MIRA
INFORM REPORT
|
Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY PLYBOARDS
( |
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Registered
Office : |
6, Lyons Range,
Kolkata – 700001, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.01.1982 |
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Com. Reg. No.: |
21-034435 |
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Capital
Investment / Paid-up Capital : |
Rs.227.527 Millions |
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CIN No.: [Company Identification
No.] |
L20101WB1982PLC034435 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALC04599A |
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PAN No.: [Permanent Account No.] |
AABCC1682J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and
Seller of Plywood and Veneer. |
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No. of Employees
: |
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9980000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by sound
liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
12.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
12.03.2014 |
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
31-03-2012.
INFORMATION DENIDED
Management non co-operative. (91-33-2210434)
LOCATIONS
|
Registered Office : |
6, Lyons Range, Kolkata – 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22104321/ 22/ 23/ 24/ 25/
26 |
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Fax No.: |
91-33-22483539 |
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E-Mail : |
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Website : |
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Plywood, Veneer and Laminate Units |
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Factory 1 : |
Diamond Harbour Road, Kanchowki, Bishnupur, Dist: 24 Parganas (S),
West Bengal, India |
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Tel. No.: |
91-33-24709680/
9155/ 9157 |
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Factory 2 : |
Rambha Road, Taraori , Haryana, India |
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Factory 3 : |
Mirza Palasbari Road, Kamrup, Assam, India |
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Factory 4 : |
Chinnappolapuram, Gummidipoondi, Tamilnadu, India |
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Container Freight
Station 1: |
Block B and C, Sonai Khidderpore, Kolkata – 700088, West Bengal, India |
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Container Freight Station 2: |
Hide Road, Brace Bridge, Khidderpore Kolkata - 700 088, West Bengal, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Sajjan Bhajanka |
|
Designation : |
Chairman |
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Date of Birth/Age : |
61 Years |
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Qualification : |
B.Com |
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Experience : |
34 Years |
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Date of Appointment : |
05.02.1986 |
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|
Name : |
Mr. Hari Prasad Agarwal |
|
Designation : |
Vice Chairman |
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Qualification : |
B.Com |
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Date of Appointment : |
05.06.1982 |
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Name : |
Mr. Sanjay Agarwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
52 Years |
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Qualification
: |
B. Com |
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Experience : |
26 Years |
|
Date of
Appointment : |
05.01.1982 |
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|
Name : |
Mr. Prem Kumar Bhajanka |
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Designation : |
Managing Director |
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|
Name : |
Mr. Vishnu Khemani |
|
Designation : |
Managing Director |
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Date of
Birth/Age : |
61 Years |
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Qualification : |
Science Graduate |
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Date of Appointment : |
16.04.2008 |
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|
Name : |
Mr. Ajay Baldawa |
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Designation : |
Executive Director |
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Name : |
Mr. Manindra Nath Banerjee |
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Designation : |
Director |
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Name : |
Mr. Mangi Lal Jain |
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Designation : |
Director |
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Name : |
Mr. Samarendra Mitra |
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Designation : |
Director |
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Name : |
Mr. Santanu Ray |
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Designation : |
Director |
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Name : |
Mr. Asit Pal |
|
Designation : |
Director |
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Name : |
Sanjay Kumar Banerjee |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar Julasaria |
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Designation : |
Chief Finance Officer and Company Secretary |
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|
Name : |
Mr. Anoop Hoon |
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Designation : |
President -Marketing and OD |
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Date of Birth/Age : |
58 Years |
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Qualification : |
B.A. (Economics) PGDM (XLRI Jamshedpur) |
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Experience : |
33 Years |
|
Date of Appointment : |
01.03.2008 |
SHAREHOLDING PATTERN
As on:31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
122600297 |
55.18 |
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|
39329080 |
17.70 |
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|
161929377 |
72.88 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
161929377 |
72.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2740416 |
1.23 |
|
|
2740416 |
1.23 |
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|
|
|
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|
31194139 |
14.04 |
|
|
|
|
|
|
7463027 |
3.36 |
|
|
15449099 |
6.95 |
|
|
3396932 |
1.53 |
|
|
51657 |
0.02 |
|
|
7500 |
0.00 |
|
|
3337775 |
1.50 |
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|
57503197 |
25.88 |
|
Total Public shareholding (B) |
60243613 |
27.12 |
|
Total (A)+(B) |
222172990 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
222172990 |
100.00 |
|
Total (A)+(B)+(C) |
222172990 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Seller of Plywood and Veneer. |
GENERAL INFORMATION
|
No. of Employees : |
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Bankers : |
· State Bank of India · DBS Bank Limited, · Oriental Bank of Commerce ·
Corporation Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
22, Camac Street, 3rd Floor, Block ‘C’, Kolkata – 700016,
West Bengal, India |
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Tel. No.: |
91-33-66153400 |
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Fax No.: |
91-33-22817750 |
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|
|
|
Associates : |
· Adonis Vyaper Private Limited (with effect from 31st March, 2012) ·
Apnapan Viniyog Private Limited (with effect from 31st
March, 2012) ·
Ara Suppilers Private Limited (with effect from 31st
March, 2012) ·
Arham Sales Private Limited (with effect from 31st March,
2012) |
|
|
|
|
Subsidiary
Companies : |
· Auro Sundram Ply and Door Private Limited ·
Aegis Business Limited · Aegis Overseas Limited · Centuryply Myanmar private limited (with effect from 4th July, 2012) · Cement Manufacturing Company Limited ·
Megha Technical and Engineers Private Limited ·
Meghalaya Power Limited · Century MDF Limited (with effect from 20th June, 2012) · Star Cement Meghalaya Limited (up to 31st March, 2012) ·
NE Hills Hydro Limited (Up To 31st March, 2012)
·
Star Ferro And Cement Limited (Up to 31st
March,2012) |
|
|
|
|
Enterprises
Owned/Influenced by Key Management Personnel or their relatives : |
· Brijdham Merchants Private Limited ·
Pacific Plywoods Private Limited ·
Shyam Century Cement Industries Limited ·
Sriram Merchants Private Limited ·
Sriram Vanijya Private Limited ·
Sumangal Business Private Limited ·
Sumangal International Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
650500000 |
Equity Shares |
Rs.1/- each |
Rs.650.500 Millions |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
50000 |
Preference Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.670.500
Millions |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
223552990 |
Equity Shares |
Rs.1/- each |
Rs.223.553 Millions |
|
500000 |
9% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.228.553 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
222172990 |
Equity Shares |
Rs.1/- each |
Rs.222.173 Millions |
|
|
Add : Amount received on forfeited shares |
|
Rs.0.354 Million |
|
500000 |
9% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.227.527 Millions |
a) Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period:
|
Equity Shares |
31st March, 2013 |
|
|
|
No of Shares |
Rs. In Millions |
|
At the Beginning of the year |
222172990 |
222.173 |
|
Issued during the year |
- |
- |
|
Outstanding at the end of the year |
222172990 |
222.173 |
|
Preference Shares |
31st March, 2013 |
|
|
|
No of Shares |
No of Shares |
|
At the Beginning of the year |
500000 |
5.000 |
|
Issued during the year |
500000 |
5.000 |
|
Outstanding at the end of the year |
-- |
-- |
b) Terms/Rights attached to the Equity Shares:
The Company has only one class of equity shares having par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The Company has paid an interim dividend of Rs. 1/- and proposed final dividend of Rs. 0.25 per share during the year ended 31st march, 2013. The dividend proposed by board of directors is subject to the approval of the shareholders in the ensuring annual general meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Terms of
Redeemable Cumulative Preference Shares :
The Company has only one class of preference shares having
par value of Rs.10/- per share and carry cumulative dividend @ 9% p.a. and were
redeemed during the year.
d) Aggregate no. of
shares issued for consideration other than cash during the period of five years
immediately preceeding the reporting date:
|
|
|
31st March, 2013 |
|
|
|
No. of Shares |
|
|
Preference Shares alloted as fully paid -up pursuant to contracts for consideration other than cash |
500000 |
|
|
Equity Shares alloted as fully paid-up pursuant to contracts for consideration other than cash |
24518860 |
e) Details of Shareholders
holding more than 5% shares in the Company:
|
|
31st March, 2013 |
|
|
|
No. of Shares |
% holding in the class |
|
Equity Shares of
Rs.1/- each fully paid-up |
|
|
|
Sajjan Bhajanka |
24571570 |
11.06% |
|
Sanjay Agarwal |
23788740 |
10.45% |
|
Divya Agarwal |
16749750 |
7.54% |
|
Santosh Bhajanka |
15649500 |
7.04% |
|
Prem Kumar Bhajanka |
15458510 |
6.96% |
|
Preference Shares
of Rs.10/- each fully paid-up : |
|
|
|
Vishnu Khemani |
-- |
-- |
As per of the Company, including its register of
shareholders/members, the above shareholding represents legal ownerships of
shares.
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 |
222.527 |
227.527 |
227.527 |
|
(b) Reserves & Surplus |
2274.183 |
2897.754 |
2556.290 |
|
(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) |
2496.710 |
3125.281 |
2783.817 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1556.643 |
643.495 |
128.279 |
|
(b) Deferred tax liabilities (Net) |
4.771 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
11.607 |
7.853 |
0.000 |
|
(d) long-term provisions |
13.361 |
11.563 |
8.351 |
|
Total Non-current Liabilities (3) |
1586.382 |
662.911 |
136.630 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2892.578 |
2727.417 |
1926.014 |
|
(b) Trade payables |
808.136 |
868.661 |
932.692 |
|
(c) Other current liabilities |
510.425 |
436.402 |
245.241 |
|
(d) Short-term provisions |
87.920 |
3.597 |
266.609 |
|
Total Current Liabilities (4) |
4299.059 |
4036.077 |
3370.556 |
|
|
|
|
|
|
TOTAL |
8382.151 |
7824.269 |
6291.003 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1842.249 |
1737.943 |
1654.106 |
|
(ii) Intangible Assets |
14.396 |
5.922 |
4.770 |
|
(iii) Capital
work-in-progress |
76.703 |
132.840 |
36.415 |
|
(iv) Intangible
assets under development |
283.439 |
229.958 |
58.703 |
|
(b) Non-current Investments |
156.151 |
732.382 |
556.182 |
|
(c) Deferred tax assets (net) |
1.866 |
4.038 |
2.145 |
|
(d) Long-term Loan and Advances |
584.779 |
373.333 |
386.238 |
|
(e) Other Non-current assets |
20.544 |
35.178 |
43.287 |
|
Total Non-Current Assets |
2980.127 |
3251.594 |
2741.846 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.500 |
0.000 |
|
(b) Inventories |
2176.671 |
1966.556 |
1711.704 |
|
(c) Trade receivables |
1816.219 |
1667.412 |
1208.101 |
|
(d) Cash and cash
equivalents |
797.367 |
420.602 |
109.301 |
|
(e) Short-term loans and
advances |
475.041 |
404.807 |
381.324 |
|
(f) Other current assets |
136.726 |
112.798 |
138.727 |
|
Total Current Assets |
5402.024 |
4572.675 |
3549.157 |
|
|
|
|
|
|
TOTAL |
8382.151 |
7824.269 |
6291.003 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11311.481 |
11183.486 |
8770.564 |
|
|
|
Other Income |
73.119 |
41.153 |
158.557 |
|
|
|
TOTAL (A) |
11384.600 |
11224.639 |
8929.121 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
5950.511 |
5688.094 |
4569.472 |
|
|
|
Purchase of Traded Goods |
1268.483 |
1143.999 |
807.431 |
|
|
|
(Increase)/Decrease in inventories of Finished Goods, Work in Progress and Traded Goods |
(160.229) |
(35.447) |
(66.956) |
|
|
|
Employee Benefits Expense |
1183.516 |
943.698 |
752.940 |
|
|
|
Exceptional Items |
0.000 |
132.227 |
0.000 |
|
|
|
Other Expenses |
1940.819 |
2057.734 |
1731.069 |
|
|
|
TOTAL (B) |
10183.100 |
9930.305 |
7793.956 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1201.500 |
1294.334 |
1135.165 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
390.480 |
399.633 |
135.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
811.020 |
894.701 |
999.568 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
267.314 |
265.129 |
241.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
543.706 |
629.572 |
757.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.192 |
28.707 |
12.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
526.514 |
600.865 |
745.076 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2065.629 |
1786.002 |
1360.775 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT AND LOSS ACCOUNT DEBIT BALANCE TRANSFERRED FROM THE
AMALGAMATING COMPANY |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer
to General Reserve |
575.000 |
62.500 |
80.000 |
|
|
|
Interim
Equity Dividend |
0.000 |
222.173 |
0.000 |
|
|
|
Tax
on Interim Equity Dividend |
0.000 |
36.042 |
0.000 |
|
|
|
Tax
on Preference Dividend |
0.034 |
0.073 |
0.073 |
|
|
|
Proposed
Dividend on Preference shares |
0.210 |
0.450 |
0.450 |
|
|
|
Proposed
Dividend on Equity shares |
0.000 |
0.000 |
222.173 |
|
|
|
Interim
Dividend on Equity Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Tax
on Dividend |
0.000 |
0.000 |
26.455 |
|
|
|
Tax
on Dividend written Back |
0.000 |
0.000 |
(9.302) |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2016.899 |
2065.629 |
1786.002 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
512.104 |
341.272 |
301.862 |
|
|
TOTAL EARNINGS |
512.104 |
341.272 |
301.862 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3903.012 |
3192.535 |
2513.409 |
|
|
|
Capital goods |
111.858 |
25.977 |
16.002 |
|
|
|
Purchases of Finished Goods |
430.207 |
224.343 |
44.972 |
|
|
|
Stores & Spares |
29.871 |
6.306 |
9.941 |
|
|
TOTAL IMPORTS |
4474.948 |
3449.161 |
2584.324 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.37 |
2.70 |
3.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.62 |
5.35 |
8.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.81 |
5.63 |
8.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.91 |
9.36 |
13.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.78 |
1.08 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.13 |
1.05 |
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 |
227.527 |
227.527 |
222.527 |
|
Reserves & Surplus |
2556.290 |
2897.754 |
2274.183 |
|
Net
worth |
2783.817 |
3125.281 |
2496.710 |
|
|
|
|
|
|
long-term borrowings |
128.279 |
643.495 |
1556.643 |
|
Short term borrowings |
1926.014 |
2727.417 |
2892.578 |
|
Total
borrowings |
2054.293 |
3370.912 |
4449.221 |
|
Debt/Equity
ratio |
0.738 |
1.079 |
1.782 |
%20LIMITED%20-%20276080%2015-Jul-2014_files/image009.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8770.564 |
11183.486 |
11311.481 |
|
|
|
27.512 |
1.145 |
%20LIMITED%20-%20276080%2015-Jul-2014_files/image011.gif)
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8770.564 |
11183.486 |
11311.481 |
|
Profit |
745.076 |
600.865 |
526.514 |
|
|
8.50% |
5.37% |
4.65% |
%20LIMITED%20-%20276080%2015-Jul-2014_files/image013.gif)
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 |
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 |
CALCUTTA
HIGH COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status : Pending |
|||||||
|
Status
of INCOME TAX
APPEAL (ITA) 83
of 2010
|
|||||||
|
COMMISSIONER OF INCOME TAX,
KOLKATA-IV, Vs. M/S.
CENTURY PLYBOARDS (I) LTD. |
|||||||
|
Pet's Adv. : S. S.SARKAR
|
|||||||
|
Res's Adv.
: |
|||||||
Monday, September 17, 2012 |
|||||||
|
|
|||||||
|
Category : INCOME
TAX : REVENUE |
|||||||
|
|
|||||||
|
|||||||
|
Case Updated on: Tuesday, September 18, 2012 |
UNSECURED
LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from related
parties |
|
|
|
- From a Director |
0.000 |
30.000 |
|
|
|
|
|
Total |
0.000 |
30.000 |
DEMERGER OF FERRO
ALLOY AND CEMENT DIVISION
Pursuant to the Scheme of Arrangement ('the Scheme') approved by the Hon'ble High Court of Calcutta, all the assets and liabilities of the Ferro Alloy and Cement division (i.e. business and interest of the company in manufacture of ferro alloys and cement including captive power plants attached thereto) have been transferred to and vested in Star Ferro and Cement Limited (Resulting Company) at their respective book values on going concern basis from 1st April, 2012 being the appointed date. As per the Scheme, the appointed date as approved by the Hon'ble Court is 1st April, 2012 and effective date is 28th June, 2013 being the date on which the certified copy of the order sanctioning the said scheme was filed with the Registrar of Companies, West Bengal, in accordance with the Companies Act, 1956. Though the Scheme has become effective after the Balance Sheet date, it is operative from the appointed date 1st April, 2012 and accordingly effect of the same has been given in the accounts for the financial year 2012-13.
PERFORMANCE AND OPERATIONS REVIEW
2012-13 being the year was a challenging year amidst global uncertainties and disturbances in many parts of the world especially Euro Zone. The global economy improved slowly, but was short on expectations. Several European economies experienced recession due to high unemployment, banking fragility, fiscal tightening and sluggish growth. The U.S. economy improved marginally, driven mainly by housing and the consumer sectors; however, capital investments remained sluggish. Among the Asian economies, China going through a political transition, experienced considerably slow growth. Deceleration in industrial output and exports weakened India's economic growth significantly.
Despite these constraints and challenging environment, the Company performed reasonably well and the highlights of the performance are as under:
Gross Income rose from Rs. 12024.000 Millions to Rs. 12375.700 Millions reflecting a growth of 3%. Profit before tax reduced from Rs. 629.600 Millions to Rs. 543.700 Millions reflecting a fall of 14%. Net Profit after tax was Rs. 526.500 Millions compared to Rs. 600.900 Millions in previous year, reflecting a fall of 12%. The same was adversely impacted due to unprecedented loss on account of foreign exchange difference.
The operations and financial results of the Company are elaborated in the annexed Management Discussion and Analysis. On account of the demerger, the previous year's figures of the company are not comparable.
FUTURE OUTLOOK
The global economic outlook can now be said to be comfortable. However further turbulence in Euro-zone cannot be ruled out as countries like Italy are fatigued with austerity measures imposed on them and they may seek further hair cut from their lenders. they being global economy are unlikely to remain insulated from global developments. However, considering strong fundamentals India enjoys, India is well positioned to outperform. Despite all odds, it is also a fact that in any cross- country comparison, India still remains among the front runners in economic growth. If India can continue to build on its economic strength, it can be a source of stability for the world economy and provide a safe destination for restless global capital.
The rupee movement is now more or less settled and range bound. Although volatility has considerably reduced, still movement in rupee will remain a major concern. With the Government's lenient policy on GAAR, foreign investment inflow which was interrupted in between, is likely to continue.
While India continues to be one of the fastest growing economies, this pace of growth is unlikely to sustain unless it is supported by an equally robust development of its infrastructure, Key requirements in order to achieve a GDP growth rate exceeding 8-9% include roads, power, ports as well as urban infrastructure. The last couple of budgets have taken steps in the right direction for growth of the sector.
The Indian real estate sector plays a significant role in the country's economy. The real estate sector is second only to agriculture in terms of employment generation and contributes considerably towards GDP. Almost 5% of the country's GDP is contributed by the housing sector, which is expected to rise to 6%. According to the tenth five year plan, there is a shortage of 22.4 million dwelling units. Thus, over the next 10 to 15 years 80 to 90 million dwelling units will have to be constructed. According to a study, the real estate market in India is expected to grow rapidly due to improvement in affordability, betterjob security and availability of housing finance.
Since Plywood and laminate are essential part of interior furnishing, the demand for these products is directly related to the growth of infrastructure and real estate sector. With continued government focus on infrastructure and real estate sector the demand for company's products is expected to remain buoyant. With strong and preferred "Centuryply" brand under its fold, the company is expected to perform better in current fiscal.
FUTURE PLANS OF EXPANSION
Considering buoyant demand for the products and marketing strength of "Centuryply" brand, the company has plans for capacity expansions through organic and inorganic routes. The Company's green-field plywood unit in Gujarat, has already started production. Another green-field plywood unit in Myanmar, is being set up by Company's wholly owned subsidiary Centuryply Myanmar Private limited is expected to start production in 2013-14. The Company has already entered into ready- made furniture business, initially with trading format and two mega show rooms at Kolkata and Bangalore. The Company has plans to promote a green-field Medium Density Fiber Board and Particle Board Unit in Andhra Pradesh.
The Company is continuing its focus on logistic service sector. The two Container Freight Stations (CFS) of the Company near Kolkata Port are fully operational. The combined capacity of these two CFSs is 130000 TEUs per annum, which is almost 2/3rd of total CFS capacity available at Kolkata Port. The Company is exploring further possibilities in logistic service sector.
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER YEAR
ENDED 31.03.2014
Rs. In Millions
|
SL. NO. |
PARTICULARS |
STANDALONE |
||
|
Quarter Ended |
Quarter Ended |
Current year |
||
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
audited |
Unaudited |
audited |
|
1 |
Income from
Operations |
3631.512 |
3307.112 |
13826.524 |
|
|
Less: Excise Duty |
227.827 |
272.068 |
1066.106 |
|
|
(a) Net Sales/Income from Operations (Net of Excise Duly) |
3403.682 |
3035.044 |
12760.418 |
|
|
(b) Other Operating Income |
25.276 |
20.833 |
79.329 |
|
|
Total Income from operations
(Net) |
3428.961 |
3055.877 |
12839.747 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of materials consumed |
1444.533 |
1723.412 |
6388.438 |
|
|
b. Purchases of stock-in-trade |
383.361 |
276.615 |
1244.152 |
|
|
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
227.100 |
(183.374) |
(39.177) |
|
|
d. Employee benefits expense |
394.055 |
395.306 |
1513.865 |
|
|
e. Depreciation and amortisation expense |
88.612 |
87.602 |
332.427 |
|
|
f. Loss (gain) on foreign exchange fluctuation |
(230.989) |
(56.756) |
167.416 |
|
|
g. Other expenses |
611.883 |
540.442 |
2083.099 |
|
|
Total Expenses |
2918.555 |
2783.047 |
1160.220 |
|
3 |
Profit from operations
before other income, finance costs and exceptional items (1-2) |
510.406 |
272.830 |
1149.527 |
|
4 |
Other Income |
7.199 |
11.384 |
94.709 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3+4) |
517.605 |
284.214 |
1244.236 |
|
6 |
Finance costs |
205.664 |
77.430 |
551.192 |
|
7 |
Profit/ (Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
311.941 |
206.784 |
693.044 |
|
8 |
Tax Expenses |
17.940 |
9.387 |
23.654 |
|
9 |
Net profit for the
period (7-8) |
294.001 |
197.397 |
669.390 |
|
10 |
Share of profit /loss of associates |
- |
- |
- |
|
12 |
Minority interest |
- |
- |
- |
|
12 |
Net profit after tax, minority interest of share and profit and loss associates (9-10-11) |
294.001 |
197.397 |
669.390 |
|
13 |
Paid up Equity Share Capital (Face Value f. 10/- per
equity share) |
222.527 |
222.527 |
222.527 |
|
14 |
Reserves excluding Revaluation Reserve |
|
|
|
|
15 |
Earing per share (EPS) |
|
|
|
|
|
Basic and duiuted |
1.32 |
0.89 |
3.01 |
|
|
Face value of shares Rs. 1/- |
|
|
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
STANDALONE |
||
|
|
|
Quarter Ended |
Quarter Ended |
Current year |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
audited |
Unaudited |
audited |
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
60243613 |
60243613 |
60243613 |
|
|
- Percentage of Shareholding |
27.12 |
27.12 |
27.12 |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
14000000 |
14000000 |
14000000 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
8.65 |
8.65 |
8.65 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
6.30 |
6.30 |
6.30 |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of shares |
147929377 |
147929377 |
147929377 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
91.35 |
91.35 |
91.35 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
66.58 |
66.58 |
66.58 |
|
B |
INVESTOR COMPLAINTS |
Quter ended
31.03.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10482727 |
24/02/2014 |
3,177,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B98535396 |
|
2 |
10460839 |
31/10/2013 |
4,190,000.00 |
ICICI BANK LIMITED |
1A, AJC BOSE ROAD, KOLKATA, WEST BENGAL - 700020, |
B89783781 |
|
3 |
10456480 |
18/09/2013 |
797,500,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 44, PARK STREET, KOLKATA, |
B88122999 |
|
4 |
10416354 |
31/05/2013 * |
1,832,500,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE RO |
B77569390 |
|
5 |
10351057 |
15/03/2013 * |
3,951,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLK |
B72473986 |
|
6 |
10345176 |
10/03/2012 |
7,200,000.00 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
2ND FLOOR, CAMPUS 3B, RMZ MILLENIA BUSINESS PART, |
B36137545 |
|
7 |
10324084 |
01/12/2011 |
4,013,718.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B28199883 |
|
8 |
10320212 |
21/11/2011 |
624,000,000.00 |
DBS BANK LTD. |
KOLKATA BRANCH, 4A, NANDALAL BASU SARANI, KOLKATA |
B26343061 |
|
9 |
10308884 |
09/08/2012 * |
1,160,000,000.00 |
CORPORATION BANK |
LARGE CORPORATE LENDING BRANCH, 17, BRABOURNE ROA |
B57074338 |
|
10 |
10290798 |
11/04/2013 * |
100,000,000.00 |
UNION BANK OF INDIA |
CIVIL LINES, ROORKEE, UTTARAKHAND - 247667, INDIA |
B74409731 |
|
11 |
10202842 |
30/03/2012 * |
4,056,700,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOL |
B37958212 |
|
12 |
10195092 |
31/12/2009 |
9,150,000.00 |
TATA MOTORS FINANCE LIMITED |
C/O. TATA MOTORS LIMITED, 3RD FLOOR,, NANAVATI MA |
A76656115 |
|
13 |
10201967 |
31/12/2009 |
9,150,000.00 |
TATA MOTORS FINANCE LIMITED |
C/O. TATA MOTORS LIMITED, 3RD FLOOR,, NANAVATI MA |
A79277760 |
|
14 |
10189796 |
07/12/2009 |
9,150,000.00 |
TATA MOTORS FINANCE LIMITED |
C/O. TATA MOTORS LIMITED, 3RD FLOOR,, NANAVATI MA |
A75002071 |
|
15 |
10140682 |
25/03/2009 * |
250,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH KOLKATA, 24, PARK STREET, KOLKA |
A59978734 |
|
16 |
10147416 |
29/01/2009 |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
A56836927 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
·
Land and Site Development
·
Factory Building
·
Non-Factory Building
·
Storage Yard on Leasehold Property
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
Vehicles
Intangible Assets
· Computer Software
·
Trade
Mark
·
Patent
Rights
·
Goodwill
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.60.22 |
|
|
1 |
Rs.102.79 |
|
Euro |
1 |
Rs.81.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.