Net worth (combined) = (X1+X2+X3)/(Y1+Y2+Y3) X100
Where X1,X2,X3 are individual Net Worth which should not be less than
75% of their respective paid up share capital and Y1,Y2,Y3 are individual
paid up share capital.
(iv) In case 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
practicing Chartered Accountant certifying its financial parameters, the
audited result of the three consecutive financial years preceding the last
financial year shall be considered for evaluating the financial parameters.
Further, a certificate would be required form the CEO/CFO as per the
format enclosed in the bidding documents stating that the financial results
of the company are under audit as on the date of bid opening and the
certificates from the practicing Chartered Accountant certifying the
financial parameters is not available.
(v) Up to date copies of audited financial statements of last three Financial
Years as audited by practicing Chartered Accountant or certificate of
Turnover issued by a practicing Chartered Accountant clearly indicating
the books/records/documents on the basis of which the certificate is
issued on the standalone basis/or holding company(Letter of undertaking
from the holding company to be submitted)
(vi) In case of the bidder is not able to furnish its audited financial statements
on standalone entity basis, the un-audited 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 un-audited unconsolidated financial statements of the
bidder along with copies of the audited consolidated financial
statements of the 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
un-audited unconsolidated financial statements from part of the
Consolidated Annual Financial Statements of the Holding Company.
(vii) Other income shall not be considered for arriving at annual turnover.
(viii) Holding Company and `Subsidiary Company` shall have the meaning
ascribed to them as per Companies Act of India.
(ix) Notwithstanding anything stated above, the Employer reserves the right
to assess the capabilities and capacity of the Bidder/his
collaborators/associates/subsidiaries/group companies to perform the
contract should the circumstances warrant such assessment in the
overall interest of the Employer.
NOTES:
(i) Net worth means the sum total of the paid up share capital and free
reserves. Free reserves means all reserves credited out of the profit and
share premium account but does not include reserves credited out of the
revaluation of assets, write back of depreciation provisions and
amalgamation. Further, any debit balance of profit and loss account and
miscellaneous expenses to the extent not adjusted or written off, if any,
shall be reduced from Reserves and Surplus.