Empanelment of CA Firm for Internal Audit of The Cotton Corporation of India Limited

Scope of Work

At the Branch level:

The various functions, roles and duties at branch level are broadly defined as under

a) Maintenance of proper records & registers

• To verify that all the records, registers and books of accounts are maintained properly and are up to date in ERP.
• The records are retained as per prescribed retention schedule.

b) Purchases:

• In case of MSP Operations, the purchases are made as per MSP guidelines and proper deductions are made towards below FAQ parameters as per MSP norms. All the deductions are recorded on the back of bidding slips/takpatti.
• In case of Commercial operations purchases are made within ceiling given by the HO.
• The average rate of kapas tally with that of DPR. The guidelines on “Standardization of purchase procedure and documentations for purchase payments” are implemented. APMC has certified the identity of the farmer and consolidated Certificate is obtained from the APMC, gate-pass has been issued by the APMC/CCI for shifting of kapas from Mandi to Factory, Certificate of ginning entry/receipt of kapas duly certified by the factory owner/authorized representative of the factory, kapas is weighed in the market yard and the weighment slip is duly issued by APMC and is duly signed by APMC, CCI and the farmer, test weighment has been carried out by CCI representative in the factory. Proforma expenses are verified.
• Kapas purchase payments are released either through RTGS/cross Account Payee Cheques only.
• Proper registers including bill inward registers are maintained.
• Private godowns are hired after obtaining HO approval and following usual tender procedure.

c) Sales

• FP Bales contracts are raised as per HO sales confirmation.
• Signed contracts, initial deposits against FP Bales, Exports, Cotton Seed, Misc. items are received from the buyers promptly.
• Delivery orders are issued after receipt of full payment including carrying charges
• Letter of Credit (L/C)/ Bank Guarantee (BG) are opened as per CCI standard format and documents against L/C/BG are submitted to bank/dispatched to coordinating branches in time. The payments are realized from the banks in time.
• Uplifted position of bales/cotton seed is reviewed from time to time and advance CC is received against uplifted stocks wherever applicable.
• The invoices have been raised properly and as per contract terms. The debit/credit notes are raised simultaneously with invoices.
  Dues under MOU, Debtors and buyers’ accounts are reviewed periodically.
• Shortages between press to delivery weight and to quantify the losses, in abnormal cases.

General Terms and Conditions

1. The Cotton Corporation of India Limited shall not be responsible for any expense incurred by bidders in connection with the preparation and delivery of their bids, site visit, participating in the discussion and other expenses incurred during the bidding process.

2. Evaluation of technical Bid-I shall be as per eligibility criteria and financial Bid of the tenderer shall be opened only if it qualifies the technical Bid-I .

3. Earnest Money deposit amounting to Rs. 5,000/- (Rupees five thousand only) in the form of Crossed Demand Draft/Pay Order drawn on any scheduled banks in favor of The Cotton Corporation of India ltd., payable at Ahmedabad must accompany the Technical Bid-I.

4. The EMD of Rs 5,000/- of the successful Bidder shall be released after successful completion of work allotted.

5. Minimum monthly Audit Fee:

a. In respect of branch Ahmedabad, the minimum audit fee will be Rs. 15,000/-(excluding applicable Taxes).
b. The fee should be quoted is inclusive of TA/DA/Boarding/Lodging etc.

6. The minimum consolidated fees for the assignment has been fixed. In case, the minimum fees is quoted by more than one firm, the oldest firm (based on the date of registration/incorporation) shall be treated as L-1.

7. The L-1 firm will be allotted the monthly audit work. However, in case his audit performance not found satisfactory, the firm can be removed after giving one month notice during the engagement period of one year. In this case the next firm in the line of L-1 shall be called upon to accept the engagement provided he agrees for L-1 consolidated fee. The fees shall be inclusive of TA/DA/Boarding Logging etc.

8. The rates must be quoted exclusive of all applicable taxes.

9. The successful bidder shall indemnify the Corporation against all third party claims of infringement of Patent, trademark, rights arising from the use of the services or any part thereof in the Cotton Corporation of India Limited.

10. CCI reserves the right to accept or reject any Bid and to annul the Bidding process and reject all Bids at any time prior to award of contract without assigning any reason whatsoever, without thereby incurring any liability to the affected Bidder or Bidders or without any obligation to inform the affected Bidder or Bidders of the grounds or the reasons for the said action. However, bidder may ask the reasons of these actions.

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