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REQUEST FOR EXPRESSION OF INTEREST (EOI)
FOR
INFORMATION SYSTEM (IS) AUDIT
Ref No: IS Audit/2015-16
TO BE SUBMITTED BEFORE
5.00 PM on May 05, 2015
IFCI LIMITED
IFCI TOWER, 61 NEHRU PLACE,
NEW DELHI – 110 019.
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About the EOI
Introduction
IFCI Ltd. was set up in 1948 as first Development Financial Institution of the Country
named as The Industrial Finance Corporation of India, a Statutory Corporation to provide
medium and long term finance to industry. After repeal of IFCI Act in 1993, IFCI became
a Public Limited Company registered under the Companies Act, 1956. IFCI is now a
Government controlled company with an equity shareholding of 55.53% being held by
Government of India. IFCI is also registered with Reserve Bank of India (RBI) as a
systemically important non-deposit taking Non-Banking Finance Company (NBFC-ND-SI)
as per RBI Act, 1949. IFCI is also a notified Public Financial Institution under Section 2(72)
of the Companies Act, 2013.
EXTENT OF PROPOSAL
The primary goal of this EOI is to solicit proposals from the interested bidders for IS Audit
of IFCI, through a competitive bidding process.
Scope of work
The scope of the work is for conducting IS Audit of IFCI Information System as per
Appendix-1.
Eligibility Criteria
The eligibility criteria for conducting IS Audit of IFCI is as per Appendix-2.
The Bidder must possess the requisite experience, strength and capabilities in providing
the services necessary to meet the requirements as described in Eligibility Criteria and
this must be duly supported by annexing the requisite documents to establish each
eligibility parameter.
The Bids must be complete in all respect and shall cover the en tire s cope of work as
stipulated in Appendix-1. The invitation to Bid is open to all b idders who qualify the
eligibility criteria in all respects.
Bidder’s General Information-cum-Application Form is as per Appendix-3.
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Invitation of Bids
IFCI invites sealed bids (Technical bid and Commercial bid) for conducting IS Audit of
IFCI.
Venue and Deadline for submission of Proposal
Proposals must be received at the address specified below not later than 5:00 P.M.
on May 05, 2015.
The Dy. General Manager (IAD)
IFCI Limited
IFCI Tower, 61, Nehru Place
New Delhi – 110019
Telephone Number - +91 11 4173 2000/2003
Fax: +91 11 4623 0201
E-mail ID: pd.agarwal@ifciltd.com
The main envelope containing the Technical and Financial Bid envelopes must have
the name, address and seal of the bidder.
Any proposal received by IFCI after the deadline for submission of proposals
mentioned will be summarily rejected and retained unopened.
The Bidder must submit the Technical and Financial Bids in two separate sealed
cover. The two envelopes must be put in a big single envelope bearing bidder’s
name, address and seal.
The Bidder has to ensure that while submitting of the Bids, all the pages of the Bids are
signed by the competent authority / authorized signatory not below the rank of VP/GM of
the Bidder, all the pages are numbered and properly indexed. If any of the Bids is found to
be without proper signature, page numbers and index, it will be liable for rejection.
All prospective bidders will be notified of the amendment, if any, by IFCI hosting the same
on IFCI’s website which will be final and binding on all the bidders.
It will be the responsibility of the bidders to regularly visit IFCI’s website for any
amendments from time to time and respond accordingly. No other intimation will be given
by IFCI. In order to allow prospective bidders reasonable time in which to take the
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amendment into account in preparing their Bids, IFCI, at its discretion, may extend the
deadline for the submission of Bids.
IFCI shall not be responsible for any postal delay or non-receipt/ non-delivery of the
documents.
Selection of Bidder
The final selection of the bidder shall be done after evaluating the Technical and
Commercial bids and the compliance with all terms and conditions as mentioned in the
EOI.
Opening of Bids
A two stage bidding process will be followed. In the first stage, only TECHNICAL BID will
be opened and evaluated.
Those bidders who satisfy the technical requirements as determined by IFCI and accept
the terms and conditions of this document shall be short-listed. In the second stage, the
‘COMMERCIAL BID’ would be evaluated.
A bid determined as not substantially responsive will be rejected by IFCI.
IFCI may waive any informality or non-conformity or irregularity in a bid which
does not constitute a material deviation, provided such waiver does not
prejudice or affect the relative ranking of any of the Bidder’s.
An evaluation committee shall conduct bid evaluation. Decision of the committee would be
final and binding upon all the Bidders.
IFCI reserves the right to modify the evaluation process at any time during the Tender
process, without assigning any reason, whatsoever and without any requirement of
intimating Bidders of any such change.
Evaluation of Technical and Commercial Bids
Technical Bids shall be opened first and evaluated for the bidder’s eligibility criteria, bid
completeness, bid conformity, bid responsiveness. 70% weightage shall be given to the
Technical criteria and 30% to the Commercial Bid. Techno-Commercial evaluation of
Bids shall be done as under:
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S.
No
Bidder Credentials
1
The average turnover of bidding company
(not parent company) for the last three
financial years must exceed Rs. 5 Crore
2
3
4
The bidder should be a reputed IT Auditing
Company / Firm having existence in India
and should have experience of conducting
Audit of the following core areas:
Automated Application functionality audit
Audit of DC / DRC
Networking Security Audit
IS Audit / System Audit of automated
solution or applications used in NBFC’s
/Financial Services/Banks
The bidder should have at least conducted
audit for 3 Govt. organizations/PSUs
/FIs/PSBs/NBFC
The bidder should have executed orders
for Audits totaling to an amount of Rs.50
Lakh during last three financial years
Max.
Marks
5-7
5
Total Marks
>10
Total Point
10
5
1-5
7
6-10
10
>10
1
2
1
2
3
5
3
5
5
10
5
10
3
4-6
>6
Total Point
30
Total Point
20
10
50-70
5
Domain Knowledge, technical
knowledge and Credentials
Qualification of staff being assigned for
audit. Education, position in the firm and
years and tye of experience will be
considered. Determined from resumes
submitted.
8-10
15
7-10
0
20
>100
7
10
10
30
100
The scores will be calculated for all technically qualified bidders using the formula :
(Minimum Commercial Quote/Quoted Price of the Bidder) x 30%+ (Technical Score/Highest Technical
Score) x 70%
IFCI may waive any minor informality, nonconformity or irregularity in a bid which does
not constitute a material deviation, provided such waiver does not prejudice or affect the
relative ranking of the bidders. The decision of IFCI in this regard shall be final and
binding.
Bidders, whose technical bids are accepted, shall qualify for commercial bid evaluation.
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Rejection of Bid
Any effort by a Bidder to influence IFCI in its decisions on bid evaluation, bid comparison
or contract award may result in rejection of Bidder’s bid.
IFCI is not bound to disclose the grounds for rejection of Bid. The decision of the IFCI
regarding the final declaration of the successful Bidder shall be final.
The Tendering Authority / IFCI reserves the right to accept any Bid and to annul the bid
process and reject all bids at any time prior to the award of the assignment, without
assigning reasons and without thereby incurring any liability to the affected bidder(s) or
any obligation to inform the affected bidder(s) of the ground for the action.
Failure of the successful Bidder to comply with all the requirements shall constitute
sufficient ground for the annulment of the assignment, in which event IFCI may make the
award to the next lower evaluated bidder or call for new Bids.
Excellence Professional and Ethics – Tendering Authority requires all the Bidders
participating in the Bid to adhere to the highest ethical standards, both during the
selection process and throughout the execution of the assignment.
Currency of Financial Proposal – shall be made in Indian Rupees only.
Instruction to Bidder(s)
Submission of Bid
The Bid should be submitted in duplicate i.e. in Two Sets (Set 1 Marked as – Original Set
and Set 2 Marked as – Duplicate Set (Soft Copy)). Each Set should contain one copy of
Technical Tender and one copy of Commercial Bid (to be kept in separate sealed
envelopes) SUPERSCRIBED as under:
“Technical Bid” & “Commercial Bid”
Technical Bid will contain the details as required in the Eligibility criteria, along with the
documentary evidence, and other documents related to the bid.
The Technical bid must contain the following:
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a) Documents in support of meeting the eligibility criteria.
b) Bidder’s experience and ability to provide requisite Services to IFCI.
c) Bidder’s General Information as per Appendix-3.
d) Bidder’s Authorization Certificate as per Annexure-B.
e) Details of Core Audit Team as per Annexure-C.
The Commercial bid must be given in a separate sealed envelope superscribed as
“COMMERCIAL BID” and must contain Commercial Fee / Quote for the assignment
specifying the fee and taxes, if any, applicable. The fee shall be all inclusive excepting
the taxes and no other reimbursement of any kind shall be made.
Language of Bids
The bid prepared by the Vendors as well as all correspondence and documents relating to
the Bid exchanged by the Vendor and the IFCI and supporting documents and printed
literature shall be written in English.
Amendment to the EOI Document
At any time before the deadline for submission of Bids, IFCI may, for any reason, whether
at own initiative or in response to a clarification requested by a prospective Bidder, modify
the Bidding document by amendment.
The Bidders are also advised to visit the aforementioned website on regular
basis for checking necessary updates.
Any proposal received after the deadline for submission of proposals will be rejected.
All prospective bidders will be notified of the amendment, if any, by IFCI hosting the
same on IFCI’s website which will be final and binding on all the bidders.
It will be the responsibility of the bidders to regularly visit IFCI’s website for any
amendments from time to time and respond accordingly. No other intimation will be
given by IFCI. IFCI, at its discretion, may extend the deadline for the submission of
Bids.
IFCI shall not be responsible for any postal delay or non-receipt/ non-delivery of the
documents. No further correspondence on the subject will be entertained after the
expiry of the dates.
Further, IFCI reserves the right to scrap the EOI or drop the tendering process at any
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stage without assigning any reason.
Clarification of Bids Post-Submission by IFCI
During evaluation of Bids, the IFCI, at its discretion, may ask the Vendors for clarifications
of their Bids. The request for clarification and the response shall be in writing (e-Mail).
Any deviations from the specifications should be clearly brought out in the bid.
Bids Not Considered For Evaluation
Bids that are rejected during the bid opening process due to incomplete documentation or
late receipt shall not be considered for further evaluation.
Bid Validity Period

All bids shall remain valid for minimum 90 days from closing date of receipt of bid.

A Bid valid for a shorter period shall be rejected by IFCI as non-responsive.
Validation of interlineations in Bid
The bid shall contain no interlineations, erasures or overwriting except as necessary to
correct errors made by the bidder, in which case such corrections shall be initialed by the
person or persons signing the bid.
No Commitment to Accept the Offer
IFCI shall be under no obligation to accept offer received in response to this tender and
shall be entitled to reject any or all offers without assigning any reason whatsoever.
IFCI reserves the right to accept or reject any bid and annul the bidding process and reject
all bids at any time prior to award of contract, without thereby incurring any liability to the
affected bidder or bidders or any obligation to inform the affected bidder or bidders of the
ground for IFCI’s action.
IFCI's Right to Accept Any Bid and to Reject Any or All Bids
IFCI reserves the right to accept or reject any tender bid, and to annul the tendering
process and reject all tenders at any time prior to award of contract, without incurring
any liability.
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Notification to Bidder
Before the expiry of the period of validity of the proposal, IFCI shall notify the successful
Bidder in writing by registered letter, e-mail or by fax, that its bid has
been accepted.
The Bidder shall acknowledge in writing receipt of the notification of award and shall
send his acceptance to enter into agreement within seven (7) days of
receiving the notification.
Rejection Criteria
Besides other conditions and terms highlighted in the tender document, bids may be
rejected under following circumstances:
Pre-Qualification Rejection Criteria

Bids which do not conform to unconditional validity of the bid as prescribed in
the Tender.
 If the information provided by the Bidder is found to be incorrect / misleading at
any stage / time during the Tendering Process.
 Any effort on the part of a Bidder/any of the partners to influence the bid
evaluation, bid comparison or contract award decisions.
 Any bid received after the deadline of submission of the bids.
 Bids without signature of person (s) duly authorized on required pages of the
bid.
 Bids without power of authorization
and any other document
consisting of adequate proof of the ability of the signatory to bind the Bidder.
 Offer is incomplete and/or not accompanied by all stipulated documents
 Offer is not in conformity with the terms and conditions stipulated in this
document
Technical Rejection Criteria

Technical Bid containing commercial details.

Revelation of Prices in any form or by any reason before opening the
Commercial Bid.

Failure to furnish all information required by the EOI Document or submission of
a bid not substantially responsive to the Tender Document in every respect.
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
Bidders not quoting for the complete scope of Work as indicated in the Tender
documents, addendum (if any) and any subsequent information
given to the Bidder.

Bidder’s not complying with the Technical and General Terms and conditions as
stated in the request for EOI.

Bidder’s not conforming to unconditional acceptance of full responsibility of
providing services in accordance with the Scope of work and Service Level
Agreements of this tender.

If the bid does not conform to the timelines indicated in the bid.

Offer is incomplete and/or not accompanied by all stipulated documents
Commercial Rejection Criteria

Incomplete Price Bid.

Price Bid is not specific.

Offer is not in conformity with the terms and conditions stipulated in this
document
Payment Terms
No advance payment will be made. Full payment shall be made on completion of the
assignment to the full satisfaction of IFCI.
Other Terms and Conditions
Publicity
Any publicity by the Vendor in which the name of IFCI is to be used should be done only
with the explicit written permission of IFCI.
Force Majeure
Neither Party shall be liable for any default or delay in the performance of its obligations if
and to the extent such default is caused, directly or indirectly, by fires, floods, power
failures, Acts of God, act of public enemy, civil commotion, sabotage, wars, insurrections,
riots, labor disturbances, strikes, lockouts, go-slow, damage to machinery on account of
accident or passing of any statutory order by the eligible authority/ies, prohibiting
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performance of such obligation by a competent authority; and restrictions of any country
affecting the performance of this agreement or any part hereof. The affected party shall
intimate the other party within reasonable time period of such occurrences.
Jurisdiction
The jurisdiction for the purpose of settlement of any dispute of differences whatsoever in
respect of or relating to or arising out of or in any way touching this contract or the terms
and conditions thereof or the construction and/or interpretation thereof shall be that of
the appropriate court in New Delhi. The jurisdiction of any other court in any place other
than New Delhi is specifically excluded.
Confidentiality
The vendor shall not divulge to any person any information obtained by it in the course of
its execution of its work and all the information gathered by the vendor shall be treated as
professional communication and strictly confidential. Any violation of this clause shall be
liable to cancellation of the contract.
Resolution of Disputes:
IFCI and the contractor / appointed auditor 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
information negotiations IFCI and the Auditor have been unable to resolve amicably a
contract dispute, either party may require that the dispute be referred to the arbitration of
a single Arbitrator for resolution as per Arbitration and Conciliation Act, 1996. The
Arbitrator shall be appointed by the CEO and MD of IFCI and the arbitration shall be held
at New Delhi and the Court of New Delhi alone shall have the jurisdiction to deal with the
arbitration proceedings and the awards in accordance with the law.
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Annexure –A
Forwarding Letter
(To be submitted on Vendor’s letter head)
To:
The GM (IAD)
IFCI Tower, 61 Nehru Place
New Delhi - 110 019
Dear Sir/Madam,
Sub:
EXPRESSION OF INTEREST FOR IS AUDIT OF IFCI LTD.
This is in reference to your above mentioned EOI for IS AUDIT of your organization.
Having examined the EOI document, the receipt of which is hereby duly acknowledged,
we the undersigned, hereby submit our proposal along with necessary supporting
documents as desired by IFCI.
Further, we agree to abide by all the terms and conditions as mentioned in the EOI
document. We have also noted that IFCI reserves the right to consider/ reject any or all
applications without assigning any reason thereof.
Date:...../...../2015
Authorized Signatory.
Name:
Designation:
Organization Seal
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Annexure - B
Bidder’s Authorization Certificate
To,
The GM – (IAD)
IFCI Tower, 61 Nehru Place
New Delhi - 110 019
______________________________,
______________________________,
I/ We {Name/ Designation} hereby declare/ certify that {Name/ Designation} is hereby
authorized to sign relevant documents on behalf of the company/ firm in dealing with
Notice Inviting Bid reference No. ______________________ dated _________.
He/ She is also authorized to attend meetings & submit technical & commercial
information/ clarifications as may be required by you in the course of processing the Bid.
For the purpose of validation, his/ her verified signatures are as under.
Thanking you,
Name of the Bidder: -
Verified Signature:
Authorized Signatory: Seal of the Organization:
Date:
Place:
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Annexure-C
DETAILS OF CORE AUDIT TEAM TO BE ASSIGNED FOR THE PROJECT
(To be furnished on separate sheet for each member of the Core Audit team)
Role of the Member
Employee of the Audit firm / Company since:
Designation:
Educational Qualification:
Other Certifications/accreditations:
Employment history
Total IS Audit Experience
(no. of years, areas of experience)
Experience in similar IS Audit Projects over the past three years
(including client details, role of member, activities performed, duration of experience)
Sl No
Client Organization where
the member was involved
in IS Audit
Duration
of
involvement
in
months & year
Details of assignment done & role assigned
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