1. Summary Information
|
|
|
Country |
|
|
Company Name |
Posco |
Principal Name 1 |
Mr. Kim Sang Hyeon |
|
Status |
Recently Commenced |
Principal Name 2 |
Mr. Byoung Song Kwan |
|
|
|
Registration # |
18-071238 |
|
Street Address |
Plot No. RNS 9, RNS 12 to 14, Sipcot Industrial Growth Centre, Vadakuppattu
Village, Orangadam, Sriperumbudur Taluk, Kanchipuram – 602105, Tamilnadu,
India |
||
|
Established Date |
03.04.2009 |
SIC Code |
-- |
|
Telephone# |
91-44-43443250 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-43443299 |
Business Style 2 |
Importer |
|
Homepage |
-- |
Product Name 1 |
Steel Coils |
|
# of employees |
80 (approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 582,094,430/- |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
HDFC Bank
Limited |
|
Public Limited Corp. |
NO |
Business Period |
3 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
India
|
POSCO |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,473,265,000 |
Current Liabilities |
1,953,963,000 |
|
Inventories |
1,309,728,000 |
Long-term Liabilities |
950,264,000 |
|
Fixed Assets |
708,297,000 |
Other Liabilities |
25,840,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,930,067,000 |
|
Invest& other Assets |
4,218,000 |
Retained Earnings |
(16,653,000) |
|
|
|
Net Worth |
565,441,000 |
|
Total Assets |
3,495,508,000 |
Total Liab. & Equity |
3,495,508,000 |
|
Total Assets (Previous Year) |
671,105,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
-- |
Net Profit / (Loss) |
(3,630,000) |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
(13,022,000) |
MIRA
INFORM REPORT
|
Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
POSCO |
|
|
|
|
Registered Office : |
Plot No. RNS 9, RNS 12 to 14, Sipcot Industrial Growth Centre, Vadakuppattu
Village, Orangadam, Sriperumbudur Taluk, Kanchipuram – 602105, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
03.04.2009 |
|
|
|
|
Com. Reg. No.: |
18-071238 |
|
|
|
|
Paid-up Capital : |
Rs. 582.094 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27100TN2009PTC071238 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP11245D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCP0211N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Importer of Steel Coils |
|
|
|
|
No. of Employees : |
80 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Posco Group company. It is having moderate track. There
appears some accumulated losses in the records of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. 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 – 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/ Factory : |
Plot No. RNS 9, RNS 12 to 14, Sipcot Industrial Growth Centre,
Vadakuppattu Village, Orangadam, Sriperumbudur Taluk, Kanchipuram – 602105,
Tamilnadu, India |
|
Tel. No.: |
91-44-43443250 |
|
Mobile No.: |
91-9940592341[Mr. Sunder – Finance Manager] |
|
Fax No.: |
91-44-43443299 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 26.08.2011
|
Name : |
Mr. Kim Sang Hyeon |
|
Designation : |
Managing Director |
|
Address : |
Woo Sung 7th |
|
Date of Birth/Age : |
05.03.1966 |
|
Date of Appointment : |
03.09.2009 |
|
DIN No.: |
02854426 |
|
|
|
|
Name : |
Mr. Song Byoung Kwan |
|
Designation : |
Director |
|
Address : |
1 Eojeongmaeul seoheesamjeong apt 101-1101 817 Jung-dong Giheung-gu Yongin-si
Gyeonggi-do Gyeonggi do |
|
Date of Birth/Age : |
25.03.1969 |
|
Date of Appointment : |
03.09.2009 |
|
DIN No.: |
02857732 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.08.2011
|
Names of Shareholders |
No. of Shares |
|
Sang Mod Doh |
5000 |
|
|
5000 |
|
Posco – |
58199443 |
|
TOTAL |
58209443 |
AS ON 26.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Importer of Steel Coils |
GENERAL INFORMATION
|
No. of Employees : |
80 (approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senaati Bapat
Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
NRG Associates Chartered Accountants |
|
Address : |
New No. 19 Old No. 10, 1st Floor, 5ht Main Road, Raja
Annamalai Puram, Chennai – 600028, Tamilnadu, India |
|
Tel No.: |
91-44-24340925/43060925 |
|
Pan No.: |
AAEFN7749R |
|
|
|
|
Holding Company |
POSCO |
|
|
|
|
Subsidiary of Holding : |
·
Posco – India Delhi Processing Centre Private
Limited ·
Deawoo International Corporation ·
Posco Processing And Service Company Limited ·
Posco ICT Company Limited ·
POSCO Investment Company Limited |
|
|
|
|
JV with Holding : |
Pos – Hyundai
Steel Mfg (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58209443 |
Equity Shares |
Rs.10/- each |
Rs. 582.094
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
582.094 |
582.094 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(16.653) |
(13.022) |
|
|
NETWORTH |
|
565.441 |
569.072 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
87.534 |
0.000 |
|
|
2] Unsecured Loans |
|
862.730 |
0.000 |
|
|
TOTAL BORROWING |
|
950.264 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
19.278 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1534.983 |
569.072 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
708.297 |
569.682 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4.218 |
62.483 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
6.860 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1309.728 |
0.000 |
|
|
Sundry Debtors |
|
1283.338 |
0.051 |
|
|
Cash & Bank Balances |
|
130.001 |
8.093 |
|
|
Other Current Assets |
|
0.000 |
4.380 |
|
|
Loans & Advances |
|
59.926 |
19.556 |
|
Total
Current Assets |
|
2782.993 |
32.080 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1949.701 |
101.745 |
|
|
Other Current Liabilities |
|
4.262 |
0.000 |
|
|
Provisions |
|
6.562 |
0.288 |
|
Total
Current Liabilities |
|
1960.525 |
102.033 |
|
|
Net Current Assets |
|
822.468 |
(69.953) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1534.983 |
569.072 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
NA |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
(19.486) |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
NA |
(19.486) |
|
|
|
|
|
|
|
|
|
Less/ |
DEPRECIATION/
AMORTISATION |
|
NA |
0.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
27.900 |
(19.882) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
31.530 |
(6.860) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(3.630) |
(13.022) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
High Sea Sales |
|
174.468 |
0.000 |
|
|
|
Training Incoem |
|
1.339 |
0.000 |
|
|
TOTAL EARNINGS |
|
175.807 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
748.409 |
0.000 |
|
|
|
Software |
|
5.083 |
1.091 |
|
|
|
Network Equipments |
|
4.279 |
0.000 |
|
|
|
Plant and Machinery |
|
8.257 |
153.164 |
|
|
TOTAL IMPORTS |
|
766.028 |
154.255 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(0.06) |
(0.67) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
NA |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.80 |
(3.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.18 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.42 |
0.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
No |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
----- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
BACKGROUND:
Subject (Posco or the company) was incorporated on 03.04.2009. As on the
date of balance sheet the company is yet to commence its commercial operations
and is in the process of constructing the factory. The company is to carry on
the business of steel processing, steel sheet, fabrication, manufacturing and
processing of steel components and parts in primary, semi finished forms for
automobiles home appliances and other steel consuming industries.
NOTE:
The Registered office of the company has been shifted from New No. 46,
Old No. 121, 3rd Floor, Dr. Radha Krishnan Salai, Mylapore, Chennai
– 600004, Tamilnadu, India to the present address w.e.f 10.05.2010.
FORM 8
|
Corporate
identity number of the company |
U27100TN2009PTC071238 |
|
Name of the
company |
POSCO |
|
Address of the
registered office or of the principal place of business in |
Plot No. RNS 9,
RNS 12 to 14, Sipcot Industrial Growth Centre, Vadakkupattu Village,
Oragadam, Sriperumbudur – 602105, Tamil Nadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
equitable mortgage by Deposit of Title Deeds relating to immovable properties
of the Company is enclosed herewith. |
|
Date of
instrument Creating the charge |
10.06.2011 |
|
Amount secured by
the charge |
Rs. 350.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Any such rate as
may be advised to the Company from time to time in respect of the credit
facilities. Terms of repayment CC/ WCDL / STL /
FCNR / EPC / EBD / EPSC / BC / BG / LC of Rs.350.000 Millions - Repayable on
Demand. Margin As may be
prescribed by the Bank from time to time for the credit facilities. Extent and operation of the charge The Company
created charge by way of equitable mortgage by deposit of title deeds in
respect of immovable properties of the Company described in point no.15 below
as security for repayment of the credit facilities of Rs.350.000 Millions
granted to the Company along with
interest, costs, charges and other dues that may any time
hereafter become due and owing to the
bank in respect of and under the credit facilities |
|
Short particulars
of the property charged (Including location of the property) |
EM of all that
piece and parcel of land known as Plot Nos. RNS 9, RNS 12, RNS 13 and RNS 14
in Renault and Nissan Supplier Park, at SIPCOT Industrial Park Oragadam
Expansion Scheme within the village limits of Vadakkubattu Taluka of
Sriperumbudur, Sub-Registration Office at Walajabad and District of
Kanchipuram of Kanchipuram Revenue District, containing by admeasurement 9.60
acres, or thereabouts, bearing Survey Nos.1009/A pt. and 1042 pt. Village and
bounded on the North by: SIPCOT Road; On the South by: Plot No. RNS 15; On
the East by: S.No.1013; and On the West by: SIPCOT Road. |
FIXED ASSETS:
- Land
- Office equipments
- Computer
- Furniture and fittings
- Vehicles
- Factory building
- Plant and machinery
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. 56.01 |
|
|
1 |
Rs. 87.85 |
|
Euro |
1 |
Rs. 70.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
NO |
|
--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 |
|
27 |
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.