MIRA
INFORM REPORT
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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
REYNARDS (U.K) LTD. |
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Registered Office : |
Greengate, Middleton, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
26.11.1964 |
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Com. Reg. No.: |
00828877 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Provide a national distribution service for a wide range
of food packaging and ancillary products. |
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No. of Employees : |
83 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limited : |
95000 USD |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
|
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) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the third
largest economy in Europe after Germany and France. Over the past two decades,
the government has greatly reduced public ownership and contained the growth of
social welfare programs. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and oil
resources, but its oil and natural gas reserves are declining and the UK became
a net importer of energy in 2005. Services, particularly banking, insurance,
and business services, account by far for the largest proportion of GDP while
industry continues to decline in importance. After emerging from recession in
1992, Britain's economy enjoyed the longest period of expansion on record
during which time growth outpaced most of Western Europe. In 2008, however, the
global financial crisis hit the economy particularly hard, due to the
importance of its financial sector. Sharply declining home prices, high
consumer debt, and the global economic slowdown compounded Britain's economic
problems, pushing the economy into recession in the latter half of 2008 and
prompting the then BROWN (Labour) government to implement a number of measures
to stimulate the economy and stabilize the financial markets; these include
nationalizing parts of the banking system, temporarily cutting taxes,
suspending public sector borrowing rules, and moving forward public spending on
capital projects. Facing burgeoning public deficits and debt levels, in 2010
the CAMERON-led coalition government (between Conservatives and Liberal
Democrats) initiated a five-year austerity program, which aims to lower London's
budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November
2011, Chancellor of the Exchequer George OSBORNE announced additional austerity
measures through 2017 because of slower-than-expected economic growth and the
impact of the euro-zone debt crisis. The CAMERON government raised the value
added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation
tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset
purchase program of up to £325 billion (approximately $525 billion) as of
February 2011. During times of economic crisis, the BoE coordinates interest
rate moves with the European Central Bank, but Britain remains outside the
European Economic and Monetary Union (EMU).
Source : CIA
Company name and address
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Reynards (U.K) Ltd. |
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Employees: |
83 |
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Company Type: |
Private Subsidiary |
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Corporate Family: |
6 Companies |
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Ultimate Parent: |
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Quoted Status: |
Non-quoted Company |
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Incorporation Date: |
26-Nov-1964 |
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Auditor: |
Uhy Hacker Young Manchester LLP |
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Fiscal Year End: |
31-Mar-2011 |
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Reporting Currency: |
British Pound Sterling |
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Annual Sales: |
23.4 1 |
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Net Income: |
(0.3) |
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Total Assets: |
10.3 |
Business Description
Products to the bakery industry.
(Provide
a national distribution service for a wide range of food packaging and
ancillary products.)
Industry
|
Industry |
Miscellaneous
Capital Goods |
|
ANZSIC 2006: |
3739 - Other
Goods Wholesaling Not Elsewhere Classified |
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NACE 2002: |
5190 - Other wholesale
|
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NAICS 2002: |
423990 - Other
Miscellaneous Durable Goods Merchant Wholesalers |
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UK SIC 2003: |
5190 - Other
wholesale |
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UK SIC 2007: |
4690 -
Non-specialised wholesale trade |
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US SIC 1987: |
5099 - Durable Goods,
Not Elsewhere Classified |
Key Executives
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Financial Summary |
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Registered No.(UK)
00828877
1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497
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Corporate Family |
Corporate Structure News: |
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Reynards (U.K) Ltd. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Manchester |
United Kingdom |
Miscellaneous Capital Goods |
23.4 |
83 |
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|
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Subsidiary |
Manchester |
United Kingdom |
Miscellaneous Capital Goods |
23.4 |
83 |
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Subsidiary |
Hounslow |
United Kingdom |
Business Services |
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Subsidiary |
Glasgow |
United Kingdom |
Nonclassifiable Industries |
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Subsidiary |
Manchester |
United Kingdom |
Miscellaneous Capital Goods |
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UK Branch/Trading address |
London |
United Kingdom |
Food Processing |
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10 |
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Directors
and Shareholders Report
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Main Office Address: |
Tel: 01616537700 |
Annual Return Date: 05 Sep 2011 |
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
27 Sep 1958 |
Greengate, Middleton, |
01 Apr 2010 |
NA |
Current:1 |
|
|
|
Current |
17 Oct 1931 |
11 Meadow Road, Middleton, |
05 Sep 1991 |
NA |
Current:6 |
|
|
|
Current |
10 Jul 1954 |
Greengate, Middleton, |
01 Jun 1993 |
NA |
Current:5 |
|
|
|
Current |
13 May 1957 |
Greengate, Middleton, |
05 Sep 1991 |
NA |
Current:10 |
|
|
|
Current |
20 Jun 1964 |
11 Limefield Avenue, Farnworth, |
20 May 2009 |
NA |
Current:1 |
|
|
|
Current |
20 Feb 1952 |
Greengate, Middleton, |
31 Mar 2000 |
NA |
Current:2 |
|
|
|
Previous |
23 Nov 1969 |
168 Kingswood Drive, Kings Park, |
20 May 2009 |
14 Dec 2009 |
Current:0 |
|
|
|
Previous |
29 Nov 1939 |
489 Warwick Road, |
05 Sep 1991 |
24 Dec 1999 |
Current:0 |
|
|
|
Previous |
06 Oct 1953 |
Greengate, Middleton, |
05 Sep 1991 |
20 Jul 2012 |
Current:0 |
|
|
|
Previous |
13 Jul 1957 |
Kinmel Park Industrial Estate, Bodelwyddan, |
31 Mar 1997 |
03 Aug 2012 |
Current:0 |
|
|
|
Previous |
09 Sep 1932 |
40 Langley Road, |
05 Sep 1991 |
31 Mar 1999 |
Current:0 |
|
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|
Previous |
20 Jun 1964 |
11 Limefield Avenue, Farnworth, |
01 Apr 2003 |
04 Apr 2007 |
Current:1 |
|
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|
Previous |
10 Apr 1948 |
57 Kelvin Court, Great Western Road, |
18 May 1999 |
30 Jun 2004 |
Current:0 |
|
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|
Previous |
01 Oct 1946 |
Benchstone Lesser Lane, Combs, |
05 Sep 1991 |
01 Sep 1997 |
Current:0 |
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Previous |
25 Sep 1956 |
7 Deepdale Close, |
12 Jun 2001 |
21 Jun 2007 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
|
|
Current |
NA |
Greengate, Middleton, |
09 Mar 2010 |
NA |
Current:1 |
|
|
|
Previous |
13 May 1957 |
Greengate, Middleton, |
05 Sep 1991 |
09 Mar 2010 |
Current:10 |
|
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|
Previous |
25 Sep 1956 |
7 Deepdale Close, |
23 Nov 2000 |
21 Jun 2007 |
Current:0 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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There are no individual shareholders for this company. |
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Corporate Shareholders |
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Company Name |
Registration Number |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
|
06222871 |
481554 Ordinary GBP 1.00 |
Ordinary |
481,554 |
1.00 |
481,554.00 |
100.00 |
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Annual Profit & Loss
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Total Turnover |
23.4 |
23.5 |
- |
- |
- |
|
Cost of Sales |
15.6 |
15.8 |
- |
- |
- |
|
Gross Profit |
7.8 |
7.7 |
5.5 |
6.5 |
5.4 |
|
Depreciation |
0.1 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Other Expenses |
7.8 |
7.7 |
5.4 |
6.1 |
5.3 |
|
Operating Profit |
- |
- |
- |
0.4 |
- |
|
Other Income |
0.2 |
0.2 |
0.0 |
0.0 |
0.4 |
|
Interest Paid |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Exceptional Income |
-0.4 |
-0.5 |
0.0 |
0.0 |
-0.7 |
|
Discontinued Operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit Before Taxes |
-0.3 |
-0.3 |
-0.1 |
0.2 |
-0.5 |
|
Tax Payable / Credit |
0.0 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Extraordinary Items/Debits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Profit After Taxes |
-0.3 |
-0.4 |
-0.1 |
0.0 |
-0.5 |
|
Minority Interests (Profit & Loss) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Audit Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Number of Employees |
83 |
85 |
56 |
52 |
59 |
|
Wages |
3.8 |
3.7 |
2.6 |
2.8 |
2.6 |
|
Social Security Costs |
0.4 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Pensions |
0.1 |
0.1 |
0.1 |
0.2 |
0.1 |
|
Other Pension Costs |
0.6 |
0.5 |
0.3 |
0.5 |
0.5 |
|
Employees Remuneration |
4.8 |
4.6 |
3.2 |
3.6 |
3.4 |
|
Directors Emoluments |
1.1 |
- |
0.6 |
0.7 |
1.0 |
|
Other Costs |
0.0 |
1.0 |
0.0 |
0.0 |
0.1 |
|
Directors Remuneration |
1.1 |
1.1 |
0.7 |
0.9 |
1.2 |
|
Highest Paid Director |
0.4 |
0.3 |
0.3 |
0.3 |
0.2 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Land & Buildings |
1.9 |
1.8 |
1.7 |
2.4 |
2.5 |
|
Fixtures & Fittings |
0.2 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Plant & Vehicles |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Total Tangible Fixed Assets |
2.2 |
2.2 |
2.1 |
3.0 |
3.0 |
|
Intangible Assets |
1.3 |
1.3 |
1.3 |
1.3 |
0.0 |
|
Investments |
0.2 |
0.4 |
0.4 |
0.5 |
2.0 |
|
Total Fixed Assets |
3.7 |
3.9 |
3.8 |
4.7 |
5.0 |
|
Stocks |
2.4 |
2.1 |
2.3 |
2.1 |
1.8 |
|
Work in Progress |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Stocks Work In Progress |
2.4 |
2.1 |
2.3 |
2.1 |
1.8 |
|
Trade Debtors |
3.1 |
3.0 |
2.8 |
3.1 |
2.9 |
|
Other Debtors |
1.1 |
1.2 |
1.6 |
2.4 |
1.9 |
|
Total Debtors |
4.2 |
4.2 |
4.4 |
5.5 |
4.8 |
|
Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
6.6 |
6.3 |
6.7 |
7.6 |
6.6 |
|
Total Assets |
10.3 |
10.2 |
10.5 |
12.4 |
11.6 |
|
Trade Creditors |
3.3 |
3.0 |
3.1 |
3.2 |
3.1 |
|
Bank Overdraft |
3.1 |
3.1 |
3.1 |
2.9 |
2.3 |
|
Inter-Company Creditors |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Director Loans (Current Liability) |
0.1 |
0.1 |
0.2 |
0.4 |
0.3 |
|
Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Finance Lease (Current Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Finance Lease/Hire Purchase (Current Liability) |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Total Short Term Loans |
0.0 |
0.0 |
- |
- |
- |
|
Accruals/Deferred Income (Current Liability) |
0.2 |
0.1 |
0.2 |
0.2 |
0.1 |
|
Social Security/VAT |
0.5 |
0.4 |
0.3 |
0.3 |
0.3 |
|
Corporation Tax |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Dividends (Current Liability) |
0.0 |
0.0 |
- |
- |
- |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Total Current Liabilities |
7.1 |
6.8 |
6.9 |
7.3 |
6.4 |
|
Group Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Director Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Hire Purchase (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Leasing (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Hire Purchase Loans (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Other Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Accruals/Deferred Income (Long Term Liability) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Long Term Liabilities |
0.0 |
0.0 |
0.0 |
0.1 |
0.3 |
|
Deferred Taxation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Provisions |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issued Capital |
0.8 |
0.7 |
0.7 |
1.0 |
0.9 |
|
Share Premium Accounts |
0.0 |
0.0 |
1.2 |
0.0 |
0.0 |
|
Revaluation Reserve |
1.3 |
1.3 |
0.0 |
1.8 |
1.8 |
|
Retained Earnings |
1.1 |
1.3 |
1.6 |
2.3 |
2.2 |
|
Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Shareholders Funds |
3.2 |
3.4 |
3.6 |
5.0 |
4.9 |
|
Net Worth |
1.9 |
2.1 |
2.3 |
3.8 |
4.9 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate (Period
Average) |
0.643394 |
0.627794 |
0.592803 |
0.498361 |
0.528925 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
- |
- |
-0.1 |
0.0 |
1.0 |
|
Net Cash Flow from ROI and Servicing of Finance |
- |
- |
-0.2 |
-0.2 |
-0.2 |
|
Taxation |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Capital Expenditures |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Acquisitions and Disposals |
- |
- |
-0.7 |
0.0 |
0.0 |
|
Paid Up Equity |
- |
- |
0.0 |
0.0 |
0.0 |
|
Management of Liquid Resources |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Cash Flow From Financing |
- |
- |
-0.2 |
-0.4 |
-0.4 |
|
Increase in Cash |
- |
- |
-1.3 |
-0.7 |
0.3 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.62385 |
0.659239 |
0.697666 |
0.503145 |
0.509853 |
|
Consolidated |
No |
No |
No |
No |
No |
|
|
|
|
|
|
|
|
Current Ratio |
0.93 |
0.93 |
0.97 |
1.05 |
1.03 |
|
Liquidity Ratio |
0.59 |
0.62 |
0.63 |
0.75 |
0.75 |
|
Stock Turnover |
9.99 |
10.77 |
- |
- |
- |
|
Credit Period (Days) |
46.64 |
49.44 |
- |
- |
- |
|
Working Capital by Sales |
-2.13% |
-2.11% |
- |
- |
- |
|
Trade Credit by Debtors |
1.07 |
0.98 |
1.10 |
1.02 |
1.04 |
|
Return on Capital |
-9.59% |
-9.48% |
-1.44% |
3.16% |
-9.35% |
|
Return on Assets |
-3.00% |
-3.16% |
-0.49% |
1.30% |
-4.18% |
|
Profit Margin |
-1.28% |
-1.43% |
- |
- |
- |
|
Return on Shareholders Funds |
-9.65% |
-9.56% |
-1.45% |
3.20% |
-9.86% |
|
Borrowing Ratio |
164.41% |
156.62% |
147.84% |
92.33% |
60.15% |
|
Equity Gearing |
31.05% |
33.03% |
33.96% |
40.58% |
42.36% |
|
Debt Gearing |
1.15% |
1.47% |
0.46% |
1.74% |
5.42% |
|
Interest Coverage |
-2.90 |
-2.43 |
-0.39 |
0.69 |
-2.23 |
|
Sales by Tangible Assets |
10.76 |
10.28 |
- |
- |
- |
|
Average Remuneration per Employee |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Profit per Employee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sales per Employee |
0.3 |
0.3 |
- |
- |
- |
|
Capital Employed per Employee |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Tangible Assets per Employee |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Total Assets per Employee |
0.1 |
0.1 |
0.2 |
0.2 |
0.2 |
|
Employee Remuneration by Sales |
20.45% |
19.38% |
- |
- |
- |
|
Creditor Days (Cost of Sales Based) |
75.08 |
72.56 |
- |
- |
- |
|
Creditor Days (Sales Based) |
50.02 |
48.69 |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.44 |
|
|
1 |
Rs.89.30 |
|
Euro |
1 |
Rs.71.61 |
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.