Tender Number: CB/Ind AS/01/ Date:

Transcription

1 (A Premier Public Sector Bank) Financial Management Division Head Office-Mangaluru. TENDER DOCUMENT Tender Number: CB/Ind AS/01/ Date: The Bank invites Proposals (the Proposals ) for selection of a Consultant for implementation of Ind AS From: The Deputy General Manager Financial Management Division Corporation Bank, Head Office Mangladevi Temple Road, Pandeshwar, Mangaluru Karnataka Cost of Tender Document : Rs.10,000/- (Rupees Ten Thousand only) (inclusive of KVAT of 5.50%) (non-refundable) Earnest Money Deposit [EMD] : Rs.5.00 lacs (refundable to unsuccessful bidders) 1

2 Contents Sr. No Particulars Page No 1 Invitation 3 2 Calendar of Events 4 3 Definitions 5 4 Eligibility Criteria 5 5 Conflict of Interest Earnest Money Deposit 6 7 Terms of Reference Clarification and Amendment of RFP documents 10 9 Bidding Documents Preparation of Proposal / Bid Submission, receipt and opening of technical and commercial proposal 12 Proposal evaluation Disclaimer Contract Finalisation Confidentiality & Non-Disclosure Termination of Agreement Miscellaneous Terms & Conditions Resolution of Disputes 16 List of Annexures Annexure No Particulars Page No Annexure I Eligibility Criteria 17 Annexure II Technical Proposal 18 Annexure II-A Particulars to be furnished for the purpose of 19 appointment of Consultant Annexure II-B Particulars in respect of engagement in IFRS/Ind AS 20 consultancy / audit in Banks / Financial Institutions in India during last Seven years as on Annexure II-C Financial Performance of the Bidder 21 Annexure II-D Details of Bidder/affiliates/group companies 22 Annexure II-E Details of Partners of the Bidder including its 23 Affiliates/Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services in India Annexure II-F Details of full time professional staff of the Bidder 24 including its Affiliates / Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services in India Annexure III Commercial Proposal 25 Annexure IV Parameter for selection of Consultant 26 Annexure V Payment terms 27 Annexure VI Parameters used for technical evaluation 28 Annexure VII Bank Guarantee Format For Earnest Money Deposit 29 2

3 1. Invitation Corporation Bank, a Public Sector Bank (hereinafter referred to as the Bank) a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980 having its Head Office at Mangladevi Temple Road, Pandeshwar, Mangaluru and having 2451 branches as at spread across the Country is required to comply with Ind AS (Indian Accounting Standards) for preparation of financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, In this connection, the Bank invites proposals / bids in response to this Request for Proposal (RFP) from Consultants (hereinafter referred to as Bidders / Applicants) of repute and proven track record for implementation of Ind AS as per the Terms of Reference given in Sr No.7. The bidders/applicants desirous of taking up the project are invited to submit their proposal/ bid in response to this RFP. The criteria and the actual process of evaluation of the bid to the RFP and subsequent selection of the Successful Bidder (SB) will be entirely at Bank s discretion. The bidders / applicants should have necessary experience, capability and expertise to perform, as per the scope of work and to adhere to the Bank s requirements/ terms and conditions outlined in the RFP. The RFP is not an offer by the Bank, but an invitation to receive bids/proposals from the Bidders. No contractual obligation whatsoever shall arise from the RFP process unless and until a formal contract is signed and executed by duly authorized official(s) of the Bank with a Successful Bidder. 3

4 2. Calendar of Events Sr. No Schedule of activities leading up to award of assignment for consultancy for implementation of Ind AS Date / Time 1 Release of RFP document Last date for receipt of queries (if any) from prospective bidders by By 5.00 PM (IST) 3 Date and time for issuing clarifications to queries by the Bank By 5.00 PM (IST) 4 Last date of receipt of bids By PM (IST) 5 Date of opening of technical proposal at 3:30 PM (IST) 6 Place of Opening of technical proposal 7 Date of presentation covering the proposed implementation plan (at Head Office, Mangaluru) 8 Date of Opening of the Commercial proposal Corporation Bank Head Office, Mangaladevi Temple Road, Pandeshwar, Mangaluru, Karnataka AM (IST) AM ( IST) (at Head Office, Mangaluru) 9 Address for Communication The Deputy General Manager Financial Management Division Corporation Bank Head Office, Mangaladevi Temple Road, Pandeshwar, Mangaluru, Karnataka Contact person Gyana Ranjan Sarangi -hoifrs@corpbank.co.in Mobile No Land Line / Start of consultancy services Immediately after the agreement for the services is entered between the Bank and the related vendor Bids will be opened in the presence of the bidders or the authorised representatives (maximum two representatives per bidder) who choose to attend. In case the specified date of submission & opening of Bids is declared a holiday in Mangaluru under the NI Act, the bids will be received till the specified time on next working day and will be opened at 3:30 p.m. on the same day. In case the RFP document is downloaded from the website, fees must be deposited by way of demand draft along with the Technical Offer. 4

5 3. Definitions a. Corporation Bank means Corporation Bank, a body corporate constituted under The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 which has invited the bids for consultancy services, and with which the selected bidder signs the contract for the services to be rendered and to whom the selected bidder shall provide services as per the terms and conditions and terms of reference of the contract. b. Bidders / Applicant / Consultant means the entity or firm who is submitting its bids / proposals for providing services to Corporation Bank. c. Affiliates/Group Companies means membership firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services/ securities trading / stock broking business, registered in India. d. Partners means a professional sharing profit in a chartered accounting firm / LLP as defined under Partnership Act and/or Limited Liability Partnership Act. e. Personnel/ Professional means full time staff with minimum qualification of Chartered Accountant/equivalent and on the payroll of the bidder. f. Proposal/Bid means the technical proposal and the Commercial/Financial proposal. g. RFP means this Request For Proposal prepared by Corporation Bank for the selection of Consultants. h. Assignment/job means the work to be performed by the Consultant pursuant to the contract. i. Term of Reference (TOR) means the document included in the RFP which explains the scope of work, activities, tasks to be performed, etc. j. Contract means the contract signed by the parties and all the attached documents and the appendices. k. Day means calendar day. l. Parties - Party or Parties means Corporation Bank or Bidder /Selected Bidder /Consultant or both as the case may be. 4. Eligibility Criteria Applicants must read carefully the eligibility criteria provided in Annexure I. Proposals of only those Applicants who satisfy these conditions will be considered for evaluation process. The Eligibility Criteria will apply to the Bidder along with its Affiliates / Group companies/member firms working under the common brand name, should have neither failed to perform on any agreement during the last three years, as evidenced by imposition of a penalty by an arbitral or a judicial pronouncement or arbitration awarded against the Applicant or its Affiliates or its member firms, nor been expelled from any project or agreement nor had any agreement terminated for breach by such Applicant or its Affiliates or member firms. 5. Conflict of interest The Bank requires that the selected Consultants provide professional, objective, and impartial advice, and at all times hold the Bank s interest s paramount, strictly avoid conflicts with other assignment(s) / job(s) or their own corporate interests, and act without any expectation/consideration for award of any future assignment(s) from the Bank. 5

6 Without limitation on the generality of the foregoing, the selected Consultants, and any of their affiliates and member firms, shall be considered to have a conflict of interest (and shall not be engaged under any of the circumstances) as set forth below: i. Conflicting assignment/job: The Consultant (including its personnel) or any of its affiliates and member firms shall not be hired by the Bank for any assignment/job that, by its nature, may be in conflict with the present assignment. ii. Conflicting relationships: The Consultant (including its personnel) having a business or family relationship with a member of the Bank s staff who is directly or indirectly involved in any part of (i) the preparation of the terms of reference of the assignment/job,(ii) the selection process for such assignment/job, or (iii) supervision of the contract, may not be awarded a contract, unless the conflict stemming from such a relationship has been resolved in a manner acceptable to the Bank throughout the selection process and the execution of the contract. Employees of the Bank shall not work as, for or be a part of the firm of selected Consultants. 6. Earnest Money Deposit (EMD) i. The Bidder shall submit the EMD of Rs.5,00,000/- (Rs. Five Lacs only) by way of demand draft / Bank Guarantee favouring Corporation Bank payable at Mangaluru (BG should be issued by a scheduled commercial bank operating in India other than Corporation Bank). The Bank Guarantee shall be valid for a period of 6 months. ii. EMD should be kept in the envelope containing Technical Proposal as per Annexure II. Any Technical Proposal envelope not accompanied by the requisite EMD shall be treated as non-responsive and is liable to be rejected. iii. The EMD of the unsuccessful bidders will be returned as early as possible, after completion of process of selection of the Consultant. For successful bidder, the EMD will be returned after receipt of performance guarantee for a period up to one year of successful completion of the project. iv. No interest / charges is payable on the amount of EMD. v. EMD may be forfeited in the event of withdrawal of bid during the period of processing the RFP or in case the selected bidder fails to sign the contract. vi. If EMD is forfeited for any reason, the concerned bidder will be debarred from further participation in future three RFPs floated by the Bank. vii. Performance Guarantee should be for Rs.5.00 Lacs (Rupees five lacs only) and valid up to The performance guarantee shall be issued as per the format devised by the Bank.( PBG should be issued by a scheduled commercial bank operating in India other than Corporation Bank).. viii. The tenure of the Bank Guarantee shall be extended suitably in case of deferment of the implementation schedule by RBI/MCA/ICAI/SEBI. 7. Terms of reference The objective of this assignment is to assist the Bank to comply with the provisions and reporting requirements (for placing all the requirements including technological changes) Migration of Bank and its domestic subsidiary to Ind-AS as per Standards notified by MCA/ICAI/RBI/SEBI guidelines as and when issued. 6

7 7.1. Scope of the Assignment Migration of the Bank and its domestic subsidiary to IFRS Converged Ind AS as per Standards notified by Ministry of Corporate Affairs (MCA) / The Institute of Chartered Accountants of India (ICAI)/ any other regulatory authority and guidelines issued by Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) as and when issued. Bidders shall be agreeable for modifications / amendments including extension of the timeline as per directions of MCA /RBI/ICAI/SEBI/Other regulators for implementation of Ind AS Phase I Diagnostic Study and Impact Analysis This phase of the Project aims evaluation and analysis of Ind AS standards and compares them with existing RBI reporting practices and current Indian Generally Accepted Accounting Principles (GAAP) followed by Bank. For this, Consultant will have to perform the following indicative tasks: 1. Conduct an AS-IS (Accounting System and IT/Information System) assessment of the existing accounting and reporting performed by the Bank. 2. Diagnostic analysis of differences between the current accounting framework and Ind AS. Likely Impact analysis of Ind AS implementation on Business including profit planning and budgeting, taxation, capital planning, impairment of assets, credit decision making and impact on capital adequacy as per BASEL-III, key accounting areas such as financial instruments, revenue recognition, fixed assets, leases, employee benefits, deferred taxes, consolidation, provisions etc besides reporting formats and disclosures. Suggesting strategies for optimising the impact. 3. Determination and validation of Group Structure based on the consolidation standards prescribed under Ind AS in consultation with the respective departments: a. Determining status of the entities where Bank has joint venture agreement b. Determining any addition in group entity by examining the Investment portfolio of the Bank/agreements as per requirements of Ind AS. 4. Recommending a way forward in the implementation of Ind AS in the Group, focusing specifically on operational issues, resources requirements, technical aspects and finalization of the Project Management framework. 5. Identification of first time application issues and also the potential surprises consequent to adoption of Ind AS. 6. Conduct Ind AS impact assessment from the perspective of changes required in System Software/ Hardware/IT information systems used by Bank. 7. Conduct Ind AS impact assessment from the perspective of changes required in Internal Risk Models and Expected Credit Loss (ECL) Model to be used by the Bank and handhold the Bank in implementing the same. 8. Work collaboratively with Bank Management throughout the project for its timely and smooth implementation enabling the Bank to draw its accounts under Ind AS within the timeframe and schedule as prescribed by Reserve Bank of India from time to time. 9. Preparation of accounting policies and also assists in defining Business Model in consultation with the management of the Bank. 10. Submit a comprehensive Project Report with roadmap and assist in implementation of Ind AS in line with the guidelines /recommendations /instructions of MCA/ICAI and RBI /SEBI, to the satisfaction of the Bank. 11. Train core team on overview, challenges and key differences between Indian GAAP and IFRS converged Ind AS. 7

8 12. Formulate ongoing training strategy and train team identified for implementation of Ind AS in the Bank. i. Phase II Processes / System Changes 1. Assist the bank in taking significant accounting policy decisions impacting financials to comply with the notified Ind AS. 2. Assist the Bank in formulation and validation of policies and processes compliant with Ind AS requirements which includes amongst others: - Implementation of Ind AS 109 and 115 in the Bank - Impact of taxation particularly deferred tax on the Bank and its subsidiary - Recommend possible uniform accounting policies for the Bank and its subsidiary along with implications of adopting them - Recommend first time adoption exemptions/options. 3. Assist the Bank in redesigning the credit assessment process by modifying credit appraisal and monitoring policies, credit rating policies and models and also related policies on which there will be consequential impact. 4. Evaluate system changes assessment of processes requiring changes. 5. Communicate with IT personnel of bank and related vendors to facilitate changes required in the system and also ensure that generated data and reports meet the requirement for IFRS converged Ind AS. 6. Assist the Bank in dry run of accounting systems and end-to-end reporting process before the actual conversion. 7. Refine training strategy and formulate education content for IFRS implementation teams. 8. Timely incorporation of any changes proposed in Ind AS by the Reserve Bank of India (RBI)/ Ministry of Corporate Affairs (MCA)/ Indian Bank s Association (IBA)/ Institute of Chartered Accountants of India (ICAI) and develops approach to address those changes. 9. Provide the Bank necessary templates with proper documentation for preparation of financials. 10. Presenting before Steering Committee on the latest Ind AS implementation status. 11. Guidance on and assist the Bank in preparation of Proforma financial statements under Ind AS for reporting to RBI for the half years ending September 30, 2016 and thereafter within timeline as specified by Reserve Bank of India and validation thereof. 12. Review and provide qualitative inputs on Bank s Management s Discussion & Analysis and also updates to be incorporated in disclosure in the Balance Sheet at the end of 31 March ii. Phase III: Generation of Ind AS Financials (both standalone and consolidated) including disclosures (A) For Financial Year a) Work collaboratively with Bank s management and its service providers for preparation and validation of Ind AS compliant opening balance sheet as on April 1, 2017 of standalone and of group and produce the reconciliations between Indian GAAP and Ind AS for equity as at that date. b) Work collaboratively with Bank s management and its service providers to produce Ind AS note disclosures reflective of industry best practices, 8

9 c) Provide the Bank necessary templates with proper documentation for preparation of financials. d) Work collaboratively with Bank s management and its service providers for preparation and validation of Ind AS financial statements of the bank and group for the quarter/ period ending: i. June 30, 2017 (in line with the quarterly reporting as part of comparatives), ii. Sept.30, 2017 (in line with the quarterly reporting as part of comparatives), iii. Dec 31, 2017 (in line with the quarterly reporting as part of comparatives), iv. Year ending March 31, 2018 along with complete disclosures as part of comparatives. (B) For Financial Year a) Work collaboratively with Bank s management and its service providers for preparation and validation of Ind AS financial statements of the bank and group for the quarter/ period ending: i. June 30, 2018 (in line with the quarterly reporting requirements), ii. Sept.30, 2018 (in line with the quarterly reporting requirements), iii. Dec 31, 2018 (in line with the quarterly reporting requirements), iv. Year ending March 31, 2019 along with complete disclosures. Phase IV Validation of Ind AS financials and Assistance during Review 1. Validation of Ind AS Financials generated as at Phase III above and presentation to the Steering Committee / Top management/ ACB / Board. 2. Assist the Bank in replying to the queries, if any, raised by Reserve Bank of India (RBI) and Statutory Auditors of the Bank in respect of Ind AS financials 3. Interaction with the Steering Committee / Top management / ACB / Board at regular intervals and updating them the developments since the last meeting 4. Provide Interim solutions for Bank s Subsidiary not migrating to Ind AS converged with IFRS to facilitate preparation of Bank consolidated Ind AS financials. 5. Provide guidance, suggestions on new developments or on any other matter in Ind AS up to one year from preparation/audit of first Ind AS compliant financial statements for the period ended March (The above list is inclusive and not exhaustive i.e. Terms of reference shall include providing professional assistance for all activities required for the Implementation of Ind AS for preparation of financials Standalone and Consolidated as per RBI/MCA /ICAI and SEBI guidelines as and when issued and formulation of related policies in the Bank) 9

10 8. Clarification and amendment of RFP documents The Bidder may request a clarification on any clause of the RFP documents latest by by 5 pm. The request for clarification must be sent by to hoifrs@corpbank.co.in. The Bank will respond by . The responses of the Bank will be published on the Bank s website without identifying the source of the query. Should the Bank deems it necessary to amend the RFP as a result of a clarification, it shall do so in accordance with the procedure stated under paragraph mentioned herein below. The Bank may modify the bidding document by amendment based on the feedback / clarification. The amendment will be binding on all the bidders. Any clarification issued by the Bank will be in the form of an addendum/ corrigendum and will be available in the Bank s website- htttp:// The amendment will be binding on all bidders. The Bank, reserves its rights to extend the deadline for submission of bids in the interest of the Bank. Interested applicants are advised to frequently visit the web sites for updating themselves about changes, if any. 9. Bidding Document Interested applicants eligible as per Annexure I may participate in the Selection Process by submitting the bids as mentioned in this document. Applicants are advised that the selection of Consultant shall be on the basis of an evaluation/selection Process specified in this RFP in Annexure IV & VI. Applicants shall be deemed to have understood and agreed that no explanation or justification for any aspect of the Selection Process will be given and that the Bank s decisions are without any right of appeal whatsoever. No Bidder / Applicant shall submit more than one Application for the Consultancy. The Bidder / Applicant shall be responsible for all costs associated with the preparation of their Proposals and their participation in the Selection Process including subsequent negotiation, visits to the Bank etc. The Bank will not be responsible or in any way liable for such costs, regardless of the conduct or outcome of the Selection Process. The proposal shall remain valid for 180 days after the last date for submission of proposal. 10. Preparation of proposal / Bid The proposal as well as all related correspondence exchanged by the bidder with the Bank shall be written in the English language. Bidder who fulfil the eligibility criteria specified in Annexure I should send their proposal (both Technical Proposal and Commercial proposal) as per manner set out below to the Deputy General Manager, Financial Management Division, Head Office, Mangladevi Temple Road, Pandeshwar, Mangaluru, Karnataka so as to reach him by by 12:00 PM. The name of the assignment/job shall be Consultancy for implementation of Ind AS 10

11 The Proposal shall be in two parts viz Technical proposal and Commercial proposal. Both the Technical and Commercial proposals shall be submitted in separate sealed envelopes superscribing TECHNICAL PROPOSAL FOR APPOINTMENT OF IND AS CONSULTANT: TENDER REFERENCE NO. CB/IND AS/01/ on top of the envelope containing technical bid and COMMERCIAL PROPOSAL FOR APPOINTMENT OF IND AS CONSULTANT: TENDER REFERENCE NO. CB/IND AS/01/ on top of the envelope containing Financial Bid. These two separate sealed envelopes should be put together in a master envelope duly sealed and superscribing PROPOSAL FOR APPOINTMENT OF IND AS CONSULTANT: TENDER REFERENCE NO. CB/IND AS/01/ The Technical proposal is required to be submitted in the format as per Annexure-II together with annexure II-A to II-F and other supporting documents. The Demand Draft/BG for EMD of Rs. 5,00,000/- should also be kept in the envelope containing the technical proposal along with the demand draft for Rs,10,000/- for the tender cost. The eligible bidders, who would qualify as per the eligibility criteria in Annexure I would be informed by the Bank through . Subsequently, these eligible bidders would be invited for presentation to the appointed internal committee of the Bank. The technical proposals shall be evaluated based on parameters given in Annexure VI including presentation and the firms securing 75% or more shall be considered as qualified for opening of financial bid which shall be opened subsequently. The final selection shall be made on the basis of parameters for selection of Consultants as per Annexure IV. In preparing their technical proposal, bidders are expected to examine in detail the documents comprising the RFP. Material deficiencies in providing the information requested may result in rejection of technical proposal. The technical proposal shall not include any Commercial proposal. A technical proposal containing Commercial proposal shall be declared invalid and rejected The commercial proposal should be submitted as per Annexure III and should clearly indicate the total cost of the Consultancy in both figures and words, in Indian Rupees, and signed by the Applicant s Authorised Representative. In the event of any difference between figures and words, the amount indicated in words shall prevail. In the event of a difference between the arithmetic total and the total shown in the Commercial Proposal, the lower of the two shall prevail. The fee quoted shall state the fee separately for Corporation Bank and its subsidiary Corpbank Securities Limited and applicable taxes (applicable taxes will be paid as per the tax rate prevailing at the time of actual payment). No out of pocket expenses shall be borne by the Bank. The Commercial proposal shall not include any conditions attached to it. Any such conditional Commercial proposal shall be liable for rejection. Payment will be made after deducting tax deductible at source as per applicable tax laws. The selected Consultant will be associated with the Bank till the completion of assignments. The payments terms are as given in the Annexure V. The payments shall be made only upon the completion of the work / assignment to the satisfaction of the Bank in each of the phases. 11

12 The Bank reserves the right to reject any or all of the responses to this RFP without assigning any reason. The proposal will be the basis of contract to be signed with the selected bidder. The contract shall be finalised within 30 days from the date of issuance of the final selection letter. The Bank is not bound to accept any proposal, and reserves the right to annul the selection process without assigning any reason(s), at any time prior to signing of contract, without incurring any liability towards the bidder. 11. Submission, receipt and opening of technical and commercial proposal The original proposal, both technical and commercial proposals, shall contain no interlineations or overwriting. An authorised representative / signatory of the bidder shall initial all pages of the original technical and commercial proposals. The proposals should include a copy of board resolution / power of attorney indicating that the signatory has been duly authorized by the bidder to sign the bid document. The signed technical and commercial proposals shall be marked original. Both the Technical and Commercial proposals shall be submitted in separate sealed envelopes superscribing TECHNICAL PROPOSAL FOR APPOINTMENT OF IND AS CONSULTANT: TENDER REFERENCE NO. CB/IND AS/01/ on top of the envelope containing Technical Bid and COMMERCIAL PROPOSAL FOR APPOINTMENT OF IND AS CONSULTANT: TENDER REFERENCE NO CB/IND AS/01/ on top of the envelope containing Financial Bid. These two separate sealed envelopes should be put together in the sealed master envelope superscribing PROPOSAL FOR APPOINTMENT OF IND AS CONSULTANT: TENDER REFERENCE NO. CB/IND AS/01/ and should be sent at the following address: Deputy General Manager Corporation Bank, Head Office Financial Management Division Mangladevi Temple Road Pandeshwar, Mangaluru Karnataka The Bank shall not be responsible for postal delay, misplacement, loss or premature opening if the outer envelope is not sealed and / or marked as stipulated. This circumstance may be a reason for rejection of the proposal. The sealed master envelope containing the technical proposals and commercial proposals should be submitted at the above mentioned address not later than p.m. on Any proposal received by the Bank after the deadline for submission shall not be accepted. The sealed master envelope containing the technical and commercial proposals shall be opened on at 3.30 P.M. The sealed envelope of technical proposal shall be opened while the commercial proposal shall be kept in the sealed envelope to be opened at a later date ( ). Representatives of Bidders may be 12

13 present during opening of the Technical proposals. However, Technical Proposals would be opened even in the absence of any or all of the bidder s representatives. 12. Proposal evaluation From the time the proposals are opened till the time the contract is awarded, the bidders should not contact the Bank, unless called for. The bidders should also not contact any of the officers/employees or representatives of the bank on any matter related to its technical proposal and/or Commercial proposal with a view to influencing the Bank in the examination, evaluation, ranking of proposals, and recommendation for award of contract. Such an effort shall result in the rejection of the bidders proposals. Canvassing in any form would lead to disqualification of the proposal. The eligible bidders, who would qualify as per the eligibility criteria in Annexure I would be informed by the Bank through . Subsequently, these eligible bidders would be invited for presentation to the appointed internal committee. The technical proposals including presentation shall be evaluated based on parameters given in Annexure VI and the bidder securing minimum 75% as per the scoring given in Annexure VI shall be considered as qualified for opening of commercial / financial proposals. In case the number of bidders qualifying in the technical evaluation stage ( overall score of 75 and above) is less than 2, then it is Bank s discretion to choose the top 2 scorers subject to a minimum score of 60% or discontinue the evaluation process or retender. The scoring given by the Bank shall be final and no claim in this regard shall be entertained. In case of a discrepancy between amount in words and figures in the commercial proposal, the former will prevail. Corporation Bank reserves the right I. to accept or reject any or all the proposals and II. to engage a Consultant for the entire Assignment/ Job only for one or more segments of the project. 13. Disclaimer The information contained in this Request for Proposal (RFP) document or information provided subsequently to Bidder(s) or applicants whether verbally or in documentary form/ by or on behalf of the Bank, is subject to the terms and conditions set out in this RFP document and all other terms and conditions subject to which such information is provided. This RFP is neither an agreement nor an offer and is only an invitation by the Bank to the interested parties for submission of bids. The purpose of this RFP is to provide the Bidder(s) with information to assist the formulation of their proposals. This RFP does not claim to contain all the information each Bidder may require. Each Bidder should conduct its own investigations and analysis and should check the accuracy, reliability and completeness of the information in this RFP and where necessary obtain independent advices/clarifications. Bank may in its absolute discretion, but without being under any obligation to do so, update, amend or supplement the information in this RFP. No contractual obligation whatsoever shall arise from the RFP process until a formal contract is signed and executed by duly authorized officers of the Bank with the Selected Bidder (SB). 13

14 The Bank, its employees and advisors make no representation or warranty and shall have no liability to any person, including any Applicant or Bidder under any law, statute, rules or regulations or tort, principles of restitution or unjust enrichment or otherwise for any loss, damages, cost or expense which may arise from or be incurred or suffered on account of anything contained in this RFP or otherwise, including the accuracy, adequacy, correctness, completeness or reliability of the RFP and any assessment, assumption, statement or information contained therein or deemed to form part of this RFP or arising in any way for participation in this Bid Stage. The Bank also accepts no liability of any nature whether resulting from negligence or otherwise, howsoever caused arising from reliance of any Bidder upon the statements contained in this RFP. The issue of this RFP does not imply that the Bank is bound to select a Bidder or to appoint the Selected Bidder (SB), as the case may be, for the Project and the Bank reserves the right to reject all or any of the Bidders or Bids without assigning any reason whatsoever. The Bidder shall bear all its costs associated with or relating to the preparation and submission of its Bid including but not limited to preparation, copying, postage, delivery fees, expenses associated with any demonstrations or presentations which may be required by the Bank or any other costs incurred in connection with or relating to its Bid. All such costs and expenses will remain with the Bidder and the Bank shall not be liable in any manner whatsoever for the same or for any other costs or other expenses incurred by a Bidder in preparation or submission of the Bid, regardless of the conduct or outcome of the Bidding Process. 14. Contract finalisation The Bank and the selected bidder shall finalise the terms of contract to be executed as per the prescribed terms of the Bank. The Bank shall have the right not to enter into the contract with the Consultant if the Consultant is unable to provide the professional staff assured in the technical proposal. In such an eventuality, the Bank reserves the right to reject the proposal and restart the entire process. The Bank will not consider substitution of professional staff before signing the contract and during the tenure of the assignment unless both parties agree that undue delay in the selection of professional staff makes such substitution unavoidable, or for reasons such as death or medical incapacity, or if the professional staff has left the organisation. Any proposed substitute shall have equivalent or better qualifications and experience and complete details be submitted by the Consultant within the 15 days of such event. 15. Confidentiality & Non-Disclosure Bidder is bound by this agreement for not disclosing the Bank s data and other information. The information given in this tender is confidential and is for use by the bidders to whom the tender has been issued. Each party i.e., the Bank and bidders, shall treat the other party s information as confidential and will take necessary steps to prevent the disclosure of the other s confidential information to third parties. Both the parties will keep confidential the contents of order / agreement, including the price information. 14

15 The document contains information confidential and proprietary to the Bank. Additionally, the Bidder will be exposed by virtue of the contracted activities to the internal business and operational information of the Bank, affiliates, and/or business partners, disclosure of receipt of this tender or any part of the aforementioned information to parties not directly involved in providing the requested services could result in the disqualification of the Bidders, premature termination of the contract, or legal action against the Bidder for breach of trust. No news release, public announcement or any other reference to this tender / agreement, relating to the contracted work if allotted with the assignment or any program hereunder shall be made without written consent from the Bank. As the Bidder may be providing support services for multiple Banks, the Bidder at all times should take care to build strong safeguards so that there is no mixing together of information/ documents, records and assets is happening by any chance. The Bidder should undertake to maintain confidentiality of the Bank s information even after the termination / expiry of the contracts. The bidder, if necessary, will have to enter into an integrity pact with the Bank as prescribed under CVC Guidelines. 16. Termination of Agreement A suitable clause for termination by giving notice will be incorporated in the final agreement. The agreement with the selected Consultant may be cancelled at the Bank s discretion on account of following or without assigning any reason: a. On refusal to take up the allotted Assignment; b. If the firm stands dissolved /reconstituted under the name/style of the firm is changed; c. On not abiding by the terms and conditions stipulated in the agreement; d. If the performance of the Consultant is not found satisfactory (viewed as such by the Bank s appropriate authority); e. Any other reason at the discretion of the Bank. 17. Miscellaneous Terms & Conditions The tender cost of Rs.10,000/ (Rupees ten thousand only)(inclusive of KVAT of 5.50%) should be paid by way of demand draft only, favouring Corporation Bank, Tender No. CB/Ind AS/01/ Offer made without tender cost will be rejected. The tender cost is non-refundable. The Bank is not responsible for non-receipt of bids within the specified date and time due to any reason including postal delays or holidays. The Bank reserves the right to alter/ modify any/ some/ all of the requirements, as it may deem necessary, and notify the same on its website The Applicants shall be responsible for all of costs associated with the preparation of their Proposals and their participation in the Selection Process including subsequent negotiation and visits to the Bank, etc. The Bank will not be responsible or in any way liable for such costs, regardless of the conduct or outcome of the Selection Process. Bids not conforming to the requirements of the RFP may not be considered by the Bank. However, the Bank reserves the right, at any time, to waive any of the requirements of the RFP, if in the sole discretion of the Bank; the best interests of the Bank would be served by such waiver. 15

16 The Bank shall have the right to cancel the RFP process at any time prior to award of contract, without thereby incurring any liabilities to the Bidder(s). Reasons for cancellation, as determined by the Bank, in its sole discretion, may include but are not limited to, the following: (i) Services contemplated are no longer required; (ii) Scope of work were not adequately or clearly defined due to unforeseen circumstance and/or factors and/or new developments; (iii) Proposed fees are unacceptable to the Work; (iv) The Project is not in the best interests of the Bank; (v) Any other reason. Until a formal contract is prepared and executed, this offer together with Bank s written acceptance and notification of award shall constitute a binding contract with the bidder. The Bank reserves the right to verify the validity of bid information and to reject any bid where the contents appear to be incorrect, inaccurate or inappropriate at any time during the process of RFP or even after award of contract. All pages of the proposals should be stamped and signed by Authorized Signatory of the Bidder and to be submitted with the bids. Bank may choose to take an undertaking from the Consultant to maintain confidentiality of the Bank s information/documents etc. Bank may seek details / confirmation on background verification of Consultant s employees, worked/working on Bank s project as may have been undertaken / executed by the Consultant. Consultant should be agreeable for any such undertaking/verification. This bid document is not transferable. Only the bidder, who has purchased this bid form, is entitled to quote and to execute the job, if allotted. There will not be any type of outsourcing. The proposals and related Annexures should be signed by the authorized representative/s of the Consultant. The executant s authority to represent and bind the Consultation Firm must be confirmed by a written authority letter issued by the Competent Authority of the Consultant Firm accompanying the proposal. 18. Resolution of Disputes The Bank and the Consultant shall make every effort to resolve amicably, by direct informal negotiation, any disagreement or dispute arising between them under or in connection with the contract. If after thirty days from the commencement of such informal negotiations, the Bank and the Consultant have been unable to resolve amicably a contract dispute; either party may require that the dispute be referred for resolution by formal arbitration. All questions, disputes or differences arising under and out of, or in connection with the contract, shall be referred to two Arbitrators: one Arbitrator to be nominated by the Bank and the other to be nominated by the Consultant. In the case of the said Arbitrators not agreeing, then the matter will be referred to an umpire to be appointed by the Arbitrators in writing before proceeding with the reference. The award of the Arbitrators, and in the event of their not agreeing, the award of the Umpire appointed by them shall be final and binding on the parties. The Arbitration and Reconciliation Act 1996 shall apply to the arbitration proceedings and the Consultant of the arbitration shall be Mangaluru. 16

17 Eligibility Criteria Sr. Eligibility Criteria (*) No 1 Engaged in IFRS / Ind AS conversion exercise and/or audit during the last 7 years as on , in Banks / Financial Institutions in India with a minimum Balance Sheet size of Rs.50,000 crores during the period of contract (minimum 1 assignment) 2 Bidder should have a permanent office in India for at least last five years (as on ) 3 Bidder should have minimum of 50 Partners in India and 100 full-time professional staff in India as on Professional Staff means full-time staff with minimum qualification of Chartered Accountant / equivalent and on the payroll of the bidder. 4 The Bidder should have a minimum average revenue of Rs 200 crores and minimum net profit of Rs.10 crores from Indian Operations in every financial year for the last three financial years ended and minimum average net worth of Rs.50 Crore in the last 3 years ended The Bidder should not have been black listed by any Govt. Financial Institutions/Banks/ Government/ Semi- Government departments/psus in India 6 The Bidder should not been imposed any penalty by an arbitral or a judicial pronouncement or arbitration awarded against them or Affiliates or member firms, nor been expelled from any project or agreement nor had any agreement terminated for breach of contract. Annexure I Documents Required Client Certificate/ Contract with client/ Audit report. Details as per Annexure II-B Self-declaration in Annexure II- A supporting documents such as Rent Agreement, Electricity Bill etc. Self-declaration in Annexure II- A. As per Annexure II-C. A self-declaration by the Bidder on Bidder s letter head as per Annexure II. A self-declaration by the Bidder on Bidder s letter head as per Annexure II. (*) Eligibility Criteria shall include the Bidder along with its Affiliates / Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services, registered in India. 17

18 TECHNICAL PROPOSAL Letter of Proposal (On Applicant s letter head) Annexure II The Deputy General Manager Financial Management Division Corporation Bank, Head Office Mangladevi Temple Road, Pandeshwar, Mangaluru Karnataka Subject: Appointment of Consultant for Implementation of Ind AS in your Bank Dear Sir, With reference to your RFP Document dated.., I/we, having examined all relevant documents and understood their contents, hereby submit our Technical Proposal for selection as Consultant for Implementation of Ind AS in your Bank. The proposal is unconditional and unqualified. We agree to keep this offer valid for 180 (one hundred and eighty) days from the last Date of submitting the proposal specified in the RFP. We agree to undertake the project, if allotted by you, as per the scope of work (term of reference). We have not been blacklisted by any nationalized Banks/ RBI/ IBA/ICAI/ any other Government agency. No legal action is pending against us for any cause in any legal jurisdiction. We have not been imposed any penalty by an arbitral or a judicial pronouncement or arbitration awarded against us or Affiliates or member firms, nor been expelled from any project or agreement nor had any agreement terminated for breach of contract. We undertake that adequate number of qualified IFRS / Ind AS professionals will be deployed for the project to complete the assignment within stipulated time. We agree and undertake to abide by all the terms and conditions of the RFP Document. We understand that any deviation may result in disqualification of our RFP. We submit this Proposal under and in accordance with the terms of the RFP Document. Yours faithfully, (Signature, name and designation of the authorised signatory) Date: Place: List of Document Enclosed: 1. Annexures (II-A to II-F) 2. EMD - DD/BG particulars 18

19 Annexure II-A Particulars to be furnished for the purpose of appointment of Consultant 1 Name of the Bidder Company / Firm 2 Date of Incorporation of Bidder Company /Firm 3 Complete Address of Bidder company/ Firm 4 Name and Contact details and id of the nodal person 5 Particulars of the Authorized Signatory a) Name b) Designation c) Contact Number (Landline and mobile number) d) Fax no. e) id 6 Persons proposed to be assigned for the consultancy services and their profiles 7 Name, address and account number of the Bidder s banker 8 PAN of the Bidder Company/Firm 9 Service Tax registration number of the Bidder Company/Firm 10 Office Address of major places within India along with date of establishment of office in India 11 Names of member firms/affiliates/ group companies registered in India who have been considered for eligibility criteria 12 Total Number of Partners of the Bidder including its Affiliates/Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services in India. 13 List of full time professional staff of the Bidder including its Affiliates / Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services in India. 14 Any other Information considered relevant by the bidder. (Please provide Supporting documents) (As per Annexure II-D (As per Annexure II-E (As per Annexure II-F (Signature, name and designation of the authorised signatory) 19

20 Annexure II - B Particulars in respect of engagement in IFRS/ Ind AS consultancy / audit in Banks / Financial Institutions in India during last Seven years as on Sr. No Name of Bank / Financial Institution Balance sheet size of the Bank / Financial Institution during the period of contract Brief Details of scope of work (Rs. In Crore) Name of Period Person incharge from client side with contact no and e- mail id From To (Signature, name and designation of the authorised signatory) Note: Client Certificate / Contract with Client in support of the information above should be submitted 20

21 Annexure II - C Financial Performance of the Bidder (Rs. In Crore) Financial Year Annual Revenue from Indian Operations Net Profit from Indian Operations Net Worth Certificate from the Statutory Auditor$ This is to certify that the above information relates to the...(name of the Bidder) are correct as per information available in the books of Firm/Company. Name of the audit firm: Seal of the audit firm Firm Registration No. / Membership No. Date: $In case the Bidder does not have a statutory auditor, it shall provide the certificate from its Chartered Accountant. 21

22 Annexure II-D Details of Bidder/affiliates/group companies Sr. No Name of the Member Firms/ Affiliates/Group companies Registration Number with ICAI / MCA as applicable (Signature, name and designation of the authorised signatory) 22

23 Annexure II-E Details of Partners of the Bidder including its Affiliates/Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services in India Sr. No Name of the Member Firms/ Affiliates/Group Companies Name of the Partner Membership No. of Partner with ICAI (Signature, name and designation of the authorised signatory) 23

24 Annexure II-F Details of full time professional staff of the Bidder including its Affiliates / Group companies/ member firms working under the common brand name and engaged in similar activity of accounting advisory/ financial services in India Sr No Name of the Member Firms/ Affiliates/Group Companies Name of the Professional Staff Membership with ICAI No. (Signature, name and designation of the authorised signatory) 24

25 COMMERCIAL PROPOSAL Covering Letter (On Applicant s letter head) Annexure III The Deputy General Manager Financial Management Division Corporation Bank, Head Office Mangladevi Temple Road, Pandeshwar, Mangaluru Karnataka Dear Sir, Subject: Appointment of Consultant for Implementation of Ind AS in your Bank With reference to your RFP Document dated.., We submit herewith the Commercial Proposal for selection as Consultant for above. I/We agree that this offer shall remain valid for a period of 180 days from the last date of submission of Proposal or such further period as may be mutually agreed upon. Yours sincerely, (Signature, name and designation of the authorised signatory) Date: Place: 25