MIRA
INFORM REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
TRIMOORTY AUTODECO COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
B – 7/9 Gururaj Hsg Society Padmavati, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.12.2001 |
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Com. Reg. No.: |
25-16589 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN2001PTC016589 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNET03652F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of foam parts, press parts and accessories for motor
vehicle industries and parts of refrigerators, washing machines and other
electronic and household appliances. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
B – 7/9 Gururaj Hsg Society Padmavati, Pune-Satara Road, Pune –
411037, Maharashtra, India |
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Tel. No.: |
91-20-24394833 / 24390094 |
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E-Mail : |
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Factory : |
S No. 44, Plot No. 23 and 25, Renuka Industrial Estate, Pune – 411041,
Maharashtra, India |
DIRECTORS
As On 14.07.2009
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Name : |
Mr. Sudhir Sadashiv Joshi |
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Designation : |
Director |
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Address : |
C 201, Bharatshree Co Op. Hsg Society, Bharatnagar, Eradwne Pune –
411038, Maharashtra, India |
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Date of Birth/Age : |
08.03.1961 |
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Date of Appointment : |
11.12.2001 |
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DIN No. : |
00282075 |
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Name : |
Mr. Makarand Narayan Joshi |
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Designation : |
Director |
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Address : |
S No. 17/2/2, Kanchan Society Om Bungalow, Ganesh Nagar, Wadgaon,
Dhayari, Pune – 411041, Maharashtra, India |
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Date of Birth/Age : |
17.11.1968 |
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Date of Appointment : |
11.12.2001 |
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DIN No. : |
00282116 |
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Name : |
Mr. Suhas Suresh Pathak |
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Designation : |
Director |
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Address : |
1023, Budhwar Peth, Pune – 411002, |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
01.10.2002 |
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DIN No. : |
00282155 |
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Name : |
Mr. Chantamani Gajanan Kale |
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Designation : |
Director |
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Address : |
578, Kasba Peth Flat NO. 5, Moreshwar Apartments, Pune – 411011, |
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Date of Birth/Age : |
11.05.1972 |
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Date of Appointment : |
01.10.2002 |
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DIN No. : |
00282210 |
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Name : |
Mr. Milind Narayan Joshi |
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Designation : |
Director |
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Address : |
Gururaj Soceity, FLB/7/9, Dhankawadi, Pune – 411043, |
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Date of Birth/Age : |
14.06.1966 |
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Date of Appointment : |
24.09.2007 |
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DIN No. : |
01852170 |
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Name : |
Mr. Madhavi Makarand Joshi |
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Designation : |
Additional Director |
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Address : |
S No. 17/2/2, Kanchanmrug Society, No. 5, Om Bungalow, Ganesh Nagar,
Dhayari, Pune – 411041, Maharashtra, India |
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Date of Birth/Age : |
16.02.1977 |
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Date of Appointment : |
01.10.2009 |
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DIN No. : |
01298124 |
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Name : |
Mrs. Sneha Sudhir Joshi |
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Designation : |
Additional Director |
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Address : |
C 201, Bharatshree Co Op. Hsg Society, Near New Karnataka High School,
Pune – 411038, Maharashtra, India |
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Date of Birth/Age : |
01.02.1968 |
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Date of Appointment : |
01.10.2009 |
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DIN No. : |
01298055 |
KEY EXECUTIVES
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Name : |
Mr. Sunil S Gupchup |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 14.07.2009
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Names of Shareholders |
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No. of Shares |
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Joshi S Sudhir |
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6900 |
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Joshi N Makarand |
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7000 |
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Joshi S Sneha |
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250 |
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Joshi S Shrikant |
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465 |
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Joshi M Madhavi |
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250 |
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Deshpande S Sharad |
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465 |
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Joshi S Madhav |
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815 |
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Joshi G Narayan |
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1000 |
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Joshi N Sunita |
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1000 |
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Kulkarni S Sunanda |
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495 |
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Kale G Ganesh |
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10 |
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Oak Makarand Sayli |
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400 |
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Joshi S Purshottam |
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475 |
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Joshi P Prachi |
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475 |
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Total |
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20000 |
As On 14.07.2009
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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99.99 |
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Other top fifty shareholders |
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0.01 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of foam parts, press parts and accessories for motor
vehicle industries and parts of refrigerators, washing machines and other
electronic and household appliances. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Anil Dharap and Associates Chartered Accountant |
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Address : |
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Tel. No.: |
91-20-25871172 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.057 |
16.245 |
12.663 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.057 |
18.245 |
14.663 |
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LOAN FUNDS |
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1] Secured Loans |
16.076 |
13.727 |
6.190 |
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2] Unsecured Loans |
0.449 |
0.249 |
0.249 |
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TOTAL BORROWING |
16.525 |
13.976 |
6.439 |
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DEFERRED TAX LIABILITIES |
0.076 |
0.109 |
0.120 |
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TOTAL |
41.658 |
32.330 |
21.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.353 |
9.060 |
7.743 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.730 |
0.686 |
0.645 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.716
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9.399 |
9.381 |
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Sundry Debtors |
30.399
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20.387 |
15.822 |
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Cash & Bank Balances |
2.627
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4.333 |
0.124 |
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Other Current Assets |
0.332
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0.155 |
0.136 |
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Loans & Advances |
5.486
|
8.303 |
5.851 |
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Total
Current Assets |
52.560
|
42.577 |
31.314 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.269
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11.018 |
12.008 |
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Other Current Liabilities |
0.090
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0.086 |
0.097 |
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Provisions |
10.626
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8.889 |
6.375 |
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Total
Current Liabilities |
34.985
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19.993 |
18.480 |
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Net Current Assets |
17.575
|
22.584 |
12.834 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.658 |
32.330 |
21.222 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
168.508 |
106.135 |
98.064 |
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Other Income |
0.062 |
0.051 |
0.052 |
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TOTAL |
168.570 |
106.186 |
98.116 |
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Less |
TOTAL EXPENSES |
158.741 |
100.618 |
92.336 |
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PROFIT BEFORE
TAX |
9.829 |
5.568 |
5.780 |
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Less |
TAX |
3.083 |
1.986 |
1.889 |
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PROFIT AFTER TAX
|
6.746 |
3.582 |
3.891 |
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Earnings Per
Share (Rs.) |
NA |
185.89 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
4.00
|
3.37 |
3.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.83
|
5.25 |
5.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.95
|
10.78 |
14.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
|
0.31 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.06
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1.86 |
1.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.50
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2.13 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the financial year the turnover was Rs. 168.508 millions as
compared to previous year Rs. 106.135 millions and net profit Rs. 9.829
millions as compared to previous year Rs. 5.568 millions.
As members are aware that company had submitted a scheme of amalgamation
in
Bankers Charges
Report as per Registry
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Name of the company |
Trimoorty Autodeco Components Private
Limited |
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Presented By |
Mr. Sudhir Joshi, Director |
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1) Date and description of instrument creating the change |
Composite
hypothecation agreement dated 25.03.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Tern loan: Rs.
0.300 million Cash credit: Rs.
0.500 million Total: Rs. 0.800
million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
For Term loan:
Hypothecation of machinery charged. For Cash credit: Hypothecation of stock
and Book debts In addition to
above details as mentioned second schedule such as all stock of raw material,
semi finished, finished goods like foam, adhesive tapes, aluminum foils, foam
components etc. and book debts, outstanding monies, receivables, claims
bills, contracts, engagements, securities both present and future and movable
machinery vehicles craft etc flying at S. No. 44, Plot No. 23,25, Renuka
Industrial Estate, Village Nehre, Pune – 51 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan: rate
of Interest – 14.5% p.a Margin – 25% Cash credit: Rate
of Interest – 14% p.a Margin Stock – 25%, Book debts – 30% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Not applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not applicable |
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Corporate
identity number of the company |
U34300PN2001PTC016589 |
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Name of the
company |
TRIMOORTY AUTODECO
COMPONENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
B-7/9 Gururaj Hsg
Socpadmavati, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property Any interest in
immovable property Book Debts Movable Property Floating Charge Rubber, foams |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Composite hypothecation
agreement and memorandum of record of deposit of title deed both constitung
single charge. |
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Date of
instrument Creating the charge |
10.05.2010 |
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Amount secured by
the charge |
Rs. 26.864
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- ROI @.50% below BPLR i. e. 11.50% p. a., at present. with monthly rests, as
applicable, for CR-4, rated SME account under CRISIL Rating Model, subject to
change as per RBI guidelines. Terms of
Repayment - 52 equal monthly installments each of Rs. 0.113 millions, and
53rd (last) installment of Rs. 8.800 millions. Interest is to be
serviced separately as and when charged on monthly basis Margin - Term
Loan : Overall margin :28.89% Cash Credit : 25%
for both stock and book debts Extent and
Operation of the charge – By the present
modification limits are increased from Rs.19.900 millions to Rs.26.864
millions by providing fresh term loan of Rs. 8.400 millions . the revised and
restructured limits are as follows: Term Loan I (
Existing ): 5.964 millions Term Loan II (
Fresh): 8.400millions Cash Credit
:12.500 millions ( Stock and Book
Debts TOTAL: 26.864
millions charge operates as a security for the increased limits |
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Particulars of the
property charged |
Industrial units
no. 1, 2, and 4 adms. about 2250 sq. ft. (209.10 sq. mtrs.) situated at
ground floor of the building situate at plot no. 3 and S No. 44 Hiss no 23 +
25 of village Narhe, Tal and Dist Pune industrial units no. 5, 6, 7 and 8
adms. about 3000 sq. ft. (278.82 sq. mtrs.) situated at first floor of the
building situate at plot no. 3 and S No. 44 Hiss no 23 + 25 of village Narhe,
Tal and Dist Pune all piece and parcel of leasehold land adms. hectors 00=44
Aars from and out of property bearing Gat no. 61/1 situate at village Ahire,
Tal Khandala, Dist. Satara all the present and future stocks including stocks
of raw material, WIP, finished and semi finished goods, packaging materials,
stores all the present and future book debts o/s monies, monies receivables,
claims, bills, contracts, engagements and securities all the present and
future tangible movable machinery, plant, cranes, boats, crafts, vehicles
together with spares, tools and accessories; other movable assets including furniture,
fixtures and fittings and also as stated in agreements Equitable Mortgage of
existing factory land (area of plot of land is 4400sq.mtrs) and building (
built at a cost of Rs. 7.218 millions, situated at Gat No. 61/1, Vill. Ahire,
Pargaon- Khandala Dist. Satara |
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Date of
instrument modifying the charge |
29.06.2009 |
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Particulars of
the present modification |
By the present
modification limits are increased from Rs.19.900 millions to Rs.26.864 millions
by providing fresh term loan of Rs. 8.400 millions the revised and
restructured limits are as follows: Term Loan I (
Existing ): 5.964 millions Term Loan II (
Fresh): 8.400millions Cash Credit
:12.500 millions ( Stock and Book
Debts TOTAL: 26.864
millions charge operates as a security for the increased limits |
FIXED ASSETS:
- Machinery
- Office
equipments
- Vehicles
- Furniture
- Generator
- Electrical
Installation
AS PER WEB SITE DETAILS:
COVER STORIES:
Pune-based
Subject has got aggressive. Two entrepreneurs, Makarand Joshi and Sudhir Joshi
established the company in 1995 to manufacture insulation foams and materials
to comply the needs of the market. The initial years were challenging and for
the first three to four years, Makarand and Sudhir faced many challenges. The
infrastructure was small and there was a lot of convincing to do to gain the
confidence of the customer. While the range of products based on various foam
types like PU foam, PE foam, Nitriles, EPDM, Neoprene having standards like UL,
ASTM and DIN grew, the company went about building a sound infrastructure to
enable it to handle the growing needs of the market.
Ask Makarand Joshi, managing
director, Trimoorty Autodeco Components, about the products his company
manufactures at the moment, and he says, "There customers are spread
across industries. They not only cater to the auto industry but also to the
white goods industry." Having an infrastructure measuring 10,000 sq.m in
land and building and modern machines including adhesive coating machines,
profile cutting machines, PU moulding machines, foam splitting machine and
vacuum forming machine, the company supplies a diverse range of products to the
auto industry.
Adds Makarand, "They have purchased
three acres of land at MIDC Chakan. They will shift there plant to the new
location in another 9 to 10 months." Back to the product range of the
company, and it can be further classified as sealings and gaskets of
polyurethane foam, polyethylene foam, EVA foam, EPDM foam and Nitrile foam,
with or without self adhesive in various colours and densities with lower and
higher temperature resistance adhesive. Self-adhesive aluminium foil in profile
or roll form. Speciality adhesive tapes with double-sided tissue tapes, masking
tapes and aluminium foil tapes.
"They are suppliers for
all automotive air-conditioner manufacturers," says Makarand, "for
products like foam sealing, evaporator cases, spacers, air-tight gaskets,
etc." Touching upon the auto industry, Makarand says, "They cater to
both, the vehicle manufacturers as well as their suppliers."
In the auto industry there's
been a growing need for insulation materials and foams. Insulation materials
like polyurethane foam and polyethylene foam have been increasingly finding
greater use in automobiles and earth moving equipment as research in the area
of noise, vibration and harshness reaches a new high. In fact, various foams
are used for insulations and used in applications one would hardly expect them
to be in. Applications like seats, dashboards, interior head linings, bumpers,
etc. They not only work as an insulation material but can also be recycled
easily. Use of poly-foam in the transportation sector has been only been going
up and showing no signs of a slow down. It is the case with most other
applications of poly-foam.
The most preferred foams for
insulation are foams with aluminium as well as fabric topping with or without
self-adhesive backing in any profiles and shapes. The auto industry finds poly
foams lightweight, corrosion resistance, insulation and sound absorption
properties of a high advantage as they undertake new challenges. Many auto air-
conditioner manufacturers find the foam material of great use.
"They supply to auto air-conditioner
system manufacturers like Behr India Limited, Vistoen Auto Parts, Tata Auto
Plastics Limited and Varroc Engineering," says Makarand. While Makarand
adds that the foams and insulation materials produced by his company are
employed in cars and utility vehicles like the Indica and Scorpio, he quite
proudly puts it: "With Behr they are sole suppliers for their new projects
like the one for GM (J 200 - Project Name), and also for
Drawing attention towards the white
goods industry, Makarand says, "In the white goods industry they are
suppliers to Whirlpool India Limited, Godrej Appliances Limited and LG
Electronics Limited" Makarand announces with a twinkle in his eyes,
"Some of there products are even exported to the Gulf countries."
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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.