Sub: Preparation & Compilation  of Annual Accounts for the Financial Year 2011-12 and 2012-13 for review by Statutory Auditors and CAG Audit.  -  Opening date : 05.07.2012

INDIAN DRUGS & PHARMACEUTICALS LIMITED is looking for a dynamic CA Firm who can take up the assignment of preparation& finalization of Annual Accounts of Corporate Office and consolidation with Regions & Plants Balance Sheet for the Financial Year 2011-12 &  2012-13 (ongoing basis) immediately for the purpose of review by our Statutory Auditors u/s 619 (2) of the Companies Act. The scope of work thus extends up to interacting with the respective Internal Auditors, Statutory Auditors/Branch Auditors and Auditors of CAG till finalization of the accounts in all respects.

The following table indicates the location details of the Company:

 Purview of Statutory Auditors includes audit of Accounts of Corporate Office & marketing Division (H.O) and all India consolidated Accounts.

While the purview of Branch Auditors/Unit Auditor (5) extends to audit of Delhi, Lucknow, Hyderabad, Mumbai & Kolkata RSO & 3 Plants as above.

Interaction for Internal Audit Firms will be in respect of Corporate Office and Marketing Division for the financial year 2011-12 to 2012-13 and various other units and zonal offices (appointment  under process)

Business Volume: Company’s turnover for the Financial Year 2011-12 was 52 Cr. and is likely to be Rs.60 Cr. for the Financial Year 2012-13.

It is imperative that the Annual Accounts for the financial year 2011-12 &2012-13 have to be put before the Statutory Auditors by 15-08-2012 & 15-06-2013 respectively. Time being essence of such an arrangement, it is expected that firm will have to mobilize and depute sufficient teams comprising of competent and qualified personnel for expeditious finalization of Annual Accounts of 2011-12 & 2012-13. Any Inordinate delay on the part of the firm ( like not submitting consolidated accounts based on Branch/Units  provisional & audited accounts within 15-20 days  )  will attract suitable penalty as may be decided by IDPL management/CMD based on actual number of days delayed and the circumstances of such delays.

SCOPE OF WORK FOR THE YEAR 2011-12 & 2012-13:

IDPL Corporate Office intends to outsource its pending and current accounting work to CA Firm.

The assignment includes:

1. Data entry of Cash, Journal, Bank and all other financial transactions of Head/Corporate Office for the years 2001-12 & 2012-13 on Tally ERP package (original version)
2. Reconciliation of all Bank Accounts.
3. Reconciliation and preparation of all schedules like T.A. Advances, Staff Advances and Medical Advances etc.
4. Reconciliation of Inter unit accounts with Regions & Plants.
5. Drawing of Balance Sheet of Corporate Office (with all schedules).
6. Consolidation of Balance Sheet of five Regions.
7. Merger of Balance Sheet of Corporate Office with five regions and three plants.
8. Drawing final accounts for the year 2011-12 & 2012-13 in MS excel format & as per revised Schedule VI of Companies Act .
9. Assistance in Statutory, CAG & MAB Audits.
10. Preparation of Quarterly Profit & Loss A/c, Balance Sheet with schedules (consolidated) for FY 2012-2013 onwards from June 2012 quarter. (to be prepared by 15.08.2012 and thereafter by 15^th of the following month).
11. Certification/verification of various statement (requiring CA certification) required by various authorities.
12. Vetting of various write off/provisions proposals of Corporate Office & Marketing Division.
13.  Quarterly compliance of TDS matters, checking of accuracy of deduction and timely deposit thereof to be reported.
14.  Monthly compliance of Service Tax matters, checking of calculation and reporting the deposit if same on due dates.

ELIGIBILITY CRITERIA /TECHNICAL DETAILS:

1. The firm should have ten year of standing as on the date of submission of application.
2. Should have minimum two full time partners who are with the firm for at least five years.
3. The Firm should have been empanelled with CAG and should have completed at least one such Audit allotted by CAG.
4. Should have experience of handling Accounting Assignments or similar type of assignment of large sized Pharmaceuticals Company.
5. Firm must be registered with Service Tax Department.
6. Should not have carried out any Statutory Audit assignment for IDPL or any of its units within the last one year before the date of submission of application.
7. PSU Experience of 7 years in Internal Audit, Statutory or Accounts preparation.
8. Should not have been debarred, blacklisted or disqualified by any regulatory body or Govt. entity for corrupt or fraudulent practices.

TERMS AND CONDITIONS:

1. Preparation of accounts work and finalization will require to be carried out in Corporate Office premises at Gurgaon. While suitable office space shall be provided by the Company. CA Firm so selected will have to install its own Computers and at least depute 2- 3 assistants having full knowledge of accounts preparation and finalization on regular basis. The firm will have to designate one partner for supervising the work and its timely progress. Designated partner will make himself available for discussions at Corporate Office – Gurgaon whenever required.
2. Further, details of scope of work, if required, will be available from Corporate Office by contacting GM (F) /DFM– IDPL from 11.00 A.M. to 5.00 P.M. on 27.06.2012.
3. Proposals are invited from Chartered Accountants firms who meet the above eligibility criteria can apply within 20(twenty) days of issue of the advertisement.

Application need to be submitted in two separate sealed covers. One of the cover should be clearly marked boldly “Technical Details” and should contain details of the eligibility criteria/technical details with supporting Xerox Copy of documents in support of Item No. 1 to 7 & signed undertaking in support of Item No 8 of the eligibility criteria/technical details. The second cover boldly marked as “Financial Details” should include the Quotation for the Professional Fees for the year 2011-12 & 2012-13 separately. Tender Number and date of opening should also be mentioned on both the envelopes. Both the covers should be addressed to GM (F) – IDPL and should be received by 3.00 P.M. of 05.07.2012 at  the following address:

“Indian Drugs & Pharmaceuticals Limited

Corporate Office, IDPL Complex,

Old Delhi – Gurgaon Road,

Dundahera, Gurgaon – 122016 (Haryana)”

(IDPL shall not be responsible for any postal delay)

4.    Applications will be opened in the presence of CA Firm who may like to be present at 3.30 P.M. on the same day. The Financial Bid cover will be opened only for those firms which qualify the technical details.

5.    Professional Fees will be inclusive of all expenses but exclusive of Service Tax etc. and no separate conveyance or other expenses are payable.

However, if partner of the firm or assistant is required to visit outstation units for work related to the assignments suitable travelling and other expense will be reimbursed.

6.    Company reserves the right to accept or reject any or all the proposals. Decisions of IDPL would be final & binding.

7.    Exit Clause: The engagement may be terminated by either side at the end of any financial year by giving 1 months’ notice in writing.

8.    Payment Terms: a ) 15 % on data entry, bank reconciliation of Corporate office accounts .b) 50 % after drawing of balance sheet of Corporate office, marketing division & its consolidation along with schedules c ) 20 % after completion of Statutory Audit ( including replies d ) 15  % after completion of MAB/CAG  Audit and reply of their comments.

9.    Validity Period: Last date for submission of Technical & Financial bids is 05.07.2012. However, the company may seek additional information or clarification from any applicant after the last date which need to be submitted in 3 days’ time.