requirements even if the contract has been started earlier and/or is not completed/ closed.
Reference work executed by a bidder as a sub-contractor may also be considered provided the
certificate issued by main contractor is duly certified by Project Authority specifying the scope of work
executed by the sub-contractor in support of Qualifying Requirements.
(ii)
9.2.0
Financial Criteria
9
.2 (a) The average annual turnover of the Bidder, in the preceding three (3) financial years as on the date of
Techno-Commercial bid opening, should not be less than Rs. 2097.45 lakh (Rupees Twenty Crore
Ninety Seven Lakh Forty Five Thousand Only ) .
In case the bidder does not satisfy the average annual turnover criteria, stipulated above on its own,
its Holding Company would be required to meet the stipulated turnover requirements as 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.
9
.2 (b) The Net Worth of the bidder as on the last day of the preceding financial year (reckoned on the date of
techno-commercial bid opening) should not be less than 100% of the Bidder’s paid-up share capital. In
case the Bidder meets the requirement of Net worth based on the strength of its Subsidiary (ies)
and/or Holding Company and/or Subsidiaries of its Holding companies wherever applicable, 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% of their total paid-up share
capital. However individually, their Net worth should not be less than 75% 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.
9
.2 (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 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 practising Chartered Accountant shall be
considered acceptable. In case, Bidder is not able to submit the certificate from practising 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