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.
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 practicing
Chartered Accountant certifying the financial parameters is not available.
Notes for Clause 2.0 above:
(i) 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
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.