MIRA INFORM REPORT
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Report No. : |
342574 |
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Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
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Name : |
TETRAD INTERNATIONALCO., LTD. |
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Formerly Known As : |
TETRAD [THAILAND] CO., LTD.] |
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Registered Office : |
199 MOO 1, Bangwa Industrial Estate [Hi-Tech], K.M. 59-60, Asia-Nakornsawan Highway, T. Banlane, A. Bangpa-in, Ayuthaya 13160 |
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Country : |
Thailand |
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Financials (as on) : |
30.04.2015 |
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Date of Incorporation : |
24.02.2000 |
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Com. Reg. No.: |
0135543000773 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged
in manufacturing, exporting
and distributing various
designs of furniture, e.g. leather
sofas, fabric sofas,
leather chairs, fabric
chairs, stools, sofa
covers, printed leather
and fabric products
and other accessories, under
its own brand
“TETRAD”. |
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|
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No. of Employee : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai baht has remained stable.
|
Source
: CIA |
Company
name and address
TETRAD INTERNATIONALCO., LTD.
[FORMER : TETRAD [THAILAND]
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 199
MOO 1, BANGWA INDUSTRIAL ESTATE [HI-TECH], K.M.
59-60, ASIA-NAKORNSAWAN HIGHWAY,
T. BANLANE,
A. BANGPA-IN,
AYUTHAYA 13160,
THAILAND
TELEPHONE : [66] 35
729-460-8, 081 947-7336
FAX :
[66] 35
729-459
E-MAIL
ADDRESS : sales@tetradinternational.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0135543000773
TAX
ID NO. : 3030052728
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : BRITISH
: 97.00%
THAI
: 3.00%
FISCAL YEAR CLOSING DATE : APRIL
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANTONY PAUL
GILL, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 350
LINES
OF BUSINESS : FURNITURE PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 24, 2000
as a private
limited company under
the registered name “Tetrad [Thailand]
Co., Ltd.”, by
Thai and British
groups, with the
business objective to
manufacture various designs
of furniture for
both domestic and
international markets. On
August 20, 2009,
its name was
changed to TETRAD
INTERNATIONAL CO., LTD.
It currently employs
approximately 350 staff.
The
subject’s registered address
is 199 Moo 1, Bangwa
Industrial Estate [Hi-Tech], K.M.
59-60, Asia-Nakornsawan Highway,
T. Banlane, A. Bangpa-in, Ayuthaya
13160, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Robert Gerald Cooper |
|
British |
76 |
|
Ms. Sanicha Kochaseni |
|
Thai |
54 |
|
Mr. Antony Paul Gill |
|
British |
53 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Antony Paul Gill
is the Managing
Director.
He is British
nationality with the
age of 53 years
old.
Ms. Sanicha Kotchasenee is
the Administration Manager.
She is Thai nationality with
the age of 54 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, exporting and
distributing various designs
of furniture, e.g. leather
sofas, fabric sofas,
leather chairs, fabric
chairs, stools, sofa
covers, printed leather
and fabric products
and other accessories,
under its own
brand “TETRAD”.
PRODUCTION
CAPACITY
Sofa Set : 37,200 sets
per annum
Sofa Covers : 40,500 pieces
per annum
Sofa Accessories : 12,000 pieces
per annum
PURCHASE
Raw materials and
components are purchased
from suppliers both
domestic and overseas
in United Kingdom, Republic of
China, India and
Hong Kong.
SALES
60% of the
products is exported
to United Kingdom, U.S.A.. Hong Kong, Singapore, Japan,
India, Malaysia, Indonesia,
Korea, Australia, Italy
and Germany, the remaining
40% is
sold locally by retail
through the subject’s
showroom.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There are no
legal suits filed
against the subject
according to the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
350 staff.
LOCATION
DETAILS
The premise
is owned for administrative office
and factory at the
heading address. Premise is
located in industrial
area.
Showroom
:
Room
101, 1st Floor,
Crystal Design Center,
Building F, 1448
Soi Ladprao 87,
Ladprao
Road, Klongchan, Bangkapi,
Bangkok 10240. Tel.
[66] 2102-2578.
COMMENT
The
subject is a
manufacturer, exporter and
distributor of furniture
and related products
including printed leather
and fabric. Through operational
excellence and customer focus, the subject
delivers quality products
that meet with customers’ demand. Sales
were moderate in
the previous years,
as well as
expanding steadily.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 2,000,000
on May 24,
2000
Bht. 4,000,000
on November 30,
2000
Bht. 10,000,000
on March 12,
2003
Bht. 30,000,000
on December 3,
2009
Bht. 50,000,000
on January 14,
2014
The
latest registered capital
was increased to
Bht. 50 million, divided
into 500,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at August 10,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Robert Gerard Cooper Nationality: British Address : England
|
467,000 |
93.40 |
|
Mr. Antony Paul Gill Nationality: British Address : 120/184
Sukhumvit 101/1 Road,
Bangna,
Bangkok |
15,000 |
3.00 |
|
Ms. Sanicha Kotchasenee Nationality: Thai Address : 145/26
Moo 1, T. Banklang, A. Muang, Pathumthani |
15,000 |
3.00 |
|
Mrs. Catherine Kings and Mr.
Peter Halpin Nationality: British Address : England
|
3,000 |
0.60 |
Total Shareholders : 4
Share Structure [as
at August 10,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
15,000 |
3.00 |
|
Foreign-British |
3 |
485,000 |
97.00 |
|
Total |
4 |
500,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Ajchara Boonnakorn No. 8647
BALANCE
SHEET [BAHT]
The
latest financial figures
published for April
30, 2015, 2014 & 2013 were:
ASSETS
|
Current Assets |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
74,542 |
236,155 |
327,305 |
|
Trade Account Receivable - Related company |
4,848,718 |
3,252,439 |
- |
|
Trade Account Receivable -
Other Company |
28,527,745 |
27,604,738 |
26,419,151 |
|
Other Receivable - Related company
|
1,683 |
19,143 |
- |
|
Inventories |
55,002,926 |
43,848,589 |
50,833,805 |
|
Prepaid Expenses |
1,128,951 |
1,333,586 |
1,249,051 |
|
Short-term Loan - Related company
|
768,002 |
1,000,000 |
- |
|
Other Current Assets
|
6,309,897 |
4,990,538 |
1,605,567 |
|
|
|
|
|
|
Total Current Assets
|
96,662,464 |
82,285,188 |
80,434,879 |
|
|
|
|
|
|
Fixed Assets |
158,154,903 |
167,488,115 |
174,900,063 |
|
Total Assets |
254,817,367 |
249,773,303 |
255,334,942 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
99,753,641 |
104,804,539 |
110,060,629 |
|
Trade Account Payable - Other
company |
25,120,284 |
11,355,783 |
14,660,420 |
|
Other Payable - Other company |
- |
- |
5,939,202 |
|
Current Portion of Hire-purchase Payable |
570,472 |
558,176 |
137,243 |
|
Current Portion of Long-term
Loan |
7,140,134 |
7,068,217 |
6,762,698 |
|
Accrued Expenses |
5,457,931 |
3,835,372 |
4,332,206 |
|
Short-term Loan from Director |
48,967,912 |
49,967,912 |
- |
|
Other Payable - Director |
1,348,636 |
608,722 |
- |
|
Advance Paid |
- |
- |
59,742,825 |
|
Other Current Liabilities |
1,206,445 |
3,880,326 |
1,336,976 |
|
|
|
|
|
|
Total Current Liabilities |
189,565,455 |
182,079,047 |
202,972,199 |
|
Hire-purchase Payable |
805,360 |
1,374,323 |
- |
|
Long-term Loan from Financial Institutions |
10,590,637 |
17,666,241 |
15,468,122 |
|
Reserve for Employee
Benefits |
5,408,089 |
5,826,835 |
1,102,674 |
|
Total Liabilities |
206,369,541 |
206,946,446 |
219,542,995 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized and
issued share capital 500,000 shares
in 2015 & 2014, 300,000 shares
in 2013 |
50,000,000 |
50,000,000 |
30,000,000 |
|
|
|
|
|
|
Capital Paid |
50,000,000 |
50,000,000 |
30,000,000 |
|
Retained Earning |
|
|
|
|
Appropriated - statutory reserve |
1,000,000 |
1,000,000 |
1,000,000 |
|
Unappropriated [Deficit] |
[2,552,174] |
[8,173,143] |
4,791,947 |
|
Total Shareholders' Equity |
48,447,826 |
42,826,857 |
35,791,947 |
|
Total Liabilities &
Shareholders' Equity |
254,817,367 |
249,773,303 |
255,334,942 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Sales |
270,941,748 |
211,780,717 |
237,619,798 |
|
Other Income |
805,117 |
2,152,594 |
3,917,644 |
|
Total Revenues |
271,746,865 |
213,933,311 |
241,537,442 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
222,593,701 |
189,913,804 |
228,648,745 |
|
Selling Expenses |
13,238,560 |
12,112,316 |
13,315,898 |
|
Administrative Expenses |
22,810,502 |
17,011,638 |
16,793,110 |
|
Total Expenses |
258,642,763 |
219,037,758 |
258,757,753 |
|
|
|
|
|
|
Profit / Loss] before Financial Cost |
13,104,102 |
[5,104,447] |
[17,220,311] |
|
Financial Cost |
[7,483,133] |
[7,860,643] |
[7,818,807] |
|
Net Profit / [Loss] |
5,620,969 |
[12,965,090] |
[25,039,118] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2015 |
2014 |
2013 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.51 |
0.45 |
0.40 |
|
QUICK RATIO |
TIMES |
0.18 |
0.17 |
0.13 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.71 |
1.26 |
1.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.06 |
0.85 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
90.19 |
84.27 |
81.15 |
|
INVENTORY TURNOVER |
TIMES |
4.05 |
4.33 |
4.50 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.43 |
47.58 |
40.58 |
|
RECEIVABLES TURNOVER |
TIMES |
9.50 |
7.67 |
8.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.19 |
21.82 |
23.40 |
|
CASH CONVERSION CYCLE |
DAYS |
87.43 |
110.02 |
98.33 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.16 |
89.67 |
96.22 |
|
SELLING & ADMINISTRATION |
% |
13.31 |
13.75 |
12.67 |
|
INTEREST |
% |
2.76 |
3.71 |
3.29 |
|
GROSS PROFIT MARGIN |
% |
18.14 |
11.34 |
5.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.84 |
(2.41) |
(7.25) |
|
NET PROFIT MARGIN |
% |
2.07 |
(6.12) |
(10.54) |
|
RETURN ON EQUITY |
% |
11.60 |
(30.27) |
(69.96) |
|
RETURN ON ASSET |
% |
2.21 |
(5.19) |
(9.81) |
|
EARNING PER SHARE |
BAHT |
11.24 |
(25.93) |
(83.46) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.83 |
0.86 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.26 |
4.83 |
6.13 |
|
TIME INTEREST EARNED |
TIMES |
1.75 |
(0.65) |
(2.20) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
27.94 |
(10.87) |
|
|
OPERATING PROFIT |
% |
(356.72) |
(70.36) |
|
|
NET PROFIT |
% |
143.35 |
48.22 |
|
|
FIXED ASSETS |
% |
(5.57) |
(4.24) |
|
|
TOTAL ASSETS |
% |
2.02 |
(2.18) |
|
ANNUA
GROWTH : SATISFACTORY
An annual sales growth is 27.94%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
18.14 |
Impressive |
Industrial Average |
1.39 |
|
Net Profit Margin |
2.07 |
Satisfactory |
Industrial Average |
2.60 |
|
Return on Assets |
2.21 |
Acceptable |
Industrial Average |
3.00 |
|
Return on Equity |
11.60 |
Satisfactory |
Industrial Average |
12.16 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 18.14%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.07%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the
company's figure is 2.21%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 11.6%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.51 |
Risky |
Industrial
Average |
1.26 |
|
Quick Ratio |
0.18 |
|
|
|
|
Cash Conversion Cycle |
87.43 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 0.51 times in 2015, increased from 0.45 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.18 times in 2015,
increased from 0.17 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 88 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
4.26 |
Risky |
Industrial
Average |
2.94 |
|
Times Interest Earned |
1.75 |
Impressive |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.76 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.81 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.71 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.06 |
Satisfactory |
Industrial
Average |
1.16 |
|
Inventory Conversion Period |
90.19 |
|
|
|
|
Inventory Turnover |
4.05 |
Impressive |
Industrial
Average |
2.46 |
|
Receivables Conversion Period |
38.43 |
|
|
|
|
Receivables Turnover |
9.50 |
Impressive |
Industrial
Average |
6.12 |
|
Payables Conversion Period |
41.19 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.50 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 84 days at the
end of 2014 to 90 days at the end of 2015. This represents a negative trend.
And Inventory turnover has decreased from 4.33 times in year 2014 to 4.05 times
in year 2015.
The company's Total Asset Turnover is calculated as 1.06 times and 0.85
times in 2015 and 2014 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.