Home' Trinidad and Tobago Guardian : June 29th 2017 Contents National Infrastructure Development Company Limited
7. Security deposits
Caribbean Sales Agency (Port of Spain)
N.J. Nahous Limited (St Clair)
The Capildeo Company Limited (Port of Spain)
GAL Holdings Limited (Diego Martin)
Basdeo Jaggernauth and Dyanand Jaggernauth (Debe)
Samury Limited / Caribbean Medical Solutions Ltd. (Tobago) 20,000
This represents deposits paid for commercial property leases which are refundable at the end of the
8. (a) Cash and cash equivalents
Cash and cash equivalents consist of cash in hand and balance with banks. Cash and cash equiv-
alents included in the Statement of Cash Flows comprise the following amounts:
Cash at bank
Cash in hand
8. (b) Restricted cash
This represents the TTD equivalent of USD $5.7 million plus interest for collateral posting of NIDCO's
aggregate exposure under the Hedging agreement with Australia and New Zealand Banking
Group (ANZ). Interest is earned daily at the existing bank rates and transferred to NIDCO's US
Dollar account monthly.
9.Due from Government of the Republic of Trinidad and Tobago
This amount represents outstanding request for funds and drawdown approvals from the Government
of the Republic of Trinidad and Tobago for payment of project costs, project related expenses and
outstanding loan balances on financing obtained to fund projects and management fees.
Project funding, outstanding loan balances and
management fees due
10. Trade and other receivables
11. Stated capital
Unlimited number of ordinary shares of no par value
Issued and fully paid:
10 Ordinary shares of no par value
These represent current balances for loans obtained from both local and international financial
institutions. These loans were obtained to fund various government projects. The loans are fully
guaranteed by the Government of The Republic of Trinidad and Tobago.
i) Citibank -- TTD$344.75M
ii) Australia & New Zealand (ANZ)
Banking Group -- USD$66.5M Water Taxis
iii) ANSA Merchant Bank
R/ Rail $103M and NNHP
iv) RBC -- TTD$53M
Nat. Traffic Management System
v) Scotiabank - USD$9.462M Nat. Network of Highways Programme 6,026,702
vi) Citibank - USD$52M
Rapid Rail Project
Less current portion of borrowings
Borrowings comprise of six (6) loans from lending institutions to fund government projects. These
are all guaranteed by the Government of the Republic of Trinidad and Tobago. They are as follows:
i.) Citibank Trinidad and Tobago Limited
The Company obtained a 15 year loan of TT $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
Government of the Republic of Trinidad and Tobago 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.
ii.) Australia and New Zealand (ANZ) Banking Group
The Company entered into a loan financing agreement in the amount of US$66.53M with Australia
and New Zealand Banking Group Limited and Export Finance and Insurance Corporation (EFIC) for
the construction of four (4) new fast ferries.
The loan comprises two parts: USD $53.421M provided by Export Financing Facility (EFF) and
USD$13.109M provided by Commercial Financing Facility (CFF) both of which are guaranteed by
the Government of the Republic of Trinidad and Tobago.
The loan carries interest rates of EFF at LIBOR plus a margin of 1.4% per annum and CFF at LIBOR
plus a margin of 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 at 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 for the other part Export Financing Facility (EFF).
iii.) 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 ending 16 December 2018.
iv.) RBC Merchant Bank (Caribbean) Limited
The Company entered into a 15 year loan of TTD$53M from RBC Merchant Bank (Caribbean)
Limited 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 uncondition-
al guarantee and indemnity from the Government of the Republic of Trinidad and Tobago. 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.
v.) 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 rate of 4.85% per annum repayable on or before 17 March 2015. This loan
is secured by a letter of comfort from the Government of the Republic of Trinidad and Tobago
stating that a guarantee in the amount of US$9.462M is provided.
vi.) 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 Government of the
Republic of Trinidad and Tobago 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 December 2009.
13. Trade payables
Payable to contractors
Retention due to contractors
Payable to contractors
Retention due to contractors
14. Accrued expenses and other liabilities
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