MIRA INFORM REPORT
|
Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDO NISSIN FOODS LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
09.08.1988 |
|
|
|
|
Com. Reg. No.: |
08-009351 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U05122KA1988PLC009351 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00220D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Noodles Made Out of Maida |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
|
|
|
|
|
|
Maximum Credit Limit : |
USD 660000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
to be some accumulated losses recorded by the company. However, trade relations
are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
|
|
Tel. No.: |
91-80-25327900/ 01/ 02/ 03/43554000 |
|
Fax No.: |
91-80-25599087 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Kazuhito Kusumoto |
|
Designation : |
Director |
|
Address : |
1-2, Todouaramaki, UJI-SHI, Kyoto-6110013 |
|
Date of Birth/Age : |
16.12.1958 |
|
Date of Appointment : |
19.06.2009 |
|
|
|
|
Name : |
Mr. Abraham John Tharakan |
|
Designation : |
Director |
|
Address : |
814, Shibumi, Beach Road, Fort Cochin, Fort Cochin – 682001, Kerla,
India |
|
Date of Birth/Age : |
17.06.1942 |
|
Date of Appointment : |
19.08.1988 |
|
|
|
|
Name : |
Mr. Yuji Tabeta |
|
Designation : |
Managing Director |
|
Address : |
Flat No. B – 001, Sterling Sharda Nivas, 15th Cross, Near
ESI Hospital, Indira Nagar, Bangalore – 560038, Karnataka, India |
|
Date of Birth/Age : |
31.07.1958 |
|
Date of Appointment : |
20.03.2007 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Kazuma Nakano |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
02.02.1966 |
|
Date of Appointment : |
12.06.2008 |
|
|
|
|
Name : |
Mr. Noritaka Oku |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.E-156, |
|
Date of Birth/Age : |
26.10.195 |
|
Date of Appointment : |
12.06.2008 |
|
|
|
|
Name : |
Mr. Taiji Matsumura |
|
Designation : |
Director |
|
Address : |
25-7, 1-Chome Kita – MACHI Kichijoji, |
|
Date of Birth/Age : |
08.10.1949 |
|
Date of Appointment : |
12.06.2008 |
|
|
|
|
Name : |
Mr. Hiraki Fukuda |
|
Designation : |
Director |
|
Address : |
Flat H 17/F, Block 9, Phase 2, Villa Verde Laguna Verde, Hung Hom KLN,
Hung Hom KLN |
|
Date of Birth/Age : |
07.04.1951 |
|
Date of Appointment : |
01.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Alok Rudra |
|
Designation : |
Company Secretary |
|
Address : |
21/103, Obleshwar Nilaya, 3rd Main Jaibheema Nagar, Old Madiwala, BTM
Layout, 1st Stage, |
|
Date of Birth/Age : |
12.01.1977 |
|
Date of Appointment : |
09.04.2007 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Y. Kobayashi |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Ashok Sinha |
|
Designation : |
General Manager (Sales and Marketing) |
|
|
|
|
Name : |
Mr. B. A. Munappa |
|
Designation : |
DGM Purchase |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 19.06.2009)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Tharakan J. Abraham |
|
25 |
|
Tharakan Abraham Kamli |
|
25 |
|
Nissin Foods ( |
|
13046250 |
|
Itochu Corporation |
|
2878750 |
|
Accelerated Freeze Drying Company Limited |
|
1512424 |
|
Tharakan J. Ramesh |
|
13 |
|
Tharakan Ramesh Rani |
|
13 |
|
|
|
|
|
Total |
|
17437500 |
Equity Share Breakup (Percentage of Total Equity)
(As on 30.06.2009)
|
Category |
|
Percentage
|
|
|
|
|
|
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Other) |
|
91.33 |
|
Bodies Corporate |
|
8.67 |
|
Total |
|
100.00 |
As on 01.07.2009
|
List of Allottees |
|
No. of Shares Allotted |
|
Nissin Foods ( |
|
50920450 |
|
Itochu Corporation |
|
3430550 |
|
Total |
|
54351000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Noodles Made Out of Maida |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Countries : |
|
PRODUCTION STATUS
31.12.2008
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Instant Noodles |
MT |
14640 |
4640 |
**8788 |
Note:
* As certified by the management and accepted
by the auditors, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
N. M. Raiji and Company Chartered Accounts |
|
Address : |
|
|
Tel No.: |
91-22-22870068/ 22873463/ 22837482 |
|
Fax No.: |
91-22-22828646/ 22650578 |
|
Email : |
|
|
|
|
|
Holding Company : |
Nissin Foods (Asia) Pte, Limited, Nissin Foods Holdings Company Limited, |
|
|
|
|
Subsidiary Company: |
Nissin Foods Products Company Limited |
CAPITAL STRUCTURE
As on 31.12.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17437500 |
Equity Shares |
Rs.10/- each |
Rs. 174.375
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
174.375 |
697.500 |
697.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
2.000 |
2.000 |
|
|
4] (Accumulated Losses) |
(8.451) |
(526.782) |
(589.230) |
|
|
NETWORTH |
165.924 |
172.718 |
110.270 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
163.167 |
117.567 |
135.065 |
|
|
TOTAL BORROWING |
163.167 |
117.567 |
135.065 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.091 |
290.285 |
245.335 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
141.732 |
147.858 |
152.425 |
|
|
Capital work-in-progress |
33.384 |
7.900 |
2.722 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
71.882
|
55.713
|
30.670 |
|
|
Sundry Debtors |
51.876
|
59.867
|
46.996 |
|
|
Cash & Bank Balances |
144.083
|
120.004
|
107.215 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
23.928
|
18.566
|
13.216 |
|
Total
Current Assets |
291.769
|
254.150
|
198.097 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
134.974
|
115.687
|
106.058 |
|
|
Provisions |
2.820
|
3.936
|
1.851 |
|
Total
Current Liabilities |
137.794
|
119.623
|
107.909 |
|
|
Net Current Assets |
153.975
|
134.527
|
90.188 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.091 |
290.285 |
245.335 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
939.584 |
584.424 |
405.278 |
|
|
|
Other Income |
18.268 |
20.590 |
13.594 |
|
|
|
TOTAL (A) |
957.852 |
605.014 |
418.872 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
343.842 |
302.882 |
|
|
|
|
Cost of Goods Sold |
222.096 |
0.000 |
|
|
|
|
Manufacturing and Other Expenses |
212.544 |
117.086 |
|
|
|
|
Selling and Distribution Expenses |
138.413 |
129.574 |
|
|
|
|
Increase/ Decrease in Stock |
26.316 |
(24.699) |
|
|
|
|
TOTAL (B) |
943.211 |
524.843 |
379.848 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.641 |
80.171 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.966 |
1.213 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.675 |
78.958 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.563 |
15.998 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
[5.888] |
62.960 |
39.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.906 |
0.512 |
0.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
[6.794] |
62.448 |
38.671 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
1.445 |
6.273 |
|
|
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[0.38] |
3.58 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
PAT / Total Income |
(%) |
[0.71]
|
10.32
|
9.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[0.63]
|
10.77
|
9.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[1.36]
|
15.66
|
11.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.04]
|
0.36
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
0.79
|
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.12
|
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Results of
Operations:
During the year, the net sales amounted to Rs. 939.580 Millions and have
sown an increasing trend as compared with the previous year’s net sales of Rs.
584.420 Millions. The company has net loss of Rs. 6.790 Millions. Company has
suffered foreign exchange loss of Rs. 57.990 Millions during the year.
The company has paid 12 Millions as “Exit Compensation” to MARICO
Limited for severance of Sole Selling Agency Agreement as per terms of the Sole
Selling Agency Agreement.
The company has spent Rs. 2.750 Millions on ‘Market Research and
Development Expenses’ and Rs. 39.580 Millions on ‘Advertisement and Sales
Promotion’ during the year.
The directors are formulating strategies and taking aggressive steps
like introduction of new flavours, additions of SKU’s to CSD.
The company is predominantly in food industry. Presently,
Capital Reduction:
The company applied for Capital Reduction Scheme to the Honourable High
Court Karnataka dated December 17, 2008. The said scheme was sanctioned by
honourable high court of Karnataka by an order dated Januaryd 28, 2009. Effect
of this capital Reduction Scheme have been explained in Notes to Accounts
annexed with “Financial Statement” of the company for the year ended 31st
December, 2008
Outlook:
The industrial and economic growth is expected to recover in near
future. This will ultimately provide more growth opportunities to the company. Company’s
products have created distinct image in the “Food and Food Processing Field”.
Further the directors are pleased to inform you that the demand for the
company’s products is showing an upward trend in the domestic as well as export
market.
Finance And
Accounts:
The company has regular paid the principal and interest to the term
lenders, both secured and unsacred. There have been no defaults towards them.
The system of internal control, established in the company, provides
reasonable assurance of safeguarding of assets, maintenance of proper
accounting records and its accuracy and risk management.
Fixed Assets:
- Land Freehold
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Equipment
- Vehicles
AS PER WEBSITE
DETAILS:
PROFILE:
Nissin founder, Momofuku Ando, has always instilled a sense of commitment and quality in Nissin products. Today, Nissin's corporate philosophy inspires this same commitment to taste, convenience, and quality. Mr. Ando began the company as part of a humble family operation back in 1948. Faced with sparse food sources after World War II, Mr. Ando realized that a quality, convenient ramen product would help to feed the masses. His goal was to create a satisfying ramen that could be eaten anywhere, anytime. In 1958, Nissin introduced "Chicken Ramen", the first instant ramen. Ironically, it was considered a luxury item, since Japanese grocery stores sold fresh Japanese noodles (udon) at one-sixth the cost of Mr. Ando's new food concept.
Still, Mr. Ando was convinced that his revolutionary new method of preparation would sell. The concept seemed simple enough. All users would have to do is simply remove the ramen from its package, place it in a bowl, add boiling water, cover the bowl, and wait three minutes. The conservative Japanese food industry, however, rejected the product as a novelty with no future. They had never been so wrong.
Soon, Chicken Ramen was selling beyond even Mr. Ando's wildest expectations. Before you could say "instant", more than ten companies were rushing to put their own versions out on the market. By the end of 1958, grocery shelves were crowded with this new staple for the Japanese kitchen. From this point on, Nissin Foods began introduction of a long list of successful and innovative ramen products. Today, Nissin has 21,900 employees, enjoys net sales of over $3.2 billion per year, operates 29 plants in 11 countries, and its products are sold worldwide.
HISTORY:
1958 Momofuku
Ando establishes Nissin Food Products Co., Limited of
1970 Nissin
Food Products Co., Limited establishes Nissin Foods (USA) Co., Inc. in
1971 Nissin Food Products Co., Limited invents Cup Noodle, a revolution in the industry that makes it possible to package, prepare and serve noodles all in the same container. Nissin also adds vegetable and meat varieties to its instant ramen noodle lineup.
1972 Top
Ramen is first produced in the
1973 Nissin
begins producing and selling the highly popular Cup O' Noodles in the
1976 Oodles of Noodles bag ramen introduced.
1977 Nissin
Foods'
1978 Nissin Foods offers new Top Ramen and Cup Noodles (Cup O' Noodles renamed Cup Noodles in 1993)
varieties, pioneering new paths in the rapidly growing instant ramen noodle category.
1998 Cup Noodles Hot Sauce Varieties introduced (Beef, Chicken, Shrimp)
2000 Oodles of Noodles name changed to Top Ramen, giving Nissin Foods a truly national brand.
2003 Chow Mein launched as a meal or side dish of stir-fry type noodles and vegetables.
2004 Souper Meal launched as a hearty microwavable meal.
2005 Nissin Japan invents a noodle that is edible in Space, Space Ram, which is later carried aboard the Space Shuttle Discovery.
2007 Chow Pasta, the sister brand to Chow Mein, is introduced.
2008 Bowl Noodles offers two new ways to enjoy a premium ramen experience with its Rich and Savory and Hot and Spicy flavors.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.20 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.