|
Report No. : |
316844 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
D. NAVINCHANDRA GEMS BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 2-Bus 136 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.02.1998 |
|
|
|
|
Com. Reg. No.: |
462600126 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Belgium |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank
|
Source
: CIA |
Business number 462600126
Company name D. NAVINCHANDRA GEMS
BVBA
Address HOVENIERSSTRAAT 2-BUS
136
2018 ANTWERPEN
Number of staff 0
Date of establishment 02/02/1998
Telephone number 032332427
Fax number 032251132
|
The business was established over 16 years ago. |
|
The business has 0 employees. |
|
The business has been at the address for over 5
years. |
|
Operating Result in the latest trading period
increased 88% on the previous trading period. |
|
Pre-tax profits increased by 25% compared to the
previous trading period. |
|
The business saw an increase in their Cash Balance
of 15710% during the latest trading period. |
|
Turnover in the latest trading period increased 28%
on the previous trading period. |
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2013 |
50,595,096 |
78,750 |
1,782,400 |
5,980,566 |
|
31/12/2012 |
39,282,329 |
62,991 |
1,709,580 |
4,571,912 |
|
31/12/2011 |
43,235,521 |
87,152 |
1,646,589 |
4,552,150 |
Accounts
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
14,522,402 |
0 |
1,615,178 |
93,141 |
|
31/12/2012 |
12,241,308 |
0 |
1,615,178 |
82,637 |
|
31/12/2011 |
12,946,206 |
0 |
1,615,178 |
101,861 |
Past payments Payment
expectation days 18.48
Industry average payment
expectation days 124.45
Industry
average day sales
outstanding 141.74
Day sales outstanding 79.15
Business number 462600126
Company name D. NAVINCHANDRA GEMS
BVBA
Fax number 032251132
Date founded 02/02/1998
Company status active
Company type Private Limited
Company
Currency Euro
(€)
Date of latest accounts 31/12/2013
Activity code 46761
Liable for VAT yes
Activity description Wholesale of diamonds
and other precious stones
VAT Number BE.0462.600.126
Check VAT number
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324.02
Description JSC
small merchandisers in the diamant industry and trade
category
Event Date 24/02/2011
Event Description
Event Details Aanpassing
& Coördinatie statuten.
Event Date 25/06/2010
Event Description
Event Details De
438 nieuwe aandelen worden toegekend aan Mihir Mehta (219 nieuwe aandelen) en
vennootschap naar het recht van de
Republiek Singapore D.N. Gems Pte Ltd (219 nieuwe
aandelen).
Event Date 24/02/2011
Event Description
Event Details Aanpassing &
Coördinatie statuten.
Event Date 25/06/2010
Event Description
Event Details De
438 nieuwe aandelen worden toegekend aan Mihir Mehta (219 nieuwe aandelen) en
vennootschap naar het recht van de
Republiek Singapore D.N. Gems Pte Ltd (219 nieuwe
aandelen).
Event Date 24/02/2011
Event Description
Event Details Aanpassing &
Coördinatie statuten.
Event Date 25/06/2010
Event Description
Event Details De
438 nieuwe aandelen worden toegekend aan Mihir Mehta (219 nieuwe aandelen) en
vennootschap naar het recht van de
Republiek Singapore D.N. Gems Pte Ltd (219 nieuwe
aandelen).
Annual accounts 31-12-2013 % 31-12-2012 % 31-12-2011
% 31-12-2010 % 31-12-2009
Weeks 52
52 52 52 52
Currency EUR EUR
EUR EUR EUR
Total fixed assets 415,000 -4.13 432,870 -3.78 449,853 337 102,788 51293 200
|
|
|||||||||
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
|||||||||
|
Tangible fixed assets |
414,200 |
-4.14 |
432,070 |
-3.78 |
449,053 |
340 |
101,988 |
- |
- |
|
Land & building |
339,758 |
-2.08 |
346,979 |
-2.04 |
354,201 |
- |
- |
- |
- |
|
Plant & machinery |
69,981 |
-13.14 |
80,566 |
-10.66 |
90,178 |
-8.80 |
98,878 |
- |
- |
|
Furniture & Vehicles |
4,461 |
-1.40 |
4,525 |
-3.19 |
4,674 |
50.29 |
3,110 |
- |
- |
|
Leasing & Other Similar
Rights - - - - - - - - - |
|||||||||
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
|||||||||
|
Financial fixed assets |
800 |
0 |
800 |
0 |
800 |
0 |
800 |
300 |
200 |
|
|
|||||||||
|
Total current assets |
14,107,402 |
19.47 |
11,808,438 |
-5.50 |
12,496,353 |
29.47 |
9,651,648 |
56.75 |
6,157,490 |
|
Inventories |
2,570,991 |
-41.55 |
4,398,563 |
113 |
2,060,717 |
59.89 |
1,288,825 |
31.47 |
980,300 |
|
Raw materials &
consumables |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Finished goods |
2,570,991 |
-41.55 |
4,398,563 |
113 |
2,060,717 |
59.89 |
1,288,825 |
31.47 |
980,300 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
10,970,945 13,428 |
|
|
|
|
22.38 39.57 |
8,176,713
6,617 |
67.92 128 |
|
|
Trade debtors |
48.42 113 |
7,391,838 |
-26.13 |
10,006,997 |
4,869,553 |
||||
|
Other amounts receivable |
6,296 |
-31.83 |
9,235 |
2,898 |
|||||
|
|
|||||||||
|
Cash |
543,895 |
15710 |
3,440 |
-99 |
406,290 |
143 |
166,771 |
-43.98 |
297,676 |
|
|
|||||||||
|
Miscellaneous current assets |
8,144 |
-1.89 |
8,301 |
-36.70 |
13,114 |
3.08 |
12,722 |
80.12 |
7,063 |
|
|
|||||||||
|
Total Assets |
14,522,402 |
18.63 |
12,241,308 |
-5.44 |
12,946,206 |
32.72 |
9,754,436 |
58.41 |
6,157,690 |
Total shareholders equity 1,782,400 4.26 1,709,580 3.83 1,646,589 5.59 1,559,437 460 278,420
|
Issued share capital |
1,615,178 |
0 |
1,615,178 |
0 |
1,615,178 |
0.00 |
1,615,178 |
308 |
395,666 |
|
Share premium account |
- |
- |
- |
- |
- |
- |
- |
- |
— |
|
Revaluation reserve |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|||||||||
|
Reserves |
167,222 |
77.14 |
94,402 |
200 |
31,411 |
56.35 |
-55,741 |
47.54 |
-117,245 |
|
Provisions for Liabilities
& Charges |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
|||||||||
|
Deffered taxes |
|
|
|
|
|
|
|
j |
— |
|
Creditors |
12,740,002 |
20.97 |
10,531,727 |
-6.80 |
11,299,616 |
37.88 |
8,194,998 |
39.39 |
5,879,270 |
|
Other long term loans |
4,373,166 |
43.14 |
3,055,202 |
-1.93 |
3,115,413 |
1198 |
240,000 |
0 |
240,000 |
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Other long term liabilities |
240,000 |
0 |
240,000 |
0 |
240,000 |
-35.86 |
374,195 |
- |
0 |
|
Total long term debts |
4,613,166 |
40.00 |
3,295,202 |
-1.79 |
3,355,413 |
446 |
614,195 |
155 |
240,000 |
|
|
|||||||||
|
Current portion of long term
debt |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Financial debts |
4,342,281 |
102 |
2,140,002 |
-12.69 |
2,451,033 |
-52.29 |
5,137,147 |
744 |
608,166 |
|
Trade creditors |
2,543,435 |
-34.04 |
3,855,780 |
-8.40 |
4,209,459 |
285 |
1,092,094 |
-72.11 |
3,915,084 |
|
Amounts Payable for Taxes,
Remuneration & Social Security |
19,296 |
51.59 |
12,729 |
27.90 |
9,953 |
4.91 |
9,487 |
364 |
2,044 |
|
|
|||||||||
|
Miscellaneous current
liabilities |
1,221,825 |
-0.50 |
1,228,014 |
-3.59 |
1,273,759 |
-5.09 |
1,342,075 |
20.48 |
1,113,975 |
|
Total current liabilities |
8,126,836 |
12.30 |
7,236,526 |
-8.91 |
7,944,203 |
4.79 |
7,580,803 |
34.43 |
5,639,270 |
|
Total Liabilities |
14,522,402 18.63 |
12,241,308 -5.44 |
12,946,206 32.72 |
9,754,436 |
58.41 |
6,157,690 |
|||
|
TRADING PERFORMANCE |
|||||||||
|
Profit Before Tax |
0.16 |
0 |
0.16 |
-20.0 |
0.20 |
11.11 |
0.18 |
-14.29 |
0.21 |
|
|
|||||||||
|
Return on capital employed |
1.23 |
-2.38 |
1.26 |
-27.59 |
1.74 |
-38.52 |
2.83 |
-49.46 |
5.60 |
|
|
|||||||||
|
Return on total assets employed |
0.54 |
5.88 |
0.51 |
-23.88 |
0.67 |
6.35 |
0.63 |
34.04 |
0.47 |
|
|
|||||||||
|
Return on net assets employed |
4.42 |
20.11 |
3.68 |
-30.43 |
5.29 |
34.26 |
3.94 |
-62.22 |
10.43 |
|
Sales / net working capital |
8.46 |
-1.51 |
8.59 |
-9.58 |
9.50 |
-41.07 |
16.12 |
-40.52 |
27.10 |
|
|
|||||||||
|
Stock turnover ratio |
5.08 |
-54.64 |
11.20 |
134 |
4.77 |
23.58 |
3.86 |
-44.70 |
6.98 |
|
|
|||||||||
|
Creditor days |
18.48 |
-48.67 |
36.00 |
0.61 |
35.78 |
197 |
12.03 |
-88.23 |
102.20 |
|
Debtor days |
79.15 |
15.24 |
68.68 |
-18.70 |
84.48 |
-5.49 |
89.39 |
-29.38 |
126.57 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Current ratio |
1.74 |
6.75 |
1.63 |
3.82 |
1.57 |
23.62 |
1.27 |
16.51 |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity ratio / acid ratio |
1.42 |
39.22 |
1.02 |
-22.14 |
1.31 |
19.09 |
1.10 |
19.57 |
0.92 |
|
|
|||||||||
|
Current debt ratio |
4.56 |
7.80 |
4.23 |
-12.24 |
4.82 |
-0.82 |
4.86 |
-76.00 |
20.25 |
|
|
|||||||||
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cashflow |
93,141 |
12.71 |
82,637 |
-18.87 |
101,861 |
57.99 |
64,471 |
121 |
29,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Net worth |
1,782,400 |
4.26 |
1,709,580 |
3.83 |
1,646,589 |
5.59 |
1,559,437 |
460 |
278,420 |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Gearing |
488.97 |
60.90 |
303.89 |
-10.11 |
338.06 |
-1.96 |
344.81 |
13.19 |
304.64 |
|
|
|||||||||
|
Equity in percentage |
12.27 |
-12.17 |
13.97 |
9.83 |
12.72 |
-20.45 |
15.99 |
253 |
4.52 |
|
|
|||||||||
|
Total debt ratio |
7.15 |
16.07 |
6.16 |
-10.20 |
6.86 |
30.42 |
5.26 |
-75.09 |
21.12 |
|
|
|||||||||
|
Working capital |
5,980,566 |
30.81 |
4,571,912 |
0.43 |
4,552,150 |
119 |
2,070,845 |
299 |
518,220 |
|
Profit & loss |
|
|
|
|
|
|
|
|
|
|
Operating Income |
50,596,415 |
28.80 |
39,283,693 |
-9.14 |
43,237,073 |
29.51 |
33,386,348 |
137 |
14,042,782 |
|
Turnover |
50,595,096 |
28.80 |
39,282,329 |
-9.14 |
43,235,521 |
29.50 |
33,386,214 |
137 |
14,042,782 |
|
Total operating expenses |
50,240,984 |
28.51 |
39,094,515 |
-8.96 |
42,940,009 |
29.62 |
33,126,911 |
136 |
13,982,862 |
|
Gross Operating Margin - - - - - - - - - |
|||||||||
|
|
|||||||||
|
Operating Charges |
50,242,302 |
28.51 |
39,095,879 |
-8.96 |
42,941,561 |
29.63 |
33,127,045 |
136 |
13,982,862 |
|
Employee costs |
28,595 |
5.92 |
26,995 |
9.30 |
24,700 |
19.19 |
20,722 |
135 |
8,814 |
|
Wages and salary |
20,545 |
1.71 |
20,201 |
9.75 |
18,406 |
15.15 |
15,985 |
131 |
6,896 |
|
Employee pension costs - - - - - - - - - |
|||||||||
|
Social security contributions |
4,253 |
0.06 |
4,251 |
9.31 |
3,889 |
27.75 |
3,044 |
84.51 |
1,650 |
|
Other employee costs |
3,796 |
49.21 |
2,544 |
5.81 |
2,404 |
41.98 |
1,693 |
531 |
268 |
|
Director remuneration |
55,800 |
0 |
55,800 |
50.0 |
37,200 |
- |
- |
- |
- |
|
Amortization and depreciation |
20,322 |
3.44 |
19,646 |
33.57 |
14,709 |
395 |
2,966 |
- |
- |
|
Operating result |
354,112 |
88.54 |
187,814 |
-36.44 |
295,512 |
13.96 |
259,303 |
332 |
59,920 |
|
Total financial income |
29,726 |
6.97 |
27,789 |
15191 |
182 |
67207 |
0 |
-97.74 |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Total financial expenses |
305,089 |
99 |
152,612 |
-26.82 |
208,542 |
5.43 |
197,799 |
540 |
30,879 |
|
|
|
|
|
|
|
|
|
|
|
|
Results on ordinary
operations before taxation |
78,750 |
25.02 |
62,991 |
-27.72 |
87,152 |
41.70 |
61,505 |
111 |
29,053 |
|
|
|||||||||
|
Extraordinary Income |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|||||||||
|
Extraordinary Charges |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|||||||||
|
Extraordinary items |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
|
|||||||||
|
Results for the Year Before Taxation |
78,750 |
25.02 |
62,991 |
-27.72 |
87,152 |
41.70 |
61,505 |
111 |
29,053 |
|
|
|||||||||
|
Other appropriations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|||||||||
|
Taxation |
5,930 |
- |
- |
- |
- |
- |
- |
- |
- |
|
Results on ordinary
operations after taxation |
72,820 |
15.60 |
62,991 |
-27.72 |
87,152 |
41.70 |
61,505 |
111 |
29,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Net result |
72,820 |
15.60 |
62,991 |
-27.72 |
87,152 |
41.70 |
61,505 |
111 |
29,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss) for the Year to
be appropiated |
72,820 |
15.60 |
62,991 |
-27.72 |
87,152 |
41.70 |
61,505 |
111 |
29,053 |
|
|
|||||||||
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Social Balance Sheet |
Total |
|
|
|
During the reporting year ended
31-12-2013 |
|||
|
Full-time Employees |
- |
|
|
|
Part-time Employees |
1 |
|
|
|
Total Fte Employees |
1 |
|
|
|
|
|||
|
Number of hours worked |
|||
|
Full-time Employees |
- |
|
|
|
Part-time Employees |
1,165 |
|
|
|
Total |
1,165 |
|
|
|
|
|||
|
Personnel Charges |
|||
|
Full-time Employees |
- |
|
|
|
Part-time Employees |
28,595 |
|
|
|
Total |
28,595 |
|
|
|
Benefits In Addition To Wages |
- |
|
|
|
|
|||
|
During the previous reporting year |
|||
|
Average number employees in Fte |
1 |
|
|
|
Actual working hours |
1,180 |
|
|
|
Personnel Charges |
26,995 |
|
|
|
Benefits In Addition To Wages |
- |
|
|
|
|
|
|
|
|
|
|||
|
Type of Contract Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited Duration -Contracts |
1 |
1 |
|
|
Limited Duration Contracts - |
- |
- |
|
|
Contracts For Specific Work - |
- |
- |
|
|
Contracts Regarding -Substitution |
- |
- |
|
|
|
|
|
|
|
|
|||
|
Gender and Education Level |
|
|
|
|
Men Full-Time |
Part-Time |
Total Fte |
|
|
Primary education - |
- |
- |
|
|
Secondairy education - |
- |
- |
|
|
Higher education (non -university) |
- |
- |
|
|
Higher education -(university) |
- |
- |
|
|
Women Full-Time |
Part-Time |
Total Fte |
|
|
Primary education - |
1 |
1 |
|
|
Secondairy education - |
- |
- |
|
|
Higher education (non -university) |
- |
- |
|
|
Higher education -(university) |
- |
- |
|
|
Payment expectation days |
18.48 |
|
Day sales outstanding |
79.15 |
|
Industry comparison |
|
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and other precious stones |
|
Industry average payment expectation days |
124.45 |
|
Industry average day sales outstanding |
141.74 |
Payment expectations
Company result 18.48
Lower 122.66
Median 75.69
Upper 46.98
Company result 79.15
Lower 102.58
Median 54.52
Upper 24.07
Group Structure
No group structure for this company.
Minority Interests
No minority interests found
Individual
Shareholders
Forename Mihir
Middle name -
Surname Mehta
SHAREHOLDER
DETAILS
Start date 16/07/2010(estimated)
End date –
Summons
there is no data for this company
Protested Bills
there is no data for this company
Bankruptcy and other legal
events
there is no data for this company
Current director details
Name RUSHIN HARESH CHOKSI
Position Principal Manager
Start Date 01/09/2011
Street 102 BELGIËLEI ANTWERPEN
Post code 2018
Country Belgium
Name MANOJ
KUMAR RASIKLAL MEHTA
Position Principal Manager
Start Date 15/04/2009
Street 70 JACHTLAAN EDEGEM
Post code 2650
Country Belgium
Name MIHIR DILIPKUMAR MEHTA
Position Principal Manager
Start Date 28/05/2010
Country India
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.