INVITATION FOR BID
c.Bidder shall also be considered qualified in case, the award for executing the reference works has been received by the bidder either directly from owner of plant or any other intermediary organization. However, a certificate from such owner of Plant or the intermediary organization shall be required to be furnished by the Bidder along with its techno-commercial bid in support of its claim of meeting requirement stipulated above. Further, certificate from owner of the plant shall also be furnished by the bidder along with the techno-commercial bid for the successful operation as specified in Clause 1.1
&1.2 above
2.0FINANCIAL CRITERIA
2.1The average annual turnover of the Bidder, should not be less than INR 55 Crores (Indian Rupees fifty five Crores only) during the preceding three (3) completed financial years as on date of techno-commercial bid opening.
In case a Bidder does not satisfy the 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.
2.2Net Worth of the Bidder as on the last day of the preceding financial year should not be less than 100% (hundred percent) of bidder’s paid-up share capital. In case the Bidder does not satisfy 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 Subsidiaries of its Holding companies wherever applicable. In such 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% (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) 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.
2.3In case the Bidder is not able to furnish its audited financial statements on standalone entity basis, the unaudited unconsolidated financial statements of the Bidder can be considered acceptable provided the Bidder further furnishes the following documents on 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.
