NIFT invites quotation for conducting physical verification of assets and reconciliation with books of accounts

NOTICE INVITING QUOTATION FOR CONDUCTING PHYSICAL
VERIFICATION OF ASSETS AND ITS RECONCILIATION WITH BOOKS OF ACCOUNTS. 

No: NIFT —
KANNUR/Physical Verification/Quotation/12138(1)/2015-16

Receipt No& Date
of Issue:  ——————————————————————-

Tender form issued to:——————————————————————————–

Time schedule for tender process:

Note: This document
contains 04 pages and bidders are requested to sign on all the pages. The bid
should be sealed by the bidder and sealed covers super scribed as quotation for
“conducting physical verification of assets and its reconciliation with
books of accounts at NIFT Kannur”

NIFT CAMPUS,
MANGATTUPARAMBA, KANNUR — 670 562

Phone: 0497 – 2784780

Web ID:
http://www.nift.ac.in/kannur/businessopportunities.html 

Introduction

National Institute of Fashion Technology was set up in 1986
under the aegis of the Ministry of Textiles, Government of India. It has
emerged as the premier institute of Design, Management and Technology,
developing professionals for taking up leadership positions in fashion business
in the emerging global scenario.

NIFT Act 2006 published in the Gazette of India on 14th
July, 2006 confers Statutory Status on NIFT. National Institute of Fashion
Technology at Kannur was set up in the year 2008. Which offers various Under
graduate / Post graduate courses,viz. Fashion Design, Fashion Communication,
Textile Design, Knitwear Design, Bachelor of Fashion Technology, Fashion
Management and Master of Design.

Notice Inviting
Quotation

NIFT Kannur invites sealed quotations from registered
Charted Accountant firms for conducting physical verification its assets and
its reconciliation with books of accounts. Period of audit is (02 months) from 01.01.2016 to
29.02.2016. The duly filled up quotations should reach NIFT on or before
04.01.2016,12.00 Noon. Quotation may
either be sent by post or courier or may be directly handed over to the
administrative section at NIFT campus, Mangattuparamba, Kanul post — 670 562,
Kannur.

Conditions of
submission of bid

 i)   The bidder should furnish along with the
quotation Attested copies of PAN card / central / state sales tax certificates
/ VAT registration certificate / service tax registration certificate

ii)   Details like name of the firm, address,
telephone number, Fax number, email id etc.

iii)  Bidder should quote the rates in the annexure
attached.

iv)  Quoted rates include all taxes, travelling
expenses, etc.

v)   The bidder should furnishquotations in the
prescribed form in annexure.

 Scope of the work

 Physical verification of the Fixed Assets has to be carried
out in respect of assets described in following Paras.

(b) The cut-off date for completion of physical verification
and submission of reconciliation statements in all respects is 29.02.2016.

(c) The Fixed Assets as per Physical Verification is to be
reconciled with the Fixed Asset Register (FAR). Further, certain assets
supplied by KINFRA and other centers the fixed assets value is to be reconciled
with the ledger figure two.

Major Group of
Assets

a. Building

b. Class room equipments

c. Computer hard ware

d. Computer soft ware

e. Electrical machinery f. Furniture, Fixtures and Fittings

g. Office equipment

Brief description of items which are covered under the above
major heads

(Above mentioned items are only indicative but not
exhaustive.lnterested parties may visit NIFT Kannur campus and acquaint
themselves of the volume of the assets before quoting their rates)

 Delivery

The contractor will submit a draft report to NIFT
incorporating inter alia the discrepancies observed during the process of
physical verification of fixed assets and its related reconciliation with the
FAR, impairment of assets, if any on the date of verification to be made out
separately. The physical verification report shall include under each category
the following:

 (i) List of fixed assets, which have not been found together
with their relevant particulars i.e. Asset ID, Description, Book Value,
Accumulated Depreciation and WDV as on 29.02.2016. as per FAR.

 (ii) List of assets which have been found but are not
traceable in the FAR together with their previous locations, if available.

 (iii) List of assets which have been capitalized against
replacement of existing assets such as replacement of computer peripherals,
etc.

 (iv) List of details of all such fixed assets which have
been impaired or which are not in usable condition and needs to be written off
together with their Asset ID, Description, Book Value, Accm. Depn. & WDV as
on 29.02.2016.

 (v) Suggestions and suitable adjustments/accounting entries
of the excess and shortages giving full details as to the locations is to be
provided.

 (vi) Numbering on such fixed assets will be required as per
which NIFTwill arrange to paint the Asset No. on each such fixed asset with the
help of our team. The contractor will supply NIFT such new asset No. against
each asset ID as per fixed asset register.

 (vii) A detailed list of movement of assets (location
charges) during the period of physical verification is to be prepared. This
list shall form a part of the final report.

2.2 A discussion on the draft report will be held by NIFT
authoritywith the contractor for obtaining management observations/ comments on
all observations highlighted inthe draft report.

2.3 After obtaining management comments/ observations, the
contractor will submit the Final Physical Verification Report.

2.4 NIFT would also require the contractor’s suggestions for
writing off any insignificant value of any fixed asset.

2.5 The contractor is required to submit the deliverables in
soft copy as well as 3(three) hard copies of each.

 Payment

 The bidders may please note that the prices are Firm. All
statutory taxes,levies, duties, etc. shall be paid on actual and the milestone
based payment terms i.e payments as per milestones are defined below.

Price bids

Signature                     :

Name of the bidder   :

Addresses                    :  

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