MIRA INFORM REPORT

Report No. :	316379
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	TRINIDAD AND TOBAGO ELECTRICITY COMMISSION
Registered Office :	63 Frederick Street, Port of Spain
Country :	Trinidad and Tobago
Date of Incorporation :	28.04.1905
Legal Form :	State-owned enterprise
Line of Business :	Distribution of Electric Energy
No. of Employee :	100 (estimated)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Trinidad and Tobago	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TRINIDAD AND TOBAGO ECONOMIC OVERVIEW

Trinidad and Tobago attracts considerable foreign direct investment from international businesses, particularly in energy, and has one of the highest per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8% per year, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then and contracted during 2009-2011 due to depressed natural gas prices and changing markets. Growth had been fueled by investments in liquefied natural gas, petrochemicals, and steel with additional upstream and downstream investment planned. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. It also supplies manufactured goods, notably food products and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. Oil production has declined over the last decade as the country focused the majority of its efforts on natural gas. The current administration has been working to arrest this decline by opening bid rounds and providing fiscal incentives for investments in on-shore and deep water acreage to boost oil reserves and production. The government keeps a close watch on the changing global gas markets and has shown flexibility in diversifying natural gas export destinations. Although Trinidad and Tobago enjoys cheap electricity from natural gas, the renewable energy sector has recently garnered increased interest. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. The economy benefits from a growing trade surplus with the US. The US is Trinidad and Tobago's leading trade partner. The previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues, challenging the current government's commitment to maintaining high levels of public investment. Crime and bureaucratic hurdles continue to be the biggest deterrents for attracting more foreign direct investment and business.

Source : CIA

Company name and address
Legal Name:	TRINIDAD AND TOBAGO ELECTRICITY COMMISSION
Trade Name:	T&TEC / THE ELECTRICITY TRANSMISSION AND DISTRIBUTION UTILITY OF TRINIDAD AND TOBAGO
Registration Number:	Ordinance No. 42
Date Created:	1945
Date Incorporated:	28/04/1905
Legal Address:	63 Frederick Street, Port of Spain, Trinidad and Tobago
Operative Address:	63 Frederick Street, Port of Spain, Trinidad and Tobago
Telephone:	(868) 623 - 2611 / 6, 623 - 6291 / 6274 / 6273 / 2667 / 1617
Fax:	1-868-6253759
Legal Form:	State-owned enterprise
Email:	comments@ttec.co.tt
Registered in:	Trinidad and Tobago
Website:	www.ttec.co.tt
Contact:	Kelvin Ramsook
Staff:	100 (estimated)
Activity:	Distribution of Electric Energy
BANKS
	The company does not make its banking data public
HISTORY
	The Trinidad and Tobago Electricity Commission came into being by virtue of the Trinidad and Tobago Electricity Ordinance No. 42 of 1945. It was established to generate electricity and to distribute it outside the city of Port of Spain and the town of San Fernando. In 1946 the Commission served 6,613 customers and operated one power station - the Port of Spain Power Station located on Wrightson Road. Electricity was first used in Tobago in 1946. In September 1952, the Tobago Power Station, located at Darrell Spring Road was commissioned and T&TEC began generating electricity in Tobago.
	In 2006, the United States-based Mirant Corporation, facing a severe financial situation, announced that part of Mirant's restructuring efforts includes the intent to sell off their part ownership of PowerGen. Following that announcement, the government of Trinidad and Tobago placed the overall structure of T&TEC and PowerGen under review for future possible amalgamation. The companies T&TEC, Mirant and BP currently owns 51%, 39% and 10% of the PowerGen company respectively.[1] Any possible termination of the Mirant (now Genon) stake is seen as opportunity to simplify the structure and relationship between the T&TEC and PowerGen companies. In October 2009 the Cove Power Station owned by T&TEC and on the smaller island of Tobago was put into operation. This 64 MW natural gas or diesel power plant will reduce transmission losses on electric power transmission underground marine cables between the islands, in addition to upgrading bulk power to Tobago previously provided by T&TEC’s old 21 MW Scarborough Power Station which only used diesel fuel.
PRINCIPAL ACTIVITY
	Trinidad and Tobago Electricity Commission (T&TEC) is the sole retailer of electricity in Trinidad and Tobago. It is responsible for the design, construction, operation and maintenance of the country's electrical transmission and distribution network. The utility supplies electric power to customers on both islands via a single interconnected grid. Electrical energy is widely been purchased, metered and feed into the national grid from independent power producers. These producers are PowerGen giving a total of 1,344 MW and Trinity Power giving 225 MW. All power stations in Trinidad and Tobago are fueled by hydrocarbons.
Products/Services description:	Consultancy services in power systems analysis and designs Electrical installation to residential, commercial and industrial customers Erection of banners Hurricane recovery assistance Installation and commissioning of high voltage equipment Installation of decorative and festive lights Installation of pennants Line construction Rental of poles for erection of pennants Safe cutting of trees
Brands:	T&TEC
Sales are:	Wholesale and Retail
Clients:	General Clientele, Government, Companies
Suppliers:	POSTES LUMINARIAS Y AMOBLAMIENTO URBANO S.A.S. Colombia Alstom Grid SA De Cv Mexico
Operations area:	National
The company imports from	Mexico and Colombia
The company exports to	No exports
The subject employs	100 (estimated)
Payments:	Regular
LOCATION
Headquarters :	63 Frederick Street, Port of Spain, Trinidad and Tobago
Branches:	Northern Area Office Corner Park and Flament Streets, Port of Spain Phone: (868) 623 - 5070 / 5162, Trouble Calls: (868) 625 - 1296 / 1774 Fax: (868) 625 - 0453 Broadway Customer Service Centre Broadway, South Quay, Port of Spain Phone: (868) 624 - 0720 Fax: (868) 625 - 8539 St. James Customer Service Centre Corner Madras St. and Western Main Road, St. James ** Phone: (868) 628 - 1705 Fax: (868) 628 - 1709 Eastern Area Office Tumpuna Road, Arima Phone: (868) 643 - 1974 / 1975 / 2433 / 2510 / 2538 Trouble Calls: (868) 643 - 1974 Fax: (868) 643 - 1638 Curepe Customer Service Centre 4 Eastern Main Road, Curepe ** Phone: (868) 662 - 9289 Fax: (868) 663 - 3486 Sangre Grande Customer Service Centre Henderson & Brierley Streets, Sangre Grande Phone: (868) 668 - 6429 Fax: (868) 668 - 6430 Arima Customer Service Centre 18 Sorzano Street, Arima ** Phone: (868) 664 - 1474 / 1475 / 1476 / 1477 Fax: (868) 664 - 1446 Stanley P. Ottley Building 7 Uriah Butler Highway (North), Mt. Hope Phone: (868) 663 - 8832 Fax: (Control Department) (868) 662 - 2335 Mailing Address: P.O. Bag 535, Curepe Post Office, Curepe Central Central Area Office and Customer Service Centre Lisas Boulevard, Point Lisas Phone: (868) 636 - 4871 / 0821 / 8110 Trouble Calls: (868) 636 - 8107 / 8108 Trouble Calls After 4PM: (868) 636 - 0821 Fax: (868) 636 - 4521 Couva Shopping Complex, Isaac Junction, Couva ** Phone: (868) 679 - 0378 / 0757 Fax: (868) 679 - 0903 Chaguanas Customer Service Centre 52 Main Road, Chaguanas Phone: (868) 672 - 0955 / 0956 Fax: (868) 672 - 0958 Supplies Department L.P. 846 Southern Main Road, King Village, California Phone: (868) 636 - 4632 (PABX) Fax No: (868) 679 - 8868 / (868) 679 - 8683 (Purchasing) Health Safety & Environment Department L.P. 846 Southern Main Road, King Village, California Phone: (868) 636 - 4632 Fax No: (868) 679 - 8866 South Southern Area Office and Customer Service Centre 75-77 Gooding Village, San Fernando ** Phone: (868) 657 - 7281 / 4, 657 - 2321, 652 - 0817 Trouble Calls: (868) 653 - 8832 Trouble Calls After 4PM: (868) 652 - 0817 Fax: (868) 657- 3323 Corner Siparia Erin Road and Clarke Road Junction, Penal Phone: (868) 647 - 1223 Fax: (868) 647 - 1224 Marabella Customer Service Centre 14 Premier Street, Marabella Phone: (868) 658 - 7594 Fax:(868) 658 - 7597 Point Fortin Area Office, Depot and Customer Service Centre** 71-81 Point Fortin Main Road, New Village, Point Fortin 700906* Phone: (868) 648 - 2792 Trouble Calls: (868) 648 - 2791 Security: (868) 648 - 2903 Fax: (868) 648 - 4505 *(TT POST Postal Code now applied to this Pt. Fortin area) Rio Claro Area Office, Depot and Customer Service Centre Naparima Mayaro Road, Rio Claro Phone: (868) 644 - 2475 Trouble Calls: (868) 644 - 2262 Fax: (868) 644 - 2071 Street Lighting Department 172-184 Gasparillo Bypass Road, Reform Village, Gasparillo Phone:(868) 800-BULB (2852), General Office Phone: (868) 650-5199 / 5652 / 4207 Fax: (868) 650-3443 / 3606 Tobago Tobago Area Office and Customer Service Centre Wilson Road, Scarborough Phone: (868) 639-2541 / 2542 / 2015 Trouble Calls: (868) 639 - 2015 Fax: (868) 639-2019 SLD Street Lighting Department 172-184 Gasparillo Bypass Road, Reform Village, Gasparillo Phone:(868) 800-BULB (2852), General Office Phone: (868) 650-5199 / 5652 / 4207 Fax: (868) 650-3443 / 3606
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a State-owned enterprise.
Management:	The Board Nizam Baksh Line Minister Ms. Susilla Ramkissoon-Mark Chairman Mr. Aaron Henry Deputy Chairman Mr. Jaishama Chadeesingh Commissioner Mr. Carlyle Dick Commissioner Mr. Shaheed Mohammed Commissioner Ms. Princess Smart Commissioner Ms. Naveeta Ramdass Commissioner Mr. Moriba Quamina Commissioner The Executives Mr. Kelvin Ramsook General Manager AGM—Administration Mrs. Colleen Licorish AGM—Finance Mr. Courtenay Mark AGM—Engineering Mr. Ravi Shukla AGM—Transmission Mr. Rene Austin AGM—Distribution Mrs. Jacqueline Cheesman AGM—Human Resources
Related Companies:	PowerGen
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public.
	T&TEC $2.5b in debt Trinidad and Tobago Electricity Commission (T&TEC) is running at what has been described as a chronic deficit and owes close to $2.5 billion to both National Gas Company (NGC) and Trinidad Generation Company Limited (TGU) because of old and inefficient equipment. The State-owned company’s level of indebtedness was revealed at yesterday’s Public Accounts Committee Meeting into the affairs of T&TEC at Parliament Building, Tower D, International Waterfront Centre, Port of Spain. T&TEC’s financial woes were initially pointed out by committee member Dr Dhanayshar Mahabir, who also asked what was T&TEC’s overall stock of debt owed to all creditors. “The two main outstanding debts will be NGC $885 million and $600 million to the TGU. so the total indebtedness you could say is $1.6 billion,” said T&TEC general manager Kelvin Ramsook. However, later on, when asked by chairman of the committee Colm Imbert about a non-redeemable bond taken by T&TEC, Ramsook said: “It is an item in our debt and we also have one other loan that is valued at $300 million at this point.” This put the total debt at $2.5 billion. The committee also learnt that on a monthly basis T&TEC has a deficit of $136 million as of December 2013. So, on an annual basis, T&TEC is running a deficit of some $1 billion per annum. Asked why this was so, Ramsook, who at first said it was because their expenditure had increased while their income had not changed, eventually admitted after being prodded by Imbert that it was because the current equipment being used by T&TEC was not as effective or modern as the TGU equipment, which would make T&TEC’s generation costs a lot lower once the TGU plant comes fully on stream. Assistant general manager of engineering Courtney Mark, who explained in detail what Ramsook meant, said: “The cost of production of electricity from the older plant in Port of Spain, together with fuel, is 26 cents; the other newer Powergen plant is 19 cents, Trinity plant is 22 cents, TGU plant has the potential to produce at 18.25 cents per kilowatt.
LEGAL FILINGS
	There are no legal connected to the subject
	T&T Electricity Commission is a contractor in the industry. Last year, they did not win any contracts. Since 2000, the contractor has performed only 1 contract with US Government for a total obligation amount of $302,000, which means T&T Electricity Commission has completed contracts worth relatively the same amount as the median for all government contractors.
	LOANS FROM GENERAL REVENUE REPAYABLE TO THE GOVERNMENT OF TRINIDAD AND TOBAGO TRINIDAD & TOBAGO ELECTRICITY COMMISSION $404,291,743.17
SUMMARY
	Trinidad and Tobago Electricity Commission (T&TEC) is the sole retailer of electricity in Trinidad and Tobago. The company was established by Ordenance in 1945 and has a médium-large sized structure. Although the company is owned and controlled by the T&T government and therefore supported by it, its debts are high and has suffered déficit during the last years.
RISK INFORMATION
DEBTS	High
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	Administrative
COMMENTS	The person contacted confirmed activity, address, branches, manager.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.