MIRA INFORM REPORT

 

 

Report Date :

17.09.2013

 

IDENTIFICATION DETAILS

 

Name :

GOONVEAN FIBRES LTD. 

 

 

Registered Office :

Ottery Moor La Honiton, EX14 1BG

 

 

Country :

United Kingdom

 

 

Financials (as on) :

15.04.2003

 

 

Date of Incorporation :

30.09.2012

 

 

Com. Reg. No.:

04735337

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Subject is a producer of fibre products and speciality powders.

 

 

No. of Employees :

25

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase

Source : CIA

Company name and address

 

Goonvean Fibres Ltd. 

 

 

 

Ottery Moor La

 

 

Honiton, EX14 1BG

United Kingdom

(Trading Address) 
Registered Address

 Map

 

Tel:

0140444194

Fax:

0140445102

 

 

 

Employees:

25

Company Type:

Private Subsidiary

Corporate Family:

4 Companies

Ultimate Parent:

Goonvean Holdings Ltd.

 

 

Quoted Status:

Non-quoted Company

Incorporation Date:

15-Apr-2003

Auditor:

Francis Clark LLP

 

 

Fiscal Year End:

30-Sep-2012

Reporting Currency:

British Pound Sterling

Annual Sales:

NA

Total Assets:

6.2

                                              

 

Business Description     

 

 

Goonvean Fibres Ltd. is a producer of fibre products and speciality powders. The company’s product portfolio includes filtration aids, elastomers, polymers, resins and composites. It also offers a wide range of texturising powders and polymer products. In addition, the company manufactures a modern processing equipment to reduce the size of numerous types of materials, including fibres, films and papers. It maintains an in-house facility that provides maintenance service for battery and electronic test equipment. The company specialises in handling cutting and grinding operations.

 

 

Industry      

 

 

Industry

Textile Manufacturing

ANZSIC 2006:

133 - Textile Product Manufacturing

ISIC Rev 4:

1392 - Manufacture of made-up textile articles, except apparel

NACE Rev 2:

1392 - Manufacture of made-up textile articles, except apparel

NAICS 2012:

313 - Textile Mills

UK SIC 2007:

1392 - Manufacture of made-up textile articles, except apparel

US SIC 1987:

239 - Miscellaneous Fabricated Textile Products

 

 

Key Executives   

 

Name

Title

Robert Houghton

Quality Assurance Manager

Jonathan Neil Angilley

Director

Evelyn Arthur Hugh Boscawen

Director

Andrew Mcgowan

Director

John Gordon Opie

Director

 

 

Financial Summary

 

 

 

FYE: 30-Sep-2012

USD (mil)

Key Figures

 

Current Assets

4.94

Fixed Assets

1.22

Total Liabilities

0.63

Net Worth

5.52

 

Key Ratios

 

Current Ratio

7.81

Acid Test

5.94

 

 

 

Registered No.(UK): 04735337

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6347627 


2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.616433

 

Corporate Overview

 

Location
Ottery Moor La
Honiton, EX14 1BG
Devon County 
United Kingdom

 

Tel:

0140444194

Fax:

0140445102

 

 

Sales GBP(mil):

NA

Assets GBP(mil):

3.8

Employees:

25

Fiscal Year End:

30-Sep-2012

 

Industry:

Textiles - Non Apparel

Registered Address:
St Stephen
St Austell, PL26 7QF
United Kingdom

 

Incorporation Date:

15-Apr-2003

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(UK):

04735337

 

Director:

John Gordon Opie

 

Industry Codes

 

ANZSIC 2006 Codes:

133

-

Textile Product Manufacturing

 

ISIC Rev 4 Codes:

1392

-

Manufacture of made-up textile articles, except apparel

 

NACE Rev 2 Codes:

1392

-

Manufacture of made-up textile articles, except apparel

 

NAICS 2012 Codes:

313

-

Textile Mills

 

US SIC 1987:

239

-

Miscellaneous Fabricated Textile Products

 

UK SIC 2007:

1392

-

Manufacture of made-up textile articles, except apparel

Description: \\vivek\web\images\arrows\externalright.gif

Business Description

 

Goonvean Fibres Ltd. is a producer of fibre products and speciality powders. The company’s product portfolio includes filtration aids, elastomers, polymers, resins and composites. It also offers a wide range of texturising powders and polymer products. In addition, the company manufactures a modern processing equipment to reduce the size of numerous types of materials, including fibres, films and papers. It maintains an in-house facility that provides maintenance service for battery and electronic test equipment. The company specialises in handling cutting and grinding operations.

 

More Business Descriptions

Goonvean Fibres was formed in 2004 when two long-established specialists in the fibre processing industry merged. F.H.Wrigley Ltd (Wrigley Fibres) and Lewis Industrial Products Ltd were both well known for producing precision short cut and random cut (ground) fibres and flocks, by combining their joint resources and decades of expertise one of Europe's largest technical fibre manufacturers was formed. ISO 9001 & ISO/TS16949 certification We are proud holders of the ISO 9001 certification, and one of the few global fibre suppliers to hold the coveted ISO/TS16949 certification. As one of Europe's largest precision cut fibre & flock manufacturers Goonvean Fibres annually processes several thousand tonnes of precision and random cut fibre products and speciality powders for export from the UK and USA to over 50 countries worldwide. Our North American customers are supplied on a JIT basis from our centrally located warehouse in Chicago (USA). Our global distribution network ensures that local customer support and technical advice is available when you need it most in your local language. Precision cut synthetic fibres Our range of precision cut synthetic fibres includes acrylic, aramid, modacrylic, nylon, polyester and polypropylene, which can be used for reinforcement of a wide range of industrial products. Working with our partner we are also able to offer dyed fibres and flocks. We also supply micronised polymer powders and coarser natural and synthetic granulated grades, again which can be used to improve the properties of a range of industrial products. Using our range of modern processing equipment we can also offer a contract processing cutting and grinding service to meet your exact needs. Quality, customer service and efficiency Quality, customer service and efficiency is the foundation of our business. Our teams employ Lean Manufacturing techniques to ensure that all non value adding steps are removed from our processes, allowing us to offer our customers, suppliers, contractors and partners a high quality product or service free from unnecessary costs.

 

Description: \\vivek\web\images\arrows\externalright.gif

 

 

 

 

Financial Data

Financials in:

GBP(mil)

 

Assets:

3.8

Current Assets:

3.0

 

Fixed Assets:

0.8

 

Long Term Debt:

0.0

 

Total Liabilities:

0.4

 

Issued Capital:

0.0

 

Working Capital:

2.7

 

Net Worth:

3.4

 

 

 

Date of Financial Data:

30-Sep-2012

 

1 Year Growth

NA

Description: \\vivek\web\images\arrows\externalright.gif

Key Corporate Relationships

Auditor:

Francis Clark LLP

 

Auditor:

Francis Clark LLP

 

Auditor History

Francis Clark LLP

30-Sep-2012

Francis Clark LLP

30-Sep-2011

Winter Rule LLP

30-Sep-2010

Winter Rule LLP

30-Sep-2009

Robinson Reed Layton

30-Sep-2008

 

 

 

 

 

 

Description: \\vivek\web\images\arrows\externalright.gif

 

corporate family

 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Goonvean Holdings Ltd.

Parent

St Austell

United Kingdom

Miscellaneous Professional Services

48.6

247

Clear-Flow Ltd.

Subsidiary

Redruth

United Kingdom

Waste Management

12.2

62

Goonvean Fibres Ltd.

Subsidiary

Honiton

United Kingdom

Textile Manufacturing

 

25

Lewis Industrial Products Ltd.

Subsidiary

St Austell

United Kingdom

Textile Manufacturing

 

 

 

 

 

 

Executives Report

 

 

 

 

Board of Directors

 

Name

Title

Function

 

Jonathan Neil Angilley

 

Director

Director/Board Member

 

Age: 50

 

Evelyn Arthur Hugh Boscawen

 

Director

Director/Board Member

 

 

Age: 58

 

Andrew Mcgowan

 

Director

Director/Board Member

 

 

Age: 62

 

John Gordon Opie

 

Director

Director/Board Member

 

 

Age: 57

 

 

Executives

 

Name

Title

Function

 

Robert Houghton

 

Quality Assurance Manager

Quality Executive

 

 

 

Directors and Shareholders Report

 

Main Office Address:
Ottery Moor La
Honiton
United Kingdom EX14 1BG

Tel: 0140444194
Fax: 0140445102
URL:http://www.goonveanfibres.com

Annual Return Date: 15 Apr 2013

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Evelyn Arthur Hugh 
Boscawen

Current

13 May 1955

Goonvean St Stephen, 
St. Austell, Cornwall PL26 7QF

21 Jul 2003

NA

Current:9
Previous:5
Disqualifications:0

 

Andrew 
Mcgowan

Current

16 May 1951

Fairview 4 Oak Vale, Grampound, 
Truro, Cornwall TR2 4QY

30 May 2003

NA

Current:6
Previous:6
Disqualifications:0

 

John Gordon
Opie

Current

30 Jan 1956

St Stephen, St Austell, 
St. Austell, Cornwall PL26 7QF

01 Nov 2012

NA

Current:1
Previous:0
Disqualifications:0

 

Jonathan Neil
Angilley

Current

02 Dec 1962

Goonvean St Stephen, 
St. Austell, Cornwall PL26 7QF

01 Nov 2012

NA

Current:5
Previous:2
Disqualifications:0

 

Howard Hulse 
Monks

Previous

29 Nov 1946

1 Killams Lane, 
Taunton, Somerset TA1 3YA

21 Jul 2003

31 Mar 2005

Current:0
Previous:2
Disqualifications:0

 

James William Albert 
Wallis

Previous

12 Nov 1941

Newlands Cottage, Offwell,
Honiton, Devon EX14 9SR

01 Feb 2005

30 Nov 2006

Current:0
Previous:2
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Mantel Nominees Limited

Previous

16 Winchester Walk,
London , London SE1 9AQ

15 Apr 2003

30 May 2003

 

 

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Alan John 
Martin

Previous

12 Dec 1952

34A Kellow Road, St. Dennis, 
St. Austell, Cornwall PL26 8AW

30 May 2003

31 Dec 2012

Current:0
Previous:7
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Mantel Secretaries Limited

Previous

16 Winchester Walk,
London , London SE1 9AQ

15 Apr 2003

30 May 2003

 

 

 

 

Individual Shareholders

There are no individual shareholders for this company.

 

 

 

 

 

 

 

 

 

 

Corporate Shareholders

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Goonvean Holdings Ltd

06940012

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

100.00

 

 

 

 


Annual Profit & Loss

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

30-Sep-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.634763

0.622972

0.64255

0.647882

0.507879

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

-

-

-

-

1.8

Turnover (Exports)

-

-

-

-

5.6

Total Turnover

-

-

-

-

7.4

Cost of Sales

-

-

-

-

5.1

Gross Profit

-

-

-

-

2.2

Depreciation

0.1

0.1

0.1

0.1

0.1

Other Expenses

-

-

-

-

0.8

Other Income

-

-

-

-

0.1

Interest Paid

-

-

-

-

0.0

Exceptional Income

-

-

-

-

0.0

Discontinued Operations

-

-

-

-

0.0

Profit Before Taxes

-

-

-

-

1.5

Tax Payable / Credit

-

-

-

-

0.4

Extraordinary Items/Debits

-

-

-

-

0.0

Dividends

-

-

-

-

0.0

Profit After Taxes

-

-

-

-

1.1

Minority Interests (Profit & Loss)

-

-

-

-

0.0

Audit Fees

-

-

0.0

0.0

0.0

Wages

-

-

-

-

0.4

Social Security Costs

-

-

-

-

0.0

Pensions

-

-

-

-

0.0

Other Pension Costs

-

-

-

-

0.0

Employees Remuneration

-

-

-

-

0.5

Directors Emoluments

-

-

-

-

0.0

Other Costs

-

-

-

-

0.0

Directors Remuneration

-

-

-

-

0.0

Highest Paid Director

-

-

-

-

0.0

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

30-Sep-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.616433

0.641931

0.634598

0.625254

0.561026

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

-

-

1.1

0.6

-

Fixtures & Fittings

-

-

0.0

0.0

-

Plant & Vehicles

-

-

0.2

0.2

-

Total Tangible Fixed Assets

1.2

1.2

1.2

0.8

0.9

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

1.2

1.2

1.2

0.8

0.9

Stocks

-

-

-

-

0.8

Work in Progress

-

-

-

-

0.0

Total Stocks Work In Progress

1.2

1.0

0.8

0.6

0.8

Trade Debtors

-

-

-

-

1.3

Inter-Company Debtors

-

-

-

-

0.5

Director Loans

-

-

-

-

0.0

Other Debtors

-

-

-

-

0.1

Total Debtors

2.5

1.4

1.3

0.9

1.9

Cash and Equivalents

1.2

1.7

2.8

2.8

0.3

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

4.9

4.1

4.9

4.3

3.1

Total Assets

6.2

5.3

6.1

5.1

4.0

Trade Creditors

-

-

0.4

0.3

0.4

Bank Overdraft

-

-

0.0

0.0

0.0

Inter-Company Creditors

-

-

0.8

1.0

0.0

Director Loans (Current Liability)

-

-

0.0

0.0

0.0

Hire Purchase (Current Liability)

-

-

0.0

0.0

0.0

Finance Lease (Current Liability)

-

-

0.0

0.0

0.0

Total Finance Lease/Hire Purchase (Current Liability)

-

-

0.0

0.0

0.0

Total Short Term Loans

-

-

0.0

0.0

0.0

Accruals/Deferred Income (Current Liability)

-

-

0.1

0.1

0.1

Social Security/VAT

-

-

0.0

0.0

0.0

Corporation Tax

-

-

0.2

0.2

0.3

Dividends (Current Liability)

-

-

0.0

0.0

0.0

Other Current Liabilities

0.6

1.0

0.0

0.0

0.0

Total Current Liabilities

0.6

1.0

1.5

1.5

0.8

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

-

-

-

0.0

0.0

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

5.5

4.3

4.6

3.7

3.2

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

5.5

4.3

4.6

3.7

3.2

Net Worth

5.5

4.3

4.6

3.7

3.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

30-Sep-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.634763

0.622972

0.64255

0.647882

0.507879

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

30-Sep-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.616433

0.641931

0.634598

0.625254

0.561026

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

7.81

4.25

3.23

2.95

3.90

Liquidity Ratio

5.94

3.25

2.71

2.54

2.84

Stock Turnover

-

-

-

-

8.04

Credit Period (Days)

-

-

-

-

72.76

Working Capital by Sales

-

-

-

-

34.26%

Trade Credit by Debtors

-

-

-

-

0.33

Return on Capital

-

-

-

-

42.72%

Return on Assets

-

-

-

-

34.32%

Profit Margin

-

-

-

-

20.64%

Return on Shareholders Funds

-

-

-

-

42.72%

Borrowing Ratio

-

-

17.89%

27.15%

-

Equity Gearing

89.57%

81.46%

74.99%

71.25%

80.33%

Interest Coverage

-

-

-

-

104.94

Sales by Tangible Assets

-

-

-

-

7.11

Employee Remuneration by Sales

-

-

-

-

7.04%

Creditor Days (Cost of Sales Based)

-

-

-

-

34.06

Creditor Days (Sales Based)

-

-

-

-

23.68

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.99.66

Euro

1

Rs.83.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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

 

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This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.