MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SCG PLASTICS
CO., LTD. |
|
|
|
|
Formerly Known As : |
CCC
CHEMICAL COMMERCE CO.,
LTD |
|
|
|
|
Registered Office : |
1
Siam Cement Road,
Kwaeng Bangsue, Khet Bangsue,
Bangkok 10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Com. Reg. No.: |
0105538050741 [Former :
[1] 1129/]2538] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and
Exporter Petrochemical |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SCG
PLASTICS CO., LTD.
[FORMER : CCC CHEMICAL
COMMERCE CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 1
SIAM CEMENT ROAD,
KWAENG BANGSUE,
KHET BANGSUE,
BANGKOK 10800
TELEPHONE : [66] 2586-6262,
2586-5809, 2586-5897, 2586-5988
FAX :
[66] 2586-5514,
2586-2093, 2586-3907
E-MAIL
ADDRESS : chalermh@scg.co.th
sirinutj@scg.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538050741 [Former : [1]
1129/]2538]
TAX
ID NO. : 3011580127
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT. 5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
SHAREHOLDER’S PROPORTION : THAI :
100%
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SAKCHAI PATIPANPREECHAWUTH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : PETROCHEMICAL DISTRIBUTOR AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on
April 25, 1995
as a private
limited company under
the registered name “Siam Chemical
Trading Co., Ltd.,” with
the business objective
to distribute petrochemical products to domestic
and export markets.
On January 2,
2002, subject changed
its name to “CCC Chemical
Commerce Co., Ltd.”, and
finally changed to “SCG
PLASTICS CO., LTD.,” on
January 3, 2007.
It currently employs
approximate 100 staff.
At present, subject
is a wholly
owned subsidiary of
“SCG Chemicals Co.,
Ltd.” [Former : Cementhai
Chemicals Co., Ltd.], which
is a wholly
owned subsidiary of
Siam Cement Public
Company Limited, and
is also a
member of “The Siam
Cement Group” in
petrochemicals business, which
has over 30
affiliated companies.
The
subject’s registered address
is 1 Siam Cement Rd., Kwaeng Bangsue, Khet
Bangsue, Bangkok 10800,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rungroj Rangsiyopas |
|
Thai |
49 |
|
Mr. Somchai Wangwattanapanich |
|
Thai |
53 |
|
Mr. Cholanath Yanaranop |
|
Thai |
53 |
|
Mr. Sakchai Patipanpreechawuth |
|
Thai |
45 |
|
Mr. Chavalit Ekabutr |
|
Thai |
53 |
|
Mr. Yuthana Chiemtrakarn |
|
Thai |
49 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sakchai Patipanpreechawuth is
the Managing Director.
He is Thai
nationality with the
age of 45
years old.
Mr. Napit Kunamwatana is
the Business Planning
Manager.
He is Thai
nationality.
Mr. Athavuth Komkrong is
the Production Development
Manager.
He is Thai
nationality.
Mr. Samphan Lueviraphan is
the Local Sales
Manager.
He is Thai
nationality.
Mr. Chalermphol
Hunpongsimanonth is the
Senior Overseas Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are distributor and
exporter of EL-Lene Polyethylene
Plastic Resin, EL-Pro Polypropylene Plastic
Resin, High Density
Polyethylene [HDPE], Low
Density Polyethylene [LDPE]
as well as
Pulverized Powders and
Compounded Resins.
PURCHASE
100% of products
is purchased from
Siam Cement Group, Petrochemical
Business Group and
associated companies.
MAJOR SUPPLIERS
Thai Polyethylene Co.,
Ltd : Thailand
Thai Polypropylene Co., Ltd. : Thailand
SALES [LOCAL]
40% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRY]
60% of its products is exported
to Hong Kong, Indonesia, Malaysia, India, Singapore, Australia, Republic of China, Vietnam, Japan,
Myanmar, Laos, Taiwan, Chile, United States of America
and Philippines.
The subject has
also 13 representatives and
overseas branches in
Guizhou, Shanghai, Myanmar,
Laos and Vietnam.
MAJOR CUSTOMERS
CCC Chemical Commerce
[China] Co., Ltd. : Republic
of China
Grand Siam Composites
Co., Ltd. : Thailand
Thai Polyethylene Co.,
Ltd. : Thailand
SCG Trading [U.S.A]
Inc. : United
States of America
Universal Polymer Co.,
Ltd. : Thailand
SUBSIDIARIES & AFFILIATED
COMPANIES
The Siam Cement Group
[Petrochemical Business] :-
|
Name |
Country |
Line of
Business |
|
|
|
|
|
Thai Polyethylene Co., Ltd. |
Thailand |
Manufacturer of polyethylene [HDPE,
MDPE, LLDPE] |
|
Thai Polypropylene Co., Ltd. |
Thailand |
Manufacturer of polypropylene |
|
SCG Plastics Co.,
Ltd. |
Thailand |
Trading company |
|
SCG Performance Chemicals Co., Ltd. |
Thailand |
Trading company |
|
SCG Polyolefins Co.,
Ltd. |
Thailand |
Trading company |
|
Rayong Engineering &
Plant Service Co.,
Ltd. |
Thailand |
Engineering and plant
service |
|
Protech Outsourcing Co.,
Ltd. |
Thailand |
Engineering and plant
service |
|
RIL 1996 Co.,
Ltd. |
Thailand |
Industrial estate |
|
SCG Chemicals [Singapore] Pte. Ltd. |
Thailand |
Holding company |
|
Tuban Petrochemicals Pte.
Ltd. |
Thailand |
Holding company |
|
Rayong Pipeline Co.,
Ltd. |
Thailand |
Rights of way
and use |
|
Map Ta Phut
Tank Terminal Co., Ltd. |
Thailand |
Warehouse and transportation services |
|
PT. TPC Indo Plastic &
Chemical |
Thailand |
PVC resins |
|
Map Ta Phut Olefins Co., Ltd. |
Thailand |
Raw material for plastic
resins |
|
Thai Plastic and Chemical Plc. |
Thailand |
Plastic resins and
PVC compound |
|
TPC Paste Resin Co., Ltd. |
Thailand |
PVC paste resins |
|
Nawa Plastic Industries Co., Ltd. |
Thailand |
PVC pipe and PVC products |
|
Nawa Intertech Co., Ltd. |
Thailand |
Molding |
|
Chemtech Co., Ltd. |
Thailand |
PVC pipe and fittings |
|
& etc. |
|
|
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Exports are against
L/C at sight
and T/T.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd., Rajburana,
Bangkok ]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 100 office staff
and sales staff.
LOCATION DETAILS
The premise is rented
for administrative office
at the heading address.
Premise is located
in commercial/residential area.
COMMENT
Subject was formed
in 1995 as a distributor
and exporter of
petrochemical products. Its
products are mostly for
industrial users. Insufficient production
capacity of crude oil and other
petrochemical products continued to stimulate the fast growth of the
petrochemical. The products
have been served
to PVC and plastic
production industries.
Subject’s
business is solid
and continued expanding.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each with
the current capital paid-up at
Bht. 5,000,000.
THE SHAREHOLDERS LISTED
WERE : [as
at April 24,
2012] at Bht.
5,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
SCG Chemicals Co., Ltd. Nationality: Thai Address : 1 Siam Cement
Rd., Kwaeng Bangsue,
Khet Bangsue,
Bangkok |
99,998 |
100.00 |
|
Mrs. Veeranuch Setthamethikul Nationality: Thai Address : 40/29 Moo
6, Kukot, Lamlukka,
Pathumthani |
1 |
- |
|
Ms. Chaliya Bhanubhongs Nationality: Thai Address : 32/29 Ladprao
23 Rd., Kwaeng
Chankasem, Khet Jatujak,
Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 24,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sureerat
Thong-aroonsaeng No. 4409
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
220,595,130 |
169,172,932 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
46,740,174 |
80,802,561 |
|
- Other company |
5,066,675,915 |
3,478,517.345 |
|
Receivable & Short-term Loan
to Related Company |
150,911,549 |
453,816,629 |
|
Goods available for Sale |
137,245,954 |
415,388,316 |
|
Value Added Tax Receivable |
381,017,126 |
225,357,582 |
|
Other Current Assets
|
63,897,371 |
44,273,611 |
|
|
|
|
|
Total Current Assets
|
6,067,083,219 |
4,867,328,976 |
|
Investment in Subsidiaries |
2,607,053,578 |
2,607,053,578 |
|
Other Long-term Investment |
61,198 |
61,198 |
|
Unutilised Property |
25,867,528 |
24,311,071 |
|
Intangible Assets |
73,613,648 |
91,138,051 |
|
Deferred Income Tax |
1,261,849 |
206,285 |
|
Other Non-current Assets |
997,692 |
945,715 |
|
Total Assets |
8,775,938,712 |
7,591,044,874 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
7,954,380 |
32,104,750 |
|
Trade Accounts Payable |
|
|
|
- Related company |
6,290,186,889 |
5,323,105,195 |
|
- Other company |
44,689,785 |
58,022,459 |
|
Short-term Loan from Related Company |
1,352,912,285 |
1,505,972,385 |
|
Accrued Income Tax |
96,738,114 |
24,119,243 |
|
Other Current Liabilities |
306,859,867 |
177,637,944 |
|
Total Current Liabilities |
8,099,341,320 |
7,120,961,976 |
|
Deferred Income Tax Liabilities
|
15,901,384 |
14,635,826 |
|
Liabilities from Employee
Benefit |
4,339,712 |
- |
|
Total Liabilities |
8,119,582,416 |
7,135,597,802 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital
100,000 shares |
10,000,000 |
10,000,000 |
|
Capital Paid |
5,000,000 |
5,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
1,000,000 |
1,000,000 |
|
Unappropriated |
650,356,296 |
449,447,072 |
|
Total Shareholders' Equity |
656,356,296 |
455,447,072 |
|
Total Liabilities &
Shareholders' Equity |
8,775,938,712 |
7,591,044,874 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
65,593,646,442 |
53,015,413,419 |
|
Other Income |
157,569,302 |
195,909,551 |
|
Gain on Exchange Rate |
342,387,889 |
181,015,207 |
|
Total Revenues |
66,093,603,633 |
53,392,338,177 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
63,582,265,868 |
51,278,811,175 |
|
Selling Expenses |
1,028,610,528 |
935,673,560 |
|
Administrative Expenses |
592,764,344 |
597,832,984 |
|
Total Expenses |
65,203,640,740 |
52,812,317,719 |
|
Profit before Financial Cost
& Income Tax |
889,962,893 |
580,020,458 |
|
Financial Cost |
[36,449,041] |
[36,142,371] |
|
Profit before Income Tax |
853,513,852 |
543,878,087 |
|
Income Tax |
[209,473,463] |
[115,346,109] |
|
Net Profit / [Loss] |
644,040,389 |
428,531,978 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.75 |
0.68 |
|
QUICK RATIO |
TIMES |
0.74 |
0.68 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
7.47 |
6.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
28.19 |
0.02 |
|
RECEIVABLES TURNOVER |
TIMES |
12.95 |
15,240.81 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.26 |
0.41 |
|
CASH CONVERSION CYCLE |
DAYS |
27.94 |
(0.39) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.93 |
96.72 |
|
SELLING & ADMINISTRATION |
% |
2.47 |
2.89 |
|
INTEREST |
% |
0.06 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
3.83 |
3.99 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.36 |
1.09 |
|
NET PROFIT MARGIN |
% |
0.98 |
0.81 |
|
RETURN ON EQUITY |
% |
98.12 |
94.09 |
|
RETURN ON ASSET |
% |
7.34 |
5.65 |
|
EARNING PER SHARE |
BAHT |
12,880.81 |
8,570.64 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.37 |
15.67 |
|
TIME INTEREST EARNED |
TIMES |
24.42 |
16.05 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
23.73 |
|
|
OPERATING PROFIT |
% |
53.44 |
|
|
NET PROFIT |
% |
50.29 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
15.61 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.83 |
Deteriorated |
Industrial
Average |
19.20 |
|
Net Profit Margin |
0.98 |
Impressive |
Industrial
Average |
0.42 |
|
Return on Assets |
7.34 |
Impressive |
Industrial
Average |
0.63 |
|
Return on Equity |
98.12 |
Impressive |
Industrial
Average |
0.98 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 3.83%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 0.98%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
7.34%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant
position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 98.12%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.75 |
Risky |
Industrial
Average |
1.90 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
27.94 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.75 times in 2011, increase from 0.68 times, then the company may
not be efficiently using its current assets. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.74 times in 2011,
increase from 0.68 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 28 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
12.37 |
Risky |
Industrial
Average |
0.97 |
|
Times Interest Earned |
24.42 |
Impressive |
Industrial
Average |
0.65 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 24.42 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.93 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
2.93 |
|
Total Assets Turnover |
7.47 |
Impressive |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
2.96 |
|
Receivables Conversion Period |
28.19 |
|
|
|
|
Receivables Turnover |
12.95 |
Impressive |
Industrial
Average |
2.59 |
|
Payables Conversion Period |
0.26 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.14 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.