RFP No: RFP No.

: CBUD/IPSCDL/4/GOA Date: 15th December 2016

Name of Assignment: Selection of Transaction Advisory Consulting Firms for Providing

Technical Assistance to Urban Local Bodies in Issuing Municipal Bonds
Client: Imagine Panaji Smart City Development Limited
Country: India

Pre-Bid Clarification

Subject: Clarifications with regard to the Pre-Bid meeting conducted on December 14, 2016 and the
responses

Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
ICRA Management Consulting Services Limited
Whether the lead member/
consortium member or group
companies of the consortium It is informed to the
members or any Affiliates of consultant that consortium
the consortium members members or any Affiliates
shall not be eligible to of the
Page 8,
Clarification 1 participate in tender/act as Consortium members shall
Section 3, a
various intermediaries not be eligible to
involved in the bond issuance participate or act as
like Merchant Banker, intermediaries in the bond
Trustee, Registrar, Banker to issuance.
the issue etc. Kindly clarify.

Kindly clarify whether this

point intends that the selected
Transaction Advisory
Consulting Firms consortium Bidder is informed that it is
cannot take any similar allowed to take up any
assignment for Transaction similar assignment so long
Advisory Consulting Firms as it is not in direct conflict
Page 8,
Clarification 2 for Providing Technical or hampering the Clients
Section 3, b
Assistance to Urban Local deliverables and
Bodies in Issuing Municipal assignment
Bonds from other municipal implementation.
corporation for arranging/
mobilizing funds/providing
Technical Advisory cum
Merchant Banking services.

1|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016

Experience in supporting
We request you to kindly
Page 26 (Data of ULBs in successful
share the
Sheet) borrowing programme
Clarification 3 Qualifications and
Page 55 (Terms of (Bank or bond issues) with
Experience of Legal Expert.
Reference) a total experience of 5
years or more.

The deliverables specified in

the Terms of References are Payments shall be made
different from the payment strictly as per the payment
Page 89
milestones specified in the schedule referred to in
(Agreement)
special conditions of clause 41.2 of Special
Clarification 4 Clause 41.2
contract. Terms of Contract in RFP.
Pg 79
We request you to Please refer to Revised
Page 54, Point 3
synchronize the output & deliverables at
Deliverables listing. Annexure A.

S.K.Patodia & Associates/Axis Bank

This proposal has been

addressed to Transaction
Advisory firms empanelled
by MoUD, and only these
firms are Eligible to bid. We
will like to bring to your
notice that MoUD has
empanelled firms with
consortium partners. In case
of bidding at other ULBs
Clarification 1 these firms were allowed to Yes, it will be allowed
bid in the same consortium
that was formed at the time
of empanelment with MoUD
we presume the same will
be allowed in case of this
tender. Kindly clarify.

MoUD Office Memorandum

Annexure with names of
consortium partners attached.
It has been mentioned that no Addressed by Pre-Bid
Clarification 2 Wrt point 2.3 Pg. 22 pre-proposal conference will meeting held on December
be held. We request the client 14, 2016

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 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
to have at least one round of
pre-bid conference with all
consultants. This conference
can be platform for raising
Queries and seeking
clarification with respect to
the RFP in presence of all
shortlisted consultants in
most transparent way.
we request the client to
disclose project cost and
tenure of the project, which
will aid the
Clarification 3 Wrt point 2.4 Pg. 22 Strictly as per RFP
consultant in drafting the
proposal in term of cost
computation and resource
allocation.
The consultant is expected to
submit the Statement of
Undertaking. Is there any
Specific format for statement
Wrt pt. 10.1 & 10.2 Pg.
Clarification 4 of undertaking or can No specific format
23
consultant draft the statement
of undertaking on its own?
Also, what should be content
of Statement of Undertaking?
it has been mentioned that
clarifications may be
requested no later
than15days prior to the
Submission deadline.
However, RFP has been
floated on 30th November
Addressed by Pre-Bid
2016 and last day of bid
meeting held on December
submission is 13th
14, 2016 and extension of
Clarification 5 Wrt pt. 13.1 Pg. 24 December, 2016.
submission date with last
Thus there are only 14 days
date as December 22, 2016
between date of floating of
at 10:00 AM
proposal and bid submission,
leaving no time for
Requesting clarification, if
any. We request you to
provide more clarity with
regards to timelines for
requesting

3|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
Clarification.
You have kept Specific
Experience of Consultant
relevant to the assignment as
the criteria. We sincerely
request you to clarify
whether relevant experience
is specific to Urban Local
Bodies/ Municipal
Corporations or will that
include Central PSUs, SLUs,
etc.
We would like to bring to
your notice that the last
Municipal Corporation bond
issue that happened was in
2010, for a miniscule amount
of Rs. 30 crores. Also it is a
stated fact that Municipal Specific Experience of
Corporation Bond market has Bidders relevant to the
not been active in Indian assignment w.r.t Central
market with a total of Rs. PSUs and such state level
1353.1 crores worth of agencies of the
Clarification 6 Wrt pt 21.1 Pg. 26 issuances from 1969 to 2010, Government will be
i.e. total of 41 years. Out of considered however
this 1353.1 crores few preference / weightage will
issuances were by pooled be given to the consultant
finance vehicles with end use holding experience with
at Urban Local Body level. It ULBs.
may be noted that the
proposed potential issue size
for Imagine Panaji Smart
City development Ltd. itself
can be more than the amount
raised till date.
It may be noted that,
merchant bankers who may
have been part of these
issuances in the past, may or
may not be as active in
todays competitive market
environment. This can be
easily accessed from the
participation and
Procurement data available
through various sources

4|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
including prime database. So
there is a risk of eliminating
Merchant Bankers who are
more competent, have
handled more challenging
assignments in todays
market, but may not have had
opportunity to participate in
Municipal Bond issuances in
distant past.
Thus we request you to
include experience with
Central PSUs, SLU as part of
experience criteria.
With regards to specific
experience of the consultant
no criteria has been
mentioned for
Amount mobilized by the
consultant. We sincerely
Clarification 7 Wrt pt. 21.1 Pg. 26 request you to include Strictly as per RFP.
criteria for amount mobilized
as this will
Help you to identify
consultant with strong
market presence.

The weightage assigned to

specific experience of the
consultant is 10 points out of
100 points.
We sincerely request to
assign more weight age to
Clarification 8 Wrt pt. 21.1 Pg. 26 abovementioned point as it Sstrictly as per RFP.
will give indication of
performance
And track record of the
consultant and help you in
making more informed
decision.
the weights given to the
Technical (T) and Financial
Clarification 9 Wrt pt. 27.1 Pg. 28 (P) Proposals are:T= 0.80 & Strictly as per RFP.
P=0.20
The RFP has been addressed

5|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
to the consultants which has
been already empanelled by
Ministry of urban
Development, as per OM
K.14012/ 101(16) 2016-
SCM-III-V, dated 24th
October 2016. Thus all the
consultants
have proved their technical
credibility required for the
assignment.
Generally, in assignment
such as advisor for fund
raising fees are quoted in
terms of percentage of
amount
Expected to be mobilized.
Thus it gives indication of
consultants ability to raise
funds in the market. Hence,
we
Request you to re assign
weightage to Technical and
Financial Proposal in ration
0.50 to 0.50.
B- Consultants Experience,
the table mentioned has 5
headers viz.
1. Duration
Point number 1,2,3,5 will
2. Assignment name/& brief
be strictly as per RFP.
description of main
Wrt Form tech-2 Pg.
Clarification 10 deliverables/outputs
34, Point 4 Contract Values
3. Name of Client & Country
would be considered in
of Assignment
Indian Rupees
4. Approx. Contract value (in
US$ equivalent)/ Amount
paid to your firm
5. Role on the Assignment
In assignment such as
advisor for fund raising fees
are quoted in terms of
Wrt to Financial
percentage of amount
Clarification 11 Proposal Fin-2, Fin3 & Strictly as per RFP
expected to be mobilized.
Fin-4,
Thus it gives indication of
consultants ability to raise
Funds in the market. The

6|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
method of Remuneration and
Reimbursable mentioned in
Fin-2, Fin3 & Fin-4, is
relevant In case of lump-sum
payment.
We sincerely request you to
incorporate percentage
method wherein, consultant
will quote fees in term of
Percentage of actual amount
mobilized. For Eg. 0.5% of
INR 1000 Crores. In such
method, sometimes fees can
be on the higher side, but it
gives indication of the
consultants market presence
and ability of fund
mobilization.
Also it may not be practical
to input charges as attributed
to Key Experts- as
irrespective of how much
time a consultants key expert
gives on the assignment
consultant gets paid only on
successful mobilization and
as % of Amount mobilized.
It has been mentioned that at
least 8 years experience in
Supporting ULBs in financial
analysis and preparation of
For Team Leader
capital investment plans. As
Experience of
mentioned earlier municipal
PSUs, and such state level
Bond market had not been
agencies of the
active till now in India. Last
Wrt to Team Leaders Government will be
Clarification 12 issuance by ULB happened
as mentioned on pg.55 considered however the
in 2010. In such a scenario,
preference will be given to
Team Leader might fall short
the Team Leader with the
of experience of 8 years of
specific experience To
working with ULBs.
ULB .
We request you to consider
similar experience of
working with Central PSUs,
SLUs of the Team Leader.

7|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
Darashaw & Co. Pvt. Ltd.
As per Page No. 15 of the
RFP, it has been mentioned
that the number of copies
which needs to be submitted
along with Original Copy has
been mentioned in the Data
Sheet.
Whereas per Point No. 17.4
It is clarified that as per
on Page No. 25 of the RFP of
RFP point No. 17.4 on
Data Sheet, it has been
Page No. 25 , bidder only
As per Page No. 15 mentioned that the
needs to submit one
Clarification 1 Point No. 17.4 on Page Consultant needs to submit
original copy of technical
No. 25 One Original Copy of
and financial proposal each
Technical Proposal & One
enclosed together
Original Copy of Financial
Proposal Please refer below
screen shot for your
reference.
Hence we request you
Provide Clarification
regarding Number of Copies
needs to be submitted along
with Original Proposal
As per Page No. 54 of the
RFP, It has been mentioned
that the assignment is to be
undertaken by a full time
Team Leader who should be
financial specialist and
should have experience of
Clarification 2 As per Page No. 54 Yes, Team leader
working with Urban Local
deputation at the Clients
Bodies. The Contract Period
office required.
will be for 9 Months.

Do we have to depute Team

Leader at Clients Place?
Kindly Clarify
Legal Expert
Refer to Data Sheet Clause Experience in supporting
Refer to Data Sheet 21.1 page no. 26 5 points of ULBs in successful
Clarification 3
Clause 21.1 page no. 26 are allotted for position of borrowing programme
Legal Expert. Refer to Page (Bank or bond issues) will
no. 55, Terms of Reference be preferred with the

8|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
Legal Expert is not experience of 5 years.
mentioned in the Key
Positions and that Support
Staff shall not be evaluated.
Kindly clarify whether Legal
Expert is a key position to be
deployed. If so, the
qualification and eligibility
criteria may please be
provided.
Deliverables and Payment

Refer to Page No. 54, Terms

of Reference; the
deliverables are Inception
Report, Interim Report, Roll
out Phase and Final Report.
However, Please refer to
page no. 89, Clause 41.2,
Special Conditions of Payments shall be made
Contract. The deliverables strictly as per the payment
Clarification 4 Refer to Page No. 54 are Inception Report, Draft schedule referred to in
Report 1, Draft Report 2, clause 41.2 of Special
Final Report and Terms of Contract in RFP.
Handholding Progress Please refer to Revised
Reports. The deliverables output & deliverables at
and timeline for payment Annexure A.
mentioned in the Special
Conditions of Contract does
not match with the
Deliverables and Timeline
mentioned in Terms of
Reference
Fees of other
intermediaries

We refer to page no. 53. The

Consultant will assist ULB in
There is no requirement for
appointment of Merchant
credit rating services;
Clarification 5 We refer to page no. 53 Banker and Credit Rating
however the consultant can
Agency. The ULB will
specify ways of
appoint the credit rating
enhancement of credit
agency/ merchant banker and
rating which will be given
other agencies and will bear
preference.
their respective fees.
Consultant assistance may be

9|Page
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
required in appointment of
other intermediaries such as
the Trustees, Registrars etc.
The fees shall be paid by the
ULB. Further, any other fees
such as guarantee fees,
statutory fees payable during
the course of the assignment
shall be borne by ULB.
Conflict of Interest

The scope of work of

Consultant includes
appointment of Merchant
Banker and Credit Rating
Agency and also
handholding till completion
of Borrowing Program.
Considering that the shortlist
of Firms includes Merchant
Bankers, Rating Agencies
Clarification 6 and Banks a potential Strictly as per RFP
conflict of interest arises.
Hence, kindly clarify
whether the selected
Consultant or its Associate
Companies are allowed to
participate in the activities
relating to the scope of
assignment viz. credit rating,
merchant banking, emerging
as a preferred lender to the
ULB.

SBI Capital Markets

What is the issue size for the Bidder may carry out its
Clarification 1
proposed fund raising own study and research.

Does Assignment of The exercise only pertains

Transaction advisor only to advisory to the client, if
Clarification 2 includes Advisory to the the consultant wishes to
client or also mobilizing of propose mobilization of
the funds(arranger)? fund for client, they can do

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 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
so by providing an
undertaking which will
provide them with better
scoring .

SPA Capital Advisors LTd.

Conflicts with other

assignment : for instance in
case the consultant is already
having similar nature of
assignment or has
participated in similar
assignment and likely to be
Page -8, Clause 3
Clarification 1 mandated post the award by As give in clarification 1
conflict of interest
Imagine Panaji Smart City
Development Limited
(IPSCDL), whether such
shall be covered within the
terms of this RFQ
disqualifying the bidder

We understand that
appointment of consultant
will be for consultancy as
well as fund raising.
However, under section 7,
in inception, model In case of a fund raising
development & roll out activity the consultant can
phase, it has been mentioned provide an undertaking
that consultant will assist which will provide them
Page 52 to 54, Section
IPSCDL in appointment of with better scoring .
Clarification 2 7 Terms of
merchant banker for fund
Reference
raising.

Further, if consultant is
responsible for advisory
services as well as fund
raising activities, it is
requested to provide a format
for quoting arrangers fees.
Please clarify
Page 25, Clause 17.7 & We request you to extend the It is informed to the
Clarification 3 17.9, Proposal proposal submission date by bidders that the date has
Submission Date at least 7 working days as we been extended and the last

11 | P a g e
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
need at least 7-8 working date of submission is 22nd
days time to prepare & December 2016 by 10:00
submit the proposal after AM. The Technical
getting clarifications from Opening of the proposal
IPSCDL on these queries. shall be scheduled on the
Please confirm the expected same day at 3 PM unless
borrowing program, time intimated otherwise.
limits for borrowing
program, present credit rating
(if any).

The invited Consultant shall

confirm the availability of all
Key Experts included in the
Proposal as a pre-requisite to
the negotiations, or, if
applicable, a replacement in
accordance with Clause 12 of
the ITC. Failure to confirm
the Key Experts availability
may result in the rejection of
Page 20, Point 28.3
the Consultants Proposal
Availability of Key
and the Client proceeding to
Experts read with Page
negotiate the Contract with
46, Form Fin 2
the next-ranked Consultant.
Summary of Costs,
Clarification 4 Page 47, Form Fin 3 Statement is agreeable.
We understand that key and
Breakdown of
non key experts are not
Remuneration & Page
required to permanently
48, Form Fin 4
stationed at IPSCDL office
Breakdown of
and will be required at
reimbursable expenses
IPSCDL office as and when
required for conducting
workshops and other
discussion related to fund
raising.
Please confirm

Srei Infrastructure Finance Limited

We understand from the ToR For feasibility /
Clarification1 that the ULB has already Detailed reports Bidders
developed Feasibility are requested to visit

12 | P a g e
 Reference to Request
for Proposal No.:
Clarification Clarification Explained and
CBUD / IPSCDL /4 / Response by Client
Reference Sought by Bidder
GOA / dated
November 30, 2016
Reports/Detailed Project Imagine Panaji website and
Reports that it proposed to review the city
undertake. We would request development Plan, city
you to kindly share the list of sanitation plans, smart city
the projects identified and the proposal documents, SAAP
estimated project cost thereof documents for AMRUT
and also the proposed means mission.
of finance.

Note: The Pre-Bid queries should be downloaded from Imagine Panaji website. Each page
of the Pre- Bid clarification needs to be stamped, signed and needs to be submitted
with the bidding proposal.

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