Small Industries Development Bank of India
Request for Proposal (RfP)
for
Concurrent Audit of Integrated Treasury (Rupee and Forex) Operations of Resources Management Department (RMD), Mumbai
2012
Critical Information Summary
¨ Last date for submission of RfP : February 07, 2012 by 5.30 PM
¨ 1 hard copy and 1 soft copy (CD – Word format) need to be submitted in sealed covers labelled at the following address.
The Chief General Manager
Internal Audit Department
Small Industries Development Bank of India
SIDBI Tower,
15, Ashok Marg,
Lucknow – 226 001
Uttar Pradesh
Telephones : 0522 - 2288941 Fax : 0522 - 2288457
¨ For queries and clarifications regarding the RfP, please feel free to contact us at the above address / telephone numbers/ e – mail id.
¨ Last date for requesting any clarifications : February 01, 2012
¨ Please note that all the information desired needs to be provided. Proposal with incomplete information is liable to be rejected.
¨ The RfP is also hosted on SIDBI website http://www.sidbi.in. SIDBI reserves the right to change the dates mentioned above. Changes, if any, related to RfP will be posted on web site. Bidders must check the website before submitting response to RfP.
1. Introduction and Disclaimers
1.1 Purpose of RfP
The purpose of RfP is to shortlist professional firm/ company of chartered accountants having experience in undertaking Concurrent Audit of Integrated Treasury (Rupee & Forex) and dealing room Operations of Resources Management Department (RMD), Mumbai.
1.2 Information Provided
The Request for Proposal document contains statement derived from information that is believed to be relevant at the date but does not purport to provide all the information that may be necessary or desirable to enable an intending contracting party to determine whether or not to enter into a contract or arrangement with SIDBI. Neither SIDBI nor any of its employees, agents, contractors, or advisors gives any representation or warranty, express or implied, as to the accuracy or completeness of any information or statement given or made in this document. Neither SIDBI nor any of its employees, agents, contractors, or advisors has carried out or will carry out an independent audit or verification exercise in relation to the contents of any part of the document.
1.3 Disclaimer
Subject to any law to the contrary, and to the maximum extent permitted by law, SIDBI and its officers, employees, contractors, agents, and advisors disclaim all liability from any loss or damage (whether foreseeable or not) suffered by any person acting on or refraining from acting because of any information including forecasts, statements, estimates, or projections contained in this RfP document or conduct ancillary to it whether or not the loss or damage arises in connection with any negligence, omission, default, lack of care or misrepresentation on the part of SIDBI or any of its officers, employees, contractors, agents, or advisers.
1.4 Costs to be borne by Respondents
All costs and expenses incurred by Respondents in any way associated with the development, preparation, and submission of responses, including but not limited to the attendance at meetings, discussions, demonstrations, etc. and providing any additional information required by SIDBI, will be borne entirely and exclusively by the Respondent.
1.5 No Legal Relationship
No binding legal relationship will exist between any of the Respondents and SIDBI until execution of a contractual agreement.
1.6 Respondent Obligation to Inform Itself
The Respondent must conduct its own investigation and analysis regarding any information contained in the RfP document and the meaning and impact of that information.
1.7 Evaluation of Offers
Each respondent acknowledges and accepts that SIDBI may in its absolute discretion apply selection criteria specified in the document for evaluation of proposals for shortlisting / selecting the eligible vendor(s). The RfP document will not form part of any contract or arrangement, which may result from the issue of this document or any investigation or review, carried out by a Recipient.
1.8 Maintaining Secrecy and Confidentiality
The respondent shall be liable to maintain secrecy and confidentiality of all the information / data / operations, etc. of SIDBI.
1.9 Errors and Omissions
Each respondent should notify SIDBI of any error, omission, or discrepancy found in this RfP document.
1.10 Acceptance of Terms
A Respondent will, by responding to SIDBI for RfP, be deemed to have accepted the terms of this Introduction and Disclaimer.
1.11 Lodgment of RfP
1.11.1 RfP submission:
RfP document submission is required to be done by 7th February , 2012 as under :-
Hard copy along with 1 soft copy (CD – Word format) should be submitted at the following address in single sealed envelope superscribed – RfP- Concurrent Audit of Integrated Treasury (Rupee & Forex) and dealing room Operations of Resources Management Department (RMD), Mumbai.
The Chief General Manager
Internal Audit Department
Small Industries Development Bank of India
SIDBI Tower,
15, Ashok Marg,
Lucknow – 226 001
Uttar Pradesh
Telephones : 0522 - 2288941 Fax : 0522 - 2288457
Copy of the RfP must be submitted before the aforementioned closing date.
· Faxed copies of any submission are not acceptable and will be rejected by the Bank.
· All copies of RfPs and attachments must be provided in a sealed envelope.
No information pertaining to commercial bid should be provided in CDs.
The person(s) signing the bid shall preferably initial all pages of the bid. The bid shall contain no erasures or overwriting except as necessary to correct errors made by the bidder, in which case corrections shall be initialed by the person(s) signing the bid. The bidder shall duly seal each envelope separately. All two envelopes should be put together in one large envelope and dropped in the tender box /sent through courier at Internal Audit Department (IAD), SIDBI, Lucknow to the address mentioned above on or before the last day and time of the receipt of bids. If the submission does not include all the information required or is incomplete, the proposal is liable to be rejected.
All submissions, including any accompanying documents, will become the property of SIDBI. Respondents shall be deemed to license, and grant all rights to SIDBI to reproduce the whole or any portion of their submission for the purpose of evaluation, to disclose the contents of the submission to other Respondents and to disclose and / or use the contents of the submission as the basis for any resulting RfP process, notwithstanding any copyright or other intellectual property right that may subsist in the submission or accompanying documents.
1.11.2 RfP Validity Period
The proposal must remain valid and open for evaluation according to their terms for a period of at least three (3) months from the time the RfP closes on the deadline for lodgment of RfP.
1.11.3 Cost of Bidding Document
No cost has been prescribed for the Bidding Document.
1.11.4 One bid per bidder
Each bidder shall submit only one bid for the assignment.
1.11.5 Late Bids
Any bid received after the deadline for submission of the bids will be treated as “Late Bid” and such late bids shall not be considered at all for competitive bidding.
1.12 Requests For Proposal
Respondents are required to direct all communications related to this RfP, through the Nominated Point of Contact person:
| | Lucknow | |
| Contact | Shri V. S. Hedaoo | Shri. Anil Kapoor |
| Position | General Manager | Asstt. General Manager |
| Email | anilkapoor@sidbi.in | |
| Telephone | 0522 – 2288941 | 0522 – 2288546 (Extn. 734) |
| Fax | 0522 - 2288457 | 0522 - 2288457 |
SIDBI may, in its absolute discretion, seek additional information or material from any Respondents after the RfP closes and all such information and material provided must be taken to form part of that Respondent’s response.
Respondents should provide details of their contact persons, Fax, Telephone, email and full address(s) to ensure that replies to RfP could be conveyed promptly.
If SIDBI, in its absolute discretion, deems that the originator of the question will gain an advantage by a response to a question, then SIDBI reserves the right to communicate such response to all Respondents.
SIDBI may, in its absolute discretion, engage in discussion or negotiation with any Respondent (or simultaneously with more than one Respondent) after the RfP closes to improve or clarify any response.
1.13 Notification
SIDBI will notify all short-listed Respondents in writing as soon as practicable about the outcome of their RfP. SIDBI is not obliged to provide any reasons for any such acceptance or rejection.
1.14 Disqualification
Any form of canvassing / lobbying / influence / query regarding shortlisting, status, etc. will be a disqualification.
2. About SIDBI
2.1 Small Industries Development Bank of India (SIDBI) was established in April 1990 under an Act of Indian Parliament as the principal financial institution for:
- Promotion
- Financing
- Development of industry in the small scale sector and
- Co-ordinating the functions of other institutions engaged in similar activities
The bank provides its services through a network of 103 offices located all over India. Detailed information on the functions of the bank is provided on the website, www.sidbi.in.
2.2 SIDBI runs several financial products and services for catering the financial needs of Micro Small and Medium Enterprises (MSMEs) through its field level offices. These include the following broad areas:
¨ Direct Finance
¨ Bills Finance
¨ Refinance
¨ International Finance
¨ Promotion and Development
¨ Micro-finance
2.3 SIDBI has an Integrated (Rupee and Forex) Treasury set up at Mumbai which functions as a separate business unit. The Treasury is headed by a Chief General Manager and has Front, Mid and Back Offices which are manned by experienced officers. The Treasury has various required IT infrastructure to support the day to day operations and MIS requirement. The forex treasury is equipped with RMDS, SWIFT and WANDA settlement systems.
3. Project Particulars
3.1 Integrated Treasury functions in SIDBI
SIDBI’s Treasury functions include maintaining liquidity and providing funds for day to day operational requirements and investment of surplus funds in the Treasury into such instruments as enumerated in its Investment Policy duly approved by the Board. The guiding principle of investment policy is to provide safety, liquidity and risk & return. The rupee investment portfolio broadly covers the following:
(i) investment in G-securities, Treasury Bills, Corporate Bonds and Debentures and other fixed income securities.
(ii) money market operations like Collateralised Borrowing and Lending Obligations (CBLO), Fixed Deposit placements with banks / institutions, Bills Rediscounting, Repo and Reverse repo with inter bank participants, various schemes of Mutual Fund investments, etc.
(iii) equity investments in the Primary and Secondary market.
(iv) other type of investments approved by the Board and within RBI guidelines.
.
The number of Treasury transactions may be around 30 per day or around 6500 transaction in a year. Present size of the Treasury is around ` 2000 crore.
3.2 Foreign Currency Operations in SIDBI
SIDBI is Licensed as the Authorised Dealer – Category III by Reserve Bank of India. As an Authorised Dealer Category-III, SIDBI has been undertaking various forex transactions permitted by RBI. The Bank has raised foreign currency borrowings from multilateral / bilateral agencies :
The Bank has Nostro Accounts in USD, EUR, JPY and GBP with various correspondents. SIDBI extends loans to MSME entrepreneurs by way of FCTL, trade finance operations and places temporary surpluses as deposits in foreign currency. The major types of forex transaction being undertaken by SIDBI are given below :
(i) Foreign currency borrowings and lendings and servicing of borrowings.
(ii) Maintenance of foreign currency accounts with banks and correspondents abroad.
(iii) Buying / selling of foreign exchange in the domestic market to cover merchant transactions and other debt servicing obligations.
(iv) Enter into forward contracts on behalf of clients and also as a measure of risk management.
(v) Undertake foreign currency sell / buy or buy / sell swaps.
(vi) FLC operations on behalf of customers.
(vii) Foreign exchange derivatives transactions to hedge underlying risks including Swaps, Depo/Loan structures etc.
3.3 Project Objective & Scope of Treasury Operations
The RfP is invited with a view to identifying a suitable professional firm/ company of Chartered Accountants having expertise in Audit of Integrated Treasury and foreign currency operations including day to day dealing room operations. The average daily volume of operations depends upon the market conditions from time to time and may be higher during month ends in respect of foreign currency operations and settlement. The selected firm/ company of Chartered Accountant would undertake the concurrent audit of Integrated Treasury (Rupee and Forex) operations of SIDBI on daily basis at SIDBI’s Mumbai office covering the following areas and based on their findings also regularly suggest measures to improve the functioning of Treasury and Forex operations. Assignment would also include verification and confirmation on the adequacy of internal controls and IT system for sustaining operations. The staff deputed by the firm/ company for carrying out the audit should be qualified and experienced in the area of work.
(i) Rupee money market operations like Collateralised Borrowing and Lending Obligations (CBLO), Fixed Deposit placements with banks / institutions, Bills Rediscounting Scheme, Repo and Reverse repo with inter bank participants, various schemes of Mutual Fund investments, etc.
(ii) Equity investments in the Primary and Secondary market operations including investment, if any, in Portfolio Management Services (PMS).
(iii) Investment in G-securities, Treasury Bills, Bonds and Debentures and other fixed income securities.
(iv) Any other Integrated Treasury activity specifically permitted by the Board / RBI.
(v) Day to day forex dealing room operations which includes maintenance of exchange position, application of merchant rates for export / import transactions.
(vi) Short term swap transactions.
(vii) Booking of forward exchange contract on behalf of customer and SIDBI.
(viii) Derivative transactions, if any, including pricing of deals.
(ix) Deposit of daily surplus foreign currency amounts with banks.
(x) Calculation of interest in respect of PCFC / FCTL/ EBF/ LOCFC transactions.
(xi) Foreign LC operations.
(xii) MTM Valuation of derivative deals.
(xiii) Accounting of all transactions.
(xiv) Compliance with RBI norms and internal control guidelines.
(xv) Returns submitted to RBI.
(xvi) MIS to Senior Management.
(xvii) Approval notes put up to competent authority.
(xviii) Gap position and daylight and overnight position norms.
(xix) Adherence of delegation of powers.
(xx) Reconciliation of Nostro Accounts.
(xxi) Settlement of Rupee Treasury and Forex dealing room operations.
(xxii) Any other areas of work involving Integrated Treasury operations not covered above.
3.4 The firm/ company will have to submit the following reports to the Management relating to Integrated Treasury (Rupee & Forex) Operations
(i) Daily reports covering day-to-day Rupee Treasury and foreign currency dealing room transactions with regard to their correctness, monitoring of risks and observations, if any, on counterparty limits, instrument wise limits, on open foreign currency position, adverse movement of MTM of Swap deals, compliance of Delegation of Powers, etc.
(ii) Monthly reports covering comments on adherence to regulatory and internal policy guidelines and areas of audit as indicated at para 3.3 including submission of MIS to Management in respect of Rupee and Foreign currency Treasury operations, reports to RBI, MTM valuation of derivative deals. Reconciliation of Nostro accounts and other similar periodic verifications like broker-wise exposure, counter party exposure etc.
(iii) Quarterly report on closing work pertaining to rupee Treasury operations and tallying of forex trial balance in respect of various currencies with Rupee trial balance.
(iv) Half-yearly certification of Bill of Entry statements etc.
(v) Any other related report as may be required by SIDBI from time to time.
Further, the selected firm/ company would have to audit the books of select Branch Offices, in addition to Office at Mumbai, pertaining to Integrated Treasury and foreign currency operations of SIDBI, as and when the need arises.
The above reports with regard to Integrated Treasury (Rupee & Forex) Operations should be submitted to CGM, Resources Management Department at Mumbai, both in soft and hard forms, within a week of the reporting period for which the report pertains. Daily reports should be released at the end of the day to CGM, Resources Management Department at Mumbai, both in soft and hard form. The formats of the reports would have to be devised, wherever required, by the firm/ company in consultation with and approval of SIDBI
A detailed checklist and other operating guidelines will be provided to the concurrent auditors. Necessary training/ consultation required would be provided to them for enhancing the quality of the audit. They would be made aware of the guidelines and circulars issued subsequent to commencement of assignment and having impact on the concurrent audit, to keep them abreast of the changes in the operational and regulatory guidelines.
SIDBI will prescribe structured formats for the audit reports and also stipulate the time limits for submission of the reports. The audit formats would be reviewed on annual basis. The firm/ company should strictly adhere to the format and the time limit. SIDBI may prescribe different periodicity for different reports of the Treasury Operations.
The each selected firm/ company of Chartered Accountant would initially be assigned the contract for a period of one year subject to a renewal for two more years if their performance is found satisfactory on review. The proposed assignments would be subject to periodical review at the discretion of SIDBI and is liable to be terminated at any time, if not found satisfactory, by giving short notice.
4 Selection Criteria for the Treasury Operations of RMD, Mumbai
4.1 Selection Process
This RfP will be assessed on the following Selection process:-
Invite Request for Proposal (RfP) wherein Technical and Financial bids are submitted in separate envelopes. Selection in two phases consisting of -
Phase 1 - Technical evaluation
Phase 2 - Financial evaluation
a) A short advertisement is being released in Mumbai edition of a News Paper in English and Hindi (Times of India and Navbharat Times) on January 24, 2012.
b) The firm/ company is required to submit the details of their proposal in two sealed envelopes. The first envelope should be superscribed “Technical Evaluation for said Concurrent Audits should contain detailed statement giving the various technical particulars of the proposal covering aspects of the firm/ company like name and location, year of establishment, names of it’s partners, staff, their qualification / experience, registration number of the firm/ company, details of ICAI membership / Certificate of Practice details, methodology proposed and all other such relevant particulars in the format given in Annexure I. The second envelope superscribed “Financial Bid for said Concurrent Audits should contain the details of the financial bid of the proposal inclusive of Taxes, etc in the format given in Annexure II.
c) A pre-bid meeting would be held to clarify on points, if any, as desired by the intending bidders.
d) After the expiry of last date for submission of bids, in the first instance, the first envelope containing the compliance on the “Technical Evaluation” would be opened in respect of all the bidders to verify the compliance of the bidders with the prescribed Technical Evaluation requirements. The second envelope containing Financial Evaluation would be opened only in respect of those firm/ company who satisfy the Technical Evaluation. Thereafter financial evaluation of the eligible bidders would be undertaken.
e) The Technical Evaluation/ Bid would be evaluated by an In-house Committee constituted by SIDBI. The list of technically qualified bidders would be short listed.
Technical Evaluation Procedure of the bidders for Treasury Operations of RMD, Mumbai
· The technical capabilities of the bidders with regard to the Treasury Operations of RMD, Mumbai would be evaluated based on the following criteria and weightage :
Pre-Requisite for Bidding
The firm should furnish proof of Valid registration / Certificate of Practice from the Institute of Chartered Accountants of India (ICAI). Without valid registration/ Certificate of Practice from ICAI, the firm/ company will not be eligible for bidding.
| Sl. No. | Criteria | Maximum Marks (Weightage) |
| i | · Chartered Accountant firm/ company with year of establishment · Knowledge and experience in carrying out audit of integrated Treasury and Forex operations. | |
| Experience – Above 5 years and upto 10 years | 30 (out of 50) | |
| - More Than 10 years | 50 | |
| ii. | Be a Partnership firm/ company of Chartered Accountants with minimum 3 number of partners/ directors of which 2 number of partners/ directors should be CA(s). | 10 |
| iii | Minimum five years of previous track record of carrying out such audits in other Financial Institutions / Public Sector Banks mainly in the area of Integrated Treasury and Forex Dealing Room Operations (furnish documentary proof). | 10 |
| iv. | Weightage to the firm/ company empanelled with RBI | 10 |
| v. | Availability of suitable Infrastructural facilities including office set up, adequate manpower, who are specialized in the area of audit of integrated Treasury and Forex operations. Competence and qualification of key professional staff, who shall carry out the assignment in a time bound manner. | 10 |
| vi. | Regular set-up, either Head Office or full fledged Branch Offices, at Mumbai. Address furnished. | 10 |
| | Maximum technical score | 100 |
· Preference would be given to the firms/ companies where the partners/ directors themselves were ex-bankers with requisite experience and exposure and the firms having qualified Information System Auditor (CISA/ DISA) with necessary exposure of systems audit.
· The firm/ company shall ensure that the audit firm/ company or any sister / associate concern, is not conducting the statutory audit of the Bank or any of its branches.
· The firm/ company shall execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank.
· The firm/ company shall ensure that the audit be carried out in a professional manner and in case of any misconduct & negligence, the Bank, is free to report the matter to ICAI / RBI under the guidelines from time to time.
· The firm/ company shall ensure that it will not sub-contract the audit work assigned to any outside firm/ company or other persons even though such persons are qualified Chartered Accountants.
· A declaration to be furnished by the firm that credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non-performing assets as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action under ICAI / RBI guidelines.
· Any other terms and conditions of the assignment would be decided by the Bank on a case-to-case basis.
· All bidders scoring 80 marks or more (in Technical Evaluation) will be selected as the Technically Qualified Bidder. In case, less than three bidders get 80 marks or more in the Technical Evaluation, the top three bidders getting the maximum marks in Technical Evaluation will be given preference, subject to them getting at least 70 marks.
· The final selection of the successful bidders from the technically qualified bidders will be done on the basis of lowest financial bid.
· Contract would be initially awarded for a period of one year to the successful bidder subject to extension for two more years provided the performance is found satisfactory.
· The concurrent auditor should adhere to the audit coverage strictly as per the scope as may be decided by the Bank from time to time.
· No out of pocket expenses or traveling allowance / halting allowance would be paid to the concurrent audit firm/ company for carrying out the audit. However, the service tax, education cess etc. would be paid as applicable from time to time in addition to the basic fees. The payment to the concurrent auditors would be subject to deduction of tax at source at appropriate rates.
· Necessary arrangement should be made for providing space, workstation and access to systems (viewing rights only) to the concurrent auditors for ensuring smooth conduct of the audit. This would be the responsibility of the Departmental Head.
· The bids received would be examined by “Bids Opening and Evaluation Committee” which would be constituted at Lucknow.
· The technically qualified bidders alone will be informed of the date of opening of the financial bid. The decision of SIDBI will be final in this regard.
· On the recommendation of the Committee, name of the successful firm/ company/ bidder would be identified for the assignment.
5. Financial Bid evaluation
The financial bids of technically qualified bidders alone will be opened and evaluated.
a) The final selection of the successful bidders from the technically qualified bidders will be done on the basis of lowest bid.
b) In case of a tie, preference will be given to the bidder having higher technical scoring.
c) SIDBI reserves all rights to accept or reject any or all proposals without assigning any reasons there of.
6. Guidelines & Instructions
i. SIDBI will endeavour to make available all relevant information in the RfP. In case of need of any further information or clarification during the tender period the tenderer must contact only the Contact Officer named above. On no account, should the Tenderers communicate directly with any other SIDBI personnel involved in work concerning this Invitation. Failure to comply with this requirement may result in the disqualification of the tenderer from this competition.
ii. Government Tax
Bidders are responsible for establishing the status of the Services for the purpose of any government tax including service tax, cess etc. to GoI. Any applicable taxes should be included and shown in financial proposal.
iii. Alterations to Tenders
Any manuscript or other alteration to the bid must be countersigned and dated by the person submitting the tender.
iv. Letters and Declaration to Accompany Tenders
The bid must be accompanied by a letter on Firm/ Company letter head showing the full registered name(s), registered office address of the bidder. It should be signed by a person of suitable authority to commit the bidders to a binding contract.
v. Packaging and Delivery of Tenders
Bids must be delivered in a double sealed envelope clearly labelled with the following:
1. Project Title
2. Tender Due Date
3. Bidder’s Name
SIDBI accepts no responsibility for the premature opening of any incorrectly marked Tenders.
Tenders must be received at SIDBI Office, SIDBI Tower, 15, Ashok Marg, Lucknow – 226 001 for the attention of Shri M Subramanian, Chief General Manager by 1730 hours on the due date. Late tenders will not be accepted under any circumstance and will be returned unopened. No special pleadings will be accepted. Faxed or e-mailed tenders will not be accepted.
vi. Conflict of Interest
Bidders must disclose in their bid details of any circumstances, including personal, financial and business activities that will, or might, give rise to a conflict of interest; this includes any sub-contractor, if they were awarded this contract. Where bidders identify any potential conflicts they should state how they intend to avoid such conflicts. SIDBI reserves the right to reject any bid which, in SIDBI’s opinion, gives rise, or could potentially give rise to, a conflict of interest.
vii. Disclosures
The bidder must disclose:
a. If they are or have been the subject of any proceedings or other arrangements relating to bankruptcy, insolvency or the financial standing of the bidder including but not limited to the appointment of any officer such as a receiver in relation to the bidder’s personal or business matters or an arrangement with creditors or of any other similar proceedings.
b. If they or any of the bidders staff have been convicted of, or are the subject of any proceedings, relating to:
· a criminal offence or other offence, a serious offence involving the activities of a criminal organisation or found by any regulator or professional body to have committed professional misconduct.
· corruption including the offer or receipt of any inducement of any kind in relation to obtaining any contract, with SIDBI, or any contracting authority.
· failure to fulfill any obligations in any jurisdiction relating to the payment of taxes or social security contributions.
Disclosure extends to any company in the same group of the bidder (including but not limited to parent subsidiary and sister companies, and companies with common shareholders whether direct or indirect and parties with whom the bidder is associated in respect of this bid).
If a bidder or related company or any individual discloses details of any previous misconduct or complaint, SIDBI will seek an explanation and background details from them. At the sole discretion of SIDBI an assessment as to whether the Tenderer will be allowed to submit a bid, will then be made by SIDBI.
viii. Indemnity
The successful bidder shall exercise reasonable skill, care and diligence in the performance of the assignment and indemnify and keep SIDBI indemnified in respect of any loss, damage or claim howsoever arising out of or related to breach of contract, statutory duty or negligence by the firm/ company or the it’s staff, agents or sub-contractors in relation to the performance or otherwise of the Services to be provided under this Contract.
ix. Assigning to Others
The successful bidder shall not, without the prior written consent of SIDBI, assign or transfer or cause to be assigned or transferred, whether actually or as the result of take over, merger or other change of identity or character of the Consultants, any of its rights or obligations under the Contract or any part, share or interest therein. Upon any such assignment or transfer, this engagement may forthwith be terminated by SIDBI.
x. Termination
SIDBI may, at its sole discretion and at any time terminate the Contract and inform the Consultants of SIDBI’s decision by written instruction to that effect. In the event of the Contract being so terminated, the firm/ company shall take such steps as are necessary to bring the Services to an end, in a cost effective, timely and orderly manner.
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Annexure I
Technical Evaluation Criteria for
Integrated Treasury Operations, RMD, Mumbai
A) Audit Firm/ Company Details:
| S.N | Requirements | Compliance | Details |
| 1 | Name of the Chartered Accountant Firm/ Company with year of establishment. | Yes/No | |
| 2 | Knowledge and experience in carrying out audit of integrated Treasury and Forex operations. | Yes/No | |
| 3 | Be a Partnership firm/ company of Chartered Accountants with minimum 3 number of partners/ directors of which 2 number of partners/ directors should be CA(s). Details of each partner/ director including experience, qualification etc. and their Registration number with CA Institute should be furnished. | Yes/No | |
| 4 | Minimum five years of previous track record of carrying out such audits in other Financial Institutions / Public Sector Banks mainly in the area of Integrated Treasury and Forex Dealing Room Operations (furnish documentary proof). | Yes/No | |
| 5 | Valid registration / Certificate of Practice from the Institute of Chartered Accountants of India (furnish documentary proof). | Yes/No | |
| 6 | Whether empanelled with RBI | Yes/No | |
| 7 | Availability of suitable Infrastructural facilities including office set up, adequate manpower, who are specialized in the area of audit of integrated Treasury and Forex operations. Competence and qualification of key professional staff, who shall carry out the assignment in a time bound manner. | Yes/No | |
| 8 | Regular set-up, either Head Office or full fledged Branch Offices, at Mumbai. Address furnished. | Yes/No | |
| 9 | The firm/ company shall ensure that the audit firm/ company or any sister / associate concern are not conducting the statutory audit of the Bank or any of its branches. | Yes/No | |
| 10 | The firm/ company shall execute undertaking of fidelity and secrecy on its letterhead in the format prescribed by the Bank. | Yes/No | |
| 11 | The firm/ company shall ensure that the audit be carried out in a professional manner and in case of any misconduct & negligence, the Bank is free to report the matter to ICAI / RBI under the guidelines from time to time | Yes/No | |
| 12 | The firm/ company shall ensure that it will not sub-contract the audit work assigned to any outside firm/ company or other persons even though such persons are qualified Chartered Accountants. | Yes/No | |
| 13 | A declaration to be furnished by the firm that credit facilities availed by the firm or partners or firms in which they are partners or directors including any facility availed by a third party for which the firm or its partners are guarantor/s have not turned or are existing as non-performing assets as per the prudential norms of RBI. In case the declaration is found incorrect, the assignment would get terminated besides the firm being liable for any action under ICAI / RBI guidelines. | Yes/No | |
Note: All the relevant details & documentary evidence are to be furnished. The above is only a format. Information may be submitted in additional sheet.
B) Details of Concurrent Audit of Treasury Operations
done in previous 5 years in Banks / FIs
| S.N | Client Name | Contact Person | Contact No. | E-mail | Scope of Audit | Audit Period |
| 1 | | | | | | |
| 2 | | | | | | |
| 3 | | | | | | |
| 4 | | | | | | |
| 5 | | | | | | |
| | | | | | | |
| | | | | | | |
Annexure II
Application for Financial bid for
Integrated Treasury Operations of RMD, Mumbai
The Financial Bid should contain the Total cost for one year. SIDBI will neither provide nor reimburse expenditure towards any type of accommodation, travel ticket, airfares, train fares, halting expenses, transport, lodging, boarding etc. for audits conducted at Mumbai.
The format for the Financial bid is given below:
| Particulars | Cost [` ] | Taxes, if any [` ] | Total Cost [Inclusive of all taxes, etc] [` ] |
| Concurrent Audit of Integrated Treasury (Rupee and Forex) Operations | | | |
| | | | |
| | | | |
Date: Authorised Signatory
Declaration
(to be furnished in the letter head of the firm/ company)
We hereby declare that the information submitted above is complete in all respect and true to the best of our knowledge. We understand that in case any discrepancy or inconsistency or incompleteness is found in the information submitted by us, our application is liable to be rejected.
Date: Authorised Signatory
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