Home' Trinidad and Tobago Guardian : December 31st 2014 Contents Wednesday, December 31, 2014 www.guardian.co.tt Guardian
30 September 2014
Statement Of Cash Flows
(Expressed in Trinidad and Tobago Dollars)
Cash Flows From Operating Activities
Net profit after tax
Adjustments to reconcile net profit to net cash
provided by operating activities
27 (13,427,168) (6,912,225)
Net cash provided by operating activities
Cash Flows From Investing Activities
Acquisition of property, plant and equipment
Proceeds from disposal of property, plant and
Proceeds from disposal of associates
Purchases of investment securities
Sales/maturities of investment securities
Net cash used in investing activities
Cash Flows From Financing Activities
Proceeds from issue of Ordinary Shares
Net cash provided by financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash And Cash Equivalents At End Of Period
Cash in hand and balances at Central Bank
Due from other banks
Reverse repurchase agreements
The notes set out on pages 8 to 45 are an integral part of these financial
Notes To The Financial Statements
30 September 2014
(Expressed in Trinidad and Tobago Dollars)
1. Incorporation And Business Activities
NCB Global Finance Limited (formerly AIC Finance Limited) (the "Company")
was incorporated in the Republic of Trinidad and Tobago on 5 November
1982, and commenced operations in January 1983. Effective 11 August
1993, the Company was licensed under the Financial Institutions Act 1993
as a financial institution.
On 13 December 2013 NCB Capital Markets Limited (the "Parent") acquired
100% of the Shareholding of AIC Finance Limited from AIC Financial Group
Limited (AICFG). NCB Capital Markets Limited is a 100% owned subsidiary
of National Commercial Bank Jamaica("the Bank") which is incorporated
in Jamaica and is a 46.8% (2013 -- 50.48%) subsidiary of AIC (Barbados)
Limited.The ultimate parent company is Portland Holdings Inc.,incorporated
in Canada and controlled by Hon.Michael A.Lee-Chin,OJ,Chairman of the
The Bank is listed on the Jamaica Stock Exchange and the Trinidad and
Tobago Stock Exchange.
As part of the sale agreement, AIC Finance Limited transferred its 43%
shareholding in AIC Securities Limited to AIC Financial Group Limited on 12
NCB Global Finance Limited is authorised to carry on the following classes
of business: finance house/ finance company, confirming house/acceptance
house, leasing corporation, mortgage institution and bureau de change.
On 26 August 2003, the Company's application for a merchant bank's
licence was approved by the Central Bank of Trinidad and Tobago, thereby
authorising the Company to conduct the additional activity of foreign
The company's registered office is located at 68 Ariapita Avenue,
Woodbrook, Trinidad and Tobago.
2. Significant Accounting Policies
The principal accounting policies applied in the preparation of these
financial statements are set out below. These policies have been
consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The Company's financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS").
These financial statements have been prepared under the historical
cost convention, as modified for the revaluation of available-for-sale
financial assets and financial assets held at fair value through profit or
The Company has prepared these financial statements to file with The
Central Bank of Trinidad and Tobago in accordance with The Financial
Institutions Act, 2008.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions
and estimates are significant to the financial statements are disclosed
in Note 2.17.
(a) New and amended standards adopted by the Company
IFRS 13 Fair Value Measurement (effective 1 January 2013).
IFRS 13 does not affect when fair value is used, but rather
describes how to measure fair value where fair value is required
or permitted by IFRS. Fair value under IFRS 13 is defined as "the
price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at
the measurement date" (i.e. an "exit price"). "Fair value" as used
in IFRS 2 Share- based Payments and IAS 17 Lease is excluded
from the scope of IFRS 13. This standard is applicable to the
Company for this financial period and has been adopted.
Amendment to IAS 1, 'Financial statement presentation'
regarding other comprehensive income. The main change
resulting from these amendments is a requirement for entities to
group items presented in 'other comprehensive income' (OCI) on
the basis of whether they are potentially reclassifiable to profit or
loss subsequently (reclassification adjustments). This standard is
applicable to the Company for this financial period and has been
IFRS 10, consolidated financial statements' builds on
existing principles by identifying the concept of control as the
determining factor in whether an entity should be included within
the consolidated financial statements of the parent company.
The standard provides additional guidance to assist in the
determination of control where this is difficult to assess. This
standard is not applicable to this Company.
IFRS 12, 'Disclosure of Interests in Other Entities' includes the
disclosure requirements for all forms of interests in other entities,
including joint arrangements, associates, special purpose
vehicles and other off balance sheet vehicles. This standard is
not applicable to this Company.
(b) New standards, amendments and interpretations issued but not
effective for the financial year beginning 1 October 2013 and not
The following new standards, interpretations and amendments,
which have not been applied in these financial statements,
will or may have an effect on the Company's future financial
• IFRS 9, 'Financial instruments' -- (effective 1 January 2015)
• IFRS 15, 'Revenue from Contracts with Customers --
(effective 1 January 2017)
• IAS 16, 'Property, Plant and Equipment' and IAS 38,
'Intangible Assets' -- (effective 1 January 2016)
• IAS 32, 'Financial Instruments: Presentation'- (effective 1
• IAS 36, 'Impairment of Assets'- (effective 1 January 2014)
Other standards, amendments and interpretations to existing
standards in issue but not yet effective are not considered to be
relevant to the Company and have not been disclosed.
(c) Standards and amendments to published standards early
adopted by the Company
The Company did not early adopt any new, revised or amended
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