwise calls the chief book of records and it shapes a perpetual record of all business exchanges. Prevalently there are 3 unique types of the ledger – Sales, Purchase, and General ledger.

Sales Ledger or Debtor’s Ledger:

Deals or Sales Ledger is a cartulary where the organization keeps up the exchange of selling the items, administrations, or cost of merchandise offered to clients. This cartulary gives the possibility of deals with income and pays explanation. First among various sorts of ledgers is “Deals or Debtors’ ledger”.

It is a gathering of all records identified with clients to whom products have been sold using a loan (Credit Sales). The Sum of all the cash owed to a business by their clients appears here and name as Accounts Receivable, Trade Debtors, or Sundry Debtors. The records generally organize in sequential requests, be that as it may, these days all the cartulary accounts are kept up with the assistance of bookkeeping ERPs.

Purchase Ledger or Creditor’s Ledger:

Purchase or Buy Ledger is a cartulary where the organization puts together the exchange of buying the administrations, items, or products from different organizations. It gives the permeability of how much sum the organization paid to different organizations. It is a gathering of all records identified with vendors from whom products have been bought using a loan (Credit Purchases).

The Sum of all the cash owed by a business to their merchants is appeared here and name as Accounts Payable, Trade Creditors, or Sundry Creditors. The all-out money related sum inside the bought cartulary appears in the preliminary equilibrium and the asset report at its fitting spot.

General Ledger:

General Ledger isolates into two kinds – Nominal and Private Ledger. An ostensible cartulary gives data on costs, pay, deterioration, protection, and so on Also, a Private ledger gives private data like compensations, compensation, capitals, and so on Private ledger isn’t open to everybody. Organizations typically make a solitary general ledger which incorporates 2 extra subtypes of ledgers for example ostensible and private ledger.

These two might remember for the rundown for various sorts of ledgers in bookkeeping. An overall cartulary is a brought together gathering for all the cartulary records of a business. It contains a wide range of records which can find in an association; for example, resources, liabilities, capital or value, incomes, costs, and so forth

According to conventional or UK style bookkeeping; It comprises of all ostensible and genuine records important to plan financials for an organization. For example Building, Office hardware, Furniture, etc.
- Nominal Ledger: As the name recommends it contains all ostensible records for example cost, misfortunes, wages, and gains. Models – Salaries, Sales, Purchases, Returns Inward/Outward, Rent, Stationery, Insurance, Depreciation, and so on
- Private Ledger: They comprise records that are secret in nature, for example; capital, drawings, compensations, and so forth These records are just available by chosen people.
A few organizations do make separate general, ostensible, and private ledger.

Features or highlights or characteristics of Ledger Merchant Account:

The ledger has the following main characteristics or features:
- It has two indistinguishable sides – the left-hand side (charge side) and the right-hand side (credit side).
- The charge part of the relative multitude of exchanges record on the charge side; and, credit parts of the relative multitude of exchanges record on the credit side as per date.
- The contrast between the sums of the different sides speaks to adjust. The overabundance of the charge side over the credit side demonstrates charge balance; while an abundance of the credit side over the charge side shows the credit balance. On the off chance that the different sides are equivalent, there will be no equilibrium.
- For the most part, the equilibrium draws at the year-end; and, recorded on the lesser side to make the equivalent of the different side. This equilibrium knows as the end balance.
- The end equilibrium of the current year turns into the initial equilibrium of the following year.
Ledger Merchant Account: Meaning, Advantages, and Features; Image from Pixabay.

Merits or Benefits or Advantages of Ledger Merchant Account:

What are the advantages of Ledger double entry? Keeping up the ledger is an unquestionable requirement in each bookkeeping framework. It is important as will be obvious from its preferences.
- Exchanges identifying with a specific individual, thing, or heading of use or pay to assemble in the concern record in one spot.
- At the point when each record occasionally adjusts it mirrors the net situation of that account.
- Ledger is the venturing stone for getting ready Trial Balance – which tests the arithmetical exactness of the bookkeeping books.
- Since the sections recorded in the diary refer to in the cartulary the chance of mistakes of defalcations decreases to the base.
- Ledger is the objective of all sections made in diary or sub-diaries.
- Ledger is the “storage facility” of all data which consequently utilize for getting ready last records and fiscal summaries.
The accompanying focuses feature the best eight focal points of a ledger. The points of interest are:

The readiness of Trial Balance:

It is preposterous to expect to set up a Trial Balance without ledgers. Since a Trial Balance sees up by taking up the cartulary accounts balance. Besides, arithmetical precision is unimaginable.

Introducing Final Position:

We realize that the last record must see up from a Trial Balance (i.e., Trading Account, Profit and Loss Account, and Balance Sheet). In this way, on the off chance that we don’t get the cartulary accounts balance from a Trial Balance, we can’t plan last records.

Utilization of Double Entry System:

Twofold Entry System finishes just when we present the diaries on various cartulary accounts.

Deciding Results of Each Account:

The consequences of each record can get from the cartulary dependent on Double Entry standards.

Keeping up Classified Accounts Indirect Advantages:

The points of interest of grouped records might uncover in the wake of recording in the cartulary account appropriately.

Introducing Statistical Information:

The cartulary accounts with their separate adjust are the wellsprings of measurable data that utilize by the administration while dynamic.

Gathering Information:

The cartulary might know as the assortment or storeroom of different exchanges.

Present Financial Position:

The monetary situation of an endeavor (i.e., after setting up the last record) must know whether we keep up the cartulary account appropriately.

Demerits or Limitations or Disadvantages of Ledger Merchant Account:

As Merchant Account Keeping up the ledger is an unquestionable requirement in each bookkeeping framework. Its disadvantages will be obvious from its preferences;
- Ledger is dependent on the journal entry, they are not working independently. It is fully helpless without journal data.
- They are not opening entry while closing entry, and also they analyze from the fixed data record.
- Ledger is a system of double-entry bookkeeping; but, some data is both side columns belong as cash or bank or name is all depend on credit or debit entry.
November 25, 2020
Merchant Banking: Functions, Origin, and Evolution
Meaning of Merchant Banking: Dictionary meaning of Banking points at merchant bank as an organization that underwrites securities for corporations advises such clients on mergers and involves in the ownership of commercial ventures. The term “Merchant Banking” has been used differently in different parts of the world.

Learn, Explain each topic of Merchant Banking: Functions, Origin, and Evolution!

While in the UK, merchant banking refers to the “Accepting and issuing houses”, in the USA it knows as “Investment banking“. The word merchant banking has been so widely used that sometimes; it applies to banks who are not merchants, sometimes to merchants who are not banks, and sometimes to those intermediaries who are neither merchants nor banks. Explain the Organizational setup of Merchant Bankers in India!

Functions of Merchant Banking:

The basic function of a merchant banker is marketing corporate and other securities. Now they require to take up some allied functions also.

A merchant bank now takes up the following functions:

1. Promotional Activities:

A merchant bank functions as a promoter of industrial enterprises in India He helps the entrepreneur in conceiving an idea, identification of projects, preparing feasibility reports, obtaining governmental approvals and incentives, etc. Some of the merchant banks also assist technical and financial collaborations and joint ventures

2. Issue Management:

In the past, the function of a merchant banker had mainly been confined to the management of new public issues of corporate securities by the newly formed companies, existing companies (further issues); and the foreign companies in dilution of equity as required under FERA In this capacity the merchant banks usually act as sponsor of issues.

They obtain the consent of the Controller of Capital Issues (now, the Securities and Exchange Board of India) and provide several other services to ensure success in the marketing of securities. The service provided by them includes the preparation of the prospectus, underwriting arrangements, appointment of registrars, brokers, and bankers to the issue, advertising and arranging publicity and compliance of listing requirements of the stock exchanges, etc.

They act as experts of the type, timing, and terms of issues of corporate securities and make them acceptable for the investors on the one hand and also provide flexibility and freedom to the issuing companies.

3. Credit Syndication:

Merchant banks provide specialized services in preparation of the project, loan applications for raising short-term as well as long-term credit from the various bank and financial institutions, etc. They also manage Euro-issues and help in raising funds abroad.

4. Portfolio Management:

Merchant banks offer services not only to the companies issuing the securities but also to the investors. They advise their clients, mostly institutional investors, regarding investment decisions. Merchant bankers even undertake the function of purchase and sale of securities for their clients to provide portfolio management services. Some merchant bankers are operating mutual funds and offshore funds also.

5. Leasing and Finance:

Many merchant bankers provide leasing and finance facilities to their customers. Some of them even maintain venture capital funds to assist entrepreneurs. They also help companies in raising finance by way of public deposits.

6. Servicing of Issues:

Merchant banks have also started to act as paying agents for the service of debt- securities and to act as registrars and transfer agents. Thus, they maintain even the registers of shareholders and debenture holders and arrange to pay dividends or interest due to them

7. Other Specialized Services:

In addition to the basic activities involving the marketing of securities, merchant banks also provide corporate advisory services on issues like mergers and amalgamations, tax matters, recruitment of executives and cost and management audits, etc. Many merchant bankers have also started making bought-out deals of shares and debentures. The activities of the merchant bankers are increasing with the change in the money market.

Origin of Merchant Banking:

The origin of merchant banking can trace back to the 13th century when a few families-owned and managed firms engaged in the sale and purchase of commodities were also found to engage in banking activity. These firms not only acted as bankers to the kings of European States, financed coastal trade but also borne exchange risk.

To earn profits, they invested their funds where they expected higher returns despite the high degree of risk involved. They charged very high rates of interest for financing highly risky projects. In turn, they suffered heavy losses and had to close down. Some of them restarted the same activity after gaining financial strength. Thus merchant Banking survived and continued during the 13th century.

Later,

Merchant Bankers were known as “Commission agents” who handled the coastal trade on a commission basis and provided finance to the owners or supplier of goods. They made investments in goods manufactured by sellers and made huge profits. They also financed continental wars. The sole objective of these merchant bankers was profit maximization by making investments in risky projects.

Then came the industrial revolution in England. The scope of international trade widened to include North America and other continents. Many people were attracted to take up merchant banking activities to transfer the machine-made goods from European nations to other nations and colonies and bring raw material from other nations and colonies to Europe and to finance such trade.

During the early nineteenth century, merchants indulged in overseas trade and earned a good reputation. They accepted the bills of the lesser reputed traders by guaranteeing the holder to receive full payment on the due date. This practice of accepting bills has grown over the years with expansion in trade and has become part of merchant banking activity.

Merchant Banking: Functions, Origin, and Evolution! Image credit from #Pixabay.

Evolution of Merchant Banking:

“Hundi” was the main instrument of credit used by indigenous bankers before the coming of western merchants in India. It was in 1813 when merchants came from European countries to trade with India. Agency houses were set up by merchant bankers based in London.

These agency houses raised deposits at cheaper rates of interest viz. 4% to 5% from their home and made advances to native merchants at 10% to 12%; and also, they charged high commissions on every kind of service provided to the clients.

Easy availability of money at the spot from the agency houses had eliminated the role of acceptance house or merchant banking in India. It was only with the entrance of East India Company that restrictions were put on the operation of agency houses.

During the 19th century,

Foreign merchant bankers operated in India through “East India House”. East India House members moved into real estate business viz. tea and rubber plantation, cotton mills, etc. They faced tough competition from Persian finance houses who were willing to grant credit to the trade with India.

It was in 1860 when the merchant’s interest in joint-stock banking started growing and with their investments, they floated joint-stock banks. Some new banks were founded which included Orient Bank in 1845, Chartered Bank of India and Asia in 1853, Chartered Mercantile Bank of India, London & China in 1857, and so on.

These banks financed trade transactions. The control and management of these banks lied with managing agents. Also, the managing agency system enabled a single firm to look after several firms in complementary industries.

With the result,

The banking industry flourished in India with the support of London-based merchant bankers; and, the merchants who had full control of the Board. Telegraphic transfers improved banking links and the business.

The managing agents acted as merchants banks and performed functions of promoting financing and marketing of securities. They developed strong roots in depth of India’s economic, commercial and industrial structure. Also, they served the industry, trade, and commerce as the merchant bankers were doing in the UK; and, European countries or the investment bankers were doing in the USA.

Managing agents acquire a large share of investible capital initially; and, later on, dispose of the shares once the company gets established. In other words, Managing Agency Houses acted as an issue house for securities. It founds that 600 industrial establishments did manage under the managing agency system in 1951.

Few Indian managing agency houses did also established in pre-World War II who started as the family business, later on, converted into partnership and public limited companies.

Examples of prominent managing agency houses included:
- Tatas,
- Birlas,
- Dalmia’s,
- Singhanias,
- Thapar’s,
- Narang’s etc.
These managing houses had the necessary skills and expertise which helped in the development of projects.

Functions performed include:
- Investing funds like venture capital in promoting the enterprise.
- Assist the enterprises in procuring finance by guaranteeing bank loans and advances.
- Raising public deposits.
- Enter into negotiation with foreign capitalists.
Thus, they acted as intermediaries of investment by holding the shares of new companies; motivating people to invest, and keeping deposits for investment.

In Post-World War II, Amendments in the Companies Act, 1956 led to the streamlining of the procedure for capital issues and facilitated the growth of the capital market in India.

To speed up the pace of economic development, efforts did make to channelize household savings into investment in industry and trade. Significant amendments did make in the Companies Act, Capital Issues (Control) Act, Banking Companies Act to regulate the growth of business enterprises.

In 1948,

Industrial Finance Corporation of India (IFCI) did set up to provide long and medium-term finance to industrial enterprises and underwrite new securities. At the state level, State Financial Corporations did also established in 1951 to provide financial assistance to the industry.

In 1955,

The Industrial Credit and Investment Corporation of India (ICICI) did set up to provide developmental finance to industrial concerns. Also, ICICI invests in equity by way of direct subscription and also underwrites shares and debentures.

Many more financial and investment institutions emerged at national and state levels e.g. LIC, RCI (Refinance Corporation for Industry), Industrial Development Bank of India (IDBI), Unit Trust of India (UTI), State Industrial Development Corporation (SIDC), etc. over the years.

The basic objectives of setting up all these institutions were to boost the industrial sector, improve the capital market; make finance easily available and support the investment climate in the country. These institutions also underwrite the capital issues besides the lending support of broking houses.

The need for merchant banking services did widely felt. It was during this period that National & Grindlays Bank (now Grindlays Bank) took a lead by taking up merchant banking activities; and announced the inauguration of its “Merchant Banking Division” in January 1969.
June 1, 2018
Merchant Banks: Definition, Nature, and Characteristics
Merchant Banks is a combination of Banking and consultancy services, Banks Essay, Definition, Nature, Functions, and Characteristics. It provides consultancy to its clients for financial, marketing, managerial and legal matters. Consultancy means providing advice, guidance, and service for a fee. It helps a businessman to start a business. It helps to raise (collect) finance. Also, They help to expand and modernize the business. It helps in the restructuring of business. This helps to revive sick business units. It also helps companies to register, buy and sell shares at the stock exchange. Also learned, Set-Up of Merchant Banking.

Learn, Explain Banks of Merchant Banking: Definition, Nature, and Characteristics.

Definition: Banking can define as a skill-oriented professional service provided by banks to their clients, concerning their financial needs, for adequate consideration, in the form of a fee. The Concept of Merchant Banking is studying and explains – Definition, Nature, Functions, and Characteristics.

Definition of Merchant Banking:

The Notification of the Ministry of Finance defines merchant banker as;

“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 or rendering corporate advisory services in relation to such issue management.”

The Amendment Regulation specifies that issue management consists of a prospectus and other information relating to the issue, determining the financial structure, tie-up of financiers, and final allotment and refund of the subscriptions, underwriting, and portfolio management services.

In the words of Skully,

“A Merchant Bank could be best defined as a financial institution conducting money market activities and lending, underwriting and financial advice, and investment services whose organization is characterized by a high proportion of professional staff able to able to approach problems in an innovative manner and to make and implement decisions rapidly.”

Nature of Merchant Banking:

It is skill-based activity and involves serving every financial need of every client. It requires a focused skill-base to provide for the requirements of the client. As well as SEBI has made the quality of manpower one of the criteria for registration as a banker. These skills should not be concentrated in issue management and underwriting alone, which may hurt business.

Merchant bankers can turn to any of the activities mentioned above depending upon resources, such as capital, foreign tie-ups for overseas activities, and skills. The depth and sophistication in the banking business are improving since the avenues for participating in capital market activities have widened from issue management and underwriting to private placement, bought out deals (BODS), buy-back of shares, mergers, and takeovers.

The services of merchant banks cover project counseling, pre-investment activities, feasibility studies, project reports, the design of the capital structure, issue management, underwriting, loan syndication, mobilization of funds from Non-Resident Indians, foreign currency finance, mergers, amalgamation, takeover, venture capital, buyback, and public deposits. Also, A Category-1 banker can undertake issue management only. Separate registration is not necessary to carry on the act as the underwriter; next, we are going to study the functions of banking.

Functions of Merchant Banking Organization:

The following functions of merchant banking below are:

1] Portfolio Management:

Banks provide advisory services to institutional investors, on account of investment decisions. Also, They trade in securities, on behalf of the clients, to provide portfolio management services.

2] Raising funds for clients:

Banking organization assists the clients in raising funds from the domestic and international market, by issuing securities like shares, debentures, etc., which can be deployed for starting a new project or business or expansion activities.

3] Promotional Activities:

One of the most important activities of banking is the promotion of a business enterprise, during its initial stage, right from conceiving the idea of obtaining government approval. There is some organization, which even provides financial and technical assistance to the business enterprise.

4] Loan Syndication:

Loan Syndication means service provided by the bankers, in raising credit from banks and financial institutions, to finance the project cost or working capital of the client’s project, also termed as project finance service.

5] Leasing Services:

Banking organizations render leasing services to their customers. Also, Some banks maintain venture capital funds to help entrepreneurs.

They help in coordinating the operations of intermediaries, concerning the issue of shares like registrar, advertising agency, bankers, underwriters, brokers, printers, and so on. Further, it ensures compliance with the rules and regulations, of the capital market.

Merchant Banking: Definition, Nature, and Characteristics! Image credit from #Pixabay.

Characteristics of Merchant Banking:

They are below as;
- The high proportion of decision-makers as a percentage of total staff.
- Quick decision process.
- Also, The high density of information.
- Intense contact with the environment.
- Loose organizational structure.
- A concentration of short and medium-term engagements.
- Emphasis on fee and commission income.
- Innovative instead of repetitive operations.
- Sophisticated services on a national and international level.
- Also, The low rate of profit distribution, and.
- High liquidity ratio.
Qualities of a Banker:
- Ability to analyze.
- Also, Abundant knowledge.
- Ability to built up a relationship.
- Innovative approach, and.
- As well as Integrity.
Merchant Banking in India:

The activity was formally initiated into the Indian capital markets when Grind lays the bank received a license from Reserve Bank in 1967. Grind lays started with the management of capital issues, recognized the needs of the emerging class of entrepreneurs for diverse financial services ranging from production planning and system design to market research.

Even it provides management consulting services to meet the requirements of the small and medium sectors rather than a large sector. Also, Citibank set up its banking division in 1970. The various tasks performed by these divisions namely assisting new entrepreneurs, evaluating new projects, raising funds through borrowing, and issuing equity.

Indian banks started banking services as a part of the multiple services they offer to their clients from 1972. The state bank of India started the banking division in 1972. In the initial years, the SBI’s objective was to render corporate advice and assistance to small and medium entrepreneurs.

Merchant banking activities are of course organized and undertaken in several forms. Commercial banks and foreign development finance institutions have organized them through formation divisions, nationalized banks have formed subsidiaries companies and share brokers and consultancies constituted themselves into public limited companies or registered themselves as private limited companies. Some banking outfits have entered into the collaboration with bankers abroad with several branches.
May 30, 2018
Explain the Organizational set up of Merchant Bankers in India!

In India a common Organizational set up of merchant bankers to operate is in the form of divisions of Indian and Foreign banks and Financial institutions, subsidiary companies established by bankers like SBI, Canada Bank, Punjab National Bank, Bank of India, etc. some firms are also organized by financial and technical consultants and professionals. Securities and Exchanges Board of India (SEBI) has divided the merchant bankers into four categories based on their capital adequacy. Each category is authorized to perform certain functions. Also learned, Creative Accounting, Explain the Organizational set up of Merchant Bankers in India!

Learn, here are, Explain the Organizational set up of Merchant Bankers in India!

Defines merchant banker as:

“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 or rendering corporate advisory services in relation to such issue management.”

From the point of Organizational setup, India’s merchant banking organizations can be categorized into 4 groups on the basis of their linkage with parent activity.

They are:

1. Institutional Base:

Where merchant banks function as an independent wing or as the subsidiary of various Private/ Central Governments/State Governments Financial institutions. Most of the financial institutions in India are in the public sector and therefore such set up plays a role on the lines of governmental priorities and policies.

2. Banker Base:

These merchant bankers function as a division/ subsidiary of the banking organization. The parent banks are either nationalized commercial banks or the foreign banks operating in India. These organizations have brought professionalism in the Merchant Banking sector and they help their parent organization to make a presence in the capital market.

3. Broker Base:

In the recent past, there has been an inflow of Qualified and professionally skilled brokers in various Stock Exchanges of India. These brokers undertake Merchant Banking related operating also like providing investment and portfolio management services.

4. Private Base:

These merchant banking firms are originated in private sectors. These organizations are the outcome of opportunities and scope in the merchant banking business and they are providing skill oriented specialized services to their clients. Some foreign merchant bankers are also entering either independently or through some collaboration with their Indian counterparts.

Private Sectors merchant banking firms have come up either as the sole proprietorship, partnership, private limited or public limited companies. Many of these firms were in existence for quite some time before they added a new activity in the form of merchant banking services by opening new division on the lines of commercial banks and All India Financial Institution (AIFI).

May 30, 2018