Industrial Pramotion and Investment Corporation of Odisha Limited, Odisha
October, 22nd 2019
INDUSTRIAL PROMOTION AND INVESTMENT CORPORATION OF
ODISHA LIMITED (IPICOL)
IPICOL HOUSE, JANPATH, BHUBANESWAR 751022
Invitation for Expression of Interest for appointment of consultant
for adoption & implementation Indian Accounting Standards (Ind
EOI No:IPICOL/Accts/19-20/01 Date: 16/10/19
Invitation for Expression of Interest (EOI)
IPICOL invites EOI in the enclosed format from Chartered/Cost Accountant Firms (Partnership /
Limited Liability Partnership / Company) for appointment of Consultant for adoption and
implementation Indian Accounting Standards (Ind AS)
Interested firms may visit our website www.ipicolodisha.org for details of eligibility and other
terms & conditions of the contract. The firms fulfilling the eligibility criteria may apply by
completing the enclosed Annexure 1 (Technical Bid) and Annexure 2 (Price Bid) and
submitting the same to the office of:-
1. Introduction & Background
Odisha has emerged as a major destination for industrial and knowledge sector. The Government
has a proactive industrial policy, which focuses on providing institutional infrastructure & need
based fiscal incentives to consolidate & reinforce the industrialization process in the state. The
thrust of the Government is on environmentally suitable industrialization, which generates
maximum employment opportunity and augments State revenue.
To achieve this goal,IPICOL was declared as the State level nodal agency for Investment
Promotion under Odisha Industries Facilitation Act 2004. It also functions as the single window
agency for clearance of investment proposals for medium and large scale industries.
The company is maintaining its accounts at Corporate Office/ Registered Office at Bhubaneswar.
There is no subsidiary or associate company and Joint Venture in India or abroad.
The day to day accounting is being done in Tally ERP 9 software. The financial statements are
audited by statutory auditors appointed by C&AG. As the accounts are centrally managed at one
place, hence no consolidation is required. The Standalone Financial Statement are prepared as
per requirement of Companies Act 2013 and other applicable statutes.
2. DATA SHEET
Assignment Name Adoption & Implementation of Ind AS
Industrial Promotion and Investment Corporation Of Odisha
Name of the Client
O/o D.G.M(Accounts), IPICOL
IPICOL House, Janpath, Bhubaneswar 751022
Selection Method Quality and Cost Based Selection (QCBS)
Preparation of Proposal
Proposals shall be submitted in English language.
Language All correspondence exchange for the assignment shall be in
The Proposal shall comprise the following:
1st Inner Envelope with the Technical Proposal:
1) SCHEDULE A: Technical Bid Submission Form
2) SCHEDULE B: Bidder's General Information
3) SCHEDULE C: Description of Experience of Bidder
Technical Proposal 4) SCHEDULE D:Details of qualified professionals of
5) SCHEDULE E: Description of Approach,
Methodology and Work Plan for undertaking the
6) SCHEDULE F :Undertaking
2 Inner Envelope with the Financial Proposal:
7) Schedule G
Rs. 500/- (Rupees Five Hundred only) Non refundable fee in
the form of demand draft drawn in favour of `Industrial
Promotion and Investment Corporation of Odisha Limited',
Bid Processing Fee
payable at Bhubaneswar. The Bid Processing Fee shall be
submitted along with the 1st Inner Envelope of the
EMD of Rs. 5,000 (Rupees Five Thousand) in the form of
demand draft drawn in favour of `Industrial Promotion and
Earnest Money Investment Corporation of Odisha Limited', payable at
Deposit (EMD) Bhubaneswar. The EMD of unsuccessful bidder shall be
returned .EMD of unsuccessful bidder shall be converted into
security deposit & the security deposit shall be refunded after
approval of annual accounts for FY 2019-20 in AGM
The EMD shall be submitted along with the 1st Inner
Envelope of the Technical Proposal
Validity of the
180 days from the bid opening date
The Firm must submit:
1) Technical Proposal: one (1) original, (1) copy
2) Financial Proposal: one (1) original
The Firms shall not have the option of submitting their
Last date for
By 5:00 PM on 5th Nov 2019
Submission of Bid
Technical Bid opening 03:30 PM on 7h Nov 2019 at IPICOL, Bhubaneswar
Date of Technical 13th Nov 2019. (time of presentation will be intimated
Presentations subsequently to the firm qualifying technical bids)
03:30 PM on 18th Nov 2019 at IPICOL, Bhubaneswar.
Financial Bid Opening
3. Scope of Work
Sl SCOPE OF WORK
1 Preparation of detailed road map on Ind AS Implementation
Preparation of the detailed road map which among other things will also include
a time schedule with clearly defined activities for ensuring successful
implementation of Ind AS. The Consultant to give a detail presentation of the
changes required, implementation road map and the key areas of attention
including likely impact of Ind AS on financial as well as non- financial matters
to the management
2 Identification of differences between Indian GAAP and IND AS
a) Identification of differences between the current accounting policies,
accounting systems and accounting practices of the Company and the
requirements of notified Ind AS and advise necessary modification /
additions during the course of implementation.
b) Preparation of approach paper on the changes required in the accounting
policies, systems and practices.
3 Assist in Preparing and Review of:-
The guidelines on all Ind AS as applicable, the significant
accounting policies, the presentation structure of financial
statement and grouping of account codes with corresponding addition /
modification on account codes in ERP system and suggest all other
changes to make it Ind AS compliant. The Consultant need to also
review our practice with reference to Loan Accounting and suggest
any changes to make it Ind AS compliant.
Consultant will provide all other related clarifications/ guidance, inputs
etc. as and when required, if any, for smooth implementation of Ind
AS in IPICOL. In executing the above work the consultant only to visit
our corporate office.
4 Conversion/Preparation of Ind AS compliant financial Statements:
a) Assist and guide in conversion of standalone financial statements for
the year ending March 31, 2019 and related reconciliation statements and
disclosure requirements under Ind AS and audit thereof. The Consultant
would also be required to give a certificate that the financial
statements confirms the provisions of applicable Ind AS..
c) Preparation of Ind AS compliant standalone annual financial statements
for the year ending March 31,2020 and related reconciliation statements,
if any, and disclosure requirements under Ind AS and audit thereof. The
Consultant would al so be required to give a certificate towards Ind AS
compliant financial statements.
5 Post implementation Assistance:
The Consultant shall provide necessary support for
implementation of any changes required due to
amendment / changes in Ind AS/ Companies Act till
adoption of accounts in the AGM for FY 2019 - 20 and
compliance of any queries raised, if any, in the AGM & C&AG /Statutory
4. Pre-Qualifying Requirements (PQR)
Sl Parameter Criteria Documents required
The Bidder should have been registered in India
1. and should have minimum 7 years of Certificate of Incorporation
existence in the field of accounting and audit
services either individually or together
with networked firms / affiliates.
The bidder should have at least two qualifi ed
2. professionals with CA and /or CMA Profile of Partners
qualification along with experience of
of financial statements under Ind AS.
3. The bidder should have completed at least Assignment order &
two jobs in respect of preparation / completion certificate from
conversion / implementation of financial the client
statement under Ind AS of any company / client
4. The bidder should have requisite infrastructure Address proof of office at
and manpower for undertaking the job.The Bhubaneswar
bidder should have an office in Bhubaneswar.
Address of offices along with the name, address
and contact number of official to be given
along with proposal.
5. PROPOSAL EVALUATION
From the time the bids are opened to the time the contract is awarded, if any Firm wishes to
contact the Client on any matter related to its proposal, it should do so in writing at the address
indicated in the Data Sheet. Any effort by the firm to influence the Client in the Client's proposal
evaluation, proposal comparison or contract award decisions may result in the rejection of the
5.1 The mode of Evaluation shall be QCBS (Quality and Cost Based Selection)
5.2 Evaluation of Technical Proposals
The agencies qualifying the minimum eligibility criteria will be considered for further evaluation.
Technical Bids of eligible bidders shall be evaluated on the basis of following pre-identified
Sr. Parameter Max. Marks Scoring pattern
1. Work experience 30 1. Experience of the bidder in implementing Ind
of bidder in last 7 AS in two PSU/Pvt Organizations of repute-10
years marks for each assignment
(5 marks for each additional assignments
subject to maximum 10 marks)
2. Proposed team 40 2. Minimum two nos of qualified CA/CMA
having 10 years or more experience and
exposure in implementing Ind AS in minimum
two organizations of repute-10 marks for each
(10 marks for each additional resource subject
to maximum 20 marks)
4. Approach and 30 3. The bidders are advised to visit our website
methodology. www.ipicolodisha.com to view the annual
financial statement of IPICOL and present a
detailed road map for implementation of Ind
AS along with work plan. The bidder is
required to indicate a time line during
6. PUBLIC OPENING AND EVALUATION OF FINANCIAL PROPOSALS
6.1 The minimum technical score (St) required for opening of Financial Bids is 70.
6.2 The Financial Proposals shall be opened publicly in the presence of the firms' representatives
who choose to attend. The name of the Firm, the technical scores, and the proposed prices shall
be read and recorded when the Financial Proposals are opened. The Client shall prepare
minutes of the public opening.
6.3 The lowest evaluated Financial Bid (Fm) shall be given the maximum financial score (Sf) of
100. The formula for determining the financial scores of all other bids shall be calculated as
follows: Sf = 100 x Fm/F, in which "Sf" is the financial score, "Fm" is the lowest price, and
"F" the price of the bid under consideration.
6.4 The weights given to the Technical (T) and Financial (P) Bids shall be:
T = 70, and P = 30
Bids shall be ranked according to their combined scores, calculated using the technical score
(St) and financial score (Sf) and the weights as follows:
S = St x T% + Sf x P%
7. GENERAL TERMS & CONDITIONS
7.1 IPICOL shall not be responsible for any expense incurred by bidders in connection with the
preparation and delivery of their bids, site visit, participating in the discussion and other
expenses incurred during the bidding process
7.2 IPICOL reserves the right to accept or reject any Bid at any time prior to award of contract
without assigning any reason whatsoever, without thereby incurring any liability
to the affected Bidder or Bidders or without any obligation to inform the affected Bidder or
Bidders of the grounds or the reasons for the said action.
7.3 In case any bidder is found to be involved in cartel formation, his bid will not be considered for
evaluation / placement of order. Such Bidder will be debarred from bidding in future.
7.4 If the Bidder fails to complete the due performance of the assignment in accordance with the
specification and conditions of the offer document, IPICOL reserves the right either to cancel
the order or to forfeit the security deposit.
7.5 The Contractor shall not sublet, transfer or assign the contract or any part thereof to any other
person / firm / consulting company / organization.
7.6 The quoted Price shall be deemed to be all inclusive till the completion o the work.It is clearly
understood that IPICOL will not have any additional liability towards payment of any Taxes .
8. Time Schedule And Terms of Payment :
Sl Scope of Work as per Para 3 Target By Terms of Payment (
No (Part A) (Days/Date) % of price
quoted at Sl. No. 1 of
rates in Form F)
1. Preparation of detailed road Within 15 days 10 % on
map on Ind AS from date of acceptance of
implementation ;Identification acceptance of work completion
of differences between Indian work order. by IPICOL.
GAAP and IND AS; and
Assist in Review and
Preparation of Guidelines/
on Ind AS
2. Opening Balance Sheet as on Within 3months 30 % on
01.04.2019 and Conversion of from the date of acceptance of
Annual financial statements award of contract work completion
of 2018 - 19 by IPICOL
3. Preparation of standalone Within two months 40 % on
annual from the end of the acceptance of
financial statements for the financial year 2019- work completion
year ending March 31, 20 by IPICOL
2020 and related
reconciliation statements, if
any, and disclosure
requirements under Ind AS.
4. Post implementation On adoption of 20 % on
Assistance accounts in the acceptance of
AGM for FY 2019- work completion by
20 and IPICOL
raised by Statutory
Auditor & CAG
9. TECHNICAL BID & FINANCIAL BID STANDARD FORMS
TECHNICAL BID SUBMISSION FORM
(On bidders' letter head)
Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL)
(A Government of Odisha Undertaking)
IPICOL House, Janpath. Bhubaneswar 751022
Subject: Adoption & Implementation of Ind AS.
We, the undersigned, offer to provide services for the captioned assignment in
accordance with your Expression of Interest dated [ 16/10/19] and our Bid. We are hereby
submitting our Bid, which includes this Technical Bid, and a Financial Bid sealed under
We hereby declare that all the information and statements made in this Bid are true and accept
that any misrepresentation contained in it may lead to our disqualification.
If negotiations are held during the period of validity of the Bid, Our Bid is binding upon
us subject to the modifications resulting from contract negotiations.
We u n d e r s t a n d you are not bound to accept any Bid you receive.
Signature of the
Name of the Signatory: _____________________
Designation: _____________________ _________
Name of Firm: _____________________________
Seal of the Bidder
9.2 SCHEDULE B
Bidder's general information
1 Bidder Name:
2 Date of registration / incorporation and
number of years of operation :
3 Address of registered office:
4 Address of Local Office In Bhubaneswar :
5 Telephone No.
6 E-mail address
8 Fax number
9 ICAI firm registration number
and / or CIN No. of consulting
company / ISO registrati on
no. ( if any )
10 GST registration
11 Permanent Account Number
Stamp and signature of bidder :
Name of authorized person :
Note: The self attested copies of documents at Sl. No. 2, 9, 10 and 11 to be attached.
9.3 SCHEDULE C
Relevant experience of Consulting Firm in implementation of Ind AS or in the process of
implementing Ind AS:
Sl. Name of the Location Of Scope of Project Networth of
No. client client work Period client
Bidder to submit copies of the work orders & completion certificate from client for the
9.4 SCHEDULE D
Details of Qualified Professionals of the firm
Sl. Name & Qualification Total No. of Relevant Experience in
No. Designation years of implementation
experience Ind AS
9.5 SCHEDULE E
DESCRIPTION OF APPROACH, METHODOLOGY AND WORK PLAN FOR
UNDERTAKING THE ASSIGNMENT
Technical approach with methodology and work plan is key components of the Technical Bid.The
firm is suggested to visit our website www.ipicolodisha.com to view our annual financial statement
of IPICOL and present a detailed road map for implementation of Ind AS along with work plan and
timeline of implementation .
We hereby confirmed that all the documents submitted in this tender are authentic,
genuine, copies of their originals and have been issued by the issuing authority
mentioned above and no part of the document(s) / information is false, forged or
We hereby confirm that our Bid complies with the total technical-commercial
requirements/ terms and conditions of the Bidding Document and subsequent
addendum / corrigendum (if any), issued by IPICOL, without any
deviation / exception / comments/ assumptions.
We also confirm that we have quoted the prices without any condition and deviation.
We further confirm that terms and conditions if any, mentioned in our bid (Technical
as well as Price) shall not be recognized and shall be treated as null and void.
We hereby confirm that we are not under any 'liquidation', any 'court receivership' or similar
proceedings and 'bankruptcy'.
We hereby confirm that any partner / Director of the entity have not been convicted
in any disciplinary proceedings / criminal case by regulatory authority(ies) / court in
connection with professional work.
We further confirm that, we have not been in negative list / blacklisted by any
Public Sector Undertaking / Government Organization / IPICOL.
We also confirm that the contents of this Tender have not been modified or altered by us. We
agree that if any noticed in future, our Bid may be rejected/ terminated.
We hereby confirm that we have gone through and understood the Bidding Document and that
our Bid has been prepared accordingly in compliance with the requirement stipulated in the
We further confirm that we have quoted our prices separately. We confirm that rate
quoted by us is all includes as mentioned in the Bidding Document.
Stamp and signature of bidder :
Name of bidder :
NOTE: To be stamped and signed by the authorized signatory on letterhead of bidder.
PART- II : PRICE BID
Name of Job/ services: Appointment of Professional Consultant for
Implementation of Indian Accounting Standards ( Ind AS)
Name of Organization : IPICOL,Bhubaneswar
E.O.I No.: Dated:
Name of Bidder :
Sl. No. Description of Work Unit Amount
1. Lump sum price for adoption & Lump Sum
implementation of Ind AS
Total Rs. (A)
Grand Total (A + B)
Total Rs. in words:
i. The above rates are all inclusive taxes and all other expenses.
Name of signatory
Designation of signatory