2.0 FINANCIAL CRITERIA
2.1 The average annual turnover of the Bidder, should not be less than INR 690 Million (Indian
Rupees Six Hundred and Ninety Million Only) or in equivalent foreign 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 to submit the Certificate from
a practicing Chartered Accountant certifying its financial parameters, the audited result of
three (3) consecutive financial years preceding the last financial year shall be considered for