MIRA
INFORM REPORT
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED (w.e.f. 1993) |
|
|
|
|
Formerly Known
As : |
KRUPP INDUSTRIES
INDIA LIMITED |
|
|
|
|
Registered
Office : |
154C, Mittal
Tower, 15th Floor, 210, Nariman Point, Mumbai – 400 021, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
23.01.1947 |
|
|
|
|
Com. Reg. No.: |
11-005508 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.97.870 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1947PTC005508 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET03957C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK1947K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Sugar Machinery, Cement Machinery,
Material Handling Equipments etc. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20190000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile support by adequate
liquidity position and decent profitability 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.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in matters
where it decides to carry out detailed investigations. The number of complaints
received by the watchdog which keeps tabs on unfair trade practices in the
marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits AA |
|
Rating Explanation |
High degree of safety and lowest credit
risk. |
|
Date |
April 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. Gopal Prabhu |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-9822479741 |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
154 C, Mittal
Tower, 15th Floor, 210, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-27425461/22020064 |
|
Mobile No.: |
91-9822479741 (Mr. Gopal Prabhu) |
|
Fax No.: |
91-22-22044025/22026837 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4500 sq. ft |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory
2: |
Pimpri, Pune -
411018, Maharashtra, India |
|
Tel. No.: |
91-20-27425461 /
2 / 3 / 4 |
|
Fax No.: |
91-20-27425350 |
|
E Mail : |
|
|
|
|
|
Factory 3 : |
Cherlapally,
Hyderabad - 500051, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27263540 |
|
Fax No.: |
91-40-27263162 |
|
E-Mail : |
DIRECTORS
As on: 01.03.2013
|
Name : |
Shehata Ramsis Shehata |
|
Designation : |
Director |
|
Address : |
28, Strathaven Mews SW, |
|
Date of Birth/Age : |
06.05.1951 |
|
Date of Appointment : |
23.05.2003 |
|
DIN No.: |
00480010 |
|
|
|
|
Name : |
Mr. Dara Nadirshaw Damania |
|
Designation : |
Director |
|
Address : |
11, |
|
Date of Birth/Age : |
02.12.1936 |
|
Date of Appointment : |
01.01.1978 |
|
DIN No.: |
00403834 |
|
Election Commission Identity Card No: |
MT/42/250/486422 |
|
|
|
|
Name : |
Mr. Detlev Walter
Rose |
|
Designation : |
Director |
|
Address : |
Saarlandstrasse 6
Olelde, GermanyD-59302 |
|
Date of Birth/Age : |
23.05.1962 |
|
Date of Appointment : |
13.11.2007 |
|
DIN No.: |
01928197 |
|
|
|
|
Name : |
Mr. Vinod Jamnadas Mehta |
|
Designation : |
Director |
|
Address : |
20A Thakur Nivas, Co-Operative Housing Society, 173, |
|
Date of Birth/Age : |
11.04.1932 |
|
Date of Appointment : |
20.02.1990 |
|
Election Commission Identity Card No: |
MT/04/024/102891 |
|
|
|
|
Name : |
Mr. Premal Narendra Kapadia |
|
Designation : |
Director |
|
Address : |
Flat No. 6, Haveli, 19, L D Ruparel Marg, Mumbai-400006, |
|
Date of Birth/Age : |
05.06.1949 |
|
Date of Appointment : |
12.07.1999 |
|
DIN No. : |
00042090 |
|
Election Commission Identity Card No: |
MT/04/024/096081 |
|
|
|
|
Name : |
Mrs. Pallavi Arvind Parikh |
|
Designation : |
Director |
|
Address : |
333, |
|
Date of Birth/Age : |
19.12.1943 |
|
Date of Appointment : |
05.02.1999 |
|
DIN No. : |
00107779 |
|
|
|
|
Name : |
Mr. Vikram Mahendra Swarup |
|
Designation : |
Director |
|
Address : |
2 B, |
|
Date of Birth/Age : |
16.09.1948 |
|
Date of Appointment : |
19.12.2008 |
|
DIN No. : |
00163543 |
|
|
|
|
Name : |
Mr. Noshir Dosabhai Kamdin |
|
Designation : |
Director |
|
Address : |
C-4, |
|
Date of Birth/Age : |
06.06.1936 |
|
Date of Appointment : |
01.01.2011 |
|
DIN No. : |
00407835 |
|
Election Commission Identity Card No. : |
MH/42/250/489403 |
|
|
|
|
Name : |
Mr. Vijaykumar Bhanwarlal Kanthed |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 1, Ramkunj, ICS Colony, |
|
Date of Birth/Age : |
18.09.1946 |
|
Date of Appointment : |
09.03.2001 |
|
DIN No. : |
01144690 |
|
|
|
|
Name : |
Mr. Malaykumar Mahendrachandra Das |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 14, Sector – A, Vrundavan Co-operative Housing Society
Limited, Off |
|
Date of Birth/Age : |
04.12.1950 |
|
Date of Appointment : |
09.03.2001 |
|
00408084 |
|
|
|
|
|
Name : |
Dr. Michael Thiemann |
|
Designation : |
Alternate Director to Mr. Detlev Rose |
|
Address : |
Flat 409/410, Samudra Mahal Premises CHS Limited, |
|
Date of Birth/Age : |
25.08.1946 |
|
Date of Appointment : |
13.11.2007 |
|
DIN No. : |
00061988 |
|
|
|
|
Name : |
Mr. Sivasubramanian Natarajan |
|
Designation : |
Whole Time Director |
|
Address : |
Solitaira Apartments, Flat No.101, TPS 4 Raod No.6, Opposite Almeida Park,
Bandra (West), Mumbai -400050, Maharashtra |
|
Date of Birth/Age : |
09.07.1959 |
|
Date of Appointment : |
06.09.2011 |
|
DIN No. : |
03632901 |
KEY EXECUTIVES
|
Name : |
Mr. Khushroo Jal Dastoor |
|
Designation : |
Company Secretary |
|
Address : |
A 806, |
|
Date of Birth/Age : |
09.06.1955 |
|
Date of Appointment : |
02.03.1998 |
|
PAN No. : |
AARPD5292N |
|
Election Commission Identity Card No. : |
MT / 0042 / 0251 / 111484 |
|
|
|
|
Name : |
Mr. Pramod Thar |
|
Designation : |
Senior Manager in Finance |
|
|
|
|
Name : |
Mr. Gopal Prabhu |
|
Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 01.03.2013
NOTE: SHAREHOLDER DETAILS FILE ATTACHED
As on: 01.03.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
54.73 |
|
Bodies corporate |
37.35 |
|
Directors or relatives of Directors |
5.56 |
|
Other top fifty shareholders |
2.36 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar Machinery, Cement Machinery,
Material Handling Equipments etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
· South Africa · South East Asia · Gulf Country · Bangladesh · Malaysia · UAE · Germany |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
· Germany · China · Korea · Netherlands |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual Production |
|
Sugar mill machinery, specialised conveying equipment, cement plant machinery, dispersion and reaction machines (Supraton), mobile, semi-mobile, portable crushing and screening plants and crushers, screens and feeders, sponge iron plants, machinery and equipments |
12,000 tonnes per annum |
Available to meet licence conditions |
Parts for plants within installed capacity |
|
High speed semi-automatic, fully automatic and continuous centrifugal machines |
160 Nos. |
Available to meet licence conditions |
94 Nos. |
|
Closed system compost plant |
One or more plants upto 300 tonnes/day for Rs. 5.00 million annually within the existing capacity of sugar machinery and calciner plant. |
Available to meet licence conditions |
-- |
|
Steam tube calciner drier on maximum utilisation of plant and machinery |
Rs. 8.00 millions |
-- |
-- |
|
Breweries and malteries |
Rs. 10.00 million within the existing capacity of sugar machinery and calciner plant |
Available to meet licence conditions |
-- |
|
Bagasse drying machinery and equipments |
300 tonnes per annum within the existing capacity of sugar machinery |
Available to meet licence conditions |
-- |
|
FBC Boilers (Bubbling bed type and circofluid type) from 20 TPH to 200 TPH capacities for multi-fuel firing |
2500 M.T. per annum within the existing capacity of sugar machinery |
Available to meet licence conditions |
Parts for plants within installed capacity |
|
Fruit Juices Machinery, Alcohol Machinery and Alcoholic Beverages Machinery |
4000 M.T. per annum within the existing capacity of sugar machinery |
Available to meet licence conditions |
Parts for plants within installed capacity |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
1500 (Approximately) (In Office + In Factory) |
|
|
|
|
Bankers : |
·
Bank
of ·
Syndicate
Bank, 10, ·
Bank
of Tel No. : 91-20-27423904 ·
Central
Bank of ·
State
Bank of Tranvacore, 1248/A, ·
Union
Bank of ·
Bank
of Baroda, Jangli Maharaj Road, Opposite Modern High School, Shivajinagar,
Pune – 411004, Maharashtra, India ·
Syndicate
Bank, 1216/A, ·
Deutsche
Bank, Hazarimal Somani Marg, Fort Mumbai-400001, ·
Export
Import Bank of India, Center One Building, Floor – 21, World Trade Centre
Complex, Cuffe Paraade, Mumbai – 400005, ·
IDBI
Bank Limited ·
Hong
Kong and Shanghai Banking Corporation Limited ·
Bank
of ·
HDFC
Bank Limited ·
Commerz
Bank ·
ABN
Amro Bank N.V. ·
State
Bank of ·
ICICI
Bank Limited ·
Royal
Bank of |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
Address : |
|
|
PAN No. : |
AADFP9359C |
|
|
|
|
Ultimate Holding
Company : |
ThyssenKrupp AG |
|
|
|
|
Fellow
Subsidiary Company : |
Ø Polysius
(Shanghai) Company Limited, China Ø Thyssenkrupp
Bulktech (China) Limited, China Ø Thyssenkrupp
Fordertechnik GmbH, Germany Ø Polysius AG,
Germany Ø Thyssenkrupp
Elevators India Private Limited, India Ø BERCO
Undercarriages India Private Limited, India
Ø Thyssenkrupp
System Engineering India Private Limited, India Ø Thyssenkrupp
Engine Components India Private Limited, India Ø Thyssenkrupp
Electrical Steel India Private Limited, India |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
978650 |
Equity Shares |
Rs.100/- each |
Rs.97.870
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
97.870 |
97.870 |
|
(b) Reserves & Surplus |
|
4950.120 |
4236.650 |
|
(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) |
|
5047.990 |
4334.520 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
93.710 |
58.470 |
|
Total Non-current Liabilities (3) |
|
93.710 |
58.470 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
3263.730 |
3384.610 |
|
(c) Other current
liabilities |
|
5853.450 |
8233.390 |
|
(d) Short-term provisions |
|
723.110 |
1048.080 |
|
Total Current Liabilities (4) |
|
9840.290 |
12666.080 |
|
|
|
|
|
|
TOTAL |
|
14981.990 |
17059.070 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
784.230 |
752.090 |
|
(ii) Intangible Assets |
|
9.890 |
9.290 |
|
(iii) Capital
work-in-progress |
|
31.490 |
19.670 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.200 |
0.200 |
|
(c) Deferred tax assets (net) |
|
21.680 |
66.550 |
|
(d) Long-term Loan and Advances |
|
42.210 |
72.110 |
|
(e) Other Non-current assets |
|
0.000 |
90.120 |
|
Total Non-Current Assets |
|
889.700 |
1010.030 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2062.790 |
2816.530 |
|
(c) Trade receivables |
|
6892.610 |
6107.710 |
|
(d) Cash and cash
equivalents |
|
2619.470 |
4871.260 |
|
(e) Short-term loans and
advances |
|
1547.180 |
1552.890 |
|
(f) Other current assets |
|
970.240 |
700.650 |
|
Total Current Assets |
|
14092.290 |
16049.040 |
|
|
|
|
|
|
TOTAL |
|
14981.990 |
17059.070 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
97.870 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3462.670 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3560.540 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
377.120 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
377.120 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3937.660 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
602.490 |
|
|
Capital work-in-progress |
|
|
70.980 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.200 |
|
|
DEFERREX TAX ASSETS |
|
|
40.110 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2782.260 |
|
|
Sundry Debtors |
|
|
5461.430 |
|
|
Cash & Bank Balances |
|
|
4372.640 |
|
|
Other Current Assets |
|
|
777.670 |
|
|
Loans & Advances |
|
|
2134.450 |
|
Total
Current Assets |
|
|
15528.450 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3022.800 |
|
|
Other Current Liabilities |
|
|
8318.770 |
|
|
Provisions |
|
|
963.000 |
|
Total
Current Liabilities |
|
|
12304.570 |
|
|
Net Current Assets |
|
|
3223.880 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3937.660 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
14577.365 |
17468.268 |
10849.885 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
13176.235 |
15916.735 |
9766.001 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX AND EXCEPTIONAL ITEMS |
1401.130 |
1551.533 |
1083.884 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
0.000 |
(40.449) |
(40.452) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1401.130 |
1591.982 |
1124.336 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
448.807 |
505.212 |
353.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
952.323 |
1086.770 |
771.324 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
152.462 |
136.815 |
123.465 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
205.517 |
269.129 |
156.584 |
|
|
|
Tax on Dividend |
33.340 |
43.659 |
26.007 |
|
|
|
Transfer to General Reserve |
651.186 |
758.335 |
575.383 |
|
|
BALANCE CARRIED TO
THE B/S |
241.742 |
152.462 |
136.815 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
1671.984 |
927.288 |
|
|
|
Export Services |
|
65.504 |
82.337 |
|
|
TOTAL EARNINGS |
1393.499 |
1737.488 |
1009.625 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
385.468 |
782.591 |
|
|
|
Components |
|
408.421 |
201.192 |
|
|
|
Stores & Spares |
|
13.432 |
15.156 |
|
|
|
Capital Goods |
|
38.453 |
3.052 |
|
|
TOTAL IMPORTS |
NA
|
845.774 |
1001.991 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
973.05 |
1110.48 |
788.15 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT/ Total Income |
(%) |
6.53 |
6.22 |
7.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.38
|
9.37 |
6.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.37 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.27 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
97.870 |
97.870 |
|
Reserves & Surplus |
4236.650 |
4950.120 |
|
Net
worth |
4,334.520 |
5,047.990 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2010 |
30.09.2011 |
30.09.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
13176.235 |
15916.735 |
14577.365 |
|
|
|
20.799 |
(8.415) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2010 |
30.09.2011 |
30.09.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
13176.235 |
15916.735 |
14577.365 |
|
Profit |
771.324 |
1086.770 |
952.323 |
|
|
5.85% |
6.83% |
6.53% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current
Maturities of Long Term Debts is 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 |
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 |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External
Agency Rating, if available |
Yes |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80012972 |
17/01/2008 * |
11,000,000,000.00 |
BANK OF INDIA |
PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA |
A31960586 |
* Date of charge modification
REVIEW OF BUSINESS
ENVIRONMENT
YEAR 2011-12
The year 2011-12
was a year of continued challenges for economy and industry. Uncertainty
surrounded domestic business environment coupled with upheaval in global
economy. This seriously affected the investment climate in the country
resulting into lower business opportunities and increasing stiff competition.
The Company’s performance is to be reviewed in this context for the year
2011-12.
OUTLOOK FOR 2012-13
The prevailing economic
conditions are posing an immense challenge to sustain past growth rates in the
near term. However, after the Government announced measures to further open up
the insurance, retail, pension fund and aviation sectors for foreign direct
investment and took the politically sensitive decision of raising diesel prices
to control fiscal deficit the hope of revival o
economy brightened. This has buoyed market sentiments and greater
overseas capital inflow is expected. However, it will take some time for this
to translate into action and for new investment to take place. With this, the
Company expects the business sentiments to improve in the medium and long term.
Stagnation in power sector and intense competitive pressures in domestic and
international market will continue to pose challenges. Against such a back
drop, efforts are being made to transform the Company into one that can meet
tough challenges posed by increasing competition and exploit real opportunities
that lie ahead.
TURNOVER (SALES
AND OTHER INCOME) AND PROFIT
Turnover for the
year 2011-12 stands at Rs.14577.365 millions (previous year Rs.17468.268
millions) recording a decline of 16.55% over previous year. Profit before tax
and before exceptional item is Rs.1401.130 millions (previous year Rs.1551.533
millions) and profit before tax and after exceptional item is Rs.1401.130
millions (previous year Rs.1591.982 millions) and post tax profit at Rs.952.323
millions (previous year Rs.1086.770 millions) recording a decline of 9.69%,
11.99% and 12.37% respectively.
DIVISIONAL
PERFORMANCE
MATERIAL HANDLING
DIVISION
The past year was
a turbulent year for Indian infrastructure industry. A combination of issues
like slow GDP growth, policy paralysis and scams had crippling effect.
Investments have further slowed down due to issues like land acquisition,
environmental clearances, fuel linkage etc. This situation led to shrinkage of
business resulting into stiff competition.
The Power sector
is facing major fuel shortages and coal production has almost stagnated. The
Company with its innovative products such as semi / fully mobile crushing
plants, long distance conveyors / pipe conveyors has positioned itself
effectively in the mining industry.
The Company has
also introduced Tandem Wagon Tippler in Indian market to meet new guidelines of
the Research Designs and Standards Organisation, (RDSO) Ministry of Railways
and expects good demand for wagon tipplers and wagon shifters for power and
steel sectors as the same can help in increasing the productivity and reduce
the rake turnover time.
Many new projects
have been announced recently in the infrastructure sector requiring addition to
thermal power capacity, modernization of steel plants, enhancement of the
country’s port handling and mining capacity. In view of such developments
Company expects good business prospects for Material Handling Division with key
focus on technologically advanced products and systems.
Highlights of the major orders received during the
year:
TATA Steel Limited
for
Design, Engineering, Procurement, Manufacture, Supply, Erection, Testing and
Commissioning of 2 Nos. of C – type Single Rotary Wagon Tipplers and 2 Nos. C –
type Rotary Tandem Wagon Tipplers for 3 MTPA Steel Plant in Kalinganagar,
Odisha, at a value of Rs.990 Millions. The Twin Rotary Wagon Tipplers are first
of its kind in India and there will be good demand for this type of Wagon
Tippler.
Alstom Power
Systems S.A., France, for Design, Engineering, Supply of Machinery and
Equipment for Coal Handling Plant including 2 Nos. Stacker cum Reclaimer for 1
x 1000 MW Power Plant, Line 4, at Tanjung Bin, Malaysia for a price of
US$.43.699 Millions.
Alstom Services
Sdn. Bhd., Malaysia, for Erection, Testing and Commissioning services in
Malaysia for Coal Handling Plant including 2 Nos. Stacker cum Reclaimer for 1 x
1000 MW Power Plant, Line 4, at Tanjung Bin, Malaysia, for a price of Malaysian
Ringgit 28.032 millions.
The following important projects are in various
stages of implementation:
Coastal Energen Private
Limited - Coal Handling System for 2 X 600 MW Thermal Power Plant, Tuticorin,
Tamil Nadu.
Coastal Gujarat
Power Limited - Internal Coal Handling Package for 5 x 800 MW Mundra Ultra Mega Power
Project.
Damodar Valley
Corporation - Coal Handling Plant package for 2 x 500 MW Durgapur Steel Plant at
Andal, Bardhman, West Bengal.
Uttar Pradesh
Rajya Vidyut Nigam Limited - Coal Handling Plant package for 2 x 250 MW
Harduaganj Thermal Power Station.
Uttar Pradesh
Rajya Vidyut Nigam Limited - 2 Nos. Wagon Tippler Complex with associated
facilities for Anpara TPS, Stage D.
Hindalco
Industries Limited – Coal Handling Plant for captive Power Plant (6 x
150 MW) at Lapanga.
Boiler and Power
Plant Division Boiler and Captive Power Plant business was severely affected because of
delay in fuel linkage, financing, environment clearance and land
acquisition issues. This led to fewer projects in market against severe
competition.
Highlights of the major orders received during the
year:
Gulf Cement
Company, Ras Al Khaimah, UAE – for Waste Heat Recovery Plant of 33 MWe for their
existing Dry Process Cement Plant, comprising of 4000 TPD and 7200 TPD at Ras
Al Khaimah, UAE for a price of US $.48.680 millions.
Bhushan Power and
Steel Limited – for 1 x 340 TPH CFBC Boiler for their existing plant at Tehasil Rengali,
District Sambalpur, Odisha, for a price of Rs.850 millions.
The following important projects are in various
stages of implementation:
Hindalco
Industries Limited - supply of 2 x 165 TPH CFBC Steam Generators for
their Unit # 5 at Hirakud, Sambalpur, Odisha.
Concast Steel and
Power Limited - supply of 1×180 TPH CFBC Steam Generator for 40 MW CPP and 8 x 10 TPH
and 2 x 35 TPH Waste Heat Recovery Steam Generators for 30 MW CPP at
Jharsuguda, Odisha.
Anrak Aluminum
Limited - supply, erection and commissioning of the 3 x 315 TPH (MCR) Cold Cyclone
Type CFBC Steam Boiler and 74.6 MW Steam Turbine Generator for co-generation
power plant at Visakhapatnam District, Andhra Pradesh.
Meghalaya Power Limited
– supply,
erection and commissioning of 2 × 90 TPH Steam Generators for their 1 × 43 MW
Power Plant at Lumshnong, Meghalaya.
Action Ispat and
Power (P) Limited - supply, erection and commissioning of 2 x 185 TPH
CFBC boilers for their Captive Power Plant at Jharsuguda, Odisha.
Gupta Energy
Private Limited - supply, erection and commissioning of 2 x 250 TPH (MCR) Cold Cyclone
Type CFBC Boilers with auxiliaries for their Power Project at Village Usegaon,
Taluka Ghougus, District Chandrapur, Maharashtra.
The India Cements
Limited - supply of machinery and equipment for a 48 MW Thermal Power Plant on EPC
basis at Sankarnagar, District Tirunelveli, Tamil Nadu.
Bhushan Power and
Steel Limited - supply, erection and commissioning of 1 x 390 TPH CFBC Boiler along with
ESP for their Captive Power Plant at Tehsil Rengali, District Sambalpur,
Odisha.
Facor Power
Limited - supply, erection and commissioning of 3 x 155 TPH (MCR) Cold Cyclone
Type CFBC Boilers with auxiliaries for their Captive Power Plant at District
Bhadrak, Odisha.
Bhushan Steel
Limited - supply, erection and commissioning of 3 x 275 TPH CFBC Boilers for their
Power Plant at Meramandali, Odisha.
Monnet Ispat and
Energy Limited – supply of 1 x 336 TPH CFBC Boiler with ESP for their 1 X 80 MW Captive
Power Plant at Naharpalli, near Raigarh, Chattisgarh.
Ultratech Cement
Limited - Unit II – supply, erection and commissioning of 2 x 115 TPH
CFBC Boilers for Captive Power Plant for their Cement Plant at Andhra Pradesh
Cement Works at Tadipatri, Andhra Pradesh.
Polysius Cement
Machinery Division Cement industry put up a good performance during
the financial year 2011-12 due to the robust demand revival in the
second half of the year and recorded a growth of 6.4% which is likely to go up
in coming years.
With leading
cement manufacturing companies planning substantial investment to augment the
capacity and new players entering the cement business, such developments
provide good opportunity for the Division.
Introduction of
Vertical Roller Mill “Quadropol” in Indian market for grinding circuits was
undertaken. Highlights of the major orders received during the year:
J.K. Cement -
order worth Rs.747.400 millions for supply of Crusher, Raw and Clinker grinding
at Mangrol and Clinker Grinding plus packing plant at Jhajjar.
Ambuja Cement - a
HOLCIM group Company placed the order valuing Rs. 259.442 millions for up
gradation of the Grinding Unit at Sankrail. Export orders for spares from
Holcim, Bangladesh and Mombasa Cement, Kenya.
The following important projects are in various
stages of implementation:
·
Ambuja Cement Limited:
·
Supply of Polytrack Cooler at Darlaghat
·
Up gradation of the Grinding Unit at Sankrail.
Trumboo Cement:
·
Second Raw Circuit Mill
·
35TPH Clinker Grinding Unit
·
Siddhi Vinayak Cement Private Limited (formerly
Nirma Cement) - Supply of 4100 TPD
·
Clinkerisation Unit at Village Nimbol, Taluka
Jaitaran, District Pali, Rajasthan.
Birla Corporation Limited:
i.
Machinery and Equipment for 315 TPH up gradation of
Clinker Grinding Unit – I at Chanderia.
ii.
Machinery and Equipment for 325 TPH up gradation of
Clinker Grinding Unit – II at Chanderia.
iii.
Machinery and Equipment for 330 TPH up gradation of
Clinker Grinding Unit – I at Satna.
·
Vicat Sagar Cement - Supply of Raw and Clinker
Grinding System for 6000 TPD Cement Plant at Chattrasala, Karnataka.
Madras Cement Limited-
i.
Machinery and Equipment for Clinker Grinding in
Combi Circuit at Ariyalur.
ii.
Machinery and Equipment for up gradation of Clinker
Grinding Unit at Salem.
iii.
Machinery and Equipment for up gradation of Clinker
Grinding Unit at R. R. Nagar.
·
Wonder Cement Limited - Supply of 6500 TPD Cement
Plant at Rajasthan.
·
Reliance Cementation Limited - Machinery and
Equipment for Raw Grinding and Pyro Processing Unit for 10000 TPD Cement Plant
at Maihar, Madhya Pradesh
·
Mangalam Cement Limited – Machinery and Equipment
for Clinker Grinding Unit at Kota, Rajasthan.
JK Cement:
·
Fujairah: Machinery and Equipment for Raw Grinding
Section.
·
Jhajjar: Machinery and Equipment for Clinker
Grinding Unit.
·
Mangrol: Machinery and Equipment for 4500 TPD Raw
Grinding and Clinker Grinding Section
·
Goldstone Cement Limited - Machinery and Equipment
for 1800 TPD Cement Plant in Meghalaya.
Overseas projects:
·
Mombasa, Kenya – Silo and Kiln feed system.
·
Tororo, Uganda – Machinery and Equipment for
Clinker grinding unit.
·
Bashundhara Industrial Complex Limited, Bangladesh
– Machinery and Equipment for 3000 TPD Clinker Grinding Unit at Madanganj,
Bangladesh.
Fresh Cement Limited, Bangladesh:
i.
Supply of Clinker Grinding Unit Phase I,
Bangladesh.
ii.
Supply of Clinker Grinding Unit Phase II, addition
of Polycom, Bangladesh.
·
S and S Cimentos LDA, Mozambique, Maputo: Machinery
and Equipment for 35TPH Clinker Grinding Unit.
Sugar Machinery
Division
Sugar industry
continued to be cyclical in spite of India being the second largest producer of
sugar in the world. The industry is partly regulated and sugar prices depend
upon Government policies on export and import of sugar, ethanol blending
programme etc. Co-generation business depends upon the tariffs for power sold
to grid.
The policies of
the Government are not clear and consistent. The industry is operating amidst
such constraints leading to few new projects and limitation for expansion of
capacity and modernization leading to severe competition.
Company is well
placed in the business area of centrifugal machines and is also actively
participating in overseas markets.
Highlights of the major orders received during the
year:
·
Kranti Sahakari Sakhar Karkhana Limited - Carriers
and PFE – Rs. 22.800 Millions.
·
Lokmangal Sugar Ethanol and Co-generation
Industries Limited - Pan, Crystallizer, Juice Heater – Rs. 23.500 Millions.
·
Chhatrapati Shahu Sahakari Sakhar Karkhana Limited
- FFE – 3500 m 2 – Rs. 23.800 Millions.
·
Indian Cane Power Limited - 2 x GRPF (42” x 84”)
and Mill House Equipment – Rs. 54.830 Millions.
·
Indian Cane Power Limited - 2 x GRPF
(42” x 84”) and Mill House Equipment – Rs. 54.830 Millions.
·
Orders for various Batch Type and
Continuous Centrifugal Machines at a total price of Rs.263.913 Millions.
The following important projects are in
various stages of implementation:
·
Kranti Sahakari Sakhar Karkhana Limited – Supply of
Boiler Automation and BH Equipment.
·
Lokmangal Mauli Industries Limited – Supply of
Milling Plant and Boiling House Machinery for 5000 TCD Sugar Plant.
·
Indian Cane Power Limited – Supply of 2 nos. 42” x
84” GRPF.
·
Indian Cane Power Limited – Supply of 1 no. 2
Roller Mill 50” x 100” with GRPF.
·
Chhatrapati Shahu Sahakari Sakhar Karkhana Limited
– Co-Generation Boiler 67 TPH.
FIXED ASSETS
œ
Buildings
œ
Plant and Equipment
œ
Factory Equipments
œ
Furniture and Fixtures
œ
Vehicles
œ
Office Equipment
CMT REPORT (Corruption, Money Laundering and 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 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.60.70 |
|
|
1 |
Rs.100.97 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.