Home' Trinidad and Tobago Guardian : March 26th 2015 Contents Thursday, March 26, 2015 www.guardian.co.tt Guardian
National Infrastructure Development Company Limited
Scotiabank - USD$12M
Australia & New Zealand (ANZ)
Banking Group USD$66.5M Water taxi
ANSA Merchant Bank -
R/ Rail $103M and NNHP $50M 107,516,960 127,059,719
RBC - TTD$53M
Nat. Traffic Management System 41,615,639 45,234,390
Scotiabank - USD$9.462M Nat. Network of Highways Programme 18,254,498 30,417,921
Citibank - USD$52M
Less current portion of
Borrowings comprise of seven (7) loans from lending institutions to fund government projects.
These are all guaranteed by the GORTT. They are as follows:
i.) Scotiabank of Trinidad & Tobago Limited
This represents a five year loan of USD$12M from Scotiabank Trinidad & Tobago Limited
to finance the purchase of four sea vessels with an interest rate of LIBOR plus margin of
166 basis points per annum repayable semi-annually on or before 26 August 2013. The
loan is secured by a letter of comfort from the GORTT stating that a guarantee in the
amount of USD$12 million from GORTT will be provided. As at September 2013, this loan
has been fully repaid.
ii.) Citibank Trinidad and Tobago Limited
The company obtained a 15 year loan of TTD$344.75M from Citibank Trinidad and
Tobago Limited to finance the Aranguez / El Socorro overpass. The loan is secured by a
letter of comfort from the GORTT backed by an unconditional Government guarantee. It
carries a fixed rate of interest 6.7% per annum and is repayable semi-annually over 15
years from date of issue. The loan was issued on 27 August 2009.
iii.) Australia and New Zealand (ANZ) Banking Group
The company entered into a loan financing agreement in the amount of USD$66.53M with
Australia and New Zealand Banking Group Limited and Export Finance and Insurance
Corporation (EFFIC) for the construction of four (4) new fast ferries.
The loan comprises two parts: USD53.421M provided by Export Financing Facility (EFF)
and USD$13.109M provided by Commercial Financing Facility (CFF) both of which are
guaranteed by the GORTT.
The loan carries interest rates of EFF - LIBOR plus a margin of 1.4% per annum and CFF
at LIBOR plus margin 2.15% per annum. A hedging arrangement was reached with ANZ
whereby the above fluctuating interest rates were swapped for a fixed rate of EFF @
5.39% per annum and CFF at 5.12% per annum. Both loans are repayable at semi-annual
intervals over 4 years for the part from Commercial Financing Facility (CFF) and 8.5
years the other part Export Financing Facility (EFF).
iv.) ANSA Merchant Bank Limited
This represents a long-term fixed rate non-callable bond for TTD$153.8M from ANSA
Merchant Bank Limited to finance the Rapid Rail Project and National Network of Highways
Project (NNHP) with a coupon rate of 5.85% for 8 years ended 16 December 2018.
v.) RBC Merchant Bank (Caribbean) Limited
The company entered into a 15 year loan of TTD$53M from RBC Merchant Bank
Caribbean to finance the National Traffic Management System (NTMS). The loan is
secured by a letter of comfort from the Ministry of Finance which shall be substituted in due
course by an unconditional guarantee and indemnity from the GORTT. It carries a fixed
rate of interest of 7.9% per annum and is repayable over 15 years from the date of issue.
The loan was issued on 10 December 2009.
vi.) Scotiabank Trinidad and Tobago Limited
This represents a 5 year loan of USD$9.462M from Scotiabank Trinidad and Tobago
Limited to provide financing for the planning, design and management of the National
Network of Highways project with an interest of 4.85% per annum repayable on or before
17 March 2015. This loan is secured by a letter of comfort from the GORTT stating that a
guarantee in the amount of USD$9.462M from GORTT will be provided.
vii.)Citibank Trinidad and Tobago Limited
The company obtained a 5 year loan of USD$52M from Citicorp Merchant Bank Limited
to finance the Rapid Rail Project. The loan is secured by a letter of comfort from the GORTT
backed by an unconditional Government guarantee. It carries a fixed rate of interest of
5.3% per annum and is repayable 5 years from date of issue. The loan was issued on 21
First Citizens Bank Limited
Payable to contractors
Retention due to contractors
Payable to contractors
Retention due to contractors
a) Deferred tax liability
Deferred tax liability of $112,110 arises from the tax written down value of assets and their
accounting book values as at 30 September 2013. The current rate of corporation tax is 25%.
Written down value per accounting values
Tax value of plant and machinery
Deferred tax at 25%
b) Income taxes
Total tax expense
The effective tax rate differ from the statutory tax rates for the following reasons:
Profit before tax
Income taxes charge calculated at statutory rates
Business and green fund levies
Lost benefit from non-taxable deductions
The current rate of corporation tax is 25%, (2012 25%). The company is entitled to set-off its
brought forward tax losses against taxable profits. All tax losses have been utilised in prior years.
c) Tax refundable
Business levy refundable
Green fund levy refundable
Corporation tax refundable
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