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Industrial Pramotion and Investment Corporation of Odisha Limited, Odisha
October, 22nd 2019
                 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 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:-

DGM (Accounts),

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.

      Activity                  Description
      Assignment Name           Adoption & Implementation of Ind AS
                                Industrial Promotion and Investment Corporation Of Odisha
      Name of the Client
                                Limited (IPICOL)
                                Devasish Pradhan,FCA
      Nodal Officer
      Contact details
                                Mob: +91-9938757455
                                O/o D.G.M(Accounts), IPICOL
                                IPICOL House, Janpath, Bhubaneswar ­ 751022
                                Mob: +91-0674-2542612
      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
                                English language.
                                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
                                      the firm
                                   5) SCHEDULE ­E: Description of Approach,
                                      Methodology and Work Plan for undertaking the
                                   6) SCHEDULE ­F :Undertaking
                                2 Inner Envelope with the Financial Proposal:
      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
                                Technical Proposal
                                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
       Submission of
                                   2) Financial Proposal: one (1) original
                                   The Firms shall not have the option of submitting their
                                   Proposals electronically.
       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
     Auditors .
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
              of repute.
      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.

      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
      Firm's proposal.

    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.                 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
           Total                             100

     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%
      7.1  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
                                                                                   Schedule      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/
                   policies                        based
                   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
                                      compliance     of
                                      any      queries
                                      raised by Statutory
                                      Auditor & CAG
                                         SCHEDULE ­ A

                              TECHNICAL BID SUBMISSION FORM
                                    (On bidders' letter head)
                                                                                  [Location, Date]

       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.

      Dear Sir,
             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
      separate envelopes.

     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.

                                                                                 Yours sincerely,

                                                                                 Signature of the
                                                                               Authorized Signatory
      Name of the Signatory: _____________________
      Designation: _____________________ _________
      Name of Firm: _____________________________
      Address: __________________________________
                                                                                Seal of the Bidder

                                  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

7   Website

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.

  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
                                                                                       (Rs crore)

  Bidder to submit copies of the work orders & completion certificate from client for the
  referred assignments
  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


Technical approach with methodology and work plan is key components of the Technical Bid.The
firm is suggested to visit our website 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 .
  9.6 Schedule-F

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
said documents.
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
                                                                                   (In Rs.)
        1.         Lump sum price for adoption &                  Lump Sum
                   implementation of Ind AS

                                                                  Total Rs. (A)
                                                                       GST (B)
                                                         Grand Total (A + B)
               Total Rs. in words:

 Note :

   i.     The above rates are all inclusive taxes and all other expenses.


  Name of signatory

  Designation of signatory

  Official seal
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