Download File - TCL Group

TABLE OF CONTENTS
1 Mission Statement
2 Board of Directors
Management Team
3 Notice of Annual Meeting
Corporate Information
4 Chairman’s Review
5 Department Heads
6 New Appointments
7 Directors’ & Substantial Interests
8 Auditors’ Report
9 Consolidated Balance Sheet
10 Consolidated Statement of Earnings
11 Consolidated Statement of Changes in Equity
12 Consolidated Statement of Cashflows
13 Notes to the Consolidated Financial Statements
26 Management Proxy Circular
27 Proxy Form

THE BOARD OF DIRECTORS
L-R: 1.Mr. Ernest Williams [Chairman] 2.Mr. Roger Manning 3.Dr. Rollin Bertrand 4.Mr. Hollis N. Hosein 5.Mr. Lawford Dupres
6.Mr. Anton Ramcharan 6.Mr. Arun K. Goyal
MANAGEMENT TEAM
L-R: 1.Mr. Manan Deo [General Manager/ Company Secretary] 2.Mrs. Jacqueline Ryan-Brathwaite [Human Resource Manager]
3.Mr. Gerard Torres [Marketing Manager] 4.Mrs. Isha Rueben-Theodore [Corporate Services Manager] 5.Mr. Dexter East [Operations Manager]
6.Mr. John Cardenas [Plant Manager - Premix & Precast Concrete Inc.] 7.Ms. Murielle Lancien [Manager - Island Concrete SARL]
8.Mr. Jaris Liburd [ Manager - Island Concrete N.V.]
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTICE OF ANNUAL MEETING
Notice is hereby given that the ANNUAL MEETING of READYMIX (WEST INDIES) LIMITED for the year ended 31st
December 2006 will be held at the Utility Room, RML Compound, Tumpuna Road, Guanapo, Arima on 10th May 2007
at 2:30 p.m. for the transaction of the following business:
ORDINARY BUSINESS
1. To receive and consider the Report of the Directors and the Audited Financial Statements for the financial year
ended 31st December 2006, with the Report of the Auditors thereon
2. To elect Directors
3. To appoint Auditors and authorize the Directors to fix their remuneration for the ensuing year
4. To transact any other business, which may be properly brought before the meeting.
NOTES
1. Record Date
The Directors have fixed Tuesday 10th April, 2007 as the record date for shareholders entitled to receive notice of
the Annual Meeting. Formal notice of the Meeting will be sent to shareholders on the Register of Members as at
the close of business on that date. A list of such shareholders will be available for examination by shareholders at
the registered office of The Trinidad & Tobago Central Depository, 10th Floor, Nicholas Tower, 63-65 Independence
Square, Port of Spain, during usual business hours and at the company’s premises on the day of the Meeting.
2. Proxies
Members of the Company entitled to attend and vote at the Meeting are entitled to appoint one or more proxies to
attend and vote instead of them. A proxy need not also be a member. Where a proxy is appointed by a corporate
member, the form of proxy should be executed under seal or signed by some officer or attorney duly authorized.
To be valid, the Proxy Form must be completed and deposited at the registered office of The Trinidad & Tobago
Central Depository, 10th Floor, Nicholas Tower, 63-65 Independence Square, Port of Spain, not less than 48 hours
before the time fixed for holding the Meeting.
BY ORDER OF THE BOARD
MANAN DEO
COMPANY SECRETARY
March 26th, 2007
CORPORATE INFORMATION
COMPANY SECRETARY
Manan Deo
REGISTERED OFFICE
Tumpuna Road
Guanapo, Arima
Trinidad, W.I.
Tel: [868] 643.2429/ 2430
Fax: [868] 643.3209
Email: rmlinfo@tclgroup.com
REGISTRAR
Trinidad & Tobago Central Depository Ltd.,
10th Floor, Nicholas Tower,
63 - 65 Independance Square,
Port of Spain
AUDITORS
Ernst & Young
5 – 7 Sweet Briar Road
St. Clair
Port of Spain
Trinidad
ATTORNEYS AT LAW
J.D. Sellier & Co.
129 – 131 Abercromby Street
Port of Spain
Trinidad
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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CHAIRMAN’S REVIEW
“The Board is
confident that the
Group is well placed
to continue to
improve shareholder
wealth in 2007”
The RML Group experienced a satisfactory turnaround in 2006,
posting a best ever profit of $16.2M, compared with a loss of
$25.9M in 2005. Sales volume of the Group grew by 17,000m 3
or 9%, while revenue grew by $74.7M or 41%. Operating profit
increased by $54.9M over the prior year. In so doing, the
company improved its EPS by $3.43.
During the first half of the year, the Group implemented major
changes to its business processes, structure, and manpower
levels, following the recommendations of a Value Creation Team
established by the Board in 2005. This resulted in a
rationalization of the workforces at our subsidiaries in Barbados
and St Maarten and some restructuring in Trinidad.
Locally, pricing policies, which were reviewed in late 2005
resulted in revenues from existing and new contracts that were
more in keeping with the cost structure and profit objectives of
the Group. The Group posted unaudited profits of $2.6M for the
first half of the year, while second half profits for 2006 improved
to $13.6M.
In February, the parent company commenced the importation of
20mm aggregate into Trinidad, in order to supplement the
dwindling yield of aggregates at its Melajo quarry in Valencia. In
April, the Government of Trinidad and Tobago granted the
company 348 acres of lands for quarrying, however the desired
level of aggregate production anticipated from these lands has
not yet been fully realized and imports are expected to continue
in 2007. The supply of aggregates to St. Maarten was stabilized
during the third quarter of the year, as contracts were
confirmed with suppliers from Monsterrat, Dominica, and
Martinique. The reliability and quality of materials from these
sources are expected to be maintained throughout 2007.
In St. Maarten, the Company obtained the necessary
certification for its product from France, enabling it to bid major
projects on the French side (St. Martin) of the island. This
resulted in a 50% increase in sales in that territory and
contributed to the St. Maarten subsidiary reducing its overall
loss by $3M compared with the previous year. In Barbados, the
delivery fleet was expanded by 30%, enabling Premix and
Precast Concrete Inc. to grow sales volume by 23%, to save on
distribution costs and to improve its preventative maintenance
programme. This subsidiary’s performance for the year
reflected a profit after tax of $1.6M from a recorded loss of
$1.8M in the prior year.
During the year the group undertook a comprehensive review of
the useful lives of its Property, Plant and Equipment in
accordance with International Accounting Standards. As a
result of this, the prior year’s financial statements were
restated for ‘excess’ depreciation charged in the past years.
Consequently, retained earnings were increased by a net
$3.2M and depreciation expense in respect of the year 2005
increased by $0.9M.
4 READYMIX [W.I.] LTD - 2006 ANNUAL REPORT

During the year a new three-year Collective Agreement for
hourly-rated employees was settled at Premix and Precast
Concrete Inc. In the final quarter, agreement was also
reached in respect of negotiations for a new Agreement for
hourly-rated, Junior Staff, and Senior Staff employees of
RML, Trinidad. These negotiations were concluded with no
referral to third parties and without any industrial action by
employees.
In 2007, the demand for concrete in all territories will
continue to be strong. The Group is well placed to increase
its sales in all markets. Major focus will be placed on
improving efficiencies throughout the value chain in all
subsidiaries, with special emphasis on improving customer
service at all locations. In this regard, a customer
satisfaction survey was completed at RML, Trinidad in the
last quarter of 2006, and action will be taken to address the
gaps identified in the process of achieving total customer
satisfaction.
Environmentally, the Group has embarked upon ISO 14001
certification. It is expected that RML, Trinidad will obtain
certification in 2007 with the overseas subsidiaries to
follow.
The Board is satisfied that the RML Group has now returned
to sustainable profit and is confident that the Group is well
placed to continue to improve shareholder wealth in 2007.
_______________________
Ernest Williams
Chairman
DEPARTMENT HEADS
Back Row (L-R):
1. Mrs. Cheryl Mungal - Key Project Co-ordinator 2. Mr. Mohan Dharam Singh - Health, Safety, Environment & Security Officer
3. Mr. Nirmal Nanan - Key Project Co-ordinator 4. Mr. Austin Rodriguez - Technical Services Officer 5. Mr. Gordon Richards - Quarry Manager
Front Row (L-R):
6. Mr. Siewdath Bahal - Production Superintendent 7. Mr. Horace Boodoo - Materials Officer 8. Mr. Sanish Maharaj - Technical Co-ordinator
9. Ms. Ayanna Garnes - Accountant 10. Mr. Steve Ramdhani - Maintenance Engineer
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NEW APPOINTMENTS
Dexter East
Operations Manager
Mr. Dexter East currently holds the position of Operations Manager
where he bears overall responsibility for RML’s quarry operations,
production of concrete, maintenance of plant and machinery, and
planning and implementation of new projects. Mr. Dexter East
joined the TCL Group of Companies in 1991, where he spent 12
years in the cement industry. In 2003, while functioning as a
Process Engineer, he was promoted to Operations Manager at TCL
Packaging Ltd, a position which he held for 3 years.
Mr. East is an honours graduate from the University of the West
Indies, with a BSc in Chemical Engineering, and also holds an
International MBA in Finance from UWI Institute of Business.
Isha Rueben-Theodore
Corporate Services Manager
Mrs. Reuben-Theodore joined Readymix (West Indies) Limited in
September 2006. In the capacity of Corporate Services Manager, she
heads Readymix’s Finance and Materials Department and is also
responsible for Corporate Services in both the St. Maarten and Barbados
subsidiaries. She brings with her a wealth of knowledge, with over ten
years experience in the auditing and finance fields.
Mrs. Reuben-Theodore is a Certified Chartered Accountant and a
member of the Institute of Chartered Accountants of Trinidad and Tobago.
Jaris Liburd
Plant Manager (Island Concrete)
Mr. Liburd is the Plant Manager of Island Concrete Products N.V.
St. Maarten. He holds a B.Sc degree in Hospitality and Hotel
Management from Stamford Hill University (London) and an
Engineering Operation Executive certificate (CEOE) from the
Educational Institute of American Hotel and Motel Association.
He joined the Group in August 2006 and brought with him over 17
years’ of management experience mainly in Hospitality
Maintenance and Collective Bargaining.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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DIRECTORS’ & SUBSTANTIAL INTERESTS
DIRECTORS’ INTEREST
In accordance with the provisions of Section 64 of the
Securities Industry Act 1981 and the provisions of our Listing
Agreement with the Stock Exchange, particulars of the
interest of each Director in the Share Capital of the Company
are set out below:
Directors
Ordinary Shares
E. Williams Nil
R. Bertrand Nil
A. Goyal Nil
L. Dupres Nil
H. Hosein Nil
R. Manning Nil
A. Ramcharan Nil
SUBSTANTIAL INTERESTS
A substantial interest means a holding of 5% or more
of the issued share capital of the Company.
No. of
Shares
% of Issued
Share Capital
FINANCIAL RESULTS
TT$’000
Net Profit for the year 15,526
Unrelieved losses – restated (1,949)
Translation Difference (6)
Dividends paid/proposed -
Retained Earnings carried forward 13,571
DIVIDENDS
Given the existing negative working capital position, the Board
does not propose a final dividend for 2006.
DIRECTORS
In accordance with By Law 4.6.1, Dr. Rollin Bertrand retires
and, being eligible, offers himself for re-election.
AUDITORS
The Auditors, Ernst & Young, retire and, being eligible, offer
themselves for re-election.
Trinidad Cement Ltd. 8,399,494 69.996
Republic Bank Ltd. 703,964 5.866
BY ORDER OF THE BOARD
Colonial Life Ins. 670,646 5.589
Co. Trinidad Ltd.
CONTRACTS
No Director of the Company had any material interest in any
contract relating to the business of the Company during or at
the end of the financial year.
Manan Deo
Secretary
DIRECTORS’ REPORT
The Directors present their Report to the Members together
with the Financial Statements for the year ended 31st
December, 2006.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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AUDITORS’ REPORT
INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF READYMIX (WEST INDIES) LIMITED
We have audited the accompanying financial statements of Readymix (West Indies) Limited and its subsidiaries (“the
Group”) which comprise the consolidated balance sheet as at 31st December, 2006 and the consolidated statement of
earnings, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended,
and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of the financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Group as at 31st December
2006, and of its financial performance and its cash flows for the year then ended in accordance with International
Financial Reporting Standards.
Chartered Accountants
5-7 Sweet Briar Road
St. Cair, Port of Spain,
Trinidad, West Indies
16th March, 2007
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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CONSOLIDATED BALANCE SHEET
AS AT 31ST DECEMBER, 2006
(Expressed In Thousands of Trinidad and Tobago Dollars)
Restated
Notes 2006 2005
$ $
Non - current assets
Property, plant and equipment 7 58,442 65,870
Goodwill 8 9,669 9,669
Pension asset 15 508 142
Deferred tax asset 16 (b) 1,616 7,646
70,235 83,327
Current assets
Inventories 9 17,378 16,008
Receivables and prepayments 10 46,200 43,489
Cash at bank 4,477 753
68,055 60,250
Current liabilities
Bank advances 11 16,383 29,633
Payables and accruals 12 54,540 48,926
Current portion of parent company loan 14 6,737 7,963
Current portion of medium and long-term borrowings 13 5,449 5,339
83,109 91,861
Net current liabilities (15,054) (31,611)
Non - current liabilities
Medium and long-term borrowings 13 21,334 26,901
Parent company loan 14 – 6,737
Post-retirement obligations 15 – 114
Deferred tax liability 16 (b) 7,055 7,322
28,389 41,074
Total net assets 26,792 10,642
Equity attributable to the parent
Stated capital 17 12,000 12,000
Retained earnings/(unrelieved losses) 13,571 (1,949)
25,571 10,051
Minority interest 1,221 591
Total equity 26,792 10,642
The accompanying notes form an integral part of these financial statements.
On 16th March, 2007, the Board of Directors of Readymix (West Indies) Limited authorised these financial statements for issue.
__________________________________ Director
_________________________________ Director
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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CONSOLIDATED STATEMENT OF EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed In Thousands of Trinidad and Tobago Dollars)
Restated
Notes 2006 2005
$ $
Revenue 3 258,611 183,943
Operating profit/(loss) 3 27,933 (26,982)
Finance costs – (net) 4 (4,933) (4,700)
Profit/(loss) before taxation 23,000 (31,682)
Taxation 5 (6,826) 5,224
Profit/(loss) after taxation 16,174 (26,458)
Attributable to:
Shareholders of the parent 15,526 (25,710)
Minority interest 648 (748)
16,174 (26,458)
Earnings per share 6 $1.29 ($ 2.14)
Basic and diluted
The accompanying notes form an integral part of these financial statements.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT YEAR ENDED 31ST DECEMBER, 2006
(Expressed In Thousands of Trinidad and Tobago Dollars)
Equity attributable to the parent
Retained
earnings/
Notes Stated (unrelieved Minority Total
capital losses) Total interest equity
$ $ $ $ $
Balance at 1st January, 2006 (as previously stated) 12,000 (4,665) 7,335 591 7,926
Prior period adjustment 23 – 2,716 2,716 – 2,716
Balance at 1st January 2006 (as restated) 12,000 (1,949) 10,051 591 10,642
Net profit for the year – 15,526 15,526 648 16,174
Translation difference – (6) (6) (18) (24)
Balance at 31st December, 2006 12,000 13,571 25,571 1,221 26,792
Year ended 31st December, 2005
Balance at 1st January, 2005 (as previously stated) 12,000 21,336 33,336 1,344 34,680
Prior period adjustment:
Effect of reassessment of useful lives of property, plant
and equipment 23 – 3,203 3,203 – 3,203
Balance at 1st January, 2005 ( as restated) 12,000 24,539 36,539 1,344 37,883
Net loss for the year – (25,710) (25,710) (748) (26,458)
Dividends paid in 2005 18 – (720) (720) – (720)
Translation difference – (58) (58) (5) (63)
Balance at 31st December, 2005 12,000 (1,949) 10,051 591 10,642
The accompanying notes form an integral part of these financial statements.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed In Thousands of Trinidad and Tobago Dollars)
2006 2005
$ $
Operating activities
Profit/(loss) before taxation 23,000 (31,682)
Adjustments to reconcile profit before taxation to
net cash generated by operating activities:
Depreciation 11,657 12,968
Increase in provision for doubtful debt 1,038 8,744
Impairment of goodwill – 2,458
Other non-cash items (695) 1,042
(Decrease)/increase in stock write-off/provision (127) 6,985
Interest expense (net) 4,933 4,700
Post-retirement obligations 1,423 16
Gain on disposal of plant and equipment (35) (318)
41,194 4,913
Changes in net current assets
Decrease/(Increase) in inventories (1,242) (368)
Increase in receivables and prepayments (3,749) (4,881)
Increase in payables and accruals 6,162 1,715
Cash generated by operating activities 42,365 1,379
Taxation paid (600) (770)
Net interest paid (5,271) (4,847)
Pension contribution (1,903) (1,595)
Net cash generated by/(used in) operating activities 34,591 (5,833)
Investing activities
Additions to plant and equipment (4,657) (13,834)
Proceeds from sale of plant and equipment 463 410
Net cash used in investing activities (4,194) (13,424)
Financing activities
Repayment of borrowings (13,518) (5,824)
Dividends paid – (720)
Proceeds from loans 95 20,676
Net cash (used in)/generated by financing activities (13,423) 14,132
Net increase/ (decrease) in cash and cash equivalents 16,974 (5,125)
Net borrowings - beginning of year (28,880) (23,755)
Net borrowings - end of year (11,906) (28,880)
Represented by:
Cash at bank 4,477 753
Bank advances (16,383) (29,633)
(11,906) (28,880)
The accompanying notes form an integral part of these financial statements.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
1. Incorporation and activities
The parent company (Readymix West Indies Limited) is a limited liability company incorporated and resident in the Republic of
Trinidad and Tobago and its shares are publicly listed on the Trinidad and Tobago Stock Exchange. The principal business activity
of the Group is the manufacture and sale of pre-mixed concrete and the winning and sale of sand and gravel. The registered
office of the parent company is Tumpuna Road, Guanapo, Arima. Trinidad Cement Limited, also incorporated in the Republic of
Trinidad and Tobago, is the ultimate parent company and holds 70% of the issued ordinary shares of the company.
Readymix (West Indies) Limited acquired with effect from 1st July, 2004 a 100% shareholding in Island Concrete N.V and Island
Concrete SARL, registered and operating in St. Maarten. The company also holds a 60% shareholding in Premix & Precast
Concrete Incorporated, a company incorporated in Barbados.
2. Significant accounting policies
a) Basis of preparation
These financial statements have been prepared under the historical cost convention, in accordance with International
Financial Reporting Standards.
The accounting policies adopted are consistent with those of the previous year except that the Group has adopted those
new/revised standards effective for financial years beginning on or after 1st January, 2006.
The adoption of these standards did not result in any material change in accounting policies.
b) Basis of consolidation
These consolidated financial statements comprise the financial statements of Readymix (West Indies) Limited (The Parent)
and its subsidiaries as at 31st December 2006. The financial statements of the subsidiaries are prepared for the same
reporting period as the Parent, using consistent accounting policies. Subsidiary undertakings, being those companies in which
the group, directly or indirectly has an interest of more than one half of the voting rights, are fully consolidated from the date
of acquisition, being the date on which the group obtained control.
All intercompany transactions and balances and unrealised surpluses and deficits on transactions between group companies
are eliminated. Minority interests represent the portion of profit or loss and net assets not held by the group and are
presented separately in the statement of earnings and within equity in the consolidated balance sheet.
All assets and liabilities of the subsidiaries at the date of acquisition are stated at fair value.
c) Goodwill and negative goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of the Group’s share of the assets, liabilities and
contingent liabilities of the acquired subsidiary undertaking at the date of acquisition. Goodwill on acquisition is reported in the
balance sheet as an intangible asset with an indefinite useful life which is reviewed at least annually for impairment.
Impairment is determined by assessing the recoverable amount of the cash generating unit (group of cash generating units),
to which the goodwill relates. Where the recoverable amount of the cash generating unit (group of cash generating units) is
less than the carrying amount, an impairment loss is recognised.
Where the cost of acquisition is less than the fair value of the Group’s share of the assets, liabilities and contingent liabilities
of the acquired subsidiary at the date of acquisition, the difference is negative goodwill which is written off immediately to the
statement of earnings.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2. Significant accounting policies (continued)
d) Property, plant and equipment
It is the Group’s policy to account for property, plant and equipment at cost less accumulated depreciation (Note 7).
Depreciation is provided on the straight line basis at rates estimated to write-off the assets over their expected useful lives. The
estimated useful lives of assets are reviewed periodically, taking account of commercial and technological obsolescence as well
as normal wear and tear, and the depreciation rates are adjusted if appropriate.
Current rates of depreciation are:
Buildings - 2% - 4%
Plant, machinery and equipment - 3% - 40%
Motor vehicles - 10% - 20%
Office furniture and equipment - 10% - 25%
Leasehold improvements are amortised over the remaining term of the lease.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its
recoverable amount.
It is the Group's policy to capitalise interest on loans specific to capital projects during the period of construction. Repairs and
renewals are expensed when the expenditure is incurred
e) Inventories
Plant spares and raw materials are valued at the lower of cost and net realisable value using the average cost method. Work
in progress and finished goods are valued at the lower of cost, including attributable production overheads, and net realisable
value. Net realisable value is the estimate of the selling price less costs of completion and direct selling expenses.
f) Foreign currencies
These consolidated financial statements are presented in Trinidad and Tobago dollars (expressed in thousands) which is the
functional and presentation currency of the parent company. Transactions originating in foreign currencies are recorded in
Trinidad and Tobago dollars at the rates of exchange ruling at the date of the transactions. Monetary assets and liabilities
denominated in foreign currencies existing at the balance sheet date are translated at rates ruling at that date. Differences
arising there-from are reflected in the current year's results.
Income statements of foreign entities are translated into the Group’s reporting currency, Trinidad & Tobago dollars, at average
exchange rates for the year and the balance sheets are translated at the year end exchange rates.
Exchange differences arising from translation of the net investment in foreign subsidiaries at the balance sheet date are taken
to the currency translation account in the shareholders’ equity in accordance with International Accounting Standard 21.
g) Taxation
The taxation charge for the current year is based on the results for the year as adjusted for items, which are non-assessable or
disallowed. The taxation charge is calculated using the tax rate in effect at the balance sheet date.
A deferred tax charge is provided, using the liability method, on all temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes.
Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax
losses, to the extent that it is probable that future taxable profit will be available against which these deductible temporary
differences, carry-forward of unused tax credits and tax losses can be utilized. The carrying amount of deferred tax assets is
reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient future taxable profit
will be available to allow all or part of the deferred tax assets to be utilized.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2. Significant accounting policies (continued)
h) Pension plans and post-retirement benefits
The Group’s employees are members of the Trinidad Cement Limited Employees’ Pension Fund Plan. This is a defined benefit
plan which is funded by contributions both from the employee and the Group taking into account the recommendations of
independent actuaries.
The Group accounts for this defined benefit plan using the projected unit credit method. Under this method, the cost of providing
pensions is charged to the statement of earnings so as to spread the regular cost over the service lives of the employees in
accordance with the advice of independent actuaries who carry out a full valuation every three years. The pension obligation is
measured at the present value of the estimated future cash outflows using interest rates of long term government securities.
All actuarial gains and losses are spread forward over the average remaining service lives of employees.
i) Financial instruments
Financial instruments carried on the balance sheet include cash and bank balances, investments, payables, receivables, and
borrowings and are stated at their approximate fair values determined in accordance with the individual policy statements
disclosed.
j) Cash and cash equivalents
Cash and cash equivalents include all cash and overdraft balances with maturities of less than three months from date of
establishment.
k) Revenue Recognition
Revenue, net of value added tax and discounts, is recognised upon delivery of products or performance of services and customer
acceptance. Interest income is recognized as interest accrues.
l) Trade receivables
Trade receivables are carried at anticipated realisable value. A provision is made for doubtful receivables based on a review of
all outstanding amounts at year-end.
m) Earnings per share
Earnings per share is computed by dividing net profit attributable to the shareholders of the parent for the year by the weighted
average number of ordinary shares in issue during the year.
n) Provisions
Provisions are recognised when the Group 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.
o) Leases
Operating leases
Leases of assets under which all the risks and benefits of ownership are effectively retained by the lessor are classified as operating
leases. Payments made under operating leases are charged to the statement of earnings on a straight-line basis over the
period of the lease.
Finance leases
Finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are
capitalised at the inception of the lease at the fair value of the leased assets or if lower, at the present value of the minimum lease
payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.
Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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2. Significant accounting policies (continued)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
p) Interest bearing loans and borrowings
Borrowings are stated initially at cost, being the fair value of the consideration received, net of issue costs associated with the
borrowings. After initial recognition, borrowings are stated at amortised cost using the effective yield method; any difference
between proceeds and the redemption value is recognised in the statement of earnings over the period of the borrowings.
q) Financial risk management
The Group’s activities expose it to a variety of financial risks, including the effects of changes in debt and equity prices, interest
rates, marketing liquidity conditions and foreign currency exchange rates which are accentuated by the group’s foreign operations,
the earning of which are denominated in foreign currencies. Accordingly, the group’s financial performance and position
are subject to changes in the financial markets. Overall risk management measures are focused on minimizing the potential
adverse effects on the financial performance of the group’s changes in financial markets.
(i) Credit risk
The group has no significant credit and has policies in place to ensure that sales of products are made to customers with an
appropriate credit history.
(ii) Foreign exchange risk
The group operates in the Caribbean region and is subject to foreign exchange risk. Risk management in this area is active to
the extent that hedging strategies are available and cost effective.
r) Significant accounting judgements, estimates and assumptions
In the process of applying the Group’s accounting policies, management has made certain judgments, assumptions and
estimates that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the
next financial year. The most significant of those are discussed below:
Deferred tax assets
In recognising a deferred tax asset for unused tax losses, management uses judgment to determine the probability that future
taxable profits will be available to facilitate utilisation of the unused tax losses.
Pension and post-retirement benefits
The cost of defined pension plans and other post retirement benefits is determined using actuarial valuations. The Group’s
independent actuaries used judgment and assumptions in determining discount rates, expected rates of return on assets,
future salary increases and future pension increases. Due to the long term nature of these plans such estimates are subject to
significant uncertainty.
Property, plant and equipment
Management exercises judgment in the annual review of the useful lives of all items of property, plant and equipment.
Impairment of goodwill
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimate of the value in use of
the cash generating units to which goodwill is allocated. Estimating the value in use requires the Group to make an estimate of
the expected future cash flows from the cash generating units and also to choose a suitable discount rate in order to calculate
the present value of these cash flows. Further details are in note 8.
s) Impairment of assets
The Group assesses at each reporting date whether there is any indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the assets recoverable
amount. An impairment loss is recognised for the amount by which the assets or cash generating units carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use,
and is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those
from other assets or groups of assets.
In assessing value in use, the asset’s future cash flows are discounted to their present value using a pretax discount rate that
reflects current assessments of the time value of money and the risks specific to the asset. Impairment losses are recognised
in the statement of earnings.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
3. Operating profit/(loss) $ $
Revenue 258,611 183,943
Less expenses:
Raw materials and consumables 109,074 88,763
Other operating expenses 60,353 48,854
Provision for doubtful debts 1,038 8,744
Stock (write-back)/provision/write-off (net) (127) 6,985
Personnel remuneration and benefits 39,359 33,676
Depreciation 11,657 12,968
Fuel and electricity 4,311 3,782
Impairment of goodwill – 2,458
Changes in raw materials and work in progress 5,417 5,155
27,529 (27,442)
Other income 404 460
Operating profit/(loss) 27,933 (26,982)
Personnel remuneration and benefits include:
Salaries and wages 34,522 30,794
Pension cost – defined benefit plan (Note 15 (a)) 1,423 16
Other benefits 2,759 2,250
National insurance 860 766
Termination benefits (205) (150)
39,359 33,676
4. Finance costs – net
Interest costs 4,944 4,683
Interest income – (11)
Exchange (loss)/gain (11) 28
4,933 4,700
5. Taxation
a) Taxation charge
Deferred taxation (Note 16) 5,764 (4,716)
Deferred taxation from change in tax rate (Note 16) – (965)
5,764 (5,681)
Current taxation
On current year’s earnings 1,062 457
6,826 (5,224)
b) Reconciliation of applicable tax charge to effective tax charge
Profit/(loss) before taxation 23,000 (31,682)
Tax calculated at the rate of 25% (30% - 2005) 5,750 (9,505)
Net effect of other charges and allowances (518) 732
Effect of tax rate reduction on deferred tax balance – (965)
Effect of disallowed expenses 1,394 1,270
Tax losses not recognized – 2,837
Business and green fund levies 200 407
Taxation charge/(credit) 6,826 (5,224)
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
6. Earnings per share $ $
Net profit/(loss) attributable to shareholders
of the parent for the year 15,526 (25,710)
Weighted average number of ordinary shares
issued (thousands) 12,000 12,000
Basic earnings per share $1.29 $(2.14)
The company has no dilutive potential ordinary shares in issue.
Plant,
machinery
&
Land equipment Office
and & motor furniture
buildings vehicles equipment WIP Total
7. Property, plant and equipment $ $ $ $ $
At 31st December, 2006
Cost 18,943 116,547 5,249 1,620 142,359
Accumulated depreciation (8,453) (71,037) (4,427) – (83,917)
Net book amount 10,490 45,510 822 1,620 58,442
1st January, 2006 11,522 47,121 940 6,287 65,870
Additions 172 3,269 278 938 4,657
Transfer from WIP 54 5,551 – (5,605) –
Disposals and adjustments (430) 2 (428)
Depreciation charge (1,258) (10,001) (398) – (11,657)
31st December, 2006 10,490 45,510 822 1,620 58,442
At 31st December, 2005 (as restated)
Cost 18,716 107,288 4,999 6,287 137,290
Accumulated depreciation (7,194) (60,167) (4,059) – (71,420)
Net book amount 11,522 47,121 940 6,287 65,870
1st January, 2005 12,649 51,080 1,021 1,555 66,306
Additions 103 7,674 334 5,723 13,834
Transfer from WIP 6 947 39 (991) –
Disposals and adjustments – (1,258) (44) – (1,302)
Depreciation charge (1,236) (11,322) (410) – (12,968)
31st December, 2005 (as restated) 11,522 47,121 940 6,287 65,870
The carrying value of plant and equipment held under finance lease at 31st December, 2006 amounted to $8.9m (2005 - $7.9m).
Leased assets are pledged as security for the related finance lease obligation.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
8. Goodwill $ $
Opening net book amount 9,669 12,127
Provision for impairment (see (i) below) – (2,458)
Closing net book amount 9,669 9,669
(i) Provision of impairment
During 2006, the group performed an impairment test on its goodwill. The value in use of the cash generating units was
determined by applying a discount rate of 10% and 11.75% per annum to the projected cash flows of Premix & Precast
Concrete Incorporated and Island Concrete N.V. respectively over a five year period, based on the financial budget approved by
the Board of Directors. This budget has taken into consideration the specific operating challenges facing the companies in St.
Maarten and Barbados.
The following describes the key assumptions on which management has based its cash flow projections to undertake impairment
testing of goodwill:
(i) Cash flow beyond the 5 year period is extrapolated using a 1% growth rate.
(ii) Discount rates of 12% and 15.5% have been applied to the cash flows beyond its 5 year period to perpetuity. This rate takes
into account the increased uncertainty in the Companies’ projection beyond 5 years.
2006 2005
9. Inventories $ $
Plant spares 8,477 7,798
Raw materials and work in progress 8,719 8,028
Consumables 182 182
17,378 16,008
Inventories are shown net of provision and write-backs/ write-offs of $0.405 million (2005: $.385,000) and $0.127 million (2005:
$6.6 million- write-offs) respectively.
2006 2005
10. Receivables and prepayments $ $
Trade receivables 52,580 46,850
Less: provision for bad and doubtful debts (13,245) (12,207)
Trade receivables (net) 39,335 34,643
Sundry receivables and prepayments 3,327 5,308
Corporation tax recoverable 3,538 3,538
46,200 43,489
The company has adopted new criteria in estimating its provision for bad and doubtful accounts receivable which has resulted in an
increase in the provision by $1.0m.
11. Bank advances
Bank advances bear interest at rates ranging from 8.5% to 9% per annum and are secured by charges over the fixed and floating
assets of the parent company and a first mortgage over property situated at Valencia. The facility held by Premix & Precast
Concrete Incorporated attracts interest at the rate of Barbados Prime and is secured by a charge over the fixed and floating assets
of that company.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
12. Payables and accruals $ $
Due to related parties 22,054 25,546
Sundry payables and accruals 13,817 7,628
Trade payables 15,149 12,022
Corporation tax 3,520 3,730
13. Medium and long-term borrowings
54,540 48,926
Amounts payable within:
One year 5,449 5,339
Two years 5,569 5,363
Three years 4,376 5,063
Four years 4,384 4,546
Five and more years 7,005 11,929
26,783 32,240
Current portion (5,449) (5,339)
Borrowings comprise:
21,334 26,901
• A medium term loan, with outstanding balance of $15.9 million, taken by the parent company carries rates of interest of 6%, fixed
for the first five years and variable over the remaining five years. The security for this loan is a first charge on the fixed and floating
assets of Readymix (West Indies) Limited.
• Medium term loans, with aggregate outstanding balance of $6.7 million, taken by Premix & Precast Concrete Incorporated,
carrying variable rates of interest in the range 7% to 9.75%, and secured by a charge over the fixed and floating assets of the
company and a guarantee from the parent.
• A loan, with present value of $2.1 million, taken by Island Concrete N.V. carries interest at 8.5% and is secured by a charge over
the fixed and floating assets of the company and by a guarantee from Readymix (West Indies) Limited.
• Finance leases for plant and machinery with present value of $5.1 million (2005 - $7.5 million) and secured by the related leased
assets. Future minimum lease payments under these leases are as follows:
2006 2005
$ $
Amounts payable within:
One year 1,066 1,502
After one year but not more than five years 5,080 6,010
More than five years 324 1,843
Total minimum lease payments 6,470 9,355
Less amounts representing interest charges (1,376) (1,891)
Present value of minimum lease payments 5,094 7,464
14. Parent company loan
Total outstanding 6,737 14,700
Payable within one year (6,737) (7,963)
Non-current portion – 6,737
This loan is comprised of $14.7 million from its parent company, Trinidad Cement Limited, which carries a variable interest rate
(currently 7.25%) over the term of two years. The loan is repayable in monthly instalments of $612,000 plus interest.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
15. Post-retirement (assets)/obligations $ $
Pension plan - obligations – 114
Termination benefits – –
– 114
Pension plan - assets (508) (142)
(508) (28)
a) Pension plan
The numbers were extracted from information supplied by independent actuaries.
Amounts recognised in the statement of earnings are as follows:
2006 2005
$ $
Current service cost 1,655 1,351
Interest cost 965 693
Transfer of pension assets from other participating
company (see Note 15 (c) below) – (1,186)
Actuarial gain/loss 34 6
Expected return on plan assets (1,231) (848)
Total included in personnel remuneration
and benefits (Note 3) 1,423 16
Actual return on plan assets 145 551
b) Movement in the pension plan benefit liabilities
and assets in the balance sheet:
Balance brought forward (28) 1,551
Total expense for the year (as shown above) 1,423 16
Contributions paid (1,903) (1,595)
Net pension plan liabilities/(asset) (508) (28)
Pension assets recognised in the balance sheet
are as follows:
Fair value of pension plan assets (14,735) (494)
Present value of funded obligations (pension plan) 15,332 519
597 25
Unrecognised actuarial loss (1,105) (167)
Pension plan assets (508) (142)
Pension liabilities recognised in the balance sheet
are as follows:
Fair value of pension plan assets – (12,281)
Present value of funded obligations (pension plan) – 12,045
– (236)
Unrecognised actuarial (loss)/gain – 350
Pension plan benefit liabilities – 114
The principal actuarial assumptions used for accounting
purposes for the pension plan are:
Discount rate 8.75% 7.75%
Expected return on plan assets 10% 9.0%
Rate of future salary increases 7.75% 6.75%
Rate of future pension increases 3.5% 2.0%
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
15. Post-retirement (assets)/obligations (continued) $ $
b) Movement in the pension plan benefit liabilities
and assets in the balance sheet: (continued)
Movement in the pension plan assets
Opening balances 12,776 9,139
Expected return on plan assets 1,231 848
Actuarial gain/(loss) (1,376) (284)
Company contributions 1,903 1,522
Members’ contributions 673 545
Benefits paid 18 (55)
Expense allowance (156) (125)
Surplus transfer – 1,186
The Company expects to contribute $1.757 million to its defined benefit plan in 2007.
15,069 12,776
2006 2005
c) Changes in defined benefit obligations $ $
Defined benefit obligation at start 12,564 10,627
Service cost 1,703 1,412
Interest cost 965 692
Members contributions 673 483
Past service cost – 27
Actuarial (gain)/loss (55) (493)
Benefit paid (316) (59)
Expense allowance (156) (125)
15,378 12,564
Major categories of plan assets as a percentage of fair value:
2006 2005
Equities 45% 54%
Debt 38% 33%
Other 16% 13%
The plan’s financial funding position is assessed by means of triennial actuarial valuations carried out by an independent actuary.
The last funding valuation was carried out as at 31st December 2003 and revealed that the plan was in overall surplus to the
extent of $94.3 million. A roll forward valuation in accordance with IAS 19 ‘Employee Benefits’ using assumptions indicated below
was done as at 31st December 2006 for the sole purpose of preparing these financial statements.
d) The parent company, Trinidad Cement Limited (TCL), agreed in December 2005 to transfer an aggregate of approximately $1.2m
of Pension Plan assets from its section of the TCL Pension Plan to the section for Readymix (West Indies) Limited in order to allow
the company to maintain up to December 2006 its current level of cash contributions of 15.7%. This would enable the company
to comply with the actuaries recommended level of funding.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
16. Deferred taxation $ $
(a) Movement in deferred taxation
Balance at 1st January (originally stated) (1,348) 4,150
Prior period adjustment (note 23) 1,024 1,424
Restated balance (324) 5,574
Effect of change in tax rate – (965)
Other adjustments (1) (217)
Charge/(credit) to earnings 5,764 (4,716)
Balance at 31st December 5,439 (324)
During 2005 a reduction in the rate of corporation tax from 30% to 25% was enacted in Trinidad and Tobago for fiscal year
beginning 2006. Accordingly, the net deferred tax balance brought forward was reduced for the rate change resulting in a
credit of $761k to earnings.
2006 2005
(b) Sources of deferred tax (asset)/liability $ $
Tax losses (1,517) (7,598)
Provisions (99) (48)
Deferred tax asset (1,616) (7,646)
Accelerated depreciation 6,035 6,701
Revaluation – 504
Finance leases 955 117
Post retirement asset 65 –
Deferred tax liability 7,055 7,322
Net balance at 31st December 5,439 (324)
Tax losses available for set off against future taxable profits amounted to $29.2m (2005: $42.3m) but are yet to be agreed
with the tax authorities.
2006 2005
17. Stated capital $ $
Authorised
An unlimited number of ordinary shares of no par value
Issued and fully paid
12,000,000 ordinary shares of no par value 12,000 12,000
18. Dividends
Paid 2005 final Nil (2004 – 3¢) – 360
Paid 2006 interim Nil (2005 – 3¢) – 360
– 720
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
2006 2005
19. Related party transactions $ $
Purchases of goods 72,667 63,253
Management fees 1,275 1,063
Interest income 247 147
Compensation of key management personnel:
Short term employment benefits 1,635 1,525
Pension plan and post retirement benefits 79 72
These transactions were conducted with Trinidad Cement Limited, Arawak Cement Company Limited and TCL Trading Limited in
the normal course of business at arm’s length.
In 2006, the total directors’ fees were $129,000 (2005 - $78,000).
20. Segmental information
The primary segment reporting format is determined to be its business segments. Secondary information is reported
geographically. The Group derives 99% of its revenue from the sale of pre-mixed concrete in Trinidad & Tobago, Barbados and
St. Maarten, whilst the sale of aggregates and the provision of technical services are purely incidental to this main activity.
Accordingly, practically all of the Group’s assets and liabilities are associated with the pre-mixed concrete business.
Geographical segments
The Groups geographical segments are based on the location of the Group’s assets. Sales to external customers disclosed in
geographical segments are based on the geographical location of its customers.
The following table presents revenue, and certain asset information regarding the Group’s geographical segments for the years
ended 31st December, 2006 and 2005.
Year ended 31st December, 2006
St.
Trinidad Maarten Barbados Total
$ $ $ $
Sales to external customers 201,737 27,162 29,712 258,611
Inter-segment sales – 3,660 – 3,660
Segment revenue 201,737 30,822 29,712 262,271
Segment assets 128,153 11,352 12,558 152,063
Capital expenditure 2,327 518 1,813 4,658
Year ended 31st December, 2005
Sales to external customers 136,678 21,813 25,452 183,943
Inter-segment sales – 2,457 – 2,457
Segment revenue 136,678 24,270 25,452 186,400
Segment assets 124,215 13,514 12,042 149,771
Capital expenditure 9,804 – 4,030 13,834
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2006
(Expressed in Thousands of Trinidad and Tobago dollars)
21. Financial instruments
Fair value
The fair value of cash and bank balances, receivables and payables approximate their carrying amount due to the short-term
nature of these instruments.
The fair value of the long term portion of the fixed rate loans amounts to approximately $14.1 m (2005:$25.8 m) as compared to
its carrying value of $21.3 m (2005: $26.9 m).
Credit risk
The Group has no significant concentration of credit risk.
22. Commitments and contingencies
Contingencies
At 31st December, 2006 the company had contingent liabilities in respect of bank guarantees and custom bonds amounting to
$5.3m (2005 - $5.3m).
In addition, the company also had a contingent liability with a third party amounting to approximately $3.7m.
Operating lease commitments
The company had entered into commercial leases on certain motor vehicles under which all risks and benefits of ownership are
effectively retained by the leasing company. These leases have an average life of four (4) years with no renewal options.
Future minimum lease rentals payable under these leases as at 31st December are as follows:
2006 2005
$ $
Within one year 44 60
After one year but not more than five years 11 54
More than five years – –
55 114
23. Prior Period adjustment
The group undertook in 2006, a comprehensive review of the estimated remaining useful economic lives of property, plant and
equipment. As a consequence of the review, an adjustment of past depreciation charges was required in accordance with IAS 16
“Property, Plant and Equipment” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. Accordingly,
accumulated depreciation as at December 31, 2004 has been decreased by $4.6 million with the consequential increase by $1.4
million in the deferred taxation liability and increase by $3.2 million in retained earnings. The depreciation charge in respect of the
year 2005 was increased by $888,000 from the amount originally reported. There is also an additional depreciation charge in
respect of 2006 of $465,000.
24. Going concern
Notwithstanding the working capital deficit in the current and prior years the assumption of going concern for the preparation of
these financial statements has been maintained on the basis of the commitment of the parent company, Trinidad Cement Limited,
to provide, if necessary, financial and managerial support to the company.
25. Non-compliance with loan covenant
As at 31st December, 2006 the Group was in breach of its financial ratio covenants in one agreement covering loans with a value
of $4.1m. The non-compliance relates to current asset, and debt service coverage ratios exceeding their limits. The consequence
of the breach on the agreement, is that the loan becomes payable on demand. This loan however is already classified as a current
liability.
However, the lender has granted the Group a grace period ending 31st December, 2008 in which the Group’s financial position is
to be remedied without any change in the terms or repayment schedule of the loan.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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REPUBLIC OF TRINIDAD AND TOBAGO
The Companies Act, 1995
(Section 144)
MANAGEMENT PROXY CIRCULAR
1. Name of Company:
READYMIX (WEST INDIES) LIMITED. Company No. R-84 (C).
2. Particulars of Meeting:
Forty-eighth Annual Meeting of the Company to be held on 10th May 2007 at the Utility Room of Readymix (West
Indies) Limited, Tumpuna Road, Guanapo, Arima, Trinidad.
3. Solicitation:
It is intended to vote the Proxy solicited hereby (unless the Shareholder directs otherwise) in favour of all resolutions
specified therein.
4. Any director’s statement submitted pursuant to Section 76 (2):
No statement has been received from any Director pursuant to Section 76 (2) of The Companies Act, 1995.
5. Any auditor’s statement submitted pursuant to Section 171 (1):
No statement has been received from the Auditors of the Company pursuant to Section 171 (1) of
The Companies Act, 1995.
6. Any shareholder’s proposal and/or statement submitted pursuant to Sections 116 (a) and 117 (2):
No proposal has been received from any Shareholder pursuant to Sections 116 (a) and 117 (2) of The Companies Act,
1995.
DATE NAME AND TITLE SIGNATURE
2007 March 28 Manan Deo, Secretary
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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BLOCK CAPITALS PLEASE
PROXY FORM
To Registrar
Readymix (West Indies) Limited
The Trinidad and Tobago Central
Depository Ltd.
10th Floor, Nicholas Tower
63-65 Independence Square
Port of Spain
I/We _________________________________________________________
of ____________________________________________________________
being a Member/Members of the above named Company, hereby appoint
the Chairman of the meeting or failing him,
Mr./Mrs.______________________________________________________
NAME OF PROXY
of ____________________________________________________________
ADDRESS
To be my/our Proxy to vote for me/us on my/our behalf at the Annual
Meeting of the Company to be held at 2:30 p.m. on the 10th May, 2007
and any adjournment thereof.
______________________________
Signature of Shareholder(s)
____/____/___
Date
Please indicate with an “X” in the spaces below how you wish your votes to be cast.
RESOLUTIONS FOR AGAINST
1. To adopt the Financial Statements for the year ended 31st
December 2006 and the reports of the Directors and Auditors
thereon.
2. To re-elect Director retiring (Clause 4.6.1 of by-Law No. 1)
i. Dr. Rollin Bertrand
3. To appoint Ernst & Young as the Auditors for the
Year 2007 and authorise the Board to fix their remuneration.
NOTES:
1. If the appointor is a corporation, this form must be under its common seal or under the hand of some officer or attorney
duly authorised in that behalf.
2. In the case of joint holders, the signature of any one holder should be stated.
3. If you do not indicate how you wish to vote the proxy will use his discretion both as to how he votes or whether or not he
abstains from voting.
4. To be valid this form must be completed and deposited with the Registrar at least 48 hours before the time appointed
for the meeting or adjourned meeting.
5. Any alterations made on this form should be initialled.
READYMIX [W.I.] LTD - 2006 ANNUAL REPORT
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THE REGISTRAR
Trinidad & Tobago Central Depository Ltd.,
10th Floor, Nicholas Tower,
63 - 65 Independance Square,
Port of Spain