In fiscal year 2013, Cargill had $552 million in sales and other revenues, Capital Instruments of $500M and With total Capital totalling 2.4Billion.
Financial highlights
Saroco Financial Trinidad Limited is the Special Purpose Vehicle, Jointly owned Subsidiary of United Investment Limited and the ICS Group (Carlisle Latin America). Its business is diversified into various industries and sectors, with Financial Trading being its capital source of income, but with an ever diversifying portfolio it has become a major facilitator of Petroleum Trading.
A robust world market centred around many new and developing petroleum markets have seen both the need for investments in the development of these markets, along with strong established markets in Europe.
Saroco has also pursued an aggressive investment program in real-estate in the Caribbean, because of the steady value of Caribbean Property. Even through the worst market climates for real-estate Caribbean market values have never fallen and in fact have increased giving us a growth in income from property investments made in this region, as reflected in our Financial Statements.
The European bond market, has also seen a small windfall for us, having opted to invest in the earning power of medium and short term notes instead of long term Government bonds. The recent activities have proven our strategy to be correct and we hope to further develop this program through the establishment of our own medium term instruments offered for trade.
Future prospects are good since we have decided to focus on the development of our own Petroleum trade program, which can only be established through the granting of an allocation from the Petroleum Giant PDVSA. In hope of the granting of a diesel allocation, Saroco has established a market for Petroleum products in France, Ukraine, Bulgaria and Greece where Saroco has the opportunity to supply over 2M metric tons of D2 Fuel per month. If we are able to achieve the goal of an allocation no matter what the size, the development of the Caribbean region especially the lesser states will be secured through the investments of funds in nation building projects.
Report of the Auditor ISCI Global (International Auditing Department) Washington DC
As the registered auditors for Saroco Financial Trinidad Limited, we have audited the financial statements of Saroco Financial Trinidad Ltd., which comprise the balance sheet, and income statement for the year ended December 31, 2013 as well as the previous year’s Financial Statements.
Board of Directors’ responsibility
The Board of Directors is responsible for the preparation of the financial statements by their in-house Accounting Department or firm, in accordance with the requirements of law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Best Practices and Regulations with adherence to law and International Auditing Standards. Those standards require that we 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 auditor’s 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 the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, 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 for the year ended December 31, 2013 comply with the law and the company’s articles of incorporation. We are also of the opinion that all financial reporting are up to international standards and codes and allow for an accurate representation of financial activities and claims.
Report on other legal requirements
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.
We further confirm that the proposed appropriation of available earnings complies with Trinidad law and the company’s articles of incorporation.
ISCI Global (International Auditing Department)
Dr Allan Bachan
Licensed audit expert
(Auditor in charge)
1100 G St NW, Washington, DC 20005, USA
PH: 240 345 7501
Balance Sheet as of December 31 2013
(2012) Comparison
| Notes | 2013 | 2012 | |
Assets |
|||
| Cash | 555 035 | 175 383 | |
| Money market papers | 31 536 | 34 289 | |
| Due from Caribbean Investments | 178 981 | 142 049 | |
| Due from Medium Term Notes (MTN’s) | 1 266 616 | 1 250 891 | |
| Short Term Loans to Subsidiaries | 1 819 | 12 842 | |
| Securities and precious metals held for trading purposes | 344 743 | 322 083 | |
| Financial investments | 11 669 | 12 876 | |
| Participations | 16 074 | 21 360 | |
| Tangible fixed assets | 10 971 |
5 234 |
|
| Accrued income and prepaid expenses | 15 892 | 17 909 | |
| Other assets | 26 886 | 40 318 | |
| Total assets | 2 460 222 | 2 035 234 | |
| Total subordinated assets | 23 016 |
0 |
|
| Total due from group entities | 1 892 |
1 411 |
|
Liabilities and shareholders’ equity |
|||
| Money market papers |
357 |
39 |
|
| Due to banks | 115 273 | 282 919 | |
| Due to Investors |
0 |
0 |
|
| Due to Parent Companies (Loans) | 2 053 063 | 1 496 932 | |
| Accrued expenses and deferred income | 22 589 | 21 077 | |
| Other liabilities | 21 374 | 34 428 | |
| Valuation adjustments and provisions | 19 978 | 25 190 | |
| Reserves for general risks | 3 000 |
3 000 |
|
| Share capital | 120 000 | 120 000 | |
| General reserve | 21 010 | 21 010 | |
| Other reserves | 108 915 | 108 915 | |
| Retained earnings | –78 276 | –88 293 | |
| Net profit | 52 939 | 10 017 | |
| Total liabilities and shareholders’ equity | 2 460 222 | 2 035 234 | |
| Total subordinated liabilities | 28 150 | 28 150 | |
| Total due to group entities and significant shareholders | 129 669 | 136 781 |
Off-Balance Sheet Items as of December 31
|
2013 |
2012 |
||
| Contingent liabilities | 8 406 |
7 272 |
|
| Irrevocable commitments | 24 933 | 25 449 | |
| Liabilities for calls on shares |
0 |
0 |
|
Derivative instruments |
|||
| – positive replacement values | 19 266 | 31 136 | |
| – negative replacement values |
19 165 |
31 633 | |
| Fiduciary items |
875 856 |
651 844 | |
Profit and Loss Account as at December 31 2013
(2012) Comparison
Income and Expenses from Business Activities
| Notes |
2013 |
2012 |
|
Results from interest and dividend activities |
|||
| Caribbean Investments Bank Accounts (Real Estate Rent and Lease) income |
38 505 |
31 557 |
|
| Interest and dividend income on securities held for trading |
8 686 |
9 504 |
|
| Interest and dividend income on shareholding in Gulf Insurance |
1 327 |
4 077 |
|
| Interest expenses |
–13 713 |
–12 844 |
|
| Net result from interest activities |
34 805 |
32 294 |
|
Results from commission, fees and investment activities |
|||
| Commission and fee income from Caribbean loan facilitations activities |
3 545 |
4 680 |
|
| Commission and fee income from securities and investment activities |
44 458 |
137 772 |
|
| Investment received from Parent Company 1 (UIL) |
501 645 |
718 |
|
| Commission expenses |
–6 099 |
–6 738 |
|
| Net result from commissions and fees |
543,549 |
136,432 |
|
| Net result from trading operations EU Market Trading |
20 953 |
100 485 |
|
Other ordinary income and expenses |
|||
| Profit on sales of financial investments |
–130 |
–563 |
|
| Income from participations |
4 333 |
7 001 |
|
| Income from Sale of Equipment |
85 |
40 |
|
| Other ordinary income |
748 |
1 379 |
|
| Other ordinary expenses |
–443 |
–1 386 |
|
| Other ordinary income and expenses |
4 593 |
6 471 |
|
Operating expenses |
|||
| Personnel expenses |
–58 196 |
–54 517 |
|
| Other operating expenses |
–45 680 |
–45 319 |
|
| Operating expenses |
–103 876 |
–99 836 |
|
| Gross result |
500 024 |
175 846 |
Net Profit
| Notes |
2013 |
2012 |
|
| Gross result |
500 024 |
175 846 |
|
| Depreciation of fixed assets and intangible assets |
–2 824 |
–12 776 |
|
| Valuation adjustments, provisions and losses |
–3 629 |
–11 868 |
|
| Result before extraordinary items and taxes |
–6 429 |
–48 798 |
|
| Extraordinary income |
59 835 |
59 031 |
|
| Extraordinary expenses |
–17 |
–14 |
|
| Taxes |
–450 |
–202 |
|
| Net profit |
552,939 |
161,219 |