The company is being advertised for sale globally as a going concern, although 12 jobs remain under threat.
DC Ross was placed in voluntary receivership by 72.5% shareholder Aorangi Laboratories Ltd on September 14, largely because of the downturn in the Australian car manufacturing sector, which interrupted cash flow, PwC receiver Malcolm Hollis said in his first report.
Unsecured creditors have so far registered interests of more than $300,000, but he said according to company's records they are owed $1.01million.
"From our observations to date and given the substantial amount owed to secured creditors, we believe that there are unlikely to be any funds available for unsecured creditors,'' Mr Hollis said.
DC Ross, which has been in business more than 50 years, supplies high precision fine blanking tool and fine blanked components. About 50% of its work is for the automotive industry and up to 40% is for giant Chinese whitewear manufacturer Haier, which owns Fisher & Paykel Appliances.
While DC Ross has debts and liabilities of $18.97 million, plus the unsecured creditors, Mr Hollis "withheld'' and omitted any values of the company's assets, not wanting to prejudice its sale; "in particular our duty to obtain the best price reasonably obtainable''.
"All key suppliers have accepted trading terms with the receivers and continue to work with the company.
"Customer orders are continuing to be received, thereby allowing the company to trade while a sale process is being progressed,'' Mr Hollis said.
All 12 employees had stayed with DC Ross on new contracts for the receivership period, he said, and were entitled to a maximum preferential claim of $22,160, but they had further unsecured creditor claims.
DC Ross' sale had been advertised globally but no non-binding indicative bids had been received.
Aorangi Laboratories represents Dunedin's McConnon family, who had a sizeable fortune from dairy interests in the days before and after Fonterra's formation, and was the family behind the Mainland dairy brand, now owned by Fonterra.
Aorangi Laboratories has 1.77million shares, in five wider, equal, family allocations.
Mr Hollis said DC Ross also has shares in a Melbourne metal treatment plant, and a transfer of shares notice had been sent, and he was awaiting a response.
