currency, during the preceding three (3) completed financial years as on the date of
techno-commercial bid opening.
In case a Bidder does not satisfy the average annual turnover criteria, stipulated at
Clause 2.1 on its own, its Holding Company would be required to meet the stipulated
turnover requirements as above, provided that the Net Worth of such Holding
Company as on the last day of the preceding financial year is at least equal to or more
than the paid-up share capital of the Holding Company. In such an event, the Bidder
would be required to furnish along with its Techno-Commercial bid, a Letter of
Undertaking from its 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.
2.2 Net Worth of the Bidder as on the last day of the preceding financial year should not
be less than 100% (one hundred percent) of Bidder’s paid-up share capital. In case
the Bidder does not satisfy the Net Worth criteria on its own, it can meet the
requirement of Net worth based on the strength of its Subsidiary(ies) and/or Holding
Company and/or Subsidiaries of its Holding companies wherever applicable. In such
a case, however the Net worth of the Bidder and its Subsidiary(ies) and/or Holding
Company and/or Subsidiary(ies) of the Holding Company, in combined manner
should not be less than 100% (one hundred percent) of their total paid up share
capital. However individually, their Net worth should not be less than 75% (seventy
five percent) 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% (seventy five percent) of the
respective paid up share capitals and Y1,Y2,Y3 are individual paid up share capitals.
2.3 In case the Bidder is not able to furnish its audited financial statements on standalone
entity basis, the unaudited unconsolidated financial statements of the Bidder can be
considered acceptable provided the Bidder further furnishes the following documents
on substantiation of its qualification:
(i) Copies of the unaudited unconsolidated financial statements of the Bidder along with
copies of the audited consolidated financial statements of its Holding Company.
(ii) Certificate from the CEO/CFO of the Holding Company, as per the format enclosed
in the bidding documents, stating that the unaudited unconsolidated financial
statements form part of the consolidated financial statement of the Holding Company.
In case where audited results for the last financial year as on date of techno-
commercial bid opening are not available, the financial results certified by a practicing
Chartered Accountant shall be considered acceptable. In case the Bidder is not able