Growth Synergies Worldwide
Our Mission
“ By creation of ‘ Islands of Integrity’ in each procurement deal,
world can become a better place to live in. ”
Peter Eugen
Transparency International
“The logo, a globe formed through arrows emanating from a point, signifies specialised skills
available in various sectors; and emphasises the importance of global business arising out of
technological transfers. The logo aptly represents two fundamental aspirations in any business,
namely growth and synergy, which would bring about sustainable development and improved
living conditions world over.”
Chairman’s Statement
Global Procurement Consultants Limited (GPCL),
promoted by Export-Import Bank of India (Exim
Bank of India), provides a comprehensive range of
procurement related advisory services and inter-allied
activities for projects in India and abroad. With a
view to leveraging upon the considerable networking
developed with the multilateral funding institutions
and to draw upon the vast technical and consultancy
services expertise in the country, Exim Bank of
India, in October 1996, promoted GPCL as a joint
venture private sector company to address the need
for a professional procurement management services
company particularly given the large quantum of multilateral development funds flowing into developing
nations/ emerging economies, and the range of sectoral projects that go along with it. The Bank
invited major public and private sector consultancy organisations and other companies with expertise
in various sectors including energy, infrastructure, urban and rural development, transportation,
finance and social sectors to participate in this pathbreaking initiative. GPCL uniquely synthesises
the country’s expertise across the public and private sectors in the key spheres of the economy.
GPCL’s diversified project experience, technical domain expertise and in-depth knowledge of and
familiarity with the policies, guidelines and practices of international funding agencies, enables it to
provide relevant and appropriate high quality professional advice and service in procurement, to the
project authorities, while serving the needs of the lending agencies. Training and capacity building,
in the institutional aspects of procurement management, and overall procurement governance, form
an integral part of these services.
Since its inception, GPCL has successfully executed consultancy assignments in more than 30 developing
countries in Asia, Africa, Europe and Latin America and the Caribbean.
GPCL has taken steps to enable the Company, leveraging upon its core staff, specialists/experts, associates
and shareholders, to broaden its range of activities. These steps are expected to generate favourable
outcomes, and it is significant to note that the Company is relatively well placed in terms of works
in hand at the beginning of this financial year. During the year, GPCL has been able to consolidate
its activities and has generated a profit before tax amounting to ` 0.91 crore. It is noteworthy that
several of the assignments handled by GPCL during the year have been for the World Bank or in
projects funded by the World Bank. Against the overall paid-up capital of ` 10 million, the reserves
stood at ` 44.4 million, as on March 31, 2013.
GPCL is well poised to move into a higher trajectory of growth.
T. C. A. Ranganathan
Chairman
1
Board of Directors
Mr. T.C.A. Ranganathan
CMD, Exim Bank of India &
Chairman, GPCL
Mr. R. L. Dalal
Chairman
R.L. Dalal & Co. Pvt. Ltd.
Mr. Ramesh Chandak
Member - Management Board
RPG Enterprises
As on April 10, 2013
2
Dr. R. Swaminathan
Former Secretary
Asian Development Bank
Mr. David Rasquinha
Executive Director
Exim Bank of India
Prof. S. S. Chakraborty
Dr. R. K. Gupta
CMD,
WAPCOS Ltd.
CMD
Cee-es Development
Consultants Pvt. Ltd.
Mr. J. P. Haran
Managing Director
Tata Consulting
Engineers Limited
Organisation
Chairman
Board of Directors
Shankarnarayan R. Rao
President
Capacity Building, Performance
Monitoring, Quality Assurance,
Financial Services Advisory,
Lender’s Engineer, Valuation
Procurement Advisory,
Project Management, Supply
Chain, Governance
Senior Specialists #
Irrigation / Agriculture
Energy
Water Supply / Sewerage
Transportation
Chemical/Industrial/Mining
Environment
Social (Health & Education)
Information &
Communication
Urban Development
Finance
# In addition to core staff, Sectoral Specialists are drawn from shareholder companies and from panel.
GPCL is empanelled with:
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World Bank
DFID
UNICEF
African Development Bank
Asian Development Bank
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GPCL’s Services
INTRODUCTION
Global Procurement Consultants Ltd (GPCL), promoted
by Export-Import Bank of India, is a unique public private
partnership model, set up in 1996, that offers collective
Indian experience and expertise through the provision
of a range of project related advisory services, with
particular focus on procurement and capacity building/
training. GPCL’s other shareholders include Agricultural
Finance Corporation, MECON, RITES, WAPCOS,
Cee-es Development Consultants, Ion Exchange, RPG
Industries and Tata Consulting Engineers.
acquisition of products, civil works, turnkey modules
and services.
GPCL has a demonstrated track record spanning all
stages of the project implementation cycle covering
advice, management, review, provision of support
services, valuations, financial advisory services, project
monitoring and evaluation, and overall governance.
Role:
GPCL synthesizes India’s consultancy expertise in project
management and procurement across varied sectors
of the economy including education, finance, health,
infrastructure, energy, transportation, communication,
information technology, industry, agriculture, mining and
water resources. GPCL’s shareholder pattern represents
a mix of public and private sector organizations creating
a platform for sharing of cumulative experience in a
partnership mode, with the thrust on procurement,
capacity building and efficient project implementation
services.
GPCL acts as the client’s representative in taking on
the total responsibility of procurement, by providing a
comprehensive range of procurement related advisory
services and inter-allied activities for projects in India and
abroad. With thorough knowledge of the guidelines and
practices stipulated by international funding agencies like
the World Bank and African Development Bank, GPCL is
capable of providing to the project authorities, apt and
appropriate advice and service in procurement, strictly
following the procedures and policies of multilateral
funding agencies and authorities. The company is
registered with the African Development Bank, World
Bank, Asian Development Bank and other financial
institutions.
RANGE OF SERVICES
Critical Activity:
GPCL provides technical assistance in enhancing quality,
transparency, efficiency and effectiveness of procurement
and overall project implementation services to help attain
desired institutional and corporate objectives.
The procurement phase is the “key activity” in any project
cycle. GPCL monitors all procurement activities including
project management from concept to commissioning,
so as to ensure timely supply and delivery, quality
control, thorough inspection, effective cost control and
adherence to time schedules. Our expertise will benefit
the clients in getting an unbiased, cost-effective and
exclusive professional service, which is also environment
friendly. Financial institutions and project authorities who
are particular on judicious utilisation of funds, prefer
independent procurement consultants, like GPCL.
GPCL also supports, enhances and extends scope of
supervision through effective project monitoring and
evaluation as also strengthening of institutional capacity
for effective programme / project implementation.
In doing so, GPCL leverages upon its demonstrated
strengths derived from its core staff, panel of eminent
experts / specialists, its associates, and resources of its
shareholders to assist funding and project executing
agencies.
GPCL’s operational philosophy is encapsulated in
its procurement function where by offering advice/
management support, assistance in audit/review and
overall governance through value added business
advisory services and training, it serves as an effective
catalyst for effective implementation of projects, including
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Scope:
GPCL’s consultancy services in the area of procurement
include:
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Preparing and reviewing technical specifications.
Estimation of costs.
Selection of vendors.
Inspection and expediting.
Procurement Review.
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•
•
•
Procurement Monitoring.
Procurement Audit.
Capacity building / training.
Procurement governance.
Overall governance.
All contractual aspects involved in procurement are
handled by the company, to ensure that the client’s
interests are protected. In addition to core expertise, with
technical back-up drawn from the shareholding partners,
who have specialisation in different fields, GPCL provides
services that are time bound, cost effective and optimal
for the clients leveraging upon knowledge of suppliers
and vendors through a vast database, familiarity with
international trade and access to infotech.
Sectors where process know how is
availableGPCL’s expertise and experience, drawn inter-alia from
the shareholders’ resources, is available in various
sectors including:
Finance: Banks / Financial Institutions
Power: Hydro/Thermal/Nuclear and Non-Conventional
Energy.
Water Resources: Irrigation/Dams/Agriculture/Water
Supply.
Transportation and Infrastructure: Railroads/Highways/
Inland Navigation/Ports.
Industries: Chemicals/Textiles/Mining/Cement/Tyre/
Leather.
Other Sectors: Health/Education/Environment/Infotech/
Computer Systems/Asset Valuation.
Specifications:
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Check/raise queries/agree with all parties.
“Open up” for tendering-whether general or by
direct invitation.
Ensure general requirements appropriate to
developing countries.
Bid Preparation:
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Prepare instructions to bidders.
Ensure donor/aid procedures are complied with.
Decide payment terms / retention / bid and
performance bond.
• Stipulate local representation.
• Specify evaluation conditions.
• Determine delivery requirements.
Contract matters:
•
Ensure conditions of contract are appropriate to
protect the client.
• Services contract for installation.
• Training and maintenance contracts.
• Check eligible sources.
• Shipping specifications, methods and terms.
Sourcing:
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•
Knowledge of suppliers.
Grouping of items for bid packages.
Advertising:
•
As required, including circulation within the country
and abroad.
Bid Documents:
•
Services:
Arrange issue and return under secure
arrangements.
Initial Stages:
Evaluation:
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Identify purpose/constraints upon the project e.g.
major milestones, potential bottlenecks.
Agree upon roles/operating methods with donor/
recipient.
Agree upon procurement plan.
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Estimation:
•
Provide budgetary prices if required.
•
Obtain clarification/missing information.
Obtain statements of compliance with specifications
and tender conditions.
Review preferred tenderer’s capability.
Prepare reports to cover full commercial, contractual
and donor procedural factors. Technical evaluation report if agreed upon.
Make recommendation.
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Contract:
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Draft contract.
Arrive at agreed terms and conditions.
Place order.
Monitor Progress and report, applying liquidated
damages as appropriate.
Provide for inspection.
Advance/stage/final payments.
Ensure performance test covered.
Ensure warranty is implemented.
Shipping:
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Arrange by most appropriate method.
Consolidate/containerise.
Arrange to site if necessary.
Distribute documentation.
Payment and Accounting:
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Prepare withdrawal application.
Authorise
Record
Report
Co-ordination:
•
All the time, between the parties.
Know-how Transfer:
Training - through state-of-the-art tailor made training
modules and “Hands-on” transfer of expertise. GPCL
has institutional Partners to provide comprehensive
training on procurement for capacity building of Project
Implementing Agencies.
Bid Support Services:
Advice to Export Community on care and approach to
be taken in submission of bids in international funded
projects, so that success rate is better and bids are
not rejected for want of compliance with procurement
guidelines.
Advisory Services:
Various aspects related to corporate governance,
capacity building, institutional strengthening deploying
program / project mode of formulation, implementation
and evaluation.
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OUR CAPABILITIES
(a) Familiarity with Multilateral Funding Agencies’
guidelines and policies, through experience gained
by core professional staff, and associate consultants
who have handled large funded projects.
(b) Expertise available in all major sectors through
dedicated technical and organizational back-up
from our consortium partners.
(c) Expertise and capabilities as “client’s representative”
for providing complete Management Services in all
major sectors requiring Procurement (Goods, Works
and Services) and Contract/Project Management
including Inspection, Expediting, Monitoring and
Quality Certification.
(d) International quality service and familiarity with
quality assurance and management procedures.
(e) Familiarity with typical developing/emerging country
challenges in relation to Institutional Development,
Capacity Building and Practices especially on
aspects related to Procurement.
(f) Ability to mobilize required services and personnel
at short notice.
(g) Presence in Africa, Europe, Far East and USA
through our Chief Promoter, Export-Import Bank of
India.
(h) Extensive Data Base of providers of Goods, Works
and Services for streamlining and facilitating
Procurement operations.
(i) Capabilities to provide training for in-house capacity
building and institutional development in the field
of procurement through workshops, seminars and
structured “tailor-made” training programs.
(j) Extensive experience in working directly for
multilateral agencies across several countries and
spanning a wide range of sectors on aspects related
to procurement review and audit.
OUR SERVICES
1. Technical Disciplines -Mechanical, Electrical, Civil,
Environmental, Chemical, Industrial, Production,
Information Technology and Agriculture.
2. Other Specializations -Managerial, Project
Administration, Financial and Legal.
3. Sectors -Technical and Managerial Assistance
for procurement of all Goods, Works and
Services in a wide range of sectors including
Health, Education, Rural Development, Urban
Development, Irrigation, Agriculture, Water Supply,
Energy, Transportation, Communication, and other
developmental sectors.
4. Scope -In line with Financial Institutions’ Procedures
and Guidelines, procurement, monitoring and
auditing services to include:
• Development of Procurement Plans
• Packaging of Procurement
• Preparation or critical review of tender
documents to cover legal, financial and
technical aspects
• Preparation or critical review of Terms of
Reference for Services
• Identification- sourcing of potential suppliers/
contractors/service providers
• Solicitation- expressions of interest/
prequalification/ advertisement of tenders
• Evaluation- of quotations/ proposals for
technical/ financial/ legal/ quality compliance
and price competitiveness
• Recommendation- Negotiation, Finalization of
contract/ agreement
• Inspection and testing through accredited
laboratories, quality control, expediting.
• Project scheduling, monitoring, and contract
execution.
• Guarantee/ Beneficiary certificate.
• Fund disbursement monitoring with respect to
progress and contract conditions.
• Fund replenishment monitoring with respect to
reimbursement claims
• MIS on project status.
• Transportation services - arrangement and
insurance.
• Dispute resolution through proper and credible
advice
• Handling claims, if any.
• Auditing and certification of documents.
• Training/ transfer of know how.
• Procurement Review / Monitoring / Audit /
Governance.
ASSIGNMENTS
Some relevant aspects related to GPCL’s track record
are summarized below:
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GPCL has undertaken a number of assignments,
in India and several countries abroad, directly for
the multilateral agencies such as the World Bank
or in projects funded by multilateral / bilateral
agencies.
GPCL has competent and qualified staff drawn
from its core team, panel of experts and from its
shareholders, who are versatile in formulating
guidelines and good operating practices, and
helping ensure consistent, unbiased and transparent
decision making and implementation.
GPCL has worked closely with reputed institutions
in imparting training as in the case of Borrowers
and Implementing Agencies of World Bank funded
projects, where GPCL has disseminated information
on World Bank procurement guidelines, practices
and procedures in a structured manner.
GPCL has helped develop procurement manuals
for other funding agencies.
GPCL’s acknowledged depth of understanding
of procurement guidelines and practices of
multilateral funding agencies are brought to bear
on assignments.
GPCL is also well versed with processes to be
adopted in public procurement.
IN SUM
GPCL in terms of its structure, nature of shareholding,
lineage and relevant track record represents an
unmatched, unique model that would truly add
significant value in helping to ensure attainment of the
desired outcomes.
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Major Assignments
Introduction
Global Procurement Consultants Ltd (GPCL) has a well established track record and demonstrated capability
to provide value added advisory services in the field of project formulation, implementation and review with
particular focus on procurement and capacity building / training.
A summary of key assignments undertaken are placed below covering areas of
 Procurement Review
 Procurement Advice and Management
 Procurement Governance
 Bid Support Services
 Performance Review
 Valuation Assignments
 Financial Advisory Services
 Other Assignments
Procurement Review
Global Procurement Consultants Ltd (GPCL) has secured, in the face of international competition, major
consultancy assignments, inter-alia, in conducting Independent Procurement Review (IPR) and Procurement
Post Review (PPR) of multilateral agency funded projects across the globe. GPCL is probably the only company
from India that has such a well established and proven track record, and demonstrated expertise in providing
such procurement related advisory and auditing services across a range of developing countries and spanning
several sectors of the economy.
Some of the major assignments carried out by GPCL are highlighted below.
Europe and Central Asia
Albania
G P C L
w a s
commissioned by the
World Bank, on a
sole source basis, to
carry out in Albania
an Independent
Procurement Review
involving review of 60
contracts, including cost and asset verification,
in four projects related to Health, Roads, and
Community Development.
Community Works Project
8
Armenia
The World Bank directly appointed GPCL to undertake the Independent Procurement
Review of contracts selected from three projects in Armenia in the Power, Irrigation
and Social Development sectors.
Azerbaijan
Against competition,
G P C L
w a s
appointed by the
World Bank, to carry
out in Azerbaijan
an Independent
Procurement Review
of 75 contracts
selected from six projects related to Agriculture,
Highways, Irrigation, and Water Supply
sectors. The assignment involved field visits
and assessment of the Project Implementation
Units’ organizational structures, a critical
review of procurement processes and financial
management of contracts selected, leading
to submission of reports on the findings with
recommendations.
Work in Progress at the Mam Mul Mugan Collector Drains Site
Bosnia &
Herzegovina
GPCL was appointed
by the World Bank
to carry out an
Independent
Procurement Review
of 95 contracts
selected from Water
S u p p l y, H e a l t h ,
Education, Export
Facilitation and Pilot
Emergency Redeployment Projects. The
assignment involved field visits to different
regions in Bosnia to undertake critical review
of documents encompassing procurement
processes and financial management of
contracts selected, and submission of a report
on the findings with recommendations.
Procurement Review
Project Implementation Team for Mostar Water Supply Project
9
GPCL was assigned the task of conducting an Independent Procurement Review
in Croatia of 54 contracts, including asset verification, in respect of three World
Bank funded projects related to Health, Emergency Transport and De-mining.
Reports offering recommendations to improve procurement performance were
submitted to the Bank.
Croatia
GPCL subsequently also conducted a rapid
Independent Procurement Review on behalf of
the World Bank of four Bank financed projects
in sectors such as Infrastructure, Cadastre, and
Health, involving review of over 50 contracts.
Project-wise reports outlining observations
and recommendations for improvements were
submitted to the Bank.
Bank’s Coordinator inspecting
Medical Equipment in Koprivnica Pilot Hospital
The World Bank
directly appointed
GPCL for conducting
an Independent
Procurement Review in
Georgia of contracts
selected from two
projects in the
Transportation and Municipal Infrastructure
sectors.
 GPCL’s expertise in conducting Independent
Procurement Reviews led to its re-appointment
in Georgia to conduct a rapid Independent
Procurement Review of 12 Bank financed
Rehabilitation of Zinvali Spillway
projects covering sectors such as Health,
Education, Finance, Water Supply, involving
review of over 140 contracts. Project-wise reports on findings and recommendations for improvement
were submitted.
Georgia
Moldova
10

GPCL was assigned the task of conducting in Moldova an Independent Procurement
Review of 75 contracts, including asset verification, in six World Bank funded projects
related to Social Investment / Protection, Energy, Health, Trade and Transportation
sectors. Detailed reports offering recommendations to improve procurement
performance were submitted.
Poland
Auto Transformer for Power Transmission Project
GPCL was appointed
by the World Bank to
undertake in Poland
an Independent
Procurement Review
covering over 100
contracts selected from
Power Transmission,
Flood Emergency, Roads, Water Supply and
Sanitation, and Health Services projects. The
assignment involved field visits to Project
Implementation Units located in different
regions, and submission of comprehensive
reports capturing the findings along with
specific recommendations.
Romania
The World Bank
invited GPCL
to undertake
an Independent
Procurement Review
exercise in Romania
encompassing
nearly 100 contracts
selected out of five projects covering the
Agriculture, Finance, Mining, Trade and
Transportation sectors.
Lab Equipment, Roads Project
Russia
Duly considering
G P C L’ s e a r l i e r
performance in
Poland and Bosnia,
t h e Wo r l d B a n k
directly appointed
GPCL to conduct
an Independent
Procurement Review in Russia, involving
105 contracts in five projects covering
Transportation, Health, Housing, Education
and Financial Sectors.
X-Ray Equipment – Health Reform Pilot Project
Procurement Review
11
The World Bank appointed GPCL to carry out the Procurement Review of the Bursa
Turkey
Water Supply Project and the Agriculture Reform Implementation Project in Turkey.
GPCL’s audit Reports on findings and recommendations were prepared based on
a detailed scrutiny of
25 contracts in each
of the projects, having
a mix of International
Competitive Bidding and National Bidding
procedures. Site inspection was carried out
to verify the quality and cost reasonableness.
Besides, a broad review of the financial system
in place was also undertaken.

Turkish Grain Board Central Lab, one of the implementing agencies
under Agricultural Reform Implementation Project, Turkey

Having been appointed again by the World Bank, through an international competitive process, GPCL
returned to Turkey to conduct an Independent Procurement Review of six Bank financed projects in sectors
such as Health, Power, Education, Environment, and Agriculture involving review of over 100 contracts.
Project-wise reports outlining observations and recommendations for improvements were submitted to
the Bank. The Bank observed that GPCL’s report “is very well done and fully responds to the
new TORs for the IPR we asked you to follow this time.”
Uzbekistan
GPCL deputed its Procurement Expert to Uzbekistan to assist SGS, Geneva, which
was assigned an Independent Procurement Review of World Bank funded projects
in Uzbekistan.
12
Africa
Eritrea
G P C L
w a s
commissioned by the
World Bank to carry
out an Independent
Procurement Review
of four Bank financed
projects in Eritrea
involving review of
over 75 contracts covering sectors such
as Ports Rehabilitation, Health, Emergency
Reconstruction, and Child Care.
Tug Boats procured under Ports Rehabilitation Project
T h e Wo r l d B a n k Ghana
appointed GPCL ,
on a sole source
basis, to carry out
an Independent
Procurement Review
of six Bank financed
projects in Ghana
involving 100 contracts covering Agriculture,
Education, Energy, Health, Roads and Water
Supply sectors.
Borehole & Hand Pump installation under Community Water
& Sanitation Project
Procurement Review
13
One of the Project Sub Implementers for TOWA Project Food For The Hungry
GPCL was selected by the Kenya
National AIDS Control Council
(NACC), Government of Kenya
as the Procurement Monitoring
Agency to review the procurement
of goods, services and minor
works carried out under the
World Bank funded Total War
Against AIDS (TOWA) project. GPCL undertook the audit
of the procurement processes of the relevant procurement
units and institutions supported by the TOWA project.
A thorough review of the processes and procedures
being followed for the procurement of goods, works and
services was carried out to inform the management on
the findings arising from the analysis of qualitative and
quantitative data gathered during the review process.
The review covered procurement contracts at NACC,
relevant Ministries and Research institutions, National
Level Implementers as also District Level Implementers.
GPCL’s role included verification of the procurement
and contracting procedures and processes followed;
identification of any non-compliance with the agreed
provisions; verification of technical compliance and
physical completion; review and comment on contract
management issues; review of the capacity of NACC
and other relevant institutions in handling procurement
and recommendations on remedies to correct identified
deficiencies. The successful completion of Phase I of the
assignment led to the second Phase, which has also been
successfully accomplished.
One of the Public Sector Organizations for TOWA Project Chuka University
GPCL is now undertaking a fresh assignment calling for the provision of similar services for the extended
duration of the project.
Malawi
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
GPCL carried out the Independent Procurement Review of four World Bank
financed projects in Malawi covering 65 contracts from the Education, Emergency,
Privatization, and Transportation Sectors. Besides, GPCL also assessed the
procurement capacity and financial management of the implementing units, for
each of the projects.

Also, National AIDS Commission (NAC), Malawi, selected GPCL, through an
international competitive process, for conducting Procurement Post Review for the
World Bank aided HIV/AIDS Response Project involving review of over 25 contracts,
and reporting on the procurement performance of the Commission.

Piggery as an income generating activity at CBO,
Kuntaja, Blantyre

GPCL was selected again by NAC,
through an international competitive
process, to carry out a critical review
of procurement, contracting, and
institutional capacity that were in place.
GPCL visited four major towns in Malawi
and covered 16 major Grant Recipient
Organizations and four Community
Based Organizations, besides the NAC.
A detailed report on the findings and
recommendations for improvement was
submitted to the NAC. NAC noted that
the “Observation and recommendations in the report will provide a
guidance to build up procurement
capability in-house.”
Based on GPCL’s involvement in carrying out the above audit, NAC conveyed to GPCL that it was “pleased
to inform (GPCL) that the reports were satisfactory. On the basis of this satisfactory
performance you are therefore requested to carry out another ex-post procurement
audit.” Accordingly, GPCL carried out the Ex-Post Procurement Audit for the third time on the trot for
the project covering ten Grant Recipient Organizations and four Community Based Organizations, and
submitted a comprehensive report outlining the observations and recommendations for improvement.

GPCL carried out Nigeria
the Independent
Procurement
Review of five
Bank financed
projects
in
Nigeria involving
review of over
160 contracts covering sectors such as
Community Development, Education,
Energy and Privatization. Some of the
projects that were reviewed were being
implemented in multiple States.
Youth Centre constructed under Community Poverty Reduction Project
Procurement Review
15
African Development Bank contracted
the services of GPCL to carry out a
comprehensive “Forensic Audit” (Technical,
Procurement, Financial) of a US$ 75
million Water Supply Projects in EDO and
Delta States in Nigeria, and to submit
reports on the confidential findings on
the management and execution of the
project, as also to recommend for the
Bank’s consideration the steps to be taken
for sanctioning a supplementary loan to
complete the Projects.

Water Supply Project
 Under a Quality
Based Selection
process, GPCL and its
local associates were
appointed by Ministry
of Local Government,
Uganda, to undertake
an Independent
Procurement Review
of contracts under the World Bank financed
Second Local Government Development
Program, including an assessment of the
implementing agencies’ procurement capacity
at 74 Higher Local Governments throughout
Uganda. The assignment involved countrywide
field visits followed by an exhaustive report on
findings and recommendations.
Uganda
Extension of Kahunge Gravity Flow Scheme, Kmuenge District
The World Bank appointed GPCL, through an
international competitive process, to conduct an
Independent Procurement Review of four Bank
financed projects in Uganda. The assignment
involved review of over 80 contracts in the
Agriculture, Health, Finance and Transportation
Sectors. In addition to the procurement review,
GPCL also assessed the procurement capacity
and financial management of the implementing
units, for each of the projects.
 GPCL has been retained by the World Bank to
evaluate the Public Procurement and Disposal
Authority’s role in ensuring effectiveness and
efficiency of Public Procurement in the National
PPDA - Interactions at Uganda Management Institute
Development Plan in Uganda with a special
focus on infrastructure sectors, particularly
roads and energy. The Assignment has called for close interactions with an Evaluation Subcommittee,
Office of the Prime Minister, Government of Uganda.

16
South and South East Asia
Cambodia
The Ministry of
Industry, Mines and
Energy (MIME),
Royal Government of
Cambodia, appointed
GPCL, through
an international
tendering process,
as the Independent
Procurement Compliance Auditor for review of
procurement and contracting under the World
Bank financed Cambodia Provincial and PeriUrban Water Supply and Sanitation Project
involving review of 19 ‘Prior Review’ contracts
Water Treatment Plant at Neak Loeung constructed under CPPWS
awarded on ‘Design Build Lease’ and ‘Output
Based Aid’ basis. A comprehensive review was
conducted by GPCL and a report on findings and recommendations on mitigation measures was submitted
to the MIME which observed that “the recommendations made for improving the procurement
process are constructive and should be implemented on all future procurements.”
Over the last
decade, GPCL
has been active in
conducting several
Procurement Reviews
of projects in World
Bank’s India portfolio.
Notable assignments
undertaken, after selection through competitive
processes, are outlined in the following
paragraphs:
India

GPCL carried out, over a period of two years,
a
Procurement
and Financial Audit of projects
Maharashtra Rural Water Supply and Sanitation Project
across all the States in India involving review of
over 1800 contracts selected from 50 projects spanning various sectors of the economy. Project-wise reports
for each State, and a final Report (Audit Summary Report) were submitted and accepted by the Bank.

 GPCL carried out the Procurement Post Review of 21 Bank financed projects across seven North Eastern
States of India. GPCL carried out the assignment and submitted Project-wise reports for each State based
on the review of over 200 contracts.
17
Procurement Review
GPCL carried out the Procurement Post Review of 33
Bank financed projects across nine States of India. GPCL
reviewed over 560 contracts covering sectors such as
Education, Health, Infrastructure, Water Resources,
and submitted State-wise / project-wise reports to the
Bank, highlighting the findings and recommendations
for improvements.

GPCL implemented the Procurement Post Review of
Bank financed projects in India in two phases. Under
Phase I, procurement review for the period July 2007
to June 2008 was undertaken of nearly 850 contracts
awarded in 25 projects spread throughout the country.
Phase II of the assignment, which was triggered by the

Himachal Pradesh Mid-Himalayan Watershed
Development Project
satisfactory performance in Phase I, involved review of over
1800 contracts for the period July 2008 to June 2009
covering 30 projects financed by the Bank in various States
of India. The objectives were to verify the procurement and
contracting procedures and processes followed for the
project and to identify non-compliance with the agreed
provisions; verification of technical compliance and physical
completion of the contracts in the selected representative
sample; review and comment on contract management
issues as dealt with by the implementing agencies; review
and assessment of the capacity of the implementing
agencies in handling procurement to determine whether Check Dam constructed at GP-Vetane, Satara District,
Maharashtra under Maharashtra Water Sector
adequate systems for
Improvement Project
procurement planning,
implementation, and
monitoring and documentation were maintained as per required standards;
recommend remedies to correct identified deficiencies. Key observations and
recommendations were submitted for each of the projects reviewed. GPCL set
in place a dedicated Task Force to implement the assignments effectively.
 Against stiff competition, GPCL secured a similar assignment again in two
phases covering contracts awarded during the period from July 2009 to June
2011 across numerous States in India. The assignment has been completed
successfully. Phase I of the assignment involved review of about 1200 contracts
in 24 projects. Phase II, which was triggered by the satisfactory performance in
the earlier phase, covered nearly 1600 contracts spread over 24 projects.
GPCL has been awarded yet again a similar assignment now covering the
period from July 2011 to June 2013. The first phase of the assignment covers
over 1700 contracts across 31 projects.

Providing Water Supply & Sanitation
Scheme for Jaspal Village,Tarsika
Block, Amritsar District, Punjab under
Punjab Rural Water Supply and
Sanitation Project
18
 GPCL was awarded against stiff competition the Procurement Post Review of
the World Bank funded Elementary Education Project (Sarva Shiksha Abhiyan
Project). The assignment involved carrying out detailed review of procurement
and contracting process, quality of works, cost reasonableness, indicators of
fraud and corruption, and financial review of 125 contracts in four Indian
India - Procurement Post Review: Some Vignettes
19
Procurement Review
States covering Goods, Works and Services, and various
modes of procurement in regard to compliance with Good
Procurement practices, value for money, transparency, physical
Inspection for adherence to specified quality, submission
of reports (project-wise/ State-wise) including findings and
recommendations.
GPCL
was
also
appointed
by the World
Bank
to
conduct an
Review Team Inspected Construction of Tunga
Independent
Bhadra Dam Habitation School at Hospet
Procurement
Taluka, Bellary District, Karnataka, India under
Review of the
Sarva Shiksha Abhiyan II Project
Maharashtra
Rural Water
Supply and Sanitation Project and the Empowerment and
Poverty Reduction Project in Tamil Nadu. These projects focused
on inclusive and participatory community involvement with
clearly sequenced activities involving social mobilization, social
action and engineering and community management activities.
Inspection of Gundampatty Masons Federation,
The objective of the review was to confirm that the selection
Tamil Nadu
and implementation of subprojects were in conformity with the
provisions and that the principles of participation in good governance, accountability and value for money were
met with. The adequacy of internal control procedures and project implementation were also reviewed.

Indonesia

Selected by the World Bank, through an international competitive process
based on quality, GPCL carried out the Procurement Post Review and Financial
Audit of 21 Bank financed projects spread across Indonesia covering sectors
such as Health, Education, Environment, Transportation, Infrastructure, Fiscal
Management, Water Resources. The assignment involved review of about 200
contracts and 3500 transactions.

As a sequel to the above assignment, the
World Bank appointed GPCL to carry out a
Procurement Post Review and Financial Audit
of 11 Bank funded projects spread across
Indonesia in various sectors. The assignment
involved review of nearly 200 contracts, and
submission of comprehensive reports on the
findings and recommendations.

As an extension to the Procurement Post
Review contract, the World Bank appointed
GPCL to carry out an Independent
Procurement Review of two large
Infrastructure projects which included
Financial Audit as also field visits to report
on quality related aspects.
Water Supply works under the Infrastructure Reconstruction Financing
Facility Project in Aceh, Indonesia
20
Lao Pdr
GPCL carried out the Procurement Post Review of the Third Highway Improvement
Project and Luang Namtha Provincial Development Project in Lao PDR. Reports
outlining audit findings and recommendations were submitted.
Mongolia
GPCL was appointed
directly by the World
Bank to carry out
Post Review of contracts for two projects
– Fiscal Technical
Assistance Project
and Private Sector
Development Credit
Project in Mongolia.
Workshop financed under the PSDCP
Philippines
SGS (Geneva) sought GPCL’s services to assist its task force based in Manila in
reviewing the output generated on bid evaluation reports received from Japan
Bank for International Cooperation (JBIC) on procurements made under Yen loan
projects.
Iran
Middle East
Through
an
international
c o m p e t i t i v e
process, GPCL
was commissioned
to conduct a
Procurement Post Review of three World Bank
financed projects in the Water Supply and
Sanitation Sector spread across five cities in Iran.
GPCL reviewed about 75 contracts and submitted
project-wise / city-wise reports outlining findings
with recommendations for improvements. “Thank
you for the good work your team did on
the procurement post review” was the World
Bank’s commendation on GPCL’s reports.
Procurement Review
Pipe laying in progress of Rasht - Northern Cities Water Supply
and Sanitation Project, Iran
21
Latin America and the Caribbean
Against international competition, GPCL was awarded a consultancy contract by Civil Defence Commission,
Guyana, to carry out biannual Technical and Procurement audit over a period of three years, in reviewing the
Procurement performance of the agencies implementing the World Bank aided El Nino Emergency Assistance
Project in Guyana.
Guyana
GPCL’s audit reports
outlining findings on
progress, quality and
project execution and
recommendation for
better procurement
performance
were submitted to the Bank and the Project
Coordinator. The Bank appreciated the efforts
made by GPCL “to get a good product
and to help the borrower make
improvements.”
View of Swift Structure, El Nino Emergency Project
Procurement Advice and Management
Georgia
Municipal Development Fund (MDF), Republic of Georgia appointed GPCL through
the positioning one of its Procurement Specialists as Consultant in Tbilisi, to provide
full time advice on procurement and contract related aspects over a period of 18
months, for the implementation of Rural and Community Development projects funded
by the World Bank. Assignment also included training of MDF personnel, conducted
in Russian and English, in the efficient handling of procurement related issues.
e-Education thru Mobile Van
22
G P C L p r o v i d e d India
Procurement Advisory
services to assist Vidya
Pratishthan’s Institute of
Information Technology
(VIIT), Baramati –
Pune, India, in the
i m p l e m e n t a t io n o f
World Bank administered “Empowering the
Poor: A Pilot ICT Program for Rural Areas of
Pune District” funded by a Grant from Japan
Social Development Fund. GPCL played a key
role in procurement planning and handling of
procurement of contracts as per World Bank’s
Guidelines and sound principles.
Iran
Based on the quality
of the technical
proposal submitted
by GPCL amongst
those received from
international firms,
Bam Reconstruction
Office of Ministry of Housing, Tehran, appointed
GPCL as the Procurement Advisory Service
Consultant for coordination and assistance to
manage all procurement activities of Goods/
Works, and Services contracts for the World
Bank financed Bam Earthquake Emergency
Reconstruction Project. The assignment also
involved providing on-the-job training and
continuous advice to the procurement staff.
GPCL’s performance has received appreciation Reconstruction of Arg-e’-Bam (Bam Citadel) at Bam under the BEERP
from the World Bank which has expressed its
satisfaction by stating that “GPCL’s output is one of the best evaluation reports seen by the
Bank”.
One of the Water Treatment Plants of Lagos
Procurement Advice and Management
GPCL, in association Nigeria
with one of its
key shareholders,
Tata Consulting
Engineers, provided
Procurement Advice
a n d S up p o r t t o
Lagos State Water
Corporation for a
World Bank funded assignment involving
the restoration of an aging 115 mgd (then
about 65 mgd) water supply system to its
design capacity. Tasks include procurement
packaging, prequalification of bidders for
works, preparation of bidding document,
advice on bidding process and bid evaluation,
and contract preparation.
23
Procurement Governance
Cambodia
The Ministry of Public
Works and Transport,
Royal Government of
Cambodia, appointed
GPCL to undertake an
assignment of Capacity
Building in Procurement
and implementation of
Good Governance Action Plan for the World
Bank funded Provincial and Rural Infrastructure
Project. The objective was to improve oversight
in procurement activities, strengthen transparency
and reduce the risk of unprofessional practices.
The detailed tasks undertaken by GPCL included a
review of current procurement procedures utilized
Inauguration of Training Sessions on Procurement and GGF
Cambodia
by the Ministry, including their compliance where
appropriate with the Externally Assisted Project
Procurement Manual for Goods, Works and Services; the design and recommendation of changes in
procurement procedures and institutional arrangements to strengthen transparency, prevent collusion,
and improve oversight; assistance to the Ministry of Public Works and Transport and the Ministry of Rural
Development in defining procedures and for strengthening the implementation of the Good Governance
Action Plan and the Good Governance Framework; assistance to the Ministries in the disclosure of project
information to the public through creation of an enhanced website; training the officials of the Ministries in
the use of the improved procurement procedures, the implementation of the good Governance Framework
and the expansion and the management of the website. Specific recommendations and a detailed time
bound action plan were submitted.
Guyana
G P C L
w a s
selected, through
an international
competitive process, to
assist the Government
of Guyana (GOG)
in “Strengthening
of its Procurement
Administration” under a Technical Assistance
Credit from the World Bank. The assignment,
spread over 14 months, required GPCL’S
keen support and expert advice, for the
Procurement Reform Program on Staffing,
Training, Capacity Building, Implementation
of Regulations under the Procurement
Act, development of Standard Bidding
Mr. Raghavan Srinivasan, GPCL’s Team Leader, sharing his experience on
sound procurement process with the officers of Government of Guyana
Documents, and a Management Information
System for efficient procurement monitoring
by the National Procurement and Tender Administration of the GOG.
24
• As a part of India
Fiduciary Risk
Assessment,
DFID India
appointed
GPCL to carry
out a Review
on Procurement
Systems and Organisation in the Indian
State of Madhya Pradesh, particularly
covering the Health, Public Health
Engineering and Woman and Child
Development Departments. GPCL
reviewed and assessed the public
procurement structure and processes
of the Government of Madhya Pradesh
by visiting 3 sample districts, and made
Review at one of the Women’s Self Help Groups at Choral,
recommendations for improvements,
Indore-Madhya Pradesh
particularly in respect of institutional
framework, transparency, and value of
purchases. GPCL provided an Overall
Risk Rating vis-à-vis the DFID Good Practice Principles benchmark and an action plan for mitigating the
fiduciary risks thus identified.
• Appointed by DFID India, GPCL carried out a Review on Procurement Reforms in the Indian State of Andhra
Pradesh. GPCL reviewed and assessed the public procurement structure and processes of the Government
of Andhra Pradesh, and made recommendations on improvements, particularly in respect of transparency,
accountability, more streamlined systems and improved value for money on its purchases.
• DFID appointed GPCL, through a competitive selection process, to carry out the Review of Procurement
Systems for Kolkata Urban Services for the Poor Program. The objective of the assignment was to review
and assess Government of West Bengal Municipal Affairs Department’s public procurement structure and
processes (especially the West Bengal Municipal Finance Rules), and make recommendations on how they
could be improved, particularly in respect of transparency and accountability, more streamlined systems
and improved value for money on its purchases.
• Against competition, DFID appointed GPCL to review the existing procurement procedures in 5 Indian
States (Assam, Karnataka, Madhya Pradesh, Maharashtra, and Uttar Pradesh) selected on a sample
basis and recommend appropriate modifications to bring them on par with international best practices
as a prelude to the third phase of the National HIV/ AIDS Control Program. The scope also included an
assessment of the procurement capacity of the implementing agencies. A presentation was made on the
findings and recommendations to DFID, World Bank, and National Aids Control Organisation officials.
Procurement Governance
25
• World Bank appointed GPCL to carry out a Procurement Capacity Assessment Study for (i) Andhra Pradesh
Rural Water Supply and Sanitation Project, (ii) West Bengal Health Systems Development Project, and
(iii) Fourth Integrated Child Development Services Project. GPCL carried out the assessments in the States of
Andhra Pradesh, West Bengal, Rajasthan and Uttar Pradesh involving review of procurement organization
and procedures and submitted reports offering recommendations State-wise on improvements to the
procurement regulatory and institutional frameworks with respect to transparency, accountability, and value
for money in purchases, to be in line with international standards and best practices.
• A leading public sector bank in India commissioned GPCL to provide advisory services related to
enhancement of procurement practices and preparation of a procurement manual for goods, works and
services procured by the bank. GPCL brought to bear on this assignment its wide experience in procurement
under multilateral agency funded projects, its deep understanding of the requirements of the Central
Vigilance Commission, Government of India and an appreciation of the guidelines formulated by the Indian
Banks’ Association. The assignment called for collection of information on the policies, procedures and
practices existing in the bank and extensive interactions with the bank officials. The final report encompassed
various categories and modes of procurement and dealt, inter-alia, with the enhanced procedures to
be adopted, the recommended formats for effective procurement and monitoring, improvements in the
management information systems and more effective use of the website.
Swaziland
The
African
Development Bank
appointed GPCL to
carry out a Country
Procurement
A s s e s s m e n t
Review (CPAR) in
the Kingdom of
Swaziland, in order to examine the existing
public procurement framework, policies,
financial controls and processes in the
various Ministries and Departments, compare
them with good procurement practices
(regional and international) and then propose
recommendations to revamp the system for
Interactive Workshop : with Officials from Ministry of Finance,
better governance. GPCL’s recommendations
Govt. of Swaziland
were presented in a two day workshop attended
by over 130 participants drawn from Government Departments, Parastatals, and other Stakeholders. According
to the Ministry of Finance, Kingdom of Swaziland the “Workshop was a great success”. GPCL’s final
report was submitted to the Bank and the Government of Swaziland, for further action.
26
Generator Set – Tanzania Social Action Fund Project
Bid Support Services
GPCL assisted PLS Tanzania
Ramboll Management
A/S of Denmark,
in carrying out a
Country Procurement
Assessment Review
(CPAR) on behalf of the
World Bank. In addition
to conducting an Independent Procurement
Review on World Bank and other donor funded
projects covering over 130 contracts, GPCL
also provided “very valuable input to the
procedures and practices in sections
of the CPAR report ” proposing valid
recommendations for better procurement
governance.
GPCL’s expertise in conducting audits and providing services in multilaterally funded projects was leveraged
in offering Bid Support Services to an Indian Contracting firm in its maiden international tender for an
African Development Bank funded Highway Project in Mauritius. The services involved assistance in technical
investigation of site conditions, assessment of materials in the Bill of Quantities and obtaining competitive
quotations from accredited vendors, and ensuring that the bid documents were complete in all respects.
Performance Review
“Engineer” to Financial
Institutions,
which
had extended Loans
and Guarantees to a
leading civil engineering
contractor, in executing
133 Kms of Asian
Development Bank funded
National Highway Project
in the Southern Indian state of Karnataka,
GPCL was engaged to carry out a monthly
performance review of the project covering
physical and financial progress and to list
out steps that could be taken in meeting the
scheduled project targets and contractual
obligations without any default. Financial
monitoring also covered review of the cash
flows in the project, in ensuring prompt
repayment of the loan to the Financial Institutions.
India
•

Review Team inspecting Cone Crusher in Package 4,
NH4 Project (Karnataka)
UNICEF had commissioned GPCL to carry out rapid surveys of health facilities such as Anti Retroviral
Therapy Centres, Prevention of Parent to Child Transmission Centres, and Integrated Counselling and Testing
Centres delivering the HIV / AIDS Control Program in the three Indian States of Andhra Pradesh, Karnataka,
and Manipur so as to identify bottlenecks in the Supply Chain Management (SCM) and recommend
Procurement Governance
27
improvements. In all, 21 centres
in Andhra Pradesh, 40 centres in
Karnataka, and 10 centres in Manipur
were visited by GPCL’s team and
a detailed report was submitted to
UNICEF identifying the bottlenecks in
SCM and recommending steps to be
taken to mitigate the shortcomings.
• As a sequel to the earlier
assignment, UNICEF commissioned
GPCL to extend the study on Supply
Chain Management to the states
of Maharashtra, Tamil Nadu and
Nagaland. Subsequently, GPCL
was asked to conduct a workshop
in six State Capitals, so that the
bottlenecks identified and the
Supply Chain Management Survey at ART Centreproposed recommendations could be
disseminated to officers nominated by
respective State Aids Control Society drawn from District Anti Retroviral Therapy and Integrated Counselling
and Testing Centres.
•
28
On behalf of Administrative Staff College of
India (ASCI), who had been appointed as
a consultant by the National Aids Control
Project (NACO), India, GPCL conducted
a performance review of the Procurement
Agent appointed for the World Bank funded
Phase II Aids Control Project, involving
comprehensive study of Procurement,
Financial and Contractual Management
processes adopted by the Procurement
Agent and decisions taken by him in the
execution of the project. GPCL also visited
select end users and consignees in all
regions of the country, to gather their views
on the Procurement Agent’s performance
and learn of constraints faced by them in
terms of delivery schedule, post installation
training and performance of the units
supplied. GPCL proposed improvements
in handling and execution of the project
procurement activities for future reference
and action.
An interactive dissemination workshop with the district level officers
responsible for Supply Chain Management in the National Aids
Control Programme
Valuation Assignments
The valuation exercise and reports by GPCL’s Registered Valuers include fair market price of assets duly taking
into account process obsolescence and equipment condition. Some of the assignments include:
• Acquisition of a salt refinery and salt pan by a Chemical industry enterprise for export purposes, which
had approached a financial institution for a term loan for such a venture.
• Marble Quarry in the State of Rajasthan, on behalf of an Export enterprise.
• Properties of a marine product company in the Southern Indian State of Kerala.
• Assets procured by an Electronic company from another enterprise.
• Land, Buildings, Plant and Machinery of a company manufacturing Razor blades, Triple Shaving System
etc. in Mumbai.
• Plant and Machinery of a Food processing unit near Mumbai.
• Fixed Assets of an IT solutions Company located in Chennai, Tamil Nadu.
• Real Estate property of a Company in Mumbai dealing in Diamonds.
• Moveable fixed assets at the factories of a Company manufacturing Flexible packaging material, located
in Vasai and Aurangabad in the State of Maharashtra.
• Valuation of Software for a leading Trade Finance company in Mumbai.
..... and many more
Financial Advisory Services
In addition to technical inputs, GPCL’s expertise
in the Financial Sector was also provided in the
following assignments:
•
•
•
•
•
•
•
GPCL was commissioned by Ministry of
Finance, Government of India to carry out a
pre-feasibility study for a large Hotel Project
in Tanzania.
On behalf of PTA Bank, Kenya, GPCL
conducted a Technical Audit of a refinery
in Sudan. The assignment involved a
field visit by GPCL’s expert, undertaking a
SWOT analysis and submission of a report
Hotel Project, Tanzania
recommending a course of action for
recommencement of the refinery.
GPCL was appointed by Ministry of Finance, Government of India, to conduct an appraisal of a
Pharmaceutical Project in Kyrgyz Republic, and to submit a cost optimisation study note.
On behalf of RITES, GPCL provided advice on terms and conditions outlined in the $ 175 million Biera
Rail Concession Agreement, Mozambique.
On behalf of a Funding Agency, GPCL carried out “Cost Reasonableness Study” through inspection and
independent assessment of a Chemical Unit in Andhra Pradesh exporting manufactured chemicals.
GPCL carried out a Techno Economic Feasibility Study for an Export Oriented Filament Rope manufacturing
project in Andhra Pradesh.
GPCL monitored the monthly cash flows (inward and outward) of an auto component manufacturing
company in Delhi, and recommended measures to improve cash availability for repayment of loan taken
from a financial institution.
29
Other Assignments

GPCL has partnered with Administrative Staff College of India (ASCI) in conducting several tailor made
international training programs on procurement procedures under World Bank aided projects for capacity
building of the procurement personnel nominated by Project Implementation Units of World Bank funded
projects on the subject of sound processes to be followed for procurement of “Goods, Works and
Consultancy Services”. The assignments involved development of training modules, presentation material,
background material / notes and conducting interactive programmes for capacity building in an classroom
training mode. Participants included representatives from Borrowers / Executing Agencies of World Bank
funded projects / programs drawn from several developing countries / emerging economies.
•
GPCL has also been associated with ASCI in conducting several such programmes at the national, state
and project level as well.
•
SEWA Trade Facilitation Centre (STFC), Ahmedabad, India commissioned GPCL to undertake an
International Finance Corporation (IFC) sponsored Techno-Economic Study (a) to review its current
business and operational performance and (b) identify new thrust areas for STFC to achieve commercial
sustainability of its new facility. GPCL submitted its report and made a presentation to IFC/SEWA officials
on its recommendations and action plans to achieve the objectives.
•
GPCL assisted an US entrepreneur in identification of a joint venture partner in Bangladesh for setting up of
an industrial unit to manufacture water conservation valves used in large sprinkler irrigation schemes.
•
South Asia Enterprise Development Facility (SEDF) commissioned GPCL to undertake a techno-economic
feasibility study for a foundry coke project for an entrepreneur in Dhaka, Bangladesh. GPCL’s observations
were accepted.
•
GPCL was assigned by an industrial unit in Mumbai to carry out a market survey for their indigenously
developed waste compact machine with a view to promote environmental discipline in handling organic
waste arising in process industries, hospitals, hotel establishments, etc.
•
GPCL provided intensive training to personnel in SGS Global Trade Solutions unit, Manila on Japan Bank
for International Cooperation (JBIC)’s procurement process and approach, enabling them to review and
offer comments on procurement documents received from JBIC.
•
GPCL prepared a Market Survey Report on behalf of an International Consultancy firm (Netherlands),
for identifying an Indian Consultancy outfit for collaboration/acquisition.
•
GPCL carried out on behalf of a Funding Agency, an “Environmental Audit” of a chemical Unit in Gujarat,
exporting hazardous chemicals.
•
GPCL conducted Third Party Assessment / Inspection of X-ray equipments, purchased by Punjab State
Health Systems Corporation.
•
GPCL undertook a Techno-Economic Feasibility Study for a chemical manufacturing unit in Hyderabad,
Andhra Pradesh.
•
GPCL prepared a Pre-feasibility Report on proposed 1 million tpa Alumina Plant in Western India for an
Indo-US Joint Venture.
•
GPCL conducted an Independent Review of a Greenfield project being set up by a leading Indian paint
manufacturing company.
•
GPCL prepared a Project Appraisal Report for a mineral extraction firm in Western India.
30
Balance Sheet as on
March 31, 2013
and
Profit & Loss Account
for 2012-13
Board Meeting in Progress
Contents

directors’ report

ANNEXURE TO directors’ report

auditors report

balance sheet

profit & loss STATEMENT

NOTES
31
32
Global Procurement Consultants Limited
Maker Chambers IV, 8th Floor, Nariman Point, Mumbai 400 021, India.
DIRECTORS’ REPORT TO THE SHAREHOLDERS
The Board of Directors of Global Procurement Consultants Limited (GPCL) presents its 17th Report along with
the audited accounts for the period ended 31st March 2013.
1.
FINANCIAL RESULTS (in INR)
As on 31st March
2013 2012
Profit before depreciation 9,374,032
5,560,804
Less: Depreciation
265,484
334,467
Profit before tax
9,108,548
5,226,337
Less: Provision for Income tax
3,190,300
1,800,000
Add: Excess Provision written back
-
-
Profit after tax
5,918,248
3,426,337
Add: Profit of previous period
31,834,696
29,570,589
37,752,944
32,996,926
Profit available for appropriation
Less: Transfer to General Reserve Dividend
Provision for dividend tax
1,000,000
2,000,000 1,000,000
324,450
162,230
Profit Carried to Balance sheet
34,428,494
31,834,696
33
2. PERFORMANCE
GPCL, during the year, has taken steps to enable the Company, leveraging upon its core staff, specialists/
experts, associates and shareholders, to broaden its range of activities. These steps are expected to
generate favourable outcomes progressively, and it is significant to note that the Company is relatively
well placed in terms of works in hand at the beginning of this financial year. During the year, GPCL has
been able to consolidate its activities and has generated a profit before tax amounting to ` 9.1 million.
It is noteworthy that several of the assignments handled by GPCL during the year have been for the World
Bank or in projects funded by the World Bank.
GPCL had secured a major contract through a competitive process from the World Bank, India to conduct
Procurement Post Review of World Bank funded projects in India in two phases covering the period July
2011 to June 2013. It may be noted that this assignment was secured based, inter-alia, on GPCL’s past
performance and track record. This assignment was secured after GPCL had successfully conducted
two similar assignments for the World Bank covering the periods from July 2007 to June 2009 and
subsequently from July 2009 to June 2011. Phase I of the assignment is well underway.
The assignment for the provision of Procurement and Financial Management Consultancy Services,
primarily through a project site based dedicated team, for the World Bank funded Bihar Kosi Flood
Recovery Project is fully on stream.
GPCL is implementing, as a follow-on assignment, a project for the provision of services as a Procurement
Monitoring Agency for the World Bank funded Total War Against HIV/AIDS (TOWA) Project, being executed
by National AIDS Control Council, Kenya.
GPCL in association with a local firm is conducting for the World Bank an Evaluation of the Public
Procurement and Disposal Authority (PPDA)’s role in ensuring effectiveness and efficiency of Public
Procurement in the National Development Plan Priority Sectors in Uganda. The assignment is nearing
completion.
The on-going partnership with Administrative Staff College of India in conducting training programmes
for Borrowers/ Executing Agencies on Procurement Procedures and Practices to be adopted in World
Bank funded projects, has been further strengthened. During the year three international programmes
and six programmes at the State/ project level were conducted.
3. DIVIDEND
In view of the overall performance and profitability, and taking into consideration the future outlook,
your Directors are pleased to recommend a dividend of 20%.
4. FUTURE OUTLOOK
Phase I of the Procurement Post Review (FY 13) of the World Bank funded projects in India is scheduled to
be completed during the first half of the current year. Phase II covering FY 14 is expected to commence
in October / November 2013.
The assignment in Kenya for providing the services of a Procurement Monitoring Agency for the HIV/
AIDS Project involving completion of the current Cycle II and the final Cycle III would be completed
during the year.
34
The two year assignment for the provision of Procurement and Financial Management Consultancy Services
for the World Bank funded Bihar Kosi Flood Recovery Project represents a significant break-through for
GPCL calling for broadening of the range of services to be provided, with the deployment of an on-site
dedicated project team.
The assignment for an Evaluation of the Public Procurement and Disposal Authority (PPDA)’s role in
ensuring effectiveness and efficiency of Public Procurement in the National Development Plan Priority
Sectors in Uganda would be completed during the year.
The contract for the provision of Procurement Audit Services for the World Bank financed Project to
Improve Education Quality in Malawi is expected to commence during the year.
Two World Bank funded assignments secured recently calling for Independent Procurement Review of
transportation (roads) sector projects in Sri Lanka and a health project in Nepal, would be completed
during the year.
A new assignment calling for Annual Procurement Post Review (Audit)) for the year 2012 – 2014 for
a World Bank funded Health and Social Protection Project in the Kyrgyz Republic will commence this
year.
The well set and established arrangements with Administrative Staff College of India (ASCI) for conducting
training programmes is expected, during the coming year, to lead to the organization of several
programmes involving participation at the international, national, regional, state and project levels.
Steps are being taken to leverage further upon the formal cooperation arrangement set in place through
a Memorandum of Understanding.
The Company, drawing upon its core staff, panel of specialists/experts, associates and the resources of
its key shareholders is pursuing actively a number of business opportunities. In view of all these initiatives,
GPCL is well positioned to expand upon its current levels of performance.
5. DEMATERIALISATION OF SHARES
About 44% of the Company‘s paid up share capital has been dematerialized as on 31st March 2013.
The Company has entered into agreement with NSDL & CDSL through the Registrars, M/s. Sharex
Dynamic (India) Private limited, whereby shareholders have the option to dematerialize their shares with
either of the Depositories.
6. DIRECTORS
Dr. R. Swaminathan and Mr. Ramesh Chandak retire by rotation at the Annual General Meeting and,
being eligible, offer themselves for reappointment. 7. FIXED DEPOSIT
The Company has not accepted any fixed deposit during the period.
8. AUDITORS
M/s. G.P.KAPADIA & Co., Chartered Accountants, who retire at conclusion of the ensuing Annual General
Meeting, being eligible, offer themselves for re-appointment. Members are requested to consider their
re-appointment from conclusion of this AGM until the conclusion of next AGM of the company, at a
remuneration to be decided by the Board of Directors.
35
9. COMPLIANCE CERTIFICATE
In terms of section 383A of the Companies Act 1956, Secretarial Compliance Certificate issued By M/s.
N. L. Bhatia & Associates, Practising Company Secretaries, is attached to this Report.
10. PARTICULARS OF EMPLOYEES
The provision of particulars of Employees as required under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 for the year ended 31st March, 2013, is
not applicable.
11. OTHER PARTICULARS
Information as per section 217(1) (e) of the Companies Act 1956, read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules, 1988 relating to the Foreign Exchange earnings
and outgoings is annexed and forms part of this report. The particulars in respect of conservation of
Energy and Technology Absorption are not applicable to your Company.
12. DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors would like to inform the members that the Audited Accounts for the financial year ended
March 31,2013 are in full conformity with the requirement of the Companies Act,1956.The Directors
hereby confirm that:
1. In preparation of the annual accounts, the applicable accounting standards had been followed
along with proper explanation relating to material departure, if any;
2.
The Directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company at the end of the financial year and of the profit and loss of the
company for that period;
3.
The Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the company
and for preventing and detecting fraud and other irregularities;
4.
The Directors had prepared the annual accounts on a going concern basis.
13. ACKNOWLEDGEMENT
GPCL’s shareholders continue to play a keen and involved role in promoting GPCL’s business endeavours
and their support is greatly acknowledged by the Board and Company’s management. The Directors
wish to thank and acknowledge the co-operation and assistance extended by the shareholders.
By Order of the Board:
For GLOBAL PROCUREMENT CONSULTANTS LIMITED
Date: April 10, 2013
Place: Mumbai
36
T.C.A. RANGANATHAN
Chairman
Annexure to Directors’ Report
Particulars pursuant to Companies (Disclosure of particulars in the Report of Board of Directors) Rules,
1988
Foreign Exchange Earnings and outgo
Foreign exchange earnings and outgo during the year under review were as follows:
Financial Year
2012-13
(Rupees)
2011-12
(Rupees)
a)Earnings
Consultancy fees
b) Expenses:
Foreign Travelling
8,843,723 1,458,113
810,987
13,954
Subsistence Allowance
2,990,642
145,210
Bank Charges
1,530
436
Hotel Accommodation Charges
100,013
-
Professional charges
334,246
-
Subscription charges 30,274
25,518
Telephone & Internet Charges
20,672
-
Other Expenses
23,969
-
Printing & Stationery
21,812
-
37
FORM
[SEE RULE 3]
SECRETARIAL COMPLIANCE CERTIFICATE
Corporate identity number (CIN) of company: U74130MH1996PLC102719
Paid up Capital: Rs.100, 00,000/To,
The Members
GLOBAL PROCUREMENT CONSULTANTS LIMITED
We have examined the registers, records, books and papers of GLOBAL PROCUREMENT CONSULTANTS
LIMITED (the Company) as required to be maintained under the Companies Act, 1956, (the Act) and the rules
made there under and also the provisions contained in the Memorandum and Articles of Association of the Company
for the financial year ended on 31st March, 2013. In our opinion and to the best of our information and according
to the examinations carried out by us and explanations furnished to us by the company, its officers and agents, we
certify that in respect of the aforesaid financial year:
1.
The company has kept and maintained all registers as stated in Annexure ‘A’ to this certificate, as per the
provisions and the rules made there under and all entries therein have been duly recorded.
2.
The company has duly filed the forms and returns as stated in Annexure ‘B’ to this certificate, with the Registrar
of Companies, Regional Director, Central Government, Company Law Board or other authorities within the
time prescribed under the Act and the rules made there under.
3.
The company, being a public limited Company, comments is not required.
4.
Board of Directors duly met four times on 27th April, 2012, 19th July, 2012, 18th October, 2012 and 23rd
January, 2013 in respect of which meetings proper notices were given and the proceedings were properly
recorded and signed in the Minutes Book maintained for the purpose.
5.
The company has not closed its Register of Members during the financial year and there are no Debenture
issued by the company.
6.
The Annual General Meeting for the financial year ended on 31st March, 2012 was held on 19th July,
2012 after giving due notice to the members of the company and the resolutions passed thereat were duly
recorded in Minutes Book maintained for the purpose.
7. No extra ordinary general meeting was held during the financial year.
8. The company has not advanced any loans to its directors or persons or firms or companies referred to under
section 295 of the Act.
9. The company has not entered into any contracts falling within the purview of section 297 of the Act.
10.
The company has made entries in the register maintained under section 301 of the Act.
11.
As there were no instances falling within the purview of section 314 of the Act, the company has not obtained
any approvals from the Board of Directors, members or Central Government.
38
12. The Company has not issued any duplicate Share Certificate during the financial year.
13.
(i)
There was no transfer of shares during the financial year ended on March 31, 2013.
(ii)
The Company has declared dividend on 19th July,2012 at the rate of Re.1/- per share on 10, 00,000
Equity Shares of the company aggregating to Rs 10,00,000/- (Ten Lacs). The company paid the
dividend on 19th July 2012,which is within five days from the date of declaration of such dividend
and no separate bank account was opened.
(iii)
The Company paid the dividend through cheques and Demand Draft dated 19th July 2012. The
Company was not required to post dividend warrant;
(iv)
There is no amount in unpaid dividend account, application money due for refund, matured deposits,
matured debentures and the interest accrued thereon which have remained unclaimed or unpaid for
a period of seven years which requires to be transferred to Investor Education and Protection Fund.
(v)
The Company has duly complied with the requirements of section 217 of the Act.
14. The Board of directors of the company is duly constituted. There was no appointment of additional directors,
alternate directors and directors to fill casual vacancies during the financial year.
15.
The Company has not appointed any Managing Director / Whole time Director / Manager during the
financial year. Section 269 of the Act with regard to compulsory appointment of Managing Director / Whole
time Director /Manager is also not applicable.
16. The company has not appointed any sole selling agents during the financial year.
17.
The company was not required to obtain any approvals of the Central Government, Company Law Board,
Regional Director, Registrar and / or such authorities prescribed under the various provisions of the Act
during the financial year.
18.
The directors have disclosed their interest in other firms/companies to the Board of Directors pursuant to the
provisions of the Act and the rules made there under.
19. The company has not issued any securities during the financial year.
20. The company has not bought back any shares during the financial year.
21. There was no redemption of preference shares or debentures during the financial year.
22.
There were no transactions necessitating the company to keep in abeyance the rights to dividend, rights
shares and bonus shares pending registrations of transfer of shares.
23.
The company has not invited/accepted any deposits including any unsecured loans falling within the purview
of section 58A during the financial year.
24. The company has not made any borrowings during the financial year ended 31st March, 2013.
25.
The company has not made any loans or advances or given guarantees or provided securities to other bodies
corporate and consequently no entries is required to be made in the register under section 301 of the Act.
39
26. The company has not altered the provisions of the Memorandum with respect to situation of the company’s
registered office from one state to another during the year under scrutiny.
27. The company has not altered the provisions of the Memorandum with respect to the objects of the company
during the year under scrutiny.
28. The company has not altered the provisions of the Memorandum with respect to name of the company
during the year under scrutiny.
29. The company has not altered the provisions of the Memorandum with respect to share capital of the company
during the year under scrutiny.
30.
The company has not altered its Articles of Association during the financial year.
31.
There was no prosecution initiated against or show cause notices received by the Company and no fines
and penalties or any other punishment was imposed on the company during the financial year for offences
under the Act.
32.
The company has not received any money as security from its employees during the financial year.
33. Provisions of section 418 of the Companies Act, 1956, relating to Provident Fund of Employees not applicable
during the financial year.
Date: 09th April, 2013.
FOR N. L. BHATIA & ASSOCIATES
Place: Mumbai
Company Secretaries
9th April, 2008
N. L. Bhatia
CP. No. 422
Annexure A
Registers as maintained by the Company
1.
Register of Members u/s 150 of the Act.
2.
Register of Directors u/s 303 of the Act.
3.
Register of Directors Shareholding u/s 307 of the Act.
4.
Register of charges u/s 143
5.
Minutes book of General meeting and Board meeting.
6. Register of Share transfer.
7. Attendance Register for Board Meeting and General Meeting.
40
Annexure B
Forms and Returns as filed by the Company with the Registrar of Companies, Regional Director, Central Government
or other authorities during the financial year ending on 31st March, 2013.
Sr. Form No./
Filed Date of
Whether
No. Return
under Particulars
Filing
Filed within section
prescribed time
yes/no
For Re-Appointment of M/s. G.P
Kapadia & Co., Chartered
Accountants, as Auditors of the
Company
SRN: S05849609
If delay
in filing
Whether
requisite
additional
fee paid
yes/no
1. Form 23
192
2. Form 23AC
220
23ACA
09/09/2011
Yes
No
For Balance Sheet and Profit & Loss 29/10/2012
Account as on 31st March, 2012
SRN: P92800671
Yes
No
3. Form 20B
159
For Annual Return as on 19th
24/08/2012
July, 2012.
SRN: P88598958
Yes
No
Yes
No
Yes
No
4. Form 66
383A
For Compliance certificate for
03/08/2012
financial year 2012-13
SRN: P88240965
5. Form 32
264(2)/ For appointment of Mr. J.P. Haran and 13/08/2012
266(1)(a)/ Mr. R.K. Gupta as an 303(2) Director with effect from
Date: 19/07/2012
SRN: B45315041
41
AUDITORS REPORT
To:
The Shareholders of
GLOBAL PROCUREMENT CONSULTANTS LIMITED
1.
2.
3.
4.
5.
6.
7.
8.
We have audited the accompanying financial Statements of GLOBAL PROCUREMENT CONSULTANTS LIMITED (“the Company”)
which comprises the balance sheet as at March 31, 2013 and the statement of Profit and Loss Account for the year ended, and
a summary of significant accounting policies and other explanatory information.
Management is responsible for the preparation of these financial statements that give a true & fair view of the financial position,
financial performance of the company in accordance with the Accounting Standards referred to in sub section (3C) of section
211 of the companies Act, 1956(“the Act”). This responsibility includes the design, implementation and maintenance of internal
Control relevant to the preparation and presentations of the financial statements that gives a true and fair view and are free from
material misstatement, whether due to fraud or error.
We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
Our responsibility is to express an opinion on these financial statements based on our audit in accordance with the standards
on auditing issued by The Institute of Chartered Accountants of India. Those standards require that we comply with the ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedure selected depends on the auditors judgment, including the assessment of the risk of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments , the auditor considers internal control
relevant to the company’s preparation and presentation of the financial statements in order to design audit procedure that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the
accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and accounting to the explanations given to us, the financial statements give
the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India :
i)
in case of the Balance Sheet, of the statement of affairs of the Company as at March 31, 2013 and
ii)
in the case of Profit and Loss Account, of the profit of the Company for the year ended on that date
We report that to the best of our knowledge and belief and in terms of the information and explanations given to us and the
books and records examined by us in the normal course of audit ;
As required by section 227(3) of the Act and by the Companies (Auditor’s Report) order, 2003 (“the Order”) issued by the
Central Government of India in terms of Sub section (4A) of section 227 of the Act, we give in the annexure a statement on the
matters specified in paragraphs 4 and 5 of the order.
As required by Section 227(3) of the Act , we report that :
a.
we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for
the purpose of our audit;
b.
in our opinion, proper books of accounts as required by the Companies Act, 1956 have been kept by the Company so
far as it appears from our examination of those books;
c.
The Balance Sheet and statement of profit and loss Account are in agreement with the books of accounts:
d.
In our opinion, the Balance Sheet and statement of Profit & loss Account comply with accounting standards referred to in
sub section (3C) of section 211 of the Companies Act, 1956.
e.
On the basis of written representations from the Directors as on March 31, 2013 taken on record by the Board of Directors,
none of the directors is
Disqualified as on March 31,2013, from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act 1956 as we report that none of the directors are disqualified as on March 31, 2013 from being appointed
as a Director of the Company under Section 274 (1) (g) of the Companies Act, 1956.
For G.P. KAPADIA & CO:
Chartered Accountants:
(Firm Reg. No. 104768W)
Atul B. Desai
Partner
M.N.30850
42
Mumbai
Date: 10th April 2013
ANNEXURE TO THE AUDITORS REPORT
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
(Referred to in paragraph 7 of our report of even date)
The Company has maintained proper records showing full particulars including quantitative details and
situation of Fixed Assets. All Fixed Assets have been physically verified by the management which in our opinion
is reasonable having regard to the size of the company and the nature of the fixed assets. No discrepancies
were noticed on such physical verification.
There has not been any significant disposal of fixed assets during the year.
The Company has not granted or taken any loans to/from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act, 1956. Consequently, requirements of clauses
(iii .b), (iii. c) and (iii .d) of paragraph 4 of the Order are not applicable
In our opinion and according to the information and explanations given to us, there are adequate internal
control procedures commensurate with the size of the company and the nature of its business for the purchase
of fixed assets.
There were no transactions that need to be entered in the Register in pursuance of section 301 of the Companies
Act, 1956.
No deposits have been accepted under the provisions of Section 58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 framed there under.
The Company has an internal audit system, commensurate with its size and nature of its business.
According to the information given to us, the provisions regarding Provident Fund and Employees State
Insurance are not applicable to the company.
According to the information and explanations given to us, undisputed amount payable in respect of Income
tax, Service tax any other statutory dues with the appropriate authorities are not outstanding as at the last day
of the financial year for a period of more than six months from the date they become payable.
There are no accumulated losses of the Company.
The Company has not granted loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
There were no guarantees given by the Company for loan taken by others from banks and financial
institutions.
There were no term loans obtained by the Company during the year.
The Company has not made any preferential allotment of shares to parties and companies covered in the
Register maintained under section 301 of the Companies Act, 1956.
There are no debentures issued and outstanding during the year.
During the year, the company has not raised money by public issue(s).
In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the
provisions of clause 4(xiii) of the companies (Audit Report) Order, 2003 (as amended) are not applicable to
the company.
The company is not dealing / trading in securities.
To the best of our knowledge and belief, and according to the information and explanations given to us, no
fraud on or by the Company was noticed or reported during the year.
For G.P. KAPADIA & CO.
Chartered Accountants
(Firm Regn. No. 104768W)
Atul B. Desai
Partner
M.N.30850
Mumbai
Date: 10th April 2013
43
Balance Sheet as at 31st March, 2013
(Amount in Rupees)
Particulars
Note No
2012-13
I.
EQUITY AND LIABILITIES
(1) Shareholder’s Funds
(a) Share Capital
2.1
10,000,000 (b) Reserves and Surplus
2.2
44,398,494 (c) Money received against share warrants
10,000,000
40,804,696
- (2) Share application money pending allotment
(3)
Non-Current Liabilities
(a) Long-term borrowings
- (b) Deferred tax liabilities (Net)
- (c) Other Long term liabilities
- (d) Long term provisions
-
(4)
Current Liabilities
(a) Short-term borrowings
- (b) Trade payables
2.3
4,126,403 (c) Other current liabilities
2.4
- (d) Short-term provisions
2.5
3,595,335 TOTAL
62,120,232 II. Assets
(1) Non-current assets
(a) Fixed assets
(i) Tangible assets
2.6
472,191 (ii) Intangible assets
2.6
95,335 (iii) Capital work-in-progress
- (iv) Intangible assets under development
- (b) Non-current investments
- (c) Deferred tax assets (net)
-
(d) Long term loans and advances
2.7
84,620 (e) Other non-current assets
-
(2)
Current assets
(a) Current investments
2.8
27,117,182 (b) Inventories
-
(c) Trade receivables
2.9
19,276,614 (d) Cash and Cash Equivalents
2.10
11,135,199 (e) Short-term loans and advances
2.11
3,134,747 (f) Other current assets
2.12
804,345 2011-12
- 470,524
292,458
1,414,528
52,982,206
621,104
79,997
44,620
- 33,391,924
4,406,515
10,743,033
3,134,747
560,266
TOTAL
62,120,232 52,982,206
Significant Accounting Policies and Notes
1
AS PER OUR REPORT ATTACHED
FOR G.P.KAPADIA & CO.
Chartered Accountants
Atul B. Desai
DIRECTORS
Partner
T.C.A.Ranganathan
M.No. : 30850
Dr. R. Swaminathan
Place : Mumbai
Ramesh Chandak
Date : April 10, 2013 S. R. Rao
Dr. R.K. Gupta
President
44
Statement of Profit and Loss for the year ended 31st March, 2013
(Amount in Rupees)
Particulars
Note No
2012-13
REVENUE
- Sale of Products
- - Sale of Services
33,734,605 - Other Operating Revenues
1,965,620 Less : Excise Duty
- Revenue From Operations
35,700,225 - Other Income
3.1
3,206,059 2011-12
17,415,265
17,415,265
4,930,955
- Total Revenue
38,906,284 EXPENSES
- Cost of materials consumed
- - Purchase of Stock-in-Trade
- - Changes in inventories of finished goods,
- work-in progress and Stock in Trade
- - Employee benefit expense
3.2
10,664,984 - Financial costs
3.3
35,429 - Depreciation and amortization expense
265,484 - Other expenses
3.4
18,831,839 22,346,220
- Total Expenses
Profit before exceptional and extraordinary items and tax
29,797,736 17,119,883
9,108,548 5,226,337
- Exceptional Item
10,041,636
35,289
334,467
6,708,490
- -
Profit before extraordinary items and tax
9,108,548 - Extraordinary Items
- Profit before tax
9,108,548 Tax expense:
- Current tax
3,190,300 - - Total Tax Expenses 3,190,300 5,226,337
Profit/(Loss) for the period
5,918,248 5,226,337
1,800,000
1,800,000
3,426,337
Significant Accounting Policies and Notes
1
AS PER OUR REPORT ATTACHED
FOR G.P.KAPADIA & CO.
Chartered Accountants
Atul B. Desai
DIRECTORS
Partner
T.C.A.Ranganathan
M.No. : 30850
Dr. R. Swaminathan
Ramesh Chandak
Place : Mumbai
S. R. Rao
Date : April 10, 2013 Dr. R.K. Gupta
President
45
GLOBAL PROCUREMENT CONSULTANTS LIMITED
Note - 1:
SIGNIFICANT ACCOUNTING POLICIES:
1.1 Basis for the preparation of Accounts:
The financial statements are prepared under historical cost convention and comply with the applicable
accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of
the Companies Act, 1956.
1.2 Accounting Concepts:
Company follows the mercantile system of accounting and recognizes income and expenditure on a accrual
basis.
1.3 Fixed Assets
Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes, incidental expenses relating to
the acquisition, the cost of installation / erection and interest etc. up to the date the asset is put to use, as
applicable.
1.4 Depreciation:
Depreciation on Fixed Assets installed is provided on the Straight Line basis at the rates and manner prescribed
for the purpose in Schedule XIV of the Companies Act, 1956.
1.5 Investments:
Investments are meant to be long-term investment and are stated at cost.
1.6 Recognition of Income & Expenditure:
Income and Expenditure are recognized on accrual basis.
1.7 Income and Expenses in foreign exchange
Foreign currency transactions are accounted at exchange rates prevailing at the date of the transaction.
All exchange differences in respect of foreign currency transactions are dealt with in the Profit and Loss
Account.
1.8 Provision for Current and Deferred Tax:
Provision for Current Tax is made on the basis of estimated taxable income for the current accounting period
and in accordance with the provisions as per Income Tax Act, 1961.
Deferred tax resulting from the “time difference” between book and taxable profit for the year is accounted
for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date.
The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty
that the assets will be adjusted in future.
46
Calculation of Deferred Tax:
Amount
(Rupees)
Depreciation as per Companies Act 265483
Depreciation as per Income Tax Act
133098
Net Timing Difference
132385
Deferred Tax Assets @ 30.95%
40975
On ground of prudence, Deferred Tax Asset arising on account of Depreciation has not been recognized.
1.9 Earnings & Expenses in Foreign Currency:
Financial Year
a) Earnings :
Consultancy fees
b) Expenses:
Foreign Travelling
Subsistence Allowance
Bank Charges
Hotel Accommodation Charges
Professional charges
Subscription charges Telephone & Internet Charges
Other Expenses
Printing & Stationery
2012-13
Rupees
2011-12
Rupees
8,843,723
1,458,113
810,987
2,990,642
1,530
100,013
334,246
30,274
20,672
23,969
21,812
13,954
145,210
436
25,518
-
1.10Previous year’s figures have been regrouped and arranged wherever necessary to confirm to this year’s
classification.
47
NOTES FORMING PART OF BALANCE SHEET
(Amount in Rupees)
2012-13
2011-12
2.1 SHARE CAPITAL
2.1.1 Authorised Capital:
2,50,00,000 Equity Shares of Rs. 10/- Each
250,000,000 250,000,000
2.1.2 Issued, Subscribed and Paid up Capital
10,00,000 Equity Shares of Rs. 10/- Each Fully Paid
10,000,000
10,000,000
2.1.3 The List of Shareholders holding more than 5% shares in the company is set out below
Name of the Shareholders
1
2
3
4
5
Export - Import Bank of India
RPG Industries Ltd.
TATA Consulting Engineers Limited
MECON Limited
Cee-es Development Consultants India Private Ltd.
No. of Shares 280959
215190
107595
106383
53797
Amount No. of Shares 2,809,590 2,151,900 1,075,950 1,063,830 537,970 280959
215190
107595
106383
53797
Amount
2,809,590
2,151,900
1,075,950
1,063,830
537,970
2.1.4 The Reconciliation of the number of Equity Shares outstanding
Particulars
No. of Shares Amount No. of Shares Shares outstanding as at the beginning
of the year
1,000,000 10,000,000 1,000,000
Shares issued during the year
- - - Shares bought back during the year - - - Shares outstanding as at the end of the year
1,000,000 10,000,000 1,000,000
Amount
10,000,000
10,000,000
2.2
RESERVES & SURPLUS
2.2.1
Surplus as per Statement of Profit and Loss A/c
Opening Balance
31,834,696 29,570,589 Add:- Profit for the year 5,918,248 3,426,337 Less:- Appropriations
a) Equity Dividend 2,000,000 1,000,000
b) Tax on Equity Dividend 324,450 162,230 c) Transferred to General Reserve
1,000,000 34,428,494 - 31,834,696
2.2.2 General Reserve
Opening Balance
8,970,000 8,970,000 Add:- Net Profit Transferred from Profit and loss A/c
1,000,000 9,970,000 - 8,970,000
44,398,494 40,804,696
48
NOTES FORMING PART OF BALANCE SHEET
(Amount in Rupees)
2012-13
2011-12
2.3 TRADE PAYABLES
Outstanding Expenses 4,126,403 470,524
4,126,403 470,524
2.4 OTHER CURRENT LIABILITIES Service Tax Payable -
241,122
TDS Payable -
51,336
-
292,458 2.5 SHORT-TERM PROVISIONS Provision for Employee Benefit
- Ex Gratia 222,500 222,500
- Leave Encashment 23,733 23,733
Provision for dividend 2,000,000 1,000,000
Provision for dividend distribution tax 324,450 162,230
Provision for Current Year Tax (Net of Advances) 1,018,587 Provision for last year Tax 6,065 6,065
3,595,335
1,414,528
2.6 FIXED ASSETS
RUPEES
WRITTEN DOWN
DESCRIPTION
GROSS BLOCK
DEPRECIATION VALUE
AS ON ADDITION
DELETION
01.04.2012
TOTAL
31.03.2013
UPTO 31.03.2012
FOR THE YEAR
ADJ. ON
DELETION
UP TO
AS ON
AS ON
31.03.2013 31.03.2013 31.03.2012
(I)TANGIBLE ASSETS
VEHICLE (MOTOR CAR) 730,000 - - 730,000 542,569 69,350 - 611,919 118,081 187,431
PHOTOCOPIER
129,854 - - 129,854 26,333 9,181 - 35,514 94,340 103,521
FAX MACHINE
66,190 COMPUTERS
881,994 - 83,999 - - 66,190 44,078 4,680 - 48,758 17,432 22,112
- 965,993 683,613 144,650 - 828,263 137,730 198,381
FURNITURE
83,497 - 83,497 32,165 5,285 - 37,450 46,047 51,332
OFFICE EQUIPMENTS
96,651 7,521 - 104,172 38,324 7,288 - 45,612 58,560 58,327
Total Tangible Assets
1,988,186 91,520 - 2,079,706 1,367,082 240,434 - 1,607,516 472,191 621,104
Previous Year
1,988,186 - 1,988,186 1,060,304 306,778 - 1,367,082 621,104 927,882
- (II) INTANGIBLE ASSETS
SOFTWARES
141,477 40,388 - 181,865 61,480 25,050 - 86,530 95,335 79,997
Total Intangible Assets
141,477 40,388 - 181,865 61,480 25,050 - 86,530 95,335 79,997
Previous Year 141,477 Total Fixed Assets
2,129,663 - 131,908
- 141,477 33,791 27,689 - 61,480 79,997 107,686
- 2,261,571 1,428,562 265,484 - 1,694,046 567,526 701,101
49
NOTES FORMING PART OF BALANCE SHEET
(Amount in Rupees)
2012-13
2011-12
2.7 LONG-TERM LOANS AND ADVANCES Deposit and Balances with Government and Other Authorities 84,620
44,620
2.9
84,620
44,620
TRADE RECEIVABLES Unsecured Considered Good - Debts outstanding for a period exceeding 6 months -
- Other Debts 19,276,614
4,406,515
19,276,614
4,406,515
2.10 CASH AND CASH EQUIVALENTS Cash in Hand 13,975 Balances with Banks - State Bank of Mysore 1,019,694
236,463
- EEFC ( State Bank of Mysore ) 276,386 1,236,638
- Bank of Maskan 307,795
312,150
Other Bank Balance
- Term Deposit 9,517,349 8,957,782
11,135,199 10,743,033
2.11 SHORT-TERM LOANS AND ADVANCES Advance Tax (Net of Provision last Year) 2,379,822
2,379,822
Advance tax FBT 754,925 754,925
3,134,747 3,134,747
2.12 OTHER CURRENT ASSETS Interest on Fixed Asset/ Income Receivable 418,604 560,266
Other Receivable
385,741 804,345 560,266
50
NOTES FORMING PART OF BALANCE SHEET
(Amount in Rupees)
2012-13
2011-12
2.8 CURRENT INVESTMENTS
No. of Units Face Value Value
Value
Other Investments
A
Investment in Mutual Fund (Quoted)
- JM Money Manager Fund -Super Plus Plan
Fortnight dividend 1,333,300.35 10 13,768,809 7,136,035
- JM Money Manager Fund -Super Plan
Fortnight Dividend Option 27,217.36 10
280,296 - JM Short Term Fund -Daily Dividend Option (420) 506,409.05 10
5,068,077 4,737,776
- Taurus Short Term Income Fund -Dividend Payout
2,285.80 1000
3,500,000 3,500,000
- JP Morgan India Short Income Fund
21,207.35 10
4,500,000 4,500,000
- J.M. High Liquidity Fund- Daily Dividend
10
726,210
- Kotak Floater Short Term-Daily Dividend
10
5,733,884
- L & T Ultra Short Term Fund
10
6,800,000
- DSP Blackrock Money Manager Fund
1000
258,019
TOTAL (A)
1,890,420 27,117,182 33,391,924 Aggregate Cost of : 1)
Quoted Investment 27,117,182 33,391,924
2)
Unquoted Investment - -
Aggregate Market Value of Quoted Investment
22,869,404 33,089,367
51
NOTES FORMING PART OF STATEMENT OF PROFIT AND LOSS
(Amount in Rupees)
3.1 OTHER INCOME
Interest Income Dividend Income
Profit on redemption of debenture Profit/loss on sale of mutual fund
Foreign exchange gain/ (Loss)
Misc Income
2012-13
2011-12
883,248 2,323,782 - 74,609 (76,700)
1,120 844,727
1,890,588
177,500
1,391,698
624,983
1,460
3,206,059 3.2 EMPLOYEE BENEFIT EXPENSES
Salaries and Allowances 8,804,037 Other Benefits 281,026 Staff Welfare and Medical Expenses 188,993 Ex Gratia 1,390,928 4,930,955
7,810,205
150,790
93,284
1,987,357
10,664,984 10,041,636
3.3 FINANCE COSTS
Bank Charges
35,429 35,289
35,289
35,429 3.4 OTHER EXPENSES
3.4.1 AUDITORS REMUNERATION Audit fees
57,360 TDS Matters
7,500 Service Tax Matters
7,500 Taxation Fees
15,000 Tax Audit Fees
20,000 Profession Tax Matter Fees
5,000 3.4.2 LEGAL & PROFESSIONAL FEES
Professional Charges
ROC Fees
57,360
7,500
7,500
15,000
20,000
5,000
7,076,536 3,000 1,160,666
-
3.4.3 RENT, RATES & TAXES
Society Charges
Rent
Professional tax
Rates and Taxes
74,443 1,516,684 2,500 9,720 74,442
1,307,055
2,500
-
52
NOTES FORMING PART OF STATEMENT OF PROFIT AND LOSS
(Amount in Rupees)
2012-13
3.4.4 OTHER ADMINISTRATIVE EXPENSES Conveyance
22,484 Office Expenses
123,524 Electricity Charges
130,600 Entertainment
19,348 Insurance 96,616 Postage & Courier
58,058 Printing & Stationery
198,265 Repairs & Maintenance
293,178 Telephone Expenses
160,049 Travelling Expenses
4,096,878 Lodging and Boarding Expenses
765,619 Subsistence Allowance
3,376,500 Director Fees
256,068 Subscriptions
30,274 Misc Expenses
132,547 Reimbursable Expenses of Project
276,590 18,831,839 2011-12
155,887
178,751
175,038
135,064
69,946
101,330
189,099
253,922
125,613
1,436,687
624,914
376,698
200,000
28,518
6,708,490
53
Financial Performance at a glance
(Last 3 years)
Financial Year: April - March.
(Amount in Rs.)
Particulars
2012-2013
2011-2012
2010-2011
Resources
Paid-up Capital 10,000,000 10,000,000 10,000,000
Reserves & Surplus 44,398,494 40,804,696 38,540,589
Total Resources 54,398,494
50,804,696
48,540,589 Business Income 38,906,284
22,346,220 33,581,006
Profit Before Tax
9,108,548 5,226,337 9,249,229
Profit After Tax 5,918,248 3,426,337 6,249,962 54
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