Supply, Erection, Testing & Commissioning Of 1200kwp Grid
Connected Solar Pv Project On Rooftop Of Buildings Of Ntpc-
Gadarwara
Bidding Doc. No: NTPC/GwSTPP/C&M/CS/686/400034374
IFB
Section-I
Page 5 of 7
should not be less than 100% of their total paid up share capital. However individually, their Net
worth should not be less than 75% of their respective paid up share capitals. For Consortium/
Joint Ventures, wherever applicable, the Net worth of all Consortium/ Joint Venture 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
capital.
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.
5.2.3 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:
• Copies of the unaudited unconsolidated financial statements of the Bidder along with copies of
the audited consolidated financial statements of its Holding Company.
• 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.
5.2.4 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 techno-commercial bid opening and the Certificate from a practicing Chartered
Accountant certifying the financial parameters is not available.
5.2.5 In case a Bidder does not satisfy the annual turnover criteria, stipulated at Cl. 5.2.1 and/or Cl.
5.2.2 above on its own, its holding company would be required to meet the stipulated turnover
requirements at Cl. 5.2.1 above, provided that the Net Worth of such Holding Company as on the
last day of the preceding financial year is atleast 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 bid, a Letter of Undertaking from the Holding Company, supported by 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.
Notes for Clause 5.2:
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 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” shall have the meaning ascribed to them as per
Companies Act of India.