Empanelment of CA Firm for Concurrent Audit of The Tamilnadu Industrial Investment Corporation Limited     

IMPORTANT NOTICE

This tender procedure is governed by the Tamil Nadu Transparency in Tenders Act, 1998 read with Tamil Nadu Transparency in Tender Rules, 2000 as amended from time to time. In case of any  conflict between the terms and conditions in the tender document, the Tamil Nadu Transparency in Tender Act, 1998, read with Tamil Nadu Transparency in Tender Rules,2000 shall prevail

Critical Information Summary

• TIIC reserves the sole right for carrying out any amendments / modifications/changes including any addendum to this RfP. Such amendments / modifications / changes including any addendum to this RfP notified on TIIC’s website www.tiic.org will be binding on the bidders.
• Bidders are advised to study the tender document carefully. Submission of bids shall be deemed to have been done after careful study and examination of the tender document with full understanding of its implications.
• Any clarifications from bidder or any change in requirement will be posted in TIIC website. Hence, before submitting bids, bidder must ensure that such clarifications/changes have been considered by them. TIIC will not have any responsibility in case some omission is done by any bidder.
• In case of any clarification required by TIIC to assist in the examination, evaluation and comparison of bids, TIIC may at its discretion, ask the bidder for clarification. The response/clarification shall be in writing and no change in the price of substance of the bid shall be sought, offered or permitted.
• Please note that all the information required as per the bidding document needs to be provided. Incomplete information in bidding documents may lead to non-selection
• Modification and/or withdrawal of Bids: Bids once submitted will be treated as final and no further correspondence will be entertained. No bid shall be modified after the deadline for submission of bids. No bidder shall be allowed to withdraw the bid.
• An eligible tenderer (Firm/LLP/company) can apply for Concurrent audit of one or more branches, subject to the above terms of eligibility. However, separate tender with separate EMD for each branch shall be submitted. The tenderer should submit each tender application with all the required/ relevant particulars, separately along with the tender application fees of Rs.1000/- plus GST @ 18% and EMD of Rs.15,000/-. However, the tenderer (Firm/LLP/Company) shall be eligible for selection/appointment for only one branch office as the case may be, which may please be noted.
• TIIC has the right to reject any or all bids received without assigning any reason whatsoever.

Note: TIIC SHALL NOT BE RESPONSIBLE FOR NON RECEIPT / NON DELIVERY OF THE BID DOCUMENTS DUE TO ANY REASON, WHATSOEVER

Introduction

TIIC is the Premier State Level Financial Institution established way back in 1949 in the Country to faster Industrial Development in the State of Tamilnadu. It plays the catalyst foster role of Development Financial Institution to extend financial assistance to the MSME Industries, Service Sector and Large Scale Industries apart from nurturing the first generation entrepreneurs.

TIIC, since its inception, has been instrumental to help more than One lakh Entrepreneurs to realize their dream of setting up their own enterprises. Further, it plays vital role in meeting the objectives of State Government to have balanced growth of all regions and employment generation through the industries / service enterprises financed by the Corporation.

TIIC has been serving the Micro, Small, and Medium enterprises, which account for 90% of the total assistance, for more than 70 years with several financial products viz. Term Loan, Working Capital Loan, Equipment Finance, Transport Loan, Bill Financing, etc. As of Feb 2022, TIIC has 6 Regional Offices and 25 Branch offices across Tamil Nadu with the Registered Office in Chennai.

TIIC intends to ensure the following through the proposed (Concurrent) Audit of BOs:

1. To verify how far the Internal control systems and procedures are adhered to in various areas of operations of the Corporation
2. To make analysis of the quality of the Corporation’s assets and the effectiveness of control system
3. To evaluate the adequacy and effectiveness of Risk management, internal control systems and procedures
4. To identify the potential High Risk areas and to suggest risk mitigates
5. To give a fair view on the perceived risk perception of the auditee offices

Eligibility Criteria:

Tenderer must read carefully the minimum conditions of eligibility (The Conditions of Eligibility) provided therein. Proposals of only those Tenderers who satisfy the conditions of eligibility will be considered for Technical evaluation.

i. Tenderer should have Minimum 3 years of branch audit / concurrent audit experience in Financial Institutions / Public Sector Banks, mainly in the area of credit dispensation-knowledge & experience in carrying out audit works and other day to day operations (with documentary proof for the award and completion of the assignment).

ii. Tenderer should be a Partnership firm / LLP / company of Chartered Accountants where partners / directors are CAs and should have valid registration Certificate of Practice from ICAI (proof of registration to be furnished).

Note:

Tenderer should have suitable Infrastructural facilities, including office set up, adequate manpower, which are specialised in the area of audit of branch operations, mainly in the area of credit dispensation and other day-to-day operations of the Corporation. Competence and qualification of key professional staff, which shall carry out the assignment in a time bound manner, Particulars about the firm / LLP / company, including details of partners/directors, their qualifications and experience to be furnished  .

iii. The tenderer should be empaneled with RBI/any of the nationalised bank and the validity in currency

iv. Tenderer should have regular set-up, either head office or full-fledged branch offices, at respective locations (locally) of TIIC branches (which will be subject to field verification by the TIIC; if found to be false, the tender submitted by the said firm will be summarily rejected and the next CA firm in the reserve list will be considered).

v. Tenderer shall have annual turnover not less than Rs.20.00 lakhs as on 31.03.2020

An eligible tenderer (Firm/LLP/company) can apply for Concurrent audit of one or more branches, subject to the above terms of eligibility. However, separate tender with separate EMD for each branch office shall be submitted. The tenderer should submit each tender application with all the required/ relevant particulars, separately along with the tender application fees of Rs.1000/- plus
GST @18% and EMD of Rs.15,000/-.

Pre-Bid Meeting

Pre-bid meeting will be held at 11.00 AM on 08.04.2022 in the Head Office of TIIC, MHU Complex, 692, Anna Salai Nandanam, Chennai – 600035, during which the prospective Tenderers can get clarifications about the tender. The Tenderers shall send their queries in writing to [email protected] at least two days prior to the pre-bid meeting date. The Tenderers are advised to check www.tenders.tn.gov.in/www.tiic.org for up-to-date information like change in date / venue etc., of pre-bid meeting. Non-attending of pre-bid meeting is not a disqualification.

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