NOTICE INVITING TENDER

Transcription

1 NOTICE INVITING TENDER Tender Ref : A/NFL/CO/F&A/ /AV/ Date : 17 th March, 2016 SUB: Tender for Appointment of Actuary for Actuarial Valuation of Employee Benefits as per Revised AS-15 for the Financial Year in respect of National Fertilizers Limited (NFL) and Advance Actuarial Valuation of Employee Benefits for FY Dear Sir, 1. Introduction: NFL was incorporated on 23rd August, 1974 and at present the company has an installed capacity of lakh MT of Urea. NFL operates under the administrative control of Department of Fertilizers in the Ministry of Chemicals & Fertilizers, Govt. of India. NFL is a leading producer and marketer of nitrogenous fertilizers and industrial products in India. KISAN Urea (46% N) is the flagship brand of the company. The company contributes around 16.5% of total Urea production in the country. The Company has Six Divisions i.e. Four production units at Nangal, Bathinda, Panipat and Vijaipur and 2 Administrative Offices i.e Corporate Office and Central Marketing Office at Noida. NFL employee strength as on was Scope of work: (a) Valuation of employee benefits is to be carried in respect of all 6 divisions i.e. (i) (ii) (iii) (iv) (v) (vi) Nangal Unit Bathinda Unit Panipat Unit Vijaipur Unit Central Marketing Office, Noida Corporate Office, Noida (b) Acturial Valuation is to be carried out for following Employee Benefit Schemes: (i) (ii) (iii) (iv) (v) (vi) (vii) Actuarial Valuation for Gratuity Liability Actuarial Valuation for Leave Encashment (EL) Actuarial Valuation for Half Pay Leave (HPL) Actuarial Valuation for Post Retirement Medical Benefits (PRMB) Actuarial Valuation for Long Service Award (LSA) Actuarial Valuation for Post Retirement Settlement Benefits (PRSB) Actuarial Valuation for Social Security Benefits (SSB)

2 (viii) (ix) Actuarial Valuation for Employee Family Economic Rehabilitation Scheme (EFERS) Actuarial Valuation for Staff Provident Fund Liability (c) In Actuarial Valuation Reports as on , Liability for each Employee Benefit Scheme is to be given for each division along with break up of Current & Non Current of Liability. General description of defined benefit schemes: Gratuity: Payable on 15 days pay for each completed year of service subject to maximum of Rs 10 lakh to eligible employees who render continuous service of 5 years or more. The company has funded the gratuity liability through a separate Gratuity Fund. Leave Encashment {Earned Leave (EL) and Half Pay Leave(HPL)}: Payable on separation to eligible employees who have accumulated earned leave and half pay leave. During the service period encashment of accumulated earned leave is allowed in a financial year leaving minimum balance leave of 30 days. Post Retirement Medical Benefits (PRMB): Mediclaim Insurance Policy available to the retiring employee and the spouse (for a cover of `2 lakhs per annum) after rendering 15 years of continuous service. Post Retirement Settlement Benefits (PRSB): Travelling and Baggage expenses payable to retiring employees for settlement at their home town. Long Service Award (LSA): Payable to employees on completion of specified years of service. Legal heirs of deceased employees and disabled employees (separated) can opt for either of the following two schemes: a) Social Security Benefits (SSB): Lump sum benefit payable for left over month of service limited to 60 month pay (maximum `9.00 lakhs with minimum benefits of `1.00 lakhs). b) Employees Family Economic Rehabilitation Scheme (EFERS): Monthly payment along with medical and children education benefits in lieu of prescribed deposit upto the date of notional superannuation. Provident Fund: The Provident Fund contributions are made to a Trust administered by the Company. The interest rate payable to the members of the Trust shall not be lower than statutory rate of interest declared by the Central Government under the Employees Provident Funds and Miscellaneous Provisions Act, In terms of the guidance on implementing the revised AS-15 issued by the Accounting Standard Board of the Institute of Chartered Accountants of India, the Provident Fund Trust set up by the Company, is treated as Defined Benefit Plan since the Company has to meet the shortfall in the fund assets, if any.

3 3. Valuation reports are required to be given in draft form for Company s consideration. Signed final reports will be needed scheme wise. 4. The actuarial valuation is required to be carried out based on the data furnished by the Company as on 31st March, 2016 for making/creating respective liability provisions in the Annual Accounts of each division of NFL. The data of all the Units will be provided by Corporate office, Noida. 5. Advance Actuarial Valuation: For assignment of Advance Actuarial Valuation of Employee Benefit Liabilities as on , the Advance Actuarial Valuation will be carried out taking into consideration the same data and assumptions taken at the time of Actuarial Valuation done for the year ended 31st March, The said assignment of Advance Actuarial Valuation of Employee Benefit Liabilities as on will be carried out in the month of June, Detailed reports are not required, only Liability as on unit wise along with current and non current part along with estimated payment considered will be required. 6. The Actuarial Valuation will be as per relevant applicable Standards for that financial year. 7. Eligibility Criteria: (i) (ii) (iii) The Actuary shall be qualified and a Practicing Member of Institute of Actuaries of India. The Actuary should be ordinarily resident of India. Authenticated selfattested document(s) to be submitted for the same. The Actuary should have experience in handling the valuation of actuarial liabilities regarding employee benefits like Gratuity, Earned Leave Encashment as per Revised Accounting Standard-15 in 3 Public Sector Undertakings (PSU s) in last 5 years (upto ). Copy of Letter of Intent/ Work order to be enclosed as proof of experience. Bidder should have office in Delhi/NCR. 8. Submission of Bids: Tenders should be submitted in a properly sealed envelope, duly subscribed on the cover as TENDER FOR APPOINTMENT OF ACTUARY FOR NFL, indicating the Tender Reference No., addressed to the DGM (F&A), National Fertilizers Limited, A-11, Sector 24, Noida Tender shall contain two sealed envelopes i.e. Technical Bid & Price Bid. (a) Techno-Non Price Bid shall contain: (i) Forwarding Letter confirming all terms & conditions of tender. (ii) Blank tender document duly signed on every page of Notice Inviting Tender with the rubber seal of the bidder, indicating the name and the status of the signatory, as a token of acceptance thereof.

4 (iii) Documents in support of qualification requirement as mentioned at Sr No. 7 of NIT. (b) Price Bid: The professional fees may be quoted on lumpsum fees basis in the enclosed Annexure I and the same may be submitted separately in a sealed envelope marked as envelope containing Price Bid for the assignment. No out of Pocket Expenses, TA/DA, conveyance, Incidental expenses shall be paid. Service tax as applicable shall be to the company s account. The quoted rates/prices shall be checked to determine the arithmetical correctness of the bid. Any cutting or overwriting should be attested by the tenderer with full signatures. In case, if any clarification/additional information are required, bidders are free to approach/visit NFL and seek the necessary information/clarification before submission of the Bid documents. All the bids should be unconditional. The bid, all correspondence and documents related to the bid shall be in English. NFL takes no responsibility for delays, loss or non receipt of tender documents or any letter sent by post/courier either way and NFL reserves the right to accept or reject any tender including the lowest one in part of full, without assigning any reason whatsoever. The offer of the Bidder shall have to be kept valid for a period of 30 days from the date of submission of tender. 9. Terms & Conditions: (a) Term of appointment: The period of assignment will be initially be for the Financial Year and Advance Actuarial Valuation for FY and thereafter depending upon the performance extendable up to two financial years under same fees/rates, terms & conditions with mutual consent. (b) Payment terms: 100% payment shall be released after successful completion of work. (c) Award of Contract: The assignment for Actuarial Valuation shall be awarded to the party quoting the lowest lump sum fees. The lowest lump sum fees shall be sum of fees quoted for Actuarial Valuation of Employee Benefits for the FY and Advance Actuarial Valuation of Employee Benefits for FY The bid submitted will be considered only if fees are quoted for both Actuarial Valuation of Employee Benefits for the FY and Advance Actuarial Valuation of Employee Benefits for FY , otherwise bid will be out rightly be rejected.

5 (d) Actuary should be available for discussion at NFL Limited at short notice and response to our query in each case should not exceed one day (24 Hours). (e) In the event of discovering any error or defects in the computation, if the NFL Management communicates the Actuary for rectification of error/defects, rectification is to be done by the Actuary at his own cost within the scheduled time decided by NFL Limited. (f) Arbitration: The contract shall be governed by and construed in accordance with the laws of India. Except where otherwise provided in the contract all matters, questions, disputes or differences whatsoever which shall at any time arise between the parties hereto, touching the construction, meaning, operation or effect of the contract, or out of the matters relating to the contract or breach thereof, or the respective rights or liabilities of the parties, whether during or after completion of the works or whether before or after termination, shall be referred to Functional Director/Chairman & Managing Director, National Fertilizer Ltd for appointing arbitrator from the panel maintained by the NFL or any other person of repute including persons on the Panel of Arbitrators maintained by bodies like SCOPE Forum of Reconciliation and Arbitration (SFCA), Construction Industry Arbitration Council (CIAC), ICA, etc. to adjudicate the dispute. The decision of the arbitrator so appointed shall be final and binding on the parties. It is agreed by and between the parties that in case a reference is made to the arbitrator or the arbitral tribunal for the purpose of resolving the disputes/differences arising out of the contract by and between the parties hereto, the arbitrator or the arbitral tribunal shall not award interest on the awarded amount more than the rate of SBI PLR or actual interest rate paid by the owner (NFL) whichever is lower, prevailing on the date of award of contract. Subject as aforesaid the provisions of India s Arbitration and Conciliation Act,1996 and the rules made there under or statutory modification or re- enactment thereof from time to time shall apply to the arbitration proceedings under the clause. (g) Jurisdiction of Courts: Any dispute arising out of or in respect of the contract will be subject to the jurisdiction of Delhi High court. (h) Termination: NFL may without prejudice to any other remedy/claim breach of contract, terminate the contract in whole or part by giving not less than 15 (fifteen) days written notice of default to the Actuary. (i) The engagement/empanelment of the Actuary or Actuarial Firm(s) shall be completely at the discretion of NFL may terminate the services of actuarial firm on account of non-satisfactory performance or any other reason, which NFL feels appropriate. (j) Reports should be submitted within 15 days of providing required

6 data/information to the Actuary for Actuarial valuation for the Financial Year and the assignment for Actuarial valuation for the Financial Year is to be completed by (k) Last date and Time for submission of the Tender: upto 2:30 pm and the Techno Commercial Bid will be opened on at 3:00 pm. For any further clarification you may call at Telephone No Extn Mob: Yours sincerely, For National Fertilizers Limited, (J.Ramesh) Dy.Gen.Manager (F&A) Encl. : As above

7 Annexure-I PRICE BID Price Bid for Appointment of Actuary for Actuarial Valuation of Employee Benefits for the FY & Advance Actuarial Valuation of Employee Benefits for FY in respect of National Fertilizers Limited (NFL) S.No Particulars Lump Sum Fee Excluding Service Tax (`) 1 Actuarial Valuation of Employee Benefits as per for the Financial Year Quoted Fees in words-: Rupees Advance Actuarial Valuation of Employee Benefits as on Quoted Fees in words-: Rupees Note: Total Fees Quoted(`) 1. Bidders are required to quote fees as sought above. 2. The above fee is inclusive of all out-of-pocket expenses. No out of pocket expenses,ta/da and conveyance shall be paid in addition to the above quoted fees. 3. The above fee is excluding Service Tax. Service Tax as applicable from time to time shall be on Company's Account. 4. TDS as applicable under Income Tax Act 1961 shall be deducted.