REQUEST FOR PROPOSAL FOR
EMPANELMENT OF INTERNAL
AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED
("OKIH") & IT'S SUBSIDIARIES
Date: January 17, 2020
Overseas Keralites Investment & Holding Limited
Norka Centre, Thycaud, Thiruvananthapuram, Kerala - 695014
U65999KL2019SGC059305
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Contents
Data Sheet ..................................................................................................................................................................2
Background .................................................................................................................................................................3
Terms of Reference for Empanelment of Internal Auditors ........................................................................................4
Scope of Services ...................................................................................................................................................4
Reporting/ Deliverables ..........................................................................................................................................5
Key personnel required ..........................................................................................................................................5
Instructions to the bidders ..........................................................................................................................................6
Submission for Clarifications ..................................................................................................................................6
Submission of proposals ........................................................................................................................................6
Disqualification........................................................................................................................................................6
Evaluation of proposals ..............................................................................................................................................8
Minimum eligibility requirements ............................................................................................................................8
Technical Evaluation Criteria ..................................................................................................................................9
Conditions under which RFP is issued .......................................................................................................................9
Format 1 Letter of Technical Proposal ................................................................................................................. 10
Format 2 Organization Details .............................................................................................................................. 11
Format 3 Turnover certificate ............................................................................................................................... 12
Format 4 Summary of relevant experience .......................................................................................................... 13
Format 5 Relevant experience ............................................................................................................................. 14
Format 6 Details of Key Personnel ....................................................................................................................... 15
Format 7 CVs of Key personnel ........................................................................................................................... 16
Format 8 Access to staff ....................................................................................................................................... 17
Format 9 - Declaration ............................................................................................................................................. 18
1
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Data Sheet
Sl. No. Description Details
1. RFP No. and Date OKIH/2/2020
Empanelment of Internal Auditors for OKIH and
2. Name of the assignment
its subsidiaries.
RFP document can be downloaded from the
3. Issue of RFP document
website www.okih.org
Non-refundable cost of RFP is Rs 5,000/-
(Rupees five thousand only.) plus GST @ 18%
which shall be payable in the form of Demand
Draft
4. Cost of RFP/ bid document
Note: Demand Draft shall be drawn from any
Nationalized/ Scheduled Bank in favour of
"Overseas Keralites Investment and Holding
Limited" payable at Thiruvananthapuram
The Managing Director
Overseas Keralites Investment and Holding
5. Address for submission of Bid Limited
6th floor, Norka Centre,
Thycaud, Thiruvananthapuram 695 014
6. Last date of receiving queries on RFP January 30, 2020
7. Last date of submission of proposal (PDD) February 20, 2020
8. Opening of proposals To be intimated to all bidders by email
9. Validity of the proposal 365 days from PDD
10. Tenure of engagement 24 months
2
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Background
The Government of Kerala constituted Loka Kerala Sabha (LKS) as a common platform for Keralites living across
the globe; it is envisaged as a platform for the cultural, sociopolitical and economic integration of these myriad
Kerala's with the home Kerala. The Government of Kerala believes that the knowledge and experiences of the
non-resident Keralite, in their capacity as a Global Citizen, can be an asset to the development of the State.
The 351-member LKS comprises the Members of the Legislative Assembly of Kerala, the Members of the Indian
Parliament from Kerala, non-resident Keralites of Indian citizenship nominated by the Government of Kerala and
select members of the returnee community. The non-resident members are selected from abroad and from other
states/UTs within India, taking into account gender, age and occupational status. It also includes eminent non-
resident Keralites who have contributed immensely in their respective fields of engagement to achieve public
acclaim.
After the first Loka Kerala Sabha held on 12, 13 January 2018 in which several worthy suggestions had emerged,
the Government of Kerala constituted seven sector-specific Standing Committees for materializing the viable
suggestions. These Standing Committees have conducted meetings and virtual deliberations since their
formulation, and have furnished their reports along with 48 recommendations. Based on feasibility, practicality,
and availability of funds, the LKS Secretariat has merged/grouped the vital suggestions into the 10 for
actualization.
Among this one of the important recommendations was the formation of NRI Investment Company. It was decided
to set up an NRI Investment Company as a mother company for investment in the sectors like Tourism, Airport,
NRI Township, Public Sector Undertakings, Manufacturing of medicines and medical devices.
For the successful implementation of the proposal, a viable and feasible report in this regard has been submitted
to Government and the Government has accorded sanction for the formation of NRI Investment Company in the
name Overseas Keralites Investment and Holding Limited ("OKIH").
OKIH is a company incorporated under the Companies Act, 2013 (`Co. Act') and owned by the Kerala state
government. As one of the projects, OKIH has identified over 40 locations for development of wayside amenities,
of which a couple of pilot projects are to be developed and made functional in next six months. Branded as
"RestStopTM" the wayside amenities will be developed at par with international standa rds along national and state
highways of the state in three to five acres each. Every RestStop TM will have facilities including but not limited as
food court, restaurants, convenience store, clinic, mini multiplex, petrol station, vehicle maintenance facilities,
police aid post, hygiene washrooms and ample parking for both cars and buses. OKIH has decided to set-up a
private limited company in India which shall serve as a special purpose vehicle (`SPV') engaged in the business of
construction and development of rest areas. OKIH is proposed to be holding 26% in the proposed SPV and the
balance 74% is owned by non-resident Keralites either directly or through an intermediary holding vehicle to pool
the funds.
OKIH requires the services of an auditor for conducting internal audit. OKIH is currently at a nascent stage and
may outsource certain processes. The auditor should align their audit program/ procedure to accommodate such
operations. OKIH intends to empanel auditors for a period of 2 (Two) years extendable on year to year basis on
mutual agreement.
3
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Terms of Reference for Empanelment of Internal Auditors
Scope of Services
The audit should be carried out in accordance with Engagement & Quality Control Standards (Audit & Assurance
Standards) issued by the Institute of Chartered Accountants of India in this regard. Key scope of work includes
but not limited to the following:
a) Create a framework and procedure for carrying out the audit. In cases of significant non-compliance, establish
a mechanism to resolve audit observations
b) Prepare various templates required to be filled in by the various stakeholders involved in the audit process
c) Undertake audit for physical infrastructure including verification of completeness of inventory and asset bill of
material for OKIH
d) Review for compliance with laws, policies, processes & procedures, which may have a significant impact on
operations
e) Evaluate the system of Internal Control and compliance to the governance structure
f) Review the reliability & integrity of financial & operational reporting
g) Advice OKIH on regular basis on the latest amendments in the Direct and Indirect Tax aspect and to guide
the management on implementation of the same
h) Filing of various returns under the Direct and Indirect Tax regime and as amended from time to time
i) Audits purchases through ensuring procedure for procurement, verification of bills, variation orders and final
payments are as per General Financial Rules (GFR) and other relevant rules
j) Scrutinize major agreements enters into by OKIH to ensure companies interest is protected
k) Audit of all types of invoices and receipts, pricing etc.
l) Undertake bank reconciliations, bank accounts and respective signatories, cash receipt and cash receipt
reversal report, PDCs on hand
m) Review all loan agreements entered with banks / related parties for various long term / short term loans
n) Monitor loan repayments and the interest payments and accruals
o) Work of provision for doubtful debts as per policy
p) Schedule for all other receivables/ deposits placed/ prepayments/ staff loans & advances/ supplier advances.
q) Review and reconciliation of ledgers
r) Additions/ disposal and write off fixed assets done during the audit period
s) Monitor business plan, budget and expenditure and business targets
t) Provision for expenses based on previous years trends and current situation
u) Regularly identify surplus funds and investment in suitable instruments, following government guidelines in
this regard
v) Prepare annual audit plan including stated audit areas and controls
w) Render advice as to the course of remedial action based on findings/ outcome of the audit
x) Ensure income tax return is filed in time, proper calculation of advance tax, provision for income tax and other
compliance regarding income tax is made
4
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
y) Verify annual financial audit reports before submitting to the statutory auditor
z) The auditor should specifically consider the risk of material misstatements in the financial statements resulting
from fraud
aa) The auditor may delegate adequate powers for suitable financial control and decentralized processing.
Auditor should define accountability and clear-cut responsibilities
Reporting/ Deliverables
Internal audit report on quarterly basis as per the format to be agreed with OKIH and to be submitted to the
Managing Director. Any violations or challenges noticed during the internal audit process are to be reported to the
Audit Committee members immediately by email, followed by hard copy report to the Managing Director.
The Auditor may review the concurrent audit reports/ quarterly executive summaries and may consider material
observations/ findings while forming his opinion on overall internal control and truth & fairness of
accounts/financial statements.
Key personnel required
Sl.
Position Educational qualification Qualification criteria
No.
· Minimum 10 years of
1. Team Leader · Chartered Accountant relevant experience in Audit
services
· Minimum 5 years of relevant
2. Support Auditor 1 · Chartered Accountant
experience in Audit services
· Minimum 3 years of relevant
3. Support Auditor 2 · Chartered Accountant
experience in Audit services
5
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Instructions to the bidders
Submission for Clarifications
Bidders may seek clarifications on the RFP document, if any, before the date mentioned in the Data Sheet. Any
request for clarification must be sent through email to RestStop.OKIH@outlook.com marking a copy to
info.okh@kerala.gov.in.
Interested bidders should send an email to the aforementioned email ids confirming their intention to participate in
the tender, brief about the firm and a self-certification confirming eligibility as per the minimum eligibility
requirements.
Any clarification issued shall be provided to all interested bidders.
Submission of proposals
All proposals must be in English language. The proposal is to be submitted in the prescribed form shown below:
Technical Proposal
All information (except item 1) as detailed below is to be submitted in two hard copies in separately sealed
envelopes and one soft copy in CD, including the presentation for approach and methodology
1. Non refundable RFP fee in form of Demand Draft
2. A copy of this RFP with all pages duly signed and sealed, indicating your acceptance of conditions.
(Attached to the covering letter)
3. Organizational contact details as per Format 2
4. Turnover certificate as per Format - 3
5. Summary of relevant experience as per Format - 4
6. Experience of the organization as per Format - 5
7. Key personnel details as per Format 6
8. CVs of Key personnel as per Format 7
9. Access to staff as per Format - 8
10. Declaration as per Format 9
11. Audited account statement of the last three financial years attested by the responsible officer/ authority.
12. Power of Attorney/ Board Resolution for Authorized Signatory of the Bidder (1 original and 1 copy)
The proposal should be submitted by 15:00 hrs on February 20, 2020 to
The Managing Director
Overseas Keralites Investment and Holding Limited
6th floor, Norka Centre,
Thycaud, Thiruvananthapuram 695 014
The proposals will be opened by the selection committee at the board room in 6 th Floor, Norka Centre, Thycaud,
Thiruvananthapuram, Kerala. The date and time shall be intimated, one week in advance, to all bidders by email.
Disqualification
OKIH may at their sole discretion and at any time during the evaluation of the proposals, disqualify any bidder, if
the bidders have,
· Submitted the documents after the last date.
· Submitted the proposal without required documents.
· Misled or false representation in the forms, statements and supporting documents with the proposal.
6
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
· Declared ineligible by the Government of India or any state government for corrupt and fraudulent
practices or black listed.
The bidders are requested to examine all instructions, forms, terms and other details before submitting the
application.
7
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Evaluation of proposals
Minimum eligibility requirements
Sl. Description Details Supporting documents
No.
1. Company Bidder should be: · Certificate of Incorporation or other
registration · A firm in operation for a minimum relevant documents/ registration
period of 5 years as on 1st April and Partnership deed / MoA / AoA
2019 · Proof of office premises in Kerala
· The firms should an office based in (electricity bill/ landline bill/ any
Kerala other relevant documents)
· Bidder should have a valid · Copy of ICAI Registration Certificate
registration with The Institute of
Chartered Accountants of India
(ICAI) in India
2. Financial The Bidder should have a minimum · Certified account statements
strength Average Annual Turnover of Rs. 20 · Turnover certificate from a statutory
crore from audit services, during the last auditor
three financial years
3. Technical · The bidder should have · Letter of Award/ Work Order/
Strength successfully completed minimum Completion Certificate
two internal audit assignments in · Certificate from HR or company
last 2 years, for companies with a secretary for number of experts
turnover of INR 50 crore. Projects employed by the company and
executed within the Agency's own appropriate support undertakings
company, group of companies or
joint venture companies shall not be
considered
· The bidder should have
satisfactorily completed internet
audit for at least one PSU/
government organization during the
last 5 years
· The bidder must have a minimum of
15 full time qualified charted
accountants to provide audit
services and be able to provide an
independent audit team with no
possible conflict of interest
4. No major The Bidder shall not have been involved · Undertaking on company letter
litigations in any major litigation that may have an head
impact affecting or compromising the
delivery of services required.
5. No blacklisting The Bidder shall not have been · Undertaking on company letter
blacklisted/ debarred by any Central / head
State Government/ Public or Private
Sector Undertakings
Proposals which satisfy the minimum eligibility requirements will be further evaluated based on the evaluation
criteria.
8
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Technical Evaluation Criteria
Sl.
Details Maximum Marks
No.
Average Turnover of the firm in the last 3 years
· INR 20 30 crore: 5 marks
1. 15 marks
· INR 30 50 crore: 10 marks
· >INR 50 crore: 15 marks
Number of years of experience of providing audit services
2. · > 5 years to 10 years: 5 marks 10 marks
· > 10 years: 10 marks
Number of qualified audit professionals, with experience
relevant to the scope of work, engaged by the firm
3. · >15 to 25 professionals: 5 marks 20 marks
· >25 to 50 professionals: 10 marks
· > 50 professionals: 20 marks
Experience in providing internal audit services in the last 5
years
· <=5 assignments: 5 marks
4. 20 marks
· 5-10 assignments: 10 marks
· >10 assignments: 20 marks
Experience in providing internal audit services to PSUs/
government organizations in the last 5 years
5. 20 marks
· <=5 assignments: 10 marks
· >5 assignments: 20 marks
6. CVs of key personnel 5 marks per CV 15 marks
The evaluation of proposals shall be on the final technical score. Based on the minimum technical score as
decided by the selection committee, qualified Bidders shall be empaneled.
Conditions under which RFP is issued
The RFP is not an offer and is issued with no commitment. OKIH has the right to withdraw RFP and or vary any
part thereof at any stage. OKIH has further right to disqualify any bidder, should it be so necessary at any stage.
9
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 1 Letter of Technical Proposal1
To,
The Managing Director,
Overseas Keralites Investment and Holding Limited
6th Floor, Norka Centre,
Thycaud, Thiruvananthapuram 695 014
Dear Sir,
Sub: Submission of Technical Proposal for Empanelment of Internal Auditors for OKIH and its subsidiaries.
In response to the Request for Proposal published on __________________ for the above purpose, we would
like to submit our proposal for the above proposed task. We, having examined all relevant documents and
understood their contents, hereby submit our Proposal for ______________________. We have enclosed the
Demand Draft number _____________of INR 5,000 (plus GST@ 18%) in form of Demand Draft number
_____________ dated ____________ drawn on ____________ (Name of issuing bank).
The Proposal is unconditional and unqualified. We understand you are not bound to accept any Proposal you
receive.
As instructed, we attach 2 copies of the following documents in separately sealed envelopes and one soft copy in
CD, also in separate sealed cover:
1. Organizational contact details as per Format 2
2. Turnover certificate as per Format - 3
3. Summary of relevant experience as per Format - 4
4. Experience of the organization as per Format - 5
5. Key personnel details as per Format 6
6. CVs of Key personnel as per Format 7
7. Access to staff as per Format - 8
8. Declaration as per Format 9
9. Audited account statement of the last three financial years attested by the responsible officer/ authority.
10. Power of Attorney/ Board Resolution for Authorized Signatory of the Bidder (1 original and 1 copy)
We are also enclosing a copy of the RFP with all pages signed and sealed to confirm our agreement to the terms.
We agree to keep this offer valid for three hundred and sixty-five (365) days from the PDD specified in the RFP.
Sincerely yours,
Signature of the Bidder
Full name of the Bidder
Stamp and date
Encl. As above
1 Note: This is to be furnished on the company letter head
10
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 2 Organization Details
Sl.No. Organization details
1. Name of organization
2. Main areas of business
3. Type of organization
4. ICAI Registration Details
If it is a company/partnership firm:
5.
A. Registration no.
B. Name of country
Address of registered office with telephone no
6.
& fax & e mail
Whether the firm has been blacklisted by any
authority in the country
7.
If yes, details thereof
Whether the firm has been involved in any
major litigation that may have an impact
affecting or compromising the delivery of
8.
services required.
If yes, details thereof
9. Address of offices in India
10. Contact person with telephone no. & e-mail id
Enclose:-
· Copy of Certificate of Incorporation, if applicable.
· Cope of registration proof in respect of 4 above
· Copy of Article of Association in respect of 5 above, if applicable.
· Undertaking in respect of 7 and 8 above
· Proof of office premises in Kerala (electricity bill/ landline bill/ any other relevant documents)
Signature of the applicant
Full name of the applicant
Stamp & Date
11
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 3 Turnover certificate2
Description FY __________ FY ________ FY ________
Annual turnover
Net worth
Profit
This is to certify that (name of the Bidder) has Annual Turnover as shown above against the respective/s financial
year/s
Signature
Name of the Statutory Auditor
Membership no
Designation
Name of the Audit Firm
FRN
2 Note: The turnover certificate should be accompanied by audited account statements. If a group, consolidated
figure may be shown.
12
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 4 Summary of relevant experience3
Sl. No. Type of credential (in line Name of the assignment Proof submitted
with minimum eligibility
and technical evaluation
requirements)
3 Each of the projects mentioned in this format should be detailed in Format 5
13
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 5 Relevant experience4
Name of the Bidder
Type of Experience (in line with
requirements stated in Minimum eligibility
and Technical evaluation section of RFP)
Name of the Project
Period of assignment
Description of services performed by the
Bidder firm
Name of the client and address
Type of client Public/ Private/ PSU
Name, telephone no. and fax no. of client's
representative
Contract value of the assignment (in INR)
Start date and finish date of services
(month/ year)
Brief description of the Project
4 Note:
1. Use separate sheets for each relevant experience
2. Each relevant experience should be supported by a work order/ agreement/ client certificate
14
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 6 Details of Key Personnel5
Details of key personnel
Sl.
No. Educational Number of years List of relevant
Position ICAI Registration
qualification of experience experience
1.
2.
3.
5In addition to the key personnel, the bidder should also submit details of necessary support staff. However, for
evaluation purposes, only the details of the key personnel will be considered.
15
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 7 CVs of Key personnel
1. Proposed position:
2. Name of Firm:
3. Name of Personnel:
4. Date of Birth:
5. Nationality:
6. Educational qualifications (With degree, institution and year of completion):
Degree Institution Year of Completion
7. Languages [For each language indicate proficiency: good, fair, or poor in speaking, reading, and
writing]:
Language Speaking Reading Writing
8. Employment record (Starting with present position, list in reverse order every employment held by
staff member since graduation and tenure):
From To Employer Position Held
9. Work undertaken that best illustrates relevant experience and capability to handle the tasks assigned:
Name of project
Name of client
Location
Main project features
Certification:
10. I, the undersigned, certify that to the best of my knowledge and belief, this CV correctly describes me, my
qualifications and my experience.
Signature of Key Personnel
16
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 8 Access to staff6
Sl. No. Type of experience (in line with Number of qualified staff
scope of work)
Total number of staff
6 Format 8 should be provided in company letterhead certified by the Authorized Signatory/ Head HR
17
REQUEST FOR PROPOSAL FOR EMPANELMENT OF INTERNAL AUDITORS FOR OVERSEAS KERALITES
INVESTMENT AND HOLDING LIMITED ("OKIH") & IT'S SUBSIDIARIES
Format 9 - Declaration7
To,
The Managing Director,
Overseas Keralites Investment and Holding Limited
6th Floor, Norka Centre,
Thycaud, Thiruvananthapuram 695 014
Dear Sir,
We hereby confirm that we are interested in competing for the services to undertake the task related to
____________________ for Overseas Keralites Investment and Holding Limited. All the information provided
herewith is genuine and accurate.
Signature of the Bidder
Full name of the Bidder
Stamp and date
7 Note: This is to be furnished on the company letter head
18
|
