Indian Strategic Petroleum Reserves Limited inviting expression of interest for formation of panel of chartered accountants for appointment of statutory auditor of m/s meil strategic storage private limited (msspl) for 5 years

1.Scope of Work (Statutory Audit)

The selected firm will audit MSSPL’s financial activities.

 Annual Statutory Audit

• Balance Sheet
• Profit & Loss
• Cash Flow Statement
• Auditor’s Report

Must submit within 90 days of year end

Quarterly Review

• Review unaudited quarterly financial statements
• Within 30 days of quarter end
• Format similar to listed company reporting

 Revenue Certification

• Certify extracts for payment verification
• Verify revenue records
• Rectify discrepancies

Annual Revenue Certification

• By 31 May each year
• Certify revenue statements
• Provide any additional information requested

 Certification of Claims

• Verify claims, costs, receipts, payments, expenses
• Certify documents submitted to authority

2.Who Can Apply (Strict Eligibility)

Only highly experienced CA firms qualify.

Mandatory Requirements

 ICAI-registered CA firm in India
 Conducted statutory audits of ≥ 100 companies
 Out of these, ≥ 10 must be PSUs (last 5 years)
 Minimum 5 practicing CAs with ≥ 10 years experience each
 Not blacklisted by CAG or ISPRL
 Office in Telangana or adjacent state
 At least 2 CAs in that regional office

Additional Capability Information Required

You must submit:

• Audited financial statements (last 3 years)
• Biodata of all practicing CAs
• List of companies audited with turnover > ₹25 crore
• Year-wise audit details (last 5 years)

3. Selection Process

Step 1 — Evaluation Score

Points awarded based on number of large company audits.

 1 point per eligible company audited
 Higher score = better ranking

Tie-breaker → Higher average turnover (last 3 years)

 Step 2 — Panel Formation

• Top 5 firms selected
• Panel valid for 5 years
• Authority + Concessionaire finalize panel

Important:
 Being empaneled ≠ automatic appointment

4.Bid Submission Method

Two-Part Physical Submission

Part A (Technical)

• Application form
• Eligibility documents
• Capability details
• Declaration
• Signed EOI copy

Part B (Additional Details)

• Specific financial/audit information

Both in sealed envelopes.

5. Other Important Conditions

• Authority may reject any bid without reason
• Panel may be revised anytime
• Bid preparation costs borne by bidder
• Indian law jurisdiction — New Delhi courts