REF. ZCP0308 (g) 4 VALUATION REPORT - MOVABLE ASSETS LETABA REST CAMP KRUGER NATIONAL PARK Prepared for SOUTH AFRICAN NATIONAL PARKS (GROENKLOOF) 643 Leyds Street, Mucleneuk, Pretoria P O Box 787, Pretoria, 0001 Tel. (012) 426 5000 Fax (012) 343 7834 Identification Photo of Subject Property (Afsaal Picnic Site/Spot Co-ordinates: 23.582325 S 31.273184 E Valuation Report Prepared by: Sam Mabaya (Professional Associated Valuer) Registration no. 4232/7 Date: 26 September 2012 1
LOCATION: Located about 42km east of Phalaborwa gate, and it is accessed via Phalaborwa-Letaba road. The camp can also be accessed via Punda Maria through Pafuri-Phalaborwa road. Letaba Rest Camp is situated on a sweeping bend of the Letaba River, mid-way between the southern and northern boundaries of the Kruger National Park. ACCESS GATE/S: Phalaborwa and Punda Maria gates PROVINCE: Limpopo DISTRICT MUNICIPALITY: Bohlabela FACILITIES AND ACTIVITIES IN THE CAMP At Letaba Camp you can choose between a guest house, cottage, bungalow, hut or a furnished safari tent, as well as camping and caravan sites for your lodging in Kruger Park. The character of Letaba Camp depends heavily on the tall shady trees (Sycamore Fig, Natal Mahogany, Sausage Tree and Apple Leaf), expansive lawns and indigenous gardens where tame Bushbucks wander. Visit in winter and you will find the gardens a riot of colour, with several species of Aloe and the Impala lily in full bloom at your accommodation in Kruger Park. The Aloes attract a variety of birds, including the White Bellied and Marico Sunbird, Crested Barbet, Black -headed Oriole and Black Eyed Bulbul. Letaba Camp offers excellent bird watching opportunities all year round. Pearlspotted, Barred and Scops owl can be spotted in camp, while the Giant Eagle Owl is regularly recorded along the river. Green Pigeon and Brown Headed Parrot can be found high in the tree canopies. Letaba means 'river of sand' and the sandy riverbed makes for excellent game viewing, particularly Elephant, which abound in the area. Letaba Camp is a green oasis in the surrounding mopane veld, and remains a firm favourite with holiday visitors for accommodation Kruger Park. 2
DETERMING MARKET VALUE OF MOVABLE ASSETS Methods of Valuation Two methods of valuation have been applied to determine the market value of the movable assets in Letaba Rest Camp: Comparable Sales Approach The method of valuation we have used to determine the potential open market value of the assets is the comparable sales method. This method of valuation entails the comparison of sales of assets with similar value forming attributes in comparison to the subject property, and in our case, the method will be used to determine the value of particular asset/unit by comparing it with the current prices for the used item. Estimated Depreciated-Replacement Method This method of valuation is used to determine the Open Market Value of the assets. Accrued depreciation is the loss of/or in value from the replacement cost of the assets due to physical deterioration, functional obsolescence and external obsolescence. After identifying, counting and verifying the separate units/elements, the value of the applicable type of depreciation is deducted from the estimated present value of the improvements. Theoretically, depreciation can begin to accrue from the moment the asset begin to be used even if it is an asset that is functionally the highest and best use of a site. This method of valuation entails the estimated replacement value of the assets applicable to this exercise, depreciated at a suitable percentage taken into consideration the condition, type and age of the asset. In our case, the method will be applicable to the movables, i.e. furniture and equipments such as used chairs, tables, computers, cutlery & crockery, catering equipments, etc Definition of Open Market Value Open Market Value is defined as the price at which the asset/property might reasonably be expected to sell for, assuming an arms length transaction between a willing, able and informed seller and a willing, able and informed buyer. MARKET RESEARCH Market research for used catering equipments, cutlery and crockery, office desks and chairs, restaurant chairs and tables, computers, etc revealed the following; Source 1 Various retail shops/businesses specialising in the sale of used assets similar to the assets under scrutiny, have been consulted in order to determine the market related comparable values. The prices/values given were applicable to all South Africans irrespective of provinces or local authorities since manufacturers were found to be the same (same brands/trade names), and such manufacturers applied same retail prices to the end users. 3
The control over prices of goods extended even beyond manufacturers, where certain national departments in South African government also played a role as goods price regulators, and amongst the departments included Departments such as Trade and Industry, Economic Development, National Treasury and Energy. For cutlery & crockery items, including other small kitchen assets, the method of valuation under 9.2 above has been used/applied to determine their market values. Prices for the new items were collected from different retail shops where estimated replacement values of assets were determined (depreciation process) following the application of percentage taken into consideration the condition, type and estimated age of the asset as per Valuer s discretion. The results of our search on some of the assets indicated the following, depending on the size, type, condition, age and intended use of the asset: RETAIL PRICE/VALUE FOR USED ITEMS, INCLUDING CATERING EQUIPMENTS Asset name/description CURRENT MARKET VALUE (R) Bainmarie Inserts full x 150 deep R250.00 Bainmarie Inserts 1.2 x 150 deep R150.00 Bainmarie Inserts 1.3 x 150 deep R100.00 Vulcan Combi/Oven/Steamer & stand Bowl cutter R18,000.00 R6,000.00 1.700m Stainless Steel Table R1,000.00 1.100m Stainless Steel Table R850.00 1.00m Stainless Steel Table R750.00 6L Stainless Steel Pot R380.00 10L Stainless Steel Pot R350.00 16L Stainless Steel Pot R600.00 33L Stainless Steel Pot 50L Stainless Steel Pot Toaster R1,000.00 R1,300.00 R1,200.00 Stainless Steel Pot Rack R500.00 Polony Griller Double Bowl Stainless Steel Sink Flatter Griller R2,500.00 R2,500.00 R1,500.00 White Cutting Boards R30.00 4-Plate Boiling Table Gas Stove R1,500.00 Tilting Pruing Pan R10,000.00 6 x Burners Gas Griller R4,500.00 Oven & Flattop R8,000.00 Chester Freezer R1,000.00 Stainless Steel Scullery Table R2,500.00 Flatter Griller R1,500.00 White Cutting Boards R30.00 4-Plate Boiling Table Gas Stove R1,500.00 Tilting Pruing Pan R10,000.00 6 x Burners Gas Griller R4,500.00 Oven & Flattop R8,000.00 4
Market Research continues. Asset name/description CURRENT MARKET VALUE (R) Chester Freezer R1,000.00 Stainless Steel Scullery Table R2,500.00 Single Milkshaker Maker R3,000.00 Dishwasher Comenda R2,000.00 2-Door under bar fridge R5,000.00 3-Door under bar fridge R6,000.00 Slush Puppy Machine R1,500.00 2-Plate Waffle Machine R3,500.00 Chafins Dish R2,000.00 Bainmarie Inserts full x 150 deep R250.00 Bainmarie Inserts 1.2 x 150 deep R150.00 Bainmarie Inserts 1.3 x 150 deep R100.00 Vulcan Combi/Oven/Steamer & stand R18,000.00 Bowl cutter R6,000.00 CUTLERY, CROCKERY, ETC Below items not stainless steel, and are those normal items used in the households for daily house catering, and such items were also available amongst the assets to be valued. Item name/description New Item Used Item Value Price (Replacement) 16L Pot R65.00 R35.00 33L Pot R100.00 R60.00 50L Pot R110.00 R66.00 Mug R8.00 R5.00 Salad Bowl R9.00 R5.00 Plate R9.00 R5.00 Table Spoon R3.00 R1.00 Soup Spoon R3.00 R1.00 Tea Spoon R2.00 R0.50 Serving Spoon (big) R35.00 R21.00 Bread Knife R15.00 R3.00 Table Knife R6.00 R3.00 Drinking, normal glasse R3.00 R1.00 Wine glass R90.00 R50.00 Water jug R18.00 R10.00 Toaster R100.00 R60.00 Normal Electric Kettle (pastic R90.00 R60.00 Salton Stailess Steel Electric R270.00 R160.00 Sunbean Stailess Steel Elec R125.00 R70.00 Vertical standing heater R270.00 R160.00 Mixer Bowl R180.00 R108.00 Pineware Coffee Maker R110.00 R60.00 Sunbean Food Processor R330.00 R200.00 Wall Mirror R315.00 R190.00 Steel Catering Table R310.00 R180.00 Refuse bin R80.00 R50.00 5
VALUATION OF MOVABLE ASSETS: RESTAURANT No. Item/Asset description Qty Value Market Tenant's (each) Value Offer 1 Computer full set 1 R1,500.00 R1,500.00 R0.00 2 Printer 1 R800.00 R800.00 R0.00 3 Office chair 3 R250.00 R750.00 R0.00 4 Office desk 2 R350.00 R700.00 R0.00 5 chubb safe 1 R1,000.00 R1,000.00 R0.00 6 4 draw er steel cabinet 1 R800.00 R800.00 R0.00 7 Single bow l stainless steel sink 2 R1,500.00 R3,000.00 R0.00 8 Double bow l stainless steel sink 3 R2,500.00 R7,500.00 R0.00 9 Stainless steel utensils trolley 1 R1,500.00 R1,500.00 R0.00 10 1,5m stainless steel tables 10 R1,100.00 R11,000.00 R0.00 11 2,5m stainless steel tables 4 R1,500.00 R6,000.00 R0.00 12 Stainless steel crockery shelving 1 R1,000.00 R1,000.00 R0.00 13 Stainless steel chip fryer 1 R4,500.00 R4,500.00 R0.00 14 4 plate stainless steel gas stove 1 R3,500.00 R3,500.00 R0.00 15 6 burner stainless steel gas griller 1 R4,500.00 R4,500.00 R0.00 16 Hobart stainless steel mixer 1 R2,500.00 R2,500.00 R0.00 17 Anvil toaster 2 R1,200.00 R2,400.00 R0.00 18 Scale(DIGI) 1 R500.00 R500.00 R0.00 19 Stainless flat top gas stove 1 R4,500.00 R4,500.00 R0.00 20 5 burner stainless steel egg fryer gas stove 1 R5,000.00 R5,000.00 R0.00 21 Baine marie stainless steel & stand 1 R5,500.00 R5,500.00 R0.00 22 Microw ave-sharp 1 R800.00 R800.00 R0.00 23 Milkshake 1 R1,200.00 R1,200.00 R0.00 24 Stainless steel pizza oven 1 R4,500.00 R4,500.00 R0.00 25 Cutlery & crockery rack 1 R1,200.00 R1,200.00 R0.00 26 Stainless steel flat gas stove 1 R2,500.00 R2,500.00 R0.00 27 3 -door under counter fridge 1 R6,500.00 R6,500.00 R0.00 28 Steel stove canopy 1 R2,500.00 R2,500.00 R0.00 29 Refuse bins 4 R100.00 R400.00 R0.00 30 Stainless steel shelving 13 R300.00 R3,900.00 R0.00 31 Steel shelving drops 38 R150.00 R5,700.00 R0.00 32 Stainless steel ice machine 1 R4,500.00 R4,500.00 R0.00 33 Plastic chairs 49 R30.00 R1,470.00 R0.00 34 Steel shelving drops 4 R150.00 R600.00 R0.00 35 Sony music systems 1 R450.00 R450.00 R0.00 36 Buffet built in Baine marie 2 R1,500.00 R3,000.00 R0.00 37 5 door w ooden draw er cupboard 2 R1,200.00 R2,400.00 R0.00 38 Wooden tables 32 R350.00 R11,200.00 R0.00 39 Wooden dining chairs 36 R250.00 R9,000.00 R0.00 40 Walk-in fridge 2 R30,000.00 R60,000.00 R0.00 41 Walk-in freezer 1 R40,000.00 R40,000.00 R0.00 Sub-Total 1 (Restaurant) 232 R230,270.00 6
CURTLERY & CROCKERY No. Item/Asset description Qntity Value Market Tenant's (each) Value Offer 11 Saucers 153 R5.00 R765.00 R0.00 12 Cups 141 R5.00 R705.00 R0.00 13 Milk Jugs 5 R15.00 R75.00 R0.00 14 Tea pot 18 R20.00 R360.00 R0.00 15 Beer glass 92 R10.00 R920.00 R0.00 16 Wine glass 189 R10.00 R1,890.00 R0.00 17 Chamagne glass 18 R15.00 R270.00 R0.00 18 Cocktail glass 11 R10.00 R110.00 R0.00 19 Glass jug 3 R15.00 R45.00 R0.00 20 Milkshake glass 43 R15.00 R645.00 R0.00 21 TOT measure 2 R15.00 R30.00 R0.00 22 Chair covers 5 R25.00 R125.00 R0.00 23 Baby chair 1 R150.00 R150.00 R0.00 24 Under counter fridge(under rest.) 1 R0.00 R0.00 R0.00 25 Cooler box 1 R30.00 R30.00 R0.00 26 Tin opener 1 R10.00 R10.00 R0.00 27 Sandwich toaster 2 R50.00 R100.00 R0.00 28 Scale (under restaurant) 1 R0.00 R0.00 R0.00 29 Fan 1 R60.00 R60.00 R0.00 30 Dough mixer 1 R20.00 R20.00 R0.00 31 Safe (under restaurant) 1 R10.00 R10.00 R0.00 32 Gunsafe 2 R300.00 R600.00 R0.00 33 First aid box 1 R50.00 R50.00 R0.00 34 Hot box 2 R50.00 R100.00 R0.00 35 Steel potjie 18 R50.00 R900.00 R0.00 36 Urn 1 R250.00 R250.00 R0.00 37 Cordless phone 1 R75.00 R75.00 R0.00 38 Blender 1 R50.00 R50.00 R0.00 39 Trays 7 R20.00 R140.00 R0.00 40 salad bowls stand 7 R100.00 R700.00 R0.00 41 Platters 12 R15.00 R180.00 R0.00 42 Lasagne bowl 8 R15.00 R120.00 R0.00 43 Breakfast juice glasses 48 R10.00 R480.00 R0.00 44 Hiball glass 102 R10.00 R1,020.00 R0.00 45 Plastis serving tongs 8 R10.00 R80.00 R0.00 46 Serving spoons 10 R20.00 R200.00 R0.00 47 Latte glasses 8 R10.00 R80.00 R0.00 48 Cake forks 12 R10.00 R120.00 R0.00 49 Ice scoop 1 R20.00 R20.00 R0.00 50 Ladle(small) 3 R20.00 R60.00 R0.00 51 Carvey knives 3 R25.00 R75.00 R0.00 52 Egg rings 8 R20.00 R160.00 R0.00 53 Stacking bowls 24 R15.00 R360.00 R0.00 54 Whisk glass 1 R10.00 R10.00 R0.00 55 Snail dish 9 R10.00 R90.00 R0.00 56 Meat mallet 1 R25.00 R25.00 R0.00 56 Cutting board 6 R100.00 R600.00 R0.00 Sub-Total 4 994 R12,865.00 7
Cutlery & Crokery continues No. Item/Asset description Qntity Value Market Tenant's (each) Value Offer 1 Steak knife 11 R15.00 R165.00 R0.00 2 Table knife 434 R10.00 R4,340.00 R0.00 3 Table fork 183 R5.00 R915.00 R0.00 4 Soup spoon 26 R5.00 R130.00 R0.00 5 Dessert spoon 47 R5.00 R235.00 R0.00 6 Teaspoon 29 R5.00 R145.00 R0.00 7 Plate 87 R10.00 R870.00 R0.00 8 Side plates 86 R5.00 R430.00 R0.00 9 Soup bow l 6 R15.00 R90.00 R0.00 10 Dessert bow l 55 R20.00 R1,100.00 R0.00 Sub-Total 3 964 8420 R0.00 Grand-Total R251,555.00 MARKET VALUE (RESTAURANT) R250,000.00 SHOP & KIOSKI No. Item/Asset description Qntity Value Market Tenant's (each) Value Offer 1 Simba steel stand 1 R180.00 R180.00 R0.00 2 Receptacle and Mug steel stand 1 R250.00 R250.00 R0.00 3 Safe(Bischuff) 1 R1,500.00 R1,500.00 R0.00 4 Office chairs 11 R250.00 R2,750.00 R0.00 5 Plastic chairs 2 R30.00 R60.00 R0.00 6 Steel shelving drops 157 R150.00 R23,550.00 R0.00 7 Complete computer system 5 R1,500.00 R7,500.00 R0.00 8 Printer 1 R800.00 R800.00 R0.00 9 Steel shelves 6 R600.00 R3,600.00 R0.00 10 Sumsang printer 1 R800.00 R800.00 R0.00 11 HP laser jet printer 1 R1,200.00 R1,200.00 R0.00 12 4- Door steel cabinet 2 R800.00 R1,600.00 R0.00 13 Label printer(gk420t) 1 R500.00 R500.00 R0.00 14 4 Pigeon hole(w ood) 1 R500.00 R500.00 R0.00 15 Sumsang printer 1 R800.00 R800.00 R0.00 16 POS computer systems 2 R2,500.00 R5,000.00 R0.00 17 Big w ooden shelving 9 R800.00 R7,200.00 R0.00 18 Small w ooden shelving 5 R500.00 R2,500.00 R0.00 19 Wooden display counter 2 R1,500.00 R3,000.00 R0.00 20 3 door display fridge 1 R6,000.00 R6,000.00 R0.00 21 2 door display fridge 1 R5,000.00 R5,000.00 R0.00 22 2,5m open display fridge 1 R20,000.00 R20,000.00 R0.00 23 Top open door display chest freezer 1 R1,500.00 R1,500.00 R0.00 24 Walk-in fridge 1 R30,000.00 R30,000.00 R0.00 25 Walk-in freezer 1 R40,000.00 R40,000.00 R0.00 26 Stainless steel shelving 7 R800.00 R5,600.00 R0.00 27 Trolley busckets 5 R250.00 R1,250.00 R0.00 28 Wooden benches 4 R800.00 R3,200.00 R0.00 29 Rinex flat screen TV and decoder and stand 1 R1,200.00 R1,200.00 R0.00 30 Computer, POS printer, & till 1 R2,500.00 R2,500.00 R0.00 Sub-Total 234 R179,540.00 MARKET VALUE (SHOP) R180,000.00 8
PHOTOGRAPHS (MOVABLE ASSETS) Restaurant 1 2 3 4 5 6 7 8 9 10 & 11 12 13 14 15 16 17 23 17 18 19 20 22 9
23 24 25 25 25 25 26 26 27 31 28 29 38 40 & 41 32 33 42 34 44 & 49 35 47 & 48 & 51 10
36 & 39 37 & 38 7 & 15 & 16 SHOP 2 2 4 5 3 17 8 18 19 18 19 20 21 22 23 17 24 & 25 26 11
27 28 29 SOURCES OF INFORMATION - Google Earth - SANParks website - Junk Mail - Swop shops for similar, used items - Current owner/tenant - Olympic Used Catering equipments - D J Pawn Brokers - Kit Kat Pretoria West (for new items) - Toyota & Hino Trucks in Pretoria North (012) 546 3030 - Tata & Kia Motors in Menlyn, Pretoria (012) 470 5999 - Cash Coverters (Mall @ Reds, Centurion) - General sources 12
ZCP0308 (g) 4 ASSETS VALUATION CERTIFICATE LETABA REST CAMP Accessed via Phalaborwa or Punda Maria gates (Phalaborwa/Punda Maria-Letaba road), Kruger National Park, Limpopo Province, under Bohlabela District Municipality I consider a realistic Market Value of the Movable Assets in the Shop and Kitchen, as: Market Value: RESTAURANT: R250 000.00 SHOP: R180 000.00 R430 000.00 (Four Hundred and Thirty Thousand Rand) I declare that the assets were identified, inspected, counted, verified and valued in accordance with the principles of property valuation as prescribed by the South African Council for the Property Valuers Profession.... Sam Mabaya (Professional Associated Valuer) Registration no. 4232/7Date: 26 September 2012 13