Jammu And Kashmir State Power Development Corporation Limited, Srinagar, Jammu And Kashmir
July, 17th 2019
NOTICE INVITING E-TENDERS (E-NIT) FOR APPOINTMENT
OF A CHARTERED ACCOUNTANT FIRM/COST ACCOUNTANT FIRM
FOR THE ASSIGNMENT OF
IMPLEMENTATION OF INDIAN ACCOUNTING STANDARDS [INDAS]
JAMMU & KASHMIR STATE POWER DEVELOPMENT CORPORATION
The Jammu & Kashmir State Power Development Corporation Limited
(A Government of Jammu & Kashmir undertaking)
Corporate Office:- Exhibition Ground, Opposite Civil Secretariat, Srinagar
Camp Office:- Ashok Nagar, Satwari, Jammu-180004
Table A: - Important Information about the E-NIT no.3 Dated l0.o7.zolg
Notice invitirig E-Tenders (E-NIT] For Appointment of chartered
Item Description accountant Firm/Cost Accountant firm the Assignment of
"lmplementation of Indian Accounting Standards
[INDAS] in JKSpDCL,..
Site Location IKSPDCL, Corporate Office, Jammu & Srinagar.
Date of issue of E-Tender UL
Availability of E-Tender
E-NIT is available aqA 4 s.jktende15.ev;4. However, the E-NIT is also
Document available on JKSPDCL official portal www.jkspdcl.com.
The bids shall be uploaded in electronic format on the website
Rs. 1,000/- [Rs. one thousand onlyJ to be submitted in the form of
Cost of E-Tender
Demand Draft in favour of General Manager, Accounts, JKSPDCL,
Rs. 10,000/- (Rs. ten thousand onlyJ in the form of Demand Draft in
favour of General Manager (Accounts], JKSPDCL, Jammu payable at
Earnest Money Deposit Jammu. Both Cost of Tenders document and EMD in the form of DD,s
IEMD) shall reach the GM office by or before the last date of bid submission,
however, scan copy of DD's shall be attached with the technical bid and
uploaded on JK tenders.
Period of Assignment Within six  months from the date of issue of LOA
Pre-bid of the prospective bidders will be held
- c".D".rt. "ffi...
Srinagar att2.OO noon on 25.07.2Ot9.
Pre-bid meeting date Pre-bid queries can also
and Last date & Time for
be entertained at
shekharS728@gmail.com upto 2 5.07.2019 (fZ.OO Noon)
Last date of bid submission will be at 12.00 noon on gl .O7.Z0Ig
Technical bids on 3r.o7.2olg atz.0o pM and Financial bids will be
0pening of Technical Bids
intimated separately to the eligible bidders.
Venue of General Manager Accounts, I&K State Power Developrnent
Corporation, Camp Office Ashok Nagar Satwari lammu - 180004 at
Ashu BehI Gandotra (General ManagerAccoants,
Contact officer for I&K State Power Development Corporation limited,
correspondence and Camp Office Ashok Nagar Satwari Jammu.
clarifications Cell no :- 9479 7-72 667, 94197-02 7 00
Em ail : - g m aj mu @ gmail.com, shekh ar S 7 2 g @g m ail. com
1. Introduction: -
The Jammu & Kashmir State Power Development Corporation Limited, a public sector enterprise of
Government of Jammu & Kashmir, is a power generating utility having 21 hydro projects across the
State of Jammu & Kashmir and one Gas Turbine at Pampore, Kashmir. The Corporation in addition to
generation of power and operation and maintenance of hydro projects is also identifying, harnessing
and developing the hydro projects in the State of Jammu and Kashmir. The Corporation has Twelve
(12) no. of paying units located across the state of Jammu and Kashmir. The Corporation intends to
appoint a Chartered Accountant firm/Cost Accountant as a consultant for implementation of Indian
Accounting Standard [INDAS ] in JKSPDCL.
2. Scope of Work:-
The Scope of assignment is as under:
2.1 Presentation of INDAS compliant changes required:
The Consultant to give a detail presentation of the changes required overview of Work plan,
implementation road map and the key areas of attention to the management.
2.2 Preparation of detailed road map:
Preparation of the detailed road map which among other things will also include a time
schedule with clearly defined activities and completion dates for achieving the above
objectives and ensure successful execution of the project plan.
2.3 Identification of differences between Indian GAAP and INDAS:
a) Identification of differences between the current accounting policies, systems and practices
of the Company and the requirements of notified INDAS and those that would be notified /
amended subsequently during the course of implementation.
b) Preparation of approach paper on the changes required in the accounting policies, systems
2.4 Preparation and review of:-
a) the guidelines on all INDAS as applicable
b) the significant accounting policies
c) the presentation structure of financial statement and grouping of account codes with
corresponding impact on GL heads as per Charts of Accounts and suggest all other changes
to make it INDAS compliant.
2.5 Advice on following:
The Consultant need to review our practice with reference to fixed Asset (useful life and
residual value) and depreciation and suggest any changes to make it INDAS compliant.
2.6 Conversion/Preparation of INDAS compliant financial Statements:
a) Conversion of INDAS compliant standalone /consolidated opening financial statement as at
01-04-2015 and related reconciliation statements and disclosure requirements under
INDAS and audit thereof.
b) Preparation of standalone/consolidated financial statements for the year ending
March 31, 2016 and related reconciliation statements and disclosure requirements under
INDAS and audit thereof. The Consultant would also be required to give a certificate that
the financial statements conforms the provisions of applicable INDAS.
c) Preparation of INDAS compliant standalone/consolidated annual financial statements for
the year ending March 31, 2017 and related reconciliation statements, if any, and
disclosure requirements under INDAS and audit thereof. The Consultant would also be
required to give a certificate towards INDAS compliant financial statements.
2.7 Presentation to Management:
The Consultant to give broad presentations on likely impact of INDAS on financial as well as
non-financial matters to the management of JKSPDCL.
2.8 Hand holding:
The Consultant to provide adequate handholding to the identified JKSPDCL officers on INDAS
reporting requirements and the financial accounting/reporting process to enable JKSPDCL
officers prepare INDAS compliant financial statements in subsequent years.
2.9 Post implementation Assistance:
The Consultant shall provide necessary support for implementation of any change till
finalisation/ adoption of accounts in the AGM for FY 2016-17 (including any queries on the
same) limited to amendment/changes impacting accounts of 2016-17.
2.10 Entities to be covered in Proposal:
In respect of JVs, there may not be uniformity in accounting policies as the conversion process
will be handled by them respectively. As accounting policies have to be uniform for
consolidation purpose, the consultant would be required to advise, help, devise any template
for collection of data from JVs to ensure consolidation as per INDAS requirements
2.11 Any other related work:
Consultant will provide all other related clarifications/ guidance, inputs etc as and when
required, if any, for smooth implementation of INDAS in JKSPDCL. In executing the above work,
the consultant may be required to visit our Project sites and field offices for discussions or
collection of data etc.
The training will cover four (04) days comprehensive training to core team of around
20officers in 2 batches of 10 participants.
3. Eligibility Criteria: -
3.1 Only firms of Chartered Accountants/Cost Accountants registered with their respective
Institutes holding a valid Certificate of practice shall be considered for engagement for
Implementation of Indian Accounting Standards in JKSPDCL.
3.2 Only firms having head office in the northern region only can apply.
3.3 The firm shall have at least five partners out of which three shall be FCA/FCMA.
3.4 The firm should have at least ten personnel qualified and semi qualified in addition to the
number of partners required for meeting the eligibility criteria as mentioned at point no. 3.3
3.5 The firm should have an experience of handling one (01) similar assignment of the Companies
having turnover of more than Rs. 500 crore.
Table:- B Selection Criteria
S. no. Criteria Basis
2marks/year over 10 years (fraction
1. Year of Establishment 10 Marks
to be ignored)
2 marks for each partner who is
Number of partners in firm, who
is with the firm for a minimum
3 marks for each partner who is
2. period of one year (in the 20 Marks
capacity of a partner) as on the
1 mark for each partner who is
date of application.
3. Number of qualified assistants 2 marks for every qualified assistant. 10 Marks
Number of Semi qualified
1 mark for every semi qualified
4. assistant (only CA/CMA -Inter 5 Marks
Experience of Implementation of
5. 10 Marks for each assignment 20 Marks
INDAS in power sector company
Experience of Implementation of
INDAS in PSUs/ Government
6. 5 Marks for each assignment 20 Marks
Companies and Other than power
sector Companies. *
Experience of Statutory audit of
7. the financial statements prepared 5 Marks for each audit 15 Marks
in compliance to the IND AS
Total Marks 100 Marks
*Experience claimed here shall not be considered at point no. 5 above. The firms should have a
minimum experience of 10 years
In case of tie in financial bids, technical scores will be referred and in case of tie in technical scores
also, then following sequence shall be adopted for selection: -
No. of assignments of Power sector Companies.
No. of assignments of other PSU/ Government Companies.
Experience of Statutory audit of the financial statement prepared in compliance to the INDAS.
4. Base of Work: -
4.1 The base of work will be JKSPDCL Corporate Office, Jammu & Srinagar locations.
4.2 The assignment shall be completed with six (06) months from the date of award of LOA
(Letter of Award).
5. Professional Fee: -
5.1 The bidder should upload their offer in the E-BOQ in the E-Tender as per the following price
Description Amount (Rs.)(Exclusive of GST)
Lump Sum Professional fee for the amount
of Implementation of INDAS in JKSPDCL.
5.2 Professional fee shall be inclusive of all travel, stay, office expenses, out of pocket expenses,
cost of producing documents and making power point presentation before JKSPDC and any
other sundry expenses.
5.3 The Corporation will not be required to pay and /or reimburse anything over and above the
5.4 The price quoted by firm shall be firm and final.
5.5 The quoted price should be inclusive of statutory dues, withholding taxes or any other
taxes/levy of the GOI and State Government except GST which will be paid extra.
6. Payment Schedule: -
S.no Scope of Work as per Point no2 Terms of Payment
Presentation and Preparation of detailed road map on INDAS
implementation; Identification of differences between Indian
20% on JKSPDCL acceptance
1 GAAP and INDAS; Review and Preparation of
of work completion.
Guidelines/policies based on INDAS; Advice [as per clause
2.1/2.2/2.3/2.4 & 2.5]
20% on JKSPDCL acceptance
2 Opening Balance Sheet as on01.04.2015[as per clause 2.6 A]
of work completion.
Preparation of standalone/Consolidated annual Financial
statements for the year ending March 31, 2016& March 31, 45% on JKSPDCL acceptance
2017; Presentation and Hand holding [as per clause 2.6 B&C, of work completion.
2.7 & 2.8.]
Post implementation Assistance& Trainings [as per clause 2.9, 15% on JKSPDCL acceptance
2.10, 2.11 & 2.12.] of work completion.
7. Arbitration: -
In the event of any dispute or difference relating to interpretation and the application of the
provisions of the contract between the parties, same shall be settled to the extent possible amicably
between the parties. In case parties are unable to settle the dispute, Managing Director JKSPDC shall
have the sole authority to appoint the arbitrator who shall adjudicate upon the matter in
controversy. The rule governing the proceedings before the Arbitrator appointed by Managing
Director JKSPDC shall be in accordance with the J& K Arbitration and Conciliation Act, 1997
appointed and the rules made there under. The venue of arbitration shall be within the state of J & K.
8. Submission of offer: -
8.1 The list of documents to be attached in the technical bid by the firm is as under: -
Standard format for submission of technical details as per the Annexure A attached.
Earnest money deposit (EMD) of Rs. 10,000/- in the form of demand draft
Demand draft of Rs.1,000/- for the cost of tender document.
Constitution/ Registration certificate of the firm issued by the Institute of Chartered Accountants of
India/Institute of Cost Accountants of India. Information related to year of establishment of Head
office &Branch Office(s), addresses, details of partners and their membership no's. etc.as indicated in
the certificate will be treated as conclusive and final information for evaluation of bids.
Copies of appointment orders for Implementation of Indian Accounting Standards/ statutory audit in
evidence of experience as per clause 3 above.
All the bids will be evaluated on the basis of the documents furnished along with application only.
All submitted documents should be signed by a partner with his name and under the seal of the firm.
Pertinently, the bidders have to upload the e-technical bids (Comprising photocopies of EMD, Cost
of tender document and documents. The bidders have to upload the hardcopies of technical bids
along with the original copies of EMD and cost of Tender Documents, in the office of GM, Accounts,
Jammu in an envelope super scribed "Notice inviting e-tenders (e-NIT) for appointment of CA/CMA
firm for the assignment of Implementation of Indian Accounting Standards [INDAS] in JKSPDCL
along with e-tender no and date.
No need to submit the hard copies of financial bids.
9. Other terms &conditions: -
9.1 The selected firm shall not sublet or assign the awarded job or any part thereof.
9.2 The assignment shall be awarded to the bidder whose bid has been determined to be
substantially responsive to the bidding documents technically qualified.
9.3 The successful bidder shall be required to furnish a performance security in the shape of D.D/
Bank Guarantee @ 5% (Five Percent) of the assignment. Performance security will be returned
in ihe Performance
of alr information/documents
g.5 The successful bidder shalr
and submission orits
with the preparation of the outcome of
* ii"o* foi tho" to*'l"g"taless
bidding process' the process and reiect
-_. L:,r anrt to
or reiect any bid' and ffit"'* liabiliqy to
the right to accept. without th il"t
9.7 jKSpDc reserves ;;;*utd of "'u
bids, at anv time il";?; ""igttment'
the affected bidder
be deducted at source as per applicable
9.8 Taxes shall
In case of
in tim.ery r"tttt *
convinced ,n"a in.-"ooointed
during the execution
of iob including linked excel
documents prepared to the JKSPDGL'
9.j,0Soft copies of #;; u"tu* shall be submitted
based f,les containing Ltd'
For & on behalf of TKSPDC
Date:/O - 07'2or9
No: - JKSPDC/FIN/INDAS/
of NIT attached
herewith in two daily
2' for Publishing the Gist
the tender on the IKSPDcL
1. lt^Xiltrtt"t-ploading JKSPDCL'
- of it't"t'"ging Director'
PA to MD for Information and keep them in
6. Receipt section'o""t*'"t*;;;";tt
7. Notice Board/Website'
Annexure A to the E-NIT No. 3 dated 10/07/2019
Standard format for submission of Technical Bid
1. Name of the Firm:
2. Registration No. of the Firm:
(Institute of Chartered Accountants of India/Institute of Cost Accountants of India)
3. Date of Registration of the Firm:
4. Details of Head Office & Branch Office(s):
Address Contact No(s)/Fax E-mail
Address Date of Establishment Contact No(s)/Fax E-mail
5. Details of Partners in the Firm/Limited Liability Partnership:
CISA/DISA/ Date of Joining
Name of the Membership Status
S. no ISA or Equivalent the Firm as
partner No. ACA/FCA/ACMA
6. Details Of Qualified Assistants
Date of Joining the
Name of the Membership ACA/FCA/ACMA/FCMA/CISA/
S. no Firm as Qualified
Assistant No. DISA/ISA or Equivalent
7. Details of Semi-Qualified Assistants:
Name of the Date of joining the Firm as
S. no Level / Stage of completion
Assistant Semi Qualified Assistant
8. Details of experience of implementation of INDAS in Power Sector company: (if any)
S. no Name of the Company/ Unit Year of Assignment
9. Details of experience of implementation of INDAS in other PSUs/ Government companies or other
companies (other than Power Sector) :-
S. no Name of the Company/ Unit Year of Assignment
10. Details of experience of implementation of statutory audits of INDAS compiled financial
S. no Name of the Company/ Unit Year of Audit
11. PAN No. of the firm.
12. GST No. of the firm.
13. Bank details of NEFT/RTGS:-
1. Bank Name
2. Branch Name and Address
Bank Account Number with style of account,
4. IFSC Code No. Of the Bank
14. We confirm that we have not taken any deviation from the specified terms & conditions, of the NIT
documents. A copy of complete e-NIT document duly signed and sealed on all pages as a token of
acceptance of all terms & Conditions are attached.
Signature of Partner with
Name & Seal of the Firm.
Signature Not Verified
Digitally signed by BUNTY
Date: 2019.07.10 16:08:33 IST
10 | P a g e Location: Jammu and Kashmir