Empanelment of CA Firm for Concurrent Audit of Export-Import Bank of India

Export-Import Bank of India (EXIM Bank) is a corporation established under the Export-Import Bank of India Act, 1981 and having its registered office at Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. EXIM Bank was set up for the purpose of financing, facilitating and promoting foreign trade in India. It is the principal financial institution in the country for coordinating working of institutions engaged in financing exports and imports.

Scope of Work

To conduct monthly concurrent audits of various functional areas of the Bank at HO (Mumbai) and various offices across India and overseas. The broad scope of work is as follows:

1. Rupee Investments
2. Foreign Currency Fund Management (including foreign currency borrowings)
3. Foreign Exchange Transactions
(including audit of SWIFT messaging systems and its operations, checking of all SWIFT messages including SBLCs issued).
4. Derivatives / Interest Rate Swap / Forward Rate Agreements
5. Guarantees (including checking correctness of guarantee commission charged and collected)
6. Loans & Advances including inter alia Revenue Audit to assess the extent of revenue leakage in respect of collection of fees (processing, service fees, documentation fees, commitment fees, upfront fees etc.), interest, penal interest, liquidated damages, additional interest to be charged as per sanction terms on prospective or retrospective basis on account of any delay in creation of security stipulated e.g. Mortgage/ escrow/ pledge of shares, DSRA etc., non-compliance with sanction terms, checking of principal repayment schedules in Finacle and advised to Borrowers, check the correctness of rate of interest entered in Finacle, reset details entered (spread and base rate, date of next interest reset) and interest rate related fields (inter alia whether LIBOR/ other base rate reset are selected correctly) and/ or any other income leakage.
7. Letters of Credit (LC) / Standby Letter of Credit (SBLC)
8. Compliance with KYC norms.
9. Specific audit and certification of Lines of Credit (LOC) including, inter alia, loan documentation, compliance with conditions stipulated for government guarantee, recovery of commitment charges / management fees etc.
10. Borrowings / Exim Bank Bonds / Term Deposits / CDs / CPs / Term Money

Eligibility Criteria

1. The bidder shall be CA Firm (LLP/ Partnership) registered in India under the Partnership Act 1932/2008 as amended and should have been in existence for last 7 years and should be registered with Institute of Chartered Accountants of India (ICAI) for at least 7 years.

2. Bidder should have minimum of 5 Partners (Chartered Accountants registered as Members of ICAI) in India (where constitution is partnership / LLP) and 10 full-time professional staff who are qualified Chartered Accountants.

3. The bidder should be a CA Firm with an average annual revenue (excluding GST) of at least ₹ 5 crore per annum in the last three financial years i.e. 2018-19, 2019-20 and 2020-21.

4. The firm should be well acquainted with Banking regulations of India and should have undertaken similar assignments (Statutory Audit / Concurrent Audit) for at least three Indian Scheduled Commercial Banks / Indian Financial Institutions during the period January 01, 2016 to December 31, 2021.

5. The bidder must have a full-fledged office in Mumbai for at least last three years, with at least two partners stationed in Mumbai.

6. The firm should not have been banned/blacklisted/barred/ disqualified/ prohibited by Govt. of India/State Govts/ Multilateral agencies/NFRA/ICAI. The firm should not have defaulted to Banks/FIs in India in payment of dues.

7. The bidder or its subsidiaries/associates shall not be currently involved in any other audit activity with EXIM Bank. If the firm was involved with EXIM Bank for any audit activity in the past but a one year cooling period has not lapsed since the completion of that contract, such firms are not eligible.

Terms and Conditions

•  In case there is a mismatch between the words and figures, the amount mentioned in words will be considered.
• Any financial proposal which is conditional and/ or qualified or subject to suggestions will be summarily rejected.
• This is a fixed price contract. All prices should be quoted in INR only. Total cost will be exclusive of GST and other applicable taxes, if any. However, GST and other applicable taxes and out of pocket expenses will be paid as per actuals.

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