MIRA INFORM REPORT

 

 

Report No. :

342244

Report Date :

24.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SPECTRALAB INSTRUMENTS PRIVATE LIMITED

 

 

Registered Office :

Plot No.W-446, Tetavali Village, TTC Industrial Area, Rabale MIDC, Navi Mumbai – 400 701, Maharashtra

Tel. No.:

91-22-27644030/34

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

07.04.1988

 

 

Com. Reg. No.:

11-046920

 

 

Capital Investment / Paid-up Capital :

Rs.2.000 Million

 

 

IEC No.:

0308019865

 

 

CIN No.:

[Company Identification No.]

U99999MH1988PTC046920

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNES23347C

 

 

PAN No.:

[Permanent Account No.]

AAACE9965H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Supplier of cod digestion apparatus, cod analysis system, thermoreactor, multipara meter monitoring instrument, pollution monitoring instruments and pollution control equipments.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1988 having satisfactory track.

 

Profit of the company has continuously declined over years. However, networth position of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings.

 

Further, the rating also takes into consideration company long track record of business operation.

 

Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct.

 

In view of long track record and acceptable financial base, the company can be considered normal for 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Madhuri

Designation :

Marketing Executive

Contact No.:

91-22-27644030

Date :

21.09.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.W-446, Tetavali Village, TTC Industrial Area, Rabale MIDC, Navi Mumbai – 400701, Maharashtra, India

Tel. No.:

91-22-27644030/34

Mobile No.:

91-9820523041 (Mr. Sanjay)

Fax No.:

91-22-27644035

E-Mail :

vishwas@spectralabinst.com

works@spectrlabinst.com

admin@spectralab.blz

Website :

http://www.spectralabinst.com

Area :

2000 Sq. ft.

Location :

Owned

 

 

Branch :

Delhi, Dehradun, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Vishwas Udhaorao Kulkarni

Designation :

Director

Address :

301, Heera Mahal, Near Vandana Talkies, Thane (West), Thane – 400 602, Maharashtra, India

Date of Birth/Age :

05.07.1946

Qualification :

B.E

Date of Appointment :

07.04.1988

DIN No.:

01361089

 

 

Name :

Mrs. Vrinda Vishwas Kulkarni

Designation :

Director

Address :

301, Heera Mahal, Near Vandana Talkies, Thane (West), Thane – 400 602, Maharashtra, India

Date of Birth/Age :

03.11.1953

Qualification :

B.Com

Date of Appointment :

07.04.1988

DIN No.:

01381174

 

 

KEY EXECUTIVES

 

Name :

Ms. Madhuri

Designation :

Marketing Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Vishwas Udhaorao Kulkarni

10734

53.67

Vrinda Vishwas Kulkarni

9136

45.68

Gopinath Kolhapure

130

0.65

Total

20000

100.00

 

 

 

As on 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Supplier of cod digestion apparatus, cod analysis system, thermoreactor, multipara meter monitoring instrument, pollution monitoring instruments and pollution control equipments.

 

 

Products :
  • Titrator
  • Environmental Pollution Monitoring Instruments
  • PH, Conductivity, DO Meter
  • Stirrers
  • Shakers
  • Precision Water bath/Water Bath Shaker
  • Ultrasonic Baths
  • Minicooling system
  • DFR test
  • Digitl Stop Watch

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Analytical Instruments

Countries :
  • Nepal
  • USA

 

 

Imports :

 

Products :

Raw Material

Countries :
  • USA

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

  • Amol Pharmaceuticals Private Limited
  • Advance Surfactants

 

Government Establishment

 

  • State and Central Pollution Control Boards
  • Textiles Committee

 

Atomic Energy Establishment

 

  • Heavy Water Projects
  • Bhabha Atomic Research Centre

 

Testing Laboratories

 

  • Aba Laboratories
  • SGS India Limited

 

Fertilizers and Chemicals

 

  • Rashtriya Chemicals and Fertilizers and Limited

 

National Laboratories and Institutes

 

  • National Chemical Laboratory
  • Institute of Physics

 

Public Sector

 

  • Bharat Heavy Electricals Limited
  • Oil and Natural Gas Corporation of India Limited

 

Multinational

 

  • BASF India Limited
  • RPG life Sciences Limited

 

Educational Institutes

 

  • Gujarat State Fertilizer Company Limited
  • Hindustan Petroleum Corporation Limited

 

Others

 

  • Aarti Drugs Limited
  • Indofil

 

 

Customers :

Wholesalers and Retailers

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

  • Bharat Scientific Industries
  • Blud Dart Express Limited
  • Bright Engineers

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Bank Name

The Saraswat Co-Operative Bank Limited

Branch

Prabhat Bhavan, Block B, 1st Floor, 96, L.B.S. Marg, Opposite Cipla, Vikroli (West), Mumbai – 400 083, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • The Saraswat Co-Operative Bank Limited, K-8, Ansa Industrial Estate, Ground Floor, Sakinaka, Mumbai – 400 072, Maharashtra, India
  • Bank of Maharashtra
  • ICICI Bank Limited

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Secured Deposits S Ramesh

0.000

0.018

Term Loan From Bank

 

 

Saraswat Bank – Term Loan 196 Against Machinery

0.789

1.100

Saraswat Bank – Term Loan 182 Against Premises

6.468

8.490

 

 

 

Short-term borrowings

 

 

Loans Repayable on Demand From Bank

 

 

Saraswat Bank SME 1214 against stock and debtors

7.760

4.845

Saraswat Bank Term Loan 198  against machinery

0.324

0.324

Saraswat Bank Term Loan 162 for premises against building

2.124

2.124

 

 

 

Total

17.465

16.901

 

Auditors :

 

Name :

Bhise and Associates

Chartered Accountants

Address :

C-156, Amar Gian, Opposite S.T. Workshop, Thane – 400 601, Maharashtra, India

Tel. No.:

91-22-25470418

Fax No.:

91-22-25477276

PAN N Income-tax PAN of auditor or auditor's firm :

AARPB0648Q

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20000

Equity Shares

Rs.100/- each

Rs.2.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20000

Equity Shares

Rs.100/- each

Rs.2.000 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2.000

2.000

2.000

(b) Reserves & Surplus

9.939

8.858

7.025

(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)

11.939

10.858

9.025

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

12.939

14.464

17.309

(b) Deferred tax liabilities (Net)

0.000

0.000

0.227

(c) Other long term liabilities

0.194

0.368

0.642

(d) long-term provisions

0.371

0.677

1.112

Total Non-current Liabilities (3)

13.504

15.509

19.290

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

10.208

7.293

6.385

(b) Trade payables

5.240

4.437

4.943

(c) Other current liabilities

3.303

2.683

3.665

(d) Short-term provisions

2.772

1.354

1.400

Total Current Liabilities (4)

21.523

15.767

16.393

 

 

 

 

TOTAL

46.966

42.134

44.708

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

20.591

23.099

25.015

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.362

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.025

0.034

0.034

(c) Deferred tax assets (net)

0.261

0.029

0.000

(d)  Long-term Loan and Advances

1.246

1.561

2.246

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

22.123

24.723

27.657

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

8.617

5.866

5.746

(c) Trade receivables

14.931

10.374

10.200

(d) Cash and cash equivalents

0.989

1.125

1.098

(e) Short-term loans and advances

0.081

0.020

0.001

(f) Other current assets

0.225

0.026

0.006

Total Current Assets

24.843

17.411

17.051

 

 

 

 

TOTAL

46.966

42.134

44.708

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

Total Income

 48.882

46.415 

39.366 

 

 

 

 

 

 

Profit /Loss for the year

0.891

1.945

2.852

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.94

2.00

2.63

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

1.10

1.04

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2.000

2.000

2.000

Reserves & Surplus

7.025

8.858

9.939

Net worth

9.025

10.858

11.939

long-term borrowings

17.309

14.464

12.939

Short term borrowings

6.385

7.293

10.208

Total borrowings

23.694

21.757

23.147

Debt/Equity ratio

2.625

2.004

1.939

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

39.366

46.415

48.882

 

 

17.906

5.315

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

39.366

46.415

48.882

Profit

2.852

1.945

0.891

 

7.24%

4.19%

1.82%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Vishwas U Kulkarni

5.623

4.802

Vrunda V Kulkarni

0.059

0.054

 

 

 

Total

5.682

4.856

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10530096

16-10-14

1,251,000.00

The Saraswat Co-operative Bank Limited

RASEC Department, 303, Ishan Arcade, 3rd floor,,Opp.Gaondevi Temple Naupada,Gokhale Road, Thane (West) , Thane, Maharashtra - 400602, INDIA

C32899924

2

10496738

13-05-14

2,000,000.00

The Saraswat Co-operative Bank Limited

Small and Medium Enterprises Branch,, Prabhat Bhavan,Block B, 96 LBS Marg, Vikhroli (West), Mumbai, Maharashtra - 400083, INDIA

C05206545

3

10366524

18-06-12

600,000.00

The Saraswat Co-operative Bank Limited

K-8 ANSA INDUSTRIAL ESTATE,, GROUND FIOOR,SAKINAKA, MUMBAI, Maharashtra - 400072, INDIA

B44175172

4

10343055

24-02-12

500,000.00

The Saraswat Cooperative Bank Limited

Prabhat Bhavan, Block B, 1st floor, 96.L.B.S. Marg, Opp. Cipla, Vikhroli (W), Mumbai, Maharashtra -

400083, INDIA

B35406701

5

10343059

24-02-12

21,700,000.00

The Saraswat Cooperative Bank Limited

Prabhat Bhavan, Block B, 1st floor, 96.L.B.S. Marg, Opp. Cipla, Vikhroli (W), Mumbai, Maharashtra -

400083, INDIA

B35409283

6

10337166

17-01-12

1,305,000.00

Saraswat Co-Operative Bank Limited

Prabhat Bhavan, Block B, 1st Floor,, 96, L.B.S Marg, Opp. Cipla, Vikhroli (W), Mumbai, Maharashtra - 400083, INDIA

B32795783

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Building
  • Freehold Building
  • Leasehold Building
  • Plant and Equipment
  • Freehold Plant and Equipments
  • Leasehold Plant and Equipments
  • Furniture and Fixture
  • Freehold Furniture and Fixture
  • Leasehold Furniture and Fixture
  • Land
  • Freehold Land
  • Leasehold Land
  • Office Equipments
  • Freehold Office Equipments
  • Leasehold Office Equipments

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.65.96

UK Pound

1

Rs.101.19

Euro

1

Rs.73.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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

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NB

                                       New Business

 

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