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12.11.2013

The NBK-Group successfully completed a large-scale and strategically important project on evaluation of the Concern "Kalashnikov" and the brand "Kalashnikov" value. The evaluation results obtained by our company are a kind of a "road map" of the economic development of JSC "Concern "Kalashnikov" in the medium term.

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Web portal of appraisers Consulting empire published an interview with Albert Ayginin, Director, managing partner of NBK-group. The conversation is focused on the reasons of choosing profession, details of appraisers work, actual problems of the valuation market and its prospects.

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One of the priorities of NBK-group is working with intellectual property: patent expertise, patent&marketing research and valuation of intangible assets. We use modern techniques and best available for today information systems for gathering and analysis of patent information. When estimating the value of intangible assets appraisers used not only theirs knowledge in the economy, but also analyze the characteristics of innovative technology.      Full story
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About modern valuation market and its prospects. Interview with the Director, Managing partner of NBK-group A. A. Ayginin

About modern valuation market and its prospects. Interview with the Director, Managing partner of NBK-group A. A. Ayginin

Web portal of appraisers Consulting empire published an interview with Albert Ayginin, Director, managing partner of NBK-group. The conversation is focused on the reasons of choosing profession, details of appraisers work, actual problems of the valuation market and its prospects.

Albert Ayginin, Director, managing partner of «NBK-group»







Albert, you graduated from Moscow Aviation Institute, Control Systems, informatics and electropower systems faculty, High school Aviabusiness in The Moscow State Technical University of Civil Aviation. Finally, how did you come to an appraisal business? Have you got any regrets about leaving aviation areas?

My first higher education, related to aviation and cosmonautics opened scientific and engineering prospects in this area. Unfortunately, in 1992, when I came to one of the Soviet aerospace program leaders – Lavochkin SPU, I had thought not about the professional growth, but about elementary survival. I clearly remember as we, young professionals, cut the meat and carried bags with wage for all department, which had already depreciated over several months. I had to go to a more consistent structure in the production-supervisory service of Sheremetyevo airport. Then this company sent me to the High school Aviabussiness in The Moscow State Technical University of Civil Aviation. This education opened for me a new field of knowledge economics. Despite of possible career prospects, I couldn’t longer be limited by routine work at the airport. In 1996 I tried my fortune to work in appraisal business. Frankly, this area seemed a little boring: there werent any complex mathematical formulas or intensive airports rhythm neither. However, I became keen on research and analytical nature of new specialty. Occurred that in addition to experience and basic higher education I needed fundamental knowledge in the field of economics. I entered MAI once again, and started studying at The Faculty of Economics. I finished the education and became a teacher here. So I hadnt lost communication with aviation. Speaking seriously, I dont regret about the choice that Ive made 15 years ago. Due to valuation, I familiarize myself with many sectors of economy, met a lot of interesting people, and, most importantly , got a favorite job.

You have experience of working with projects for Moscow government, Roscosmos companies, RUSNANO. What were these projects about? What impressions and experience have you gained? Are you satisfied with results?

All listed projects are connected with appraisal field. Project for Moscow government was a classic valuation of big quantity of real estate objects. It wasnt a mass valuation, like cadastral ones. We used all obligatory methods for each object. We inspected and valued more than 1500 buildings and rooms. Moscow government had set a deadline: 1 week for valuation of 15-20 real estate objects, located in different parts of the city. Meeting a deadline and providing high quality of work was impossible without strong system of management and high-level optimization of technical procedures. This project allowed to realize, that its possible to use standard procedures and technologies in valuation, which release appraisers from routine and allow them to focus on essential, economic tasks.

Working for Roscosmos enterprises and Space forces of Russia embraced a lot of tasks: valuation of cosmodromes Baykonur and Plesetck infrastructure buildings in order of insurance, modeling and appraising environmental damage for cases of emergency rocket launches; astronautic enterprises financial analysis. Moreover, these projects included large scope of works for benchmarking results of intellectual departments of these companies. Projects in astronautic industry allowed me to use technical knowledge, which I had acquired at the university. In addition, I've got an opportunity to meet a lot of interesting people: scientists, managers and specialists from this modern and little bit romantic industry.

Projects for RUSNANO are connected with expertise and valuation of IP, which is a contribution of Russian and international companies in the companies authorized capital stock, established with RUSNANO support. In these projects we made more than 55 reports. A distinctive feature of these projects is its broad industry coverage: from nano-materials and electronics to pharmacology. Now we offer RUSNANO our new project a complex patent-marketing research, which will help to minimize the risks connected with investment projects implementation and provide new opportunities to access the prospects of innovative products. It can seriously complement traditional marketing and patent researches.

Work with such serious clients requires high level of responsibility and continuous professional development. Its impossible to build long-term cooperation without these qualities.

What valuation direction do you prefer now? Why?

First of all, its the intellectual property and venture business valuation. These areas are interesting, because Russian IP market only recently started to form. Its encouraging to see the germs of new economy, and even more attractive to participate in its development. On the other hand, a huge and demanded scientific and technological potential, accumulated by our country in its traditional industries (aerospace, nuclear industry, mechanical engineering) requires competent management and involvement in the economic turnover. It needs professional economic consulting, including valuation. NBK-group offers a range of services on the IP expertise and valuation, patent and patent-marketing research, as well as for the identification, protection and accounting of IP, which belongs to hi-tech companies.

You are a director of a large appraisal company. Is it easy to survive in modern economy? What challenges do you usually face?

Today NBK-group is a consistently developing consulting company. In addition to valuation services we offer a range of services related to the IP research, anti-crisis consulting, legal expertise. We focus on strategy of development rather than survival. Of course, there are a lot of problems on this way. One of the main problems of valuation is rapid-growing bureaucracy. When the competence of appraiser is substituted by skill of collecting a necessary evidence base: to make screenshots of websites, scan the pages of textbooks, attach a lot of documents to the report. The emphasis is not on the adequacy of this valuation, the main goal of appraisers is to prepare a legal document. Market expects that the valuation can reliably determine the true value. Not surprising that large companies related with investments hires internal appraisers who estimate value instead of legal documents preparation. Companies go to external appraisers only when it is required by law. Range of mandatory valuation in this case begins to squeeze . The market denies appraising as separate business.

The problem of dumping is very actual today. How your company fights with it? How do you thing you can overcome this problem?

The problem of dumping in a competitive market will always exist. Its impossible to convince companies to follow a single price. Dumping is nurtured when the only criterion of choice services price. Quality issues fade into the background. This situation, unfortunately, exists in the valuation. Returning to the previous question, the customer do not care whether the report contains scans of books and the pages, or if pages are sewn and numbered or not. If the valuation legislation provides only one measure of quality, the customer will be guided by the cost of services. NBK-group always strives to make a reasoned valuation and user-friendly report. The company specialists are trying to understand the features of each object and it's surrounding. According to this, they will prepare precise and professional valuation. .It's what we call quality, and our client always appreciate this. Of course, we make our valuation reports in full compliance with law. For making preparation terms shorter, our company developed a system for automatic creation of common report blocks, which allows our specialists to focus on a research part of report. This approach reduces costs and allows us to be competitive without sacrificing quality of services. Our competitive advantages are professionalism, experience and orientation to customer.

Do you face the staff shortage problem? Unfortunately, it's not a secret, that its very difficult to find professional appraisers.

Yes, its difficult to find professional appraisers in the labor market. Although these experts are trained in many universities and professional courses, there are not enough appraisers who are ready to solve non-standard problems. Essential capital of consulting company is employees. In our company we rely on preparing our own personnel.

Many employees in NBK-group came from MAI, where Im a lector. Most of them have two higher education: technical and economic. While working in the company they completed professional retraining courses on the base of higher education Business valuation, took part in professional seminars and conferences, successfully passed the examinations for professional certificates. All employees learn foreign languages. The professional development program operates in NBK-group continuously. It's very important that this knowledge is not wasted and always connected with practice. Today in NBK-group was formed a strong team of professionals, ready to solve the most difficult problems.

What do you think about the future changes in the valuation business? In your opinion, will they materialize into reality?

Systematic changes in appraisal activities are necessary, I've already said it in response to previous questions. Along with the systematic problems there are private problems, which are important for practice. One of these problems is the valuation in bankruptcy, which designed to protect the legitimate interests of debtor and creditors. Today the law requires appraiser to determine the market value of the debtor property, which determine the starting value of the property at auction. This ignores the specific of these trades: limited time-frames, lack of proper marketing promotion and established market, etc. Proceeding from market value of the property, as right as a rule its impossible to sell in a reasonable time. In these circumstances, lenders must use a huge discount, sometimes up to 95% of the starting price. It's impossible to do it immediately: first auction ends, than second, and only after that starts a public offer where radical price reduction is possible. This leads to delay the bankruptcy process. In this situation, the valuation results, which can be reduced by 95%, blames appraiser profession. Not surprisingly, that the recent amendments to the bankruptcy law cancel mandatory valuation for sale. Its necessary to make amendments to appraisal legislation, which allow to restore appraisers esteem.

Formation of any market, including valuation and consulting market, is a complex process that requires from companies the ability to look forward. Im sure that present difficulties can be solved and the valuation market will take significant place in our economy.

In conclusion I want to wish you further professional success, interesting projects and creative ideas.

The interview was published on the website: http://www.imperia-a.ru

Permanent link to material: http://www.imperia-a.ru/persons/id/70

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