1. Small Enterprise Management

2. The objective of the course is to analyse and develop an understanding of the overall Management process in a small scale business unit particularly in developing economy.

3. Module – 1 Introduction to Small Scale Industrial Sector
Its role in Indian Economy
Problems faced by Small Scale Sector
Growth and prospects
Small Industry Failure
Causes and Preventive Measures
Module – 2 Human Resource Management in Small Enterprises
Staffing
Recruitment
Selection of personnel
Training and Development
Compensation and Integration

4. Module – 3 Financial Management in Small enterprises
Determining financial requirement
Sources of finance
Financial management systems
Module – 4 Production Management in Small enterprises
Determining layout
Production Planning and Control
Quality Control
Module – 5 Marketing Management in Small enterprises
Organising Marketing
Problems
Approaches
Channel Selection
Sales force development and management

5. Introduction to MSME
Micro, Small and Medium Enterprises (MSMEs), including khadi and village/rural enterprises are emerged as India's engine of growth in the New Millennium and contributes significantly to the manufacturing output, employment and exports of the country. They also play a key role in the development of socio-economies with their effective, efficient, flexible and innovative entrepreneurial spirit. It not only acts as a ‘nursery’ for the development of entrepreneurial talent, but also produces a wide range of products, exceeding 7500.

6. It is estimated that by the end of March 2011, the MSME sector accounted for nearly 45 per cent of gross value of output in the manufacturing sector and 40% of total exports from the country. This sector provided employment to about 59 million persons in over 26 million units throught the country. Further, this sector has consistently registered a higher growth rate than the rest of the industrial sector. There are over 6000 products ranging from traditional to high-tech items, which are being manufactured by the MSMEs in India. It is well known that the MSME sector provides the maximum opportunities for both self-employment and jobs after agriculture sector. The socio-economic policies adopted by India since the Industries(Development and Regulation) Act, 1951 have laid stress on MSMEs as a means to improve the country’s economic conditions.

7. Meaning and Nature of MSME
In India, the MSME sector’ consists of both ‘traditional’ and ‘modern’ small industries. This sector has two subgroups. They are (a) Enterprises engaged in the manufacture or production, processing or preservation of goods, and (b) Enterprises engaged in providing or rendering of services. Both together provide the largest employment opportunities in India. Before understanding the nature and meaning of MSME, it is important to know how size is defined in our country, with reference to MSMED Act, 2006.

8. Earlier, the term MSME means Small-scale Industry evokes different meanings for different agencies. The Planning Commission, Government of India, views the entire Village and Small Industries (VSI) sector as a part of the SSI sector. The National Sample Survey Organization under the Central Statistical Organization (CSO), Government of India, defines the entire industry sector in terms of organized and unorganized segments, as well as in terms of industrial enterprises run by households and non-households. The Central Excise Department, on the other hand, distinguishes SSIs on the basis of the annual turnover of the units (up to a maximum limit of Rs. 3 crore). The Industrial Policy planners in the Small-scale Industries Board define SSI on the basis of investment in plant and machinery (an upper limit of Rs. one crore).

9. Generally the size, capital resources and labour employed in an individual unit are the bases of distinction between the Micro, Small, Medium and Large-scale industries. According to Industrial (Development and Regulation) Act 1951, the unit employing less than 50 workers with power and less than 100 workers without power is considered as the small-scale sector. Another criterion for differentiating Micro, Small, Medium and Large-scale industries relates to the fixed capital investment in a unit. Prior to 1975, the village and small industries sector covered those having investment limit in fixed assets like plant and machinery not exceeding Rs.7.5 lakhs and in the case of ancillary units Rs.10 lakhs.

10. This limit has continuously been raised upwards. It was raised to Rs
This limit has continuously been raised upwards. It was raised to Rs. 10 lakhs for small-scale units and Rs 15 Lakhs for ancillary units in These limits were raised to Rs 20 Lakhs and Rs 25 Lakhs respectively in 1980 and to Rs 35 Lakhs and Rs. 45 Lakhs respectively in The investment limit was raised to Rs 60 Lakhs for small-scale units and Rs 75 Lakhs for ancillary units in April In addition, tiny sector was also defined, this included as units having investment limit of less than Rs 5 Lakhs (prior to August 1991 the limit was Rs 2 Lakhs). The investment limit for small-scale and ancillary units was raised to Rs 3 cores in February 1997 in line with the recommendations of the Abid Hussain committee. The investment limit for tiny units has also been hiked to Rs. 25 Lakhs.

11. According to the Government, the hike in investment limits is made to offset (counteraction/compensation) a fall in the Rupee value caused by inflation and devaluation. With the increased limits, small units can expand, diversify, modernize and graduate into viable and profitable large-sized units. On February 17, 1999 the government announced its decision to lower the investment limit in small industry sector to Rs. 1 Crore.

12. Micro Rs. 25 lakh Rs. 10 lakh Small Rs. 5 crore Rs 2 crore Medium
Subsequent to enactment of Micro Small and Medium enterprise Act 2006, The MSME’s are defined based on their investment in plant and machinery (for manufacturing enterprise) and on equipment for enterprises providing or rendering services. The defined limit on investment for enterprises to be classified as micro, small and medium enterprises is as follows:
Classification
Manufacturing Enterprises
Service Enterprises
Micro
Rs. 25 lakh
Rs. 10 lakh
Small
Rs. 5 crore
Rs 2 crore
Medium
Rs 10 crore
Rs 5 crore

13. Features/characteristics of MSME’s
These are organized by individuals, with private resources.
Normally use family labour and locally available talent.
The equipment used is simple.
Produce simple products, normally in their own premises.
Production of goods using indigenous technology.
Require relatively small capital investment to start.
Offer relatively high labour to capital ratio.

14. Improve forward and backward linkages between economically, socially and geographically diverse sectors.
Breeding ground for entrepreneurial talent.
Act as ancillaries to large industries.
Serve as training ground for local skills and entrepreneurs.
Highly flexible operations.
Positioned to absorb business shocks and adjust to business cycle.

15. Usually sole proprietorships, partnerships entrepreneurs
Labour intensive production processes
Centralized management
Limited access to long term capital Limited assess to short term financing
Finance when contrived is tethered to stringent conditionality
Partnerships pursue individualistic goals at the expense of overall interest of MSMEs
Over dependence on imported raw materials and spare parts
Highly flexible operations
Positioned to absorb business shocks and adjust to business cycle.
Poor inter and intra-sectoral linkages which results in the loss of benefits accruing from economies of large scale production
Lack of management skills & technological advances resulting in low level of productivity and poor product quality

16. Role of MSME’s in India
Micro Small and Medium Enterprises (MSMEs) in India enjoy a distinct position in view of their contribution to the socio-economic development of the country. The following points highlight their contribution: (i) Micro Small and Medium Enterprises (MSMEs) in India account for 95 per cent of the industrial units in the country. They contribute almost 40 per cent of the gross industrial value added and 45 per cent of the total exports (direct and indirect exports) from India.

17. (ii) Micro Small and Medium Enterprises (MSMEs) are the second largest employers of human resources, after agriculture. They generate more number of employment opportunities per unit of capital invested compared to large industries. They are, therefore, considered to be more labour intensive and less capital intensive. This is a boon for a labour surplus country like India.

18. (iii) Micro Small and Medium Enterprises (MSMEs) in our country supply an enormous variety of products which include mass consumption goods, readymade garments, stationery items, soaps and detergents, domestic utensils, leather, plastic and rubber goods, processed foods and vegetables, wood and steel furniture, paints, varnishes, safety matches, etc. Among the sophisticated items manufactured are electric and electronic goods like televisions, calculators, electro-medical equipment, electronic teaching aids like overhead projectors, air conditioning equipment, drugs and pharmaceuticals, agricultural tools and equipment and several other engineering products. A special mention should be made of handlooms, handicrafts and other products from traditional village industries in view of their export value.

19. (iv) The contribution of Micro Small and Medium Enterprises (MSMEs) to the balanced regional development of our country is noteworthy. Micro Small and Medium Enterprises (MSMEs) which produce simple products using simple technologies and depend on locally available resources both material and labour can be set up anywhere in the country. Since they can be widely spread without any location constraints, the benefits of industrialization can be reaped by every region. They, thus, contribute significantly to the balanced development of the country.

20. (v) Micro Small and Medium Enterprises (MSMEs) provide ample opportunity for entrepreneurship. The latent skills and talents of people can be channeled into business ideas which can be converted into reality with little capital investment and almost nil formalities to start a small business.

21. (vi) Micro Small and Medium Enterprises (MSMEs) also enjoy the advantage of low cost of production. Locally available resources are less expensive. Establishment and running costs of small industries are on the lower side because of low overhead expenses. Infact, the low cost of production which small industries enjoy is their competitive strength. (vii) Due to the small size of the organizations, quick and timely decisions can be taken without consulting many people as it happens in large sized organizations. New business opportunities can be captured at the right time.

22. (viii) Micro Small and Medium Enterprises (MSMEs) are best suited for customized production. i.e. designing the product as per the tastes/preferences/needs of individual customers, say for an example tailor-made shirt or trouser. The recent trend in the market is to go in for customized production of even non-traditional products such as computers and other such products. They can produce according to the needs of the customers as they use simple and flexible production techniques.

23. (ix) Micro Small and Medium Enterprises (MSMEs) have inherent strength of adaptability and a personal touch and therefore maintain good personal relations with both customers and employees. The government does not have to interfere in the functioning of Micro Small and Medium Enterprises (MSMEs). Due to the small size of the organization quick and timely decision can be taken without consulting many people as in large sized organizations. New business opportunities can be captured at the right time, thus providing healthy competition to big business which is good for the economy.

24. Role of Micro Small and Medium Enterprises (MSMEs) in rural India
Traditionally, rural households in developing countries have been viewed as exclusively engaged in agriculture. There is an increasing evidence that rural households can have highly varied and multiple sources of income and that, rural households can and do participate in a wide range of nonagricultural activities such as wage employment and self-employment in commerce, manufacturing and services, along with the traditional rural activities of farming and agricultural labour.

25. This can be largely attributed to the policy initiatives taken by the Government of India, to encourage and promote the setting up of agro-based rural industries. The emphasis on village and Micro Small and Medium Enterprises (MSMEs) has always been an integral part of India’s industrial strategy, more so, after the second Five Year Plan. Micro Small and Medium Enterprises (MSMEs) plays an important role in providing employment opportunities in the rural areas, especially for the traditional artisans and the weaker sections of society. Development of Micro Small and Medium Enterprises (MSMEs) can also prevent migration of rural population to urban areas in search of employment. Micro Small and Medium Enterprises (MSMEs) are significant as producers of consumer goods and absorbers of surplus labour, thereby addressing the problems of poverty and unemployment.

26. These industries contribute amply to other socio-economic aspects, such as reduction in income inequalities, dispersed development of industries and linkage with other sectors of the economy. In fact promotion of Micro Small and Medium Enterprises (MSMEs) and rural industrialization has been considered by the Government of India as a powerful instrument for realizing the twin objectives of ‘accelerated industrial growth and creating additional productive employment potential in rural and backward areas.’ However, the potential of Micro Small and Medium Enterprises (MSMEs) are often not realized fully, because of several problems related to size.

27. Advantages of Micro Small and Medium Enterprises (MSME’s)
Micro Small and Medium Enterprises (MSME’s) have distinct advantages of both economic and social. Some of these are:
Some Micro Small and Medium Enterprises (MSME’s) do not require a high level of technology.
Micro and Small-Scale Enterprises are generally labour-intensive and do not require a large amount of capital. The energy of unemployed and under-employed people may be used for productive proposes in an economy in which capital is scarce:
Micro and Small-Scale Enterprises projects can be undertaken in a short period and hence can increase production both in the short and long run.

28. Micro and Small-Scale Enterprises are based on the processing of locally-produced raw materials;
Micro Small and Medium Enterprises can save and to earn foreign exchange by producing and exporting goods process from local resources;
Micro Small and Medium Enterprises are the training ground for local entrepreneurs on decision-making. From Micro Small and Medium Enterprises knowledge and skill can be transferred to other enterprises, MSME’s may grow Large -scale enterprises;
By creating opportunities for the Micro Small and Medium Enterprises, MSME’s can bring about a more equitable distribution of income which is socially necessary and desirable.

29. Micro Small and Medium Enterprises in developing countries help to create economic stability in society by disusing prosperity and by checking the expansion of monopolies;
The development of Micro Small and Medium Enterprises will create jobs in rural areas of the developing countries where unemployment and underemployment are high. This will help in reducing the exodus of workers from the rural to the urban areas in search of jobs.
Micro Small and Medium Enterprises will make possible a transfer of manufacturing activities from the congested metropolitan to the non-metropolitan and rural areas. The dispersal of manufacturing away from the metropolitan areas is a policy of the governments of many developing countries. This will also help in bringing about a geographical diffusion of skill and technology in a country.

30. Apart from the linkages between agricultural of rural development and Micro Small and Medium Enterprises, there is an essential linkage between large-scale enterprises and Micro Small and Medium Enterprises in the sense that the former create opportunities for the setting up of small service. Certain large-scale industries also sub-contract work to small producers.
Micro Small and Medium Enterprises have their own place in a country's economy. Imperfect competition protects the MSME’s’ markets and enables them to exist even where they are not efficient in terms of cost.

31. The development of Micro Small and Medium Enterprises can be a part of integrate rural development programmes on which a good deal of emphasis have been recently placed in the developing countries of Asia. Due attention needs to be given to the industrial and non-agricultural components or activities in the context of rural development programmes.

32. The small enterprises have the following advantages too:
Micro Small and Medium Enterprises (MSME’s) create immediate and permanent employment at a relatively small capital cost;
MSME’s meet a substantial part of increased demand for consumer goods including mass consumption goods;
MSME’s facilitate mobilization of resources of capital and skills which often would remain inadequately utilized;
MSME’s bring integration with rural economy on the one hand and large scale enterprise on the other;

33. Offer a method of ensuring equitable distribution of national income;
MSME’s involve a short gestation period;
MSME’s do not require as heavy and costly infrastructure as large enterprises;
MSME’s have a favourable capital output ratio;
The products of MSME’s earn a substantial exchange;
MSME’sassist in dispersal and avoid problems which unplanned urbanization tends to create.

34. Due to all these advantages, the development of MSME’s has been assigned a crucial role in India's five year plans. With a view to protect, support and promote MSME’s to become self-supporting and to facilitate balanced growth of MSME’s and large sector, a number of policy and promotional measures have been taken by the Government. The policy measures include reservation of certain items for exclusive production in the MSME’s duty. Promotional measures have included development of entrepreneurship backed by a package of consultancy services, improvement in techniques, institutional support in respect of supply of credit and raw materials, factory accommodation in industrial estates, capital subsidy, and rebates on sales of certain products

35. The MSME’s has stimulated economic activity of a far-reaching magnitude and has played a significant role in attaining the following major objectives:
Elimination of economic backwardness of rural and underdeveloped regions in the country.
Attainment of self-reliance.
Reduction of regional imbalances.
Reduction of disparities in income, wealth and consumption.
Mobilization of resources of capital and skills and their optimum utilization.
Creation of greater employment opportunities and increased output, income and standards of living.

36. Meeting a substantial part of the economy's requirements for consumer goods and simple producer goods.
Provides employment and a steady source of income to the low income groups living in rural and urban areas of the country.
Provides substitutes for various industrial products now being ported into the country.
Improves the quality of industrial products manufactured in the cottage industry sector and to enhance both production and exports.
The development of Micro Small and Medium Enterprises (MSME’s) would be beneficial to the developing countries and assist them in improving their economic and social well-being. This would create greater employment opportunities, assist in entrepreneurship and skills development, and ensure better use of the scarce financial resources and appropriate technology.

37. Problems That Plague The MSME Sector
In spite of the vigorous efforts being made to promote the MSMEs as a matter of conscious policy decision, MSMEs suffer from certain problems in our economy. These problems require special attention so that the growth rate of the MSMEs can be accelerated further and ensure that this sector really becomes an extremely potential and effective instrument for bringing about economic federalism. The MSME are beset with a number of problems, both internal and external as discussed below.

38. 1. Finance and credit. The scarcity of finance and credit is the main obstacle in the development of MSME. The capital base of the MSMEs are usually very weak since they generally have partnership or single ownership. The MSME are running industries either run their business with whatever little capital they process or take credit from the traders who supply raw-materils to them. In many cases such credit is obtained on a very high rate of interest and is thus exploitative in character.

39. 2. Shortage of raw materials
2. Shortage of raw materials. The problems of raw materials continues to affect the MSMEs. The majority of MSMEs depend on local sources for their raw material requirements. Raw materials are availed neither in sufficient quantity, nor in requisite quality nor at reasonable rates. Being small purchasers, they are not able to undertake bulk buying as the large industries, do. The result is taking whatever is availed, of whatever quality and at high prices "The fact is this sector gets more or less of a residuary treatment in raw material distribution allocation. So is the case of critical inputs like iron and steel, coal and coke, petro-chemicals, supply of power etc.

40. 3. Inferior Technology. Most of these units make use of obsolescent or primitive mode of production. The result is low productivity, poor quality of products and higher costs. There is little of research and development in this field. There is almost no agency to provide venture capital to cover the risks associated with the introduction of new technologies.

41. 4. Machines and other equipment
4. Machines and other equipment. Machinery and other equipment in many MSMEs has grown obsolescent. On account of this reason their costs of production are high, the quality is inferior as compared to the large-scale units. Moreover, MSMEs often do not care about the changing tastes and fashions of the people. Accordingly, modernization and rationalization are urgently required in MSMEs.

42. 5. Under utilization of capacity
5. Under utilization of capacity. Data presented in the second-all India Census point to considerable under-utilization of capacity in the small-scale sector. For instance, in , capacity utilization was only 41 percent in electrical machinery and parts, 58 percent in leather products, 60 percent in transport equipment and parts, 30 percent in miscellaneous manufacturing industries and 32 percent in metal products. For small-scale units as a whole, capacity utilization was merely 48 percent. This shows that half of the capacity of small-scale units is not utilized.

43. 6. Problems of marketing,. One of the main problems faced by MSMEs is in the field of marketing. These units often do not possess any marketing organization and consequently their product compare unfavorably with the quality of the products of large-scale industries. Therefore they suffer from competitive disadvantage. This problem arises from such factors as low scale of production, lack of standardization, inadequate market intelligence and competition from technically- more efficient units lack of holding capacity etc. Also the cost of promoting and selling their products is too high for them.

44. 7. Industrial Sickness. Sickness has been creeping into small-scale sector and spreading very fast from It is stated that at present as many as3,04,235 SSI units are sick. This is exclusive of sick units, which are not traceable. The bank credit outstanding in respect of these units is as much as Rs.4608,43 crore." 21A sick unit is not able to support itself through internal generation of funds and ultimately, if left unchecked, this epidemic will spread to other units also causing their closure at the end, polluting the general industrial atmosphere.

45. Industrial Sickness Meaning, Causes, Impacts and Symptoms
Meaning and Definitions
Sickness in the MSME sector is a matter of great concern and debate. Sickness in the industrial sector results in locking up of resources, wastage of capital assets, loss of production and increasing unemployment. In addition, it affects the circulation of investable bank credit.
Sickness is defined, as “the situation where the revenue of a firm are insufficient to meet the costs and the rate of return on investment is less than firm’s cost of capital. The following are the some important definitions by different study groups.

46. According to RBI “ A sick unit is one which has incurred a cash loss for the year and is likely to continue incurring cash losses for the current year as well as in the following year and the unit has an imbalance in its financial structure, such as current ratio is less than one and there is a widening trend in debt equity ratio, i.e., total outside liabilities to the net worth.” As per the extant guidelines, a Micro or Small Enterprise (as defined in the MSMED Act 2006) may be said to have become Sick, if a. Any of the borrowal account of the enterprise remains NPA for three months or more OR b. There is erosion in the net worth due to accumulated losses to the extent of 50% of its net worth during the previous accounting year. The criteria will enable banks to detect sickness at an early stage and facilitate corrective action for revival of the unit.

47. According to IDBI “ A unit may be considered sick if it has defaulted in the payment of three installments.”

48. According to State Bank of India “ A unit may be defined as sick which fails to generate internal surplus on continuing basis and depends for its survival on frequent infusion of external funds.” According to National Institute of Bank Management (NIBM )“ Sick unit may be defined has “ though where the operation result in continuous losses bring down the working capital available and ultimately affecting the borrowing potential almost permanently.”

49. Sick Industrial Companies Act (SICA)
Sick industrial unit is defined as a unit or a company (having been in existence for not less than five years) which is found at the end of any financial year to have incurred accumulated losses equal to or exceeding its entire net worth. The net worth is calculated as sum total of paid up capital and free reserves of a company less the provisions and expenses, as may be prescribed. An industrial unit is also regarded as potentially sick or weak unit if at the end of any financial year, it has accumulated losses equal to or exceeding 50 per cent of its average net worth in the immediately preceding four financial years and has failed to repay debts to its creditor(s) in three consecutive quarters on demand made in writing for such repayment. The two basic factors which may result in sickness of an industrial unit are:-

50. The two basic factors which may result in sickness of an industrial unit are:-
Internal factors are those which arise within an organisation.
External factors are those which take place outside an organisation.

51. Internal causes for sickness
We can say pertaining to the factors which are within the control of management. This sickness arises due to internal disorder in the areas justified as following:
a) Lack of Finance: This including weak equity base, poor utilization of assets, inefficient working capital management, absence of costing & pricing, absence of planning and budgeting and inappropriate utilization or diversion of funds.
b) Bad Production Policies : The another very important reason for sickness is wrong selection of site which is related to production, inappropriate plant & machinery, bad maintenance of Plant & Machinery, lack of quality control, lack of standard research & development and so on.

52. c) Marketing and Sickness : This is another part which always affects the health of any sector as well as SSI. This including wrong demand forecasting, selection of inappropriate product mix, absence of product planning, wrong market research methods, and bad sales promotions.
d) Inappropriate Personnel Management: The another internal reason for the sickness of SSIs is inappropriate personnel management policies which includes bad wages and salary administration, bad labour relations, lack of behavioural approach causes dissatisfaction among the employees and workers.
e) Ineffective Corporate Management: Another reason for the sickness of SSIs is ineffective or bad corporate management which includes improper corporate planning, lack of integrity in top management, lack of coordination and control etc.

53. External causes for sickness
a) Personnel Constraint: The first for most important reason for the sickness of small scale industries are non availability of skilled labour or manpower wages disparity in similar industry.
b) Marketing Constraints: The second cause for the sickness is related to marketing. The sickness arrives due to liberal licensing policies, restrain of purchase by bulk purchasers, changes in global marketing scenario, excessive tax policies by govt. and market recession.

54. c) Production Constraints: This is another reason for the sickness which comes under external cause of sickness. This arises due to shortage of raw material, shortage of power, fuel and high prices, import-export restrictions.
d) Finance Constraints: The another external cause for the sickness of SSIs is lack of finance. This arises due to credit restrains policy, delay in disbursement of loan by govt., unfavourable investments, fear of nationalization.

55. Impact Of Sickness
Industrial sickness has been a matter of great concern to the policy makers and the financial institutions because of its ill effects on the economy:
loss of production
loss of employment
loss to the government by way of lesser realization of duties, levies, taxes and revenue, in general
locking up of recyclable funds of the financial institutions, and
loss of in-built capacity of the plant

56. Symptoms Of Sickness In Industrial Units
Signals do not spread in overnight. It is a gradual process with distinct stages. Thus there is a need for identification of various symptoms of sickness in a industrial units so that the concerned parties can check and maintained the health of units. The following points may give an idea of symptoms. These are:
Continuous irregularity in cash credit accounts;
Low capacity utilization;
Profit fluctuations, downward trend in sales and stagnation or fall in profits followed by contraction in the share of the market;

57. Higher rate of rejection of goods manufactured;
Reduction in credit summations-whenever the companies are in financial difficulty, they open a separate account with another bank and deposit all collections therein;
Failure to pay statutory liabilities;
Larger and longer outstanding in the bill accounts;
Longer period of credit allowed on sale documents negotiated through the bank and frequent returns by customers of the same;
Constant utilization of cash credit facilities to hilt and failure to pay timely installment of principal and interest on the loans and installment credits;

58. Non-submission of periodical financial data/stock statement, etc
Non-submission of periodical financial data/stock statement, etc. in time;
Financing capital expenditure out of funds provided for working capital purposes:
Decrease in working capital on account of:-(i) increase in debtors and particularly dues from selling agents; (ii) increase in creditors; (iii) increase in inventories which may include large number of slow or non-moving items;
A general decline in that particular industry combined with many failures;
Rapid turnover of key personnel;

59. Existence of a large number of law suits against the company
Rapid expansion and too much diversification within a short time;
Sudden/frequent changes in management- whether professional or otherwise and / or dominated by one man/ few individuals;
Diversion of funds for purpose other than running the units;
Any major changes with share holdings.
Although enumerating the symptoms of sickness is not likely to be required to be ordered by the Board, yet the above list is fairly indicative of the various symptoms of the sickness.