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

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

Introduction

The Cotton Corporation of India Ltd (CCIL), is a Government of India Undertaking under administrative control of Ministry of Textiles. As per mandate given by the Govt. of India, the Corporation is a nodal agency to undertake Minimum Support Price (MSP) operations without any quantitative limit as and when the prices of raw cotton touch to the support price announced by the Govt. of India. In the event of kapas prices ruling above MSP level, Corporation undertakes commercial operations at its own cost for supply of cotton to mills in the State sector as well as private sector. All these operations are dovetailed to benefit the cotton growers on the one hand and supply of quality cotton to the textile mills on the other hand.

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.
• Unlifted position of bales/cotton seed is reviewed from time to time and advance CC is received against unlifted 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 Indore 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. 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.

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