MIRA INFORM REPORT

Report Date :

14.09.2013

IDENTIFICATION DETAILS

Name :	ALLIANCE FIBRES LIMITED
Registered Office :	2028-29, Jash Textile and Yarn Market, Ring Road, Near Sahara Gate, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.07.2006
Com. Reg. No.:	04-048646
Capital Investment / Paid-up Capital :	Rs.38.480 Millions
CIN No.: [Company Identification No.]	U17122GJ2006PLC048646
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Polyester Staple Fibres.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 880000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some losses recorded by the company during 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit : BB
Rating Explanation	Suspend the crisil has suspended its rating due to lack of information.
Date	September 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 (GENERAL DETAILS)

Name :	Mr. Ashwin Patel
Designation :	Director
Contact No.:	91-261-2339493
Date :	13.09.2013

LOCATIONS

Registered Office :	2028-29, Jash Textile and Yarn Market, Ring Road, Near Sahara Gate, Surat – 395002, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@fiber-yarn.com vbshahsurat@rediffmail.com
Website :	www.fiber-yarn.com
Location :	Owned
Factory :	Plot No.1,2,7 and 8 Block No.203, R.S. No.261 and 269, Village: Mota Borsara, Tal: Mangrol, District Surat, India
Tel. No.:	91-261-2339493
Fax No.:	91-261-2334135

DIRECTORS

As on 29.09.2012

Name :	Mr. Parshottambhai Vallabhbhai Patel
Designation :	Director
Address :	101, Shantiniketan, Roshan Nagar, Chandavarkar, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	01.08.1958
Date of Appointment :	06.07.2006
PAN No.:	AAAPP8330N
DIN No.:	00224552
Name :	Ms. Hansaben Ghanshyambhai Patel
Designation :	Director
Address :	101, Shantiniketan, Roshan Nagar, Chandavarkar, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	01.09.1955
Date of Appointment :	06.07.2006
PAN No.:	AKRPP4846Q
DIN No.:	00248546
Name :	Mr. Ashwin Ghanshyambhai Patel
Designation :	Director
Address :	29, Alkapuri Society, Sumul Dairy Road, Surat – 395004, Gujarat, India
Date of Birth/Age :	18.07.1979
Date of Appointment :	06.07.2006
PAN No.:	AITPP1479P
DIN No.:	00248700
Name :	Mr. Jigneshkumar Madhubhai Patel
Designation :	Director
Address :	H. No. 869, Tashkand Nagar, Vraj Nikunj Jalapore Road, Navsari – 396445, Gujarat, India
Date of Birth/Age :	14.05.1982
Date of Appointment :	06.07.2006
PAN No.:	AQUPP6717P
DIN No.:	00248861
Name :	Mr. Madhubhai Popatbhai Patel
Designation :	Director
Address :	H. No. 869, Tashkand Nagar, Vraj Nikunj Jalapore Road, Navsari – 396445, Gujarat, India
Date of Birth/Age :	01.07.1960
Date of Appointment :	06.07.2006
PAN No.:	AEZPP9485M
DIN No.:	00265836
Name :	Mr. Chhaganbhai Fulabhai Sangani
Designation :	Director
Address :	17, Kailashdham Society, Varchha Raod, Surat – 395006, Gujarat, India
Date of Birth/Age :	02.03.1965
Date of Appointment :	06.07.2006
PAN No.:	ACIPS4062J
DIN No.:	01862398

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	49.33
Other top fifty shareholders	50.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polyester staple fibres.

Products :

Item Code No.	Product Description
Polyesters	55032000

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

• Retailers
• End Users

No. of Employees :

100 (Approximately)

Bankers :

State Bank Of India (Lead Bank), Mid-Corporate Group, Industrial Finance Branch, Marble Arch, Race Course Circle, Baroda - 395007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Term loans from banks (Hypothecation of Car)	151.611	124.019
Working capital loans from banks Hypothecation of Book debts and Stock)	48.513	46.204
SHORT-TERM BORROWINGS
Working capital loans from banks	291.855	197.544
Total	491.979	367.767

Banking Relations :
Auditors :
Name :	D. V. Barfiwala and Company Chartered Accountants
Address :	6-C Rushikesh Apartments, Nanpura Timliyawad, Surat – 395001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AROPS9811Q
Other Related Parties :	Hiren Texturies Private Limited CIN No.: U17110GJ1988PTC011327

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital : Rs. 42.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.40.355 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs. 42.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3848013	Equity Shares	Rs.10/- each	Rs. 38.480 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.480	36.376
(b) Reserves & Surplus	182.102	129.957
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	220.582	166.333
(3) Non-Current Liabilities
(a) long-term borrowings	232.174	202.715
(b) Deferred tax liabilities (Net)	5.027	6.201
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	237.201	208.916
(4) Current Liabilities
(a) Short term borrowings	291.855	197.544
(b) Trade payables	69.905	62.038
(c) Other current liabilities	21.972	24.921
(d) Short-term provisions	3.468	3.992
Total Current Liabilities (4)	387.200	288.495
TOTAL	844.983	663.744
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	315.112	277.207
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	36.000
(e) Other Non-current assets	0.044	0.088
Total Non-Current Assets	315.156	313.295
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	329.226	228.770
(c) Trade receivables	133.975	50.338
(d) Cash and cash equivalents	40.598	49.569
(e) Short-term loans and advances	22.859	18.276
(f) Other current assets	3.169	3.496
Total Current Assets	529.827	350.449
TOTAL	844.983	663.744

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		31.850
2] Share Application Money		4.525
3] Reserves & Surplus		65.510
4] (Accumulated Losses)		0.000
NETWORTH		101.885
LOAN FUNDS
1] Secured Loans		149.395
2] Unsecured Loans		2.368
TOTAL BORROWING		151.763
DEFERRED TAX LIABILITIES		3.922
TOTAL		257.570
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134.851
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	105.366
	Sundry Debtors	27.531
	Cash & Bank Balances	6.787
	Other Current Assets	0.000
	Loans & Advances	24.778
Total Current Assets		164.462
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.887
	Other Current Liabilities
	Provisions	3.987
Total Current Liabilities		41.874
Net Current Assets		122.588
MISCELLANEOUS EXPENSES		0.131
TOTAL		257.570

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1279.232	666.978	348.768
		Other Income	3.186	3.125	4.137
		TOTAL (A)	1282.418	670.103	352.905
Less	EXPENSES
		Cost of materials consumed	936.409	436.501
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(8.596)	(10.749)
		Employee benefit expense	56.942	30.729
		Other expenses	183.676	127.384
		TOTAL (B)	1168.431	583.865	315.713
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		113.987	86.238	37.192
Less	FINANCIAL EXPENSES (D)		53.874	28.864	9.652
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60.113	57.374	27.540
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.839	42.771	15.375
	PROFIT BEFORE TAX (E-F) (G)		2.274	14.603	12.165
Less	TAX (H)		0.625	5.208	4.195
	PROFIT AFTER TAX (G-H) (I)		1.649	9.395	7.970
	EARNINGS IN FOREIGN CURRENCY		1.594	NA	NA
	Earnings Per Share (Rs.)		0.15	0.85	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.13	1.40	2.26
Net Profit Margin (PBT/Sales)	(%)	0.18	2.19	3.49
Return on Total Assets (PBT/Total Assets}	(%)	0.27	2.20	4.06
Return on Investment (ROI) (PBT/Networth)		0.01	0.09	0.12
Debt Equity Ratio (Total Debt/Networth)		2.38	2.41	1.49
Current Ratio (Current Asset/Current Liability)		1.37	1.21	3.93

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Intercorporate borrowings	32.000	32.000
Loans and advances from related parties	0.050	0.492
Total	32.05	32.492

RESULT OF OPERATIONS:

During the year, the revenue generated form operational activities of the Company has significantly increased from Rs. 666.900 Millions to Rs. 1279.200 Millions and registered the growth of 91% (approx). However, the profit of the Company decreased from Rs.14.600 Millions to Rs. 2.200 Millions mainly due to increase in material cost and expenses. Your Directors are looking forward for better performance of the Company in the current financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17122GJ2006PLC048646
Name of the company	ALLIANCE FIBRES LIMITED
Address of the registered office or of the principal place of business in India of the company	2028-29, Jash Textile and Yarn Market, Ring Road, Near Sahara Gate, Surat – 395002, Gujarat, India Email: vbshahsurat@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10268808
Type of charge	· Immovable property
Particular of charge holder	CIN: U17122GJ2006PLC048646 State Bank Of India (Lead Bank), Mid-Corporate Group, Industrial Finance Branch, Marble Arch, Race Course Circle, Baroda - 395007, Gujarat, India Email: amit.kumar28@sbi.co.in
Nature of instrument creating charge	Memorandum of deposit of title deed dated 26.03.2013
Date of instrument Creating the charge	26.03.2013
Amount secured by the charge	Rs.588.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1. SBI: TL-I- 3.90% Above Base Rate=13.65% P.A., WC-3.75% Above BR= 13.50% P.A. & SLC-4.75% Above BR=14.50% P.A. 2. PNB: CC-BR+4.25% Less 1% =13.50%. TL-As per sanction letter Terms of Repayment Repayment schedule will be same as originally sanctioned. Margin SBI: Stock, EPC/PCFC and EPCG 25%, L/C 15%, BOOK DEBTS 40%. PNB: CC 25% and TL 25%. Extent and Operation of the charge First Pari-Passu Charge Over all the Present and Future Fixed Assets of the Company More Particularly Described In Below Para 15(i) and (ii) Others Sbi: Cc Rs.215.000 Millions +SLC Rs.32.000 Millions + Tl-Ii Rs.50.300 Millions + EPCG Bank Guarantee Rs.1.200 Millions + Forward Contract Rs.2.200 Millions = Rs.300.700 Millions. Pnb: CC Rs.155.000 Millions + TL Rs.126.300 Millions + Bank Guarantee Rs.6.000 Millions = Rs.287.300 Millions. Total Consortium Credit Limit Rs.588.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Mortgage of Immovable Properties Comprising Of Land and Building Situated At Plot No.1,2,7 and 8 Block No.203, R.S. No.261 and 269, Village: Mota Borsara, Tal: Mangrol, District Surat, India Mortgage of Immovable Properties Comprising Of Land and Building Situated At Plot No.1a, 2a, 3a, 4b, and 9d Block No.208, R.S. No.266 Village: Mota Borsara, Tal: Mangrol, District Surat, India
Date of instrument modifying the charge	30.01.2012
Particulars of the present modification	SBI has granted additional cash credit facilities of Rs.29.900 Millions and PNB has granted additional cash credit facilities of Rs.11.300 Millions. Now, the total existing credit facilities is Rs.588.000 Millions. Supplement Memorandum relating to deposit of Title Deeds was created accordingly.

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

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.63.79
UK Pound	1	Rs.100.73
Euro	1	Rs.84.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT/ VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.