News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Tenders »
  Institute Of Chartered Accountants Of India,Gandhinagar,Gujarat
  Institute Of Chartered Accountants Of India,Gandhinagar,Gujarat
 Union Territory Administration Of Chandigarh,Chandigarh
 Institute Of Chartered Accountants Of India,Gandhinagar,Gujarat
 Gujarat Power Corporation Limited, Gandhinagar, Gujarat
 Reserve Bank Of India, Pune, Maharashtra
  Gujarat Technological University, Ahmedabad, Gujarat
 Cuttack Development Authority, Cuttack, Orissa
 Gujarat Technological University, Ahmedabad, Gujarat
 Indian Institute Of Technology, Kharagpur, West Bengal
 Food Corporation Of India,Chandigarh, Punjab

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]
                                            IN
     JAMMU & KASHMIR STATE POWER DEVELOPMENT CORPORATION
                                LIMITED [JKSPDCL]".




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




1|Page
 IMPORTANT INFORMATION
 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.
                                                                  rl
 Date of issue   of   E-Tender                                     UL
 Document
 Availability    of   E-Tender
                                            L0.O7.20t9
                                                                                k
                                  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.

 E-Tender svstem
                                  The bids shall be uploaded           in   electronic format on the website
                                  www.jktenders.gov.in
                                  Rs. 1,000/- [Rs. one thousand onlyJ         to be submitted in the form of
 Cost of              E-Tender
 Document
                                  Demand Draft      in favour of General        Manager, Accounts,    JKSPDCL,
                                  Jammu.
                                  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 [06] 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)
Tender submission
                                 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
                      E-Tender
                                 Corporation, Camp Office Ashok Nagar Satwari lammu - 180004 at
0pening
                                 2.00 PM,

                                 Ashu BehI Gandotra (General ManagerAccoants,
                                                                              Jammu)
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




2li:.:ge
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
              and practices.






 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

 3|Page
             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.

 2.12     Training:
          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.



 4|Page
   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
       above.

   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
                                                                                            Maximum
   S. no.                  Criteria                                Basis
                                                                                             Marks
                                                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
                                                ACA/ACMA
               is with the firm for a minimum
                                                3 marks for each partner who is
      2.       period of one year (in the                                                   20 Marks
                                                FCA/FCMA
               capacity of a partner) as on the
                                                1 mark for each partner who is
               date of application.
                                                DISA/CISA qualified
      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
                                                   assistant
               qualified)
               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.




5|Page
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
            bid format.
                              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
           contract price.

       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: -

   Part A:-
  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
   3
          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
   4
          2.10, 2.11 & 2.12.]                                           of work completion.


 6|Page
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


 7|Page
   onlyonsuccessfulcompletionoftheassignmenlEMDofthesuccessfulbidderwillbead|usted
                      security'
   in ihe Performance

9'4EMDofallunsuccessfuIbiddersshallbe-releasedafterdeterminationoflowestbidder.
                                                              of alr information/documents
                                                         in respect
                                maintain confidentiality
g.5 The successful bidder shalr
                                                                                                  bid and
                                                                             and submission orits
                                                        with the preparation            of the outcome of
," *.T:.::J:::;:"-t
            in ,;;J;;
                                                    * ii"o* foi tho" to*'l"g"taless
                                            "^T::l"i:t
                                         .esponsible
     JKSpDc        will
     bidding       process'                                                                  the process and reiect
                                                                                                                     all
                                                              -_. L:,r anrt to
                                                                            to annul
                                                   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'
                             or bidders'
        the affected bidder
                                                            laws'
                    be deducted at source as per applicable
  9.8   Taxes shall






In case of in tim.ery r"tttt * i^r r"rr*s' g.gJKSPDCshallreservetherighttotermlnatetheassignmentatanypointoftimeifitiS auditor nrr'a"i*n"u convinced ,n"a in.-"ooointed deraurt'"''"n^o'i''o'*"'''":i"1T[hil:T:,1T:t'lU'*f :il#:TJl';til-ili:: d during the execution of iob including linked excel documents prepared to the JKSPDGL' all the 9.j,0Soft copies of #;; u"tu* shall be submitted all document, based f,les containing Ltd' For & on behalf of TKSPDC rns B'kdi-tlfora) Accounts ffice' lammu Date:/O - 07'2or9 No: - JKSPDC/FIN/INDAS/ copyto cL. 1 PDCL. of NIT attached herewith in two daily 2' for Publishing the Gist J, "*rnu website' the tender on the IKSPDcL A 1. lt^Xiltrtt"t-ploading JKSPDCL' - of it't"t'"ging Director' PA to MD for Information and keep them in safe custody' I J. 6. Receipt section'o""t*'"t*;;;";tt 7. Notice Board/Website' 8lli;gr 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): Head Office: Date Of Address Contact No(s)/Fax E-mail Establishment Branch Offices: Address Date of Establishment Contact No(s)/Fax E-mail 5. Details of Partners in the Firm/Limited Liability Partnership: Membership CISA/DISA/ Date of Joining Name of the Membership Status S. no ISA or Equivalent the Firm as partner No. ACA/FCA/ACMA Qualification Partner /FCMA 1. 2. 6. Details Of Qualified Assistants Whether Date of Joining the Name of the Membership ACA/FCA/ACMA/FCMA/CISA/ S. no Firm as Qualified Assistant No. DISA/ISA or Equivalent Assistant qualification 1. 2. 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 1. 2. 9|Page 8. Details of experience of implementation of INDAS in Power Sector company: (if any) S. no Name of the Company/ Unit Year of Assignment 1. 2. 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 1. 2. 10. Details of experience of implementation of statutory audits of INDAS compiled financial statements; - S. no Name of the Company/ Unit Year of Audit 1. 2. 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, 3. Saving/ Current 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
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions