f. In case of developer as Bidder in clause 4.1.2 or 4.1.3, the documentary evidence (certified by Chartered
Accountant) for value of executed reference work must be submitted by the Bidder.
g. Developer means an entity who has either executed or got executed the work/ project as owner of industrial
projects.
h. The execution of industrial project as EPC Contractor under Clause No 4. 1.3 means, such EPC Contractor is
responsible for all the activities i.e. Design/Engineering, Procurement, Construction and Commissioning of a
project/work.
4.2 FINANCIAL CRITERIA
4.2.1 The average annual turnover of the Bidder, should not be less than INR 200 Crore (Indian Rupees Two
Hundred Crore only) during the preceding three (3) financial years as on last date of submission of Application
for Enlistment.
In case a Bidder does not satisfy the annual turnover criteria, stipulated above 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 Application for Enlistment, a Letter of Undertaking from the Holding Company, supported by the Holding
Company’s Board Resolution, as per the format enclosed in the Enlistment documents, pledging unconditional
and irrevocable financial support for the execution of the Contract by the Bidder in case of award.
4.2.2 Net Worth of the Bidder as on the last day of the preceding financial year should not be less than 100% (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, 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% (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.
4.2.3 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:
a) Copies of the unaudited unconsolidated financial statements of the Bidder along with copies of the audited
consolidated financial statements of its Holding Company.
b) 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 consecutive financial years preceding the last financial year
shall be considered for evaluating 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 last date of submission of Application for Enlistment and the Certificate from a practicing
Chartered Accountant certifying the financial parameters is not available.