MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	TAFE ACCESS LIMITED
Registered Office :	35, Nungambakkam High Road, Chennai - 600034, Tamilnadu, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.09.1992
Com. Reg. No.:	18-23544
Capital Investment/ Paid-up Capital:	Rs. 40.000 Millions
CIN No.: [Company Identification No.]	U15499TN1992PLC023544
TAN No.: [Tax Deduction & Collection Account No.]	CHET01009B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Agricultural and Farm Implements and Accessories.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. General financial position of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	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 :	35, Nungambakkam High Road, Chennai - 600034, Tamilnadu, India
Tel. No.:	91-44-28228782
Fax No.:	91-44-28260224
E-Mail :	pbs@tafe.co.in gm@tafe.com

DIRECTORS

(AS ON: 30.09.2011)

Name :

Ms. Mallika Srinivasan

Designation :

Director

Address :

Westside House, 3, Adyar Club, Gate Road, Chennai-600028, Tamilnadu

Date of Birth/Age :

19.11.1959

Qualification:

B.Sc.,Agri and M.A.

Date of Appointment :

04.05.1994

Din Number:

00037022

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201TN1983PTC010043	TRUST PROPERTIES DEVELOPMENT CO PRIVATE LIMITED	Director	27/06/1983	27/06/1983	-	Active	NO
2	U15499TN1992PLC023544	TAFE ACCESS LIMITED	Director	4/5/1994	4/5/1994	-	Active	NO
3	U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Whole-time director	22/12/2009	27/12/1994	-	Active	NO
4	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	29/09/2002	29/09/2002	-	Active	NO
5	U50300TN2003PLC051918	TAFE REACH LIMITED	Director	7/11/2003	7/11/2003	-	Active	NO
6	U29211TN2005PLC055476	TAFE MOTORS AND TRACTORS LIMITED	Director	24/02/2005	24/02/2005	-	Active	NO
7	U01132TN2006PLC061095	EMERALD HAVEN ESTATES LIMITED	Director	13/09/2006	13/09/2006	27/11/2007	Active	NO
8	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	1/9/2009	22/10/2008	-	Active	NO
9	L01132TZ1922PLC000234	THE UNITED NILGIRI TEA ESTATES COMPANY LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO
10	U34107TN2001PTC047925	STANADYNE AMALGAMATIONS PRIVATE LIMITED	Director	30/03/2011	30/03/2011	-	Active	NO

Name :

Mr. MLS Rao

Designation :

Director

Address :

7/1 Waddels Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

19.02.1932

Date of Appointment :

28.09.1992

Din Number:

00208969

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28930TN1962PTC004872	L.M.VAN MOPPES DIAMOND TOOLS INDIA PRIVATE LIMITED	Director	21/02/1977	21/02/1977	-	Active	NO
2	U15499TN1992PLC023544	TAFE ACCESS LIMITED	Director	28/09/1992	28/09/1992	-	Active	NO
3	U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Director	22/02/1995	22/02/1995	-	Active	NO
4	U28939TN1914PLC000008	ADDISON & CO. LIMITED	Whole-time director	1/11/2009	2/9/1995	-	Active	NO
5	U34300TN2003PLC051919	TAL PRECISION PARTS LIMITED	Director	7/11/2003	7/11/2003	-	Active	NO
6	U28991KA1984PTC006227	KUDUMA FASTENERS PRIVATE LIMITED	Nominee director	14/07/2004	14/07/2004	-	Active	NO
7	U27209TN1976PLC007164	ALPUMP LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
8	U31400TN1955PLC080755	AMCO BATTERIES LIMITED	Director	30/09/2010	26/04/2010	21/09/2011	Active	NO

Name :

Mr. Pillapakam Bahkudumbi Sampath

Designation :

Director

Address :

31/1, Bhagirathi Ammal Street, T Nagar (New No.22), Chennai-600017, Tamilnadu

Date of Birth/Age :

11.10.1944

Qualification:

A.C.A., A.I.C.W.A.,A.C.S

Date of Appointment :

28.9.1992

Din Number:

00037043

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15499TN1992PLC023544	TAFE ACCESS LIMITED	Director	28/09/1992	28/09/1992	-	Active	NO
2	U01132TN1986PLC013469	SOUTHERN TREE FARMS LIMITED	Director	1/4/1993	1/4/1993	-	Active	NO
3	U85110KA1996PLC021517	AMCO SAFT INDIA LIMITED	Director	18/12/1996	18/12/1996	-	Active	NO
4	U07010KA1999PLC026125	AMCO PROPERTIES AND INVESTMENTS LIMITED	Director	15/06/2001	15/06/2001	-	Amalgamated	NO
5	U34300TN2003PLC051919	TAL PRECISION PARTS LIMITED	Director	7/11/2003	7/11/2003	-	Active	NO
6	U28991KA1984PTC006227	KUDUMA FASTENERS PRIVATE LIMITED	Nominee director	14/07/2004	14/07/2004	-	Active	NO
7	U27209TN1976PLC007164	ALPUMP LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
8	U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Additional director	24/08/2011	21/12/2005	-	Active	NO
9	U31400TN1955PLC080755	AMCO BATTERIES LIMITED	Director	6/12/2006	6/12/2006	-	Active	NO
10	U65100TN2007PTC064069	EQUITAS HOLDINGS PRIVATE LIMITED	Director	7/6/2010	20/07/2009	-	Active	NO
11	U65993TN1994PTC028002	SINGHIVI INVESTMENT & FINANCE PRIVATE LIMITED	Additional director	17/02/2012	17/02/2012	-	Active	NO

Name :

Mr. R.C Banka

Designation :

Director

Address :

New No. 6, Old No. 14, 1^st Avenu, Harrington Road, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

15.10.1934

Date of Appointment :

25.01.2011

Din Number:

00036997

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Whole-time director	1/4/2009	6/8/1999	-	Active	NO
2	U29211TN2005PLC055476	TAFE MOTORS AND TRACTORS LIMITED	Whole-time director	21/08/2009	24/02/2005	-	Active	NO
3	U15499TN1992PLC023544	TAFE ACCESS LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
K V Jagannathan	10
Mallika Srinivasan	43320
Master Shriram Murali	43320
Tractors and Farm Equipment Limited, India	3913310
M L S Rao	15
P B Sampath	15
V Rammoorhti	10
Total	4000000

(AS ON: 30.09.2011)

Category	Percentage
Bodies corporate	97.83
Directors or relatives of directors	2.17
Total	100

BUSINESS DETAILS

Line of Business :

Manufacturers of Agricultural and Farm Implements and Accessories.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapti Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Rs. In Millions

Facilities :

SECURED LOAN	31.03.2011	31.03.2010
Working capital loans banks secured	176.316	172.501
Total	176.316	172.501

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	32, Khader Nawaz Khan Road, Chennai-600034, Tamilnadu, India
Pan Number :	AAEFP3641G
Holding Company:	Tractors and Farm Equipment Limited, India U29129TN1960PLC004337
Subsidiaries :	TAL Precision Parts Limited, India U34300TN2003PLC051919

CAPITAL STRUCTURE

(AS ON: 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Share	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Share	Rs.10/- each	Rs. 40.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		497.799	446.444	376.504
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		537.799	486.444	416.504
LOAN FUNDS
1] Secured Loans		176.316	172.501	126.988
2] Unsecured Loans		0.000	0.000	40.000
TOTAL BORROWING		176.316	172.501	166.988
DEFERRED TAX LIABILITIES		0.600	(2.000)	0.000
TOTAL		714.715	656.945	583.492
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		222.491	213.759	111.721
Capital work-in-progress		0.000	0.000	88.090
INVESTMENT		1.151	1.151	1.151
DEFERREX TAX ASSETS		0.000	0.000	4.400
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	371.241	255.137	201.060
	Sundry Debtors	258.478	199.298	189.759
	Cash & Bank Balances	189.354	97.571	119.891
	Other Current Assets	7.333	21.911	5.996
	Loans & Advances	62.999	164.651	135.339
Total Current Assets		889.405	738.568	652.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	283.25	185.26	129.609
	Other Current Liabilities	63.478	50.44	89.871
	Provisions	51.604	60.833	54.435
Total Current Liabilities		398.332	296.533	273.915
Net Current Assets		491.073	442.035	378.130
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		714.715	656.945	583.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2010
	SALES
		Income	3509.805	2862.568	2604.844
		Other Income	19.395	14.796	21.380
		TOTAL (A)	3529.200	2877.364	2626.224
Less	EXPENSES
		Consumption material changes inventories	3119.046	2494.926	2270.832
		Manufacturing service cost	60.987	55.225	43.931
		Employee related cost	100.037	79.006	72.790
		Administrative selling other expenses	95.511	71.387	74.466
		TOTAL (B)	3375.581	2700.544	2462.019
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		153.619	176.820	164.205
Less	FINANCIAL EXPENSES (D)		17.751	15.120	27.247
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		135.868	161.700	136.958
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.668	19.038	20.346
	PROFIT BEFORE TAX (E-F) (G)		111.200	142.662	116.612
Less	TAX (H)		36.600	49.400	43.225
	PROFIT AFTER TAX (G-H) (I)		74.600	93.262	73.387
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		139.964	120.024	120.036
Less	APPROPRIATIONS
		Transfer to General Reserve		50.000	50.000
		Dividend	73.245	20.000	20.000
		Tax on Dividend		3.322	3.399
	BALANCE CARRIED TO THE B/S		141.319	139.964	120.024
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3.331	1.772
	TOTAL EARNINGS		NA	3.331	1.772
	IMPORTS
		Raw Materials	NA	23.739	32.522
		Capital Goods	NA	0.156	0.000
	TOTAL IMPORTS		NA	23.895	32.522
	Earnings Per Share (Rs.)		18.65	23.32	18.35

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2010
PAT / Total Income	(%)	2.11	3.241	2.79
Net Profit Margin (PBT/Sales)	(%)	3.17	4.98	4.48
Return on Total Assets (PBT/Total Assets}	(%)	10.00	14.98	15.27
Return on Investment (ROI) (PBT/Networth)		0.21	0.29	0.28
Debt Equity Ratio (Total Liability/Networth)		0.74	0.61	0.65
Current Ratio (Current Asset/Current Liability)		2.23	2.49	2.38

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

OPERATIONS:

Sales during the year grew by 22 percent over the previous year and stood at Rs. 3550.100 Millions as against Rs. 2916.000 Millions of the previous year with the Vehicles division of the Company contributing well to the growth.

VEHICLES DIVISION:

Due to general pick up in demand for cars and the Companys own sales efforts, the total number of vehicles sold improved to 4,928 from 3,936 in the previous year. Skoda dealership were adjudged among the top five dealers. They were in the elite list of dealerships to achieve all four quarter targets set by Skoda India. Tata Motor dealership continued to register impressive Customer Satisfaction Recognition. Vehicle sales are expected to temper down to single digit growth in 2011 12 due to the adverse impact expected due to rise in fuel prices and hardening of interest rates.

MANUFACTURING DIVISION:

Sales of hydraulic pumps was 1, 04,036 nos. against 1, 14,251 in the previous year. This was mainly due to reduction in exports on account of a slowdown in select international markets. With strong demand projection from the domestic market for the year 2011 12 the division is expected to grow well in the year ahead.

Bankers Charges Report as per Registry

Corporate identity number of the company

U15499TN1992PLC023544

Name of the company

TAFE ACCESS LIMITED

Address of the registered office or of the principal place of business in India of the company

35, Nungambakkam High Road, Madras - 600034, Tamilnadu, India

pbs@tafe.co.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10159726

Type of charge

· Book Debts

· Movable property (not being pledge)

· Floating charge

Particular of charge holder

HDFC Bank Limited, HDFC Bank House Senapti Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Nature of instrument creating charge

1. Supplemental Letter of hypothecation of stocks and book debts dated 07.04.2011.

Date of instrument Creating the charge

07.04.2011

• Amount secured by the charge

Rs. 290.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

RATE OF INTEREST

As per prevailing rates.

W.C-13% p.a.

TERMS OF REPAYMENT

CC-ON DEMAND

WCDL-Principal amount to be repaid as bullet payment on the maturity date.

LC-180 days(Validity + Usance)

Bank guarantee-Max 24 months (including claim period)

MARGIN

Stocks -25%

Book Debts -25%

EXTENT AND OPERATION OF THE CHARGE

Hypothecation by way of first pari passu charge on all the stocks & book debts of the company both present & future to secure the due repayment of the facilities along with interests, costs, commission, charges and expenses incidental thereto.

OTHERS

Facilities

CC/WCDL Rs. 2200.000 Millions

LC Rs. 700.000 Millions

(inclusive of Bank guaranty

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation by way of first pari passu charge on all the stocks & book debts of the company both present & future

Date of latest modification prior to the present modification

28.05.2010

Particulars of the present modification

There has been and enhancement in the credit limits as under:

(Rs. In Millions)

Facility	Existing	Received
CC/WCDL	180.000	220.000
LC/BG	50.000	70.000
Total	230.000	290.000

The existing charge is hereby extended upto Rs. 290.000 Millions up to cover the enhanced FB & NFB facilities.

FIXED ASSETS:

· Building lease hold land

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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. 51.66
UK Pound	1	Rs. 67.18
Euro	1	Rs. 81.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.