MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	VARDHMAN STAMPINGS PRIVATE LIMITED
Registered Office :	S-2, Murlidhar Complex, Near Snehkunj Bus Stop, S M Road, Ambawadi, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.04.1986
Com. Reg. No.:	04-008612
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U51909GJ1986PTC008612
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMV02077F
PAN No.: [Permanent Account No.]	AAACV7624G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Power Transformer Lamination.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of Vardhman’s below average operational performance marked by increased in external borrowing over previous year and sharp dip in profit of the company during financial year 2013. However, trade relations are fair. Business is active. Payments are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.03.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: “A3+”
Rating Explanation	Moderate degree of safety and high credit risk.
Date	20.03.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Nakul Parikh
Designation :	Finance Manager
Contact No.:	91-79-26562689
Date :	27.11.2014

LOCATIONS

Registered Office :	S-2, Murlidhar Complex, Near Snehkunj Bus Stop, S M Road, Ambawadi, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26469609 / 2656 2689.
Fax No.:	91-79-26461108
E-Mail :	crgo@vspl.co.in vinod@vardhmanstampings.com Prashant.shah@vspl.com
Website :	www.vspl.co.in
Area :	2500 sq. ft
Location :	Owned
Locality :	Commercial
Factory :	S N 132/C, Budasan Village, Irana Road, Via Kalol, Post Karan Nagar, District Mehsana – 382721, Gujarat, India
Tel. No.:	91-2764-277866/ 867
Fax No.:	91-2764-277445
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Vinod Chinubhai Shah

Designation :

Director

Address :

19, Tapovan Society, Nehru Nagar, Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

24.04.1955

Date of Appointment :

09.04.1986

DIN No.:

01836654

Name :

Mr. Dipakkumar Chinubhai Shah

Designation :

Director

Address :

34, Mithia Scoiety, Ambawadi, Ahmedabad - 380005, Gujarat, India

Date of Birth/Age :

03.11.1957

Date of Appointment :

01.04.2006

DIN No.:

01836659

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	U51100GJ1986PTC008611	NAVKAR TRANSCORE PRIVATE LIMITED	Director	09/04/1986	09/04/1986	-	Active	NO
2	U51909GJ1986PTC008612	VARDHMAN STAMPINGS PRIVATE LIMITED	Director	01/04/2006	09/04/1986	-	Active	NO

Name :

Mr. Prashant Kamleshbhai Shah

Designation :

Director

Address :

257, Manekbag Society, Ellisbridge, Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

07.03.1977

Date of Appointment :

01.04.2006

DIN No.:

00233808

KEY EXECUTIVES

Name :	Mr. Nakul Parikh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Vinod C. Shah	199900
Ranjanben V. Shah	350000
Pathik V. Shah	249900
Ashka A. Shah	100
Krutarth V. Shah	199900
Biruju K. Shah	100
Kamlesh C. Shah	149900
Bhartiben K. Shah	350000
Pathiv K. Shah	249900
Dipali P. Shah	100
Prashant K. Shah	249900
Chaitali P. Shah	100
Deepak C. Shah	199900
Ninaben D. Shah	350000
Hardik D. Shah	249900
Hirva H. Shah	100
Samkit D Shah	200000
Navkar Transcore Private Limited	150
SPI Industries Private Limited	150
TOTAL	3000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage Of Holding
Bodies corporate	0.01
Directors or relatives of Directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Power Transformer Lamination.

Products :

Item Code No. (ITC Code)	Product Description
85049010	Parts of Transformers

Exports :

Products :

Finished Goods

Countries :

· Middle East Countries

· Africa

· North East Africa

Imports :

Products :

Raw Materials

Countries :

· USA

· Japan

· Korea

· Russia

· Germany

· UK

· Brazil

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Actual Production
CRGO Wound Core (Part of Transformer)	Kgs	59535.777
Electrical Lamination (Transformer Part Core)	Kgs	181591.300
CRGO Coil L 600 (Slit Coils)	Kgs	1671397.180
CRGO Stack / Assembly (Part of Induction Furnace)	Kgs	9348.000

GENERAL INFORMATION

Suppliers :

Novex Trading, Russia

Customers :

Reference:	Voltamp Transformer Private Limited, Vadodara
Name of the Person:	Not Divulged
Contact Number:	91-265-3041480
Since How Long Known:	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt:	Not Divulged
Remark :	He denied to provide his opinion even his name also.

No. of Employees :

125 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	S M Road, Ambawadi, Ahmedabad-380006, Gujarat, India
Person Name (with Designation):	--
Contact Number:	91-79-26601257
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Continuously Ringing

Facilities :

SECURED LOAN	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Rupee term loans from banks	477.483	385.247
Total	477.483	385.247

Auditors :
Name :	Mukesh M Shah and Company Chartered Accountants
Address :	1^st Floor, H K house, Ashram Road, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAIFM0810A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· SPI Industries Private Limited · Veer Steel Processor · Navkar Transcore Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

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
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves & Surplus	154.059	155.392
(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)	184.059	185.392
(3) Non-Current Liabilities
(a) long-term borrowings	135.779	145.809
(b) Deferred tax liabilities (Net)	3.117	2.861
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.040	1.141
Total Non-current Liabilities (3)	139.936	149.811
(4) Current Liabilities
(a) Short term borrowings	477.483	385.247
(b) Trade payables	155.258	391.389
(c) Other current liabilities	10.009	11.519
(d) Short-term provisions	2.056	3.832
Total Current Liabilities (4)	644.806	791.987
TOTAL	968.801	1127.190
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	145.109	101.986
(ii) Intangible Assets	0.006	0.010
(iii) Capital work-in-progress	0.000	2.308
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.718	0.006
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.686	7.402
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	154.519	111.712
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	148.172	378.487
(c) Trade receivables	390.031	316.213
(d) Cash and cash equivalents	194.226	275.064
(e) Short-term loans and advances	81.008	45.054
(f) Other current assets	0.845	0.660
Total Current Assets	814.282	1015.478
TOTAL	968.801	1127.190

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		125.039
4] (Accumulated Losses)		0.000
NETWORTH		155.039
LOAN FUNDS
1] Secured Loans		105.289
2] Unsecured Loans		123.893
TOTAL BORROWING		229.182
DEFERRED TAX LIABILITIES		2.513
TOTAL		386.734
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		93.243
Capital work-in-progress		8.273
INVESTMENT		0.001
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	168.016
	Sundry Debtors	246.550
	Cash & Bank Balances	110.685
	Other Current Assets	0.000
	Loans & Advances	39.883
Total Current Assets		565.134
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	264.922
	Other Current Liabilities	4.413
	Provisions	10.582
Total Current Liabilities		279.917
Net Current Assets		285.217
MISCELLANEOUS EXPENSES		0.000
TOTAL		386.734

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
			Gross Sales / Income	1423.767	1459.955
			Other Income	NA	NA
			TOTAL	NA	NA	1275.467
Less	EXPENSES
			TOTAL	NA	NA	1217.914
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			17.509	61.617	57.553
Less/ Add	DEPRECIATION/ AMORTISATION			16.656	13.161	11.729
	PROFIT/ (LOSS) BEFORE TAX			0.853	48.456	45.824
Less	TAX			0.431	16.360	15.499
	PROFIT/ (LOSS) AFTER TAX			0.422	32.096	30.325
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			44.932	34.580	25.997
Less	APPROPRIATIONS
		Transfer to General Reserve		0.000	20.000	20.000
	Balance Carried to the B/S			45.354	44.932	34.580
	EARNINGS IN FOREIGN CURRENCY			71.896	116.327	58.277
	Earnings / (Loss) Per Share (Rs.)			0.14	10.70	10.11

Particulars	31.03.2014
Sales Turnover (Approximately)	938.200

The above information has been parted by Mr. Nakul Parikh (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.09	4.31	6.96
Return on Investment (ROI) (PBT/Networth)		N.A	0.26	0.30
Debt Equity Ratio (Total Debt /Networth)		3.33	2.86	1.48
Current Ratio (Current Asset/Current Liability)		1.26	1.28	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	125.039	155.392	154.059
Net worth	155.039	185.392	184.059
long-term borrowings	105.289	145.809	135.779
Short term borrowings	123.893	385.247	477.483
Total borrowings	229.182	531.056	613.262
Debt/Equity ratio	1.478	2.865	3.332

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10465919	27/10/2012	32,000,000.00	BANK OF BARODA	S.M. ROAD BRANCH, 42, TAPOVAN SOC., NR. MANEK BAUG HALL, AHMEDABAD, GUJARAT - 380015, INDIA	B83486795
2	10464649	09/08/2012	17,000,000.00	BANK OF BARODA	S.M. ROAD BRANCH, 42, TAPOVAN SOC., NR. MANEK BAUG HALL, AHMEDABAD, GUJARAT - 380015, INDIA	B83485631
3	90104448	05/02/2014 *	1,295,000,000.00	BANK OF BARODA	S. M. ROAD, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	B96707492

* Date of charge modification

REVIEW OF BUSINESS:

The turnover and registering profit after tax of Rs. 0.422 Million which was made possible through inserting capital equipment last year and better production planning. Directors are exploring various other opportunities to further improve the working results during the current year.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	135.779	145.809
Total	135.779	145.809

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

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.62.14
UK Pound	1	Rs.97.05
Euro	1	Rs.77.36

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYTK

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	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.