Indira Gandhi Institute of Development Research, Goregaon, Mumbai
January, 06th 2020
INDIRA GANDHI INSTITUTE OF DEVELOPMENT RESEARCH
GOREGAON (EAST), MUMBAI
NIT no. IGIDR/Accounts/Internal Auditor/1 dated 19.12.2019
Notice Inviting Tender (NIT)
Engagement of Internal Auditor for IGIDR
INDIRA GANDHI INSTITUTE OF DEVELOPMENT RESEARCH
Gen. A.K. Vaidya Marg, Film city Road, Santosh Nagar, Goregaon (EAST), MUMBAI-400065.
TELEPHONE: 022 2841 6200/584. FAX: 022 2841 6399.
Notice Inviting Tender
"NAME OF THE SERVICES: "Engagement of Internal Auditor" for INDIRA GANDHI INSTITUTE
OF DEVELOPMENT RESEARCH, GOREGAON, MUMBAI 400 065."
1. REGISTRAR, IGIDR MUMBAI invites bids from Chartered Accountant Firms of repute for the
Name of Service EMD (Rs.) Period of Contract
(1) (3) (4)
One year from the date of
Engagement of Internal Auditor INR 10,000/-
awarding the contract
2. The Notice Inviting Tender (NIT) being invited for the above mentioned services. IGIDR reserves its
right to award the contract to the successful bidder.
3. Bidder has to submit Earnest Money Deposit Rs.10,000.00 (Rupees Ten thousand) only along with
4. The bid is invited in sealed envelopes each marked as "Envelope-1: EMD", "Envelope-2: Pre-
Qualification Bid and Technical Bid" and "Envelope-3: Financial bid" respectively. All envelopes
shall be submitted together in another sealed envelope superscripted as "NIT for Engagement of
5. Last date of submission of bid document shall be up to 2 PM on 09.01.2020.
6. The Institute reserves the right to reject any prospective application without assigning any reasons
Letter of Offer
Indira Gandhi Institute of Development Research,
Gen. A.K. Vaidya Marg, Film city Road,
Goregaon (East), Mumbai- 400065.
Subject: "NIT for Engagement of Internal Auditor" for IGIDR Mumbai.
Reference: NIT no. IGIDR/Accounts/Internal Auditor/1 dated 19.12.2019
With respect to your above mentioned call for NIT, I / We hereby submit my / our NIT in the required
format along with Company Profile and supporting documents.
Should this NIT be accepted, I/We hereby agree to abide by and fulfill the terms and provisions of the
said Conditions of Contract annexed hereto so far as they may be applicable or in default thereof to forfeit
the EMD and pay to the IGIDR the amount mentioned in the said Conditions.
I/We have deposited DD/FDR/BG as an earnest money to the IGIDR, which will not bear any interest.
Should I/We fail to execute the contract when called upon to do so. I/We do hereby agree that this sum
shall be forfeited by me/us to the IGIDR.
I / We have carefully gone through the terms and conditions prescribed and I / We accept the same in to
without any alterations / modifications.
Name & seal of Consulting
S E C T I O N `B'
GENERAL INSTRUCTIONS TO BIDDERS
Sealed bids should be addressed to The Registrar, Indira Gandhi Institute of Development Research,
Goregaon (East), Mumbai-400065 (By name) and superscripted "NIT for Engagement of Internal
Auditor" for IGIDR, Goregaon (E), Mumbai-400065.
1. Bidder has to submit Earnest Money Deposit Rs.10,000.00 (Rupees Ten thousand) in the form of
Demand Draft/ Banker's Cheque/Fixed Deposit Receipt/Bank Guarantee issued by commercial
bank drawn in favour of "INDIRA GANDHI INSTITUTE OF DEVELOPMENT RESEARCH"
payable at Mumbai, should be enclosed in the separate envelope submitted along with Pre-
qualification bid envelope. Bank guarantee is also accepted.
2. The NIT in two bid system, supported by prescribed annexure; EMD, Pre-qualification
bid/Technical bid and financial bid shall be placed in separate sealed envelopes each marked as
"Envelope-1: EMD", "Envelope-2: Pre-Qualification Bid and Technical Bid" and "Envelope-3:
Financial bid" respectively. All envelopes shall be submitted together in another sealed enve lope
superscripted as "NIT for Engagement of Internal Auditor. The bids will be received up to 2
PM on 09.01.2020. Each copy of the NIT document under their stamp and signature. No NIT will
be accepted after due date under any circumstances whatsoever.
3. The envelopes Marked "EMD, Pre-qualification & Technical Bid" shall be opened
by REGISTRAR or his authorized representatives in his office on the same day at 3.30 PM.
4. Financial bid of only technically qualified bidders will be opened. The date of opening of price
bid shall be informed by institute to the qualified bidders.
5. The bid shall remain valid for acceptance by the Institute for a period of three months from the
date of opening of the bid and which period may further be extended by mutual agreement and
the bidder shall not cancel or withdraw the bid during this period.
6. The bidder must use only the bid forms issued by the Institute to fill in their rates. Any
addition/alteration in the text of the bid form made by the bidder shall not be valid and shall be
treated as null and void.
7. The NIT form must be filled in English. If any of the documents is missing or unsigned, the NIT
may be considered invalid by the Institute in its discretion.
8. Rates should be quoted both in figures and in words in columns specified. Overwriting of figures
is not permitted. Failure to comply with either of these conditions will render the NIT void at the
Institute's option. No advice whatsoever especially on any change in rate specifications after the
opening of the bid will be entertained.
9. Each Page of the bid document should be stamped and signed by the authorized person or
persons submitting the bid in token of his/their having acquainted himself/themselves with the
general terms & conditions, specifications, special conditions of contract, etc. as laid down. Any
bid with any of the documents not so signed will be rejected.
10. The bid which is not accompanied by EMD will not be considered. The EMD will be returned to
the bidder if their bid is not accepted by the Institute but without Interest. The EMD paid by the
successful bidder shall be held/encashed by the IGIDR as security deposit for execution and
fulfillment of the contract. No interest shall be paid on this deposit. The Earnest Money Deposit
(EMD) of the successful bidder will be converted into Performance Security Deposit. The
security deposit of the successful bidder will be forfeited if they fail to comply with any of the
conditions of contract. No interest will be paid on Security Deposit withheld by the Institute.
11. The Institute does not bind itself to accept the lowest or any bid and reserves to itself the right to
accept or reject any or all the bids, either in whole or in part, without assigning any reasons for
12. The bid incomplete in any form will be rejected outright; conditional offers will not be accepted.
13. No bidder will be allowed to withdraw after submission of the bid; otherwise EMD submitted by
the bidder would stand forfeited. In case, the successful bidder decline the offer of contract (or
refuse to acknowledge or execute the contract/agreement) within 15 days of award of Services,
for what so-ever reasons, their EMD will be forfeited.
14. The bid must include in their rates, applicable GST and any other tax and duty or other levy in
force levied by the Central Government or any State Government or Local Authority, if
15. The intending bidder can obtain any clarifications regarding the NIT document, scope of services
etc. if any from the office of the Accounts Section at 022 28416584 on any Institute`s working
day before the last date of submission of bids.
I/We hereby declare that I/we have read and understood the above instructions and the same will
remain binding upon me/us.
Place : Signature of Bidder
With the seal of their company
INFORMATION FOR BIDDERS
Indira Gandhi Institute of Development Research (IGIDR) is an advanced research institute
established and fully funded by the Reserve Bank of India for carrying out research on development
issues from a multi-disciplinary point of view. Subsequently, the Institute was recognized as a Deemed
University under Section 3 of the UGC Act. Starting as a purely research institution, it rapidly
developed into a full-fledged teaching cum research organization. IGIDR offers academic programmes
like M.Sc, M.Phil and Ph.D in Economics.
IGIDR is maintaining its accounts as per Bombay Trust Act and on Accrual Basis following the
applicable Accounting Standards. The Institute is substantially financed by RBI. Funds are also
received from various sponsoring agency from India and abroad for carrying out research projects.
IGIDR is a FCRA registered institution for carrying out foreign sponsored projects. Presently Tally
ERP.9 is in use in the Accounts section.
Following information may be useful for the bidders while assessing the volume:
Particulars Appx. Values/Numbers
Total Income for the year (2018-19) 198.59 Lakh
Total expenditure for the year (2018-19) 2,795.87 Lakh
No. of Employee 2018-19 as on 31.03.2019 except project
No. of Students 131
Average Monthly Transactions of Financial Nature(approx.) 800
TERMS AND CONDITIONS
Upon the declaration of an intending consultant to be the Successful Bidder by the Institute, they shall be
subject to the following terms and conditions that shall form part of the Formal Agreement to be executed
with the Institute.
1. The consultant shall carry out all the services strictly in accordance with scope of services and
and as per detailed instructions of the Institute.
2. The internal audit is to be conducted quarterly with prior confirmation from the Institute.
3. The internal audit report has to be submitted quarterly.
4. In all matters of dispute arising on the Services, the matter shall be referred to The Registrar,
Indira Gandhi Institute of Development Research, Goregaon for a decision.
5. Arbitration clause: In the event that the Successful Bidder is not satisfied by the decision of the
Registrar, Indira Gandhi Institute of Development Research, the dispute shall be settled by
arbitration in accordance with the provisions of arbitration and conciliation act, 1996 or any
enactment thereof. The Arbitral Tribunal shall consist of one arbitrator, to be appointed by the
Institute. The place of arbitration shall be Mumbai and any award whether interim or final, shall
be made, and shall be deemed for all purposes between the parties to be made in Mumbai. The
arbitration proceedings shall be conducted in the English language and any award or awards shall
be rendered in the English language. The procedural law of the arbitration shall be the Indian law.
The award of the arbitral tribunal shall be final, conclusive and binding upon the Successful
Bidder and the Institute.
carelessness, accident or any other case whatever in any way connected with the carrying out of
6. Performance Security Deposit:
The Earnest Money Deposit (EMD) of the successful bidder will be converted into Performance
Security Deposit. The security deposit of the successful bidder will be forfeited if they fail to
comply with any of the conditions of contract. No interest will be paid on Security Deposit
withheld by the Institute.
7. Payment Terms:
i. The payment during the entire contract period shall be made in accordance with the financial bid
submitted by the selected bidder and accepted by the Institute. No price variation would be
allowed during the contract period. The financial price quoted by the contracting firm shall be
ii. Any increase in statutory taxes during the contract period will be borne by the Institute.
iii. TDS under Income tax will be deducted at applicable rates.
iv. Billing shall be done on submission of the quarterly Internal Audit Report to the Institute and
payment will be processed accordingly.
8. Tenure of Contract:
The contract period shall be one year from date of award of contract.
However, Institute may extend the tenure for another year at its discretion on the same rates,
terms & conditions, if performance found satisfactory.
Notwithstanding anything contained herein above, the Institute reserves the right to discontinue
the services of Chartered Accountant firm in the event their services are evaluated as
unsatisfactory at any time during the period
9. Forfeit of Security Deposit:
In the event of any breach of any of the terms & conditions of the contract or bidder neglects,
delays or fails to perform the contract, IGIDR reserves right to forfeit the security deposit. The
security deposit shall not bear any interest.
10. Termination Clause:
8.1. Without prejudice to any other remedy available to the Institute, in case of default on the part
of the consultant in the performance of this Agreement or in the discharge of any contractual
obligations arising out of this Agreement or if the consultant commits substantial breach of his
obligations, the Institute may terminate this contract by giving a 30(thirty) days written notice of
intended termination to the consultant.
8.2. In the event of this Contract being terminated, the Institute shall be liable to make payments
of the amount due under this Contract up to the effective date of termination for which services
(including parts thereof) have been rendered by the Consultant.
8.3. Notwithstanding anything contained herein above, the Institute may terminate this contract at
any time by giving one month's notice to the consultant without assigning any reason thereof and
without prejudice to the rights of the Institute to recover any money becoming due and payable to
the Institute under this Contract. The consultant may terminate this Contract at any time by giving
two months' notice to the Institute without assigning any reason thereof.
8.4. On the earlier termination of this Contract due to failure to discharge its duties, the
Performance Security Deposit shall stand forfeited by the Institute.
I/We hereby declare that I/we have read and understood the above terms and conditions that form part of
the Formal Contract to be executed between I/us and the Institute. The same shall be binding upon me/us
upon being declared as the Successful Bidder.
Place : Signature of consultant
With the seal of their company
The bids of those firms only will be considered which satisfy the following eligibility criteria:
i. The Chartered Accountant Firm should be registered with The Institute of Chartered
Accountants of India (ICAI).
ii. The Firm should be empanelled with the Comptroller and Auditor General of India (C&AG) for
iii. Either the Registered Office or one of the Branch Offices of the bidder should be located in the
district of Greater Mumbai, Navi Mumbai and Thane.
iv. The CA firms should have Income Tax Permanent Account Number (PAN) and GST
v. The CA Firm should have minimum experience of 5 years in handling internal audit.
vi. The Firm should have minimum number of four qualified Chartered Accountants either as
partners or employees.
vii. The Firm should have minimum number of fifteen staff (Article/ Audit Clerks).
viii. Average Gross Professional Fees earned during the consecutive last 3 financial years ending on
March 31st 2019 must be equal to or more than Rs. 2 crore (two crore). The bidder must submit
the audited balance sheet and P & L account of last 3 financial years with positive net worth in
each year duly certified by CA.
ix. Any partner of firm or firm shall not be liable for disciplinary action under section 21 of the
Chartered Accountant Act, 1949. (Affidavit on Rs 100/- stamp paper should be submitted by CA
Firm regarding none of partner of firm are not liable for disciplinary action under section 21 of
CA Act, 1949.)
x. The bidder should have experience of handling Internal Audit during the preceding Five year of
atleast 3 (three) higher educational institutes(IITs/NITs/Universities/autonomous
institute)/PSUs/Central government/ other limited companies.
(Appointment letters/work orders in support of above must be submitted with in a period of
preceding 5 years i.e. ending the financial year 2018-19).
Bidders must submit documentary proof in support of meeting each of the above minimum
qualification criteria. A simple undertaking by the bidder for any of the stated criteria will not suffice
the purpose. All documentary proof must be listed on the letter pad of the company and enclosed in a
cover, to be submitted along with the pre-qualification bid/technical (Envelope-2) duly stamped and
signed by the authorized person of the firm.
Details (mention annexure for
Sl. No. Particulars
Office Address of the firm
1. Name and address of the authorized
Telephone No/Mobile: E-mail:
The CA Firm should be registered with Registered with
the Institute of Chartered Accountants of ICAI, then mention
India (ICAI) and must possess Registration Number
permanent account number (PAN) under (Date of Registration
2. Income Tax and registration under GST. No.)
(Provide copies of all registration
PAN of the CA Firm
certificate, PAN & GST)
The CA Firm should be empanelled with
Comptroller and Auditor General of
3. India for 2019-20. (Provide copy) Empanelment
The CA Firm should have minimum
experience of 5 years in handling Year of Registration/
internal audit (Provide necessary Starting of operation
Nos. of years of
registration (in years)
Average Gross Professional Fees of the CA
Average Gross Professional Fees earned
Firm in last 3 (three) financial years ending on
during the consecutive last 3 financial
31st March, 2019)
years (2016-17,2017-18 and 2018-19) Rs (in figure)
ending on March 31st 2019 must be ......................................................
equal to or more than Rs. 02(two) crore
only. Rs. (in words)
[Provide copies of the Audited
Financial Statements along with copy
of the acknowledgement of Income Tax
return for all the 3 (three) financial years
as mentioned above along with
documents as per proforma A-1)
The bidder should have experience of
handling Internal Audit during the
preceding Five year of atleast 3 (three)
6 government/ other limited companies.
Appointment letters/work orders as
evidence in support of above must be
submitted. Details to be provided in
PROFORMA : A-1
Details of CA Firm's Annual Professional Fees.
Financial Year Financial Year Financial Year
Particular Annual gross
2016-17 2017-18 2018-19
Professional Fees * (Rs. In
* Furnish the Audited Income & Expenditure and Balance Sheet of the Firm along with copy of the
acknowledgement of Income Tax return for all the 3 (three) years
Details of Firm's Experience in handling Internal Audit in higher educational
institutes(IITs/NITs/Universities/autonomous institute)/PSUs/Central government/ other limited
companies during the preceding (5) years ending the financial year 2018-19.
Sl. Name of the Duration of the Name of the Nature of the Nature of the
No Assignment Assignment Client Assignments & Supporting
[Start date services provided Documents
/ End date] provided
Furnish the copy of the documentary evidence in support of the information provided above. If require,
add/append a page in this format
Certified that the above particulars are correct. In the event of any information found to be incorrect the
Institute is at liberty to reject the proposal of the CA Firm.
SEAL: Name and Designation of the bidder:
Name of the CA firms:
Name of Services: Engagement of Internal Auditor for IGIDR Mumbai.
SCOPE OF SERVICES.
Sl.No. Scope of services : Review and give recommendation on the following
01 Revenue (Academic, Research Contribution receipt, Grant receipt, project
Sponsorship, Contribution and Grants) receipts and utilization.
Receipts for sponsored research Project/
Issue of Utilization certificate for Research
project as and when required by the sponsor.
Interest and other Income (ifany)
Entire system of Revenue accounting and
recognition in the books of accounts
02 Procurement Process Procurement process.
03 Statutory Compliance Computation of dues and remittance for
statutory dues such as
Any other applicable law.
04 Finance & Accounts Verification and checking of all financial
transactions maintained by the Institute.
Verification and checking of all record/system
of bill payment to various contractors and also
to review the compliance on them with term
of contract with IGIDR.
Checking of periodical Bank Reconciliation
pre-audited annual accounts of the Institute
Expenses on Sponsored Projects and its
05 Investments Investment of Institute/project funds
Advice on Investment of Provident Fund as
per the guidelines of the Institute.
06 Pay Roll Advances, Loans, Travel Expenses and Final
Employee's payroll, disbursement and
08 Fixed Assets Management
09 Others Report on risk management issue and internal
control deficiencies identified and provide
recommendation for improving Institute's
Presentation of quarterly comprehensive
report highlighting major issues, objections,
suggestions and corrective measures before
Suggestion for improvement of the existing
system of accounting and internal control
system from time to time.
Advisory services on the Accounts & Audit,
FCRA, procurement, Sponsorship Project etc.
SEAL: Name and Designation of the bidder:
Annexure - A
FORMAT OF UNDERTAKING, TO BE FURNISHED ON COMPANY LETTER HEAD WITH
REGARD TO BLACKLISTING/ NON- DEBARMENT, BY ORGANISATION UNDERTAKING
REGARDING BLACKLISTING / NON DEBARMENT
Indira Gandhi Institute of Development Research
Film City Road, Santosh Nagar,
Mumbai 400 065.
We hereby confirm and declare that we, M/s --------------------------------------------, is not blacklisted/ De-
registered/ debarred by any Government department/ Public Sector Undertaking/ Private Sector/ or any
other agency for which we have Executed/ Undertaken the Services/ Services during the last 5 years.
For M/s __________________
Engagement of Internal Auditor for IGIDR
NIT no. IGIDR/Accounts/Internal Auditor/1 dated 19.12.2019.
No. Unit Rate
Rupees (in Words)
A. Annual Professional fee Figure)
B. Add: GST @ 18%
SEAL: Name and Designation of the bidder:
Payment shall be released quarterly only on submission of the quarterly internal audit report.The
quoted fee should be all inclusive and only the professional fee quoted above will be paid and no
other charges on account of travelling, accommodation, food and other expenses will be paid.
Statutory Changes in GST rate if any shall be borne by the Institute. Deductions shall be made by
the Institute as per statutory rates and norms wherever applicable.
SEAL: Name and Designation of the bidder
* The Financial bid should be submitted in the bidder company/firm letterhead.