MIRA INFORM REPORT

Report No. :	325793
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	LONG DAI FORESTRY AND INDUSTRY CO LTD
Registered Office :	Tieu Khu 10 Dong Son Ward, Dong Hoi, Quang Binh
Country :	Vietnam
Financials (as on) :	December, 2013
Date of Incorporation :	12.07.2010
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturer of Plywood, Timber & Wood Products.
No. of Employees :	960

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 :	No Complaints
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Vietnam	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

VIETNAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries . Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises account for about 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value has remained relatively stable since then. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	LONG DAI FORESTRY AND INDUSTRY CO LTD ^(1)
Address	:	Tieu Khu 10 Dong Son Ward, Dong Hoi, Quang Binh
Country	:	Vietnam
Phone (S)	:	[+84] 52-3826024
Facsimile	:	[+84] 52-3826028
Email	:	longdai@vnn.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Plywood, Timber & Wood Products

Key Facts

Registered Legal Address

:

Tieu Khu 10 Dong Son Ward, Dong Hoi, Quang Binh

Operational Address

:

Tieu Khu 10 Dong Son Ward, Dong Hoi, Quang Binh

Trading Name

:

FILOCO
LONG DAI INDUSTRIAL FOREST CO

Name History

:

Business Entity Name	Effective Date
LONG DAI FORESTRY AND INDUSTRY CO	13 Aug, 1996
LONG DAI FORESTRY AND INDUSTRY CO LTD	12 Jul, 2010

Issuing Authority

:

Dept. of Planning & Invetsment - Quang Binh

License Number

:

3100113556

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

12 Jul, 2010

Employees

:

960

Capital

:

US$ 6,570,142

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
13 Aug, 1996	110792

Note

:

⁽¹⁾ Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

Report Details

Country	:	Vietnam
Business Entity Name	:	LONG DAI FORESTRY AND INDUSTRY CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Plywood, Timber & Wood Products
Office Contact Details
Operating Address	:	Tieu Khu 10 Dong Son Ward, Dong Hoi, Quang Binh
Tel	:	[+84] 52-3826024
	:	[+84] 52-3826026
Fax	:	[+84] 52-3826028
Email	:	longdai@vnn.vn jico@vnn.vn filoco@vnn.vn
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	3100113556
Date of Issuance	:	16 Oct, 1998

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Phan Dinh Linh
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Tran Quang Dam	Vietnamese	Deputy Managing Director	-
2	Mr. Nguyen Ngoc Son	Vietnamese	Deputy Managing Director	-
3	Mr. Pham Van Trang	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI02156200
Name	:	Mr. Tran Quang Dam
Date of Birth	:	1964

Management Details - 2

Personal Unique Identifier	:	MI01858193
Name	:	Mr. Nguyen Ngoc Son
Date of Birth	:	1953

Management Details - 3

Personal Unique Identifier	:	MI02940304
Name	:	Mr. Pham Van Trang
Date of Birth	:	1956

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI02886332
Name	:	Mr. Phan Dinh Linh
Date of Birth	:	1959
Identification Number(s)
National ID No	:	194127945

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing LONG DAI FORESTRY AND INDUSTRY CO LTD's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital	:	₫ 136,906,000,000
Paid-up Capital	:	₫ 109,807,000,000

Date	Authorized Capital - History
13 Aug, 1996	9,300,000,000
2010	65,463,000,000
21 Feb, 2012	136,906,000,000

Date	Paid-up Capital - History
13 Aug, 1996	9,300,000,000
2010	65,463,000,000
Dec, 2010	69,821,000,000
Dec, 2011	91,409,000,000
Dec, 2012	109,807,000,000

SHAREHOLDERS

Total number of shareholders	:	1
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	PEOPLE'S COMMITTEE OF QUANG BINH PROVINCE	Vietnam	n/a	109,807,000,000	100.00
Total			n/a	109,807,000,000	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	60%
International Sales (Export)	40%

Annual Purchases Analysis	Percentage
Local Purchases	100%
Imports	0%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~90 days
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~90 days

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	PEOPLE'S COMMITTEE OF QUANG BINH PROVINCE
Global Identifier	:	P1866000
Country	:	Vietnam

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	14,210	11,900,144	-12,879,405
2012 Annual	17,510,634	13,977,467	603,131
2013 Annual (*)	14,007,290	11,301,261	301,497

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2010 Annual	7,425,603	7,204,874	392,663

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	87,733,000,000	50,166,000,000	77,363,000,000
Non Current Assets(*)	160,147,000,000	240,910,000,000	160,959,000,000
Non Current Liabilities(*)	4,862,000,000	4,516,000,000	-
Share Capital(*)	91,409,000,000	109,807,000,000	113,299,000,000
Other long term assets
Total Assets(*)	247,880,000,000	291,076,000,000	238,322,000,000
Total Liabilities(*)	143,946,000,000	167,456,000,000	109,247,000,000
Current Liabilities(*)	139,084,000,000	162,940,000,000	-
Long term liabilities
Shareholders Funds(*)	103,934,000,000	123,620,000,000	129,075,000,000
Current assets & short term investments	87,733,000,000	50,166,000,000	77,363,000,000
Cash & cash equivalents	13,633,000,000	12,828,000,000	7,370,000,000
Cash	13,633,000,000	12,828,000,000	7,370,000,000
Short term investments	10,290,000,000	-	-
Short term securities investments	10,290,000,000	-	-
Accounts receivable	32,297,000,000	23,065,000,000	26,342,000,000
Accounts receivable trade	35,916,000,000	20,263,000,000	7,049,000,000
Trade prepayment	1,185,000,000	-	2,605,000,000
Inter company receivables	-	865,000,000	-
Others receivables	3,311,000,000	10,046,000,000	19,952,000,000
Provision for bad debts	(8,115,000,000)	(8,109,000,000)	(3,264,000,000)
i. Inventories	27,928,000,000	13,492,000,000	8,935,000,000
ii. Inventories	36,033,000,000	16,983,000,000	10,268,000,000
Provision for decline in inventory	(8,105,000,000)	(3,491,000,000)	(1,333,000,000)
i. Other short term asset	3,585,000,000	781,000,000	34,716,000,000
Prepaid expenses	23,000,000	127,000,000	9,000,000
VAT deductible	2,721,000,000	-	-
ii. Other short term asset	841,000,000	654,000,000	34,707,000,000
Long term assets	160,147,000,000	240,910,000,000	160,959,000,000
Accounts of long term receivable	71,541,000,000	98,936,000,000	-
Inter - company capital	71,541,000,000	98,936,000,000	-
Fixed assets	80,983,000,000	134,122,000,000	152,920,000,000
Tangible fixed assets	18,582,000,000	24,904,000,000	21,650,000,000
i. Cost	51,221,000,000	60,335,000,000	57,404,000,000
i. Accumulated depreciation	32,639,000,000	35,431,000,000	35,754,000,000
Intangible fixed assets	-	35,000,000	23,000,000
ii. Cost	-	47,000,000	47,000,000
ii. Accumulated depreciation	-	12,000,000	24,000,000
Construction in progress	62,401,000,000	109,183,000,000	131,247,000,000
Long term investments	6,220,000,000	6,220,000,000	6,220,000,000
Invest to subsidiary company	2,195,000,000	2,195,000,000	2,195,000,000
Invest to joint venture company	3,940,000,000	3,940,000,000	3,940,000,000
Other long term investments	85,000,000	85,000,000	85,000,000
Other long term assets	1,403,000,000	1,632,000,000	1,819,000,000
Long term prepayments	1,403,000,000	1,632,000,000	1,819,000,000
Total Assets	247,880,000,000	291,076,000,000	238,322,000,000
i. Liabilities	143,946,000,000	167,456,000,000	109,247,000,000
Current liabilities	139,084,000,000	162,940,000,000	109,247,000,000
Short term borrowings	3,748,000,000	9,000,000,000	16,559,000,000
Accounts payables - trade	38,831,000,000	23,236,000,000	13,874,000,000
Advances from customers	112,000,000	-	9,415,000,000
Taxes and payable to state budget	1,603,000,000	2,979,000,000	3,583,000,000
Payable to employees	8,408,000,000	7,522,000,000	8,266,000,000
Inter company payable	71,541,000,000	99,553,000,000	-
Other payables	12,942,000,000	18,657,000,000	51,082,000,000
Provision for short term payable	-	1,993,000,000	-
i. Bonus and welfare funds	1,899,000,000	-	6,468,000,000
Long term liabilities	4,862,000,000	4,516,000,000	-
Provision funds for unemployment	4,862,000,000	4,516,000,000	-
i. Owner's equity	103,934,000,000	123,620,000,000	129,075,000,000
ii. Owner's equity	101,757,000,000	121,444,000,000	126,899,000,000
Business capital	91,409,000,000	109,807,000,000	113,299,000,000
Foreign exchange differences	144,000,000	1,000,000	-
Business development funds	936,000,000	1,114,000,000	3,033,000,000
Financial reserved funds	5,575,000,000	6,832,000,000	6,874,000,000
Retained earnings	3,693,000,000	-	3,000,000
Capital investment sources	-	3,690,000,000	3,690,000,000
Budget sources	2,177,000,000	2,176,000,000	2,176,000,000
Source from subsidies of State	2,177,000,000	-	-
Source from subsidies of state paid for fixed assets	-	2,176,000,000	2,176,000,000
Total Resources	247,880,000,000	291,076,000,000	238,322,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	296,000,000	364,653,000,000	295,387,000,000
Profit (Loss) Before Tax(*)	(266,182,000,000)	14,637,000,000	7,931,000,000
Profit After Tax attributable to Shareholders(*)	(268,278,000,000)	12,560,000,000	6,358,000,000
Gross sales	296,000,000	364,653,000,000	295,387,000,000
Net income	296,000,000	364,653,000,000	295,387,000,000
Cost of goods sold	268,051,000,000	324,220,000,000	262,992,000,000
Gross margin	(267,755,000,000)	40,433,000,000	32,395,000,000
Income from financial activities	7,194,000,000	3,649,000,000	2,235,000,000
Expenses from financial activities	79,000,000	73,000,000	-
In which: Interest expenses	4,000,000	3,000,000	-
Selling expenses	8,467,000,000	12,773,000,000	8,432,000,000
General & administration expenses	22,047,000,000	16,009,000,000	22,611,000,000
Net income from operating activities	(291,154,000,000)	15,227,000,000	3,587,000,000
Extraordinary income	46,082,000,000	19,134,000,000	15,987,000,000
Extraordinary expenses	21,110,000,000	19,724,000,000	11,643,000,000
Extraordinary gains	24,972,000,000	(590,000,000)	4,344,000,000
Net profit before tax	(266,182,000,000)	14,637,000,000	7,931,000,000
Income tax	2,096,000,000	2,077,000,000	1,573,000,000
Net profit after tax	(268,278,000,000)	12,560,000,000	6,358,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	(99.80)	123,093.58	(19.00)
Profitability
Profit Margin (%)	(90,634.46)	3.44	2.15
Return on Equity (%)	(258.12)	10.16	4.93
Return on Assets (%)	(108.23)	4.32	2.67
Leverage
Total Debt Equity (Times)	1.38	1.35	0.85
Current Debt Equity (Times)	1.34	1.32	-
Long Term Debt to Equity	0.05	0.04	-
Total Asset To Total Equity	2.38	2.35	1.85
Asset Management
Total Assets Turnover (Times)	0.00	1.25	1.24
Fixed Assets Turnover (Times)	0.00	1.51	1.84
Liquidity
Current Ratio	0.63	0.31	-

Based on the corporate laws of Vietnam, legal entities which are a Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000046 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Colophony	Manufacturing, Exporting
Forestry products	Manufacturing, Exporting
Pine oil	Manufacturing, Exporting
Pine resins	Manufacturing, Exporting
Timber	Manufacturing, Exporting

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2010	n/a	2,970,241	2,970,241
2011	n/a	5,684	5,684
2012	n/a	7,004,254	7,004,254

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical preparations, nspf	2899	Manufacturing, Exporting
Chemicals and Allied Products	2800	Manufacturing, Exporting
Forestry Svcs	0851	Service
Forestry products, nspf	0831	Manufacturing, Exporting
Wood products, nspf	2499	Manufacturing, Exporting
Wood products, preserved or treated	2491	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agric, construction, trans, electric/ gas/ sanitary, eng & mgmt & envir.quality	9800	Service
Articles of wood	4421	Manufacturing, Exporting
Miscellaneous chemical products	3800	Manufacturing, Exporting
Pine oil	3805200000	Manufacturing, Exporting
Turpentine etc; crude dipentene; pine oil etc	3805	Manufacturing, Exporting
Wood & articles of wood; wood charcoal	4400	Exporting, Manufacturing

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Turpentine	Primary	Manufacturing, Exporting
Turpentine oil	Primary	Manufacturing, Exporting
Woods	Primary	Manufacturing, Exporting
Afforestations	Secondary	Service
Forestry	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of LONG DAI FORESTRY AND INDUSTRY CO LTD is Manufacturing - Finished products.

Key products include :

Pine oil

Pine resins

Timber

Turpentine

Turpentine oil

Woods

Colophony

Forestry products

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, LONG DAI FORESTRY AND INDUSTRY CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, QUANG BINH
SWIFT Code	:	BFTVVNVX
Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	VIETNAM BANK FOR AGRICULTURE
SWIFT Code	:	VBAAVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	LONG DAI FORESTRY AND INDUSTRY CO LTD - LE THUY, QUANG BINH
Branch Address	:	Phu Hoa Commune, Le Thuy, Quang Binh
Branch	:	LONG DAI FORESTRY AND INDUSTRY CO LTD - QUANG NINH, QUANG BINH
Branch Address	:	Quang Ninh, Quang Binh

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Exporting
India	Medium	Exporting
Pakistan	Medium	Exporting
Philippines	Medium	Exporting
Russia	Medium	Exporting
Spain	Medium	Exporting
Thailand	Medium	Exporting

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	LONG DAI FORESTRY AND INDUSTRY CO LTD - DONG HOI, QUANG BINH
Primary Use	:	Office & Administration facilities
Address	:	Tieu Khu 10 Dong Son Ward, Dong Hoi, Quang Binh
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2010 - Jul	Changed its legal form from Government-owned Enterprise to Private Limited Liability Company.

NOTES & COMMENTS

NA

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.15
UK Pound	1	Rs.100.04
Euro	1	Rs.72.27

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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

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