b. 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 form part of the Consolidated Annual Report of the Company.
In cases where audited results for the preceding financial year as on the date of bid
opening are not available, certification of the financial statements from a practicing
Chartered Accountant shall also be considered acceptable. In case, the Bidder is
not able to submit from Practicing Charted 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 with the bid 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.
(iv) In case a Bidder does not satisfy the financial criteria, stipulated at paras B(i) and/ or
B(ii) above on its own, its Subsidiary(ies) and/or Holding Company and/or
Subsidiary(ies) of its Holding Company wherever applicable would be required to meet
the stipulated turnover requirements at Para B(i) above. In such an event, the Bidder
would be required to furnish along with its bid, a Letter of Undertaking from the Holding
Company, supported by Board Resolution of the Holding company, 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. In case the
Bidder meets the requirement of Net worth based on the strength of its Subsidiary(ies)
and/or Holding Company and/or Subsidiary(ies) of its Holding Company 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% of their paid up share capital. However individually, their Net worth
should not be less than 75% of their respective paid up share capitals.
(v) In case of a bid submitted by a Consortium the turnover shall be considered on a
combined manner for all the Consortium partners. Net worth of all consortium members
in combined manner should not be less than 100% of their paid up share capital
however individually, their Net worth should not be less than 75% 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 respective paid up
share capitals.
NOTES:
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.