TTMA Annual Report 2017 E-Mag FAW

2017 

ANNUAL REPORT

CONTENTS 

VISION AND MISSION 3 

ABOUT THE TTMA 4 

MESSAGE FROM THE PRESIDENT 6 

MESSAGE FROM THE CEO 8 

PUTTING T&T FIRST! 

Contact the TTMA Secretariat to get involved in the Proudly T&T Campaign 

marketing@ttma.com | communication@ttma.com 

BOARD OF DIRECTORS 10 

TRADE FACILITATION 16 

BUSINESS DEVELOPMENT 20 

MARKETING AND EVENTS 22 

TRADE AND INVESTMENT CONVENTION 26 

TTMA 2017 FINANCIAL STATEMENTS 28

Vision 

To be the voice of manufacturers in Trinidad and Tobago, creating 

value and providing world class service to our membership. 

Mission 

Increasing the value and growth of the manufacturing 

sector in Trinidad and Tobago. 

2 ANNUAL REPORT 2017 3 ANNUAL REPORT 2017

about the 

TTMA 

We provide support to our members through: 

We are the Manufacturers’ Association, 

assisting a number of companies to 

increase their competitive edge in a 

rapidly evolving business climate. 

The Trinidad and Tobago Manufacturers’ Association 

(TTMA) was established in 1956 with eight pioneer 

firms. Today the TTMA stands strong with over four 

hundred (400) members. We are a powerful voice of 

the manufacturing sector and the leading advocate 

for policies that assist in the growth and development 

of the domestic economy. 

In keeping with our mandate to promote value and 

growth of the manufacturing sector of Trinidad and 

Tobago, in the year 1999, the TTMA conceptualised 

and staged the first Trade and Investment Convention 

(TIC), to showcase the high-quality products offered 

by this country’s manufacturers. We are proud to have 

successfully hosted TIC-the TTMA’s annual flagship 

event- for the past 18 years. 

TTMA believes that a modern, competitive and 

innovative manufacturing industry is central to Trinidad 

and Tobago’s economic future. The manufacturing 

sector is now being viewed as another viable option 

for economic development. 

The Association works with the Government, its 

agencies and regulatory bodies to address the 

challenges facing the country’s manufacturerscompetitiveness, 

access to regional and international 

markets and ease of doing business. 

Advocacy 

TTMA improves the business environment in which 

Trinidad and Tobago’s manufacturers operate. 

Mechanisms such as conducting surveys, analysing 

membership data and research in the areas of trade, 

legislation, transport, logistics and government 

regulations serve to enable the membership. 

Business Development Research 

The TTMA provides the material and technology 

providers for fast and effective research to support its 

advocacy functions. 

Trade Development & Facilitation 

The secretariat provides a strong repository of primary 

and secondary research on all matters pertaining to 

trade development, facilitation and market access. 

We represent members at various domestic, regional, 

Internal Committee Meetings 

Committees have been established to address 

membership concerns. These committees are primarily 

multi-stakeholder in nature, with representatives from 

various government agencies. 

The committees are: 

The Standing Committee on Trade and Related Matters 

The Membership Service Committee 

The Transport Logistics and Regulatory Committee 

The Advocacy Committee 

The Export Marketing Committee 

The Trade and Investment Convention (TIC) 

The TTMA hosts the largest business to business 

convention in the Caribbean. Each year the event 

attracts participation from regional and international 

buyers and exhibitors. 

hemispheric and international trade negotiation 

meetings. Trade missions, seminars and workshops 

on trade and related matters serve to propel the 

membership’s market growth. 

4 ANNUAL REPORT 2017 

5 ANNUAL REPORT 2017

THE PRESIDENT’S 

MESSAGE 

MR. CHRISTOPHER ALCAZAR 

2017 brought unique challenges and great new opportunities to our 

nation’s manufacturers. The Trinidad and Tobago Manufacturers’ Association (TTMA) 

is heartened and inspired by the perseverance of our membership within the last year of difficult 

economic times. We applaud our local manufacturers for the innovation and transformation we 

have seen in how we do business. We believe emerging methods and mindsets have aided in 

not only the survival of our businesses but also our success in competing locally, regionally and 

internationally. 

A tremendous amount of work was undertaken by the 

TTMA in 2017. The Latin American markets continued 

to be our focus for growth and expansion due to its 

large consumer base, proximity and the existing trade 

agreements. In this regard, the TTMA successfully 

hosted a trade mission to the Dominican Republic in 

September when 14 member companies participated 

from varying sectors of our industry. 

We signed on for another year’s participation in Cuba’s 

FIHAV2017 thereby reinforcing business connections 

and creating new links with Cuba. Venezuela was also a 

focus when we engaged in advanced discussions with 

the Venezuelan Gas Processors Association (AVGP) 

regarding the Rio Caribe Project- an initiative designed 

to create new opportunities in the downstream gas 

sector. 

The TTMA continued to lobby different interests on 

behalf of our members and we particularly did so 

through our budget recommendations for 2017/18 

and papers to the government to ensure that our 

issues, challenges and potential opportunities of our 

sector are highlighted and fully understood. We 

noted the need for the improvement of efficiencies 

in daily governmental processes which affect our 

members and urged the Government to intensify its 

effort to urgently have the long-anticipated container 

scanners operational so as to allow efficient container 

inspection processes. 

The Trade and Investment Convention (TIC) 2017, 

which was the largest TIC we have had thus far, 

focused on the local market by seeking to promote 

the expansion of local businesses and encouraging 

them to earn foreign exchange with the theme “From 

T&T to the World”. 

Throughout this report, you will see names of 

individuals and names of companies across the pages. 

These are the people from member companies who 

gave their time and talents this year to make our 

endeavours and achievements possible. We thank 

them for their contributions toward our success. 

2018 promises to be another year of dedication to 

serve the industry through new initiatives that engage, 

inform, educate and transform our businesses. We will 

help decision makers and consumers alike understand 

the value and the importance of a sustainable and 

thriving manufacturing industry through an initiative 

called “Proudly T&T”. In short, we will continue to 

make this industry stronger. 

If you’re not involved, get involved. You’ll be amazed 

by what you learn, who you meet and how much 

can be accomplished. This industry will be bolstered 

and would grow on the sheer strength of building 

relationships, sharing innovative ideas and working 

towards the common objective of expanding our 

market shares not only locally but especially regionally 

and internationally. 

In the last year as President of the TTMA, I gained such 

a deep respect and admiration for all that the TTMA 

accomplishes and the behind-the-scenes work that 

makes a difference to our industry. If your company is 

not a member, you need to join. If you are a member, 

then join a committee. You don’t know what you’re 

missing unless you get involved. Like me, you’ll be 

glad you did. 


THE CEO’S 

MESSAGE 

DR. MAHINDRA RAMDEEN 

The Trinidad and Tobago Manufacturers’ Association continued to 

be the strong voice of the manufacturing sector in 2017. The Association 

continues to provide a world class service to our membership whilst increasing the value and 

growth of the Manufacturing Sector. The year began with a renewed optimism for prosperity and 

an even greater push for the sector to become the impetus for diversification. 

The TTMA continues to partner with local entities to 

improve the competitiveness of manufacturers and 

manufacturing. We strive to foster new relationships, 

penetrate new markets, drive more business, earn 

more foreign exchange and increase employment. 

The TTMA has once again taken the initiative for 

innovation by launching the Proudly T&T Campaign. 

The goal is to inspire our people for a better T&T. By 

partnering with our members we are better able to 

restore the public’s trust in the business community; 

increase faith and hope in the country and inspire the 

next generation to become actively involved in the 

Manufacturing Sector. 

In an effort to widen our membership’s reach, the 

TTMA continues to explore and provide opportunities 

for market expansion. In 2017 the Association hosted 

an outward trade mission to Dominican Republic 

which was successfully engaged. TTMA continues to 

lobby on behalf of the membership to find solutions 

to the US currency supply constraints. We conduct 

regular meetings with the relevant authorities and we 

are optimistic this problem can be resolved in the not 

too distant future. 

The year 2017 saw yet another successful staging of the 

Trade and Investment Convention. TIC marked its 18th 

year and has proven to be the largest trade show of 

its kind in the region geared toward creating business, 

trade and investment prospects for local businesses. 

With over thirty countries having representation at 

the Convention and buyers coming in from across 

the globe TIC continues to be a showcase for our 

manufacturing sector. 

As we move into 2018, the TTMA remains committed 

to its membership and we are confident that in the 

face of unforeseen and anticipated challenges the 

manufacturing sector is dynamically equipped to rise 

above them. The President, the CEO and the Secretariat 

of the TTMA are committed to bringing value to our 

members, lobbying on their behalf, fostering ease of 

business and to offering support and guidance to the 

sector. With continued effort and partnering with you, 

our stakeholders, we are optimistic that our goals of 

growth and diversification can be realised. 


BOARD OF 

DIRECTORS 

Driven by results, excellence, impact and disruptive innovation, 

Vemco’s CEO, Christopher Alcazar, is all about business. He lives 

by the philosophy that you don’t just get things done, you get 

it done right. As a frontrunner in Business Mr. Alcazar leads a 

company with passion by constantly challenging himself and 

others to do things differently and stay ahead of the game. 

As a graduate in business from the University of Tampa, 

Florida and a background in business development, product 

conceptualisation and marketing, Christopher Alcazar has 

always been an advocate of growing export market share within 

CARICOM, Latin America and key international markets. In this 

regard he also serves as a Director on the Board of ExporTT. 

FIRST VICE PRESIDENT 

Ms. Franka Costelloe 

Advocacy Committee(Chair), Human 

Resource Committee (Chair) 

Ms. Costelloe holds a (MSC) Master’s Degree in Building and Construction Management 

(with distinction), an (MBOS) Associate Degree in Project Management and a (BSC) 

Bachelor of Science Degree in Business Administration with a Major in Human Resources 

and Masters Certificate in Coprorate Governance. Franka Costelloe is a Director of Lifetime 

Roofing Ltd; a manufacturer, distributor and contractor specialized in metal and flat roof 

waterproofing. She has experience in various departments including; Human Resources, 

Project Management, Contracts, Budget Planning & Administration, Sales and Marketing. 

Ms. Costelloe currently sits on the Trinidad and Tobago Manufacturer’s Association Board, 

First Citizens, First Citizens Investment Services, First Citizens Trustee and Chairs the Human 

Resource Committee of First Citizens 

Dr. Mikaeel Mohammed is a graduate of the Royal College of Surgeons in Ireland, where he 

attained his M.B., B.Ch, B.A.O. credentials. He holds certifications in executive leadership from 

various Business schools, most recently, Harvard Business School.At present Dr. Mohammed 

is Chief Executive Officer of Jaleel Distributors Limited, S.M. Jaleel’s Sales and Distribution 

Company. Dr. Mohammed also functions as Group Director and Corporate Secretary of S.M. 

Jaleel and is the owner of several independent successful business enterprises. 

PRESIDENT 

Mr. Christopher Alcazar 

Passionate about changing the landscape of the economy of 

Trinidad and Tobago- its people, its development, its economy, 

its social aspects- Mr. Alcazar has diversified his portfolio by 

currently serving as the President of the Trinidad & Tobago 

Manufacturing Association (TTMA). This allows him to be a 

voice for manufacturers to get their business going and sees 

the association as an opportunity to improve the way people 

serve on a national scale and thus can contribute to national 

development. 

SECOND VICE PRESIDENT 

Dr. Mikaeel Mohammed 

Export Marketing Committee (Chair) 

Anthony G. Farah is the General Manager of MDC-UM, the largest manufacturer of office 

furniture in the region. After graduating with a degree in Business Administration from Miami 

Dade Community College, Mr. Farah gained 17 years of experience from a host of industries 

in the United States. Anthony returned to Trinidad to help develop MDC-UM’s strategic 

alliances with large furniture manufacturers in North America, China, Europe and India. As 

a consultant and project manager he has helped ensure that local content is maximized on 

projects in the Caribbean. 

DIRECTOR 

Mr. Anthony Farah 

Standing Committee on Trade Related 

Matters (Vice Chair) 



Mr.Colin Sabga holds a Bachelor of Laws degree from the University of Bristol with a 

specialization in Private Equity, and a Masters of Law (with distinction) from University 

College London with a specialization in International Banking and Finance. He subsequently 

completed the Bar Vocational Course at the College of Law, London and the Legal Education 

Certificate at the Hugh Wooding Law School. 

He is a member of the Honorary Society of the Inner Temple and the Law Society of Trinidad 

& Tobago.In 2013, Colin joined the BCL Group of Companies full time as Executive Director 

responsible for new business development. 

Mr. Philippe Agositini is the current Executive Chairman of CGA Ltd since assuming the 

office in 2003. Previously, Mr. Agostini served as a Chairman and Director of CGA Limited 

from 2003-1995 and 1985-1995 respectively. Mr. Agostini is also the Managing Director of 

F.A. Agostini Estates Ltd, a family holding company. Mr. Agostini has served on many other 

associations. He is the Past President of the Agricultural Society of T & T, Past Chairman 

of Cocoa Research Advisory Committee (aka the cocoa Research Unit at UWI), Founder/ 

President of the Caribbean Agribusiness Association and the Chairman of the Caribbean Oils 

& Fats Association and others. 

DIRECTOR 

Mr. Colin S. Sabga 

Advocacy Committee (Vice Chair) 

DIRECTOR 

Mr. Philippe Agostini 

Standing Committee on 

Trade Related Matters 

Robin Lewis joined First Citizens as the GM Retail and Commercial Banking in April of 2012. 

He holds a Diploma in Business Management from the University of The West Indies and 

an MBA from the University of Lincoln in London. Mr. Lewis is a career banker with over 30 

years’ experience in the financial services industry. The majority of his career was spent with 

a local financial services provider gaining experience in all aspects of banking operations. 

His prior appointment was at director level with another major regional financial institution 

with responsibility for Banking Operations for the Retail Wealth and Small Business groups, 

also including Branch Banking, Electronic Channels and Call Centres. He currently sits on the 

Board of the Trinidad & Tobago Manufacturers’ Association. 

Mr. George A. Naime is the co-founder and a shareholder of the Naime Group of Companies. 

This group operates a diverse range of businesses in the Petrochemical, Consumer product 

and Property development sectors of Trinidad and Tobago. In 2016, serving as Managing 

Director at Aerogas, Mr. Naime took on the privilege of serving as a Director on the Board of 

the Trinidad and Tobago Manufacturer’s Association, an honor he proudly accepted. 

DIRECTOR 

Mr. Robin Lewis 

Finance and Administration Committee; 

Membership Committee (Vice Chair) 

DIRECTOR 

Mr. George Naime 

Standing Committee on Trade Related 

Matters(Chair), Export Marketing, Transport 

Logistics & Regulatory Committee 

Mr. Mohamed has more than 20 years’ experience in customs brokerage and international 

marketing. He is currently the Director and Corporate Secretary of K.C. Confectionery, the 

Chairman of the Couva Development Committee, Deputy Chairman of the Committee of 

the valuation of Intellectual Property Office and the Director and Secretary of International 

Products Limited. He is also a member of the Association of Business Executives and Past 

President of the Couva/Point Lisas Chamber of Commerce. 

Ryan Lewis is the Executive Director of Label House Group Limited. Mr. Lewis has extensive 

experience in marketing and finance having worked both locally and abroad. Mr. Lewis holds 

an MBA Marketing and Finance from University of Miami and a B.Sc. Business Administration 

from Florida Institute of Technology. 

DIRECTOR 

Mr. Ashmeer Mohamed 

Export Marketing Committee 

(Vice Chair) 

DIRECTOR 

Mr. Ryan Lewis 

Marketing Committee(Chair), 

Membership Committee (Chair) 



Rodney Cowan is the Marketing Manager of Trinidad Cement Limited operations in Trinidad 

and supports the Commercial activities of the Barbados business unit. He is the holder of 

a B.Sc. in Management Studies from the University of the West Indies (St Augustine) and 

earned an MBA from the Herriot-Watt University.Mr. Cowan currently serves as a Director on 

the Board of the Trinidad and Tobago Contractor’s Association. 

Mr. Ian Mitchell has over nineteen years experience in the manufacturing sector, having held 

managerial positions at WITCO and Bermudez Biscuit Company Limited where he last served 

as General Manager. Mr. Mitchell holds an International MBA as well as a B.Sc. Industrial 

Engineering, and a Post Graduate Diploma in Finance. Mr. Mitchell was a mentor with the 

Arthur Lok Jack Graduate School of Business and is currently the Managing Director at ANSA 

Polymer. 

DIRECTOR 

Mr. Rodney Cowan 

Marketing Committee (Vice Chair) 

DIRECTOR 

Mr. Ian Mitchell 

Finance and Administration 

Committee (Chair) 

DIRECTOR 

Ms. Tricia Coosal 

Advocacy Committee 

Tricia Coosal is a graduate of the University of Miami with an MBA from Nova Southeastern 

University. Ms.Coosal has over six years experience as an Executive Director of Finance 

and Administration at Coosal’s Group of Companies. Ms.Coosal is also Founder, Managing 

Director and Corporate Secretary of Top Class Distributors Limited. 

DIRECTOR 

Mr. Patricio Torres Hoffmann 

Transport Logistics & Regulatory 

Committee 

Patricio Torres, was appointed the Head of Market for the Anglo-Dutch Caribbean at Nestlé 

Trinidad and Tobago Limited in September 2017. Patricio joined Nestlé in 1995 and worked 

in several sales areas for Confectionery, Coffee, Ambient Dairy and Culinary. In 2003, he 

started his international career in Brazil as part of the Global Business Excellence team in 

generating demand, implementing best practices and commercial processes across Zone 

Americas. He returned to Nestlé Chile in 2005 joining the Ice Cream Business in Marketing, 

after which he joined the Ice Cream Strategic Business Unit in 2008, taking responsibility 

for sales and distribution for Zone Americas, Europe and Africa, Oceania and Asia. He later 

became Country Manager at Nestlé Paraguay in 2010 before assuming his role as Business 

Executive Officer, Savoury Ice Cream in Nestlé Chile in 2012. 

DIRECTOR 

Mr. Dale Parson 

Transport, Logistics and Regulatory 

Committee (Chair); 

Membership Committee 

Dale Parson is the CEO of KPL Group Ltd, a diversified group in the Manufacturing and 

Distribution Industry in Paints, Adhesives, and Brewery/Beverage products. Mr. Parson 

holds a BSc in Engineering and an MSc in Strategic Leadership and Management from the 

University of the West Indies. He is currently pursuing his PhD in Business Administration 

with concentration in Marketing. Mr.Parson is a member of Board of Engineers of Trinidad 

and Tobago (BOETT) and Association of Professional Engineers of Trinidad and Tobago 

(APETT). As the Chief Executive Officer of a regionally recognised privately held organisation, 

Mr. Parson has acquired extensive knowledge and experience in manufacturing, 

competitiveness, international trade, management, international business operations 

and strategic planning. His background provides the TTMA board with a broad scope of 

expertise in the manufacturing industry particularly in strategic planning, trade agreement 

negotiations and competitiveness. 



agents in these countries whose role is to assist in the 

spectrum of sectors were in attendance 

exposure of TT goods in these three (3) markets. The 

• Held meetings with strategic agencies such as 

agents are expected to provide market intelligence, 

TTBS and exporTT 

identify distributors and even assist in the registration 

• Held meetings with several affected members 

of products. 

to build case studies 

• Wrote on several media such as TTMA’s 

Trade Mission to Dominican Republic (DR) 

newsletter and Business Guardian in order 

The TTMA embarked on a trade mission to the 

to increase the awareness of illicit trade in 

Dominican Republic (DR) from the period September 

Trinidad and Tobago. 

12th to September 16th. The delegation comprising 

TRADE 

UNIT 

of fifteen participants was led by the Ministry of 

Trade and Industry and the Trinidad and Tobago 

Manufacturers’ Association. The overall purpose 

of the trade Mission was to promote and increase 

Trade Negotiations 

CARICOM/Dominican Republic Free Trade Agreement 

The agreement signed in 1999 facilitates trade in goods, 

trade in services and also makes special provisions 

The mission of the Trade Unit is to provide support 

to the members of the Trinidad and Tobago 

Manufacturers’ Association (TTMA) through trade 

facilitation initiatives. TTMA’s trade facilitation efforts 

entail representation of its members at the various 

domestic, regional, hemispheric and international 

trade negotiation meetings. The Trade Unit is the 

conduit for trade facilitation and market access 

efforts within the TTMA, providing the necessary 

infrastructure to encourage market expansion. 

trade agreements, trade facilitation issues, regulatory 

challenges and concerns. The overall aim of the 

committee is to continuously provide dialogue among 

affected stakeholders on the opportunities and the 

challenges encountered in the trading environment. 

The committee hosted informative presentations in 

2017 with different agencies such as the Trinidad and 

Tobago Bureau of Standards (TTBS) and INVESTT on 

several issues including the National Quality Policy and 

the Tamana Intech Park. 

bilateral relations between Trinidad and Tobago and 

DR as well as to secure new business opportunities for 

Trinidad and Tobago manufacturers. 

The trade mission was a timely opportunity to 

reinforce existing customer relationships and 

business connections and create new linkages as well 

as enable future business transactions. Delegates 

gained increased knowledge and confidence about 

developing opportunities in the DR market. Delegates 

expressed high levels of satisfaction with the mission 

for agricultural type goods, investments, double 

taxation concerns and many other trade–related 

provisions. One major provision in the agreement 

is the establishment of the joint council between 

the two parties. In early 2017, the joint council was 

convened and was able to discuss several issues such 

as the list of preferential goods being offered by both 

parties and registration concerns for products and the 

rules of origin for some products. It is expected that 

another meeting is to be held between both parties 

to conclude other major issues such as Law 173. 

In 2017, the Trade Unit of the Trinidad and Tobago 

Manufacturers’ Association (TTMA) continued to 

assist the trade facilitation efforts in light of many 

The committee also facilitated meetings on the food 

and drug legislation. The main area of concern was 

the food labelling. Feedback is to be provided to the 

itself and the outcome of the mission. Many delegates 

stated that they would recommend future TTMA trade 

missions to business colleagues. 

TTMA is eager for the continued negotiations on this 

agreement in order to increase the volume of trade 

between the parties. 

challenges in the business and economic environment. 

Ministry of Health. 

Illicit Trade 

Trinidad and Tobago/Panama Partial Scope Agreement 

Committee Meetings 

During 2017, the Trade Unit conducted several 

committee meetings in an effort to develop an 

enabling trade and business environment for the 

membership. 

Standing Committee on Trade and Related Matters 

Members were able to interface directly with the 

Ministry of Trade and Industry and other regulatory 

bodies through this committee to discuss the current 

Export Marketing Committee 

In 2017, the meetings under this committee sought 

to improve the export potential of businesses. 

The committee also addressed trade negotiations, 

trade mission activities and problems faced by 

manufacturers trading with other countries. The 

committee was also able to develop a framework 

for members who were interested in trading with 

Belgium, Venezuela and Canada. This framework is in 

its embryonic stage and entailed the commissioning of 

In 2017, the Trade Desk on Illicit Trade was established. 

The desk is tasked with the function to assist in 

building capacity, strengthening partnerships with 

key agencies and implementing strategies to combat 

the illicit trade in the Manufacturing Sector. The 

officer in charge was able to conduct several activities 

to increase the awareness of illicit trade. 

These included: 

• Hosted a seminar in the first half of 2017 on 

illicit trade. A total of 30 persons from a wide 

In 2017, this agreement was ratified by the Government 

and therefore, companies are able to take advantage 

of the Panama market through this agreement. 

Many companies were very eager to enter into this 

market and therefore, had welcomed the final step 

in the implementation of the agreement since more 

than 100 goods are given preferential access under 

this agreement. This opportunity is added to other 

advantages of the Panama market such as its Panama 

Canal, it is a major net importer and a major distribution 

hub due to the Colon Free Trade Zone. 


Meetings – National, Regional and International 

The Trade Unit attended several committee meetings 

chaired by the MTI including the Market Access Sub- 

Committee meetings, the Services Sub-Committee 

Meetings, the Trade-Related Issues Subcommittee 

meetings and the Regional Technical Sub-committee 

meeting on Tissue standard with the Trinidad and 

Tobago Bureau of Standards. TTMA also attended 

other pertinent meetings related to several important 

committees such as the Technical Co-ordinating 

(TCC) of MTI, Food Advisory Committee (FAC) of the 

Ministry of Health, TTLABS Laboratory Accreditation 

Committee, National Quality Policy Committee, and 

also participated in training on Value Chain with TTBS. 

World Trade Organisation Agreement on 

Trade Facilitation 

The World Trade Organisation (WTO) Trade Facilitation 

Agreement (TFA) entered into force on February 

22, 2017. The agreement requires WTO members to 

implement measures to expedite the movement, 

release and clearance of goods, such as measures 

on transparency and governance, customs and other 

agencies’ border procedures, and fees and formalities. 

Trinidad and Tobago as a member of WTO established 

a National Trade Facilitation Committee to oversee 

the domestic co-ordination of the agreement. 

In 2017, the National Trade Facilitation Committee 

was able to identify its Category B and C projects . The 

committee also played a role in the development of 

the Regional Trade Facilitation Committee that is to be 

facilitated by CARICOM. 

COTED 

Council on Trade and Economic Development Meeting 

TTMA attended the COTED meetings in April 2017 and 

November 2017 respectively. The meetings examined 

the trade and economic landscape of the CARICOM 

region. Member issues were addressed at the meeting 

such as trade negotiations, convening of CARICOM/ 

Costa Rica Joint Council, the CARICOM/Dominican 

Republic (DR) free trade agreement, the World 

Trade Organisation Agreement on Trade Facilitation 

and approval of various regional standards. TTMA 

commented on these various regional standards (soap 

bars, ketchup, labelling of brewed products, brewed 

products - specification, carbonated beverages, 

coconut oil, white sugar, brown sugar, pasta products. 

It should be noted that several issues such as the nonapplication 

of the CET by Barbados and Belize were 

finally addressed. 

At the November COTED meeting, the status of 

Regional Sugar was addressed due to the EU’s 

cessation of sugar quotas from different countries. As 

a result, CARICOM is discussing whether Plantation Mill 

White Sugar can be used in the various manufacturing 

processes within the region. 

CARIFORUM- EU Consultative Committee Meeting 

The Trade Unit attended the first CARIFORUM–EU 

Consultative Committee Meeting in October 2017. 

The meeting promoted dialogue and co-operation 

between representatives of organisations of civil 

society including the academic community, and the 

social and economic partners. It was reiterated at 

the meeting by both EU and the CARIFORUM parties 

the need for better monitoring of the Economic 

Partnership Agreement (EPA) implementation. The 

committee discussed the lack of information on the 

trade in services in CARIFORUM and the need for 

social and economic indicators in the monitoring of 

the EPA. 

Strengthening Ties : 

The Diplomatic Corps and Regulatory Agencies 

In 2017, the Trade Unit conducted seminars with 

several diplomatic missions in order to increase 

the knowledge and information on Latin American 

markets. These seminars were highly attended by 

many companies from different sectors. The seminars 

discussed understanding the market characteristics, 

import requirements, business culture and trade 

agreements (if any) with these Latin American 

countries. 

ProNet Training 

TTMA organised two (2) ProNet workshops during 

2017. The planning of the workshops was in partnership 

with Caribbean Export Development Agency and MTI. 

In 2017, a total of 70 persons were trained in different 

topics such as Business Strategy, Export Marketing 

and many other business related topics. The ProNet 

Training programme continues to assist companies 

in improving their skills set. A ProNet pavilion was 

hosted at TIC 2017 where it involved the showcasing 

of Small and Medium Enterprises (SMEs) that have 

participated in past ProNet workshops to participate 

in the Trade and Investment Convention (TIC) 2017. 

Companies were given the opportunity to display their 

products and services directly to qualified buyers, 

for example, domestic, regional, hemispheric and 

international buyers present at the show. 

What to expect in 2018? 

The Trade Unit plans to keep abreast of all trade and 

economic issues. The Unit will ensure that members 

are kept well-informed of trade negotiations and 

advocate on the members’ behalf at different trade – 

related fora. 

A trade mission to Jamaica is scheduled for April 2018. 

This is part of TTMA’s effort to assist companies in 

expanding their markets. Trade missions are seen 

as one of the many ways to explore and succeed in 

foreign markets. Trade missions are about opening 

doors and developing long-term trade and investment 

opportunities. Participants will learn about doing 

business in the host market(s), and gain exposure to 

the business environment of Jamaica. 


2017 -2018 

is intended that this budding relationship will create 

new and dynamic elements in the manufacturing 

sector and, ultimately, less dependence on the energy 

sector for national income. 

BUSINESS 

DEVELOPMENT UNIT 

The year 2017-2018 was one of continued consolidation 

for the Business Development Unit, insofar as some 

of the major challenges affecting the manufacturing 

community are concerned. The BDU continued its work 

through Secretarial coordination of the Advocacy, 

Transport Logistics and Regulatory Committees of the 

TTMA. The work of these committees are subsumed in 

this overall report. 

The perennial challenges of, inter alia, Value Added 

Tax (VAT) Refunds, access to Foreign Exchange, the 

availability of skilled and unskilled labour, increased 

local content in government procurement, dealing 

with irregularities in regulatory agencies and incentives 

for business expansion were the main areas of focus, 

as the BDU worked to ensure that the membership 

successfully navigates through the current economic 

slowdown. 

It is noteworthy that while our representation of the 

membership in these core areas was as vocal as it was 

in previous years, the impact of our advocacy attained 

mixed levels of success. A major contributing factor is 

the direction of government policy over the last few 

years which, overall, has tended toward budgetary 

cutbacks and a trimming of public sector projects. 

With this understanding, the BDU worked strategically 

with the Executive and other functional units of 

the Secretariat to develop new policy prescriptions 

and recommendations that are more medium to 

long term in nature. This was particularly applicable 

to the Foreign Exchange and VAT Refund issues. 

Recommendations were advanced to the Ministry of 

Finance, the Inland Revenue Division, Exim Bank and 

the Ministry of Trade that aim to take a more proactive 

approach to attaining a new paradigm in which our 

members experience a sustained alleviation to these 

commercially crippling concerns. 

The BDU also held strategic meetings and discussions 

with some of its manufacturers regarding the creation 

of a dedicated stream of foreign exchange access that 

takes into account the manufacturers’ production 

and, by extension, savings being enjoyed nationally 

through import substitution. These discussions were 

ongoing at the end of the year and it is hoped that they 

will eventually lead to fully fledged policy prescriptions 

that reward local manufacturers for their contribution 

to national output & savings. 

The BDU shared efforts with the National Energy 

Corporation in a forward looking downstream 

petrochemical manufacturing initiative, under the 

ambit of a Memorandum of Cooperation signed 

between the two organizations. A working group 

was activated, with a series of meetings being held 

periodically to discuss potential projects to drive the 

initiative forward. Toward the end of the year, cursory 

participation from the membership was solicited 

to gain fresh insight into the projects they wish to 

pursue, the targeted sectors, the incentives required 

and the challenges they anticipate in deepening the 

relationship between the energy and manufacturing 

sectors. The ethos guiding this effort is, fundamentally, 

the sophistication of our economy through new 

linkages between energy and manufacturing. Given 

the severe imbalance that exists in terms of foreign 

exchange earned by these two productive sectors, it 

The BDU also continued its representation of the TTMA 

at the level of the Private Sector Civil Society Group, 

which successfully advocated for the passage of the 

Public Procurement and Disposal of Public Property 

Act in 2015. It is noteworthy that one of the core 

areas of emphasis of the group – the selection of the 

Procurement Regulator – was accomplished toward 

the end of 2017-2018; this bodes well for the PSCSG 

and is a testament to its continued efforts toward 

an improved procurement regime in Trinidad and 

Tobago. The BDU, through its Advocacy Committee, 

stands committed to following through with the work 

that has been done and build towards greater fairness 

and enhanced Local Content opportunities for its 

members. This is, fundamentally, the overarching 

area of advocacy that our Association is working 

continuously to attain on behalf of the membership. 

As we look toward 2018-2019, there is a level of sober 

expectation and optimism that our manufacturing 

community is about to work its way out of the 

recessionary climate being experienced at present, 

through commercial introspection, improved 

performance, new incentives for growth, dynamic 

relationships with state agencies, better client 

relationships and access to new international markets. 

The BDU remains relentless in its pursuit of these 

ideals and looks forward hopefully to the year ahead. 


61st Annual General Meeting & Business Breakfast 

MARKETING 

AND EVENTS 

Both of these persons did not stand for re-election. Mr. 

Dale Parson, Mr. Ian Mitchell and Mr. Rodney Cowan 

came on as new Directors of the board, with Ms. Tricia 

Coosal coming on as a Director at a later date. By 

consensus, Mr. Christopher Alcazar was nominated as 

President of the TTMA for his first term in office. 

Seminars 

Throughout the year TTMA hosted a number or 

seminars, some of which included a Safety Seminar 

Series and a Property Tax Seminar. The Safety Seminar 

Series worked in collaboration with Western Industrial 

Solutions Limited and was hosted at the TTMA 

Building in Barataria. The seminar was successful in 

bringing awareness to fire safety for organisations as 

well as bringing to light the products that can be used 

to warn of a fire. 

The Property Tax Seminar was done in collaboration 

with Ernst & Young at the Yara Auditorium at the 

Arthur Lok Jack Graduate School of Business. The 

turnout at this event was successful and it sought to 

bring about a better understanding of the Property 

Tax implemented by the Government. The Feature 

address was given by Ernst & Young who allowed for 

a question and answer segment at the Seminar. 

President’s Dinner and Awards 

On Tuesday 3rd October 2017, the Trinidad and 

Tobago Manufacturers’ Association hosted its Annual 

President’s Dinner and Excellence in Manufacturing 

Awards Ceremony at the Hyatt Regency Trinidad. 

This formal event saw attendees from all sectors 

of manufacturing gather to celebrate winners of 

various new and existing categories in manufacturing 

excellence. The event showcased this country’s 

manufacturing innovation and capability as well as 

new insight into green manufacturing all the while 

promoting this thriving sector both locally and abroad. 

The feature speaker of this event was Mr. Robert 

Price, Chairman of the Board of PriceSmart Inc. Mr. 

Price spoke about building a successful business with 

his father as well as supporting locally made products 

in Trinidad and Tobago, such as Blue Waters Products 

Limited who will be providing water for the PriceSmart 

franchise under a private label. 

TTMA also presented its Lifetime Achievement Award 

to Mr. Arthur Lok Jack who spoke about diversifying 

the economy and supporting the manufacturing 

sector to help get out of this recessionary period. 

The Trinidad and Tobago Manufacturers’ Association 

(TTMA) held its 61st Annual General Meeting (AGM) 

and AGM Business Breakfast at the Trinidad & 

Tobago Manufacturers’ Association on Thursday 

9th March, 2017. The meeting was well attended 

by a full complement of manufacturers and other 

representatives of the business sector, as well 

as specially invited guests from key stakeholder 

organisations throughout the country. 

Annual General Meeting (2017) 

The President’s annual report (2016) was delivered, 

which highlighted the achievements of the Association 

in trade promotion, business development, tax 

incentives and seminars. 

With Regard to the constitution of the Board of 

Directors, two (2) members of the Board stepped 

down and they are as follows: 

• Mr. Travis Ali 

• Mr. Roger Roach 

Mr.Robert Price 


Attendees at President Dinner 2017 

The second part of the event showcased the 

Limited; Manufacturer of the Year 2016 Medium 

held in Jaffa which saw a successful turnout, while 

the need to be charitable and to give back to the 

country’s manufacturing talent and capability as 

Enterprise– Shazam Enterprises & Investments 

TTMA’s President, Mr. Christopher Alcazar spoke 

community. 

the TTMA recognised outstanding companies in 

Limited; Manufacturer of the Year 2016 Large 

at the event at Krave which also showed a positive 

varying categories. The winners for the President’s 

Enterprise – Trinidad Tissues Limited. 

turnout. 

The hurricane drive initiative involved the collection 

Awards 2016 were as follows: Innovator of the Year 

and donation of packages, inclusive of toiletries, 

2016- Trinidad and Tobago Fine Cocoa Company; 

TTMA’s CEO’s Luncheon 

Corporate Social Responsibility 

food items and clothing. The items donated by our 

Green Manufacturer of the Year 2016 – Crown 

The TTMA hosted its annual end of year CEO’s Luncheon 

The TTMA, with the support of its members, 

members were packaged and shipped to the various 

Lithography Trinidad Limited; Excellence in Service 

on Wednesday Novemver 29th at Jaffa at the Oval and 

embarked on two Corporate Social Responsibility 

countries. 

2016- Blue Waters Products Limited; Most Successful 

on Thursday December 7th at Krave Restaurant. This 

initiatives for countries affected by hurricane 

Market Entrant Small/Medium 2016 – RHS Marketing 

event serves as an end of year Christmas networking 

Irma and areas in Trinidad affected by flood. The 

The flood drive initiative involved collection of items 

Limited; Most Successful Market Entrant Large 2016 

session for members to meet and discuss business 

Association acknowledged that a strategic approach 

from the membership that was packaged delivered to 

– Angostura Limited; Manufacturer of the Year 2016 

and pleasantries. The Minister of Trade, Senator the 

to CSR is increasingly important to a company’s 

persons living in Rio Claro, Mayaro, Caparo and Brazil. 

Small Enterprise – Morningside Premium Foods 

Honourable Paula Gopee Scoon spoke at the event 

competitiveness. The Association also recognised 


The 18th Annual Trade and Investment Convention 

(TIC 2017), was one of the biggest in terms of patron 

attendance. 

The show saw over 11,000 

participants in four days, 

cementing its stamp as 

one of the largest business 

networking conventions in 

the region. 

TIC 2017’s theme, “From T&T to the World”, was 

poignant as the convention saw a large representation 

of local, regional and international exhibitors and 

buyers, gathered at the Centre of Excellence, 

Macoya from July 6th to 9th. The multi-sectoral trade 

show, which is hosted by the Trinidad and Tobago 

Manufacturers’ Association (TTMA), has proven to 

be very effective in expanding local, regional and 

international trade, and linking manufacturers, service 

providers, buyers, distributors, investors and financial 

institutions. With the Trinidad and Tobago economy 

currently experiencing an economic recession, TIC 

continues to be a catalyst for new and existing 

business to grow and lend support to the economic 

diversification thrust. 

TIC 2017 accommodated 246 booths, 5 pavilions and 6 

sponsor pavilions (inclusive of the host TTMA). Hosted 

were 212 registered exhibiting companies. Of the 

entire exhibitor population (registered by booth), 157 

(74%) companies were local and 55 (26%) regional and 

international. 60 companies were repeat exhibitors 

from TIC 2016. As is customary, some exhibitors 

occupied more than one booth space. Again, a 

significant remainder of companies exhibited under 

other businesses and/or chambers and agencies. 

TIC 2017 saw participants from countries including 

Barbados, Belize, Cuba, Costa Rica, Dominica, 

Dominican Republic, Grenada, Guyana, Jamaica, Peru, 

St. Lucia, St. Vincent and the Grenadines, Suriname, 

United Kingdom, the United States of America and 

Venezuela to list some. The highest represented 

sectors including, Construction, Food and Beverage, 

Information and Communication and Packaging and 

Printing, Equipment and Appliances, Wholesale and 

Retail Sale Trade. There was also a largely represented 

Automotive sector. 

TIC 2017 noted a significant increase in the number 

of attendees and buyers over the last three years. It 

is anticipated that the show will continue to grow in 

this regard as we seek to add qualitative returns to 

exhibitors. Buyer and consumer participation hailed 

from Antigua and Barbuda, Barbados, Belgium, 

Bermuda, Brazil, Canada, Chile, China, Columbia, Costa 

Rica, Cuba, Dominica, Dominican Republic, Ghana, 

Grenada, Guadeloupe, Guyana, Jamaica, Martinique, 

Nigeria, Puerto Rico, St. Lucia, St. Vincent and the 

Grenadines, Suriname, United Kingdom and the United 

States. All registered Buyers and Exhibitors were 

eligible for pre-set Business to Business Meetings which 

took place on the Business days of the Convention 

(first two days). All meetings were arranged between 

two or more business representatives to initiate 

conversations or aid in the continuation of discussions 

geared toward the growth and development of the 

participants’ respective organization and industry. 

The TTMA and exporTT collaborated in hosting a VIP 

inward buyers’ mission at the TIC 2017. The key factor 

of this mission was to successfully provide an export 

platform for local exhibitors to promote their products, 

meet international buyers and deepen penetration of 

traditional and non-traditional markets. 

The overall success of TIC 2017 would not have been 

possible without the support of our major sponsors, 

the Ministry of Trade and Industry, First Citizens, The 

Telecommunications Services of Trinidad and Tobago/ 

Bmobile, Guardian Group and Balroops/Vistrac. 


FINANCIAL STATEMENTS 

For the year ended 31st December 2017 

CONTENTS 

AUDITORS’ REPORT 30 

STATEMENT OF FINANCIAL POSITION 31 

STATEMENT OF COMPREHENSIVE INCOME 32 

STATEMENT OF CHANGES IN EQUITY 33 

STATEMENT OF CASH FLOWS 34 

ACCOUNTING POLICIES 35 - 38 

NOTES TO THE FINANCIAL STATEMENTS 39 – 43 

SCHEDULE TO THE FINANCIAL STATEMENTS 44 


AUDITORS’ REPORT 

To the members of 

Trinidad & Tobago Manufacturers’ Association 

STATEMENT 

of financial position 

Opinion 

We have audited the accompanying financial statements of Trinidad and Tobago Manufacturers’ Association, which comprise 

the statement of financial position as at 31 December, 2017, the statements of profit or loss and other comprehensive income, 

changes in funds and cash flows, and related notes to the financial statements, including a summary of significant accounting 

policies. 

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Trinidad 

and Tobago Manufacturers’ Association as at 31 December, 2017, of its financial performance and its cash flows for the year then 

ended in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities. 

Basis for Opinion 

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards 

are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We 

are independent of the Company in accordance with International Ethics Standards Board for Accountants’ Code of Ethics for 

Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA 

Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Responsibilities of Management and Those Charged with Governance for the Financial Statements 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International 

Financial Reporting Standard for Small and Medium-sized Entities, and for such internal control as management determines 

is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud 

or error. 

In preparing the financial statements, management is responsible for assessing the Association’s ability to continue as a going 

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless 

management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.Those 

charged with governance are responsible for overseeing the Association’s financial reporting process. 

Auditor’s Responsibilities for the Audit of the Financial Statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance 

is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material 

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 

statements. 

NOTES 

AS AT 31 ST DECEMBER 

ASSETS 


2016 

$ 

$ 

Non-current assets 

Property, plant and equipment 2 9,374,615 9,419,106 

Current assets 

Cash and cash equivalents 4 2,044,048 2,846,248 

Receivables and prepayments 5 1,352,617 900,518 

Amounts due from related parties 6 15,100 86,970 

3,411,765 3,833,736 

Total assets 12,786,380 13,252,842 

Equity And Liabilities 

Capital and reserves 

Operational fund 11,792,204 11,019,494 

Non-current liabilities 

Borrowings 7 - 1,504,981 

Current liabilities 

Taxation payable - 20,509 

Borrowings 7 - 314,637 

Subscriptions and deposits received in advance 8 455,728 179,669 

Trade and other payables 9 538,448 213,552 

994,176 728,367 

Total liabilities 994,176 2,233,348 

Total equity and liabilities 12,786,380 13,252,842 

The accounting policies on pages 35 to 38 and the notes on pages 39 to 43 are an integral part 

of these financial statements. 

On 06th April 2018 the Board of Directors of Trinidad & Tobago Manufacturers’ Association 

authorised these financial statements for issue. 

Chartered Accountants 

Port of Spain 

Trinidad, West Indies 

April 6th 2018 

____________________________ President 

____________________________ Director 



STATEMENT 

of comprehensive income 

STATEMENT 

of changes in equity 

NOTES 



$ 

2016 

$ 

Revenue 

Special events 4,777,947 4,982,713 

Rental of building 1,592,280 1,615,745 

Subscriptions from members 1,555,905 1,565,745 

Grant – Trade - 275,000 

7,926,132 8,438,485 

Direct costs 

Special events (4,017,691) (4,019,449) 

Gross surplus 3,908,441 4,419,374 

Interest income 12,111 338 

3,920,552 4,419,035 

Expenses 

Administrative (3,091,082) (2,966,891) 

OPERATIONAL 

FUND $ 

Year ended 31 December 2016 

Balance at 1 January 2016 10,050,913 

Net surplus for 2016 968,581 

Balance at 31 December 2016 11,019,494 

Year ended 31 December 2017 

Balance at 1 January 2017 11,019,494 

Net surplus for 2017 772,710 

Balance at 31 December 2017 11,792,204 



Operating surplus 10 829,470 1,452,483 

Finance costs 11 (21,902) (139,604) 

Net surplus before taxation 807,568 1,312,879 

Taxation 12 (34,858) (344,298) 

Net surplus after taxation 772,710 968,581 




STATEMENT 

of cash flows 

ACCOUNTING POLICIES 

For the year ended 31 December 2017 



$ 

2016 

$ 

Cash flows from operating activities 

Operating surplus 829,470 1,452,483 

Adjustments for items not requiring an outlay of funds: 

Depreciation 399,574 393,530 

Interest income (12,111) (338) 

Operating surplus before changes in working capital 1,216,933 1,845,675 

Increase/ (decrease) in subscriptions and deposits received in advance 276,059 23,112 

Increase/ (decrease) in trade and other payables 324,896 47,541 

Increase in receivables and prepayments (452,099) (229,347) 

(Increase)/decrease in amounts due from related parties 71,870 (84,220) 

Cash generated from operations 1,437,658 1,602,761 

Interest paid (21,902) (139,604) 

Interest received 12,111 338 

Taxation paid (55,367) (42,268) 

Net cash from operating activities 1,372,501 1,421,227 

Investing activities 

Purchase of plant and equipment (355,083) (107,511) 

Net cash used in investing activities (355,083) (107,511) 

Financing activities 

Repayment of borrowings (1,819,618) (293,280) 

Net cash used in financing activities (1,819,618) (293,380) 

Increase/ (decrease) in cash and cash equivalents (802,200) 1,020,434 

Cash and cash equivalents at beginning of year 2,846,248 1,825,814 

Cash and cash equivalents at end of year (note 4) 2,044,048 2,846,248 

The principal accounting policies applied in the preparation of these financial statements are set out below. These 

policies have been consistently applied to all years presented. 

a) BASIS OF PREPARATION 

These financial statements have been prepared in accordance with the International Financial Reporting Standard 

for Small and Medium-sized Entities under the historical cost convention, as modified by the revaluation of 

available-for-sale investments. The preparation of financial statements in conformity with the International 

Financial Reporting Standard for Small and Medium-sized Entities 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. 

b) FINANCIAL INSTRUMENTS 

Financial instruments carried on the statement of financial position include cash and cash equivalents, receivables, 

accounts payables and borrowings, and are stated at their approximate fair values determined in accordance with 

the policy statements disclosed. 

c) USE OF ESTIMATES 

The preparation of financial statements in conformity with the International Financial Reporting Standard for 

Small and Medium-sized Entities requires management to make estimates and assumptions that affect the 

reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 

financial statements and the reported amounts of revenues and expenses during the reporting period. Actual 

results could differ from those estimates. 

d) PROPERTY, PLANT AND EQUIPMENT 

Property, plant and equipment are stated at historical cost less accumulated depreciation. Depreciation is 

calculated on the straight-line basis at rates estimated to write off the cost of each asset to their residual values 

over their estimated useful lives, as follows: 

Building 2% 



Furniture, fittings and equipment 10% - 33.3% 

Land 0% 

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial 

position date. 


Interest costs on borrowings to finance the construction of property are capitalised during the period of time that 

is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed to the 

statement of comprehensive income. 

Profits or losses on disposals of property, plant and equipment are determined by comparing proceeds with the 

carrying amount and are included in administrative expenses in the statement of comprehensive income. 

Property, plant and equipment are reviewed for impairment losses whenever events or changes in circumstances 

indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by 

which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset’s net 

selling price and value in use. 

e) REVENUE RECOGNITION 

Members’ subscription income is recognised in the year to which it relates, with payments in advance being 

deferred to the period to which they relate. Special events income is recognized at the time that the event is held. 

Interest income is recognised on an effective yield basis. 

f) FOREIGN CURRENCIES 

Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. 

Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the 

statement of comprehensive income. Monetary assets and liabilities denominated in foreign currencies are 

translated into Trinidad and Tobago dollars at the exchange rates prevailing at the yearend date. All exchange 

gains and losses are included in the statement of comprehensive income when incurred. 

g) CASH AND CASH EQUIVALENTS 

Cash and cash equivalents are carried in the statement of financial position at cost and comprise cash in hand, 

cash at bank and funds held in Money Market Funds. Bank overdrafts are included within borrowings in current 

liabilities on the statement of financial position. For the purposes of the cash flow statement, cash and cash 

equivalents also include bank overdrafts. 

h) TRADE RECEIVABLES 

Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A 

provision for impairment of trade receivables is established when there is objective evidence that the Association 

will not be able to collect all amounts due according to the original terms of the receivables. The amount of the 

provision is the difference between the carrying amount and the recoverable amount. Provisions for impairment 

of receivables are included in the statement of comprehensive income. 

i) PENSIONS 

The Association pays contributions to privately administered defined contribution pension schemes. A defined 

contribution pension scheme is a plan which the Association pays fixed contributions into a separate fund. Once 

the contributions have been paid, the Association has no further payment obligations. The regular pension 

contributions are included in staff costs in the period in which they are due. 

j) LEASES 

Leases of property, plant and equipment where the company has substantially transferred all the risks and 

rewards of ownership are classified as finance leases. Finance leases are capitalised at the inception of the leases 

at the lower of the fair value of the leased property or the present value of the minimum lease payments. Each 

lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the 

finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in other 

long-term payables. 

The interest element of the finance cost is charged to the statement of comprehensive income over the lease 

period. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the 

useful life of the asset or the lease term. 

Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified 

as operating leases (e.g. property leases). Payments made under operating leases are charged to the statement 

of comprehensive income on a straight-line basis over the period of the lease. 

k) BORROWINGS 

Borrowings are recognized initially at the proceeds received, net of transaction costs incurred. Borrowings are 

subsequently stated at amortized cost using the effective yield method; any difference between proceeds (net of 

transaction costs) and the redemption value is recognized in the statement of comprehensive income over the 

period of the borrowings. 

l) PROVISIONS 

Provisions are recognized when the Association has a present legal or constructive obligation as a result of past 

events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate 

of the amount can be made. 

m) GRANTS 

Grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and 

the company will comply with all attached conditions. 

Grants relating to costs are deferred and are included in liabilities. They are recognized in the statement of 

comprehensive income over the period necessary to match them with the net expenditure for the year, which 

they are intended to compensate. 


n) DEFERRED INCOME TAXES 

Deferred income taxes are provided in full, using the liability method, for all temporary differences arising between 

the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income 

taxes are determined using tax rates that have been enacted or substantially enacted and are expected to apply 

when the related deferred income tax asset is realized or the related deferred income tax liability is settled. 

Under this method, a provision is made for deferred income taxes on the revaluation of certain non-current assets 

and, in relation to an acquisition, on the difference between the fair values of the net assets acquired and their 

tax base. 

The principal temporary differences arise from depreciation on property, plant and equipment and tax losses 

carried forward. Deferred tax assets relating to the carry forward of unused tax losses are recognized to the 

extent that it is probable that future taxable profit will be available against which the unused tax losses can 

be utilized. 

NOTES TO THE FINANCIAL STATEMENTS 


1] INCORPORATION AND ACTIVITIES 

The Association, limited by guarantee, is incorporated and domiciled in the Republic of Trinidad and Tobago with 

its registered office located at #42 Tenth Street, Barataria. The Association’s activities are to promote and encourage 

the development of local manufacturing operations and to assist in problems relating to manufacturing 

industries in Trinidad and Tobago. 

2] PROPERTY, PLANT AND EQUIPMENT 

LAND BUILDING 

& CARPARK 

OFFICE 

EQUIPMENT 

TOTAL 

$ $ $ $ 

Year ended 31 December 2017 

Opening net book amount 2,437,352 6,730,208 251,546 9,419,106 

Additions - - 355,083 355,083 

Depreciation charge - (308,664) (90,910) (399,574) 

Closing net book amount 2,437,352 6,421,544 515,719 9,374,614 

At 31 December 2017 

Cost 2,437,352 9,484,351 2,145,981 14,067,684 

Accumulated depreciation - (3,062,808) (1,630,260) (4,693,068) 

Net book amount 2,437,352 6,421,543 515,720 9,374,614 

Year ended 31 December 2016 

Opening net book amount 2,437,352 7,038,978 228,794 9,705,124 

Additions - - 107,511 107,511 

Depreciation charge - (308,770) (84,760) (393,530) 

Closing net book amount 2,437,352 6,730,208 251,546 9,419,106 

At 31 December 2016 

Cost 2,437,352 9,484,351 1,790,898 13,712,601 

Accumulated depreciation - (2,754,143) (1,539,352) (4,293,495) 

Net book amount 2,437,352 6,730,208 251,546 9,419,106 


3] DEFERRED TAX ASSET/ (LIABILITY) 

Deferred taxes are calculated in full on temporary differences under the liability method using a principal tax rate of 25%. 

Assets and liabilities are shown net to the extent that tax losses are expected to be utilized against future chargeable 

profits. 

2017 2016 

$ $ 

Accelerated tax depreciation 

At 1 January - 982,256 

Debit to statement of comprehensive income - (982,256) 

Deferred tax liability - - 

Deferred tax asset arising from tax losses 

At 1 January - 1,279,749 

Credit to statement of comprehensive income - (1,279,749) 

Deferred tax asset - - 

Net deferred tax asset / (liability) - - 

4] CASH AND CASH EQUIVALENTS 

Cash at bank 2,028,014 2,863,251 

Cash in hand 6,000 17,164 

Money market funds 3,482 3,410 

Undeposited funds 6,552 (37,577) 

2,044,048 2,846,248 

The Money Market Funds have been classified as a cash equivalent because management will be using the accounts for 

working capital requirements within the next year. The interest rate at the year-end was 1.00%. 

5] RECEIVABLES AND PREPAYMENTS 

Receivables 1,161,619 673,402 

Less: Provision for bad debts - (27,900) 

1,161,619 645,502 

Prepayments 150,509 225,418 

VAT refund 40,489 28,598 

1,352,617 900,518 

As at 31 December 2017,Trade Receivables of $1,161,619 (2016: $645,502) were fully performing. 

Trade receivables are non interest bearing and due upon receipt or on 30 days term. 

The ageing analysis of Receivables is as follows: 

TOTAL 

NEITHER PAST DUE 

NOR IMPIERED 

PAST DUE BUT NOT IMPIERED 

30-60 DAYS 

60-90 DAYS 

>90 DAYS 

$ $ $ $ $ 

2017 1,161,619 159,121 99,689 67,546 835,263 

2016 645,502 224,077 127,258 22,468 271,669 

6] RELATED PARTIES 

Transactions which included related parties totalled $1,036,035 in 2017. This would have comprised of subscriptions paid by 

the organisations affiliated with our current Board of Directors. 

A. The value of transactions carried out during the year with related parties is as follows: 

Sales 

Purchases 

$ $ 

Kaleidoscope Paints Limited 32,845 - 

Aerogas Processors 32,311 - 

Ansa Polymer Limited 9,556 - 

CGA Limited 39,636 - 

Coosal Group of Companies 24,253 - 

Cold Zone 3pl / Iceland Distributors 15,854 - 

First Citizens Bank Limited 409,240 - 

K.C. Confectionery Limited 12,929 - 

Label House Group 22,106 37,084 

Lifetime Roofing Solutions 31,410 - 

MDCUM Limited 9,566 - 

Nestle Trinidad & Tobago Limited 72,121 - 

S M Jaleel & Company Limited 65,345 - 

Trinidad Cement Limited 129,833 - 

Vemco Limited 49,002 - 

956,007 37,084 

Key management compensation 

Key management compensation amounted to $525,360 (2016 -$492,000) 

B. The amounts due from related parties as at year end are as follows: 


$ $ 

Advance Foam Limited - 5,878 

Aerogas Processors - 2,750 

Ansa Coatings Limited - 2,750 

First Citizens Bank Limited - 2,200 

K.C. Confectionery Limited 400 550 

Label House Group - 1,100 

MDCUM Limited - 2,750 

Nestle Trinidad & Tobago Limited - 46,879 

Quicksilver Convenience Limited - 9,900 

S M Jaleel & Company Limited 13,050 10,013 

Trinidad Cement Limited 1,650 - 

Vemco Limited - 2,200 

15,100 86,970 

Subscriptions revenue 2017 2016 

Ordinary members 1,225,368 1,230,818 

Associate members 330,537 334,927 

1,555,905 1,565,745 


7] BORROWINGS 


$ $ 

Current 

Bank loans - 314,637 

Non-current 

Bank loan - 1,504,981 

Total borrowings - 1,819,618 

This represents a ten (10) year mortgage loan with FCB Bank Ltd, secured by a charge over the TTMA Building. The effective 

interest rate of the mortgage is 7.05% fixed. 

This loan was paid off during the year. 

8] SUBSCRIPTIONS AND DEPOSITS RECEIVED IN ADVANCE 


$ $ 

Members’ subscriptions received in advance 21,865 37,294 

Deposits received in advance for TIC exhibits 433,863 142,374 

455,728 179,669 

9] TRADE AND OTHER PAYABLES 

Trade payables 489,932 153,622 

Accrued liabilities 39,516 59,930 

538,448 213,552 

10] OPERATING SURPLUS 

The Association’s operating surplus includes the following items: 

Staff costs (note 13) 2,122,335 2,065,181 


Telephone, electricity and utilities 174,279 185,997 

Insurance 139,484 138,582 

11] FINANCE COSTS 

Interest expense 21,902 139,604 


SCHEDULE TO THE FINANCIAL STATEMENTS 



$ $ 

Administrative expenses 

Salaries and other staff costs 2,122,335 2,065,181 

Marketing 115,353 178,187 

Travelling and subsistence 173,726 188,148 

Telephone and postage 100,592 102,748 


Insurance 99,876 88,550 

Printing, stationery and general office 42,473 50,808 

Audit fees 38,400 37,625 

Medical and staff welfare 39,563 35,991 

Computer expenses 18,488 33,827 

Entertainment 18,934 34,627 

Legal and professional fees 157,484 36,580 

Bank charges 20,815 8,525 

Accounting fees 6,000 8,495 

Security 7,080 7,080 

Subscriptions 5,524 6,232 

Rental of equipment 2,922 2,922 

Donations 600 2,320 

Other - (6,450) 

Duties, freight and clearing 375 738 

Bad Debts 29,635 - 

3,091,082 2,966,891 


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