From mfgman@cts.com Wed Jul 16 14:37:08 1997 Date: Wed, 09 Jul 1997 15:41:18 -0700 From: DOUGLAS KEENE <mfgman@cts.com> To: American Bank USA <palms@PeterPalms.com> Subject: Re: tangible assets (fwd)

Peter,

As you know, the true value of an asset is its liquid value, especially when we are talking about Russian assets. To determine the true value would require an inspection, which is certainly not likely to happen, so I would consider all assets with some caution, especially if considered for collateral.

There are no customers for these assets in Russia today (or few if any) and none in the west. There may be some market in China, but they will offer 10 cents on the dollar. The value of this equipment is its ability to produce product in the plant and this has some intrinsic value, but again, whether these assets are being used or capable of being used is subject to an experts opinion after an on-site audit. It all depends on what the plant's product is, and it appears to me that they haven't yet reached a clear idea of just what that will be. They discount the value of the laser interferometer products as a market item, yet I don't see anything else in their basket that has much value in the export market. This is where their expertise resides, and no one needs another "jet plane factory making washing machines".

Best regards,

Doug =========================================================================

At 04:40 PM 7/8/97 -0400, you wrote: > > > > > >Dr. Pyotr Johannevich van de Waal-Palms, Sovetnik Pravitelstva CWA, >Tovarichestvo Palmsa, Inc., USA <palms@PeterPalms.com> >Trade - Investment - Finance - http://www.peterpalms.com > > >---------- Forwarded message ---------- >Date: Sat, 21 Jun 97 15:21:25 +0400 >From: "Mike E. Sokolovski" <mike@sokme.saratov.su> >To: palms@PeterPalms.com >Subject: tangible assets > >> > Our tangible assets comprise some $100,000. > >> >> What do they consist of? Would you itemize them and indicate how the >> value was calculated and attributed to each item > The $100,000 is the value of tangible assets as they appear on the balance >sheet which has nothing to do with the assets' fair value. The method of cal- >culation was based on the assets' historical value. Accumulated depriciation >was added and the residual value was then factored according to instructions >by the Ministry of Finance of Russia. The evaluation of the assets was >performed by the Russian Appraisers Society and is valid as of 01/01/96. > >Fixed assets: >- versatile CNC turning lathes, 3 pcs - $36K >- office equipment - $4K >- microscope - $2K >- technological stand for testing and >tuning of CNC lathes and other equip. - $20K >- office and production space - $18K >Current assets: >- accounts recievable - $167K - not yet on the balance sheet >- allowance for doubtful accounts - $80K - not yet on the balance sheet > net a/r - $87K - not yet on the balance sheet >- notes recievable - $20K > >TOTAL ASSETS - $187K > >Let me comment the situation. The evaluation of the assets was done using >formal approach, which allows to >a. reduce payments to the holding company >b. reduce depriciation expenses >c. reduce property tax > >This was done under the agreement between the holding company and the RAS, the >value of some of the assets was artificially lowered - all done not to stifle >the remnants of science. > >In actuality, an estimated fair value of the assets is as follows: > >- versatile CNC lathes - $150K >- office equipment - $5K >- microscope - $5K >- technological stand... - $20K >- optical bench (not on the >balance sheet) - $20K >- office and production space - $200K > >- inventory (unfinished lathes, >interferometers) which was written off >but is made use of - $10K >- accounts and notes recievable - $107K > >TOTAL ASSETS - $517K >

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