GRIMCO

TENDER DOCUMENT

“TENDER FOR INVITING OFFERS FOR AVAILING THE

SERVICES OF C.A./C.A. FIRM FOR INTERNAL AUDIT FOR THE
F.Y.2024-25”

TENDER NO: ACCTS/ 01/2024-25

MANAGING DIRECTOR
GUJARAT RURAL INDUSTRIES MARKETING CORPORATION LIMITED.
(A Government of Gujarat Undertaking)
Regd.Office: -5th- Floor, Block No.17, UdyogBhavan, Nr. GH-4 Circle, Sector- 11,
Gandhinagar-382011.
E-mail: grimco_1979@yahoo.com
Tel No: (079) 23223763, 23227243, Mobile No: 09978447027, Fax No: (079) 23227244.

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INDEX

SR. PAGE
PERTICULARS
NO. NO.
1. PREAMBLE OF TENDER

2. SALIENT FEATURES OF THE TENDER

3. ELIGIBILITY CRITERIA

4. COST OF TENDER FEES

5. PRE-BID MEETING

6. TYPES OF BIDS

7. SECURITY DEPOSIT

8. TERMS & CONDITIONS

9. COMMENCEMENT, COMPLETIONAND TERMINATION OF THE

CONTRACT

10. OBLIGATION OF THE INTERNAL AUDITOR

11. PAYMENT TERMS

12. CONFIDENTIALITY

13. PENALTIES

14. SCOPE OF WORK FOR INTERNAL AUDITOR FOR F.Y. 2024-25

15. ANNEXURE-A – ELIGIBILITY CRITERIA

16. ANNEXURE-B – TECHNICAL BID

17. ANNEXURE C - OTHER CONDITIONS-(MARKING CRITERIA)

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TENDER DOCUMENT

GRIMCO (Gujarat Rural Industries Marketing Corporation Ltd.) is established on 16th

May, 1979 under Companies Act, 1956. It is fully owned and promoted by Govt. of
Gujarat under Cottage & Rural Industries Sector.

Presently the main activities of the Corporation are:

1. Providing toolkits under Manav Kalyan Yojana Manav Garima Yojana, Saraswati Sadhana
Yojana and various other schemes of government departments, boards and corporations.
2. Providing cycles under Saraswati Sadhana Yojana, Vidya Sadhana Yojana and other
government schemes.
3. The Corporation also undertakes the project of interior decoration work and providing
furniture on Turnkey basis to various government offices of the State.
4. We also provide leather training under General Plan, Tribal Plan and Special Component
Plan of Commissioner and Cottage Industries.

1. PREAMBLE OF TENDER:-

For and on behalf of the Government of Gujarat on line e-t enders are invited by the
ManagingDirector GUJARAT RURAL INDUSTRIES MARKETING
CORPORATION LIMITED forinviting offers for availing the services of C.A./C.A firm
for Internal Audit for the financial year 2024-25.

2. SALIENT FEATURES OF THE TENDER:-

1. Tender inviting authority, Managing Director

Designation and address GUJARAT RURAL INDUSTRIES MARKETING
CORPORATION LIMITED
(A Government of Gujarat Undertaking)
Regd. Office: 5th- Floor, Block No.17, Udyog Bhavan,
Nr. GH-4, Gandhinagar
2. a. Name of the work Circle, Sector-
Internal Audit 11,financial
for the Gandhinagar- Gujarat-382017.
year 2024-25

b. Tender reference Tender No. ACCTS/ 01/2024-25

c. Contract period Contract Period shall be up to successful completion of

Statutory and A.G. Audit

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3. Security Deposit (SD) The successful bidder has to submit SD amounting to 5%

of the Audit fees at the time of Acceptance of Internal
Audit
4. Pre – Bid Meeting Dt. …………………………..

Note:

1. All applications shall be submitted in English.

2. Application along with all enclosures should be page numbered, stamped and self-
certified.
3. The whole process of the tendering can be cancelled/ modified/ altered/ redefined
without giving any prior notice or information by the Managing Director of the
Corporation.

3. ELIGIBILITYCRITERIA:-

A) TheTenderer mustfulfil thefollowingeligibility conditions:

1. It should be a proprietor or partnership firm of C.A. having working office in

Gandhinagar or Ahmedabad for last 3 years from the date of ending of this bid.

2. The C.A./C.A. firm should have minimum experience of 10 years of

continuous practice.

3. The C.A./C.A. firm should have at least two full time CA, out of which one must be
FCA as on the date before issuance of this tender.

4. The C.A./C.A. firm should have at least 15 persons staff pertaining to audit and
assurance work.

5. The C.A./C.A. firm should have minimum receipt of Rs. 20 lacs from profession in
each of the last three years ending on 31-03-2024.

6. The C.A./C.A. firm should have in hand or handled at least two assignments of
Govt. of Gujarat or Govt. of India in last three years as on 31-03-2024, whose turnover or
Gross receipts should be Rs. 50 crores or more. (i.e. single assignment should be Rs. 50
Crores or more. If there is more than one assignment with the same organisation it will not
be aggregated). Bidder may submit either Audited balance sheet and profit & loss accounts
of the client organization for the Financial year for which bidder firm was appointed as
auditor whether as Pre Auditor or as Internal Auditor or As Statutory Auditor or Bidder
firm may submit a certificate on the letter pad of the client stating that you had been
appointed as auditor in the organization for whatever the financial year in last three years

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and also confirming that their turnover / gross receipts were more than 50 crores in the
financial year of bidder’s appointment.

7. If the legal proceedings are under progress or criminal proceedings are instituted by
any department/office of Government are under progress or matter regarding disciplinary
actions are under progress by the ICAI in respect of any firm or the partners or proprietor
or employee thereof, such firm will be considered as ineligible from applying for this
assignment. Further, firms or partners or proprietor in respect of whom ICAI has taken
penal actions or any department/office of government has initiated legal or criminal
proceedings in past are considered ineligible from applying for this assignment. Bidder
must submit an undertaking in this regard.

B) Other Eligibility Conditions:

1. Those firms which are in continuous assignment of 5 years or more (period of all the
assignments considered together) as on 31.03.2024 as pre auditor and/or internal auditor or
any other assignment of GRIMCO, will be considered as ineligible from applying for this
assignment.

2. For this assignment only those Chartered Accountant proprietor/ Partnership firms will be
considered which satisfy the minimum eligibility criteria mentioned in Annexure-A.

4. TERMS & CONDITIONS:-

1. The C.A./C.A. firm must have an experience as an auditor of Govt./ Semi Govt. office,
Board, Corporation, Nigam etc.

2. The C.A./C.A. firm will be paid fees inclusive of TA/DA and pocket expenses etc Service
tax will be paid extra. No other claims will be entertained.

3. The C.A./C.A. firm shall commence audit immediately as per the program set out by
GRIMCO. No deviation from audit program without prior written permission of the
Managing Director.

4. The Managing Director reserves the right to issue directions or fix method for conducting
certain audit and such directions shall be binding on the C.A./C.A. firm. The Managing
Director or his authorized person shall supervise the audit by surprise visit and audit party
shall explain the audit procedures and finding if asked for during the course of audit or
even before and after.

5. The audit party conducting audit shall consists of maximum three and minimum two
members of whom at least one shall be a qualified C.A. with three years’ experience of
audit work. Other party members shall have at least two years of experience of audit
work.

6. While visiting the audit place, the representatives of the audit team will bring the letter of
introduction duly signed by the Sr. Partner/proprietor of the C.A./C.A. firm.

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7. Audit report prepared should be submitted to the Managing Director within 7 working
days from the date of completion of audit.

8. The compliances of the report submitted by the Corporation should also be verified by
the C.A./C.A. firm

9. The C.A./C.A. firm appointed as an internal auditors of the Board shall not sub-assign
the works of audit to any other C.A./C.A. firm/Agency.

10. This appointment is for one year and further continuance depends on the discretion of
the Managing Director.

11. The Managing Director reserves the right to cancel the assignment
without assigning any reason in case it may deem fit.

12. The above conditions are not exhaustive. The Managing Director will have absolute
right to revise/abrogate/include any conditions as per its best requirement.

5. COMMENCEMENT, COMPLETION AND TERMINATION OF THE

CONTRACT: -

1. After due approval of fee, awarding the assignment, furnishing the Security Deposit as
prescribed & after executing the agreement as may be necessary, the concerned auditor
shall commence the work of internal audit immediately in accordance with the accepted
terms & conditions.

2. The assignment will be of the one year on initial basis. However,

the work order may be renewed after completion of the one year
at the discretion of the Managing Director of the Corporation.

3. The contract can be terminated from either side, at any time after
giving a one calendar months’ notice to the concerned C.A. /C.A.
firm without assigning any reason.

6. OBLIGATION OF THE INTERNAL AUDITORS: -

The C.A./C.A. firm cannot assign/outsource/sublet the work entrusted or sub contract in
any manner what so ever, or any portion of it to any other C.A./C.A. firm.

The internal auditor shall remain present co-ordination/review meetings and make
presentations as and when called and no additional fees/expenditure shall be paid for that.

7. PAYMENT TERMS: -

1. Success full bidder firm may conduct internal audit either quarterly or half yearly
and Payment shall be made on that basis.

2. Payment of fees to Internal Auditor will be made after submission of Internal Audit
Report to the Managing Director and after compliance by GRIMCO. No other claim

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shall be entertained. The remaining terms & conditions shall be applicable as mentioned
in the tender document.

3. The internal audit report will have to be submitted within 7 working days from the
date of completion of audit.

4. If offer from the auditor is found confirming to the requirements of GRIMCO and if
it is accepted, the auditor shall be required to undertake the activity within 3 days of
offer letter.

5. All fees shall be inclusive of all taxes (excluding of service tax), perquisites,
allowances, expenses, etc. No other claims shall be entertained. TA/DA and other
incidentals are not eligible.

8. CONFIDENTIALITY: -

1. The internal audit firm or their partners and the personnel or either of them shall not,
disclose or pass on to any others, the proprietary or confidential information relating to
the projects, the services, this contract, or the Company’s business or operations without
prior written consent of the Management.

2. All reports and other documents submitted by C.A. firm shall become and remain the
property of the Company and the internal auditor shall then upon termination or
expiration of this contract deliver all such documents and reports to the Company
together with a detailed inventory thereof.

3. The internal audit firm has to undertake that all knowledge and information not within
the public domain which may be acquired during the execution of the assignment shall
be, for all time and for all purpose, regarded as strictly confidential and held in
confidence and shall not be directly disclosed to any person whatsoever, except with the
prior written permission from the Appointing Authority.

9. PENALTIES

If any C.A./C.A. firm or partner thereof is found guilty of gross negligence, lack of duty of
care, misrepresentation and misstatement of facts, hiding the facts, falsification, undue
delay in performance of duties, using or giving the details gathered during the audit
assignment to other parties without permission of the Corporation, non-observation of
instructions given by the Corporation, unauthorized retention of records of the
Corporation, violating the terms and conditions of this assignment, unauthorized changes
in the records of the Corporation, including mollified practices or any other cognizable
offence or breach, the C.A./C.A. firm will be punishable with any or all following
consequences:

1. Removal from the assignment of internal audit with immediate effect/ from the date
specified.
2. Removal from any other assignment with immediate effect / from the date specified /
given by the Company.
3. Deduction of percentage of fees as determined by the Managing Director of the
Corporation or recoverable from any due payments/ security deposit.

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4. Ban from accepting the future assignment of the Corporation for the period as specified.
5. Any other action deemed appropriate by the Managing Director of the Corporation.

The decision/interpretation in all/any terms and conditions enumerated above and

agreed upon by the Internal Auditor shall be final and binding on internal auditors
without demure and any further recourse to any litigation/arbitration.

I have read all the terms and conditions mentioned above and same are acceptable to me
and agreed.

Date: Signature
Seal of Office/Firm Partner Name & Designation

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10. SCOPE OF WORK FOR INTERNAL AUDITOR FOR F.Y 2024-25:-

GRIMCO needs the services of Internal Auditor for F.Y 2024-25, the scope of which is as under:

I . FINANCIAL BOOKS:

1. Cash Book/ Bank Book

a) Cash book/ bank book verification

b) Is cash book maintained properly? Is cash on hand verified? [Further cash balance, cash on
hand] should be verified at the end of each month with cash book. i.e. Physically Balance shown must
tally with cash book which must be certified by Auditor at least once in a year.

2. Receipts And Vouchers

a) Are all the receipts and vouchers verified with the cash Book/Bank book of Company?
b) Are all the receipts by cheques/ D.Ds. deposited in the banks on the next day?
c) Are all the vouchers approved by the Competent Authority?
d) Have to verify the vouchers passed?
e) Are all the vouchers serially numbered?
f) Have you noticed any corrections/ deletion / addition in figures of the vouchers? (If ‘yes’, give
full details)
g) Have to verify authority for payments of vouchers?
h) Is proper accounting treatment given to receipt/payment?

3. Bank Reconciliation Statements

a) Are bank reconciliation statements prepared?

b) Have to verify all the reconciliation statement?
c) Are there any outstanding cheques issued for more than 3 Months?
d) Any other debits raised by the banks accounted for in the cash book?
e) Are correct entries passed for returned cheques/ D.Ds. by the bankers?
f) Are there any cheque deposited with the bank but not credited by the bank with 3 months of
deposit? If ‘yes’, please give details relating to date of deposit, amount, cheque No. bank etc.
g) Have to verify original Bank Balance statements/certificates with bank reconciliation statements.

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(If any corrections are made in certificates, verify its correctness)

4. Verification of Ledger / Financial Books Of Accounts

a) Checking of important balance sheet statements like trial balances, groupings made of the
trial balances, schedule of profit and loss account and balance sheet.
b) Verification of statutory compliance of the contracts.

Note: Internal Auditor has to put initial on the vouchers checked during Audit.

5. Deductions / Recoveries

a) Are statutory deductions i.e. Income Tax, Professional Tax etc made according to rules?
b) Whether the same is deposited in the prescribed time with the concerned authorities? If ‘not’ give
details as under:
Due date Amount to Actual Delay in Interest Reason
of be Date of deposit payable of such
deposit of deposited Deposit as per delay?
Tax Rs. law

c) Are the same accounted properly? If ‘not’, get it corrected

d) Are statutory returns like Income Tax, (ETDS) Professional Tax etc. filed in time If ‘not’, give
details.

6. Compliance With The Points Raised In The Earlier Internal Audit Reports, CAG
Audit Reports & Statutory Audit Report

a) Whether the previous IAR have been compiled by the corporation?

b) How many comments are outstanding?
c) What decision has been taken by the Corporation for compliance at outstanding comments?
d) To Assist GRIMCO in Preparation of replies of comments / draft comments of CAG
Commercial Audit & Proprietary Audit and Statutory Audit Report

7. Accounting Standards
a) Whether the Accounting Standards issued by the Institute of Chartered Accountants of India are
followed by the company appropriately?

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b) Applicability of accounting standards in final accounts and Cash Flow Statement.

8. Depreciation
Verification of Depreciation at the end of the year.

9. Certification &Verification Of Stocks

 Physical verification of stock at Gandhinagar & Gota. (Twice in a year).
 Physical verification of all the Assets lying at different places twice in a year.

II. ESTABLISHMENT AND ADMINISTRATION:

a) Verification of Salary, Provident fund, Professional Tax, TDS etc. & to verify whether returns are
filed before competent authority in time.
b) To verify in case of new employees about their inclusion of names in salary sheet.
c) To check the records with respect to purchase & other stationary items.
d) To verify physically all the Fixed Assets of the corporation & issue the report of the same.
III. OTHERS:
a) IFRS compliance, if applicable, should check.
b) To review and help the management in implementing proper accounting procedures and internal
check control and computerized system.
c) To advise on the matter of taxation.
d) To give executive summary incorporating all point matters, which are of very
important nature and require the important consideration by any committee appointed by
GRIMCO.
e) Compliance and coordination with Statutory Auditor, Tax Auditor and CAG Commercial Audit.
f) GRIMCO has a right to terminate Audit Party/Firm by giving one month notice if the work is not
found satisfactory to GRIMCO.
g) To do all such ancillary work as asked by Managing Director.
h) Advance Tax Computation.

Note: The above-mentioned scope is indicative only and may undergo change considering the
requirements, circumstances and necessities of the assignment.

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ANNEXURE - A
OTHER CONDITIONS-(MARKING CRITERIA)

1 to 5 are the marking criteria’s for various eligibility criteria’s

Sr. Minimum Eligibility criteria Details Marks Max.

No. Mark
s
1 The C.A./ C.A. firm should have Nos. of years of
experience
minimum experience of 10 years of
continuous experience
20
Minimum 10 years 10

11-15 Years 15

Above 15 Years 20

2 The C.A./ C.A. firm should have at Nos. of C.A.

least 2 full time paid C.A.as on date 2 CA out of which one 10
before issuance of tender, out of must be FCA
which one must FCA
4 CA out of which two 15 20
must be FCA

5 CA or above out of 20
which three must be FCA

3 The C.A./C.A. firm should have at Nos. of Staff

least 15 persons staff required
pertaining to Audit and Assurance 15 to 30 10

work
31 to 50 15 20

51 and above 20

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Sr. Minimum Eligibility criteria Details Marks Max.

No. Mark
s
4. The C.A./ C. A. Firm should have Professional receipts of last 3
a minimum gross receipt from years
profession of Rs. 20 lacs in each
of the last 3 years Rs.20 lacs to 50 lacs 10
20
Rs.51 lacs to 75 lacs 15

Rs.76 lacs & above 20

5 The C.A./ C.A.firm should have No. of assignments

handled at least 2 (Two) audit
assignments of GOG or 2 Assignments 10
GOI undertaking in last 3
3 to 5 Assignments
financial whose turnover is Rs. 15
50 Crores or more. (i.e single 20

assignment should be Rs. 50 6 & above Assignments 20

Crores or more). (If there are
more than one assignment with
the same organisation it will not
be aggregated).

1. Proposals of only those firms satisfying all the above-mentioned minimum eligibility criteria and
scoring minimum 50 points as per the point system given above will be considered for further
opening of financial bid. Proposals of firm scoring less than 50 points will be considered as
non-responsive and will be rejected. Selection of the C.A. firm will be done on the basis of
QCBS System.
2. Weightage of Technical and Financial will be 70:30 basis.
3. Each CA firm has to invariably attach the proof in support of various eligibility criteria. Proposals
without necessary documents will be rejected in normal course. However, management may call
for required details/information if it deems appropriate to do so in the interest of the Company /this
assignment.

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