(a) Copies of the un-audited unconsolidated financial statements of the Bidder
along with copies of the audited consolidated financial statements of its
Holding Company.
(b) A Certificate from the CEO/CFO of the Holding Company, as per the format
enclosed in the bidding 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 last preceding financial year as on the
date of opening of Techno-commercial bid are not available, certification of
financial statements from a practicing Chartered Accountant shall also 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.
6.2.4 In case a Bidder does not satisfy the financial criteria stipulated in Clause 6.2.1
above on its own, Its Holding Company would require to meet the stipulated
turnover requirements at Clause 6.2.1 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 should be required to furnish along with its
Techno-Commercial bid, a letter of undertaking from its Holding Company,
supported by Board Resolution of the Holding Company, as per the format
enclosed in the bidding documents, pledging unconditional and irrevocable
financial support for the execution of the Contract by the Bidder in case of
award.
Notes for Clause 6.2:
i. “Holding Company” and “Subsidiary” shall have the meaning ascribed to them
as per Companies Act of India, in vogue.
ii. 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 do 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. While computing the annual turnover other Income shall not be considered.
iv. For annual turnover indicated in foreign currency, the exchange rate as on 7
days prior to the date of techno-commercial bid opening shall be used.