<PAGE> 1
PAGE 1
Form U-13-60
Mutual and Subsidiary Service Companies
Revised February 7, 1980
ANNUAL REPORT
For the Period
Beginning January 1, 1996 and Ending December 31, 1996
----------------- -------------------
To The
U.S. SECURITIES AND EXCHANGE COMMISSION
OF
TRISTAR VENTURES CORPORATION
--------------------------------------------------------------------------
(Exact Name of Reporting Company)
A Subsidiary Service Company
---------------------
("Mutual" or "Subsidiary")
Date of Incorporation September 26, 1986
------------------
State or Sovereign Power under which Incorporated or Organized Delaware
------------
Location of Principal Executive Offices of Reporting Company:
205 Van Buren Street, Suite 120, Herndon, Virginia 20170
DENNIS P. DETAR, TREASURER & CONTROLLER
205 Van Buren Street, Suite 120
Herndon, Virginia 20170
--------------------------------------------------------------------------
(Name, title and address of officer to whom correspondence concerning
this report should be addressed)
TRISTAR VENTURES CORPORATION
--------------------------------------------------------------------------
(Name of Principal Holding Company whose Subsidiaries are served by
Reporting Company)
<PAGE> 2
PAGE 2
INSTRUCTIONS FOR USE OF FORM U-13-60
1. Time of Filing - Rule 94 provides that on or before the first day of May
in each calendar year, each mutual service company and each subsidiary
service company as to which the Commission shall have made a favorable
finding pursuant to Rule 88, and every service company whose application
for approval or declaration pursuant to Rule 88 is pending shall file
with the Commission an annual report on Form U-13-60 and in accordance
with the Instructions for that form.
2. Number of Copies - Each annual report shall be filed in duplicate. The
company should prepare and retain at least one extra copy for itself in
case correspondence with reference to the report become necessary.
3. Period Covered by Report - The first report filed by any company shall
cover the period from the date the Uniform System of Accounts was
required to be made effective as to that company under Rules 82 and 93 to
the end of that calendar year. Subsequent reports should cover a
calendar year.
4. Report Format - Reports shall be submitted on the forms prepared by the
Commission. If the space provided on any sheet of such form is
inadequate, additional sheets may be inserted on the same size as a sheet
of the form or folded to such size.
5. Money Amounts Displayed - All money amounts required to be shown in
financial statements may be expressed in whole dollars, in thousands of
dollars or in hundred thousands of dollars, as appropriate and subject to
provisions of Regulation S-X (Section 210.3-01[b]).
6. Deficits Displayed - Deficits and other like entries shall be indicated
by the use of either brackets or a parenthesis with corresponding
reference in footnotes. (Regulation S-X, Section 210.3-01[c])
7. Major Amendments or Corrections - Any company desiring to amend or
correct a major omission or error in a report after it has been filed
with the Commission shall submit an amended report including only those
pages, schedules, and entries that are to be amended or corrected. A
cover letter shall be submitted requesting the Commission to incorporate
the amended report changes and shall be signed by a duly authorized
officer of the company.
8. Definitions - Definitions contained in Instruction 01-8 to the Uniform
System of Accounts for Mutual Service Companies and Subsidiary Service
Companies, Public Utility Holding Company Act of 1935, as amended
February 2, 1979, shall be applicable to words or terms used specifically
within this Form U-13-60.
9. Organization Chart - The service company shall submit with each annual
report a copy of its current organization chart.
10. Methods of Allocation - The service company shall submit with each annual
report a listing of the currently effective methods of allocation being
used by the service company and on file with the Securities and Exchange
Commission pursuant to the Public Utility Holding Company Act of 1935.
11. Annual Statement of Compensation for Use of Capital Billed - The service
company shall submit with each annual report a copy of the annual
statement supplied to each associate company in support of the amount of
compensation for use of capital billed during the calendar year.
<PAGE> 3
PAGE 3
- --------------------------------------------------------------------------------
LISTING OF SCHEDULES AND ANALYSIS OF ACCOUNTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Schedule or
Account Page
Description of Schedules and Accounts Number Number
- --------------------------------------------------------- ----------- ------
<S> <C> <C>
COMPARATIVE BALANCE SHEET ............................... Schedule I 5-6
SERVICE COMPANY PROPERTY ........................... Schedule II N/A
ACCUMULATED PROVISION FOR DEPRECIATION AND
AMORTIZATION OF SERVICE COMPANY PROPERTY ......... Schedule III N/A
INVESTMENTS ........................................ Schedule IV 7
ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES ....... Schedule V 8
FUEL STOCK EXPENSES UNDISTRIBUTED .................. Schedule VI N/A
STORES EXPENSE UNDISTRIBUTED ....................... Schedule VII N/A
MISCELLANEOUS CURRENT AND ACCRUED ASSETS ........... Schedule VIII 9
MISCELLANEOUS DEFERRED DEBITS ...................... Schedule IX 10
RESEARCH, DEVELOPMENT, OR DEMONSTRATION EXPENDITURES Schedule X 11
PROPRIETARY CAPITAL ................................ Schedule XI 12
LONG-TERM DEBT ..................................... Schedule XII 13
CURRENT AND ACCRUED LIABILITIES .................... Schedule XIII 14
NOTES TO FINANCIAL STATEMENTS ...................... Schedule XIV 15
COMPARATIVE INCOME STATEMENT ............................ Schedule XV 16
ANALYSIS OF INCOME FROM INVESTMENTS - NONASSOCIATE..
COMPANIES .......................................... Account 418 17
ANALYSIS OF BILLING - NONASSOCIATIVE COMPANIES ..... Account 458 18
ANALYSIS OF CHARGES FOR SERVICE - ASSOCIATE AND
NONASSOCIATE COMPANIES ............................ Schedule XVI 19
SCHEDULE OF EXPENSE BY DEPARTMENT OR SERVICE
FUNCTION .......................................... Schedule XVII 20
DEPARTMENTAL ANALYSIS OF SALARIES .................. Account 920 21
OUTSIDE SERVICES EMPLOYED .......................... Account 923 22
EMPLOYEE PENSIONS AND BENEFITS ..................... Account 926 23
GENERAL ADVERTISING EXPENSES ....................... Account 930.1 24
MISCELLANEOUS GENERAL EXPENSES ..................... Account 930.2 25
RENTS .............................................. Account 931 26
TAXES OTHER THAN INCOME TAXES ...................... Account 408 27
DONATIONS .......................................... Account 426.1 28
OTHER DEDUCTIONS ................................... Account 426.5 29
NOTES TO STATEMENT OF INCOME ....................... Schedule XVIII 30
</TABLE>
- --------------------------------------------------------------------------------
N/A - Not applicable to TriStar Ventures Corporation operations
<PAGE> 4
PAGE 4
- --------------------------------------------------------------------------------
LISTING OF INSTRUCTIONAL FILING REQUIREMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
Description of Reports or Statements Number
- ---------------------------------------------------------------------- ------
<S> <C>
ORGANIZATION CHART .................................................. 31
METHODS OF ALLOCATION ............................................... N/A
ANNUAL STATEMENT OF COMPENSATION FOR USE OF CAPITAL BILLED .......... N/A
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 5
PAGE 5
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
1996
- --------------------------------------------------------------------------------
SCHEDULE I - COMPARATIVE BALANCE SHEET
Give balance sheet of the Company as of December 31 of the
current and prior year
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
ACCOUNT ASSETS AND OTHER DEBITS AS OF DECEMBER 31
- ------- -------------------------------------------------- -------------------------
CURRENT PRIOR
------- ------
$000 $000
<S> <C> <C> <C>
SERVICE COMPANY PROPERTY
101 Service company property (Schedule II) ........... - -
107 Construction work in progress (Schedule II) ...... - -
------- -------
Total Property ............................ - -
------- -------
108 Less accumulated provision for depreciation and
amortization of service company property
(Schedule III) .................................. - -
------- -------
Net Service Company Property .............. - -
------- -------
INVESTMENTS
123 Investments in associate companies (Schedule IV) - -
124 Other investments (Schedule IV) .................. 29,100 37,586
------- -------
Total Investments ......................... 29,100 37,586
------- -------
CURRENT AND ACCRUED ASSETS
131 Cash ........................................... 4 -
134 Special deposits ............................... - 10
135 Working funds .................................. - -
136 Temporary cash investments (Schedule IV) ....... 1,367 -
141 Notes receivable ............................... - -
143 Accounts receivable ............................ 921 518
144 Accumulated provision for uncollectible accounts - -
146 Accounts receivable from associate companies
(Schedule V) .................................. 18,079 9,033
152 Fuel stock expenses undistributed (Schedule VI). - -
154 Materials and supplies ......................... - -
163 Stores expense undistributed (Schedule VII) .... - -
165 Prepayments .................................... 32 32
174 Miscellaneous current and accrued assets
(Schedule VIII) ............................... - -
------- -------
Total Current and Accrued Assets ........ 20,403 9,593
------- -------
DEFERRED DEBITS
181 Unamortized debt expense ....................... - -
184 Clearing accounts .............................. - -
186 Miscellaneous deferred debits (Schedule IX) .... 568 608
188 Research, development, or demonstration
expenditures (Schedule X) ..................... - -
190 Accumulated deferred income taxes .............. 590 358
------- -------
Total Deferred Debits ................... 1,158 966
------- -------
TOTAL ASSETS AND OTHER DEBITS ........... 50,661 48,145
======= =======
</TABLE>
<PAGE> 6
PAGE 6
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
1996
- --------------------------------------------------------------------------------
SCHEDULE I- COMPARATIVE BALANCE SHEET
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
ACCOUNT LIABILITIES AND PROPRIETARY CAPITAL AS OF DECEMBER 31
- ------- ----------------------------------------------------- -------------------------
CURRENT PRIOR
---------- ----------
$000 $000
<S> <C> <C> <C>
PROPRIETARY CAPITAL
201 Common stock issued (Schedule XI) ............... 15,293 15,293
211 Miscellaneous paid-in-capital (Schedule XI) ..... 42,802 42,802
215 Appropriated retained earnings (Schedule XI) .... - -
216 Unappropriated retained earnings (Schedule XI)... (16,542) (18,243)
-------- -------
Total Proprietary Capital ................ 41,553 39,852
------- -------
LONG-TERM DEBT
223 Advances from associate companies (Schedule XII) - -
224 Other long-term debt (Schedule XII) ............. - -
225 Unamortized premium on long-term debt ........... - -
226 Unamortized discount on long-term debt-debit .... - -
------- -------
Total Long-Term Debt ..................... - -
------- -------
CURRENT AND ACCRUED LIABILITIES
231 Notes payable ................................... - -
232 Accounts payable ................................ 814 542
233 Notes payable to associate companies (Schedule
XIII) .......................................... - -
234 Accounts payable to associate companies
(Schedule XIII) ................................ 86 11
236 Taxes accrued ................................... 1,493 2,199
237 Interest accrued ................................ 402 275
238 Dividends declared .............................. - -
241 Tax collections payable ......................... - -
242 Miscellaneous current and accrued liabilities
(Schedule XIII) ................................ 1,131 522
------- -------
Total Current and Accrued Liabilities .... 3,927 3,549
------- -------
DEFERRED CREDITS
253 Other deferred credits .......................... 148 103
255 Accumulated deferred investment tax credits ..... - -
------- -------
Total Deferred Credits ................... 148 103
------- -------
282 ACCUMULATED DEFERRED INCOME TAXES .................. 5,034 4,641
------- -------
TOTAL LIABILITIES AND PROPRIETARY CAPITAL. 50,661 48,145
======= =======
- ----------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
PAGE 7
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE IV - INVESTMENTS
- --------------------------------------------------------------------------------
INSTRUCTIONS: Complete the following schedule concerning investments.
Under Account 124, "Other Investments", state each
investment separately, with description, including, the
name of issuing company, number of shares or principal
amount, etc.
Under Account 136, "Temporary Cash Investments," list
each investment separately.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- --------------------------------------------------------------- ---------- ----------
$000 $000
<S> <C> <C>
ACCOUNT 123 - INVESTMENT IN ASSOCIATE COMPANIES ............. None None
------ ------
ACCOUNT 124 - OTHER INVESTMENTS
Pedricktown Cogeneration Limited Partnership -
50% ownership .................................. 17,771 10,346
Rumford Cogeneration Company - 10.2% ownership ... 6,072 6,401
Binghamton Cogeneration Limited Partnership -
33.3% ownership ................................ 8,059 5,905
Cogeneration Partners of America - 50% ownership 111 None
Vineland Cogeneration Limited Partnership - 50%
ownership ..................................... 5,573 6,448
------ ------
Total Other Investments.................... 37,586 29,100
------ ------
ACCOUNT 136 - TEMPORARY CASH INVESTMENTS
Overnight Repos .................................. None 1,367
------ ------
TOTAL INVESTMENTS................................. 37,586 30,467
====== ======
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
PAGE 8
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE V - ACCOUNTS RECEIVABLE FROM ASSOCIATE COMPANIES
- --------------------------------------------------------------------------------
INSTRUCTIONS: Complete the following schedule listing accounts
receivable from each associate company. Where the
service company has provided accommodation or convenience
payments for associate companies, a separate listing of
total payments for each associate company by subaccount
should be provided.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- ------------------------------------------------------------ ---------- -----------
$000 $000
<S> <C> <C>
ACCOUNT 146 - ACCOUNTS RECEIVABLE FROM ASSOCIATE
COMPANIES
Columbia Gas System Money Pool ............................. 8,995 17,986
Columbia Gas System Service Corporation .................... 38 93
------ --------
TOTAL ........................................... 9,033 18,079
- ---------------------------------------------------------------------------------------------
</TABLE>
ANALYSIS OF CONVENIENCE OR ACCOMMODATION PAYMENTS:
<TABLE>
<CAPTION>
TOTAL
PAYMENTS
----------
$000
<S> <C>
Total Payment .......................................... None
- ---------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
PAGE 9
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE VIII
MISCELLANEOUS CURRENT AND ACCRUED ASSETS
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide detail of items in this account. Items less than
$10,000 may be grouped, showing the number of items in
each group.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------------- ---------- -----------
$000 $000
<S> <C> <C>
ACCOUNT 174 - MISCELLANEOUS CURRENT AND ACCRUED ASSETS.. None None
-------- --------
TOTAL ......................................... None None
- -------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
PAGE 10
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE IX - MISCELLANEOUS DEFERRED DEBITS
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide detail of items in this account. Items less than
$10,000 may be grouped by class showing the number of
items in each class.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- -------------------------------------------------------------- ---------- -----------
$000 $000
<S> <C> <C>
ACCOUNT 186 - MISCELLANEOUS DEFERRED DEBITS
EDP Software Costs (HRIS Development Costs)............. 2 2
Pension Restoration Plan ............................... 36 36
Long Term Prepayment - Distribution Fulfillment Services,
Inc. (DFS) ...................................... 570 530
------ ------
TOTAL ........................................... 608 568
- --------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 11
PAGE 11
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE X
RESEARCH, DEVELOPMENT OR DEMONSTRATION EXPENDITURES
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide description of each material research,
development, or demonstration project which incurred
costs by the service corporation during the year.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
DESCRIPTION AMOUNT
- --------------------------------------------------------------------------- ------
$000
<S> <C>
ACCOUNT 188 - RESEARCH, DEVELOPMENT, OR DEMONSTRATION EXPENDITURES None
TOTAL ........................................................... 0
- ---------------------------------------------------------------------------------------
</TABLE>
<PAGE> 12
PAGE 12
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XI - PROPRIETARY CAPITAL
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
OUTSTANDING CLOSE OF PERIOD
NUMBER OF SHARES PAR OR STATED VALUE -----------------------------
ACCOUNT NUMBER CLASS OF STOCK AUTHORIZED PER SHARE NO. OF SHARES TOTAL AMOUNT
- -------------- ------------------ ---------------- ------------------- ------------- ------------
$000
<S> <C> <C> <C> <C> <C>
201 COMMON STOCK ISSUED 1,000,000 $25.00 611,704 $15,293
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS: Classify amounts in each account with brief explanation,
disclosing the general nature of transactions which give
rise to the reported amount.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
DESCRIPTION AMOUNT
- ------------------------------------------------------------------------------------------------ --------
<S> <C>
ACCOUNT 211 - MISCELLANEOUS PAID-IN CAPITAL (SEE BELOW) ........................................ 42,802
ACCOUNT 215 - APPROPRIATED RETAINED EARNINGS ................................................... None
--------
TOTAL ..................................................................................... 42,802
- -------------------------------------------------------------------------------------------------------------
Paid in Capital:
October 1992 Stock Issuance - 7,247 shares at $290.00 per share, $25 par value.......... 1,920
February 1993 Stock Issurance - 8,800 shares at $290.00 per share, $25 par value........ 2,332
March 1993 Stock Issuance - 31,725 shares at $290.00 per share, $25 par value........... 8,408
November 1993 - Debt converted into Equity - SEC Order #35-25927........................ 30,142
------
Total..................................................................................... 42,802
======
- -------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS: Give particulars concerning net income or (loss) during the
year, distinguishing between compensation for the use of
capital owed or net loss remaining from servicing
nonassociates per the General Instructions of the Uniform
System of Accounts. For dividends paid during the year in
cash or otherwise, provide rate percentage, amount of
dividend, date declared and date paid.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING NET INCOME DIVIDENDS CLOSE
DESCRIPTION OF YEAR OR (LOSS) PAID OF YEAR
- -------------------------------------------------------------- ---------- ---------- --------- ----------
$000 $000 $000 $000
<S> <C> <C> <C> <C>
ACCOUNT 216 - UNAPPROPRIATED RETAINED EARNINGS .............. (18,243) 1,701 - (16,542)
---------- ---------- --------- ----------
TOTAL........................................................ (18,243) 1,701 - (16,542)
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 13
PAGE 13
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XII - LONG-TERM DEBT
- --------------------------------------------------------------------------------
INSTRUCTIONS: Advances from associate companies should be reported
separately for advances on notes, and advances on open
account. Names of associate companies from which advances
were received shall be shown under the class and series of
obligation column. For Account 224 - Other long-term debt
provide the name of creditor company or organization,
terms of the obligation, date of maturity, interest rate,
and the amount authorized and outstanding.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
TERMS OF OBLIG DATE BALANCE AT DEDUC- BALANCE AT
CLASS & SERIES OF INTEREST AMOUNT BEGINNING ADDI- TIONS CLOSE
NAME OF CREDITOR OF OBLIGATION MATURITY RATE AUTHORIZED OF YEAR TIONS (1) OF YEAR
- --------------------------------------- -------------- -------- -------- ---------- ---------- ----- ------ ----------
% $000 $000 $000 $000 $000
<S> <C>
ACCOUNT 223 - ADVANCES FROM ASSOCIATE COMPANIES:
ACCOUNT 224 - OTHER LONG-TERM DEBT: None
TOTAL .......................................................... ------- ------ ----- ----- -----
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
PAGE 14
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XIII - CURRENT AND ACCRUED LIABILITIES
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide balance of notes and accounts payable to each
associate company. Give description and amount of
miscellaneous current and accrued liabilities. Items
less than $10,000 may be grouped, showing the number of
items in each group.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
BALANCE AT BALANCE AT
BEGINNING CLOSE
DESCRIPTION OF YEAR OF YEAR
- ------------------------------------------------------------- ----------- ----------
$000 $000
<S> <C> <C>
ACCOUNT 233 - NOTES PAYABLE TO ASSOCIATE COMPANIES ......... None None
---------- ----------
TOTAL ........................................... None None
- -------------------------------------------------------------------------------------------
ACCOUNT 234 - ACCOUNTS PAYABLE TO ASSOCIATE COMPANIES
Columbia Gas System Service Corporation..................... 11 14
Columbia Gas System, Inc.................................... - 72
---------- ----------
TOTAL ........................................... 11 86
- -------------------------------------------------------------------------------------------
ACCOUNT 242 - MISCELLANEOUS CURRENT AND ACCRUED
LIABILITIES
Retirement Income Plan...................................... 109 189
Accrued Vacation............................................ 129 172
Comprehensive Medical Expense Plan Accrual.................. 14 14
Flexible Spending........................................... 2 3
Arthur Andersen............................................. 16 7
Accrued Expenses............................................ 218 692
Thrift Restoration Plan..................................... 34 54
------- -------
TOTAL ........................................... 522 1,131
- -------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 15
PAGE 15
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XIV
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
INSTRUCTIONS: The space below is provided for important notes regarding the
financial statements or any account thereof. Furnish
particulars As to any significant contingent assets or
liabilities existing at The end of the year. Notes
relating to financial statements shown elsewhere in this
report may be indicated here by reference.
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Income Taxes
The Corporation provides deferred taxes with respect to
timing differences in the recognition of revenues and
expenses for tax and accounting purposes. The major
difference is due to the timing of the Georgetown writeoff
for tax purposes versus book. The Corporation is included in
the Consolidated Federal Income Tax Return filed for The
Columbia Gas System, Inc.
b. Pension Costs
The Corporation participates in the Retirement Income Plan
of The Columbia Gas System, Inc. This is a trusteed
noncontributory Retirement Income Plan which, with certain
minor exceptions, covers all regular employees. TriStar
Ventures Corporation's portion of expense amounted to $80,240
in 1996 and $45,256 in 1995, including the amortization of
unfunded prior service costs.
c. Account Numbers
The Corporation uses certain FERC accounts which do not
match existing SEC accounts; therefore, the year-end balances
of the following FERC accounts were reclassified to a
corresponding SEC account.
<TABLE>
<CAPTION>
Account Number
----------------- Year-End
Account Description FERC SEC Balance
--------------------------- ---- ---- --------
($000)
<S> <C> <C> <C>
Interest Receivable 171 143 5
Deferred Income Taxes 283 282 4,721
Long Term Prepayment - DFS 121 186 530
- -----------------------------------------------------------------------------
</TABLE>
<PAGE> 16
PAGE 16
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XV
STATEMENT OF INCOME
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
------------ ----------
ACCOUNT DESCRIPTION CURRENT YEAR PRIOR YEAR
--------------------------------------------- ------------ ----------
$000 $000
<S> <C> <C> <C>
INCOME
418 Income from Investments ................. 5,739 5,407
419 Interest on Contingent Taxes ............ 804 523
457 Services rendered to associate companies. - -
458 Services rendered to nonassociate
companies .............................. 1,785 1,907
421 Miscellaneous income or loss ............ - -
------------ ----------
Total Income ............................ 8,328 7,837
------------ ----------
EXPENSE
920 Salaries and wages ...................... 1,846 1,606
921 Office supplies and expenses ............ 1,365* 168
922 Administrative expense transferred -
credit ................................. - -
923 Outside services employed ............... 1,416 1,383
924 Property insurance ...................... - -
925 Injuries and damages insurance .......... 21 23
926 Employee pensions and benefits .......... 368 182
930.1 General advertising expenses ............ - -
930.2 Miscellaneous general expenses .......... (99) 2
931 Rents ................................... 350 329
403 Depreciation and amortization expense ... 40 30
408 Taxes other than income taxes ........... 183 92
409 Income Taxes ............................ 951 1,213
410 Provision for deferred income taxes ..... 480 2,057
411 Provision for deferred income taxes -
credit ................................. (300) (1,761)
411.5 Investment tax credit ................... - -
426.1 Donations ............................... 3 -
426.5 Other deductions ........................ 3 8
427 Interest on long-term debt .............. - -
430 Interest on debt to associate companies . - -
431 Other interest expense .................. - -
------------ ----------
Total Expense ....................... 6,627 5,332
------------ ----------
Net Income or (Loss) ................ 1,701 2,505
------------ ----------
- --------------------------------------------------------------------------------------------------
</TABLE>
* Relocation and serverence expenses included in 1996 of $1,276,679
<PAGE> 17
PAGE 17
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
ANALYSIS OF INCOME FROM INVESTMENTS
NONASSOCIATE COMPANIES
ACCOUNT 418
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NAME OF ASSOCIATE COMPANY INCOME
- ------------------------------------------- --------
$000
<S> <C>
Rumford Cogeneration Ltd Partnership ...... 1,351
Pedricktown Cogeneration Ltd Partnership .. 3,975
Binghamton Cogeneration Ltd Partnership ... (655)
Cogeneration Partners of America .......... 193
Vineland Cogeneration Ltd Partnership ..... 875
-------
5,739
=======
- --------------------------------------------------------------------------------
</TABLE>
<PAGE> 18
PAGE 18
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
ANALYSIS OF BILLING
NONASSOCIATE COMPANIES
ACCOUNT 458
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
DIRECT INDIRECT COMPENSATION
COST COST FOR USE TOTAL EXCESS OR AMOUNT
NAME OF NONASSOCIATE COMPANY CHARGED CHARGED OF CAPITAL COST DEFICIENCY BILLED
- ------------------------------------------------ ------- --------- ------------ ----- ---------- ------
458-1 458-2 458-3 458-4
------- --------- ------------ ----------
$000 $000 $000 $000 $000 $000
<S> <C> <C> <C>
Pedricktown Cogeneration Limited Partnership.... 509 509 509
Binghamton Cogeneration Limited Partnership .... 474 474 474
Vineland Cogeneration Limited Partnership ...... 492 492 492
Cogeneration Partners of America ............... 8 8 8
Distribution Fulfillment Services .............. 302 302 302
---------------------------------------------------------------------
Total .......................................... 1,785 1,785 1,785
=====================================================================
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTION: Provide a brief description of the services rendered to each
nonassociate company: Services rendered for each nonassociate
company include finance, fuel management, legal, tax, asset
management, and risk management. In addition, for the DFS
facility located in Columbus, Ohio, TriStar Ventures
Corporation operates the power generating plant and services
and maintains the HVAC system.
- --------------------------------------------------------------------------------
<PAGE> 19
PAGE 19
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XVI
ANALYSIS OF CHARGES FOR SERVICE
ASSOCIATE AND NONASSOCIATE COMPANIES
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ASSOCIATE COMPANY NONASSOCIATE COMPANY TOTAL CHARGES FOR
CHARGES CHARGES SERVICE
----------------------------- --------------------------- --------------------------
DESCRIPTION OF ITEMS DIRECT INDIRECT DIRECT INDIRECT DIRECT INDIRECT
COST COST TOTAL COST COST TOTAL COST COST TOTAL
- --------------------------------------- ------ -------- ------- ------ -------- ------ ------ -------- ------
$000 $000 $000 $000 $000 $000 $000 $000 $000
<S> <C>
920 SALARIES AND WAGES ..............
921 OFFICE SUPPLIES AND EXPENSES ....
922 ADMINISTRATIVE EXPENSE
TRANSFERRED-CR..................
923 OUTSIDE SERVICES EMPLOYED .......
924 PROPERTY INSURANCE ..............
925 INJURIES AND DAMAGES ............
926 EMPLOYEE PENSIONS & BENEFITS ....
928 REGULATORY COMMISSION EXPENSE ...
930.1 GENERAL ADVERTISING EXPENSES ....
930.2 MISCELLANEOUS GENERAL EXPENSES ..
931 RENTS ........................... NOTE: PRIMARILY SALARY AND BENEFITS DETAILED
932 MAINTENANCE OF STRUCTURES AND BREAKDOWN IS NOT AVAILABLE
EQUIP. .........................
403 DEPRECIATION AND AMORTIZATION
EXPENSE ........................
408 TAXES OTHER THAN INCOME TAXES ...
409 INCOME TAXES ....................
410 PROVISION FOR DEFERRED INCOME
TAXES ..........................
411 PROVISION FOR DEFERRED INCOME
TAXES-CR .......................
411.5 INVESTMENT TAX CREDIT ...........
426.1 DONATIONS .......................
426.5 OTHER DEDUCTIONS ................
427 INTEREST ON LONG-TERM DEBT ......
431 OTHER INTEREST EXPENSE ..........
Reimbursed Exp. for Nonassociates
---------------------------------
INSTRUCTION: Total cost of service
will equal for associate and nonassoci-
ate companies the total amount billed
under their separate analysis of
billing schedules.
- ---------------------------------------- ------ -------- ------- ------ -------- ------ ------ -------- ------
TOTAL EXPENSES ................. 1,785 - 1,785 1,785 1,785
------ -------- ------- ------ -------- ------ ------ -------- ------
COMPENSATION FOR USE OF EQUITY
CAPITAL - - -
------- ------ ------
430 INTEREST ON DEBT TO ASSOCIATE
COMPANIES - - -
------- ------ ------
TOTAL COST OF SERVICE .......... 1,785 1,785
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 20
PAGE 20
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XVII
SCHEDULE OF EXPENSE DISTRIBUTION BY DEPARTMENT OR SERVICE FUNCTION
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL Fuel Admin. Project Project TriStar
DESCRIPTION OF ITEMS AMOUNT OVERHEAD Accounting Management Dept. Management Development Power Op.
- ----------------------------------- ------- -------- ---------- ---------- ------- ---------- ----------- ---------
$000 $000 $000 $000 $000 $000 $000 $000
<S> <C> <C>
920 SALARIES AND WAGES .......... 1,846
921 OFFICE SUPPLIES AND EXPENSES. 1,365
922 ADMINISTRATIVE EXPENSE
TRANSFERRED-CREDIT ........ -
923 OUTSIDE SERVICES EMPLOYED.. 1,416
924 PROPERTY INSURANCE .......... -
925 INJURIES AND DAMAGES ........ 21
926 EMPLOYEE PENSIONS & BENEFITS. 368
928 REGULATORY COMMISSION EXPENSE -
930.1 GENERAL ADVERTISING EXPENSES. -
930.2 MISCELLANEOUS GENERAL EXP.... (99)
931 RENTS ....................... 350
403 DEPRECIATION AND AMORTIZATION 40 DETAIL BREAKDOWN BY DEPARTMENT
408 TAXES OTHER THAN INCOME TAXES 183 IS NOT AVAILABLE
409 INCOME TAXES ................ 951
410 PROVISION FOR DEFERRED INCOME
TAXES ...................... 480
411 PROVISION FOR DEFERRED INCOME
TAXES-CREDIT ............... (300)
411.5 INVESTMENT TAX CREDIT ....... -
426.1 DONATIONS ................... 6
426.5 OTHER DEDUCTIONS ............ -
427 INTEREST ON LONG-TERM DEBT .. -
430 INTEREST ON DEBT TO ASSOCIATE
COMPANIES .................. -
431 OTHER INTEREST EXPENSE ...... -
- ---------------------------------------
INSTRUCTION: Indicate each depart-
ment or service function. (See
Instruction 01-3 General Struc-
ture of Accounting System:
Uniform System Account)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES .............. 6,627
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 21
PAGE 21
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
DEPARTMENTAL ANALYSIS OF SALARIES
ACCOUNT 920
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
DEPARTMENTAL SALARY EXPENSE
-------------------------------------------------- NUMBER
INCLUDED IN AMOUNTS BILLED TO PERSONNEL
NAME OF DEPARTMENT --------------------------------------- ---------
Indicate each department or TOTAL PARENT OTHER NON END OF
service function AMOUNT COMPANY ASSOCIATES ASSOCIATES YEAR
- --------------------------- ------ ------- ---------- ---------- ---------
$000 $000 $000 $000
<S> <C> <C> <C> <C> <C>
Accounting ................ 6
Administrative ............ 3
Fuel Management ............ 3
Project Management ........ 5
Project Development ....... 3
TriStar Power Operation ... 13
--------------------------------------------------------------------
TOTAL ................ 1,846* 1,288 - 558 33
- ------------------------------------------------------------------------------------------------
</TABLE>
* Detailed breakdown is not available for 1996.
<PAGE> 22
PAGE 22
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
OUTSIDE SERVICES EMPLOYED
ACCOUNT 923
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a breakdown by subaccount of outside services
employed. If the aggregate amounts paid to any one payee
and included within one subaccount is less than $25,000,
only the aggregate number and amount of all such payments
included within the subaccount need be shown. Provide a
subtotal for each type of service.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
RELATIONSHIP
"A"=ASSOCIATE AMOUNT
"NA"=NON --------------
FOR WHOM PURCHASED ADDRESS ASSOCIATE $000 $000
- ---------------------------------- ----------------------------------------------------- ------------- ----- ----
<S> <C> <C> <C> <C>
1-Special Services - Legal
- --------------------------
Buchanan Ingersoll One Oxford Centre, 301 Grant Street,
20th Floor, Pittsburgh, PA 15219 .................... NA 1
Van Ness Feldman 1050 Thomas Jefferson St., NW, Washington, DC 20007 . NA 151
LeBoeuf, Lamb, Greene & McRae 125 West 55th Street, New York, NY 10019-5389 ....... NA 390
------
Total Special Services - Legal ...................... 542
----
2-Special Services - Audit
- --------------------------
Arthur Andersen & Company 1345 Avenue of the Americas, New York,
NY 10105 ........................................... NA 23
-----
Total Special Services - Audit ...................... 23
----
3-Special Services - Other
- --------------------------
Independent Energy Producers of NJ 120 Albany St., Suite 303, New Brunswick, NJ 08903 .. NA 16
Thermaflow, Inc. 60 Walnut Street, Wellesley, MA 02181 ............... NA 27
Columbia Gas System Service Corp. 1600 Dublin Road, Columbus, OH 43215-1082 ........... A 350
Placers P.O. Box 15621, Wilmington, DE 19850-5621 NA 7
NRI Staffing Resources 1899 L Street, NW, Suite 303, Washington, DC 20036 .. NA 5
Electric Generation Association 1401 H Street, NW, Suite 760, Washington, DC 20005 .. NA 26
Gas Fair Expenditures NA 26
Other Organizations NA 113
-----
Total Special Services - Other ...................... 570
----
4-Special Services - Tax
- ------------------------
Total Special Services - Tax ........................ -
5-Special Services - Consulting
- -------------------------------
Christopher Bruch 210 South Cherry Street, Mt. Pleasant, IA 52641 ..... NA 19
Boston Pacific Company 1225 I Street, NW, Suite 890, Washington, DC 20005 .. NA 146
Roy Shanker 9113 Burning Tree Road, Bethesda, MD 20817 .......... NA 36
Gaseous Fuels Eng & Consulting 2035 Aster Lane, Martinsburg, WV 25401 .............. NA 12
Raber Consulting 5 Bayberry Lane, Randolph, NJ 07869 ................. NA 68
Total Special Services - Consulting ................. 281
----
Total All Special Services .......................... 1,416
=====
</TABLE>
<PAGE> 23
PAGE 23
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
EMPLOYEE PENSIONS AND BENEFITS
ACCOUNT 926
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of each pension plan and benefit program
provided by the service company. Such listing should be
limited to $25,000.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
DESCRIPTION AMOUNT
- --------------------------------------------------------------------- --------
$000
<S> <C>
Medical Expense Plan ............................................... 89
Employee Retirement Expense ........................................ 63
Thrift Plan ........................................................ 62
Pension Restoration Plan ........................................... 20
Other Post-Employment Benefits ..................................... 49
Group Life Insurance ............................................... 6
Dental Assistance Plan ............................................. 8
Long-Term Disability Insurance ..................................... 6
Vacation Accrual ................................................... 111
Miscellaneous ...................................................... (46)
--------
TOTAL .......................................................... 368
- ----------------------------------------------------------------------------------
</TABLE>
<PAGE> 24
PAGE 24
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
GENERAL ADVERTISING EXPENSES
ACCOUNT 930.1
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 930.1,
"General Advertising Expenses," classifying the items
according to the nature of the advertising and as defined
in the account definition. If a particular class includes
an amount in excess of $3,000 applicable to a single
payee, show separately the name of the payee and the
aggregate amount applicable thereto.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
DESCRIPTION NAME OF PAYEE AMOUNT
- ----------------------------------------------- ----------------------------- ------
<S> <C>
$000
N O N E
---------
TOTAL ....................................................................... -
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 25
PAGE 25
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
MISCELLANEOUS GENERAL EXPENSES
ACCOUNT 930.2
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 930.2,
"Miscellaneous General Expenses", classifying such
expenses according to their nature. Payments and expenses
permitted by Section 321(b)(2) of the Federal Election
Campaign Act, as amended by Public Law 94-283 in 1976 (2
U.S.C. Section 441[b][2]) shall be separately classified.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
DESCRIPTION AMOUNT
- ------------------------------------------------------------- ------
$000
<S> <C>
Write-Off of Georgetown Accrual ............................. (99)
------
TOTAL .................................................. (99)
- -----------------------------------------------------------------------
</TABLE>
<PAGE> 26
PAGE 26
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
RENTS
ACCOUNT 931
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 931,
"Rents", classifying such expenses by major groupings of
property, as defined in the account definition of the
Uniform System of Accounts.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
TYPE OF PROPERTY AMOUNT
- ---------------------------------------------------------- ------
$000
<S> <C>
Data Processing .......................................... 72
Office Space ............................................. 247
Communications ........................................... 31
------
TOTAL ............................................... 350
- --------------------------------------------------------------------------
</TABLE>
<PAGE> 27
PAGE 27
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
TAXES OTHER THAN INCOME TAXES
ACCOUNT 408
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide an analysis of Account 408, "Taxes Other Than
Income Taxes." Separate the analysis into two groups:
(1) other than U.S. Government taxes, and (2) U.S.
Government taxes. Specify each of the various kinds of
taxes and show the amounts thereof. Provide a subtotal
for each class of tax.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
KIND OF TAX AMOUNT
- ------------------------------------------------------------------------- ------
$000
<S> <C>
(1) Other than U.S. Government Taxes:
Property ................................................... -
Unemployment (state)........................................ 3
License or Franchise ....................................... 55
Miscellaneous .............................................. -
------
Total - Other ......................................... 58
(2) U.S. Government Taxes:
Federal Insurance Contribution ............................. 124
Unemployment ............................................... 1
------
Total - Federal ....................................... 125
------
TOTAL .......................................................... 183
- --------------------------------------------------------------------------------------
</TABLE>
<PAGE> 28
PAGE 28
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
DONATIONS
ACCOUNT 426.1
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 426.1,
"Donations", classifying such expenses by its purpose.
The aggregate number and amount of all items of less than
$3,000 may be shown in lieu of details.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
NAME OF RECIPIENT PURPOSE OF DONATION AMOUNT
- ------------------------------------------ --------------------- ------
$000
<S> <C> <C>
Miscellaneous ............................ Community Welfare ... 3
------
TOTAL ................................ 3
- ------------------------------------------------------------------------------------
</TABLE>
<PAGE> 29
PAGE 29
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
OTHER DEDUCTIONS
ACCOUNT 426.5
- --------------------------------------------------------------------------------
INSTRUCTIONS: Provide a listing of the amount included in Account 426.5,
"Other Deductions", classifying such expenses according to
their nature.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
DESCRIPTION NAME OF PAYEE AMOUNT
- ---------------------------------- ------------------------ ------
$000
<S> <C> <C>
Other 3
TOTAL .................................................. 3
- ------------------------------------------------------------------------
</TABLE>
<PAGE> 30
PAGE 30
ANNUAL REPORT OF TRISTAR VENTURES CORPORATION
For the Year Ended December 31, 1996
- --------------------------------------------------------------------------------
SCHEDULE XVIII
NOTES TO STATEMENT OF INCOME
- --------------------------------------------------------------------------------
INSTRUCTIONS: The space below is provided for important notes regarding
the statement of income or any account thereof. Furnish
particulars as to any significant increase in services
rendered or expenses incurred during the year. Notes
relating to financial statements shown elsewhere in this
report may be indicated here by reference.
- --------------------------------------------------------------------------------
For additional notes, see Page 15, Notes to Financial Statements.
- --------------------------------------------------------------------------------
<PAGE> 31
Page 31
TRISTAR VENTURES CORPORATION
================================================================================
<TABLE>
<S> <C>
-----------------
President & CEO
Gluckman
-----------------
----------------
Administrative
Assistant
(2)
----------------
------------ ----------- ------------ ------------ ------------
Vice Vice Vice Vice ------------------------
President President President Manager President Treasurer / Controller
Business Business Project Business Energy Detar
Development Development Development Development Management ------------------------
Cranston Zulandi Alexander Andreoli
------------ ----------- ----------- ------------ ------------
--------------- ------------ ------------- ---------- --------- ------------
Financial Fuel Fuel Manager
Contracts Analyst Management Management Budgets & Manager
Administrator (2) Specialist II Specialist Planning Accounting
--------------- ------------ ------------- ---------- --------- ------------
------------ --------------
------------------ ------------- Senior Senior
Manager Fuel Accountant Accountant /
Power Division Administrator (2) Tax Compliance
------------------ ------------- ------------ --------------
------------------ -----------
Operating Staff
Columbus, OH Clerk
(12)
------------------ -----------
(2) Two Positions at that level
(12) Twelve Positions at that level
</TABLE>
<PAGE> 32
PAGE 32
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company
Act of 1935 and the rules and regulations of the Securities and Exchange
Commission issued thereunder, the undersigned company has duly caused this
report to be signed on its behalf by the undersigned officer thereunto duly
authorized.
TRISTAR VENTURES CORPORATION
By: /s/ D. P. Detar
------------------------------
Dennis P. Detar
Treasurer and Controller
Date: April 28, 1997
- --------------------------------------------------------------------------------
