MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	KAPRISA INTERNATIONAL PRIVATE LIMITED
Registered Office :	Unit GJ – 15, SDF- VII, Seepz, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.07.1999
Com. Reg. No.:	11-121021
Capital Investment / Paid-up Capital :	Rs. 19.500 Millions
CIN No.: [Company Identification No.]	U36911MH1999PTC121021
TAN No.: [Tax Deduction & Collection Account No.]	MUMK08289B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Studded gold Jewellery and Diamond.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company appears to be low. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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 1^st 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term rating: (A4)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	14.02.2013

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.

INFORMATION PARTED BY

Name :	Mr. H. M. Dave
Designation :	Financial Head
Contact No.:	91-22-28292581
Date :	27.11.2013

LOCATIONS

Registered Office/ Factory :	Unit GJ – 15, SDF- VII, Seepz, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28292581/ 82/ 83
Fax No.:	91-22-28292585
E-Mail :	kaprisa@vsnl.com kaprisa96@yahoo.com kaprisa@kaprisa.com accounts@kaprisa.com neel@kaprisa.com
Website :	http://www.kaprisa.com

DIRECTORS

As on: 16.07.2013

Name :

Mr. Satish Nanalal Mehta

Designation :

Director

Address :

31, Aarti Building 85, Tardeo Road, Tulsiwadi, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

24.02.1961

Date of Appointment :

15.05.2007

DIN No.:

01715946

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36911MH2005PTC156841	FINE FACETS (INDIA) PRIVATE LIMITED	Managing director	01/10/2011	19/10/2005	-	Active	NO
2	U36911MH1999PTC121021	KAPRISA INTERNATIONAL PRIVATE LIMITED	Director	15/05/2007	15/05/2007	-	Active	NO

Name :

Mr. Mitul Shailesh Mehta

Designation :

Director

Address :

Gabriellei 19, 2930, Brasschaat, Belgium

Date of Birth/Age :

08.01.1980

Date of Appointment :

15.05.2007

DIN No.:

02646216

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36911MH2005PTC156841	FINE FACETS (INDIA) PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
2	U36911MH1999PTC121021	KAPRISA INTERNATIONAL PRIVATE LIMITED	Director	15/05/2007	15/05/2007	-	Active	NO

Name :

Mrs. Shweta Mehta

Designation :

Director

Address :

9 Poorvi Marg, 1^st Floor, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

08.01.1979

Date of Appointment :

15.05.2007

DIN No.:

00158195

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC062497	INDIAN VOICE PRIVATE LIMITED	Director	25/02/2002	25/02/2002	-	Active	NO
2	U36911MH2005PTC156841	FINE FACETS (INDIA) PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
3	U36911MH1999PTC121021	KAPRISA INTERNATIONAL PRIVATE LIMITED	Additional director	15/05/2007	15/05/2007	-	Active	NO
4	U74899DL1990PTC041515	SANCO PRODUCTS PRIVATE LIMITED	Director	10/07/2013	08/08/2008	-	Active	NO
5	U74899DL1994PTC060429	AVISHKAR PRINT PACK PRIVATE LIMITED	Director	10/07/2013	08/08/2008	-	Active	NO
6	U24112PB1993PLC014017	SAURAV CHEMICALS LIMITED	Director	06/08/2013	19/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. H. M. Dave
Designation :	Financial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.07.2013

Names of Shareholders	No. of Shares
Karan Kaushik Mehta	994500
Varsh Sailesh Mehta	955485
Satish Nanalal Mehta	5
Mitul Sailesh Mehta	5
Shweta Mitul Mehta	5
Total	1950000

Equity Share Break up (Percentage of Total Equity)

As on: 16.07.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Studded gold Jewellery and Diamond.
Products :	Ø Rings Ø Pendants Ø Earrings Ø Necklace Ø Bridals
Exports :
Products :	· Finished goods
Countries :	· USA · Belgium
Imports :
Products :	· Raw material
Countries :	· USA
Terms :
Selling :	Credit
Purchasing :	Credit / Depend

GENERAL INFORMATION

Customers :

Other

· Stone Creation BVBA

No. of Employees :

70 (Approximately)

Bankers :

· State Bank of India, Seepz Branch, Andheri, Mumbai – 400096, Maharashtra, India

· Punjab National Bank, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Export packing credit from scheduled bank	29.999	29.642
Post shipment credit from scheduled bank	26.498	30.345
Total	56.497	59.987

Banking Relations :	--
Auditors 1:
Name :	Asher and Associates Chartered Accountants
Address :	201/B, Saiprasad Society, 7/B, Saiwadi, N. S. Phadke Marg, Andheri (East), Mumbai – 400069, Maharashtra, India
Mobile No.:	91-9892985891
PAN No.:	AAVFA7772Q
Auditors 2:
Name :	Usha and Associates Chartered Accountants

CAPITAL STRUCTURE

As on: 16.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs. 19.500 Millions

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	19.500	19.500	19.500
(b) Reserves & Surplus	10.585	8.973	7.806
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	30.085	28.473	27.306
(3) Non-Current Liabilities
(a) long-term borrowings	0.252	0.251	1.212
(b) Deferred tax liabilities (Net)	2.731	2.852	3.093
(c) Other long term liabilities	0.000	0.000	8.500
(d) long-term provisions	3.010	2.049	0.000
Total Non-current Liabilities (3)	5.993	5.152	12.805
(4) Current Liabilities
(a) Short term borrowings	56.497	59.987	59.470
(b) Trade payables	157.045	101.547	88.549
(c) Other current liabilities	18.147	9.985	2.557
(d) Short-term provisions	0.595	0.454	0.291
Total Current Liabilities (4)	232.284	171.973	150.867
TOTAL	268.362	205.598	190.978
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.680	16.992	18.381
(ii) Intangible Assets	0.120	0.147	0.020
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.090
(d) Long-term Loan and Advances	4.667	4.431	1.986
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.467	21.570	20.477
(2) Current assets
(a) Current investments	0.000	0.201	0.200
(b) Inventories	77.414	74.131	50.046
(c) Trade receivables	169.789	109.389	119.421
(d) Cash and cash equivalents	0.180	0.047	0.486
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.512	0.260	0.348
Total Current Assets	247.895	184.028	170.501
TOTAL	268.362	205.598	190.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	154.343	122.667	89.489
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	151.892	119.602	81.899
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.816	4.609	9.226
Less/ Add	DEPRECIATION/ AMORTISATION		1.364	1.544	1.636
	PROFIT BEFORE TAX		2.451	3.064	7.590
Less	TAX		0.841	1.897	(0.359)
	PROFIT AFTER TAX		1.610	1.168	7.949
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	131.330	114.415	82.366
	TOTAL EARNINGS		131.330	114.415	82.366
	IMPORTS
		Raw Materials	NA	115.081	77.872
	TOTAL IMPORTS		NA	115.081	77.872
	Earnings Per Share (Rs.)		0.83	0.60	NA

Expected Sales (2013-2014): Rs. 170.000 Millions

The above information has been parted by Mr. H. M. Dave

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.04	0.95	8.88
Return on Total Assets (PBT/Total Assets}	(%)	0.91	1.50	3.98
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.28
Debt Equity Ratio (Total Debt/Networth)		1.89	2.11	2.22
Current Ratio (Current Asset/Current Liability)		1.07	1.08	1.13

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Loans from directors	0.086	0.251
Loans from fine facets (India) Private Limited	0.166	0.000
	0.252
Total	0.252	0.251

OPERATIONS:

Sales during the year have gone down compared to the previous year. The operations resulted in Profit of Rs. 2.451 Millions as against profit of Rs.3.064 Millions previous years.

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10062684	18/12/2008 *	80,000,000.00	PUNJAB NATIONAL BANK	SEEPZ, ANDHERI (EAST), MUMBAI, Maharashtra - 400096, INDIA	A53584595
2	10062685	18/12/2008 *	80,000,000.00	PUNJAB NATIONAL BANK	SEEPZ, ANDHERI (EAST), MUMBAI, Maharashtra - 400096, INDIA	A53584868
3	10062686	08/11/2008 *	38,500,000.00	PUNJAB NATIONAL BANK	SEEPZ, ANDHERI (EAST), MUMBAI, Maharashtra - 400096, INDIA	A53583936
4	10062687	18/12/2008 *	50,000,000.00	PUNJAB NATIONAL BANK	SEEPZ, ANDHERI (EAST), MUMBAI, Maharashtra - 400096, INDIA	A53584298

* Date of charge modification

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Electrical Fitting

· Office Equipment

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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. 62.36
UK Pound	1	Rs. 101.11
Euro	1	Rs. 84.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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	--

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.