REQUEST FOR PROPOSAL (RFP)
FOR
APPOINTMENT AS INTERNAL AUDITORS OF IFCI LIMITED
FOR HEAD OFFICE AND FOUR ZONAL OFFICES FOR FY 2017-18
REF NO.IAD/2017-18/02
TO BE SUBMITTED ON OR BEFORE
5.00 P.M. ON 04.10.2017
ADDRESSED TO
GENERAL MANAGER (IAD)
IFCI LIMITED
IFCI TOWER, 61 NEHRU PLACE,
NEW DELHI –110 019.
1.0 Introduction:
IFCI Ltd. was set up in 1948 as first Development Financial Institution of the country named as The Industrial Finance Corporation of India, a Statutory Corporation to provide medium and long term finance to industry. After repeal of IFCI Act in 1993, IFCI became a Public Limited Company registered under the Companies Act, 1956 where 51.04% of total paid up share capital is being held by Government of India. IFCI is a Systemically Important Non-Deposit taking Non-Banking Finance Company (NBFC-ND-SI) registered with RBI and is also a notified Public Financial Institution under Section 2(72) of the Companies Act, 2013.
2.0 Invitation of Bids:
IFCI invites sealed bids (Technical and Financial) for appointment of Internal Auditors for its Head Office and four Zonal Offices (North, South, East and West) for FY 2017-18 (which can be extended for two more terms). The periodicity of audit is as under:
| Sl. No. | Particulars | Periodicity | Audit Scope |
| 1 | Head Office at Delhi:
i) Major Operating Departments viz. Accounts, Credit, Treasury & FCRO, Investments and Resources. ii) Other Departments viz. Accounts, Administration (Services, Security, Estates), Establishment, HRD, Corporate Communication, IT, Legal, SDF, etc.) |
Quarterly
Half Yearly. |
As per Annexure-I
As per Annexure-II
|
| 2 | Zonal Offices:
i) North Zone based at Delhi (Reporting Office –Chandigarh and Jaipur). ii) West Zone based at Mumbai (Reporting Offices –Ahmedabad and Pune). iii) South Zone based at Hyderabad (Reporting Offices –Bengaluru and Chennai) iv) East Zone based at Kolkata. |
Half Yearly. Half Yearly. Half Yearly. Half Yearly. |
As per Annexure- III
As per Annexure- III As per Annexure- III As per Annexure- III |
Note: The existing auditors, who have completed their three years consecutively in conducting the internal audit of any office of IFCI, are not eligible for being considered for reappointment before completion of cooling period of two years.
3.0 Eligibility Criteria:
The eligibility criteria for appointment as CA Firm for conducting Internal Audit of IFCI is as under:
| Sl. No | Eligibility Criteria |
| 1. | The firm should be on the empaneled list of RBI. |
| 2. |
The applicant Audit firm should have been Central Statutory Auditor (CSA) for at-least three of the PSU banks, including State Bank of India and its Associates. For Zonal Offices, other than Delhi and Mumbai, the firm should have audited at least one PSU Bank as Branch / Head Office Auditors. Concurrent and Stock Audits will not be considered as Bank Audits. |
| 3. | The firm should have at least 10 years standing and have reasonable reverent public image. |
| 4. |
Minimum six full time Chartered Accountants including three partners exclusively associated with the firm for at least three years (at least two should be FCAs having 10 years’ experience). In case of ZOs, other than Delhi and Mumbai, smaller firms with at least 3 full time CAs, including 2 partners will be considered. |
| 5. |
The Firm should have professional staff numbering above 30 (Professional Staff consists of Audit and Articled Assistants with knowledge in Book-keeping and Accountancy and will be engaged in on-site audits at the place of audit). For ZOs, other than Delhi and Mumbai, firms should have minimum 15 professional staff. |
| 6. | The firm should not be current statutory auditors of IFCI. |
| 7. | The firm should not have adverse comments on their performance from the Management / Audit Committee. |
| 8. |
The firm should have at least one CISA/DISA qualified partner/ qualified staff. More than one CISA/DISA qualified partner/ qualified staff is preferred. This criterion is waived in case of ZOs other than Delhi and Mumbai. |
4.0 Scope of work:
The scope of the work for conducing Internal Audit of IFCI are given in Annexures- I to III (Annexures- I & II for Head Office and Annexure- III for Zonal Offices). The scope may undergo change during audit process and the auditors will have to adhere to the changed scope. Reasonable increase and / or change in scope shall not entitle for any increase in fees and the audit to be carried-out within the original accepted and mandated fee.
5.0 General Instructions:
The Firm of Chartered Accountants must download the application form as per Annexure- IV, and fill up all the relevant information in the prescribed Application format only (namely Form A, B, C & D) viz. Firm details, Partner Details, Qualified / Semi Qualified Staff, Experience Details etc. and must submit the Declaration duly signed by the Partner/Authorized Signatory as well. The Firm should also provide contact details (name of contact person, contact no., e-mail_id etc.) for receiving communication from IFCI Ltd., if any.
5.01 No additional fields should be added in the prescribed application form. In case Firm of Chartered Accountants wants to share any additional information, the same can be enclosed separately.
5.02 All the necessary attachments / proofs required along with the application form must be enclosed and each of the form/ document needs to be duly sealed and signed by the partner/ authorized signatory. Kindly note that documents/ application form without signatures will not be accepted.
Note: Kindly attach duly signed photocopies of the following documents:-
i) PAN card.
ii) GST Registration Number
iii) Registration Certificate
iv) Empanelment for statutory audit / work assignment for Branch / Head Office Audit of at least one PSU Bank.
v) Proof of empanelment with RBI and CAG.
vi) Details of Qualified Staff (Chartered Accountants) (Kindly provide a self-attested copy of Certificate of ICAI for each qualified staff.
6.0 Venue and Schedule for Submission of Bids:
Proposals / bids must be received at the address specified below not later than 5:00 P.M. on or before 04.10.2017.
The General Manager (IAD),
IFCI Ltd., IFCI Tower,
61, Nehru Place
New Delhi –110 019.
The proposals / bids can also be dropped in the Drop Box kept on the Ground Floor of IFCI Tower, 61, Nehru Place, New Delhi –110 019.
6.01 The main envelope containing the Technical and Financial Bid(s) envelopes must have the name, address and seal of the bidder and Office(s) for which the bid is submitted.
6.02 Any proposal received by IFCI after the deadline for submission of proposals mentioned will be summarily rejected and retained unopened.
6.03 The Bidder must submit the Financial Bid in a separate sealed cover. The sealed envelope along with the technical bid must be put in an envelope bearing bidder’s name, address and seal addressed to the General Manager (IAD), IFCI Ltd., 61, Nehru Place, New Delhi-110019. The envelope must be super-scribed as “Bids for Internal Audit of___________ (name of concerned office)”.
6.04 The Bidder has to ensure that while submitting the Bids, all the pages of the Bids are signed by the partner / authorized signatory and all the pages are numbered. If any of the Bids is found to be without proper signature, page numbers, it will be liable for rejection.
6.05 All prospective bidders will be notified of the amendment, if any, by IFCI by hosting the same on IFCI’s website which will be final and binding on all the bidders.
6.06 It will be the responsibility of the bidders to regularly visit IFCI’s website for ascertaining amendments, if any, from time to time and respond accordingly. No other intimation will be given by IFCI. In order to allow prospective bidders reasonable time in which to take the amendment into account in preparing their Bids, IFCI, at its discretion, may extend the deadline for the submission of Bids.
6.07 IFCI shall not be responsible for any postal delay or non-receipt/non-delivery of the documents.
6.08 In case of non-receipt of adequate response, IFCI at its own discretion may extend the date for which a notification will be hoisted on IFCI’s website.
7.0 Opening of Bids:
The bids will be opened at 11 a.m. on the next working day on 05.10.2017.
7.01 A two stage bidding process will be followed. In the first stage, only TECHNICAL BID will be opened and evaluated.
7.02 Those bidders who satisfy all the eligibility criteria as determined and notified by IFCI and who accept the terms and conditions of this document shall be short-listed. In the second stage, the ‘FINANCIAL BIDS’ of only those bidders who meet the eligibility criteria shall be opened. The date and time for opening Financial Bid shall be intimated to the short-listed bidders in due course through e-mail.
7.03 Bidders are also requested to note that the representatives attending the technical and financial bid opening should carry proper authorization from their firms.
8.0 Selection of Bidder
The final selection of the bidder shall be done after evaluating the Technical and Financial bids and the compliance with all terms and conditions as mentioned in the RPF. The L-1 financial bidder out of the bidders eligible on technical criteria shall be considered as the successful bidder for appointment subject to approval by the Competent Authority of IFCI.
9.0 Minimum Audit Fee:
The minimum audit fee for the above assignments for FY 2017-18 shall be as under:
i) Head Office –5.00 lakh
ii) North Zone –Rs. 0.70 lakh
iii) West Zone –Rs. 0.80 lakh
iv) South Zone –Rs. 0.90 lakh
v) East Zone –Rs. 0.40 lakh
The fee quoted in the Financial Bid will be all inclusive except applicable taxes and no other charges/ expenses etc. shall be payable or reimbursable. Kindly note that no traveling or other charges will be payable for visiting the Regional Office in the purview of Zonal Office.
CA firm applying for more than one location should give their financial quote location wise.
9.01 A bid determined as not substantially responsive will be rejected by IFCI.
9.02 An evaluation committee shall conduct bid evaluation. Decision of the committee would be final and binding upon all the Bidders.
9.03 IFCI reserves the right to modify the evaluation process at any time during the Tender process, without assigning any reason whatsoever and without any requirement of intimating Bidders of any reason for the same.
10. Evaluation of Technical and Financial Bids
Technical Bids shall be opened first and evaluated for the bidder’s eligibility criteria, bid completeness, bid conformity & bid responsiveness.
10.01 IFCI may waive any minor infirmity, nonconformity or irregularity in a bid which does not constitute a material deviation, provided such waiver does not prejudice or affect the relative ranking of the bidders. The decision of IFCI in this regard shall be final and binding.
10.02 Bidders, whose technical bids are accepted, shall qualify for commercial bid evaluation.
10.03 In case more than one financial bid is received from eligible firms for the same amount, the firm scoring highest score as per the following scoring model shall be deemed to be L-1 and the assignment will be awarded accordingly:-
| S. No. | Basis of Scoring | Score |
| 1. | FCA Partners – Marks per FCA Partner | 2 |
| 2. | CISA/DISA Partners –per CISA/DISA | 1 |
| 3. |
Total No. of partners –exceeding 3 –per partner (In case of ZOs other than Delhi and Mumbai –exceeding 2 –per partner) |
1
|
| 4. |
Central Statutory Audit of Public Sector Banks –exceeding 3 per Bank (For Head Office and Delhi & Mumbai ZOs) |
5
|
| 5. |
Audit of Public Sector Banks (Branch) exceeding 1 –per Bank (For ZOs other than Delhi and Mumbai) |
1
|
| 6. |
Total No. of professional staff (CA/ICWA/CA-Inter) –exceeding 30 – per 5 professionals (For ZOs other than Delhi and Mumbai –exceeding 15 –per 5 professionals) |
1
|
| 7. | Turnover of the Firm –exceeding Rs. 1.00 crore –per 0.50 crore | 1
|
| 8. | Empanelment with CAG | 1 |
11. Rejection of Bid:
Any effort by a Bidder to influence IFCI Ltd. in its decisions on bid evaluation, bid comparison or contract award may result in rejection of Bidder’s bid.
11.01 IFCI is not bound to disclose the grounds for rejection of Bid(s). The decision of IFCI Ltd. regarding declaration of the successful Bidder shall be final.
11.02 The Tendering Authority / IFCI Ltd. reserves the right to accept any Bid and to annul the bid process and reject all bids at any time prior to the award of the assignment, without assigning reasons therefor and without thereby incurring any liability to the affected bidder(s) or any obligation to inform the affected bidder(s) of the ground for the action.
11.03 Failure of the successful Bidder to comply with all the requirements shall constitute sufficient ground for the annulment of the assignment, in which event, IFCI may make the award to the next lower evaluated bidder or call for new Bids.
12. Bid Validity:
Bids should remain valid for the period of at least 180 days from the last date for submission of bid prescribed by IFCI. In case the last date of submission of bids is extended, the Bidder shall ensure that validity of bid is reckoned from modified date for submission.
Sd/-
(General Manager)
Internal Audit Department
Place : New Delhi
Date: 14.09.2017
