Бизнесийн болон санхүүгийн хөрөнгийн үнэлгээ хийх арга аргачлалыг боловсруулах дотоодын зөвлөх сонгон шалгаруулна
Урилгын дугаар: C11/CS/016
Захиалагч: Сангийн яам
Зарын төрөл: Зөвлөх үйлчилгээ
Зарласан огноо: 2019.08.13
Дуусах огноо: 2019.08.19 17:00:00  

Зарын урилга

REQUEST FOR EXPRESSION OF INTEREST

Assignment title: National Individual Consultant to develop and improve valuation approach and methodology for appraisal service

A. BACKGROUND

Mongolia has received a credit from the International Development Association (IDA) for the Strengthening Fiscal and Financial Stability Project (SFFSP). The Objective of the SFFS Project is to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project is designed into five components: (I) Strengthening Macroeconomic and Fiscal Management; (II) Improving the Efficiency of Public Financial Management; (III) Enhancing Financial Sector Stability; (IV) Strengthening the Social Protection System; (V) Project Management and Monitoring. The objectives are to: Strengthening fiscal responsibility and implementing relevant policy measures, improving fiscal discipline, strengthening the resiliency of the banking system, improving public expenditure quality in social protection, providing support for Project implementation, coordination, monitoring and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269.
The valuation and appraisal services have been developing and making progress in their operations and activities over 20 years in Mongolia. Legal environment and regulations related to the law have played an important role in the development of valuation and appraisal services and they should be continued in the future in this manner. For this reason, in order to accelerate progress towards advancements of operations and activities of Mongolian valuation and appraisal services, the Government has to improve the appraisal related legal environment so that would be consistent with the international standards. According to the Parliament resolution #11 of 2017, “Main Direction For Improving Mongolian Legal Environment Till 2020”, it states that the Appraisal law and its related regulations should amended.
Article 4.4 of the Appraisal Law of Mongolia states that appraisal and valuation of assets should be aligned with international standards and methodologies. However, the current methodology for appraisal and valuation of assets had not been developed in accordance with the international standards and therefore, it needs further improvements to meet international standards. Moreover, there is no unified database (data availability) and sufficient information on capital markets prices and other markets prices. Thus, appraisers use different commercial information (data) and employ different appraisal methodology, which result in different appraisal reports (value differs significantly). Hence, it is imperative to develop integrated approach and appraisal methodology of property, businesses and financial instruments valuations to meet the requirements of the International Standards or “International Valuation Standards Council 2017” and to determine database for the appraisal services.
Therefore, The Ministry of Finance (MOF) is seeking to hire a National Individual Consultant (Expert) in developing and improving the current valuation approaches and methodology for appraisal service, property, businesses and financial instruments valuations, in accordance with the international best practices and International Valuation Standard Council (IVSC).

B. OBJECTIVE OF THE ASSIGNMENT

The main objective of a National Individual Consultant is to perform a thorough review of the existing valuation approaches and methodology for appraisal service, property, businesses and financial instruments valuations,and develop it for further improvements so that is in accordance with the international best standards (IVSC-2017) and practices.  

C. SCOPE OF THE ASSIGNMENT

The main assignments and associated activities to be undertaken by the National Individual Consultant shall include (but are not limited to) the following:
I. Develop Property valuation methodology in accordance with International Valuation Standards 2017 (by IVSC):
   1. Conduct comparative research on the existing valuation approaches and methods in appraisal service of Mongolia and the international best practices of Property valuation methodology/methods;
   2. Develop and improve the existing property valuation methodology and methods in accordance with international best practices and International Valuation Standards 2017 (IVSC);   
   3. Based on the analysis of existing apprehension of real estate and real property, renew and make clear differentiation between the real estate and the real property;
   4. Improve and develop, based on the research and study, the cost approach appraisal model and methodology; the following must be clearly defined and reflected in the valuation methodology and models: depreciation, functional and economic obsolescence (all other relevant obsolescence);
   5. Improve and develop, based on research and study, the market approach appraisal methods and methodology, which must clearly determine factors and inputs (transaction, financial reporting, taxation, investment, etc.) used in the valuation;                       
II. Develop Businesses and Business interests valuation methodology and methods in accordance with International Valuation Standards 2017 (by IVSC):
   1. Conduct thorough research on the international best practices of Businesses and Business Interests valuation methodology/methods;
   2. Develop and improve the existing Businesses and Business Interests valuation methodology and methods in accordance with international best practices and International Valuation Standards 2017 (IVSC);   
   3. Define and determine clearly individual factors and inputs (P/E, EBITDA, beta, discount rate, etc.) that are used to value Businesses and Business Interests;  
   4. Formulate the draft plan (procedure and system) of assessing and publishing key financial performance indicators of Mongolian businesses/companies and industry average, which are based on joint assessments of MOF, FRC and MSE;    
III. Develop Financial instruments valuation methodology and methods in accordance with International Valuation Standards 2017 (by IVSC):
   1. Conduct thorough research on the international best practices of Financial Instruments valuation methodology/methods;
   2. Determine and define varieties of financial instruments;
   3. Develop and improve the existing Financial Instruments valuation methodology and methods in accordance with international best practices and International Valuation Standards 2017 (IVSC);    
IV. Recommendations on Institutional arrangements for FMID.
   1. Collaborating with state organizations to establish workshops and public forums and provide reports for the working group;
   2. Performing such other duties that shall be assigned from time to time by the head of the working group and head of FMID, FPD, MOF;

D. DELIVERABLES

Based on the contracted assignments and detailed contract implementation plan approved by the client, the national consultant’s deliverables will include:
   I.    Provide comprehensive and comparative research report on the international best practices of property valuation methodology/methods and the existing valuation approaches and methods in appraisal service of Mongolia;  
   II.    Design and deliver inclusive and enhanced the Cost approach appraisal methods and methodology in accordance with the Appraisal law and international best practices;
   III.    Design and deliver inclusive and enhanced the Market approach appraisal methods and methodology in accordance with the Appraisal law and international best practices;    
   IV.    Submit the Property valuation methodology and methods in accordance with the International Valuation Standards 2017 (IVSC) for appraisal service;   
   V.    Submit the Businesses and Business Interests valuation methodology and methods in accordance with the International Valuation Standards 2017 (IVSC) for appraisal service;   
   VI.    Submit the Financial Instruments valuation methodology and methods in accordance with the International Valuation Standards 2017 (IVSC) for appraisal service;   

E. CONSULTANTS QUALIFICATION, SELECTION CRITERIA

Qualifications and Experience:
   • Candidate should have at least bachelor degree in economics, finance, accounting, public policy, business administration or other related fields.
   • At least 10 (ten) years of relevant professional experience with the experience of formulating valuation methodologies.
   • Broad understanding of Mongolian legal system, relevance to the financial sector.
   • Strong writing and communications skills in English.
   • Excellent command of office software, such as word processors, spreadsheets.
   • Ability to work with multidisciplinary teams and institutions.
   • Responsible and flexible attitude and capacity to manage a variety of tasks with minimal supervision.
   • Proven ability to work in a countrywide and international context.
   • Demonstrated professionalism, good judgment, and flexibility to work as necessary outside normal work hours to meet the deadlines.

F. CONTRACT DURATION

The consultant is expected to commence from August 2019. The duration of the assignment is 8 months.

If you possess the above qualifications, please submit following documents via email to procurement@sffs.mn:

    1. Cover letter indicating why she/he considers her/himself suitable for the position,
    2. Detailed CV highlighting relevant skills/experience,
    3. Copy of diplomas or certificates and,
    4. 2 reference letters from previous last two employers no later than 17:00, August 19, 2019.

The submitted documents will not be returned to the applicants. Please note that incomplete applications would not be considered for evaluation. Only selected candidates will be contacted. Candidates can be interviewed. Detailed terms of reference can be requested from procurement@sffs.mn
 
The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).

Further information can be obtained at the address below during office hours: 8:30 to 17:30 hours (local Ulaanbaatar time) or procurement@sffs.mn.

 Attn: Ms.Bayarmaa L, Procurement specialist,  

Project Implementation Unit

The World Bank – Strengthening fiscal and financial stability project,

Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia

Tel: +976-70120582

Холбоо барих

70120582

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