INVITATION FOR BID
DEVELOPMENT OF ISTS CONNECTED WIND ENERGY PROJECT(S) UP
TO CAPACITY OF 300 MW ANYWHERE IN INDIA
BIDDING DOCUMENT NO.: RE-CS-5914-003-9
INVITATION FOR
BID (IFB)
PAGE
Page 5 of 7
2.0 FINANCIAL CRITERIA
2.1 The average annual turnover of the Bidder, should not be less than INR 327 Crore (Indian
Rupees Three Hundred and Twenty Seven Crores only) during the preceding three (3)
completed financial years as on the 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.
2.2 Bidder should have Positive Net Worth as on the last day of the preceding financial year.
2.3 In 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.
b) 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 financial statement of the Holding Company.
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 the Bidder is not able to submit the
Certificate from a practicing Chartered Accountant certifying its financial parameters, the
audited result of three consecutive financial years preceding the last financial year shall be
considered for evaluating 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 techno-commercial bid opening date and the
Certificate from a practicing 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.