ANNUAL REPORT 2015/2016

Financial Statements to September 30, 2015

2015

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Table of Contents

Our Vision .............................................................................................................................................................3

National Anthem ...............................................................................................................................................4

Chairman’s Report - Annual General Meeting January 2017 ..............................................................5

MIC-IT: Who Are We ..........................................................................................................................................9

Our Partners ..................................................................................................................................................... 10

Our Board of Directors .................................................................................................................................. 11

Meet our Distinguished Board of Directors .......................................................................................... 12

Our Executive Management ...................................................................................................................... 17

About the Team .......................................................................................................................................... 17

Year in Review ................................................................................................................................................. 22

Independent Auditor’s Report ................................................................................................................... 25

Financial Statements ..................................................................................................................................... 28

Locations ........................................................................................................................................................... 59

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Our Vision Creating national

competitive advantage

through strategic

partnerships with the

Government of the

Republic of Trinidad and

Tobago (GORTT) and

industry for growth and

prosperity.

Our Mission

To be a catalyst for

developing National

Technical and

Vocational

competencies for

competitive industries

through quality training,

innovation,

manufacturing and

engineering products

and services.

Core Values:

Integrity

Excellence

Transparency

Quality

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National Anthem

Forged from the love of liberty,

In the fires of hope and prayer,

With boundless faith in our destiny

We solemnly declare.

Side by side we stand

Islands of the blue Caribbean Sea,

This our native land

We pledge our lives to thee.

Here every creed and race,

Find an equal place,

And may God bless our nation.

Here every creed and race,

Find an equal place,

And may God bless our nation.

Pledge

I solemnly pledge to dedicate my life

To the service of God

And to my country.

I will honour my parents,

My teachers, my leaders and my

elders,

And those in authority

I will be clean and honest in all my

thoughts,

My words and my deeds.

I will strive, in everything I do

To work together with my fellowmen

Of every creed and race

For the greater happiness of all

And the honour and glory

Of my country.

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Chairman’s Report - Annual General Meeting January 2017

On behalf of the Board of Directors of MIC Institute of Technology, I am pleased to

welcome you to this year's Annual General Meeting.

We must state that the review period 2015/2016 was a challenging year where we

made several key decisions regarding cost-cutting and improved efficiency. In this

regard, I would like to thank my fellow Directors for their guidance. My appreciation

also to the Executive Management for their sterling contribution during the past year

and their efforts in knitting a loyal team.

The year under review In 2015, the Metal Industries Company Limited as it was formerly known

commemorated its official rebranding to MIC Institute of Technology and marked a

pivotal point in the company’s 40-year history. The rebranded MIC Institute of

Technology (MIC-IT) presents a more accurate image of the company as it moves

forward utilizing innovative technology in its training, engineering and manufacturing

services.

While we did experience substantial budget cuts as per the last National Budget, this

challenged the Board of Directors and the Executive Management team to find

creative ways of cutting costs while simultaneously improving efficiency.

MIC-IT’s Finance and Purchasing Department has gone through significant

developments, which have led to the department achieving significant strides in

financial compliance, policy formulation, re-engineering of processes and the

building and nurturing of sufficient institutional capacity, which is critical from a

departmental perspective and paramount from the viewpoint of an expanding and

evolving organization. In the calendar year 2015, MIC-IT’s Finance department

concluded two (2) external audits in the said year. Notably the external audit for fiscal

year 2012/2013 was completed on January 29th 2015 while the external audit for fiscal

year 2013/2014 was completed on July 9th 2015. In the calendar year 2016, we

concluded the external audit for fiscal year 2014/2015 on August 5th, 2016 and this

essentially meant that our external audits were relevant. The Finance Department was

also successful in eliminating two (2) of the five (5) adverse opinions that were

articulated in the external audit report of prior years.

In the Industry Services Division, our Marketing and Business Development Unit placed

us in a better sales position due to increased customer growth guided by strategic

business decisions. A major accomplishment was the recent purchase of the Engel

350 Ton Injection Moulding Machine, an investment in which we have already seen

immediate returns. This machine will also expand our product portfolio and we

estimate a 4.6% increase in Market Share and a $3.6 M increase in Sales revenue.

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Our Information Communications Technology Department has carried us through our

technological development as smoothly and efficiently as we expected. With the

implementation of the Human Resource Information System, we have been able to

improve the HR and Payroll operations. We have upgraded our Communications

Technology Network to support our growing network as well as to provide wireless,

video conferencing and distance learning services. This will significantly reduce travel

and meeting costs.

At MIC-IT, we have always maintained that our Human Resources are central to our

successes. For that reason, we have implemented many systems to ensure that our

staff remains focused and feel secure in their jobs. We continue with our Professional

development training for staff; Conflict Management and Resolution Training;

Retirement Planning Workshops and settling key negotiations with the various Unions.

With the recent creation of the latest revenue generating arm of the company, The

Construction and Facilities Department, in the new year focus will be on external

Construction and Consultancy projects with Ministries, Government Agencies and

Primary and Secondary Schools mainly through the Education Facilities Company

Limited.

Within the Training Division over the 2015/2016 period, one thousand persons were

assessed through the Workforce Assessment Centre (WAC) including eighteen (18)

persons from PANSA Group – Suriname. Our vigorous Marketing Campaign at the last

Registration Drive realised a 30 % increase in enrolment, which saw an almost full

capacity at all our Centres. The Training Division also introduced three higher-level

programmes: Solar Energy and Photovoltaic, Certificate in Mechatronics and

Structural Aviation Maintenance and a new programme, Level II Crop Production

under the Multi-Sector Skills Training Programme (MuST). We have expanded our

Training Partners by signing MOUs with Trinidad Cement Ltd (TCL), Screen Stars Ltd, and

the Commonwealth of Learning via the Tobago Open-School Initiative.

These MOUs allow the institutions to share, develop and expand their curricula in order

to facilitate the seamless transition of students between institutions. They seek to

develop academic programmes, courses, workshops and conferences, specifically

for the exchange of mutual experiences in teaching, research and industrial practice.

They also allow for the possibility of joint twinning programmes, accommodate

matriculation to each institution’s programmes and facilitate the future prospect of

joint and dual awards and certification.

We have made tremendous strides in the advancement of welding training in Trinidad

and Tobago with the launch of the Welding Academy, which will change the

perception of welding and train a new generation of welders by using innovative

technology. We are also proud to announce that in January 2016, the American

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Welding Society (AWS) confirmed that MIC-IT was successful in its Re-Accreditation

Application for the Accreditation Test Facility (ATF). After a successful audit in 2015,

we received programme and Centre approvals from the National Training Agency

(NTA) for our MuST, HYPE and Workforce Assessment Centres (WAC).

Our German ties were once again rekindled as our Board members and an Executive

Management team participated in an invitational one-week International Study Tour

in Germany in June 2016. This selected delegation participated in an European

Development Fund (EDF) Project for Instructional Leadership and Management

Training at the Chamber of Aachen, a technical institute in Handwerkskammer,

Aachen, Germany. This invitation was extended by Professor Franz Dunkel of RWTH

University, Aachen, Germany and Mr. Thomas Hintz, Director of International Projects

at Aachen Chamber of Crafts and Trades during their visit to Trinidad and Tobago in

April 2016.

Consistent with the idea of good governance, MIC-IT has filled a number of vacancies

and in certain instances, restructured the organisation to ensure optimal efficiency. In

this regard, in the Calendar year 2016 the following appointments were made:

Mr. Anil Ramnarine was confirmed in the position of Chief Executive Officer

Mr. Archibald Prime was appointed General Manager, Corporate Services. This

position was one that materialised through restructuring the operations of the

organisation, such that the departments under the umbrella of Corporate

Services can function with greater efficiency.

Mr. Randy Monilal was confirmed in the position of Finance Manager.

Mrs. Anisa Allaham-Hosein was appointed Human Resources Manager.

Mr. Deshaun David was promoted to Manager of the Macoya Workforce

Development Centre.

Of course the mere filling of vacancies do not transcend into better operations.

However, when combined with a revised organisational mission and proper

manpower utilisation, we have satisfied one of our major strategic goals – Institutional

Accreditation.

We certainly look forward to the future with optimism in spite of the downturn in the

economy and the impact it has had on MIC-IT in particular. We have reengineered

our operations in the hope that our revenue base will be strengthened and enhanced.

We are of the firm view that the focus on efficiency will lower our operating costs and

bring about the desired results.

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MIC-IT is poised to continue to be a shining light in tertiary education in Trinidad and

Tobago.

Professor Clément Imbert

Chairman MIC-IT

January 2017

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MIC-IT: Who Are We

MIC Institute of Technology (formerly Metal Industries Company Limited)—an agency

of the Ministry of Education – Tertiary Education Division—was established in 1974 as a

joint venture of the Government of Trinidad and Tobago, the United Nations

Development Programme/United Nations Industrial Development Organization

(UNDP/UNIDO) and a number of private local industries.

After 40 years of providing Industrial services and Manufacturing support to its

customers, the company has rebranded as a unique Institution, operating both as a

commercial factory and training institution. MIC-IT’s Industry Services Division is now

one of the leading manufacturers of precision engineered products and services

specializing in Plastic Research and Product Development, Plastic Manufacturing and

Production Services and providing Engineering solutions for the local and regional

Industrial sector.

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Our Partners

MIC Institute of Technology has achieved a number of

strategic partnerships with the Government of Trinidad and

Tobago; the ICON Institut and the Chamber of Crafts and

Trades, Germany; the American Welding Society (AWS) and

other accredited institutions. Trainees can choose from a range

of programmes including Helping You Prepare for Employment

(HYPE); Multi-sector Skills Training (MuST); Industrial Craft

Programme (ICP); National Skills Development Programme

(NSDP)’s Master Craftsman and Journeyman, and other

specialized and customized training programmes such as

Mechatronics. In 2014, MIC-IT became the first Technical Vocational Education and

Training (TVET) Institution in the country to become accredited by the Accreditation

Council of Trinidad and Tobago (ACTT).

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Our Board of Directors

On December 11, 2015, the Management and Staff of MIC Institute of Technology

welcomed its new Board of Directors at the company’s 41st Annual General Meeting.

The Board was appointed to serve a three-year term and gave its commitment to

Productivity, Integrity and Respect.

Front Row (L-R): Angela Reneaud-Lewis, Professor Emertius Clément Imbert (Chairman), Gail

Sooknarine-Ragoo.

Back Row (L-R): Winston Boodoo, Delvert Edwards, Mark Francis Sandy, Keith D. Toby (Deputy

Chairman).

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Meet our Distinguished Board of Directors

Professor Clément Imbert – Chairman

Professor Clément Imbert holds a BSc in Mechanical Engineering from

the University of the West Indies (UWI), an MSc in Metallurgical Quality

Control from Brunel University of West London, UK, and a PhD in

Mechanical Metallurgy from UWI in collaboration with Concordia and

McGill Universities in Montreal Canada. He has also been trained to

Level 3 in NDT techniques and Welding Inspection and as a Lead Auditor

in NDT.

He was a Demonstrator (part-time) at UWI in Mechanics of Solids from 1974 to 1980

and joined UWI full-time in 1980, lecturing mainly in Materials Technology,

Manufacturing and the engineering profession at the undergraduate and

postgraduate levels. He has over 160 publications in Materials, Manufacturing,

Inspection, Failure Analysis and Accreditation, among other areas.

He is a Registered Engineer, Past President and Fellow of the Association of Professional

Engineers of Trinidad and Tobago (APETT) and Fellow of the American Society of

Mechanical Engineers (ASME). He was also Secretary-General of the Council of

Caribbean Engineering Organizations for 10 years. He is the founding Chairman of the

UWI Continuing Engineering Education Centre and was a Council Member of the

International Association for Continuing Engineering Education for nine years. He is

currently a Member of the International Steering Committee of the International

Network for Engineering Education and Research.

He served as the Chairman of Trinidad & Tobago Electricity Commission (T&TEC) and

Metal Industries Company Ltd (MIC). He was also a Board Member of Caribbean

Industrial Research Institute (CARIRI) (where he worked as a Research and Inspection

Engineer from 1974 to 1980); Accreditation Council of Trinidad and Tobago (ACTT);

National Training Agency (NTA) and the Princess Elizabeth Centre. He has chaired

several Specification Committees of the Trinidad and Tobago Bureau of Standards

(TTBS); served on or chaired several other national, regional and international

committees and has done consultancy work - nationally, regionally and

internationally. Currently he is the Chairman of MIC Institute of Technology (formerly

Metal Industries Company Ltd), the Deputy Chairman of the University of Trinidad and

Tobago (UTT) and Vice President of the Princess Elizabeth Centre.

Professor Imbert has received several awards, among them are: the Career in

Excellence in Engineering (the highest award of the APETT); the UWI Vice Chancellor’s

Award for Excellence; the Chaconia Gold (as a member of the team that developed

the G-Pan); the TTBS World Standards Day Award for Outstanding Contribution to

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Standards Development and the Gold Award for Excellence in Science and

Technology by the National Institute for Higher Education, Research, Science and

Technology (NIHERST).

Mr. Keith D. Toby – Deputy Chairman

Mr. Keith D. Toby is no stranger to MIC-IT since he served as its Corporate

Secretary and General Manager, Corporate Services. Presently, he is

the Deputy Chairman of the MIC Institute of Technology. Mr. Toby

epitomizes a true leader, he is humble, affable and an astute

professional who is well known as a strategic thinker. He holds a BBA in

Accounting and the MBA in Finance and Corporate Planning from

Rutgers University, USA.

Mr. Toby was educated at St. Mary’s College, Port of Spain and speaks French and

Spanish with moderate fluency. He resided in the United States of America for a total

of 18 years. He has held other senior positions at National Commercial Bank; BWIA; Iron

& Steel Company of Trinidad & Tobago; North West Regional Health Authority and

AT&T, USA.

He also lectured at the UWI, St Augustine in Business & Economic Policy, Marketing and

Accounting. As a proponent for Volunteerism, he is intimately involved in the Young

Men’s Christian Association (YMCA) and was a foundation Member of the TTT

Stewardship Foundation, an NGO formed to assist at-risk youth.

Winston Boodoo – Director

Mr. Winston Boodoo, a registered Electrical Engineer with the Board of

Engineering of Trinidad & Tobago, graduated from the University of the

West Indies with a BSc. in Electrical & Computer Engineering, majoring

in Power Systems, with honors, in 1994. He also holds an MBA with the

Anglia Ruskin University. He is a member of the Association of

Professional Engineers of Trinidad and Tobago (APETT), as well as the

Institute of Electrical and Electronics Engineers (IEEE). He also serves as a

member of the Trinidad and Tobago Electricians Association and holds an Electrical

Wireman’s license.

Mr. Boodoo has 20 years of experience in the Electrical Field, where he held positions

of Electrical Engineer at two major Contracting Companies, was part of the

Engineering Training Programme at T&TEC and was Hospital Plant Engineer of the Eric

Williams Medical Sciences Complex. In 2004, as an entrepreneur in the field of

Electrical, Mr. Boodoo started his very own Electrical Engineering Firm, Belec Limited.

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He has also specialized in purified bottled water and is part owner of a leading bottled

water company in Trinidad. As the representative for B&G products (USA) and Bronco

Machines from Poland, he provides consultancy services to clients utilizing PET blowing

machines in Antigua, Miami, Margarita and several local companies.

Mr. Boodoo is currently serving an active term as President of the Arima Business

Association and is part of the Regional Coordinating Committee of the Arima Borough

Corporation under the Chair of the Mayor of Arima. Additionally, he is a Member of

the Board of Directors of MIC Institute of Technology, Chairman of the Power and

Energy Society Institute of Electrical and Electronics Engineers Trinidad and Tobago

(IEEETT) Section in the areas of Electrical /Electronic and Industrial Maintenance and

a Lay Minister at the San Rafael Roman Catholic Church.

He is an advocate for Renewable Energy (Solar, Wind, and Tidal), Electric vehicles and

plays a lead role by spearheading committees to implement technological initiatives

in the introduction of smart cities to reduce our Carbon Footprint. He is also a

contributor to the Agriculture and Cocoa Industry via his role in the local chapter of

the IEEE, by offering engineering solutions in the areas of production, processing and

packaging. He is also working on creating linkages between various institutions to

share resources and assets for the benefit of more efficient use of state resources.

Mark Francis Sandy – Director

Mr. Mark Sandy started his career in Education and Training as a Primary

and then Secondary school teacher where he spent 17 years teaching

a mix of academic and vocational subjects and preparing students for

CXC examinations. Before becoming a Schools Supervisor in the Division

of School Supervision, he spent four years as a teacher-on-assignment

at the Educational Planning Division (EPD) Head Office, Ministry of

Education. He continued his teaching career at the University of the

West Indies as a part-time lecturer in the Bachelor of Education – Educational

Administration Programme at the School of Education, Faculty of Humanities and

Education. He then moved on to the Caribbean Examinations Council (CXC)

Headquarters in Barbados where he held the position of Assistant Registrar in the

Measurement and Evaluation Division through which he served the Caribbean Region

and shared his expertise with teachers and Ministries of Education alike.

At the Metal Industries Company (MIC) Limited, Mr. Sandy served as Training Manager

for the National Skills Development Programme (NSDP) in which he instituted several

improvements to the then existing managerial and instructional practices. While at

MIC, he also lectured in the Technical Vocational Instructor/Teacher Training

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Programme offered under the Ministry of Science Technology and Tertiary Education

(MSTTE) renamed MTEST in 2012).

Sandy’s professional qualifications were acquired from several internationally

recognized institutions. His local Teacher training and certification were acquired at

the Mausica Teachers’ College in Trinidad and furthered at the University of Wisconsin

– Stout, USA where he attained his BSc. in Industrial Education. He completed his M.Ed.

in Measurement and Evaluation at the University of the West Indies, St. Augustine

Campus and later pursued additional post-graduate studies in Applied Psychometric

Methods at the Cave Hill Campus of the University of the West Indies.

His tertiary education endeavours have been supplemented from time to time with

additional training from international agencies. For example, he completed training

in Instructional Design and Planning with WIDS - Wisconsin Technical College, Madison

USA, Assessing Competence with City & Guilds of London, Writing Online Training

Materials with the Commonwealth of Learning (COL), and Training for External

Evaluators with the Accreditation Council of Trinidad and Tobago (ACTT).

Angela Reneaud-Lewis – Director

Mrs. Angela Reneaud-Lewis obtained her Teachers' Technical Diploma

in 1989 and thereafter was the first teacher to introduce the discipline of

Business Studies at St. Joseph's Convent, St. Joseph where she taught for

13 years. In 1998, she obtained her LLB Degree from the University of

London and later graduated with her Legal Education Certificate (LEC)

in 2000. Mrs. Reneaud-Lewis was the Head of the Legal Unit of the

Ministry of Housing and Urban Development from 2005 to 2014, which

operated under various incarnations. As an Attorney-at-Law, Mrs. Reneaud-Lewis is

also the holder of certificates in Multilateral Environmental Agreements; Public

Procurement Law and Practice; FIDIC Contracts; Competition Law and Policy and

Advanced Alternative Dispute Resolution.

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Delvert Edwards – Director

Mr. Delvert Edwards hails from Tobago with a background in Electrical

Installation Technology. Edwards migrated to Trinidad in 2004 to pursue

studies in Electrical, Electronics, and Instrumentation Engineering

Technology at UTT. Edwards is a Board member of the MIC Institute of

Technology and is presently employed with Massy Woodgroup as an

Instrumentation Engineering Technician III at the Galeota Point Terminal

British Petroleum (BPTT) facility.

Mrs. Gail Sooknarine-Ragoo – Director

Mrs. Gail Sooknarine-Ragoo has over 20 years of executive experience

in Marketing, Operations and Organizational Development, Credit

Management and Human Resources. She is currently the General

Manager-Operations for VENTURE Credit Union Co-operative Society

Limited. Prior to the appointment Mrs Sooknarine-Ragoo held the

position of Operations Manager for 11 years. Sooknarine-Ragoo holds a

B.Sc. Degree from the University of Rochester, an Executive MBA with a

distinction in Marketing and Entrepreneurship. She served as a member of the

Economic Development Board under the Ministry of Planning and Sustainable

Development for the period 2011-2015.

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Our Executive Management

About the Team

Chief Executive Officer - Mr. Anil Ramnarine joined the MIC-IT team on

March 16, 1998 as an Accounts Clerk. He soon moved up the ranks of

Accounting Assistant, Assistant Accountant, a trainee Accountant,

Accountant, Finance Manager, Chief Executive Officer (Ag.) and has now

been confirmed in the post of Chief Executive Officer.

Mr. Ramnarine became ACCA qualified in 2003; earned his Fellowship in

2008 and is the holder of a Master's degree in Business Administration (MBA). The

Internal Audit and HSEQ Departments as well as the General Managers for Training,

Corporate Services and Industry Services all report to the Office of the CEO.

General Manager, Corporate Services - Mr. Archibald Prime came on

board on August 1, 1989 as a Senior Technician, Workshop and then

as a Senior Marketing Technician. He was then promoted to

Workshop Manager and earned his stripes as Acting GM, Corporate

Services and Acting GM, Industry Services and in 2012, he became

Plastics Manager.

Mr. Prime holds a Master's degree in Business Administration (MBA) from the Henley

Business School, University of Reading. Departments under his purview now include

Finance & Accounts, Information & Communications Technology (ICT), Security,

Human Resources, Marketing & Business Development, Construction & Facilities

Maintenance Department and Corporate Communications.

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General Manager, Industry Services - Mr. Brian James joined MIC Institute

of Technology in 1984 as a Tool and Die Journeyman, having moved

through various positions of Tool and Die Designer, Senior Instructor,

Training Centre Coordinator, Senior Training Coordinator, Senior

Coordinator Projects and Engineering Manager. He currently holds the

position of General Manager of the Industry Services Division.

He has over 25 years’ experience in Engineering and Technical Training. His

qualifications includes a Bachelor of Arts (BA) degree in Management from

Athabasca University - (Canada), a Master Craftsman Diploma in Mechanical

Engineering (Germany), Post Graduate Certificate in Design of Jigs & Fixtures (India)

and a Master’s Degree (MSc.) in Industrial Innovation Entrepreneurship and

Management from the University of Trinidad and Tobago (UTT). He is currently pursuing

a Doctor of Business Administration from Edinburgh Napier University, UK.

General Manager, Training - Mr. Reynold John joined the MIC-IT family in

April 1995 as a Senior Instructor Electrical/Electronics in the National Skills

Development Programme (NSDP). He was given the responsibility to

manage the Port of Spain NSDP Centre in 1997 as a Coordinator and

subsequently, the establishment of the Examination Unit in collaboration

with Mr. Roland Maunday following training in Germany in 1998. He was

promoted to Training Administrator for a brief period and in 2002, when the

Government initiated the HYPE programme (as a collaboration between MIC and

NESC), Mr. John was seconded as the HYPE Manager. He was then promoted to

Manager, Training Administration and then to General Manager, Training Division.

He also served as Vice President Latin America and the Caribbean of the International

Vocational Education and Training Association (IVETA) and presented several papers

on TVET. Through his Vice Presidency, MIC-IT hosted an international conference

themed – “Education for Workforce Development: A Caribbean and Latin America

Perspective”. Over 400 delegates and 21 presenters from 18 countries attended this

conference.

His 39 years’ experience in Education and Training started at the Signal Hill Senior

Comprehensive School as a Technical Vocational Teacher and Assessor for CXC

Electrical/Electronics Examinations. He holds a Technical Teacher’s Diploma and was

awarded a scholarship to pursue the Master Craftsman Diploma in Electrical

Engineering in Germany 1994/1995 where he graduated with distinction at the top of

the class. He also has a Diploma in Organizational Behavior from Goldsmiths University

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UK, a Diploma in Curriculum Development from Ohio State University and an

Advanced Management Certificate from ICON Institute Germany.

Assistant General Manager, Training - Mrs. Donna Baptiste-Bachoo

Ms. Donna Baptiste-Bachoo is currently the Assistant General Manager of

the Training Division. She joined the MIC-IT family in November 2006 as a

Senior Coordinator managing the Industrial Craft Programme (ICP) at the

San Fernando Technical Institute. She was given the responsibility of

managing the Pleasantville Technology Centre when it opened its doors in the

Southland in 2008. In 2010, she was promoted to ICP Manager and then to Assistant

General Manager in 2012.

Her 40 years’ experience in Education and Training started at the San Fernando

Technical Institute, where she moved from a Technical Vocational Teacher to the

Head of the Business Education and Management Department. She has also served

as Chief Examiner for the Caribbean Examination Council (CXC), and continues to be

a Compiling Moderator and Moderator for the National Examination Council (NEC).

She was also an Assessor for Final Teaching Practice - Technical Teacher Training

Diploma programme and an External Validator for YTEPP.

She holds a Diploma in Education (Administration) from the University of the West Indies

and a Technical Teacher Diploma. She was awarded a Trinidad & Tobago

Government Scholarship (Technical Teacher Training Diploma) to pursue her BBA

(Marketing & Office Information Systems [double award] at Pace University, New York.

After graduating summa cum laude and attaining the Lubin School of Business highest

award, she was offered a scholarship and successfully completed her MBA in

Management Science. Mrs. Bachoo was also awarded a Fulbright Scholarship to

attend the University of Arizona’s Center for Higher Education. There she attained a

Master of Arts, (M.A.) in Higher Education (Student Personnel & Administration [double

award]) from the University of Arizona, Tucson, Arizona.

Assistant GM, Operations (Ag), Training Division – Mr. Ian McIntosh

Mr. Ian McIntosh has gone through all the ranks at MIC-IT, starting as an

NSDP trainee, a Tool and Die maker, a Mastercraftsman, an Instructor, a

Co-ordinator, NSDP Programme Manager and is currently the Assistant

General Manager, Operations (Ag.), Training Division. He joined Metal

Industries Company Limited April 13, 1988 as a Tool and Die apprentice and in 1992,

graduated top of his class as a Tool and Die Maker/ Computer Numerical Control

Programmer/Operator. In 1994, he was selected to pursue a six-month full time training

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course in Germany, where he obtained his Master Craftsman Certificate in

Mechanical Engineering. Upon his return in 1995, he was promoted to Instructor in this

same field while attached to the Advanced Training Centre (ATC). During this time,

he obtained a 3-month Full-Time Scholarship from UNDP in Hyderabad India at Central

Institute of Tool Design in area of Computer Control of Manufacturing Systems. In 1998,

he was again promoted to Senior Instructor at the ATC and in 2005 moved up the

ranks to Training Coordinator in the Training Consultancy Unit. In 2013, he was

With such achievements and experiences he progressed to Centre Coordinator at the

Laventille Technology Centre and then to the Macoya Technology Centre. In 2008,

he returned to Germany to complete a course in Advanced Management of

Technical Vocational Training Centres. His quest for learning did not stop there. He

holds a Diploma Level in Business Management Association of Business Executives (UK)

and completed his Higher Diploma in Business Management (ABE) in 2016. He is

currently pursuing his BA Business Management from the University of Sunderland. Mr.

McIntosh continues to be an active member of American Welding Society (AWS).

Manager, Finance - Mr. Randy Monilal joined the MIC-IT family in

February 2011 in the capacity of Accountant and in February 2013 was

promoted to Finance Analyst. Later that year, he was again promoted

to Acting Finance Manager. Mr. Monlial is a Fellow of the

Association of Chartered Certified Accountants (ACCA) and has under

his belt an MBA from Heriott Watt University and a Diploma in law from

the University of London. He also holds a Bachelor's Degree in Law from the University

of London. Now under his remit are the Accounts and Purchasing & Stores

Departments.

Manager, Human Resources - Mrs. Anisa Allaham-Hosein joined MIC-IT in

November 2016. Her background not only encompasses Human

Resource Management, but also Industrial Relations, Marketing, Finance

and Accounting, Public Relations as well as Aviation. She holds an MBA

from the Arthur Lok Jack Graduate School of Business a B.Sc. in

Management Studies from the University of the West Indies (UWI) and has

completed several Professional training programmes and courses in Industrial

Relations, OSHA, Law and Project Management. Mrs. Allaham-Hosein has also

completed the Lean Six Sigma Yellow Belt Certification and a life Success Coaching

programme, which enables her to coach and mentor others.

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She has served as a Director on the Board of Governors of NIHERST; a Board Member

of The Employers Consultative Association (ECA); a Director on the Board of the

Human Resource Management Association of Trinidad & Tobago (HRMAIT) and as

the Programmes Director of the Association of Female Executives of Trinidad &

Tobago (AFETT). Mrs. Allaham-Hosein is also o member of the Society of Human

Resource Management in the US (SHRM) and the UWI Guild of Graduates.

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Year in Review

Administrative Professionals Symposium (April 2016)

International Study Tour in Germany (June 2016)

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Opening of O'Meara Technology Centre's Music Room (June 2016)

Breakfast with the Media (July 2016)

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Independent Auditor’s Report

The Shareholders

MIC Institute of Technology Limited

We have audited the accompanying financial statements of MIC Institute of Technology

Limited, which comprise the statement of financial position as at 30 September 2015, the

statements of comprehensive income, changes in equity and cash flows for the year then

ended, and a summary of significant accounting policies and other explanatory

information.

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, 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.

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

auditors consider internal control relevant to the entity's preparation and fair presentation

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. 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.

26

Qualified Opinion Report

Basis for Qualified Opinion

International Accounting Standard 20 - Accounting for Government Grants and

Disclosure of Government Assistance requires grants relating to depreciable assets to

be recognised in the Statement of Comprehensive Income over the period and in direct

proportion to the depreciation of the asset purchased with the grant. Notwithstanding

the fore-going, management had opted to treat capital grants received from the

Government of the Republic of Trinidad and Tobago as revenue grants for periods prior

to the year ended 30 September 2014 and recognised them immediately in the

Statement of Comprehensive Income, contrary to the requirements of International

Accounting Standard (lAS) 20. The capital grants received during the years ended 30

September 2014 and 2015, however, have been properly accounted for in accordance

with lAS 20. The company has not made any adjustments in the financial statements to

correctly record capital grants received in the periods prior to 30 September 2014.

The company did not maintain proper records in relation to its transactions with the

National Skills Development Programme (NSDP) and the Helping You Prepare for

Employment (HYPE) programmes as at 30 September 2015. We were therefore unable to

satisfy ourselves as to the accuracy and completeness of the Due to Related Parties

balance.

The company did not prepare proper schedules and reconciliations for various

receivable and payable accounts as at 30 September 2015. We were therefore unable

to satisfy ourselves as to the accuracy and completeness of balances included in

Accounts Receivable and Prepayments and Accounts Payable and Accruals.

Qualified Opinion

In our opinion, except for the effects on the financial statements of the matters described

in the Basis for Qualified Opinion paragraphs, the financial statements present fairly, in all

material respects, the financial position of MIC Institute of Technology Limited as of

30 September 2015 and of its financial performance and its cash flows for the

year then ended in accordance with International Financial Reporting Standards.

27

Emphasis of Matter

We draw attention to Note 2 (I) in the financial statements which discloses that as at 30

September 2015, the company's current liabilities exceeded its current assets by

$22,035,469. In the absence of continued support from the Government of the

Republic of Trinidad and Tobago, these conditions indicate the existence of a material

uncertainty that may cast significant doubt about the company's ability to continue as

a going concern. Our opinion was not qualified in respect of this matter.

Port of Spain

5 August 2016

28

Financial Statements

Statement of Financial Position

Statement of Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

29

STATEMENT OF FINANCIAL POSITION

ASSETS 30 September

2014 (Restated)

2013

(Restated)

Current Assets: Cash in hand and at bank 5 $ 6,492,153 $ 11 ,246,868 $ 208,839

Cash at bank - restricted 6 30,252,994 45,019,423 89,350,788

Short-term investments 7 33,964,293 33.702,416 33,432,201

Short-term investments- restricted 8 69,500.000 69,500,000 9,500,000

Accounts receivable and prepayments 9 5,856,925 2,222,032 3,578,012

Inventories 10 3,424,813 6,415,369 5,325,507

Total Current Assets 149,491,178 168,106,108

141.395.347

Non-Current Assets: Deferred taxation asset 11 - - 525,094

Property, plant and equipment 12 38,264.352 36,064,310 39,547,056

Total Non-Current Assets 38,264,352 36,064,310 40,072,150

Total Assets $ 187,755,530 $ 204,170,418 $ 181,467,497

LIABILITIES AND SHAREHOLDERS' EOUITY

Current Liabilities: Accounts payable and accruals 13 $ 12,928,843 $ 14,578,008 $ 12,900,693

Deferred income 14 4,015,154 5,863,000 4,865,606

Due to related parties (net) 15 153,044,750 168,356,610 151,454,123

Taxation payable 1,537,900 1.412,992 1.282.224

Total Current Liabilities 171,526,647 190.210,610 170,502,646

Non-Current Liabilities:

Capital grants 16 460,383 474,023 487,663

Deferred taxation liability 978,912 379,438 -

Total Non-Current Liabilities

Total Liabilities

1,439,295 853,46 1 487,663

172,965,942 19 I .064.07 1 170,990,309

Shareholders' Equity: Stated capital 17 2.072.200 2.072,200 2,072.200

Revaluation Reserve 2m 4.265.842 4,265,842 4,265,842

Retained earnings 8.451 .546 6,768,305 4,139,146

Total Shareholders' Equity 14,789,588 13,106,347 10,477,188

Total Liabilities and Shareholders' Equity $ 187,755,530 $ 204,170,418 $ 181,467,497

These financial statements were approved by the Board of Directors and authorised for issue on 5 August 2016 and signed

on their behalf by:

Director: Director:

30

STATEMENT OF COMPREHENSIVE INCOME

Revenue:

For the year ended 30 September

Notes 2015 2014 (Restated)

Operating revenue $ 9,548,373 $ 7,561,835

Management fees 42,006,000 40,361,426

Subventions 6,395,046 4,182,606

Amortisation of capital grant 13,640 13,640

Other Income 21 2,570,960 -

60,534,019

52,119,507

Operating Expenses:

Production costs 22 13,477,712 9,196,370

Depreciation 2,665,693 5,424,893

Operating costs 23 43,020,953 34,195,996

59,164,358

48,817,259

Operating profit 1,369,661 3,302,248

Other Income:

Gain on disposal of fixed assets (8,678) 2,695

Interest income 904,041 378,740

Interest expense (459)

Gain/(loss) on foreign exchange 174,575 (5,107)

1,069,938

375,869

Net profit before taxation

2,439,599

3,678,117

Taxation 24 (756,358) ( 1,048,958)

Net profit for the year

$ 1,683,241

$ 2,629,159

(The accompany notes are an integral part of these financial statements)

31

STATEMENT OF CHANGES IN

EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2015

Stated Revaluation Retained

Capital

($'000)

Reserve

($'000)

Earnings

($'000)

Total

($'000)

Balance as at 1 October 2013 $ 2,072,200 $ - $ 5,856,432 $ 7,928,632

Restatement (Note 2m) -

4,265,842

( 1,717,286)

2,548,556

Balance as at 1October 2013 (Restated)

2,072,200

4,265,842

4,139,146

10,477,188

Net profit for the year (Restated) - -

2,629,159

2,629,159

Balance as at 1 October 2014 (Restated)

2,072,200

4,265,842

6,768,305

13,106,347

Net profit for the year - -

1,683,241

1,683,241

Balance as at 30 September 2015 $ 2,072,200 $ 4,265,842 $ 8,451,546 $ 14,789,588

(The accompany notes are an integral part of these financial statements)

32

STATEMENT OF CASH FLOWS

Operating Activities:

Net profit before taxation

Adjustments:

Depreciation

Amortisation of capital grant

Subvention utilised

Loss/(profit) on disposal of fixed asset

Bad debts provision

Net change in accounts receivable and prepayments

Net change in inventories

Net change in accounts payable and accrued liabilities

Net change in amount due to related parties

Taxation paid

Cash (used in)/provided by Operating Activities

Investing Activities:

Net additions to property, plant and equipment

Expenses incurred for disposal of assets

Proceeds from disposal of assets

Cash used in Investing Activities

Financing Activities:

Subventions received

Cash provided by Financing Activities

Net change in cash and cash equivalents

Cash and cash equivalents:

- at beginning of year

- at end of year

Represented by:

For the year ended

30 September

2015 2014

(Restated)

$ 2,439,599 $ 3,678,117

2,665,693 5,424,893

(13,640) (13,640)

(6,395,046) (4,182,606)

8,678 (2,695)

1, 162,578 291,829

(132,138) 5,195,898

(4,797,471) 1,064,151

2,990,556 (1,089,862)

(1,649, 165) 1,677,315

(15,311,860) 16,902,487

(18,900,078) 23,749,989

(31,976) (13,658)

(18,932,054) 23,736,331

(4,868,313) (1,949,278)

(6,100)

9 826

(4,874,413) ( 1,939,452)

4,547,200 5,180,000

4,547,200 5,180,000

( 19,259,267) 26,976,879

159,468,707 132,491,828

$ 140,209,440 $ 159,468,707

Cash in hand and at bank $ 6,492,153 $ 11,246,868

Cash at bank - restricted 30,252,994 45,019,423

Short-term investment 33,964,293 33,702,416

Short-term investment- restricted 69.500,000 69,500,000

$ 140,209,440 $ 159,468,707

(The accompany notes are an integral part of these financial statements)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2015

33

1. Incorporation and Principal Business Activities:

Metal Industries Company Limited (the Company) was incorporated in the Republic of Trinidad and

Tobago on 11 December 1974. The Company’s registered office is situated at Century Dr ive ,

Trincity. Its principal activities are the training of personnel in the manufacturing of tools, dyes,

moulds and precision parts and the provision of product design, manufacturing and industrial

engineering services.

On the 30 September 2013, the Board of Directors passed a special resolution to change the name of

the Company to MIC Institute of Technology Limited. The name change was made effective 14

October 2013.

2. Significant Accounting Policies:

(a) Basis of financial statements preparation-

These financial statements are prepared in a c c o r d a n c e with I n t e r n a t i o n a l

Financial Reporting Standards (IFRS) and its interpretations issued and adopted by the

International Accounting Standards Board. These financial statements are stated on the

historical cost basis, except for the measurement at fair value of available-for-sale investments

and certain other financial instruments . No account has been taken for the effects of

inflation. The financial statements are stated in Trinidad and Tobago dollars which is the

Company's functional currency.

(b) Use of estimates·

The preparation of financial statements in conformity with IFRSs requires the use of certain

critical accounting estimates and requires management to exercise its judgement in the

process of applying the Company's accounting policies. It also required the use of

assumptions that affect the reported amounts of assets and liabilities and disclosure of

contingent assets and liabilities at the date of the financial statements and the reported

amounts of income and expenditure during the reporting period. Although these estimates

are based on management’s best knowledge of current events and actions, actual results may

ultimately differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate i s revised if the

revision affects only that period, or in the period of the revision and future periods if the

revision affects both current and future periods.

In particular, information about significant areas of estimation uncertainty and critical

judgements in applying accounting policies that have the most significant effect on the

amount recognised in the financial statements are described in the following notes:

Notes 2(d) and 9

Notes 2(e) and 10

Notes 2(e) and 8

Note 16

Property, plant and equipment

Inventories

Accounts receivable and prepayments

Capital grants

34

2. Significant Accounting Policies (Cont'd):

(c) New Accounting Standards and Interpretations·

i) The Company has not applied the following standard that became effective during the

current year, as it does not apply to the activities of the Company or have a material

impact on its financial statements:

Effective for account in g period s beginning on or after I January 2015

IFRS 7 Financial I ns t rument s : Disclosures - Mandatory effective date and

transition disclosures

ii) The Company has not applied the following standards, revised standards and

interpretations that have been issued but are not yet effective as they either do not apply to

the activities of the Company or have no material impact on its financial statements,

except for IFRS 9 Financial Instruments:

Effective for accounting periods beginning on or after I January 20 16

IFRS 5 Non-Current Assets Held for Sale and Discontinued Operat ions -

Amendments regarding changes in methods of disposal

IFRS 7 Financial I n s t r u me n t s : Disclosures - Servicing contracts and applicability to

condense interim financial statements

IFRS 10 Consolidated Financial Statements - Amendments regarding the sale or

contribution of assets between an investor and its associate or joint venture

IFRS 10 Consolidated Financial Statements - Amendments regarding the application

of consolidation exception

IFRS 11 Joint Arrangements - Amendments regarding the accounting for

acquisitions of an interest in a joint operation

IFRS 12 Disclosure o f Interest in O t h e r Entities - A m e n d m e n t s regarding

the application of consolidation exception

IFRS 14 Regulatory Deferral Accounts

IAS 1 Presentation of Financial Statements - Amendments resulting from

disclosure initiative

IAS 16 Property, Plant and Equipment- Amendments regarding the clarification of

acceptable methods of depreciation and amortisation

IAS 16 Property, Plant and Equipment - Amendments bringing bearer plants into

the scope of lAS 16

35

2. Significant Accounting Policies (Cont'd):

(c) New Accounting Standards and Interpretations (cont'd)-

IAS 19 Employee Benefits: Disclosures - Amendments regarding discount rate:

regional market issue

IAS 27 Separate Financial Statements - Amendments reinstalling the equity method

as an accounting option for investments in subsidiaries, joint ventures and

associates in an entity's separate financial statements

IAS 28 Investment in Associates - Amendments regarding the sale or contribution

of assets between investor and its associate or joint venture

IAS 28 Investment in Associates - Amendments regarding the application of

consolidation exception

IAS 34 Interim Financial Reporting - Amendments regarding disclosure of

information "elsewhere in the interim financial report"

IAS 38 Intangible Assets - Amendments regarding the clarification of acceptable

methods of depreciation and amortisation

IAS 41 Agriculture - Amendments bringing bearer plants into the scope of IAS 16

Effective for accounting pe riods beginning on or after I .January 2017

IFRS 15 Revenue from Contracts with Customers

IAS 7 Statement of Cash Flows - Amendments resulting from disclosure initiative

IlAS 12 Income Taxes - Amendments resulting from recognition of deferred tax

assets for unrealised losses

IFRS 9 Financial Instruments

Effective for accounting periods beginning on or after 1 January 2019.

IFRS 16 Leases

The adoption of IFRS 9 Financial Instruments may result in significant changes in the

Company's classification and presentation of financial instruments.

36

2. Significant Accounting Policies (Cont'd):

(d) Property, plant and equipment-

Property, plant and equipment (PPE) are stated at cost less accumulated depreciation and

impairment losses, except for certain granted assets which are stated at values provided by

the United Nations Industrial Development Organisation (UNIDO). The Company

recognises in the carrying amount of an item of PPE, the cost of replacing part of such an

item when that cost is incurred, if it is probable that the future economic benefits embodied

with the item will flow to the Company and the cost of the item can be measured reliably.

All other costs are recognised in the Statement of Comprehensive Income as an expense as

incurred.

When parts of an item of fixed assets have different useful lives, those compartments are

accounted for as separate items of PPE.

Depreciation is calculated using the straight-line basis over the estimated useful lives of

each item of PPE at the following rates:

Leasehold land and building

Buildings and improvements

Computer equipment

Machinery and equipment

Office furniture and equipment

Furniture and fittings

Motor vehicles

over the term of the lease

1.75%

25%

25%

10%

10%

25%

The assets’ r e s i d u a l va lues and useful lives are reviewed at each Statement o f Financial

Position date and adjusted as appropriate. An asset's carrying amount is written down

immediately to its recoverable amount if the asset's carrying amount is greater than its

estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying

amount and are recognised within the "Gain/Loss on Disposal" account in the Statement of

Comprehensive Income.

(e) Financial instruments -

Financial instruments a r e contracts t h a t give rise to a financial asse t of one entity and a

financial liability or equity instrument of another entity.

Financial assets and financial liabilities are recognised on the Company's Statement of

Financial Position when the Company becomes a party to the contractual provisions of the

instrument.

37

2. Significant Accounting Policies (Cont'd):

(e) Financial instruments (cont'd)-

Financial assets

All regular way purchases and sales of financial assets are recognised or derecognised on the

trade date that is the date on which the Company commits itself to purchase or sell an asset.

A regular way purchase and sale of financial assets is a purchase or sale of an asset under a

contract whose terms require delivery of the asset within the timeframe established generally

by regulation or convention in the marketplace concerned.

When financial assets are recognised initially, they are measured at fair value of the

consideration given plus transaction costs directly attributable to the acquisition of the asset.

Financial assets are derecognised when the contractual rights to receive the cash flows

expire or where the risks and rewards of ownership of the assets have been transferred.

The Company assesses at each Statement of Financial Position date whether there is

objective evidence that a financial asset or group of financial assets is impaired.

A financial asset or group of financial assets is impaired and impairment losses are incurred

if and only if, there is objective evidence of impairment as a result of one or more events

that occurred after the initial recognition of the asset (a "loss event") and that event (or

events) has an impact on the estimated future cash flows of the financial asset or group of

financial assets that can be reliably estimated.

Objective evidence that a financial asset or group of financial assets is impaired includes

observable data that comes to the attention of the Company about the following loss events:

i) Significant financial difficulty of the issuer or obligor.

ii) A breach of contract, such as default or delinquency in interest or principal

payments.

iii) It becoming probable that the borrower will enter in bankruptcy or other financial

reorganization.

iv) The disappearance of an active market for that financial asset because of financial

difficulties.

v) Observable data indicating that there is a measurable decrease in the estimated cash­

flows from a group of financial assets since the initial recognition of those assets,

although the decrease cannot yet be identified with individual financial assets in the

group, including a d v e r s e changes in the payment status of borrowers in

the Company or national or economic conditions that correlate with defaults on assets

in the Company.

38

2. Significant Accounting Policies (Cont'd):

(e) Financial instruments (cont'd) •

Financial assets (cont'd)

The Company first assesses whether objective evidence of impairment exists individually

for financial assets that are individually significant. If the Company determines that no

objective evidence of impairment exists for an individually assessed financial asset, it

includes the asset in a group of financial assets with similar credit risk characteristics and

collectively assesses them for impairment. Assets that are individually assessed for

impairment and for which an impairment loss is or continues to be recognised are not

included in a collective assessment of impairment.

Impairment losses are recorded in an allowance account and are measured and recognised as

follows:

i) Financial assets measured at amortised cost

The difference between the assets' carrying amount and the present value of the

estimated future cash flows discounted at the financial asset's original effective

interest rate is recognised in the Statement of Comprehensive Income.

If, in a subsequent period, the amount of the impairment loss decreases and the

decrease can be related objectively to an event occurring after the impairment was

recognised (such as improvement in the debtor's credit rating), the previously

recognised loss is reversed to the extent that the carrying amount of the financial

asset does not exceed what the amortised cost would have been had the impairment

not been recognised at the date that the impairment is reversed. The amount of the

reversal in recognised in the Statement of Comprehensive Income.

ii) Financial assets measured at cost

The difference between the assets' carrying amount and the present value of the

estimated future cash flows (excluding future credit losses that have not been

incurred) discounted at the current market's rate of return for similar financial assets

is recognised in the Statement of Comprehensive Income. These losses are not

reversed.

Financial liabilities

When financial liabilities are recognised initially, they are measured at fair value of the

consideration given plus transaction costs directly attributable to the acquisition of the

liability. Financial liabilities are re-measured at amortised cost using the effective interest

method.

Financial liabilities are derecognised when they are extinguished that is when the obligation

specified in the contract is discharged, cancelled or expired. The difference between the

carrying amount of a financial liability extinguished and the consideration paid is recognised

in the Statement of Comprehensive Income.

39

2. Significant Accounting Policies (Cont'd):

(e) Financial instruments (cont'd)-

Financial liabilities (cont'd)

Cash and cash equivalents

Cash and cash equivalents consist of highly liquid investments with original maturities of

three months or less and are carried at cost, which approximates market value.

Trade receivables

Trade receivables are measured at cost. Appropriate allowances for estimated irrecoverable

amounts are recognised in the Statement of Comprehensive Income when there is objective

evidence that the asset is impaired.

Trade payables

Trade payables are initially measured at fair value, and are subsequently measured at

amortised cost.

Bank loans

Bank loans are recognised initially at fair value, net of transaction costs incurred. Bank loans

are subsequently stated at amortised cost; any difference between the proceeds (net of

transaction costs) and the redemption value is recognised in the Statement of

Comprehensive Income over the period of the loan using the effective interest method.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost is determined using

the first-in first-out basis for raw materials and on estimated standard cost for finished goods

and work-in-progress. Cost includes expenditure incurred in acquiring the inventories and

bringing them to their existing location and condition. Net realisable value is the estimated

selling price in the ordinary cost of business.

(f) Revenue recognition -

Workshop sales

Revenue from the sale of goods is recognised in the Statement of Comprehensive Income

when the significant risk and rewards of ownership have been transferred to the buyer. No

revenue is recognised if there are significant uncertainties regarding recovery of the

consideration due, associated costs or the possible return of goods.

Sales are recognised net of Value Added Tax and discounts.

40

2. Significant Accounting Policies (Cont'd):

(g) Foreign currency -

Monetary assets and liabilities denominated in foreign currencies are expressed in Trinidad

and Tobago dollars at rates of exchange ruling at the Statement of Financial Position date.

All revenue and expenditure transactions denominated in foreign currencies are translated at

the average rate and the resulting profits and losses on exchange from these trading activities

are recorded in the Statement of Comprehensive Income.

(h) Government grants -

Government grants related to fixed assets are deferred in the Statement of Financial Position

and amortised over the estimated useful lives of the assets to which it relates.

Government grants related to income is included in the Statement of Comprehensive Income

in the period received.

Government grants designated for specific projects is deferred in the Statement of Financial

Position and matched with the related project expenditure in the Statement of

Comprehensive Income over the life of the project.

(i) Provisions -

A provision is recognised in the Statement of Financial Position when the Company has a

present legal or constructive obligation as a result of a past event, and it is probable that an

outflow of economic benefits will be required to settle the obligation. If the effect is

material, provisions are determined by discounting the expected future cash flows at a pre­

tax rate that reflects current market assessments at the time value of money and, where

appropriate, the risks specific to the liability.

(j) Taxation -

Income tax expense comprises current and deferred tax. Income tax expense is recognised

in the Statement of Comprehensive Income except to the extent that it relates to items

recognised directly in equity, in which case, it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the period, using tax rates

enacted or subsequently enacted at the Statement of Financial Position date, and any

adjustment to tax payable in respect of previous years.

41

2. Significant Accounting Policies (Cont'd):

(j) Taxation (cont'd)-

Deferred tax is recognised using the Statement of Financial Position method, providing for

temporary differences between the carrying amounts of assets and liabilities for financial

reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at

the tax rates that are expected to be applied to the temporary differences when they reverse,

based on the laws that have been enacted or subsequently enacted at the Statement of

Financial Position date.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits

will be available against which the temporary difference can be utilised. Deferred tax assets

are reviewed at each Statement of Financial Position date and are reduced to the extent that it

is no longer probable that the related tax benefit will be realised.

(k) NSDP, HYPE and MuST -

The Company administers and operates the National Skills Development Programme

(NSDP), the Helping You Prepare for Employment (HYPE) Programme and the Multi­

sector Skills Training (MuST) Programme on behalf of the Government of the Republic of

Trinidad and Tobago (GORTI).

The amounts advanced by the GORTT are accounted for as a deferral and recorded under

Due to Related Parties in the Statement of Financial Position. When the money is spent on

the programme, it becomes earned and an equivalent amount is transferred to the

programme's income and expenditure account.

The effect of this is that the balance on the account shown on the Statement of Financial

Position as Due to Related Parties represents the unexpended programme funds which are

subsequently spent on the programmes.

(I) Going Concern -

These financial statements have been prepared on the going concern basis despite the excess

of current liabilities over current assets of $22,035,469 as at 30 September 2015. The

Company is dependent on the Government of the Republic of Trinidad and Tobago

(GORTT) to fund its operating and capital expenditures since inadequate resources are

generated from its operating activities. Management is of the opinion that given the

strategic importance of the Company to the country's development, that the GORTT will

continue to provide subventions to the Company on an annual basis into the foreseeable

future. The main source of funding from the GORTT is through Management Fees for the

three programmes the Company operates and administers on behalf of the GORTT.

42

2. Significant Accounting Policies (Cont'd):

(I) Going Concern (cont'd)-

At the date of the approval of these financial statements, the GORTT has continued to grant

financial support to the Company, which is consistent with management's opinion as

described above.

(m) Restatement -

A physical verification exercise of all PPE owed by the Company was conducted in

February 2011 by a firm of independent accountants and a comprehensive Fixed Assets

Register was prepared as at 18 February 2011. In addition to the physical check on the PPE,

the firm was also required to verify the value of the assets included in the Fixed Asset

Register. The consultants provided fair value estimates for selected material plant and

equipment and all other PPE were valued at cost or $1, where the cost value could not have

been determined.

A decision was made by the Management to amend the Company's financial statements to

reflect balances on the Fixed Assets Register prepared by the firm of accountants. The cost

and related accumulated depreciation balances were restated as at 1 October 2013 to reflect

the amendment and the Deferred Taxation asset was also restated as at L October 2013.

A Revaluation Reserve was created in the Statement of Financial Position as at 1 September

2013 to account for net fair value adjustment which totalled $4,265,842.

The financial statements for the year ended 30 September 2014 was also restated to

accurately record the depreciation and related tax effect in the Statement of Comprehensive

Income.

The effects of the amendment on the financial statements are as follows:

Statement of Financial Position

As previously Effects of As restated

reported adjustment

As at 1 October 2013

Fixed Assets 36,159,988 3,387,068 39,547,056

Deferred Taxation asset 1,363,606 (838,512) 525,094

Revaluation Reserve - 4,265,842 4,265,842

Retained Earnings 5,856,432 (1,717,286) 4,139,146

As at 30 September 2014

Fixed Assets 35,857,098 207,212 36,064,310

Deferred Taxation (liability)/asset (335,217) (44,221) (379,438)

Revaluation Reserve - 4,265,842 4,265,842

Retained Earnings 10,871,156 (4, 102,851) 6,768,305

43

2. Significant Accounting Policies (Cont'd):

(m) Restatement (cont'd)-

Statement of Comprehensive Income

As previously reported

Effect of adjustment

As restated

As at 30 September 2014

Depreciation

Taxation Net profit for the year

2,245,037

1,843,249 5,014,724

3,179,856

(794,291) (2,385,565)

5,424,893

1,048,958

2,629,159

3. Financial Risk Management:

Financial risk factors

The Company's activities are primarily related to the use of financial instruments.

The following table summarizes the carrying amounts and fair value of the Company's financial

assets and liabilities:

Financial Assets Cash in hand and at bank

Cash at bank - restricted

Short-term investment

Short-term investment- restricted

Accounts receivable and prepayments

Inventories

2015 Carrying Fair

Value Value $ 6,492,153 $ 6,492,153

30,252,994 30,252,994

33,964,293 33,964,293

69,500,000 69,500,000

5,856,925 5,856,925

3,424,813 3,424,813

Financial Liabilities Accounts payable and accruals

Deferred Income

Due to related parties

Capital Grants

$ 12,928,843

4,015,154

153,044,750

460,383

$ 12,928,843

4,015,154

153,044,750

460,383

44

3. Financial Risk Management

(Cont'd):

Financial risk factors (cont'd)-

Carrying

Value

2014 Fair

Value

Financial Assets Cash in hand and at bank

$ 11 ,246,868

$ 11,246,868

Restricted cash 45,019,423 45,019,423

Short-term investment 33,702,416 33,702,416

Short-term investment - restricted 69,500,000 69,500,000

Accounts receivable and prepayments 2,222,032 2,222,032

Inventories 6,415,369 6,415,369

Financial Liabilities Accounts payable and accruals

$ 14,578,008

$ 14,578,008

Deferred Income 5,863,000 5,863,000

Due to related parties 168,356,610 168,356,610

Capital Grants 474,023 474,023

The Company is exposed to interest rate risk, credit risk, liquidity risk, currency risk, operational

risk, compliance risk and reputation risk arising from the financial instruments that it holds. The risk

management policies employed by the Company to manage these risks are discussed below:

(a) Interest rate risk-

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument

will fluctuate because of changes in market interest rates.

The Company is exposed to interest rate risk through the effect of fluctuations in the

prevailing levels of interest rates on interest bearing financial assets.

(b) Credit risk-

Credit risk arises when a failure by counter parties to discharge their obligations could

reduce the amount of future cash inflows from financial assets on hand at the Statement of

Financial Position date. The Company relies heavily on its Accounting Policies and

Procedures which sets out in detail the current policies governing the granting of credit

function and provides a comprehensive framework for prudent risk management of the

credit function.

45

3. Financial Risk Management (Cont'd):

(b) Credit risk (cont'd)-

The Company's debtors' portfolio is managed and consistently monitored by the Company's

management. The Company has identified in its strategic objectives the need for the

effective management of its trade receivables and has moved to establish better

communication with its major customers.

Cash balances are held with high credit quality financial institutions and the Company also

actively monitors global economic developments and government policies that may affect

the growth rate of the local economy.

(c) Liquidity risk-

Liquidity risk is the risk that arises when the maturity dates of assets and liabilities do not

match. An unmatched position potentially enhances profitability, but can also increase the

risk of losses. The Company has procedures with the object of minimising such losses such

as maintaining sufficient cash and other highly liquid current assets and by having available

an adequate amount of committed credit facilities.

The Company is able to make daily calls on its available cash resources to settle financial

and other liabilities.

(d) Currency risk-

Currency risk is the risk that the value of financial instruments will fluctuate due to changes

in foreign exchange rates. Currency risk arises when future commercial transactions and

recognised assets and liabilities are denominated in a currency that is not the Company's

measurement currency. The Company is exposed to foreign exchange risk arising from

various currency exposures primarily with respect to the United States Dollar. The

Company's management monitors the exchange rate fluctuations on a continuous basis and

acts accordingly.

(e) Operational risk -

Operational risk is the risk derived from deficiencies relating to the Company's information

technology and control systems, as well as the risk of human error and natural disasters. The

Company's systems are evaluated, maintained and upgraded continuously. Supervisory

controls are installed to minimise human error. Additionally, staff is often rotated and

trained on an on-going basis.

(f) Compliance risk -

Compliance risk is the risk of financial loss, including fines and other penalties, which arise

from non-compliance with laws and regulations of the state. The risk is limited to a

significant extent due to the supervision applied by the Company's line ministry, the

Ministry of Science Technology and Tertiary Education, as well as by the monitoring

controls applied by the Company.

46

3. Financial Risk Management (Cont'd):

(g) Reputation risk -

The risk of loss of reputation arising from the negative publicity relating to the Company's

operations (whether true or false) may result in a reduction of its clientele, reduction in

revenue and legal cases against the Company. The Company engages in public social

endeavours to engender trust and minimize this risk.

4. Critical Accounting Estimates and Judgments:

The preparation of financial statements in accordance with International Financial Reporting

Standards requires management to make judgements, estimates and assumptions in the process of

applying the Company's accounting policies. See Note 2 (b).

Estimates and judgments are continually evaluated and are based on historical experience and other

factors, including expectations of future events, that are believed to be reasonable under the

circumstances. The Company makes estimates and assumptions concerning the future. However,

actual results could differ from those estimates as the resulting accounting estimates will, by

definition, seldom equal the related actual results. The estimates and assumptions that have a

significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year are discussed below.

Changes in accounting estimates are recognised in the Statement of Comprehensive Income in the

period in which the estimate is changed, if the change affects that period only, or in the period of the

change and future periods if the change affects both current and future periods.

The critical judgements, apart from those involving estimations, which have the most significant

effect on the amounts recognised in the financial statements, are as follows:

i) Whether investments are classified as held to maturity investments, available for sale or

loans and receivables.

ii) Whether leases are classified as operating leases or finance leases.

iii) Which depreciation method for plant and equipment is used.

The key assumptions concerning the future and other key sources of estimation uncertainty at the

Statement of Financial Position date (requiring management's most difficult, subjective or complex

judgements) that have a significant risk of causing a material adjustment to the carrying amounts of

assets and liabilities within the next financial year are as follows:

47

4. Critical Accounting Estimates and .Judgments (Cont'd):

i) Impairment of assets

Management assesses at each Statement of Financial Position date whether assets are

impaired. An asset is impaired when the carrying value is greater than its recoverable

amount and there is objective evidence of impairment. Recoverable amount is the present

value of the future cash flows. Provisions are made for the excess of the carrying value over

its recoverable amount.

ii) Plant and equipment

Management exercises judgement in determining whether future economic benefits can be

derived from expenditures to be capitalised and in estimating the useful lives and residual

values of these assets.

5. Cash in Hand and at Bank:

30 September

2015 2014

Petty cash

Scotiabank (Trinidad and Tobago) Limited

$ 8,200

6,483,953

$ 8,000

11,238,868

$ 6,492,153 $ 11,246,868

6. Cash at Bank - Restricted:

30 September

2015 2014

First Citizens Bank Limited - MuST $ 10,531,824 $ 7,906,042

Scotiabank (Trinidad and Tobago) Limited -NSDP 13,200,562 29,321,875

Scotiabank (Trinidad and Tobago) Limited -HYPE 6,520,608 7,791,506

$ 30,252,994

$ 45,019,423

These balances represent funds held in the name of the Multi-Sector Skills Training Programme

(MuST), National Skills Development Programme (NSDP) and Helping Youth Prepare for

Employment (HYPE) programme.

48

7. Short-Term Investments:

30 September

2015 2014

Scotiabank (Trinidad and Tobago) Limited

Trinidad and Tobago Unit Trust Corporation

$ 6,870,393

27,093,900

$ 6,854,530

26,847,886

$ 33,964,293 $ 33,702,416

8. Short-Term Investments - Restricted:

30 September

2015 2014

First Citizens Bank Limited - NSDP and HYPE $ 60 000 000 $ 60,000,000

Scotiabank (Trinidad and Tobago) Limited - NSDP 3 500,000 3,500,000

Scotiabank (Trinidad and Tobago) Limited - HYPE 6,000,000 6,000,000

$ 69,500,000 $ 69,500,000

These balances represent term deposits held in the name of the National Skills Development

Programme (NSDP) and Helping Youth Prepare for Employment (HYPE) Programme.

9. Accounts Receivable and Prepayments:

30 September

2015 2014

Trade accounts receivables $ 6,524,074 $ 4,787,177

Interest receivable 57,115 45,239

Value Added Tax recoverable (net) 2,246,049 1,617,688

Staff advances 132,436 68,434

Prepayments 573,963 - Other 164,468 (4,593)

National Training Agency (NTA)- Stipend reimbursement 1,613,311 -

11,311,416

6,513,945

Less: Provision for bad and doubtful debts (5,454,491) (4,291,913)

Provision for doubtful debts

$ 5,856,225 $ 2,222,032

Balance, beginning of the year $ 4,291,913 $ 4,000,084

Charge for the year (net) 1,162,578 291,829

Balance, end of the year $ 5,454,421 $ 4,291,913

49

10. Inventories:

30 September

2015 2014

Raw materials $ 2,543,179 $ 2,615,289

Work in progress 350,790 1,330,425

Finished goods 530,844 1,660,716

Goods in Transit

808,939

$ 3,424,813 $ 6,415,369

11. Deferred Taxation:

30 September

2015 2014 (Restated)

Balance as at beginning of the year

Effect on Statement of Comprehensive Income

Balance as at end of the year

Deferred taxation is attributable to:

$ (379,438) $ 525,094

(599,474) (904,532)

$ (978,912) $ (379,438)

30 September

2015 2014 (Restated)

Excess of net book value over written down value $ (2,890,049) $ (2,610,673)

Taxable losses 547,5 1 4 1,158,257

Provisions 1 ,363,623 1,072,978

$ (978,912)

$ (379,438)

50

51

52

13. Accounts Payable and Accrued Liabilities:

30 September

2015 2014

Trade accounts payables $ 2,386,310 $ 3,064,271

Accruals 5,601,866 8,019,483

Accrued vacation leave 2,618,851 2,426,600

Suspense accounts (857,284) (733,514)

Statutory deductions and salaries payable 3,414,532 1,709,620

Advance receipt on sales (10,430) (15,848)

Other payables (225,002) 107,396

$ 12, 928, 843 $ 14, 578, 008

14. Deferred Income:

30 September

2015 2014

Balance at the beginning of the year $ 5,863,000 $ 4,865,606

Subventions received (Recurrent and PSIP) 4,547,200 5,180,000

Subventions utilised (Recurrent and PSIP) (6,395,046) (4,182,606)

$ 4,015,154 $ 5,863,000

Deferred income relates to the portion of government subventions received from the Ministry of

Science, Technology and Tertiary Education, for which the related expenditure has not yet been

incurred. The portion of subventions utilised during the year is recognised in the Statement of

Comprehensive Income.

During the year, the Company received $2,000,000 (2014: $2,000,000) for PSIP expenditure and

$2,000,000 (2014: $1,500,000) for recurrent expenditure (salaries and wages). Additionally, MIC

Institute of Technology Limited received $547,200 (2014: $1,680,000) for the training of tool

makers and local instructors in the Master Craftsman Photovoltaic Solar Energy Programme.

53

15. Due to Related Parties (net): 30 September

2015 2014

MuST

$ (6,694,227)

$ (2,747,377)

NSDP 113,678,107 119,058,895

HYPE 46,080,215 52,064,437

Workforce Assessment Centre ( 19,345) (19,345)

$153,044,750

$168,356,610

Amounts Due to Related Parties represent the balances due to/(from) the GORTT on behalf of the

National Skills Development Programme (NSDP), Helping You Prepare for Employment

(HYPE) Programme, Multi-sector Skills Training (MuST) Programme and the Workforce

Assessment Centre.

16. Capital Grants:

30 September

2015 2014

Balance as at beginning of the year $ 474,023 $ 487,663

Effect on Statement of Comprehensive Income (13,640) (13,640)

Balance as at end of the year $ 460,383 $ 474,023

Capital grants comprise either cash grants for capital projects or the capitalised value of

machinery, equipment and supplies provided by the United Nations Industrial Development

Organisation (UNIDO) and the Trinidad Industrial Development Corporation and the Canadian

Industrial Development Agency (Government Agencies).

54

16. Capital Grants (Cont'd):

Details of capital grants are as follows:

(i) UNIDO

Whereas the title of UNIDCO - provided Phase I machinery and equipment has been

transferred to the Government of the Republic of Trinidad and Tobago and Phase II

machinery and equipment remains the property of UNIDO, it is understood that this

machinery and equipment will remain in the possession of the Company so long as it

continues to be used solely for the purpose and in the manner and place for which it was

provided. The value of this machinery and equipment has, therefore, been capitalised on

the commercial substance of the situation.

Equipment provided for training purposes:

30 September

2015 2014

Phase I $ 525,917 $ 525,917

Phase II 1,410,636 1,410,636

Phase III 1,260,574 1,260,574

Phase IV 1,152,783 1,152,783

Phase V 1,855,912 1,855,912

Supplies 106,399 106,399

6,312,221

6,312,221

Less: accumulated transfers to revenue (6,210,301) (6,210,301)

101,920

101,920

(ii) Government agencies:

Equipment provided

$ 1,030,117

$ 1,030 1 1 7

Cash grant for factory expansion 682,000 682 000

Cash grant for equipment purchases 121,704 1 2 1,704

Supplies 2,028 2,028

1,835,849

1 ,835,849

Less: accumulated transfers to revenue ( l,477,386) (1,463,746)

358,463

372,103

$ 460,383 $ 474,023

55

17. Stated Capital:

Authorised:

80,000 ordinary shares

20,000 6% cumulative preference shares

30 September

2015 2014

Issued and fully paid:

Ordinary- 20,097 shares

Preference - 625 shares

$ 2,009,700

62,500

$ 2,009,700

62,500

$ 2,072,200 $ 2,072,200

No dividends have been paid to the holders of the 6% cumulative preference shares since the date

of issue in January 1975. Should dividends be declared, the amounts payable on these preference

shares would be $151,813 (2014: $148,063).

18. Related Party Transactions:

Parties are considered to be related if one party has the ability to control the other party or

exercise significant influence over the other party in making financial decisions.

Key management personnel are those persons having the authority and responsibility for

planning, directing and controlling the activities of the Company.

A number of transactions are entered into with related parties in the normal course of business.

These transactions were carried out on commercial terms at market rates.

Balances and transactions with related parties and key management personnel during the year

were as follows:

Expenses

2015 2014

Directors' fees $ 554,770 $ 567,300

Key management compensation

Short-term benefits $ 4,451,122 $ 3,918,827

56

19. Fair Values:

Fair value is the amount for which an asset can be exchanged, or a liability settled between

knowledgeable, willing parties in an arm's length transaction. The existence of published price

quotation in an active market is the best evidence of fair value. Where market prices are not

available, fair values are estimated using various valuation techniques, including using recent

arm's length market transactions between knowledgeable, willing parties, if available, current fair

value of another financial instrument that is substantially the same and discounted cash flow

analysis.

The carrying amounts of current assets and liabilities are a reasonable approximation of the fair

values because of their short-term nature.

20. Capital Commitment:

Contracts approved and committed amounted to $2,136,409 as at 30 September 2015.

21. Other Income:

Write off of 2009 Accrued Balances·$2,570,960

Management has decided to write off accrued balances totalling $2,570,960 which originated

during the financial year 2009. The decision to write off these amounts was on the basis that the

balances, after investigation, do not appear to be legitimate debts owned by the Company as at the

year end. Additionally, the balances are over six (6) years old and thus statue barred. Due to the

age of these balances, it was difficult for the Company to allocate the amounts to the initial

expense accounts and the total was recorded under Other Income in the Statement of

Comprehensive Income.

22. Production Costs:

30 September

2015 2014

Opening stock $ 6,4 1 5 368 $ 5,325,507

Purchases I 009,289 3,260,702

Salaries, wages and other staff expenses 8,819231 7,025,530

Overheads 658,637 -

16,902,525 15,611,739

Less: Closing stock (3,424,813) (6,415,369)

$ 13,477,712 $ 9,196,370

57

23. Other Operating Costs:

30 Se

2015

tember

2014

Advertising and promotions $ 552,077 $ 220,967

Annual vacation leave 192,252 48,782

Audit fees 248,525 256,000

Bad debts provision 1,162,578 291,829

Bank charges 27,933 29,554

Books, journals and publications 15,823 22,307

Building and repairs maintenance 311,079 318,522

Business travel 139,749 141,304

Contractors fees 143,293 75,141

Director's fees 554,770 567,300

Donations 108,798 93,535

Electricity 606,507 1,140,422 Employees benefit expense 1,396,930 852,762

Employer's NIS contribution 1,997,795 1,747,507

Employer's pension contribution 1,403,044 953,003

Equipment rentals 1,283 3,180

Group health 409,213 683,834

Group life insurance 532,462 295,809

Insurance 384,151 244,918

Janitorial supplies 708,707 802,471

Lease rent 93,865 52,391

Legal and professional fees 282,297 717,600

Materials and supplies 324,770 904,708

Meals and entertainment 382,043 344,231

Miscellaneous expenses (16,807) 2,149

Office equipment repairs and maintenance 442,349 522,781

Penalties and interest 9 -

Photocopier 192,032 176,810

Purchasing expenses 246,743 216,286

Rent rates and taxes 11,241 28,686

Salaries 26,754,323 20,012,801

Security 280,217 222,865

Staff development 154,064 154,217

Stationery and postage 711,678 722,200

Telephone cables 865,481 713,372

Transport services 4,400 30,659

Technical Vocational Education Training expenses 699,494 20,730

Vehicle expenses 695,785 564,363

p

$ 43,020,953 $ 34,195,996

58

24. Taxation:

30 September

2015 2014 (Restated)

Business Levy

Green Fund Levy

Deferred taxation

$ ( 104,425)

(52,459)

(599,474)

$ (96, 124)

(48,302)

(902,532)

$ (756,358) $ (1,048,958)

Reconciliation arising from using the basic rate of tax as follows:

Net profit before taxation $ 2,439,599 $ 3,678,117

Tax rate 25% (609,900) (91 9 529)

Tax effect of expenses not deductible for tax purposes (51,078) 44,898)

Exempt income 61,504 59 895

Green Fund Levy (104,425) 48 302)

Business Levy (52,459) (96,124)

$ (756,358) $ (1,048,958)

59

Locations

MIC Institute of Technology HEAD OFFICE: 5A Century Drive, Trincity Business Park, Macoya, Trinidad, W.I.

Tel (868) 663-4MIC (4642)

Fax 663-6055

www.mic.co.tt

60

• Barataria Technology Centre

• Chaguanas Technology Centre

• Diego Martin Technology Centre

• GVC Point Fortin

• Macoya Technology Centre

• Macoya Workforce Development Centre (MWDC)

• Moruga Technology Centre

• Mt. Grace Technology Centre

• O’Meara Technology Centre

• Patience Hill Technology Centre

• Penal Technology Centre

• Pleasantville Technology Centre

• Point Fortin Technology Centre

• Pointe-à-Pierre Technology Centre

• San Fernando Technology Centre

• Sangre Grande Technology Centre

• St. Bede Technology Centre

• Tobago Technology Centre

• Tunapuna Technology Centre