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(iii) In case of the subsidiary / Licensee / Authorized channel partner / authorized
agent of the qualifying agency, the bidder shall be required to furnish deed of agreement
having validity for full execution period.
(iv) Major Inspection / Major Overhauling of gas turbine shall mean complete
dismantling and assembly of gas turbine/compressor and associated accessories including
removal of casings, rotor & bearings and replacement of blades/vanes during schedule C-
inspection/ major overhauling/ erection of gas turbine
5.2 Financial criteria:
5.2.1 The average annual turnover of the Bidder, should not be less than Rs. 186.18
Lac (Rupees One Hundred Eighty-Six Lacs & Eighteen Thousand only) during the
preceding three (3) completed financial years as on first schedule date of Techno-
commercial bid submission.
5.2.2 In case the bidder does not satisfy the financial criteria, stipulated at Cl. 5.2.1
above on its own, it’s 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 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 Techno-Commercial 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.
5.2.3 In case the bidder is not able to furnish its audited financial statements on stand-
alone entity basis, the unaudited unconsolidated financial statements of the bidder can be
considered acceptable provided the bidder further furnishes the following documents in
substantiation of its qualification.
(i) Copies of the unaudited unconsolidated financial statements of the bidder along
with copies of the audited consolidated financial statements of the Holding Company.
(ii) A Certificate from the CEO/CFO of the Holding Company, as per the format
enclosed in the bid documents, stating that the unaudited unconsolidated financial
statements form part of the Consolidated Annual Report of the company.
5.2.4 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, Bidder is not able to submit
the Certificate from 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:
(i) Other income shall not be considered for arriving at annual turnover.
(ii) “Holding company “and “Subsidiary Company “shall have the meaning
ascribed to it them as per Companies Act of India.