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.
(c) 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
for 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 its 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 Financial Statements of the
Holding Company.
In case 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 for the 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 bid
documents stating the financial results of the Company are under audit as on the date
of Techno-Commercial bid opening and the certificate from the practicing Charted
Accountant certifying the financial parameters is not available.
(d) In case a Bidder does not satisfy the financial criteria, stipulated at Cl. 7.2.0 (a) above
on its own, its Holding Company would be required to meet the stipulated turnover
requirements at Cl. 7.2.0 (a) 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 the Holding Company’s 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:
(1) Other income shall not be considered for arriving at annual turnover.
2) 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