MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
D-501, Golden OAK CHS Limited, Hiranandani Garden, Hiranandani Powai, Mumbai
– 400076, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.11.2003 |
|
|
|
|
Com. Reg. No.: |
09-016637 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 15.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26101KL2003PTC016637 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNT01213C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT9915F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Tempering of Glass |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
latest financials are not made available. As per previous year’s, the performance capability appears to be
satisfactory. The external borrowing seems to be increasing. However, trade relations are reported to be fair. Business is active.
Payments are unknown. The company can be considered for business dealings with slight
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
D-501, Golden OAK CHS Limited, Hiranandani Garden, Hiranandani Powai,
Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 7-A4, Attibele Industrial Area, Anekel Taluk, |
|
Tel. No.: |
91-80-27820709 / 27820447 |
|
|
|
|
Branch Office : |
104, 1st Floor Copper Arch, 83, Infantry Road, 560001, Bangalore - 560001, Karnataka, India |
|
Tel. No.: |
91-80-65346416 |
|
Fax No.: |
91-80-25325107 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Thudiyan Kuriyan Varghese |
|
Designation : |
Managing Director |
|
Address : |
No 8B, 8th Floor Grand Court Apartments St. Thomas College
Road, Thrissur – 680001, Kerala,
India |
|
Date of Birth/Age : |
25.01.1962 |
|
Date of Appointment : |
21.11.2003 |
|
DIN No.: |
01248444 |
|
|
|
|
Name : |
Ms. Anitha Varghese Thudian |
|
Designation : |
Director |
|
Address : |
No 8B, 8th Floor Grand Court Apartments St. Thomas College
Road, Thrissur – 680001, Kerala,
India |
|
Date of Birth/Age : |
30.05.1968 |
|
Date of Appointment : |
21.11.2003 |
|
DIN No.: |
01287194 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Thudiyan Kuriyan
Varghese |
|
750000 |
|
Anitha Thudiyan
Varghese |
|
750000 |
|
Total |
|
1500000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Tempering of Glass |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Federal Bank Limited, Central Arcade, Azad Road, Kaloor, Cochin - 682017, Kerala, India · HDFC Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Samuel Kishore and Company Chartered Accountants |
|
Address : |
No.69/5A, 2nd Floor, Swamy Krupa Building, Beside Bhanu Nursing Home, Bommanahalli, Bangalore – 560 068, Karnataka, India. |
|
Tel. No.: |
91-80-25735765 |
|
E-Mail : |
|
|
PAN.: |
ADBPK9948D |
|
|
|
|
Associates Firms
: |
|
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.694 |
43.219 |
32.758 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
51.694 |
48.219 |
37.758 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
179.205 |
66.766 |
51.929 |
|
|
2] Unsecured Loans |
3.703 |
7.895 |
4.124 |
|
|
TOTAL BORROWING |
182.908 |
74.661 |
56.053 |
|
|
DEFERRED TAX LIABILITIES |
2.739 |
1.724 |
0.789 |
|
|
|
|
|
|
|
|
TOTAL |
237.341 |
124.604 |
94.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
197.126 |
91.781 |
65.112 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.550 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.347
|
10.265 |
6.545
|
|
|
Sundry Debtors |
29.022
|
22.632 |
18.602
|
|
|
Cash & Bank Balances |
8.058
|
2.710 |
2.611
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.367
|
|
|
Loans & Advances |
47.405
|
47.859 |
27.268
|
|
Total
Current Assets |
99.832
|
83.466 |
55.393 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.426
|
35.026 |
5.835
|
|
|
Other Current Liabilities |
3.050
|
6.168 |
14.899 |
|
|
Provisions |
3.294
|
9.944 |
5.171
|
|
Total
Current Liabilities |
63.770
|
51.138 |
25.905 |
|
|
Net Current Assets |
36.062
|
32.328 |
29.488
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.603 |
0.495 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
237.341 |
124.604 |
94.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
140.352 |
119.781 |
118.793 |
|
|
|
Other Income |
|
|
1.651 |
|
|
|
TOTAL |
140.352 |
119.781 |
120.444 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
134.683 |
103.409 |
106.396 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
134.683 |
103.409 |
106.396 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.669 |
16.372 |
14.048 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.195 |
5.911 |
5.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.474 |
10.461 |
8.946 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.32 |
20.92 |
23.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.48
|
8.73 |
7.43
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
11.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.91
|
9.34 |
47.99
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.34 |
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.54
|
1.55 |
1.48
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.63 |
2.14
|
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 |
No |
|
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 31.03.2011 |
As
on 31.03.2010 |
|
|
|
|
|
Deferred Loan - machinery |
0.000 |
2.047 |
|
Glassco |
0.812 |
0.739 |
|
Globe Glass Industries |
1.010 |
1.010 |
|
Loan from T.K.V |
0.341 |
2.874 |
|
Loan from Mrs. Anitha Varghese |
0.000 |
0.328 |
|
Loan from Glassier |
1.540 |
0.897 |
|
Total |
3.703 |
7.895 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U26101MH2003PTC198973 |
|
Name of the
company |
TOUGHGLASS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-501, Golden OAK CHS Limited, Hiranandani Garden, Hiranandani Powai,
Mumbai – 400076, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
80020475 |
|
Type of charge |
· Immovable property · Book debts ·
Movable property (not being pledge) |
|
Particular of
charge holder |
Federal Bank Limited, Central Arcade, Azad Road, Kaloor, Cochin - 682017, Kerala, India |
|
Nature of
instrument creating charge |
1. Letter
Evidencing Constructive Deposit of Title Deeds 2. Agreement of
Cash Credit 3. Agreement for
Hypothecation of Plant and Machinery as Additional Security. |
|
Date of
instrument Creating the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs.42.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 3.75%
above the base rate of the Bank as fixed by the Bank from time to time
subject to a minimum of 12.75% per annum Terms of Repayment As determined by
the Bank from time to time Margin As determined by
the Bank from time to time Extent and Operation of the charge Mortgage of
Company's Immovable Properties and Hypothecation of Company assets as
security for the loan sanctioned along with interest and other dues thereon |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1. Collateral security of 6088 sq.mt. Plot No.7A4,Sy.No. 115 and 116 situated in Ichanur Village, Anekal Taluk, Bangalore District together with all buildings existing or to be constructed. 2. (a) The whole of the goods, produce, merchandise and any other stocks namely Stock of raw materials, stock in process, finished goods and book debts (b) All the borrowers present and future book debts outstanding moneys receivable claims contracts engagements securities investments deposit rights and assets 3.Plant and Machinery and equipments like Transformers, accessories, crane system, double edger machine, screw compressor, generator, cutout machine, autoclave, washing machine, tempering machine, cutting machine and all other plant and machineries erected at the factory premises at Sy.no.1115 of Inchangur Village, Attibele Industrial Area, Attibele Hobli, Anekal Taluk, Bangalore District together with all plant and machinery which may hereafter be acquired by the borrower |
|
Date of
instrument modifying the charge |
04.01.2011 |
|
Particulars of
the present modification |
On 31.3.2011 the
existing Cash Credit limit was enhanced to Rs.42.500 Millions Immovable Properties,
Stocks, Book Debts, Plant and Machinery to the enhanced Cash Credit limit of
Rs.42.500 Millions |
FIXED ASSETS:
- Land
- Factory and Building
- Guest House at Mumbai
- Compressor
- Air Conditioner
- Computer
- Cutting Machine
- Crane
- Double Edger Machine
- Drilling Machine
- Electrical installation and transformer
- Furniture
- Generator
- Machinery
- Washing Machine
- Motor Bike
- Motor Cars
- Office Equipments
- Tools and Equipments
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 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.54.29 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
36 |
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.