Siwes Report free essay sample

This report is dedicated to Almighty Allah who has always been there for me right from my beginning to this very point, all Glory and Adorations belongs to the Most High. Special dedication also, to my ever supportive doting, adoring and caring parents, for their relentless support and compassion towards me during the course of this training. ACKNOWLEDGMENT TABLE OF CONTENTS Title Page Dedication1 Acknowledgement2 Table of Contents3 Abstract4 Chapter One 1. 1Introduction (About SIWES)5 – 6 1. 2Objectives of SIWES6 1. 3Place of Attachment7 Chapter Two 2. 1Federal Radio Corporation of Nigeria (FRCN)8 The Organization Structure8 – 10 Chapter Three 3. 1Knowledge and Skills Acquired11 – 16 Chapter Four: Recommendations and Conclusion 4. 1Recommendation 17 4. 2 Conclusion 17 – 18 ABSTRACT This Report is based on Student Industrial Working Experience Scheme (SIWES) undergone at the Amuludun 99. 1 FM, a branch station of the Federal Radio Corporation of Nigeria (FRCN). The principal objective of this Industrial Training is to prepare students for working experience and to give students the opportunity to practicalize the theoretical aspect being thought in school. vi. Finally enlisting and trengthening employer’s involvement in the entire educational process of preparing university graduates for employment in the industry. CHAPTER TWO 2. 0 THE FIRM My industrial training was at Massey Udegbe and company, Estate Surveyors and valuers located at 2A Montgomery road Yaba Lagos. The Estate Surveyors and Valuers Registration Board ofNigeria (ESVARBON) incorporated the firm in 1980 with registration number A314. The firm is a well reputed and experienced firm of estate surveyors and valuers with approximately 32 years experience in practice. 2. 1THE CORPORATE PROFILE OF MASSEY UDEGBE AND COMPANY. As earlier stated Massey Udegbe and company is a firm of Estate surveyors and valuers, located at no 2A Montgomery road Yaba Lagos. The company has been in practice since 1980. The firm is registered with the relevant bodies and has over 15 permanent staff who are experienced in diverse ways. They are a special team of technocrats specially trained in both the valuation and management of properties, with a full complement of consulting Architects, Quantity Surveyors and Engineers. The firm maintains a good staff policy in terms of training, emoluments and incentives. The firm is managed by a principal whose academic and professional training covers Estate Management (at first degree level) and construction management (at master’s degree level). He was listed in the first UNNA 200 distinguished alumni- a University Of Nigeria Alumni Association honor, honoringalumni who have distinguished themselves in their respective callings. 2. 2 THE SIZE OF THE FIRM From the foregoing, we could observe that the firm is obviously a medium one and of which it (Massey Udegbe and company) gives its clients the utmost satisfaction needed as its property manager. ORGANOGRAM MASSEY UDEGBE COMPANY 2. 3 SCOPE OF PRACTICE Massey Udegbe and company is engaged in providing a whole range of property related services encompassed in the estate surveying and valuation profession. ?Asset valuation: plant and machinery, equipment, fixtures and fittings, furniture, motor vehicles, engineering installations, vessels, tank farms, oil rigs and infrastructures for all purposes. ?Valuation of land and buildings for all purposes- sales, mortgage, acquisition, capital purpose, insurance purpose etc. Feasibility and viability appraisal for proposed development and financing. ?Real Estate Agency comprising sales, letting and acquisition of assets on behalf of our clients. ?Property/Facility Management involving the management of building and ensuring optimum operation of services for the comfort of the occupants and sustenance of value. ?Project Management and Development involving co-ordination of the development team, ensuring timing, specification and cost eff iciency. CHAPTER THREE WORKING EXPERIENCE 3. 0VALUATION Valuation was defined according to Ifediora [1993] as the art and science of determining at some specific date for a specific purpose and by qualified and competent valuers the monetary value of the proprietary right encompassed in an ownership and the value so determined. Millington [2000] on his part defined valuation as the art and science of estimating the value of a particular interest in property at a particular time for a specific purpose taking into account all the features of the property and also considering all the underlying economic factors of the market including the ange of alternative investments. Estate surveyors and valuers are to assess the value of property through the process of carrying out physical inspection and detailed survey of all the subject properties of valuation with the aim of noting the nature, extent, condition and subsequently to determine the appropriate value opinion as these are the only professionals empowered in Nigeria to place monetary values. The fundamental purpose of valuation is to estimate value i. e. arket value: this is the estimated amount which an asset should exchange on the date of valuation between a willing buyer and a willing seller in as an arm’s length transaction after proper marketing where-in the parties had acted knowledgeably and without compulsion. Massey Udegbe and company as stated earlier are involved in carrying out valuation exercise on different types of assets and for different purposes. During my period of industrial training in Massey Udegbe and company, I was opportuned to participate in some valuation exercise although I was not completely involved in all the exercises carried out. The valuations carried out during my stay at the firm were mostly for financial purposes on commercial and industrial properties as well as plants, machinery and equipment. MY VALUATION EXPERIENCE I was opportuned to have participated in a specialized plant and machinery valuation. The asset in question is a vessel i. e. a mobile tanker ship named MT Zelda. BRIEF We got a brief to value the vessel named MT ZELDA to determine the open market value and forced sale value for financial purpose as the asset was used as a collateral for a loan facility. INSPECTION The instruments used during the inspection included: †¢Writing materials for collection of vital description details †¢A tape for taking of measurement †¢A Digital Camera for taking of photographs The inspection of the vessel was carried out with the presence of the sailor as well as a maintenance engineer. During the inspection we obtained details about the vessel. Details obtained included: A. Year when it was built B. Overall length C. Breadth D. Depth E. Gross tonnage F. Net tonnage G. Details of the main engine H. Condition of the ship in general At the finish of the physical inspection a form was given to us known as â€Å"questionnaire 88† which has additional information of the vessel which are usuallyinformation derived from surveys carried out on the vessel over time. A sample of a questionnaire 88 is attached to the report. Methods involved in determining the value of a vessel. There are two (2) methods usually employed in determining the values of vessels namely: A. Depreciated replacement cost method: which are used mostly for modern ships B. Scrap value method: used for unserviceable, decrepit vessels or ones outdated by technology or irredeemable damages. Method employed in determining the value ofMTZelda. In the valuation of MT Zelda the scrap value method was employed. This was brought about by the condition of the vessel at the date of valuation. The vessel was in a bad condition as at the date of the physical inspection: this was as a result of the vessel being involved in three (3) different accidents caused by bad weather, the underneath of the vessel was full of sea weed and molds and there were leakages as result of the accident thereby causing water to sip into the vessel through cracks, as well as the engine were in bad condition and equipment on board were rusting away because of ack of use. SCRAP VALUE METHOD OF VALUATION OF MT ZELDA Before I go into the steps involved in the determination of the value of MT Zelda, I would like to give a brief definition of terms associated in determining values of mobile tanker vessels. A. Dead weight: this is the measure of how much weight a ship is carrying or can safely carry. It is th e sum of the weight of cargo, fuel, provisions, passengers and crew. B. Light weight/light ship: this refers to the actual weight of the ship with no fuel, passengers, cargo or water on board. C. Rate per tonne of scrap metal: this is the amount to which a tonne of scrap metal goes for in the market at a particular point in time. STEP 1 Determine the lightship of the vessel. This is most times included in the questionnaire 88 form. In cases where it is not, the dead weight can be used to derive the light weight. To determine the light ship from the dead weight,50% of the dead weight is used because light weight is approximately 50% 0f the dead weight or 1/3 (one third ) of the dead weight can also be used as well because it tends to give a more realistic result than 50% of the dead weight.