Appointment of Chartered Accountant firm as Statutory Auditor : MARKFED


Appointment of Chartered Accountant firm as Statutory Auditor : MARKFED

The Punjab State Co-operative Supply & Marketing Federation Ltd. popularly known as “Markfed” was registered in 1954. At the time of registration, it began with one bicycle, three employees, thirteen members and a capital of Rs.54,000/-, it has now achieved meteoritic volumes and has grown to become the largest marketing co-operative society in Asia with an annual turnover of over Rs.15235 crores budgeted for 2018-19 with 1600 employees. Markfed operates through 20 District offices, over 108 Branch offices in Mandi, Towns and 8 processing and trading units.

Markfed has emerged as a very solid and stable organization committed to the service of the farmer community of the State of Punjab. Markfed has been awarded National Productivity Awards in various fields like co-operative marketing activities, food processing, cattle feed production etc., to name a few. Several innovative incentive schemes have been introduced for the benefit of the farmers and the member co-operative societies. Markfed contributes to research & development through the Punjab Agricultural University, Ludhiana (Punjab). A fair amount is also being re-invested in the setting up of new projects, modernization and diversification of existing plants.

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Sr. No.

Events

Date

1

Date of issue of E- tender

29-05-2019

2

Last date and time for Proposal submission (Separately of Technical and Financial Bid).

19-06-2019 by 3:30 PM

 

2(i) Date and time for opening of technical bids.

24-06-2019 by 10:30 AM

 

2(ii) Date and Time for opening of Commercial Bids.

24-06-2019 by 2:30 PM

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SCOPE OF WORK OF STATUTORY AUDITORS

Certification of Financial Statements i.e. Balance Sheet, Profit and Loss Account alongwith schedules and annexure alongwith certification of accounts of Districts and its branches / Plants / Units / Depots /CFAs / LO Office/Head Office branches.

Whether the Markfed is maintaining proper records showing all particulars including financial quantitative details and situation of fixed assets.

Fixed Assets: Whether these fixed assets have been physically verified by the management, at reasonable intervals whether any material discrepancies were noticed on such verifications.

Whether physical verification of inventory has been conducted at reasonable intervals by the management; are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to Markfed and the nature of its business. If not, the inadequacies in such procedures should be reported; whether Markfed is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account.

Is there an adequate internal control system commensurate with the size of the Markfed and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.

Is the Markfed regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income-tax, GST, Cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.

Click here to Download the Tender Document


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