RE: XXXXXXXXXXXXXXXXXXX (the Company) located at XXXXXXXXXXXXXXXXXXXXXXXX, BC
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- Polly Loreen Carter
- 6 years ago
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1 September 18, 2009 XXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXX Dear Mr. XXXXXX: RE: XXXXXXXXXXXXXXXXXXX (the Company) located at XXXXXXXXXXXXXXXXXXXXXXXX, BC Timeline Asset Services Ltd. (TAS) has viewed the ending assets and inventories located at the Company s XXXXXX location and provides the following appraisal. As discussed, we have provided Value (GAV) for your decision making purposes. The assets of the Company comprise owned and leased CNC and conventional commercial metalworking and fabricating equipment, welders, forklifts, warehouse and material handling equipment, spray booth and paint equipment, compressor, flatdeck truck, 2 portable office trailers, 2 exterior shelters, XXXXXXXXXXXXXXXXXXXX and office furnishings and equipment. A detailed listing of these assets with individual values is attached as Appendix A. In addition, we have provided photo reference numbers and a corresponding photo disk. From our inspection and through discussions with yourself, we believe this equipment to be in fair to good condition. We have not verified the operational condition of any pieces of equipment and have assumed that any information that has been provided to us with respect to ownership, condition and original cost is accurate. Stated Values TAS states a GAV for all assets as summarized below: Description Company-Owned Assets -Main Production 86,965 -Offices 8,230 -Outside 24,965 Company-Owned Assets Total $120,160 Company-Owned WIP and Inventory -Main Production 11,000 -Outside 15,150 Company-Owned WIP and Inventory Total $26,150 GAV Potential Third Party Assets $215,700 Terms of this Report GAV represents the gross proceeds realized from a sale at a properly advertised public auction. This sale is normally held within 30 to 60 days of possession. The value also assumes a default situation where normal maintenance has been deferred.
2 In the scenario above, we take into account the quantity, quality and condition of the assets, the saleability and marketability of these products, and provide a gross dollar amount that does not consider cost of sale or removal. These values are provided in Canadian funds. Please note that the isolation of any single element as the sole basis of comparison to the whole appraisal may be inaccurate. Actual returns will strongly vary depending on method of sale, time available and market conditions. Exclusions For purposes of this report we did not value any employee-owned personal property, XXXXXXXXXXXXXXX and XXXXXXXXXXXXX onsite. Restrictions The contents of this report and any appendices are confidential and intended for use only by the addressee named above and other parties who are duly authorized. Appraiser s Qualification Statement Since 1988 Michael Collins has been employed in the auction and liquidation industry and is an accredited Member in Good Standing of the Canadian Personal Property Appraisers Group (CPPAG). Through employment with Jarvis Auctions, Timeline Sales and Timeline Asset Services, he has performed hundreds of appraisals across companies of all sizes. He has appraised a wide variety of assets and inventories (finished/unfinished goods and raw materials) across many industries including, but not limited to: metal and wood working; manufacturing and production; restaurant and food services; warehouse and material handling; rolling stock and vehicles; commercial printing and graphic design; logging and lumber; construction; mining and tunnelling; laboratory and research testing; office and computer products; and retail outlets. These appraisals have been prepared for insolvency and restructuring professionals, major accounting firms, banks and lending institutions, lawyers, insurance companies, government institutions, private companies and individuals across Canada. As a commercial auctioneer and appraiser, he constantly tracks market trends in all industries and has substantial research relationships and resources at his disposal; this enables him to prepare detailed, accurate appraisal reports. Should you have any questions concerning the above, please contact our office. Yours truly, Timeline Asset Services Ltd. Michael Collins, CPPA Encls. - Appendix A - photo disk Page 2 of 2
3 Appendix A Asset & Inventory Listing and Appraisal of: XXXXXXXXXXXXXXXXXXXXXXXXXX (the Company) Location of Assets: XXXXXXXXXXXXXXXXXXXXXXXXX, BC Notes: This Appendix accompanies an appraisal report prepared for XXXXXXXXXXXXXXXXXXXXXXXX. The assets and inventories of the Company were viewed by Michael Collins, CPPA on September 16, Ron Price, CPPA accompanied Mr. Collins on site to assist in the recording of the assets. This Appendix should be read in conjunction with the appropriate appraisal report that explains specific definitions of values and details the scope of the reporting.
4 Timeline Asset Services Ltd. Company-owned Assets Page 1 of 14 Main Production 2 - fire extinguisher yellow material rack stands wheel dolley loose tools and jigs material stand Miller arc welder with S-22A wire feed CP ft. rolling fabricating table column cantilever rack truck model, microwave and coffee pot black tool cabinet dr. tool cabinet fire extinguisher ft. rolling fabricating table ft. rolling fabricating table ft. 2-tier rolling fabricating table ft. heavy duty assembly frame yellow material rack hp. hydraulic portable power pak 1,500 1, yellow clamp rack with clamps orange jack stand asstd. chain and tools on racking bay of yellow pallet racking with 6 beams orange parts bin black tool cabinet microwave shipping desk and table black storage cabinet fire extinguisher fire extinguisher fire extinguisher Acroprint time recorder tier rolling cart ft. steel table with vise ft. parts shelf grey hardware bin blue parts bins 25 25
5 Timeline Asset Services Ltd. Company-owned Assets Page 2 of 14 - Eaton Aeroquip hydraulic crimper with saw and table 1,250 1,250 Proquip ,151 - black bottle rack yellow material rack yellow chain rack shop built tester Waber chassis drill fire extinguisher yellow work stand step rolling ladder gantry with hose reels brown cabinet and stand lifting hardware ,000 6, Miller arc welder with 22-A wire feeder 1,500 4,500 CP ,159 - black cable rack Hobart welder R creeper and hose fire extinguisher blue parts bin welding baffle yellow cable rack Texaco hydraulic oil dispenser yellow work stand black cabinet Milwaukee drill black 2 dr. cabinet shop vac whiteboard Parts Area - double bay of E-Z-Rect shelving triple bay of E-Z-Rect shelving black 2 dr. cabinet propane heater single bay of E-Z-Rect shelving dr. cabinet and shipping table cutting torch and accessories Power Fist 1 in. air driver circular saw 30 30
6 Timeline Asset Services Ltd. Company-owned Assets Page 3 of 14 - Milwaukee circular saw drill doctor Walter angle grinder dr. cabinet double bay of E-Z-Rect shelving bay of pallet racking with 6 beams banding cart with tools section of Maguire friction drive conveyor Super Shield - Weld Systems cutting/welding gun Ultimate - hose reels and loose tools Main Production contd. - Power Fist 3 1/2 ton floor jack towable assembly frame parts cleaner bandsaw (as is) bay of pallet racking with 8 beams Hobart welder Mega-Mig ft. steel rack bench vise fire extinguisher taping stand and paint accessories bay of E-Z-Rect shelving lockers and cabinet angle polisher heat gun and tools palm sander spray gun and paint fire extinguisher ladder, shovels and brooms yellow work stand paint pot with gun ft. x 16 ft. spray booth 2,000 2, , porta power bench vise air receiving tank step rolling warehouse ladder ,000 6, double bay of pallet racking with workbench, vise and grinder ,174
7 Timeline Asset Services Ltd. Company-owned Assets Page 4 of 14 - Milwaukee drill Flamal tank and gauge lifting bin lifting bin Miller welder with 22 A wire feed 1,000 1,000 Deltaweld machine stand cutting torch with dolley Airplus System compressor CC Miller arc welder with 22 A wire feed 1,500 1,500 CP bench vise bolt cutters and loose tools Jet drill press JDP-22F Makita angle grinder double bay of pallet racking with 8 beams yellow work stand yellow cable rack bay of pallet racking with 8 beams Miller arc welder with 22 A wire feed 1,500 1,500 CP Miller welder with 22 A wire feed 1,200 1,200 Deltaweld lifting hardware fluid dispensing system DoAll sander cable and loose tools Makita chop saw Hypertherm G3 Series plasma cutter with stand H60 Powermax red tool cabinet Nelson stud welder TR-450-A brooms and shovels orange jack stand step rolling ladder ft. steel table fire extinguisher machine stand welding baffle Miller cc/cv arc welder with 60 M microfeed and cart 1,750 1,750 XMT black shelf ft. steel welding table
8 Timeline Asset Services Ltd. Company-owned Assets Page 5 of 14 - Nederman dust control system lifting hardware Makita angle grinder cutting torch steel stand wood shelf tier rolling table ,500 7,500 VF-3 188,198 - black cabinet with tooling 1,000 1, waste oil tank ,500 1,500 I lifting bin belt sander ,000 3, Wellsaw horizontal band saw roller stand black rack cutting torch steel table with vise stereo black rack ft. steel table Metalex radial drill 3,000 3,000 WRS-25/ welding baffle blue parts bin red parts bin brown parts bin pallet jack step rolling ladder yellow material stand Pine Drill grinder machine stands red tool box with contents (locked) portable stereo step ladder concrete block red tool cabinet wheel transfer axle wheel assembly platform
9 Timeline Asset Services Ltd. Company-owned Assets Page 6 of 14 - Marquette battery charger ,000 3,000 - air jack Millermatic welder 1,000 1, ,000 5,000-2,000 2, welding baffle propane heater fire extinguisher Hypertherm G3 Series plasma cutter H88 Powermax lifting block creeper and tooling cutting torch with dolley material rack steel welding table black rack Miller welder with wire feed, gantry and gun 1,000 1,000 CP Walter angle grinder yellow work stand bay of pallet racking with 6 beams yellow ladder Miller welder with 22 A wire feed and cart CP step ladder fan shipping desk, cabinet and 2 stools come-alongs and lifting hardware step wood ladder box container office structure with rack clamp stand with clamps cantilever material rack yellow work stand welding baffle Miller welder 1,000 1, blue parts bin black parts bin step ladder Miller welder with gantry and steel-framed assembly CP
10 Timeline Asset Services Ltd. Company-owned Assets Page 7 of 14 - steel assembly frame assembly CP fire extinguisher tool box (locked) cantilever material rack Miller welder with 24 A wire feed 2,000 2,000 Deltaweld Miller welder with S-22 wire feed and reach feed CP yellow material stand Miller welder with S-22 wire feed Deltaweld Miller welder with 22A wire feed Deltaweld Palfinger 6,000 lb. crane forks yellow lifting frame Miller welder with S-22 wire feed CP Miller welder Millermatic Miller welder with R-115 wire feed MP-30E Miller welder with 22 A wire feed CP Miller welder with 22 A wire feed Deltaweld Miller welder with 22 A wire feed CP fire extinguisher shipping stand and rack ft. step ladder Main Production Sub total 86,965 Offices Main Production Lunchroom & Offices - washrooms and first aid lunchroom table ft. locker Danby microwave Viking microwave Diplomat microwave storage room cabinet monitor and misc Kenmore fridge Bunn coffee machine and stand fire extinguisher fire extinguisher office desk
11 Timeline Asset Services Ltd. Company-owned Assets Page 8 of 14 - computer with LCD monitor Dell printer leather chair mesh chair picture Upstairs Offices 2 - whiteboard desk desk computer with monitor ft. bookcase maple desk blue chair computer with LCD monitor dr. legal filing cabinet radios and charger manifest boards bar fridge Portable Office - desk (no value) chair (no value) Dell computer pr. of radios black cabinet with parts floor mats desk (no value) office chair computer with LCD monitor dr. pedestal whiteboard maple 2 dr. lateral filing cabinet with storage cabinet maple desk unit Dell computer Samsung widescreen LCD monitor Viewsonic LCD monitor LG widescreen LCD monitor Dell widescreen LCD monitor mesh highback chair
12 Timeline Asset Services Ltd. Company-owned Assets Page 9 of 14 - misc. office supplies blue office chair HP Laserjet printer computer Dell widescreen LCD monitor Lexmark laser printer Sparco laminator paper cutter grey oak framed L-shaped desk with 2 cabinets and 3 bookcases Brother typewriter computer with CRT monitor Dell computer with LCD monitor black leather chair Meridian phone system with sets throughout premises 1,250 1, maple L-shaped desk with bookcase maple desk blue highback chair Dell notebook computer XPS coffee centre clock and office supplies HP LaserJet printer P2015d HP multifunction machine Canon desk top copier PC grey reception desk computer with CRT monitor picture grey coffee table grey 2 dr. lateral file cabinet Sanyo stainless steel bar fridge floor matting grey 5 dr. lateral file cabinet grey 2 dr. lateral file cabinet grey L-shaped desk Dell notebook computer Inspiron HP Laserjet printer P2015d Dell computer with LCD monitor Sentry safe 75 75
13 Timeline Asset Services Ltd. Company-owned Assets Page 10 of 14 - shredder calculator and office supplies black highback chair mahogany 2 dr. lateral file with cabinet ft. mahogany conference table leather chair Dell server Poweredge 400SC Xeon server LCD monitor Linkpro switch network peripherals Sharp air cleaner FP-P60CX - mahogany L-shaped desk with credenza mahogany 2 dr. lateral file with cabinet leather highbcak chair Dell computer with LCD monitor HP multifunction machine office supplies and corkboard picture Offices Sub total 8,230 Outside Britco 10 ft x 20 ft. field office with electrical 2,500 2, Shelter 20 ft. x 52 ft. portable office with AC and electrical 10,000 10, parts rack ft. x 4 ft. frame table cantilever storage rack metal scrap bin cantilever material rack material rack ,12 - bay of pallet racking with 6 beams steel table ft. 2-sided covered cantilever material rack metal scrap bin with contents wooden work stands ft. cantilever material rack ft. x 7 ft. shed ,22
14 Timeline Asset Services Ltd. Company-owned Assets Page 11 of 14-6 ft. x 7 ft. baffle metal picnic table ,25 - misc. lawn chairs propane patio heater (no tank) ft. Canadian Shelter enclosure ,31 - misc. racking parts Foosball table misc. contents of enclosure ft. x 60 ft. enclosure with lighting, ceiling fan, air system power and exhaust 4,500 4, forklift attachment small gantry with chain hoist jack stand heavy duty stand step rolling ladder pre-fab work table with suspension components bag of sand blasting sand ,53 - propane gas heater ft. 3-tier parts rack on rollers with misc. parts wall-mounted parts rack ,57 - dump box dolley dump box dolley with tow bar ,64 - electrical shed (no value) cantilever rack ft. scrap material rack with wall and roof cladding tires sided cantilever material rack bay of pallet racking contents of fluids cabinet older chassis rolling assembly frames ,93 - material rack with fencing and misc cantilever rack concrete block Salish dump bin ,000 1,
15 Timeline Asset Services Ltd. Company-owned Assets Page 12 of 14 - heavy duty hose fire extinguisher bay of pallet racking with 4 beams chemical shed misc. fluids and pump used oil bin (no value) ft. stacked seacans connected to building scrap bin tank rack wheel tank dolley Weber BBQ with tank Outside Sub total 24,965 Company-owned Assets Total 120,160
16 Timeline Asset Services Ltd. Company-owned WIP and Inventory Page 13 of 14 Main Production - loose steel on material racks contents of hardware bin contents of parts bins inventory of hydraulic supplies new truck box loose steel and plate throughout rest of main production 2,500 2, tank partially assembled frames and loose WIP in various states of completion 4,000 4, ,124 - loose parts in storage cabinets and in constructed seacan parts area 2,000 2, paint and shop supplies filters and parts Main Production Sub total 11,000 Outside - partial completed pony dump trailer 6,500 6,500 PTR2PT N9EDB2E18L ,46,58,59 - partial completed pony dump trailer 6,500 6,500 PTR2PT N9EDB2E18L ,48,60,61 - loose steel in yard 1,000 1,000 9,14,18,81-83, - 3 crates of electrical supplies ft. older frame snow blade ,28-2 pallets of misc. parts, motor oil and 2 motors older frames and misc Outside Sub total 15,150 Company-owned WIP & Inventory Total 26,150
17 Timeline Asset Services Ltd. Potential 3rd Party Assets Page 14 of 14 Main Production - 107, , ,500 47, ,000 25, ft. seacan-for repair 1,000 1, ft. seacan-for repair 1,000 1, ft. seacan-for repair 1,750 1, ft. seacan-for repair 1,750 1, Sub total 185,500 Main Production Lunchroom & Offices 8-10 door uniform locker Sub total 200 Outside - 40 ft. seacan 2,500 2, ,3-40 ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. seacan 2,500 2, ft. collapsible flatrack 2,500 2, ,275 Sub total 30,000 Potential 3rd Party Assets Total 215,700
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