Isu mortgage certificates. What is a "mortgage certificate of participation"? Quantitative and qualitative characteristics of the object of assessment
Mortgage Certificate of Participation (ISU)- a registered security, certifying the share of its owner in the right of common ownership of the mortgage coverage, the right to demand from the issuer of it proper trust management of the mortgage coverage, the right to receive Money received in fulfillment of obligations, the requirements for which constitute mortgage coverage, as well as other rights provided for by law the federal law of November 11, 2003 N 152-FZ "On mortgage valuable papers Oh".
ISU release scheme
ISU can be issued only commercial organizations licensed to carry out management activities investment funds, mutual investment funds and non-state pension funds, as well as credit institutions.
The issuance of MIS is the basis for the emergence of common shared ownership of the owners of mortgage certificates of participation for the mortgage coverage under which they are issued, and the institution of trust management of such mortgage coverage. Shared ownership of a mortgage cover arises at the same time as the trustee for that mortgage cover.
Trust management of mortgage coverage is established by concluding a contract for trust management of mortgage coverage.
ISU release scheme:
- the bank transfers the mortgage coverage to the manager trust management your own mortgage portfolio;
- the mortgage cover manager, in cooperation with the special depository and the registrar, issues the IMS;
- MIS issued by the mortgage cover manager are transferred to the originating bank for further sale to investors;
- maintenance of the mortgage portfolio, which is part of the mortgage coverage for the issued MIS, is carried out by the service company / originating bank.
Benefits for Investors
- Obtaining the opportunity to diversify the investment portfolio (the planned yield is higher than mortgage-backed bonds, but lower liquidity and a guarantee cash flow);
- Purchase of a profitable instrument for medium-term investment;
- Investment in an instrument with high-quality and reliable mortgage coverage; independent service agent;
- The possibility of completely eliminating the interruption of the flow of payments due to its shift in time by including the investor's financial risks in the insurance structure.
Main differences between ISU and mortgage-backed bonds
Mortgage Certificates of Participation (ISU) | Mortgage-backed bonds |
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All proceeds from mortgages are distributed to investors, minus infrastructure costs (no tranching) |
Fixed coupon yield on the senior tranche (tranche of a bond issue) |
Low cost of issue and maintenance of securities | High cost of issuing and maintaining securities |
Short terms of organization of the issue (on average - 3-5 months) |
Long term organization of the issue (on average - 9-12 months) |
Risks in the pool of mortgages are evenly distributed among the owners of the MIS | Excessive mortgage risks are maximally concentrated on the owner of the junior tranche ( originator) |
Low liquidity, cannot be included in the Lombard list (at the moment); inclusion in quotation lists, incl. top quotation list | High liquidity, can be included in the Lombard list and quotation lists, incl. top quotation list |
IMS depreciation in accordance with early repayment mortgages | High rate of bond amortization due to issue subordination |
Jokes about enslavement with mortgages have been circulating on the Internet for a long time: here there is a “mortgage for half a century”, and a man in shorts at the door of a bank with the signature “he paid off the mortgage”, and much more. Indeed: there are few people willing to take out a loan for 20-30 years, paying a fairly decent monthly installment and overpaying as a result a very significant amount (like a percentage on the balance of the debt during the entire debt repayment period), especially in a situation where a sudden crisis can deprive you of your job. But what if you look at the situation from the other side? Banks that give out mortgage loans need money, and why more amount issued loans, the less liquidity the bank has at the current moment, despite receiving a decent percentage over time. At the same time, some security, certifying the share of its owner in the ownership of the mortgage coverage, would be a good asset for third-party investors - there are almost no risks (because if the borrower stops paying, then as a rule, he loses his apartment), and the percentage is higher than the average bank deposits... For comfortable mortgage terms you will not name.
This idea formed the basis for the release. mortgage participation certificates (ISU, an analogue of American Mortgage backed securities), which can be owned by both private (entry from about 100,000 rubles) and institutional investors with high liquidity - like non-state pension funds and insurance companies. Although the law on mortgage-backed securities was adopted back in 2003, the development of this market began quite recently: in 2013, 20 issues of mortgage-backed securities were carried out in Russia for a total amount of more than 140 billion rubles. The first company to organize the issuance of IMS in Russia was GFT CAPITAL Management Company, which is part of the GFT financial group. Shares of mortgage certificates can also be bought on the Moscow Stock Exchange (the broker credits a monthly interest on the investor's trading deposit; the list of MIS can be found by selecting “Mortgage certificate” in the “Type of instrument”). In general, while the tool is quite new and it may have a good future. In addition, at the moment, mortgage-backed securities may be additionally interesting due to the high key rate.
In essence, mortgage certificates are very similar to mutual funds, but they compare favorably with guaranteed returns. Legally, everything looks like this. Pool of mortgages received by the bank from mortgage borrowers, for sale management company(goes under her trust management). At the same time, the bank is restoring liquidity. The MC for the received mortgages issues IMS and sells them to investors. All cash flow coming from this pool goes to investors who have purchased mortgage certificates. If a borrower does not pay on the mortgage, then the management company usually turns to a collection agency - since the apartment is the collateral, investments in mortgage participation certificates are quite reliably protected. According to another scheme, an exchange takes place: the bank transfers the mortgages to the Criminal Code, and it issues the IMS for them and gives the certificates to the bank, which itself is engaged in their sale (however, investors still receive dividends from the Criminal Code); this option looks like this:
Issuance of mortgage participation certificates is possible if the following conditions are met:
the amount of their issue should not exceed the total cost of all mortgage assets;
the term of their circulation should not exceed the term of the mortgage loan agreement;
the total value of all certificates issued by the issuer must not exceed 50 times the capital of the issuer;
the minimum volume of issuance of certificates must be at least an amount equivalent to one hundred thousand euros at the exchange rate of the National Bank.
The main disadvantage of MIS is that the profitability on them may be less than planned (since it depends on how punctually the payments are repaid), but the risk of losing the principal amount of investments in mortgage certificates is extremely small. Since pools are often made up of thousands of mortgages, good diversification reduces the risk of under-earning income. In addition, low liquidity of certificates (possibly temporary) and eternal risk economic instability in Russia, they also reduce the price of this long-term (in fact, two decades) investment instrument.
"REPORT No. 2016 / 3538-50 / 1 on the assessment of the market value, 246,080 mortgage participation certificates (IMS) GK-3 under the management of LLC UK Capital PIF, ..."
REPORT No. 2016 / 3538-50 / 1
on the assessment of the market value,
246,080 mortgage certificates of participation (ISU)
GK-3 managed by LLC UK Capital PIF,
Moscow 2017
1 KEY FACTS AND CONCLUSIONS
2 ASSESSMENT ASSESSMENT ACCORDING TO FEDERAL ASSESSMENT STANDARDS ... 5
3 DETAILS ABOUT THE CUSTOMER OF THE EVALUATION AND ABOUT THE EVALUATOR
4 ACCEPTED IN THE ASSESSMENT ASSESSMENT ASSESSMENT
6 DESCRIPTION OF THE ASSESSMENT OBJECT
6.1 LIST OF DOCUMENTS USED BY THE EVALUATOR AND STATING QUANTITATIVE AND QUALITATIVE
FEATURES OF THE ASSESSMENT OBJECT6.2 QUANTITATIVE AND QUALITATIVE CHARACTERISTICS OF THE ASSESSMENT OBJECT
1 Details of the subject matter
6.2.2 Economic objects of appraisal
6.2.2.1 Classification of mortgage-backed securities
6.2.2.2 Characteristics of mortgage participation certificates reflected in the Federal Law ......... 11 6.2.2.3 Short description agreements on assignment of rights, credit agreements and mortgage agreements ........... 12 6.2.2.4 Amount of mortgage coverage as of November 01, 2016
6.2.2.5 Information about the mortgage cover manager
6.2.2.6 Mortgage coverage details
6.2.2.7 Information about income and liabilities as of the date of assessment
6.2.2.8 Information on market quotes of the appraisal objects
7 ANALYSIS OF THE VALUATION OBJECT MARKET, PRICE FORMING FACTORS, AS WELL AS EXTERNAL FACTORS,
AFFECTING ITS COST7.1 INDUSTRY MARKET ANALYSIS
7.1.1 Mortgage Certificates Market
7.1.2 Market for assignment of bank debt
8 DESCRIPTION OF THE EVALUATION PROCESS OF THE EVALUATION OBJECT IN PART OF APPLICATION OF THE APPROACH (APPROACHES) TO
ASSESSMENT8.1 STEPS IN THE ASSESSMENT
8.3 APPROACHES TO ASSESSMENT
8.3.1 Cost approach
8.3.2 Comparative approach
8.3.3 Income approach
8.4 DETERMINATION OF THE MARKET VALUE OF THE VALUED OBJECTS
8.4.1 Determination of the amount of cash flow under the loan agreement
8.4.1.1 Methodology for assessing the right of claim for credit agreements and normative base assessment 21 8.4.1.2 Conclusions on the financial condition of the borrower
8.4.1.3 Discount on the probability of debt payment,% (depending on financial condition) .............. 25 After the assessment of the market value of the objects of collateral, which is the collateral for the loan, it was revealed that there was a significant inadequacy of collateral for the loan. With the principal amount of the debt at the level of RUB 24,630,000,000, market price collateral amounted to…. rub.
(calculations of the market value of the pledged property are presented in Appendix 4 to this Report). Considering the above, the quality of debt service at the date of the assessment was taken as “average”. 27 8.4.1.4 Determination of the probable amount of cash flow in the framework of the fulfillment of obligations of the borrowing organization under the loan agreement
8.4.1.5 Determining the value of the discount rate
8.4.1.6 Methodology for assessing the market value of Mortgage Participation Certificates (IMS)
8.4.1.7 Determining the amount of remuneration for managing mortgage coverage
8.4.1.8 Determining the amount of remuneration, a specialized depository for mortgage coverage and a registrar maintaining the register of holders of mortgage participation certificates 31 8.4.1.9 Determining the income tax rate and tax base
9 DESCRIPTION OF THE ASSESSMENT PROCEDURE AND CONCLUSIONS
BASIS OF THE CALCULATIONS PERFORMED BY DIFFERENT APPROACHESRegulations
Reference literature
Methodical literature
APPLICATION
Annex 1
TERMINOLOGY USED
Appendix 2
COPIES OF DOCUMENTS CONFIRMING THE ELIGIBILITY OF THE ASSESSMENT ................ 47 Appendix 3
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LLC "Center for Independent Expertise of Property"
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LLC "Center for Independent Expertise of Property"
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Full name of the legal entity with which the appraiser entered into an employment contract: Limited Liability Company Center for Independent Expertise of Property.
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The mailing address of the legal entity with which the appraiser entered into an employment contract: Russian Federation, 107023, St.
Moscow, st. Malaya Semenovskaya, 9, bldg. 3.
Information on the outside organizations and specialists involved in the assessment and in the assessment and preparation of the assessment report were not involved in the preparation of the report.
assessment by organizations and specialists of LLC "Center for Independent Expertise of Property"
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4 ACCEPTED IN THE EVALUATION OF THE OBJECT EVALUATION
ASSUMPTIONS1. This report is reliable only in full, individual parts of the report cannot be independent documents.
2. During the appraisal process, no special legal examination of documents related to the property rights to the appraisal object was carried out.
3. The opinion of the Appraiser regarding the market value of the property is valid only as of the valuation date specified in this report, and only for the purposes and functions specified in this report. The Appraiser does not assume any responsibility for changes in political, economic, legal and other factors that may arise after this date and affect the market situation, and, as a consequence, the market value of the object.
4. The appraisal report contains the Appraiser's professional opinion regarding the market and is not a guarantee that the property will be sold on the free market at a price equal value object that is listed in this report.
5. The Customer guarantees that any information, judgments, analytical developments of the Appraiser and other materials of this report will be used by him solely in accordance with the purposes and functions specified in this report.
6. The Appraiser and the Customer guarantee the confidentiality of the information received by them in the process of appraisal, except as otherwise provided. current legislation Russian Federation.
7. When carrying out the analysis and calculations, the Appraiser used the initial information about the appraisal object provided by the Customer. The Appraiser does not assume responsibility for the accuracy of the original information provided to him by the Customer.
8. Information, indicators, characteristics, etc., used by the Appraiser and contained in this report, were obtained from sources that, in the opinion of the Appraiser, are reliable. However, the Appraiser does not provide guarantees or other forms of confirmation of their full accuracy. All data used by the Appraiser in the report, provided with links to sources of information, cannot be considered as his own statements.
9. The appraiser is not responsible for the legal description of the rights to the subject of appraisal or for issues related to the consideration of these rights.
10. The appraiser assumes the absence of any hidden (that is, those that cannot be detected during a visual examination of the object) facts that affect the assessment. The appraiser is not responsible for the presence of such hidden facts, nor for the need to identify them.
11. The Appraiser is not required to testify or appear in court or other authorized bodies as a result of the appraisal of the subject of appraisal, other than upon an official summons from the court or other authorized bodies.
12. The appraisal report represents the viewpoint of the Appraiser without any guarantees on its part regarding the conditions for the subsequent implementation of the appraisal object.
5 APPLICABLE EVALUATION STANDARDS
In carrying out this assessment, we used regulations and federal standards for valuation activities, as well as standards for valuation activities established by self-regulatory organization(SRO of appraisers), of which the Appraiser is a member, who prepared:Federal Law of the Russian Federation “On Valuation Activity in the Russian Federation” dated July 29, 1998, No. 135-FZ;
Federal Law of the Russian Federation "On Amendments to the Federal Law" On Valuation Activity in the Russian Federation "dated July 27, 2006, No. 157-FZ;
Federal Law "On Amendments to Certain legislative acts Of the Russian Federation on Valuation Activity "dated July 13, 2007, No. 129-FZ;
Federal standard estimates " General concepts assessments, approaches and requirements for the assessment (FSO No. 1) (approved by order of the Ministry of Economic Development of the Russian Federation of May 20, 2015 No. 297);
Federal valuation standard "The purpose of valuation and types of value" (FSO No. 2) (approved by
Federal valuation standard "Requirements for the valuation report" (FSO No. 3) (approved by
Federal standard of appraisal "Real estate appraisal" (FSO No. 7) (approved by order of the Ministry of Economic Development of the Russian Federation on September 25, 2014 No. 611);
Federal valuation standard "Business Appraisal" (FSO No. 8) (approved by order of the Ministry of Economic Development of the Russian Federation on June 1, 2015 No. 326);
Valuation Standards and Rules - SRO RAO (approved by the decision of the SRO Council Regional Association appraisers ", Minutes No. 7 dated 24.01.2012);
International standards IES 2011 assessments by the International Committee on Valuation Standards (ICSO);
European Valuation Standards ECO 2012 and subsequent publications of the European Group of Appraisers Association (EGAO).
The application of international and European standards is due to the fact that these standards define the fundamental principles of assessment used in the assessment work, which is necessary to further achieve consistency in assessment practice at the global level. The use of these assessment standards was allowed in cases where it was necessary to apply and their compliance (identity, adequacy) with the requirements of domestic legislative and regulatory legal acts.
The assessment was carried out with partial application of other applicable regulatory documents.
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6 DESCRIPTION OF THE ASSESSMENT OBJECT
6.1 LIST OF DOCUMENTS USED BY THE EVALUATOR AND INSTALLING
QUANTITATIVE AND QUALITATIVE CHARACTERISTICS OF THE ASSESSMENT OBJECT
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The information provided by the Customer or third-party specialists is assumed to be reliable and correct. The lack of information was made up for by information from other sources, the Valuer's existing database and the Valuer's own experience.
regulatory documents (see the full list in the section "List of used literature");
reference literature (see the full list in the section "List of used literature");
methodological literature (see the full list in the section "List of used literature");
In accordance with clause 19 of the FSO No. 1, the appraiser must conduct an analysis of the sufficiency and reliability of the information, using the means and methods available to him for this.
The analysis performed and the conclusions drawn are presented below.
Analysis of the sufficiency of information.
Sufficient - satisfying any need, available in the required quantity, rather large.
The analysis showed that all the necessary data is available to calculate the market value of the appraisal object, taking into account the assumptions set out in the Report.
Analysis of the reliability of information.
Authentic - genuine, unmistakable, unmistakable.
This analysis was carried out by correlating assets and liabilities from the list received from the Customer and the list specified in the documents (also provided by the Customer) for these assets and liabilities.
The analysis showed that the list of assets and liabilities for assessment correlates with the assets and liabilities specified in the documents provided.
Assumption. Within the framework of this Report, the Contractor did not conduct an examination of the documents received and proceeded from the assumption that the copies provided by the Customer are genuine, and the information received in free form (in the form of spreadsheets and certificates) is reliable.
The assessment was made on the basis of the following assumptions:
The evaluated objects are not burdened with additional easements that were not taken into account when evaluating the objects.
Legal examination of the rights was not carried out.
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The Owner has full rights to the Valuation Items. Ownership, according to the Civil Code of the Russian Federation, part 1 (Art. 209), includes the right to own, use and dispose of property. The owner has the right, at his own discretion, to perform any actions in relation to the property belonging to him that do not contradict the law and other legal acts and do not violate the rights and interests of other persons, including transferring their property to the ownership of other persons;
transfer to them, while remaining the owner, the right to own, use and dispose of property.
6.2.2 ECONOMIC OBJECTS OF VALUATION 6.2.2.1 CLASSIFICATION OF MORTGAGE SECURITIES According to Federal Law No. 152-FZ of October 14, 2014 "On mortgage-backed securities", mortgage-backed securities can be of two types:
mortgage-backed bond - a bond, the fulfillment of obligations under which is secured in full or in part by a mortgage-backed mortgage;
mortgage participation certificate - a registered security certifying the share of its owner in the right of common ownership of the mortgage cover, the right to demand from the issuer of the mortgage cover proper trust management, the right to receive funds received in fulfillment of obligations, the requirements for which constitute the mortgage cover, as well as other rights provided for by this Federal Law.
Some definitions contained in the Federal Law No. 152-ФЗ dated October 14, 2014 "On mortgage-backed securities":
Mortgage coverage can only consist of claims secured by a mortgage for the repayment of the principal amount of the debt and (or) for the payment of interest under loan agreements and loan agreements, including those certified by mortgages, and (or) mortgage participation certificates certifying the share of their owners in the right of common ownership of other mortgage coverage, cash in the currency of the Russian Federation or foreign currency as well as government securities and real estate;
The issuance of mortgage participation certificates is the basis for the emergence of common shared ownership of holders of mortgage participation certificates for the mortgage coverage under which they are issued, and trust management institutions for such mortgage coverage. Shared ownership of a mortgage cover arises at the same time as the trustee for that mortgage cover.
Claims and other property that make up the mortgage coverage are common property owners of mortgage participation certificates and belong to them on the right
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common shared ownership. The division of the property constituting the mortgage cover and the allocation of a share from it in kind are not allowed.
Holders of mortgage participation certificates bear the risk of non-fulfillment or improper fulfillment of obligations, the requirements for which constitute mortgage coverage.
6.2.2.2 CHARACTERISTICS OF MORTGAGE CERTIFICATES OF PARTICIPATION REFLECTED IN THE FEDERAL
THE LAW1. Each mortgage participation certificate certifies the same amount of rights, including the same share in the common ownership of the mortgage coverage.
2. A mortgage certificate of participation is not an equity security.
The rights certified by the mortgage participation certificate are recorded in non-documentary form.
The number of mortgage participation certificates certifying a share in the common ownership of a mortgage cover is specified in the rules for the trust management of that mortgage cover.
3. The mortgage certificate of participation has no par value.
4. The issue of derivatives from mortgage participation certificates of securities is not allowed.
5. Mortgage participation certificates are freely circulated, including through organized auctions.
Registration of rights to mortgage participation certificates is carried out on personal accounts in the register of owners of mortgage participation certificates and, if it is provided for by the rules of trust management of mortgage coverage, on depo accounts by depositories, for which personal accounts of nominal holders are opened in the register of owners of mortgage participation certificates for these purposes. At the same time, depositories, with the exception of depositories that keep records of rights to mortgage participation certificates, which are circulated in organized trading, are not entitled to open depo accounts for other depositories acting as nominee holders of securities of their clients (depositors).
The registrar maintaining the register of owners of mortgage participation certificates, at the request of the owner of mortgage participation certificates, a person authorized by him or a nominee holder, is obliged to confirm the rights of these persons to mortgage participation certificates by issuing, within five days, an extract from the register of owners of mortgage participation certificates.
The mortgage coverage of mortgage participation certificates may include only claims for obligations secured by a mortgage, mortgage participation certificates certifying a share in common ownership of another mortgage coverage, real estate and funds received in connection with the fulfillment of obligations, the claims for which constitute mortgage coverage , foreclosure on the specified requirements, their sale, fulfillment of obligations under mortgage participation certificates that constitute the mortgage coverage, the sale of real estate constituting the mortgage coverage, other implementation of trust management of such mortgage coverage.
Immovable property can constitute a mortgage cover for mortgage participation certificates only as a result of its acquisition (retention) in connection with the levy on it in case of non-fulfillment or improper fulfillment of obligations secured by a mortgage, the requirements for which constitute mortgage cover.
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6.2.2.8 INFORMATION ABOUT MARKET QUOTATIONS OF VALUATION OBJECTS Valuation objects in insignificant volumes are traded on the Moscow Exchange. Cost data is presented below.
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7 ANALYSIS OF THE VALUATION OBJECT MARKET, PRICE FORMING
FACTORS AND EXTERNAL FACTORS AFFECTING IT
PRICE7.1 INDUSTRIAL MARKET ANALYSIS 7.1.1 MORTGAGE CERTIFICATE MARKET issue paper, not having a face value. The main purpose of the IMS is to certify the share of its owner in the common property right for mortgage coverage, in addition, the certificate of participation confirms the right to receive funds for fulfilled obligations, the requirements for which constitute the mortgage coverage. These and other rights are determined by Federal Law No. 152 "On Mortgage Securities". Despite the fact that in 2016 mortgage participation certificates still have gaps in the legislation, they also have certain advantages.
The main indicators of the mortgage securities market in 2016 are presented below.
http: //dom.rf/wp-content/uploads/2016/04/razvitie_rynkov_ipoteki_1h_2016.pdf http://ipoteka-expert.com/ipotechnye-sertifikaty-uchastiya/
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7.1.2 BANKING DEBT CESSION MARKET In 2016, banks are trying to get rid of NPL portfolios and are selling them to collectors faster than in previous periods.
A positive trend can be called a more than 2.5-fold reduction in the share of "4+" placement (placement means not a sale, but the transfer of a portfolio of "bad"
debts under the agency agreement). This indicates that during the crisis, banks are trying to process the portfolio as quickly as possible and put it up for sale in order to maximize profit. After all, the price of a portfolio in this case will be several times higher than in a situation where it was placed five or six times.
In the past year, banks in more than a third of cases resorted to agency agreements with collectors three times before selling them a portfolio of overdue loans. At the same time, in more than a third of cases, credit institutions delayed the moment of sale, trying to resolve the issue through an agency agreement with collectors. The number of such attempts could be up to seven. However, in 2016 the situation changed - banks try not to resort to more than three placements, and then sell the portfolio to collectors.
At the same time, early placements decreased in 2016, but this point is easy to explain, the newspaper notes. In the last two years, the volume of retail lending has significantly decreased, respectively, there is practically no new "delay". Hence the decline in the first placements. Placement "4+" is already a rather old delay, which is now fully reserved by banks. It is more profitable for credit institutions to sell such portfolios, albeit for a pittance, than to keep them on the balance sheet.
In the future, with the tightening of requirements for reservoirs, the volume of placements "4+"
shrink. At the moment, the problem of “bad” debts in the banking market is quite acute, and the entry into force of the law on collection activities in 2017 may somewhat complicate the work of Russian banks. " In particular, under the new law, the borrower has the right to refuse to transfer his debt from the creditor bank to a third party (collector).
In this case, the bank will be able to collect the debt only through the court, which will both lead to an increase in the delay on the bank's balance sheet (which it could have previously sold collection agency) and an increase in administrative costs associated with numerous legal costs.
Therefore, banks are trying to have time to sell "bad" debts to collectors before the new year.
According to forecasts, in 2016 the volume of the cession market will amount to 0.5 trillion rubles, which is 4-5% more than in 2015.
Sources: http://www.banki.ru/news/lenta/?id=9341460
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8 DESCRIPTION OF THE EVALUATION PROCESS OF THE EVALUATION OBJECT IN PART
APPLICATION OF APPROACH (APPROACHES) TO ASSESSMENT
8.1 STAGES OF THE ASSESSMENT In accordance with clause 14 of the FSO No. 1 "General concepts of assessment, approaches to assessment and requirements for the assessment", approved by order of the Ministry of Economic Development of the Russian Federation of 20.07.2007, No. 256, the assessment of an object includes the following stages:
conclusion of an Evaluation Contract, including an evaluation assignment;
collection and analysis of information required for the assessment;
The appraiser studies the quantitative and qualitative characteristics of the appraisal object, collects information essential for determining the value of the appraisal object by the approaches and methods that, based on the appraiser's judgment, should be applied in the appraisal, including:
a) information about political, economic, social and environmental and other factors that affect the value of the property being assessed;
b) information on supply and demand in the market to which the subject of assessment belongs, including information on factors affecting supply and demand, quantitative and qualitative characteristics of these factors;
c) information about the subject of assessment, including documents of title, information on encumbrances associated with the subject of assessment, information on the physical properties of the subject of assessment, its technical and operational characteristics, wear and tear and obsolescence, past and expected income and costs, data accounting and reporting related to the subject of assessment, as well as other information material for determining the value of the subject of assessment.
the application of approaches to valuation, including the choice of valuation methods and the implementation of the necessary calculations;
agreement (generalization) of the results of the application of approaches to the assessment and determination of the final value of the value of the object of assessment;
preparation of the assessment report.
8.2 ANALYSIS OF THE MOST EFFECTIVE USE OF EVALUATION OBJECTS
The most efficient use (NEI) of the objects of assessment is the use case that achieves the maximum effect from an economic point of view. The analysis of the most effective use is carried out in four main areas (taking into account the current state of the corresponding market segment):physical opportunity - the choice is the most effective option use of objects of assessment from existing physically possible use cases;
legally permitted use - the choice of the most effective option for using the objects of appraisal from the existing legally permitted use cases;
financial feasibility - the choice of the most effective option for using the objects of appraisal from the point of view of financial feasibility;
maximum productivity - the choice of the most effective option for using the objects of assessment in terms of maximum economic productivity (benefits).
Only possible option the use of the objects of assessment in view of their specific features is their intended use.
8.3 APPROACHES TO VALUATION When determining the market value of objects of appraisal, three main approaches are usually used:
costly approach;
comparative approach;
profitable approach.
Each of these approaches leads to obtaining different price characteristics of objects. Further comparative analysis allows us to weigh the advantages and disadvantages of each of the methods used and establish the final assessment of the property based on the data of the method or methods that are regarded as the most reliable.
8.3.1 COST APPROACH Cost approach is a set of methods for assessing the value of an appraisal object based on determining the costs required for reproduction or replacement of the appraisal object, taking into account wear and tear and obsolescence.
Taking into account the specifics of the object of assessment and the availability of information at the disposal of the Appraiser, as well as on the basis of clause 11 of the Federal Standard of Appraisal "General concepts of appraisal, approaches to appraisal and requirements for appraisal" (FSO No. 1), approved by order of the Ministry of Economic Development of the Russian Federation dated May 20, 2015 . № 297, and art. 14 ФЗ-135 "On appraisal activities in the Russian Federation", the Appraiser refused to use the cost approach to assessing the market value of mortgage participation certificates (IMS).
8.3.2 COMPARATIVE APPROACH A sales comparison approach is a set of methods for assessing the value of an appraisal object based on a comparison of the appraised object with objects - analogs of the appraisal object, for which there is information on prices.
An object - an analogue of the object of appraisal for the purpose of appraisal is an object that is similar to the object of appraisal in terms of the main economic, material, technical and other characteristics that determine its value.
The comparative approach is based on the principle of substitution, that is, it is assumed that a rational buyer will not pay more for a particular property than it would cost to acquire another similar property with the same utility.
When applying a comparative approach to valuation, an appraiser should:
select the units of comparison and conduct a comparative analysis of the object of assessment and each object-analogue for all the elements of comparison;
adjust the values of the comparison unit for analog objects for each comparison element, depending on the ratio of the characteristics of the assessment object and the analog object for this comparison element;
agree on the results of correcting the values of the units of comparison for the selected analog objects.
The comparative approach is used when there is reliable and available for analysis information on the prices and characteristics of analogue objects.
The objects of assessment are mortgage certificates of participation (ISU). Detailed information on transactions in open sources is presented in section 6.2.2.8. The volumes of transactions by objects of valuation are insignificant. Considering the above, on the basis of clause 11 of the Federal Evaluation Standard "General concepts of evaluation, approaches to evaluation and requirements for evaluation" (FSO No. 1), approved by order of the Ministry of Economic Development of the Russian Federation of May 20, 2015 No. 297, as well as Art. 14 FZ-135 "On appraisal activities in the Russian Federation", the Appraiser refused to use a comparative approach to assessing the market value of mortgage participation certificates (IMS).
LLC "Center for Independent Expertise of Property"
8.3.3 INCOME APPROACH The income approach is a set of methods for assessing the value of the appraisal object, based on the determination of the expected income from the use of the appraisal object.
The income approach is based on the expectation principle.
Expectation principle - the principle of real estate appraisal, according to which the market value of real estate is equal to the current value of future income or benefits generated by real estate, from the point of view of typical buyers and sellers The income approach is used when there is reliable information that allows predicting the future income that the property being appraised is capable of bring, as well as costs associated with the subject of assessment. When applying the income approach, the appraiser determines the amount of future income and expenses and the moments of their receipt.
The appraiser has reliable information to apply the income approach. Considering the above, on the basis of clause 11 of the FSO No. 1, approved by order of the Ministry of Economic Development of the Russian Federation of May 20, 2015 No. 297, art. 14 ФЗ-135 "On appraisal activities in the Russian Federation", the Appraiser applied a profitable approach to assessing the market value of mortgage participation certificates (IMS).
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8.4.1 DETERMINING THE AMOUNT OF CASH FLOW UNDER A LOAN AGREEMENT
8.4.1.1 METHODOLOGY FOR ASSESSING THE ELIGIBILITY OF CREDIT AGREEMENTS AND REGULATORY FRAMEWORK
ASSESSMENT
Analysis of initial informationTo assess the right to claim, it is necessary to analyze:
1. Legal and other general documentation on the loan transaction ( latest revision loan agreements, including all attachments and additions; surety agreements; pledge agreements concluded to secure these loan agreements, etc., cession agreements) from the point of view of the correctness of execution, the presence (absence) of unremovable defects and conditions (target nature of the loan, features of security, etc.) to identify objects of pledge, unpromising ( impossible) for subsequent implementation.
2. Information about the borrower (constituent documents; accounting documents with transcripts of all balance sheet items; information about encumbrances; information on current court cases with the participation of the debtor, etc.) to assess the likelihood of the return of the debt amount from income from economic activities (including the estimated (possible) funds for bringing the company to break-even activity) and / or through the sale of the borrower's property.
3. Information about the pledged items (documents confirming the pledger's ownership of the pledged items; documents confirming the characteristics of the pledged items, including the collateral and market value, etc.) in order to determine the degree of repayment of the total debt on the loan at the expense of the value of the pledged property.
4. The list of documents and information, the content of which affects the value of the transferred rights of claim, is not exhaustive and can be supplemented taking into account the individual characteristics of the credit transaction, the rights of claim under which are supposed to be assigned.
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Stages of the assessment The first stage: Analysis of the available information on the credit transaction.
a. Determination of the total debt on the loan.
Aggregate debt on a loan (Cd) - taken in an amount equal to the balance of loan debt, debt on accrued interest (urgent and overdue), unreceived commission on the loan, reflected in the accounting accounts on the first day of the month in which the calculation and the amount of forfeits are made (fines, penalties), including those calculated in case of non-fulfillment / improper fulfillment by the borrower of obligations under the credit transaction (not reflected in the balance sheet).
b. Analysis of the financial condition of the borrower in order to determine the likelihood of debt repayment by the borrower (if such information is available).
If the borrower has a generally stable financial position, then the analysis of the possibility of repayment of debt at the expense of the expected discounted cash flows from the economic activity of the borrower is carried out.
If the financial condition of the borrower is unsatisfactory, then the possibility of recovering debt is considered within the framework of enforcement proceedings or out of court at the expense of the pledged items.
c. Assessment and analysis of collateral.
The cost of the pledged property is determined, taking into account the period of foreclosure, the timing of implementation, commissions and other expenses are taken into account, incl. costs of attracting an independent appraiser (i.e. cash flows expected to be received from the sale of the pledged property, taking into account the timing of foreclosure on the pledged property, the timing of its sale, minus the costs associated with the sale of this property and other expenses).
Determination of the existence of a real right (right of claim) in the event of an unsatisfactory financial condition of the debtor enterprise The main task in assessing the right of claim (in the case of an unsatisfactory financial condition of the debtor enterprise is to determine the availability and the possibility of reclaiming real estate, which is a security under a loan agreement, in accordance with the legislative procedure.
According to the established banking practice in the field of lending to legal entities, the most common types of security for the fulfillment of obligations under credit agreements can act:
pledge of inventory items, land plots, real estate objects, Vehicle, securities and other assets;
surety of a legal entity;
surety of an individual.
In fig. 8.4.1 is a brief diagram showing the composition of possible collateral used by Russian credit institutions in the practice of business transactions under credit agreements between a credit institution and legal entities, in the event that the loan is secured by collateral. This scheme does not take into account options for collateral in the form of guarantees of individuals or legal entities.
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The obtained results of the analysis of collateral are assessed according to the following gradation of aggregate risks:
0-15% - low risk, the possibility of obtaining collateral is high;
15-25% - medium risk, the possibility of obtaining collateral exists;
25-50% - a high degree of risk, the possibility of obtaining collateral exists, but it is associated with additional costs;
Above 50% - a high degree of risk, which does not allow talking about the possibility of foreclosure on the pledge.
(A source: " General principles assessment of the rights of claim on credit agreements of banks / M.N. Lepeshkina, E.G. Sinogeykina, P.A.
Tyukov. - M .: All-Russian public organization"Russian Society of Appraisers", 2011. - 47, p. : ill. - (Encyclopedia of Assessment).
Article 128 of the Civil Code of the Russian Federation, which gives a list of types of objects of civil circulation, classifies property rights as objects civil rights along with things, including money and securities, other property, works and services; protected results of intellectual activity and means of individualization equated to them (intellectual property); intangible benefits.
One of the main features of the objects of legal relationship is that such objects must represent a certain value, which is manifested in its ability to satisfy certain legally significant interests of subjects of law.
Of course, the rights of claim have such material value, which means that the right (claim) can be an object of civil turnover.
This provision is confirmed by the presence in Chapter 24 of the Civil Code of articles containing norms on the assignment of rights of claim.
According to Art. 8 of the Civil Code of the Russian Federation, the basis for the emergence of civil rights and obligations is an agreement and other transactions, etc.
Article 307 of the Civil Code of the Russian Federation determines the grounds for the emergence of obligations - this is a contract, causing harm, unjust enrichment, and others (part 2 of article 307 of the Civil Code of the Russian Federation).
Thus, the contract is the basis for the emergence of civil rights and obligations, and obligations.
Civil rights and obligations and obligations arise in relation to a specific object.
By virtue of the obligation, one person (the debtor) is obliged to perform a certain action in favor of another person (the creditor), such as: transfer property, perform work, pay money, etc., or refrain from a certain action, and the creditor has the right to demand from the debtor of the performance of his obligation (part 1 of article 307 of the Civil Code of the Russian Federation).
Thus, property law, along with other property, is what obligations arise about.
Civil law uses the concept of "obligation" in various meanings, namely: an obligation in a broad sense, and a narrow one, i.e. specific rights of the creditor's claim against the debtor.
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The agreement may contain (and most often contains) a set of rights and corresponding obligations. So, in the contract of sale, one can distinguish the right of the buyer to demand the transfer of the goods and the corresponding obligation of the seller to transfer the goods (the first bond). Under this agreement, the seller has the right to demand payment for the goods and the buyer's obligation to pay for it (second binding bond).
The creditor and the debtor can only be indicated in a simple legal relationship, and not within the framework of the contract as a whole.
In a complex legal relationship, which, as a rule, is a contract, there are parties, i.e. subjects with both rights and responsibilities, i.e.
creditors and debtors at the same time.
Chapter 24 of the Civil Code of the Russian Federation "Change of persons in an obligation" provides for the procedure for replacing a party in one legal relationship (a debtor or a creditor), and not a party to a contract (or other obligation in a broad sense), each of which can be both a debtor and a creditor for different obligations covered by the construction of one contract.
In Art. Art. 382 - 390 of the Civil Code of the Russian Federation to designate a person who "owned" the assigned right, the term "creditor" is used. A creditor is an active entity who has the right to demand action (refraining from action) from the debtor.
In a contract, the content of which is only one legal connection, one simple obligation, the change of the active party in the obligation (the creditor) is also a replacement of the party in the contract. An example of such an obligation is a loan: the transfer of the right of claim to another person means the replacement of the party to the agreement - the lender.
Often times, the legal obligation relationship is complex, i.e. each of its parties has a number of rights and has a number of responsibilities. The totality of a number of counter rights and obligations of the parties should be considered as one legal relationship. Separate rights of the parties to obligations in the legal literature are designated by the term "powers".
At the same time, it is indicated that they are part of the subjective law, which has a complex structure. With a change in persons in the obligation, its subject composition changes, while the systemic links between powers and duties remain.
The newly interceding person under the contract of assignment of the right of claim does not transfer the separate authority of the retiring person (the right of claim), but the entire totality of his powers that are available at the time of the transfer.
The legislator uses the concept of law (requirement) in the norms of Chapter 24 of the Civil Code of the Russian Federation. So, by virtue of Art. 382 of the Civil Code of the Russian Federation, the right (claim) belonging to the creditor on the basis of an obligation can be transferred by him to another person under the transaction (assignment of the claim) or transferred to another person on the basis of the law.
When analyzing the rules on the assignment of rights (claims), it can be concluded that the requirement
This is not the right of the subject to demand, but what the authorized person claims (claims) to receive, i.e. the execution of which he (upon the occurrence of certain conditions) may demand from the person obliged by his right, relying on the coercive force of the state.
In this case, it is only necessary to keep in mind that when assigning rights in the manner provided for in Ch. 24 of the Civil Code of the Russian Federation, both practice and theory proceed from the fact that cession is allowed only in relation to the right arising from the obligation.
According to paragraph 4 of Article 454 of the Civil Code of the Russian Federation, the sale of property rights applies general provisions on the sale and purchase, unless otherwise follows from the content and nature of these rights.
At the same time, there are several points of view regarding the recognition of the property-legal status for the rights (claims), from the complete denial of their property-legal nature to the recognition of the ownership right to the right of claim ("the right to right") and the difference between law as content and right as an object.
In any case, having material value rights (claims), being in essence rights of obligation, at the same time are the object of transactions, along with other property (for example, property rights).
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8.4.1.2 CONCLUSIONS ON THE FINANCIAL STATE OF THE BORROWER ENTERPRISE As of the date of submission of the financial statements, the borrowing company STONBELL TRADING & INVESTMENTS LIMITED (Cyprus) is an operating company.
Below is the cost analysis net assets and analysis of the report on financial results for the likelihood of debt repayment due to the expected discounted cash flows from the business of the borrower.
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Output:
It is possible to repay the debt by fulfilling the borrower's obligations under the loan agreement. It should be noted that in the time period from the moment of the conclusion of the loan agreement to the date of the appraisal, the borrower company fully fulfilled its obligations, avoiding the occurrence of overdue debt. It is necessary to take into account the risks associated with the low cost of collateral, which is significantly less than the amount of debt of the organization - the borrower.
In addition, the Valuer was not provided with financial statements borrower on the date of assessment.
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8.4.1.4 DETERMINING THE LIKELY VALUE OF CASH FLOW IN THE FRAMEWORK OF PERFORMANCE
OBLIGATIONS OF THE BORROWING ORGANIZATION UNDER THE LOAN AGREEMENT
The appraiser was provided with a schedule of payments under the loan agreement No. 1141KL / 15 dated May 20, 2015 as of October 31, 2016.It should be noted that under the terms of the loan agreement, the interest rate for the loan is floating: Key rate Bank of Russia increased by 5% per annum.
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8.4.1.5 DETERMINING THE DISCOUNTING RATE real estate) provided by banks for a long time. This choice is justified by the fact that, in fact, the IMS holders have risks similar to those of credit institutions that lend for large amounts and for long periods. To determine the rate as of the date of the appraisal, the Appraiser accepted the published data on interest rates on loans extended by credit institutions to non-financial organizations in rubles (http://www.banki.ru).
Below is an analysis of the programs and conditions for lending to legal entities for large amounts and a long term.
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8.4.1.6 FEATURES OF THE MARKET VALUE OF MORTGAGE CERTIFICATES OF PARTICIPATION (IMS)
The assessment of the market value of mortgage participation certificates is determined on the basis of the value of claims under loan agreements transferred under cession agreements to the mortgage coverage.To determine the market value of mortgage participation certificates (IMS), it is necessary to adjust the market value of the rights of claim under credit agreements, taking into account the deductions provided by: new edition No. 3 as amended).
8.4.1.7 DETERMINING THE AMOUNT OF THE REMUNERATION GOVERNING THE MORTGAGE COVERAGE
According to the relevant section of the rules for trust management of mortgage coverage, the amount of remuneration to the manager of the mortgage coverage should be no more than 2.0% of the amount of fulfilled obligations, the requirements for which constitute the mortgage coverage, for one month. In fact, the amount of remuneration withheld by the mortgage cover manager is 2.5% of the amount of fulfilled obligations.8.4.1.8 DETERMINING THE AMOUNT OF THE REMUNERATION OF THE SPECIALIZED DEPOSITARY
MORTGAGE COVERAGE AND REGISTRAR CARRYING OUT THE REGISTER OF OWNERS
MORTGAGE CERTIFICATES OF PARTICIPATION
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8.4.1.9 DETERMINING THE INCOME TAX RATE AND THE TAXABLE BASE
According to sub. 1 p. 4 art. Art. 284 Tax Code In the Russian Federation, the tax rate that applies to the income of the founders of the trust management of mortgage coverage received on the basis of the acquisition of the IMS does not depend on the means by which the manager pays the income under the IMS to the founder of the management.The tax rate in this case depends on whether the IMS was issued to the manager before January 1, 2007 (in this case, a 9% rate is applied to the founder's income in accordance with subparagraph 2 of clause 4 of article 284 of the Tax Code of the Russian Federation) or after January 1 2007 (tax rate 15% in accordance with subparagraph 1 of paragraph 4 of article 284 of the Tax Code of the Russian Federation). Considering that the IMS can be bought as a security in the secondary market (clause 5 of Article 20 of the Law on Mortgage Securities), for determining the tax rate on transactions with the IMS, it is not the date of its acquisition by the taxpayer that is significant, but the date of issue by the manager (that is, the date issuance of the certificate into circulation).
Thus, any income of the founder of the management when receiving income from the manager of the mortgage coverage (in the form of transferring interest on mortgage paid to the manager of the borrower, interest on government securities included in the mortgage coverage, income from the use of real estate included in the coverage, etc.) is taxed at a reduced tax rate at 15%.
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9 DESCRIPTION OF THE RESULTS AGREEMENT PROCEDURE
ESTIMATES AND CONCLUSIONS OBTAINED ON THE BASIS OF
CALCULATIONS PERFORMED BY DIFFERENT APPROACHES
Reconciliation of the assessment result - obtaining a final grade based on the results obtained using various assessment methods.The reconciliation task is to bring the various results together into a single integrated property valuation. When coordinating the results of the cost assessment, taking into account the contribution of each of them, the probability of obtaining a more accurate and objective value of the object's value increases significantly.
In the general case, in the final agreement, each of the results obtained by different approaches is given its own weight. The rationale for the weighting of the respective approach depends on factors such as the purpose of the valuation and the definition of cost used, the quantity and quality of data supporting each method used.
Since when calculating the market value of the appraisal objects, one approach was used - a profitable one for evaluating the market value of mortgage participation certificates, then in this case the market value of the appraisal objects will be the result obtained in the calculation by the above approach.
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10 CONCLUSION ON THE MARKET VALUE OF VALUATION OBJECTS
The objects of assessment within the framework of this Report are:
246,080 mortgage participation certificates (ISU) GK-3 managed by LLC UK Capital PIF, reg. No. 0034;
The calculations made allow us to conclude that the market value of the appraisal objects as of the appraisal date is:
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LIST OF USED SOURCES
Regulations1. Civil Code RF. Part I - II // Federal Law No. 15 - ФЗ dated 26.01.1996.
2. Federal Law of the Russian Federation of October 2, 2007 No. 229-FZ "On Enforcement Proceedings";
3. "The Arbitration Procedure Code of the Russian Federation" dated 24.07.2002 N 95-FZ (as amended on 29.06.2015) (as amended and supplemented, entered into force on 01.10.2015);
4. Federal Law of the Russian Federation "On Valuation Activity in the Russian Federation" dated July 29, 1998, No. 135-FZ;
5. Federal Law of the Russian Federation "On Amendments to the Federal Law" On Valuation Activity in the Russian Federation "dated July 27, 2006, No. 157-FZ;
6. Federal Law "On Amendments to Certain Legislative Acts of the Russian Federation on Valuation Activities" dated July 13, 2007, No. 129-FZ;
7. Federal assessment standard “General concepts of assessment, approaches and requirements for the assessment (FSO No. 1) (approved by order of the Ministry of Economic Development of the Russian Federation of May 20, 2015 No. 297);
8. Federal valuation standard "The purpose of valuation and types of value" (FSO No. 2) (approved.
9. Federal assessment standard "Requirements for the assessment report" (FSO No. 3) (approved by
10. Federal standard of appraisal "Real estate appraisal" (FSO No. 7) (approved by order of the Ministry of Economic Development of the Russian Federation on September 25, 2014 No. 611);
11. Federal valuation standard "Business Appraisal" (FSO No. 8) (approved by order of the Ministry of Economic Development of the Russian Federation on June 1, 2015 No. 326);
12. Standards and rules for appraisal activities - SRO RAO (approved by the decision of the Council of the SRO Regional Association of Appraisers, Minutes No. 7 of 24.01.2012);
13. International Valuation Standards IES 2011 International Committee on Valuation Standards (ICSO);
14. European Valuation Standards ECO 2012 and subsequent publications of the European Group of Appraisers Association (EGAO).
Reference literature
1. Internet resources: www.economy.gov.ru; www.cbr.ru; www.gks.ru; www.akm.ru;
www.expert.ru; www.skrin.ru; www.e-disclosure.ru; http://www.troika.ru/;
www.deloshop.ru; www.biznesmarket.ru; www.businessforsale.ru Methodical literature
2. Abdullaev N.A. Semenikhin A.I., Sokolov B.N. Financial analysis industrial enterprise: Tutorial... - M .: Higher School of Privatization and Entrepreneurship, 2000.
3. Valdaitsev S.V. Assessment of business and innovation - M .: Information and publishing house "Filin", 1997.
4. Gribovskaya S. "Methods of capitalization of income" Course of lectures, M., 1997
5. Grigoriev V.Yu., Fedotova M.A. Enterprise appraisal: theory and practice. M .: INFRA - M., 1997
6. Desmond G.M., Kelly R.E. Business Appraisal Guide / Per. English / Ed. number: I.L.
Artemenkov (chief editor), A.V. Voronkin. - M, 1996.
7. Efimova O.V. The financial analysis... Ed. "Accounting", M: 1986.
8. Kovalev A.P. How to evaluate the property of an enterprise. - M .: Finstatprom, 1996.
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9. Business Valuation: Textbook / Ed. A.G. Gryaznova, M.A. Fedotova. - M .: Finance and statistics, 1999 .-- 512 p.
10. Pratt S. Appraising business: analysis and valuation of closed companies. Per. from English Ch.
1-4, 9, 11-15. M .: 1994.
11. Principles of Corporate Finance, R. Brailey, S. Myers, ed. "Olymp-Business", Moscow, 1997.
12. Guide to business valuation. Glenn M. Desmond, Richard E. Kelly, 1996, 262p.
13. Fedotova MA How much does business cost? Assessment methods. - Moscow: Perspective, 1996–103 p.
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TERMINOLOGY USED
Business - entrepreneurial activity carried out at the expense of their own or borrowed money at its own risk and under its own responsibility, setting the main objectives of making a profit and developing its own business.
Business plan - detailed plan entrepreneurial activity for a certain period, setting the indicators that the enterprise must achieve. For new businesses, a business plan is a must-have document to help raise capital or get a loan.
Valuation date (date of valuation, date of value determination) - the date as of which the value of the valuation object is determined.
A subsidiary company is a legally independent enterprise separated from the main (parent) enterprise and established by it through the transfer of part of its property. Often acts as a branch of the parent company that established it.
The founder of a subsidiary approves its charter and retains some management, including control, functions in relation to it.
Income approach - a set of methods for appraising the value of the appraised object, based on the determination of the expected income from the use of the appraised object.
The cost approach is a set of methods for assessing the value of the appraised object, based on determining the costs necessary for reproduction or replacement of the appraised object, taking into account wear and tear and obsolescence. The costs of reproduction of the object of assessment are the costs necessary to create an exact copy of the object of assessment using the materials and technologies used to create the object of assessment.
The costs of replacing an appraisal item are the costs required to create a similar item using materials and technologies that are used at the appraisal date.
The final value of the value of the appraisal object is the value of the appraisal object, obtained as a result of the generalization of the results of calculations of the value of the appraisal object, substantiated by the appraiser, using various approaches to valuation and valuation methods.
The residual value of the appraised object is a calculated value reflecting the most probable price at which the given object of appraisal can be alienated during the exposure period of the appraised object, which is less than the typical exposure period for market conditions, in conditions when the seller is forced to make a transaction for the alienation of property.
Appraisal method - a method of calculating the value of an appraisal object within one of the appraisal approaches.
The object of assessment is objects of civil rights, in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation.
An enterprise is an independent economic entity with the rights of a legal entity that manufactures and sells products, performs work, and provides services.
The enterprise has the right to engage in any economic activities that is not prohibited by law and meets the goals stipulated in the charter of the enterprise. The enterprise has independent balance, settlement and other bank accounts, stamp with its name.
Control premium - the additional value inherent in a controlling interest, which reflects its power of control as opposed to a minority interest (MP-6, 3.13).
Market value is the most probable price at which the subject of valuation can be alienated in the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and no extraordinary circumstances are reflected in the value of the transaction price, that is, when:
one of the parties is not obliged to alienate the subject of valuation, and the other party is not obliged to accept performance;
the parties to the transaction are well aware of the subject of the transaction and act in their own interests;
the subject of appraisal is presented for sale in the form of a public offer, typical for similar appraisal objects;
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the price of the transaction is a reasonable remuneration for the object of valuation and forcing to complete the transaction in relation to the parties to the transaction from someone else's side;
payment for the subject of assessment is expressed in monetary form ”.
Discount for lack of control - an amount or percentage deducted from a proportional share of the value of 100% of a block of shares in a business, reflecting the absence of some or all of the powers of control (МР-6, 3.14) Discount for insufficient liquidity - an amount or percentage deducted from the value of a share in capital companies in order to reflect the relative degree of liquidity of the stock or share.
Comparative approach - a set of methods for appraising the value of the appraised object based on the comparison of the appraised object with objects - analogs of the appraised object, in respect of which there is information on prices. An object - an analogue of the object of appraisal for the purpose of appraisal is an object that is similar to the object of appraisal in terms of the main economic, material, technical and other characteristics that determine its value.
Exposure period of the subject of assessment - the period of time from the date of presentation on open market(public offer) of the appraisal object before the date of the transaction with it.
The cost of an operating enterprise is the cost of a single property complex, determined in accordance with the result of the functioning of the established production. In accordance with the definition of IES - 2007, the value of a going concern is the value created by the activities of the business for which the business is established. It expresses the value of some established business and is derived by capitalizing its profits. The resulting value includes contributions from land, buildings, machinery and equipment, as well as goodwill and other intangible assets. total amount The Values in Use for all assets is the Going Business Value.
Price - sum of money offered or paid for the subject matter or its equivalent.
Shares are understood as securities that are issued by a joint-stock company upon its establishment, as well as for the mobilization of funds when increasing the existing authorized capital. Therefore, the share can be considered evidence of the contribution of a certain share in authorized capital joint stock company.
The RF Law "On the Securities Market" provides the following definition of a share:
A share is an equity security that secures the rights of its holder (shareholder) to receive part of the joint-stock company's profit in the form of dividends, to participate in management and to part of the property remaining after its liquidation. "
From the point of view of the rights of shareholders, shares are divided into ordinary and preferred.
Ordinary shares entitle the holder to participate in general meeting shareholders with the right to vote on all issues. Owner common shares has the right to receive dividends, and in case of liquidation of the enterprise - the right to receive part of the property of the enterprise in the amount of the value of the shares belonging to him.
The par value of a share is what is indicated on the face of a share, which is why sometimes the par value is called face value. The par value of all ordinary shares of a company must be the same and provide all shareholders of this company with an equal scope of rights.
According to the Law "On joint stock companies»The charter capital of the company is made up of the par value of the company's shares acquired by the shareholders, which is the sum of the par values of the shares in circulation.
Then the valuation of shares occurs during the initial offering, when it is necessary to establish the issue price. This is the price of the share at which the first holder purchases it. Payment for the shares of the company at its foundation is made by it
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COPIES OF DOCUMENTS CONFIRMING
ELIGIBILITY TO CARRY OUT AN ASSESSMENT
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COPIES OF DOCUMENTS USED BY THE RATER AND
SET QUANTITATIVE AND QUALITATIVE
FEATURES OF THE ASSESSMENT OBJECT
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LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
LLC "Center for Independent Expertise of Property"
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IMS (Mortgage Certificate of Participation) is one of the most common types of such documents in the long-term lending market.
Mortgage certificates of participation
Holders of mortgage certificates receive the right to require the issuer of a security to participate in the management of mortgage coverage, as well as initiate the receipt of funds in the form of financial receipts from the accumulated pool of attracted mortgage assets. Each individual mortgage certificate is evidence of certain rights in the same amount, which confirms an equal share of general ownership rights within the framework of the mortgage coverage.
Mortgage certificates of participation with mortgage coverage
Issuance of ISU for mortgage coverage occurs in order to fix share individual actors in the process. Securities in the form of certificates also serve as the basis on which mortgage coverage management processes are based and instituted. Shared ownership of a general mortgage cover occurs at the time of approval. As part of the mortgage coverage management process, it is possible to sign a trust management agreement for a period of 1 to 40 years.
Accounting for mortgage participation certificates
Securities of this type have no par value, but at the same time are available on the securities market on the principle of free circulation. Derivative securities based on mortgage participation certificates are not issued. For the purpose of detailed accounting of the rights that arise under certain securities, it is recommended to maintain a register in which necessary information about the owners of ISU. If it is necessary to confirm the existing rights, an extract from the register of the established form is issued. The document is issued within five days from the moment the owner of the IMS contacts the registrar.
The procedure for recognizing a mortgage certificate of participation in a bank
The agreement on the subject of registration of IMS owners in the form of a register is concluded with only one of the registrars. The procedure and basis for keeping records are regulated on the basis of normative legal acts adopted by the executive branch at the federal level. In case of improper fulfillment of obligations to maintain the register, the registrar bears subsidiary liability to the owners of the IMS. The corresponding wording is given in federal law, are spelled out in the contract, which is concluded with the manager and are concluded with the rules that apply to the management of mortgage coverage.
Advice from Compare.ru: Mortgage participation certificates are a time-tested and practical tool for the development of the long-term lending market. With the help of the IMS, the foundations of trust management are laid on the market, the procedure for confirming the rights to certain obligations is simplified, and other operations become possible that simplify and accelerate the work with mortgage obligations of all types.
Mortgage Certificate of Participation (ISU)- a registered security, certifying the share of its owner in the right of common ownership of the mortgage coverage, the right to demand from the issuer of it proper trust management of the mortgage coverage, the right to receive funds received in fulfillment of obligations, the requirements for which constitute the mortgage coverage, as well as other rights provided for by law Federal Law No. 152-FZ of November 11, 2003 "On Mortgage Securities".
ISU release scheme
The issuance of IMS can only be carried out by commercial organizations that have licenses to carry out activities for the management of investment funds, mutual investment funds and non-state pension funds, as well as credit organizations.
The issuance of MIS is the basis for the emergence of common shared ownership of the owners of mortgage certificates of participation for the mortgage coverage under which they are issued, and the institution of trust management of such mortgage coverage. Shared ownership of a mortgage cover arises at the same time as the trustee for that mortgage cover.
Trust management of mortgage coverage is established by concluding a contract for trust management of mortgage coverage.
ISU release scheme:
- the bank transfers its formed mortgage portfolio to the mortgage coverage manager for trust management;
- the mortgage cover manager, in cooperation with the special depository and the registrar, issues the IMS;
- MIS issued by the mortgage cover manager are transferred to the originating bank for further sale to investors;
- maintenance of the mortgage portfolio, which is part of the mortgage coverage for the issued MIS, is carried out by the service company / originating bank.
Benefits for Investors
- Obtaining the opportunity to diversify the investment portfolio (the planned yield is higher than mortgage-backed bonds, but lower liquidity and a cash flow guarantee);
- Purchase of a profitable instrument for medium-term investment;
- Investment in an instrument with high-quality and reliable mortgage coverage; independent service agent;
- The possibility of completely eliminating the interruption of the flow of payments due to its shift in time by including the investor's financial risks in the insurance structure.
Main differences between ISU and mortgage-backed bonds
Mortgage Certificates of Participation (ISU) | Mortgage-backed bonds |
---|---|
All proceeds from mortgages are distributed to investors, minus infrastructure costs (no tranching) |
Fixed coupon yield on the senior tranche (tranche of a bond issue) |
Low cost of issue and maintenance of securities | High cost of issuing and maintaining securities |
Short terms of organization of the issue (on average - 3-5 months) |
Long term organization of the issue (on average - 9-12 months) |
Risks in the pool of mortgages are evenly distributed among the owners of the MIS | Excessive mortgage risks are maximally concentrated on the owner of the junior tranche ( originator) |
Low liquidity, cannot be included in the Lombard list (at the moment); inclusion in quotation lists, incl. top quotation list | High liquidity, can be included in the Lombard list and quotation lists, incl. top quotation list |
Depreciation of the IMS in accordance with the early repayment of the mortgage | High rate of bond amortization due to issue subordination |
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