MIRA
INFORM REPORT
|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHALIMAR WIRES INDUSTRIES LIMITED |
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Registered Office : |
25, |
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Country : |
India |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
30.09.1996 |
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Com. Reg. No.: |
21-081521 |
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Capital Investment / Paid-up Capital : |
Rs. 356.745 Millions |
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CIN No.: [Company
Identification No.] |
L74140WB1996PLC081521 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS09014F |
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PAN No.: [Permanent
Account No.] |
AAICS2281G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturer of Synthetic Wire Cloth, Metallic Wire Cloth, Pulp mill
Wire Cloth, dryer screen, auto guides dandy rolls and accessories. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Unit |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
The company has been declared as a sick
unit by the Board for Industrial and Financial
Reconstruction (BIFR). The company has successfully completed first phase of restructuring process.
However, still the position of the company appears to be weak marked by
erosion of networth further the company is in the process of filing modified
Draft Rehabilitation Scheme with BIFR. Business is active. Payments are slow and delayed. The company can be considered for business dealings on a fully safe
and secured trade terms and conditions.
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn provides an opportunity to push ahead with reforms
to accelerate growth, says the latest India Development Update report released
by the World Bank. The report says that the adverse effects of rupee
depreciation are likely to be offset by the gains in the exports performance
due to improved external competitiveness. Since May this year, the local
currency has depreciated substantially and fell to a record level of Rs 68.85
to a dollar on August, 28.
A stagflation like situation appears to have arisen as inflation jumped
to an eight month high of 6.46 % for the month of September. It is up from 6.10
% in August. Growth continues to be muted with factory output plunging to 0.6
% in August. Onion prices have risen nearly 300 % from last September.
Vegetables cost nearly 90 % more than they did last year. Wake up to the
economic contribution of slum dwellers. They contribute more than 7.5 % to the
country’s gross domestic product, according to a recent study conducted in 50
top cities.
136000 estimated number of jobs created during the second quarter of
the current financial year. 50000 estimated number of additional jobs in the
field of corporate social responsibility in the coming years.
The International Finance Corporation expects to come out with its
rupee linked bonds issue before the end of 2013 as a part of its plan to raise
$ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500
for 16GB variant) has been launched in India from 1st November.
The Land Acquisition Act to provide just and fair compensation to
farmers will come into force from January 1 next year, said Rural Development
Minister Jairam Ramesh. The Act replaces a 119 year old registration. The
Securities and Exchange Board of India has approved the trading of currency
futures on the Bombay Stock Exchange. The exchange plans to launch the currency
futures platform with advanced trading technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Head Office / Factory : |
25, |
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Tel No: |
91-33-22349308 / 11 |
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Fax No.: |
91-33-22116880 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Location : |
Owned |
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Head Office/ Factory 1 : |
77 Netaji Subhas Road, P.O.
Uttarpara-712258, West |
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Tel. No.: |
91-33-26638186/ 245/ 259/ 26637305 |
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Fax No.: |
91-33-26633249 / 266337611 |
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E-Mail : |
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Factory 2 : |
E-26/29, Industrial Area, Satpur, Nashik - 422 007, Maharashtra, India |
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Factory 3 : |
Paper Machine Wire Unit, 73, Industrial Estate, Satpur, Nashik - 422 007, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sunil Khaitan |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
Mr. Manash Chakraborty |
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Qualification : |
(Nominee Director representing ARCIL |
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Date of Appointment : |
Mrs. Devjani Mandal |
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DIN No.: |
Nominee Director representing IDBI |
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Name : |
Mr. Dipak Dasgupta |
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Designation : |
Director |
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Date of Birth : |
05.08.1937 |
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Date of Appointment : |
27.07.2002 |
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Nature of expertise in specific functional area : |
Mr. Dipak Dasgupta is a specialist in Corporate Strategy and Restructuring. He has to his credit turning round many Units and streamlining the same. During the last three decades he has series of success stories, which has been appreciated at the highest level in the Organisation that he has worked with. Mr. Dasgupta is well known for his expertise in HRM and Corporate Relations and has been closely associated with Chambers of Commerce and CII. He is the Chairman of Core Committee on HR. Mr. Dasgupta is well known for man management and leadership qualities and chairs regularly Seminers on management. Mr. Dasgupta has been successful in signing series of important agreements with full emphasis on change of work culture and productivity. His overall track record is excellent which is widely acclaimed by all concerned. Mr. Dasgupta is also a well known sportsman having represented Ranji Trophy Cricket for several years and played against Australia and West Indies. He is the President of West Bengal Sports Federation and closely associated with Cricket Association of Bengal. |
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Qualification : |
B. Com, MBA |
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List of outside directorship : |
(1) Rainbow Productions Limited (2) Shalimar Industries Limited (3) Satya Sons Services Limited (4) Satmaco Marchandise Private Limited (5) Keystone Marketing India Private Limited |
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Name : |
Mr. Dipak Rudra |
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Designation : |
Director |
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Date of Birth : |
23.08.1940 |
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Date of Appointment : |
21.07.2005 |
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Nature of expertise in specific functional area : |
A Retd. IAS officer of W.B. Cadre, he has had several challenging assignments during his career. He was the Dist. Magistrate of Howrah & Darjeeling. Besides holding the position of Secretary/ Commissioner of several Deptts of the West Bengal Govt., he was Special Assistant to the Union Commerce Minister and Resident Director (West Europe) of the Trade Development Authority, Govt. of India, in Frankfrut, Germany. He was also the Chairman & Managing Director of UCO Bank under the Ministry of Finance, Govt. of India. After retirement as Addl. Chief Secy., Govt of West Bengal, he was Banking ombudsman, Reserve Bank of India, Kolkata for West Bengal & Sikkim. He was also appointed Chairman, Co operative Service Commission, Govt. of West Bengal. |
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Qualification : |
Retd. IAS |
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List of outside directorship : |
(1) GTFS Multi Services Limited (2) India Power Corpn. Limited (3) Guiness Securities Limited (4) GTFS Training Services Limited (5) Adams Elevator Company Private Limited (6) Jagaran Microfin Private Limited (7) Abira Securities Limited |
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Name : |
Mr. Probir Roy |
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Designation : |
Director |
KEY EXECUTIVES
|
EXECUTIVES : |
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Name : |
Mr. R P Dhanuka |
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Designation : |
Senior President |
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Name : |
Mr. D Khaitan |
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Designation : |
President – Paper Machine Wire Unit ( |
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Name : |
Mr. S J Sengupta |
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Designation : |
Senior Vice President and Chief Financial Officer |
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Name : |
Mr. S K Kejriwal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
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No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
12697544 |
33.77 |
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|
15127813 |
40.23 |
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|
27825357 |
73.99 |
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Total shareholding of Promoter and Promoter Group (A) |
27825357 |
73.99 |
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(B) Public Shareholding |
|
|
|
|
|
|
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|
679 |
0.00 |
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|
13165 |
0.04 |
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|
763576 |
2.03 |
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|
777420 |
2.07 |
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|
|
|
|
|
7074064 |
18.81 |
|
|
|
|
|
|
1741283 |
4.63 |
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|
176486 |
0.47 |
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|
10513 |
0.03 |
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|
10486 |
0.03 |
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|
27 |
0.00 |
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|
9002346 |
23.94 |
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Total Public shareholding (B) |
9779766 |
26.01 |
|
Total (A)+(B) |
37605123 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
37605123 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Synthetic Wire Cloth,
Metallic Wire Cloth, Pulp mill Wire Cloth, dryer screen, auto guides dandy
rolls and accessories. |
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Products : |
PAPER MILLS
PRODUCTS: Synthetic Wire
Cloth * Single Layer
Forming Fabric Metallic Wire Cloth
·
Pulp Mill Wire Cloth ·
Endless Diagonal Seam
Covers ·
Dryer Screen ·
Dandy Rolls ·
Accessories ·
Auto Guides ·
Cleaning System ·
Watermarks ·
Water Filters Non Ferrous
Wires: ·
Coated EDM Wires ·
Plain EDM Wires ·
Copper Alloy Wires ·
Phosphor Bronze Wires ·
Zipper Flat Wires ·
Tooth Brush Anchor
Wires
·
Nickel Silver Wires ·
Brass Wires |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India ·
HDFC Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S S Kothari and Company Chartered Accountants |
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Name : |
G P Agarwal and Company Chartered Accountants |
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Solicitors : |
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Enterprises over which
key management personnel and their relatives are able to exercise significant
influence: |
· Sunil Healthcare Limited · Shalimar Industries Limited ·
Anil Special Steel Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.2/- each |
Rs.100.000 Millions |
|
5000000 |
8% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31655123 |
Equity Shares |
Rs.2/- each |
Rs.63.310
Millions |
|
2934349 |
8% Cumulative Redeemable Preference Shares |
Rs. 100/-
each |
Rs.293.435
Millions |
|
|
|
|
Rs.356.745 Millions |
Reconciliation of the
number of Equity Shares Outstanding :
|
Particulars |
Nos. |
|
Number of Shares outstanding at the beginning of the year |
31,655,123 |
|
ADD: Number of shares allotted during the year (partly paid) |
-- |
|
Number of Shares outstanding at the end of the year |
31,655,123 |
Shares in the Company
held by each Shareholders holding more than 5% Shares
|
Name of
Shareholders |
No. of shares held |
% of holding |
|
Sunita Khaitan |
10,000,000 |
31.59 |
|
Reliance Sheet Works Private Limited |
7,000,000 |
22.11 |
|
Amit Commercial Company Limited |
7,000,000 |
22.11 |
Rights, Preferences
and Restrictions attached to shares
i) Each Equity Share holder holding shares of Rs.2/- each is eligible for one vote per share held and are entitled to receive dividends as declared from time to time. In the event of liquidation, the equity shares holders are eligible to receive the remaining assets of the Company after distribution of all preferential creditors in proportion to their Shareholdings.
ii) 8% Cumulative Redeemable Preference shares issued as per IDBI sanction dated 13th June 2006 by way of converting their overdue interest and redeemable in sixteen instalments commencing from 1st April 2017 and ending on 1st January 2021. Cumulative Preference dividend is expected to be paid annualy over a period of four years commencing from the financial years 2017-18, based on the projected profitability and cash flows of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
356.745 |
330.645 |
306.745 |
|
(b) Reserves & Surplus |
(1837.439) |
(1928.169) |
(2047.678) |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
12.000 |
|
Total Shareholders’ Funds (1) + (2) |
(1480.694) |
(1597.524) |
(1728.933) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
525.933 |
533.307 |
960.407 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
9.571 |
|
(c) Other long term liabilities |
61.613 |
64.643 |
78.937 |
|
(d) long-term provisions |
35.343 |
33.368 |
29.237 |
|
Total Non-current Liabilities (3) |
622.889 |
631.318 |
1078.152 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
69.772 |
63.436 |
25.240 |
|
(c) Other current
liabilities |
2023.479 |
2037.765 |
1768.793 |
|
(d) Short-term provisions |
6.293 |
4.891 |
6.034 |
|
Total Current Liabilities (4) |
2099.544 |
2106.092 |
1800.067 |
|
|
|
|
|
|
TOTAL |
1241.739 |
1139.886 |
1149.286 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
437.736 |
408.459 |
400.571 |
|
(ii) Intangible Assets |
17.526 |
0.448 |
0.528 |
|
(iii) Capital
work-in-progress |
42.825 |
3.265 |
3.340 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.712 |
2.921 |
3.161 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
73.677 |
98.095 |
72.482 |
|
(e) Other Non-current assets |
16.253 |
11.545 |
20.304 |
|
Total Non-Current Assets |
590.729 |
524.733 |
500.386 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
267.181 |
246.242 |
253.436 |
|
(c) Trade receivables |
305.733 |
278.951 |
242.539 |
|
(d) Cash and cash
equivalents |
18.782 |
39.980 |
90.131 |
|
(e) Short-term loans and
advances |
58.188 |
49.082 |
60.942 |
|
(f) Other current assets |
1.126 |
0.898 |
1.852 |
|
Total Current Assets |
651.010 |
615.153 |
648.900 |
|
|
|
|
|
|
TOTAL |
1241.739 |
1139.886 |
1149.286 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
924.979 |
864.819 |
825.833 |
|
|
|
Other Income |
12.918 |
12.645 |
8.317 |
|
|
|
TOTAL |
937.897 |
877.464 |
834.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
288.371 |
237.776 |
209.105 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress & Scrap |
3.921 |
24.995 |
(5.814) |
|
|
|
Employees Benefits expense |
173.352 |
156.521 |
151.189 |
|
|
|
Other Expenses |
275.898 |
250.098 |
236.648 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(231.322) |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
(299.272) |
|
|
|
TOTAL |
741.542 |
669.390 |
60.534 |
|
|
|
|
|
|
|
|
Less |
PROFIT / (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
196.355 |
208.074 |
773.616 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
31.907 |
33.541 |
45.498 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
164.448 |
174.533 |
728.118 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
65.140 |
53.316 |
54.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
99.308 |
121.217 |
673.854 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(9.570) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DISCONTINUING
OPERATIONS |
(8.578) |
(11.278) |
211.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
90.730 |
119.509 |
885.422 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated on F.O.B. Basis. |
219.456 |
188.244 |
170.953 |
|
|
TOTAL EARNINGS |
219.456 |
188.244 |
170.953 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
210.869 |
179.613 |
139.091 |
|
|
|
Components and Spare Parts |
19.047 |
19.084 |
12.649 |
|
|
|
Capital Goods |
60.944 |
34.718 |
0.690 |
|
|
TOTAL IMPORTS |
290.860 |
233.415 |
152.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic & Diluted |
|
|
|
|
|
|
a) Continuing operations |
3.14 |
10.36 |
56.28 |
|
|
|
b) Total operations |
2.87 |
9.47 |
88.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.67
|
13.62 |
106.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.74
|
14.02 |
81.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.30
|
10.69 |
58.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
(0.08) |
(0.39) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(0.36)
|
(0.33) |
(0.56) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.31
|
0.29 |
0.36 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions 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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
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 (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
1.675 |
1.675 |
|
Body corporates |
1.325 |
1.404 |
|
SICOM |
4.757 |
4.758 |
|
Sale Tax Loan (Under Sales Tax Deferral Scheme) |
28.906 |
28.906 |
|
Less : Current maturity of Term Loans |
-6.733 |
-6.732 |
|
Less : Overdue portion of Term Loans |
-26.931 |
-20.199 |
|
Total |
2.999 |
9.812 |
|
Terms of repayment : (i) Unsecured loans relating to promoters and body corporates are repayable after the repayment of all settled dues of the secured creditors are made pursuant to the rehabilitation scheme sanctioned by BIFR vide its Order dated 10th June,2010. (ii) Loans from SICOM and Sale Tax Loan (Under Sales Tax Deferral Scheme) are repayable over a period of five Years after cut off date (31.03.2009) in equal annual instalments pursuaint to the rehabilitation scheme sanctioned by BIFR vide its Order dated 10th June, 2010. |
||
OPERATIONAL REVIEW
During the year, the total revenue of the company was Rs.937.897 Millions as compared to Rs. 877.464 Millions in the previous year. The operating surplus (profit before finance cost and depreciation) of the Company was Rs. 196.355 Millions as compared to Rs. 208.074 Millions in the previous year. The Company has incurred loss of Rs. 8.578 Millions from its discontinuing operation as against loss of Rs. 11.278 Millions in the previous year. The net profit during the year was Rs. 90.730 Millions as compared to Rs.119.509 Millions in the previous year.
REHABILITATION SCHEME
As you are aware, the Rehabilitation Scheme of the company, under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, was sanctioned by Hon’ble Board of Industrial and Financial Reconstruction (BIFR) vide its order dated June 10, 2010. In terms of the scheme, promoters/their associates have brought in Rs. 50.000 Millions in the form of equity and the company has issued 2,50,00,000 equity shares of Rs. 2/- each to the promoters/their associates amounting to Rs. 50.000 Millions. The company has also issued 59,50,000 equity shares to Asset Reconstruction Company (India) Limited (ARCIL) by conversion of remaining principal into equity and issuing zero coupon convertible debentures by converting outstanding interest as per the scheme. The company is in the process of filing Modified Draft Rehabilitation Scheme with BIFR and is hopeful that performance of the company will further improve in the coming years once the Modified Rehabilitation Scheme is approved and implemented.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Paper Machine Clothings (PMC)
PMC Industries are solely dependent on the Paper making activities. Paper making industries are growing on a verge of 7% p.a. for the last 7 years. Their per-capita paper consumption is only 7.0 Kgs. as against world’s average of 56.0 Kgs., indicating great potentiality for growth at home. Beside, the real growth in Paper making activity is taking place in Asian region. This is now can be called a sunrise Industry for the Asians. Therefore, being stationed in the developing region and with sufficient knowledge about Paper making condition of Asian sub-continent, we see a great future in export potentiality for PMC products. Including substantial new growth in packaging Industries and in tissue paper Industries. We are also in the process of developing new PMC products to fetch more business from domestic and export matter. India is still dependent on lot of specialised clothing from import and there is immense scope of developing these products in India. With Rupees fluctuating on lower side domestic produce are having an opportunities to capture the import market.
EDM Wires
Use of EDM machines in Tool Room Industry is gaining popularity all over the world. The situation has become challenging to the EDM wire makers with the invention of developed EDM machines and it has increased demand of specialty EDM wires happily, which are the major product of Uttarpara Plant. Similar situation prevails all the over the world and with their reputation in export market with their Patented products especially to the developed countries, we see a bright future for this product. A new product DYNA “XT” is specially being developed to fetch more business from the export market as well as home market.
OUTLOOK
The outlook of Company appears bright. The Company anticipates modest growth in its operations in coming years and have taken steps to improve further in following areas :-
· Maintain high Quality Standards consistently.
· Create wide based product range to cater to export market.
· Modernize after-sales service.
· Improve efficiency at all states from procurement to disposal.
· Upgrading the Old machinery.
· Develop new design of fabric.
CONTINGENT LIABILITY:
Rs. In Millions
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
Claims against the company not acknowledged as debt |
9.008 |
12.201 |
|
Guarantees |
7.705 |
7.415 |
|
Sale Tax Demands* |
211.743 |
211.369 |
|
Excise Demands |
193.517 |
193.612 |
|
Municipal Tax Demands |
1.857 |
1.169 |
|
Non fulfilment of Export Obligation under DEEC Scheme |
57.325 |
57.325 |
|
Non fulfilment of Export Obligation under ISIL Scheme |
3.399 |
6.591 |
|
Total |
484.554 |
489.682 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10395066 |
05/12/2012 |
312,600,000.00 |
IDBI BANK LIMITED |
CORPORATE BANKING GROUP, IDBI HOUSE, 44 SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B65200305 |
|
2 |
80055237 |
19/12/2009 * |
290,300,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
SHREEPATI ARCADE, AUGUST KRANTI MARG, NANA CHOWK, MUMBAI, MAHARASHTRA - 400036, INDIA |
A77731149 |
|
3 |
80049783 |
07/11/2008 * |
64,157,000.00 |
INDIAN OVERSEAS BANK |
NO.2, OSWAL CHAMBERS, 1ST FLOOR, CHURCH LANE, KOLKATA, WEST BENGAL - 700001, INDIA |
A53325148 |
|
4 |
80048588 |
29/08/2008 * |
35,900,000.00 |
BANK OF INDIA |
KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
A46588612 |
|
5 |
80048587 |
29/08/2008 * |
141,835,000.00 |
BANK OF INDIA |
KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
A48006563 |
|
6 |
90248168 |
21/05/2009 * |
253,000,000.00 |
STATE BANK OF INDIA |
STRESSED ASSETS MANAGEMENT BRANCH, 8TH FL, NAGALAND HOUSE,11
and 13, SHAKESPEARE SARANI, KOLKATA, WES |
A63355994 |
|
7 |
80057460 |
29/10/2001 * |
10,000,000.00 |
THE WESTERN INDIA EXECUTOR AND TRUST COMPANY LIMITED |
VISHWASTHA BHAVAN, 218 PRATAPGUNJ PETH, SATRA, MAHARASHTRA - 415002, INDIA |
- |
|
8 |
80055238 |
26/06/2009 * |
50,000,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
SHREEPATI ARCADE, AUGUST KRANTI MARG, NANA CHOWK , MUMBAI, MAHARASHTRA - 400036, INDIA |
A67575688 |
|
9 |
80049330 |
23/09/2008 * |
172,200,000.00 |
ALLAHABAD BANK |
57, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A50399336 |
|
10 |
80057483 |
29/10/2001 * |
10,000,000.00 |
THE WESTERN INDIA EXECUTOR AND TRUST COMPANY LIMITED |
VISHWASTHA BHAVAN, 218 PRATAPGUNJ PETH, SATARA, MAHARASHTRA - 415002, INDIA |
- |
|
11 |
80057484 |
29/10/2001 * |
10,000,000.00 |
THE WESTERN INDIA EXECUTOR AND TRUST COMPANY LIMITED |
VISHWASTHA BHAVAN, 218 PRATAPGANJ PETH, SATARA, MAHARASHTRA - 400051, INDIA |
- |
|
12 |
80057487 |
13/12/2010 * |
8,000,000.00 |
THE WESTERN INDIA EXECUTOR AND TRUST CO LIMITED
MERGED |
VISHWASTHA BHAVAN, 218 PRATAPGANJ PETH, SATARA, MUMBAI, MAHARASHTRA - 400051, INDIA |
B02531390 |
|
13 |
80057488 |
09/12/2010 * |
3,886,300,000.00 |
THE WESTERN INDIA EXECUTOR AND TRUST CO LIMITED
MERGED |
VISHWASTHA BHAVAN, 218 PRATAPGANJ PETH, SATARA, MUMBAI, MAHARASHTRA - 400051, INDIA |
B02530798 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Vehicles
·
Computers
·
Patents
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED AND HALF YEAR ENDED 30TH
SEPTEMBER, 2013
Rs.
In Millions
|
|
Particulars |
3 Months ended |
Half
Year ended |
|||
|
|
[30.09.2013] |
[30.06.2013] |
[30.09.2013] |
|||
|
|
Unaudited
|
Unaudited |
Unaudited
|
|||
|
1 |
(a) Net Sales/Income from Operations |
224.102 |
238.705 |
462.807 |
||
|
|
(b)Other Operating Income |
4.018 |
1.638 |
4.656 |
||
|
|
Total Operating Income |
228.120 |
240.343 |
468.463 |
||
|
2 |
Expenditure |
|
|
|
||
|
|
(a) |
Cost of Materials Consumed |
84.704 |
85.244 |
169.948 |
|
|
|
(b) |
Purchase of traded Goods |
-- |
-- |
-- |
|
|
|
© |
Change in Inventories of Finished Goods, Work In progress and Stock in
Trade |
(8.256) |
1.269 |
(6.987) |
|
|
|
(d) |
Employees Cost |
47.115 |
47.993 |
95.108 |
|
|
|
(e) |
Depreciation |
16.987 |
16.985 |
33.972 |
|
|
|
(f ) |
Other Expenditure |
72.383 |
71.020 |
143.403 |
|
|
|
(g) |
Total Expenses |
212.933 |
222.511 |
435.444 |
|
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
15.187 |
17.832 |
33.019 |
||
|
4 |
Other Income |
-- |
2.769 |
2.769 |
||
|
5 |
Profit before interest and exceptional items(3+4) |
15.187 |
20.601 |
35.788 |
||
|
6 |
Interest |
9.863 |
6.873 |
16.736 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
5.324 |
13.728 |
19.052 |
||
|
8 |
Exceptional Items |
-- |
-- |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
5.324 |
13.728 |
19.052 |
||
|
10 |
Tax Expenses |
-- |
-- |
-- |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
5.324 |
13.728 |
19.052 |
||
|
12 |
Profit / Loss from Discounting operations |
(2.354) |
(2.258) |
(4.613) |
||
|
13 |
Net Profit(+)/Loss(-) for the period (11-12) |
2.970 |
11.470 |
14.439 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
|
|
|
||
|
|
a) Fully Paid up (Rs.2/- each Fully Paid Up) |
75.210 |
63.310 |
75.210 |
||
|
|
b) Partly Paid Up |
-- |
-- |
-- |
||
|
15 |
Reserves excluding revaluation reserves |
|
|
|
||
|
16 |
Earning Per Share |
|
|
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
0.14 |
0.43 |
0.51 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
0.14 |
0.43 |
0.51 |
||
|
17 |
Public Shareholding |
|
|
|
||
|
|
Number of Shares |
|
|
|
||
|
|
Percentage of Shareholding |
9,779,645 |
3,829,645 |
9,779,645 |
||
|
18 |
Promoters and Promoter group |
26.01% |
12.10% |
26.01% |
||
|
|
a) Pledged/Encumbered |
|
|
|
||
|
|
Number of shares |
2,825,478 |
2,825,478 |
2,825,478 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
10.15% |
10.15% |
10.15% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
7.51% |
8.93% |
7.51% |
||
|
|
b) Non-encumbered |
|
|
|
||
|
|
Number of shares |
2500000 |
2500000 |
2500000 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
||
|
|
Percentage of Shares (as a % of the total share capital of the Company)
|
66.48% |
78.97% |
66.48% |
||
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED AND HALF YEAR ENDED
30TH SEPTEMBER, 2013
Rs.
In Millions
|
Particulars |
3 months ended (30.09.2013) Unaudited |
3 months ended (30.06.2013) Unaudited |
Half year ended (30.09.2013) Unaudited |
|
|
|
|
|
|
Segment Revenue
(Net Sales/ Income from each segment) |
|
|
|
|
Segment – Paper Mill Products |
203.566 |
210.372 |
413.938 |
|
Segment – Strip and Wire |
24.683 |
29.971 |
54.654 |
|
Segment – Others |
-- |
-- |
-- |
|
Total |
228.249 |
240.343 |
468.592 |
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
Net sales/ Income
from Operations |
228.249 |
240.343 |
468.592 |
|
Segment Results
(Profit (+)/ Loss (-) before tax and interests from each segment |
|
|
|
|
Segment – Paper Mill Products |
21.465 |
23.344 |
44.809 |
|
Segment – Strip and Wire |
(8.632) |
(5.001) |
(13.634) |
|
Segment – Others |
-- |
-- |
-- |
|
Total |
12.833 |
18.343 |
31.175 |
|
Less: Interests |
9.863 |
6.873 |
16.736 |
|
Total Profit Before
Tax |
2.970 |
11.470 |
14.439 |
|
Capital employed
(segment Assets – Segment Liabilities) |
|
|
|
|
Segment – Paper Mill Products |
915.851 |
950.211 |
915.851 |
|
Segment – Strip and Wire |
14.065 |
34.160 |
14.065 |
|
Segment – Others |
-- |
-- |
-- |
|
Total |
929.916 |
984.371 |
929.916 |
BALANCES
SHEET FOR THE HALF YEAR ENDED AS ON 30TH SEPTEMBER 2013
Rs. In
Millions
|
Particular |
Quarter ended |
|
EQUITY AND LIABILITIES |
As on 30.09.2013 (Unaudited) |
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
368.645 |
|
(b) Reserves and Surplus |
(1822.961) |
|
(c) Money received against share
warrants |
-- |
|
Sub Total –
Shareholder’s Funds |
(1454.316) |
|
(2) Share Application
money pending allotment |
-- |
|
(3) Minority Interest |
-- |
|
|
|
|
(4) Non-Current Liabilities |
|
|
(a) long-term borrowings |
514.033 |
|
(b) Deferred tax liabilities (Net) |
-- |
|
(c) Other long term liabilities |
61.613 |
|
(d) long-term provisions |
35.343 |
|
Sub-Total Non-current Liabilities |
610.989 |
|
|
|
|
(5) Current Liabilities |
|
|
(a) Short term borrowings |
-- |
|
(b) Trade payables |
65.228 |
|
(c) Other current liabilities |
2056.851 |
|
(d) Short-term provisions |
6.293 |
|
Sub Total Current Liabilities |
2128.372 |
|
TOTAL- EQUITY AND LIABILITIES |
1285.045 |
|
|
|
|
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
480.893 |
|
(b) Goodwill on Consolidation
|
-- |
|
(c) Non-current Investments |
0.516 |
|
(d) Deferred tax assets (net) |
-- |
|
(e) Long-term Loan and Advances |
72.221 |
|
(f) Other Non-current assets |
27.537 |
|
Sub
Total Non-Current Assets |
581.167 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
-- |
|
(b) Inventories |
281.223 |
|
(c) Trade receivables |
306.798 |
|
(d) Cash and cash
equivalents |
16.784 |
|
(e) Short-term loans and
advances |
97.947 |
|
(f) Other current assets |
1.126 |
|
Sub Total Current Assets |
703.878 |
|
TOTAL
ASSETS |
1285.045 |
DETAILS OF CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
|
· ANIL KUMAR KHAITAN · BUDDHADEV DASGUPTA · DIPAK DASGUPTA · DIPAK RUDRA · KAVITA KHAITAN · MANASH MRITYUNJOY CHAKRABORTY · PROBIR ROY · RASHMI KHAITAN · SARITA KHAITAN · SASHI PRABHA KHAITAN · SITA DEVI KHAITAN · SUDHIR KUMAR KHAITAN · SUNIL KUMAR KHAITAN · SUNITA KHAITAN · UMAESH KUMAR KHAITAN · VEDANT KHAITAN |
SEBI |
DID NOT COMPLY WITH MINIMUM PUBLIC SHAREHOLDING REQUIREMENT |
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT DIRECTED FREEZING OF VOTING RIGHTS AND CORPORATE BENEFITS LIKE DIVIDEND, RIGHTS, BONUS SHARES, SPLIT, ETC. WITH RESPECT TO EXCESS OF PROPORTIONATE PROMOTER / PROMOTERS GROUP SHAREHOLDING FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT RESTRAINED SHAREHOLDERS FORMING PART OF PROMOTER / PROMOTER GROUP FROM HOLDING ANY NEW POSITION AS DIRECTOR IN ANY LISTED COMPANY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT RESTRAINED DIRECTORS FROM HOLDING ANY NEW POSITION AS DIRECTOR IN ANY LISTED COMPANY FROM 04-JUN-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT 04-JUN-2013 |
SEBI VIDE ITS ORDER DATED 01/10/2013 VACATED ITS DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 04/06/2013 |
PRESS RELEASE
PR - Interim Order in the matter of Non-Compliance of the requirement of Minimum Public Shareholding by the Listed Companies in Private Sector
The Securities Contracts (Regulation) Rules, 1957 were amended in 2010 to provide for minimum and continuous public shareholding requirement in listed companies in private sector at 25%. In terms of these Rules, all listed companies have to comply with the said requirement by June 03, 2013. This was done with a view that a dispersed shareholding structure is essential for the sustenance of a continuous market for listed securities to provide liquidity to the investors and to discover fair prices.
There were two hundred such companies which were non compliant with the above requirement as on June 30, 2012. For some of the companies the due date of compliance falls beyond June 3, 2013. There are two companies with substantial government holding which will be taken up along with the time line specified for the Public Sector Undertakings. SEBI initiated a detailed process of consultation with the non compliant companies so as to facilitate achieving the minimum public shareholding requirement. There was a positive response from most of the companies and many companies have made substantial efforts to achieve the minimum public shareholding requirement. Among the large active companies, most of the companies have fully complied with the said requirement.
However, there are 108 companies which have not complied
with the said requirement, despite SEBI issuing repeated cautionary advice and
providing enabling methods. WTM (SEBI) has passed an ad interim order dated June
04, 2013 against the promoter/promoter group and directors of 105 non compliant
companies of which, thirty three companies are suspended by the stock
exchanges. (There are three companies where the matter is sub
judice.)
For the aforesaid non-compliances, the following directions have been issued:
a.
freezing of voting rights and corporate benefits
like dividend, rights, bonus shares, split, etc. of the promoter/ promoters
group of the non-compliant companies, with respect to the excess of
proportionate shareholding in respective companies, till such time these
companies comply with the minimum public shareholding requirement;
b.
prohibiting the promoters/promoter group and
directors of the non-compliant companies from buying, selling or otherwise
dealing in the securities of their respective companies, either directly or
indirectly, in any manner whatsoever, except for the purpose of complying with
the minimum public shareholding requirement till such time these companies
comply with the minimum public shareholding requirement;
c.
restraining the promoter/promoter group and
directors of the non-compliant companies from holding any new position as a
director in any listed company, till such time these companies comply with the
minimum public
shareholding requirement;
SEBI may take further action in accordance with law for non compliance with the minimum public shareholding requirement and the said order shall be treated as a show cause notice for the same.
Place: Mumbai
Date: June 4, 2013
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 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 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.61.21 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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.