5
year on the date or Techno-Commercial bid opening. In case the Bidder
does not meet the Net Worth criteria on its own, it can meet the
requirement of Net worth based on the strength of its Subsidiary(ies)
and/or Holding Company and/or Subsidiary(ies) or its Holding
Companies, wherever applicable. In such a case, however, 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% (one hundred percent) of their total paid up share
capital.
However individually, their Net worth should not be less than 75%
(seventy five percent) 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)]X100
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.
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 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 bidding documents, stating that the unaudited
unconsolidated financial statements form part of the Consolidated
Annual financial statements of the Holding company.
In cases where audited results for the last financial year as on the
date of the 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 that financial parameters is not available.
NOTE:
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 the
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.