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.
4. In case a Bidder does not satisfy the financial criteria, stipulated at paras B 1 and/or B 2 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 1 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.
5. 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) Other income shall not be considered for arriving at annual turnover.
ii) 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.
iii) “Holding Company” and “Subsidiary Company” shall have the meaning ascribed to them as
per Companies Act of India.
iv) The term 'date of bid opening' would mean the date of Techno-Commercial bid opening.
v) A firm can be a partner in only one Consortium; bids submitted by Consortium including the
same firm as partner will be rejected.
vi) The Consortium shall necessarily identify one of the partners as lead partner.
vii) The Consortium Bidder shall provide, along with the bid, a Consortium Agreement, as per
the format enclosed in the bid documents in which the partners of the Consortium are
jointly and severally liable to the Owner to perform all the contractual obligations. The
Consortium Agreement shall be submitted along with the bid, failing which the Bidder shall
be disqualified and his bid shall be rejected.
viii) In case of Consortium, the bid security, and in the event of award to Consortium the
performance bank guarantee, shall be in the name of all the partners of the Consortium.
ix) Dry (bulk) solid commodity mentioned at A above means dry solid bulk cargo covered in
Appendix 4 (page 352 to 358) of International Maritime Solid Bulk Cargoes (IMSBC) code
MSC 84/24/Add.3.