b) A certificate from the CEO/CFO of the Holding Company, as per format enclosed in the
bid documents, stating that the unaudited unconsolidated financial statements form part of
the consolidated Annual Report of the Company.
5.2.4 In case where audited results for the last financial year as on 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 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 the financial parameters is not available.
5.2.5 In case a bidder does not satisfy the financial criteria, stipulated at Para/clause 5.2.1
and/or Para/clause 5.2.2 above on its own, the Holding Company would be required to
meet the stipulated turnover requirements at Para/clause 5.2.1 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 bid, a Letter of Undertaking
from the Holding Company, supported by 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.
5.2.6 Notes:
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.
6.0 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. The physical assessment shall include but not be
limited to the assessment of office/facilities/banker's/reference workers by Employer. A
negative determination of such assessment of capacity and capabilities may result in
rejection of the bid