MIRA INFORM REPORT

 

 

Report Date :

29.09.2012

 

IDENTIFICATION DETAILS

 

Name :

DEREK RAPHAEL & CO. LTD

 

 

Registered Office :

118 Baker Street, London, W1U 6TT

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.12.1973

 

 

Com. Reg. No.:

01153094

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Trading in ferro alloys, metals, ores and minerals

 

 

No. of Employees :

03

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 & address 

 

Derek Raphael & Co. Ltd.

118 Baker Street

London, W1U 6TT

United Kingdom

 

 

Synthesis

           

Employees:                  3

Company Type:            Private Subsidiary

Corporate Family:          4 Companies

Ultimate Parent:             Derek Raphael (Holdings) Ltd.

Quoted Status:              Non-quoted Company

Incorporation Date:         21-Dec-1973

Auditor:                         Ward Goodman

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       US Dollar

Annual Sales:                663.0  1

Net Income:                   (7.0)

Total Assets:                144.7

 

 

Business Description     

 

Trading in ferro alloys, metals, ores and minerals.

 

Industry

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    3322 - Metal and Mineral Wholesaling

NACE 2002:      5152 - Wholesale of metals and ores

NAICS 2002:     423520 - Coal and Other Mineral and Ore Merchant Wholesalers

UK SIC 2003:    5152 - Wholesale of metals and ores

UK SIC 2007:    4672 - Wholesale of metals and metal ores

US SIC 1987:    505 - Metals and Minerals, Except Petroleum

 

           

Key Executives   

 

Name

Title

Cherryll Sandra Wood

Secretary

Andrew David Raphael

Director

Derek Neale Raphael

Director

 

 

Financial Summary   

 

 

FYE: 31-Dec-2011

USD (mil)

Key Figures

 

Current Assets

144.74

Fixed Assets

0.0000

Total Liabilities

118.81

Net Worth

25.94

 

Key Ratios

 

Current Ratio

1.22

Acid Test

0.45

 

 

 

 

Registered No.(UK):     01153094

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location

118 Baker Street

London, W1U 6TT

London County

United Kingdom

           

Sales USD(mil):             663.0

Assets USD(mil):           144.7

Employees:                   3

Fiscal Year End:            31-Dec-2011

Industry:                        Miscellaneous Capital Goods

           

Registered Address:

118 Baker Street

London, W1U 6TT

United Kingdom

Incorporation Date:         21-Dec-1973

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):       01153094

Director:                        Andrew David Raphael

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3322     -          Metal and Mineral Wholesaling

 

NACE 2002 Codes:

5152     -          Wholesale of metals and ores

 

NAICS 2002 Codes:

423520  -          Coal and Other Mineral and Ore Merchant Wholesalers

 

US SIC 1987:

505       -          Metals and Minerals, Except Petroleum

 

UK SIC 2003:

5152     -          Wholesale of metals and ores

 

UK SIC 2007:

4672     -          Wholesale of metals and metal ores

 

Business Description

Trading in ferro alloys, metals, ores and minerals.

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

663.0

Net Income:

-7.0

Assets:

144.7

Current Assets:

144.7

 

Fixed Assets:

0.0

 

Long Term Debt:

0.0

 

Total Liabilities:

118.8

 

Issued Capital:

1.0

 

Working Capital:

25.9

 

Net Worth:

25.9

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

8.6%

NA

NA

Key Corporate Relationships

Auditor:

Ward Goodman

 

Auditor:

Ward Goodman

 

 

 

USD(mil)

Audit Fees:

0.0

Non Audit Fees:

0.0

Audit Fiscal Year:

12-31-2011

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Derek Raphael (Holdings) Ltd.
Derek Raphael & Co. Ltd.

Derek Raphael & Co. Ltd. 
Total Corporate Family Members: 4 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Derek Raphael (Holdings) Ltd.

Parent

London

United Kingdom

Business Services

663.0

10

 

Derek Raphael & Co. Ltd.

Subsidiary

London

United Kingdom

Miscellaneous Capital Goods

663.0

3

 

Derek Raphael & Co. Trustees Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

 

Drc Properties Ltd.

Subsidiary

London

United Kingdom

Construction Services

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Andrew David Raphael

 

Director

Director/Board Member

 

Age: 43

 

Derek Neale Raphael

 

Director

Director/Board Member

 

 

Age: 74

 

 

 

Executives

 

Name

Title

Function

 

Cherryll Sandra Wood

 

Secretary

Company Secretary

 

Age: 66

 

 

 

Directors and Shareholders Report

 

Main Office Address:
118 Baker Street
London
United Kingdom W1U 6TT

 

Annual Return Date: 16 May 2012
Total Issued Capital (GBP 000):1,000

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Derek Neale 
Raphael

Current

03 Sep 1938

3Rd Floor, 118 Baker Street, 
London , London W1U 6TT

16 May 1991

NA

Current:4
Previous:1
Disqualifications:0

 

Andrew David 
Raphael

Current

15 Apr 1969

7 Meadowside, Coln St Aldwyns, 
Lechlade, Gloucestershire GL7 5AL

13 Jun 2001

NA

Current:4
Previous:3
Disqualifications:0

 

Paul 
Clayton

Previous

03 Aug 1954

44 Martin Close, Aughton, 
Sheffield, South Yorkshire S26 3RJ

01 Aug 1995

23 May 1996

Current:1
Previous:1
Disqualifications:0

 

Guy Neville Richard 
Darby

Previous

25 Dec 1962

Crofters Queens Corner, Iping, 
Midhurst, West Sussex GU29 0PL

26 Jun 1992

31 Mar 2001

Current:4
Previous:4
Disqualifications:0

 

Roy Maxwell
Walton

Previous

11 Jul 1963

Long Heath, Blackhorse Road Crastock, 
Woking, Surrey GU22 0QT

06 Apr 1995

30 Sep 2001

Current:7
Previous:10
Disqualifications:0

 

David John Charles 
Brown

Previous

16 May 1953

C/O Sfp Metals Uk Ltd, 35 Grosvenor Street, 
London , London W1X 9FE

NA

31 May 2001

Current:0
Previous:2
Disqualifications:0

 

Eric Alfred 
Tracey

Previous

19 Apr 1930

Castle Cottage Off Ladyfield Road, Thorpe Salvin, 
Worksop, Nottinghamshire S80 3JS

16 May 1991

12 Feb 1996

Current:1
Previous:3
Disqualifications:0

 

William Henry 
Frankel

Previous

14 Dec 1944

25A Frognal, Hampstead, 
London , London NW3 6AR

01 Nov 1994

22 Oct 2009

Current:24
Previous:16
Disqualifications:0

 

Iver Edmund Jacob 
Benattar

Previous

01 Nov 1938

21 Bridstow Place, 
Paddington, London W2 5AE

16 May 1991

22 Oct 2009

Current:1
Previous:8
Disqualifications:0

 

Keith George 
Bailey

Previous

22 Oct 1929

26 Stonegravels Way, Halfway, 
Sheffield, South Yorkshire S19 5HQ

16 May 1991

30 Nov 1994

Current:0
Previous:2
Disqualifications:0

 

Shaun 
Walton

Previous

26 Apr 1966

Westbrook House Wreakes Lane, Dronfield,
Dronfield, Derbyshire S18 1LY

15 May 1998

24 Aug 2000

Current:7
Previous:3
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Cherryll Sandra 
Wood

Current

24 Jul 1946

Spearhill, Billingshurst Road, 
Pulborough, West Sussex RH20 3BA

30 Sep 2001

NA

Current:6
Previous:1
Disqualifications:0

 

Roy Maxwell 
Walton

Previous

11 Jul 1963

Long Heath, Blackhorse Road Crastock, 
Woking, Surrey GU22 0QT

30 Apr 1999

30 Sep 2001

Current:7
Previous:10
Disqualifications:0

 

Iver Edmund Jacob 
Benattar

Previous

01 Nov 1938

21 Bridstow Place, 
Paddington, London W2 5AE

16 May 1991

30 Apr 1999

Current:1
Previous:8
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Individual Shareholders

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Derek Neale Raphael

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

<0.01

Shareholder Name Not Known

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

<0.01

 

 

 

 

 

 

 

 

Corporate Shareholders

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Derek Raphael (Holdings) Ltd

01897504

999999 Ordinary GBP 1.00

Ordinary

999,999

1.00

999,999.00

100.00

 

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

77.5

62.2

12.2

57.9

115.2

Turnover (Exports)

585.5

548.5

297.6

710.5

703.4

Total Turnover

663.0

610.7

309.8

768.4

818.6

Cost of Sales

652.5

594.6

284.3

754.7

794.6

Gross Profit

10.5

16.0

25.5

13.6

24.0

Other Expenses

1.9

2.1

2.5

5.1

6.1

Other Income

0.2

0.7

0.1

0.2

0.6

Interest Paid

1.7

1.4

0.4

3.6

4.9

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

0.0

Profit Before Taxes

7.1

13.3

22.7

5.1

13.6

Tax Payable / Credit

2.1

3.3

6.7

1.4

4.5

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

12.0

14.1

18.9

0.0

5.0

Profit After Taxes

-7.0

-4.0

-2.9

3.6

4.2

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

Non Audit Fees

0.0

0.0

0.0

-

-

Number of Employees

3

2

2

1

1

Wages

0.1

0.1

0.1

0.0

0.0

Social Security Costs

0.0

0.0

0.0

0.0

0.0

Pensions

0.0

0.0

0.0

0.0

0.0

Other Pension Costs

0.0

0.0

0.0

0.0

0.0

Employees Remuneration

0.1

0.1

0.1

0.1

0.0

Directors Emoluments

0.0

0.0

0.0

0.0

0.0

Other Costs

0.0

0.0

0.0

0.0

0.0

Directors Remuneration

0.0

0.0

0.0

0.0

0.0

Highest Paid Director

0.0

0.0

0.0

0.0

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

0.0

0.0

0.0

0.0

0.0

Fixtures & Fittings

0.0

0.0

0.0

0.0

0.0

Plant & Vehicles

0.0

0.0

0.0

0.0

0.0

Total Tangible Fixed Assets

0.0

0.0

0.0

0.0

0.0

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.0

0.0

0.0

0.0

0.0

Stocks

45.5

62.2

43.0

33.9

70.8

Work in Progress

46.2

24.6

10.0

12.2

0.0

Total Stocks Work In Progress

91.7

86.9

53.0

46.0

70.8

Trade Debtors

47.8

56.2

26.6

27.3

65.4

Inter-Company Debtors

-

-

-

0.1

0.3

Director Loans

-

-

-

-

0.0

Other Debtors

0.7

0.8

1.5

0.4

2.5

Total Debtors

48.5

57.0

28.2

27.8

68.2

Cash and Equivalents

3.6

5.1

3.0

1.9

0.0

Other Current Assets

0.9

0.9

0.0

0.6

1.2

Total Current Assets

144.7

149.8

84.2

76.3

140.2

Total Assets

144.7

149.8

84.2

76.3

140.2

Trade Creditors

4.6

11.3

3.7

6.8

11.0

Bank Overdraft

91.7

95.5

28.4

9.2

69.7

Inter-Company Creditors

19.4

7.1

8.9

16.7

16.3

Director Loans (Current Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Current Liability)

0.0

0.0

0.0

0.0

0.0

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

0.0

0.0

Total Short Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Current Liability)

2.1

1.8

1.4

3.4

3.5

Social Security/VAT

0.0

0.0

0.1

0.0

0.7

Corporation Tax

1.0

1.2

5.6

0.7

2.4

Dividends (Current Liability)

0.0

0.0

0.0

0.0

0.0

Other Current Liabilities

0.0

0.0

0.0

0.0

0.0

Total Current Liabilities

118.8

116.9

48.1

36.8

103.6

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

0.0

0.0

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

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

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

0.0

0.0

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

2.0

2.0

2.0

2.0

2.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

24.0

30.9

34.1

37.6

34.6

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

25.9

32.9

36.1

39.5

36.6

Net Worth

25.9

32.9

36.1

39.5

36.6

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.22

1.28

1.75

2.07

1.35

Liquidity Ratio

0.45

0.54

0.65

0.82

0.67

Stock Turnover

7.23

7.03

5.84

16.69

11.56

Credit Period (Days)

26.33

33.60

31.37

12.98

29.16

Working Capital by Sales

3.91%

5.39%

11.65%

5.14%

4.47%

Trade Credit by Debtors

0.10

0.20

0.14

0.25

0.17

Return on Capital

27.36%

40.37%

63.04%

12.78%

37.20%

Return on Assets

4.90%

8.87%

27.01%

6.62%

9.70%

Profit Margin

1.07%

2.18%

7.34%

0.66%

1.66%

Return on Shareholders Funds

27.36%

40.37%

63.04%

12.78%

37.20%

Borrowing Ratio

428.39%

311.82%

103.32%

65.53%

235.28%

Equity Gearing

17.92%

21.97%

42.84%

51.78%

26.08%

Interest Coverage

4.12

9.83

62.79

1.39

2.78

Average Remuneration per Employee

0.0

0.0

0.0

0.1

0.0

Profit per Employee

2.4

6.6

11.4

5.1

13.6

Sales per Employee

221.0

305.3

154.9

768.4

818.6

Capital Employed per Employee

8.6

16.5

18.0

39.5

36.6

Total Assets per Employee

48.2

74.9

42.1

76.3

140.2

Employee Remuneration by Sales

0.01%

0.01%

0.02%

0.01%

0.00%

Creditor Days (Cost of Sales Based)

2.56

6.96

4.79

3.31

5.04

Creditor Days (Sales Based)

2.52

6.78

4.39

3.25

4.89

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.70

UK Pound

1

Rs.85.72

Euro

1

Rs.68.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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NB

New Business

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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%)

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.