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 total
paid-up share capital. However individually, their Net worth should not be less than
7
5% 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 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:
(
a) Copies of the unaudited 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 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
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 practising
Chartered Accountant certifying the financial parameters is not available.
NOTES FOR CLAUSE 2.0:
(
i) 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 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.
(ii) Other income shall not be considered for arriving at annual turnover.
(iii) "Holding Company" and "Subsidiary" shall have the meaning ascribed to them as
per Companies Act of India.
(iv) For Turnover indicated in foreign currency, the exchange rate as on seven (07)
days prior to the date of techno-commercial bid opening shall be used.
VI.
Notwithstanding anything stated above, the Employer reserves the right to assess the
capabilities and capacity of the Bidder/ his collaborators / associates/ subsidiaries/
group companies to perform the contract, should the circumstances warrant such
assessment in the overall interest of the Employer.