applicable. In such a case, however the Net worth of the Collaborator/Associate 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% (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% of
the respective paid up share capitals and Y1,Y2,Y3 are individual paid up share
capitals.
6.2.2.3 In case the Collaborator(s) / Associate(s) is not able to furnish its audited financial
statements on stand alone entity basis, the unaudited unconsolidated financial
statements of the Collaborator(s) / Associate(s) can be considered acceptable
provided the Collaborator(s) / Associate(s) furnishes the following further documents
on substantiation of its qualification:
(i) Copies of the unaudited unconsolidated financial statements of the
Collaborator(s) / Associate(s) along with copies of the audited consolidated
financial statements of the Holding Company of Collaborator(s) / Associate(s).
(ii) A Certificate from the CEO/CFO of the Holding Company, as per the format
enclosed with the bidding documents, stating that the unaudited
unconsolidated financial statements form part of the consolidated financial
statements of the Holding Company of Collaborator/Associate.
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,
Collaborator/Associate is not able to submit the Certificate from a practicing
Chartered Accountant certifying its financial parameters, the audited results of three
consecutive financial years preceding the last financial year shall be considered for
evaluating the financial parameters. Further, a Certificate would be required from 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 Techno-
commercial bid opening and the Certificate from the practicing Chartered Accountant
certifying the financial parameters is not available.
Notes for Clause 6.2.1.0 & 6.2.2.0
(i) Net worth means the sum total of the paid up share capital and free reserves.
Free reserve means all reserves credited out of the profits and share premium
account but does not include reserves credited out of the revaluation of the
assets, write back of depreciation provision 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.
(ii) Other income shall not be considered for arriving at annual turnover.
(iii) “Holding Company” and “Subsidiary Company” shall have the meaning
ascribed to them as per Companies Act of India.
(iv) For annual Turnover indicated in foreign currency, the exchange rate as on
seven (7) days prior to the date of Techno-Commercial bid opening shall be
used.
(v) In case the bidder / collaborator(s) / associate(s) participating under Clause
6.1.2.0 do not meet the turnover requirement , then, the Turnover of any of the
Promoters individually or all the promoters ( in a combined manner) (each
having Equity Stake more than 25%) of the Subsidiary Company / JV Company
would be considered. Each such promoter of the Subsidiary Company / JV
Company shall have to meet the Net Worth criteria individually as per clause
6.2.1.2 and/or 6.2.2.2. In such an event the Bidder would be required to furnish