Holding Company. In such an event, the Bidder would be required to
furnish along with its Techno-commercial bid, a Letter of Undertaking
from the Holding Company, supported by the Holding Company's
Board Resolution, as per the format enclosed in the bid documents,
pledging unconditional and irrevocable financial support for the
execution of the Contract by the Bidder in case of award.
c) Net Worth of the bidder should not be less than 100% of the bidder's
paid up share capital as on the last day of the preceding financial year
on the date of Techno-commercial bid opening. In case the Bidder
meets the requirement of Net worth based on the strength of its
Subsidiary(ies) and/or Holding Company and/or Subsidiariy(ies) of its
Holding Companies, wherever applicable, the Net worth of the Bidder
and its Subsidiary(ies) and or Holding Comapny and/or Subsidiary(ies)
of the Holding company, in combined manner should not be less than
100% of their total paid up share capital. However individually , their
Networth should not be less than 75% of their respective paid up share
capitals. For Consortiums/ Joint Ventures, wherever applicable, the Net
worth of all consortium/Joint Venture members in combined manner
should not be less than 100% of their paid up share capital. However ,
individually, their Net worth should not be less than 75% of their
respective paid up share capitals.
Net worth in combined manner shall be calculated as follows:
Net worth (combined) = [ (X1 + X2 +X3) / (Y1 +Y2+Y3) ] X 100
Where X1, X2, X3 are individual Net worth which should not be less
than 75% of the respective paid up share capitals and Y1, Y2 , Y3 are
individual paid up share capitals.
d) In case the Bidder is not able to furnish its audited financial statements
on stand-alone entity basis, the unaudited unconsolidated financial
statements of the Bidder can be considered acceptable provided the
Bidder further furnishes the following documents for substantiation of
its qualification:
(i) Copies of the unaudited unconsolidated financial statements of the
Bidder along with copies of the audited conslidated financial
statements of its Holding Company.
(ii) A certificate from the CEO/CFO of the Holding Company, as per the
format enclosed in the bid documents, stating that the unaudited
unconsolidated financial statements form part of the Consolidated
Annual Financial Statements of the Holding Company.
e) In cases where audited results for the last financial year as on the date
of Techno-Commercial bid opening are not available, the financial
results certified by a practicing Chartered Accountant shall be
considered acceptable. In case, Bidder is not able to submit the
Certificate from a practicing Chartered Accountant certifying its
financial parameters, the audited results of three consecutive financial