Legal Due Diligence Report.docx
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LegalDueDiligenceReport
[]CO.,LTD
ProposedRTOandFinancing
onOver the Counter Bulletin Board
LegalDueDiligenceReport
To:
[]
[]
[],[]Province,
From:
Date:
[],2007
Re:
LegalDueDiligenceReportof[]XXLtd
DearSirs
Wehavebeeninstructedassolicitorsto[](the“Company”).
WepresentourlegalduediligencereportontheCompanyinconnectionwiththeproposedRTOoftheCompany’soffshoreholdingcompanywithanOTCBBshellcompanyandfinancing(the“Project”).
ThisLegalDueDiligenceReport(this“Report”)ispresentedonthefollowingbases:
1.TheinformationcontainedinthisReportisprimarilybasedon:
(i)informationanddocumentationsuppliedbytheCompanyinresponsetotheinformationsoughtintheduediligencequestionnaireandourfurtherrequestsforsupplementalinformationanddocumentation;
(ii)discussionswiththedirectors,managementandstaffoftheCompany;
(iii)asearchofthepublicrecordsoftheCompanyavailableforinspectionatrelevantPRCauthoritiesinchargeofadministrationforindustryandcommerce;
2.Inreviewingthedocumentationsuppliedto,orobtainedby,uswehaveassumedthat:
(i)allcopiesmadefromoriginaldocumentsaretrueandcompleteandthatsuchoriginaldocumentsareauthenticandcomplete;
(ii)alldocumentssuppliedto,orobtainedby,usasoriginalsareauthenticandcomplete;
(iii)allsignaturesappearingondocumentssuppliedto,orobtainedby,usasoriginalsorcopiesoforiginalsaregenuine;
(iv)theCompanyhastherequisitecorporatepowertoenterintoallcontractualarrangementstowhichitisapartyandtoperformitsobligationsthereunder;
(v)allcontractualdocumentshavebeendulyauthorised,executedanddeliveredbythepartiestheretoandconstitutelegallyenforceableobligationsofthepartiesunderthelawsofrelevantjurisdictions;
(vi)theCompanyhasnotpassedavoluntarywindingupresolutionandthatnopetitionhasbeenpresentedtoorordermadebyanycourtforthewindinguporadministrationoftheCompanyandthatnoreceiverhasbeenappointedinrelationtotheCompanyoranyofitsassetsorrevenue;
(vii)theCompanyhasdrawntoourattentionallmattersrelevanttoourinformationrequests.
3.ThisReportissubjecttothefollowingqualifications:
(i)wehavenotattemptedindependentlytoverifytheauthenticityandcompletenessofanyoriginaldocumentsbycontactingthirdparties;
(ii)thisReportdoesnotofitselfconstituteaverificationexercise;
(iii)wearequalifiedtopracticelawonlyinthePeople’sRepublicofChinaandweexpressnoopinionastoanyotherlaws;
(iv)wehavenotinvestigatedandhavenotattemptedtocommentonthecommercial,financial,technicaloraccountingimplicationsofdocumentswhichhavebeensuppliedto,orobtainedby,usormakeanyassessmentofthecurrentfinancialconditionoftheCompany;
(v)wehavenotinvestigatedandmakenocommentontheadequacyoftheCompany’sinsurancecover;
(vi)thisReportisbyitsnatureafactualanalysisandalegalreviewoftheinformationsuppliedtousandshouldnotberegardedas,orrelieduponasbeing,acomprehensiveorformallegalopinionconcerninganymatterreferredtoinit;
(vii)weacceptnoresponsibilitywhatsoevertoupdatethisReportforeventsorcircumstancesoccurringafterthedateofthisReportandcannotacceptresponsibilityforinformationsuppliedtousby,orobtainedbyusfrom,thirdpartieswhichmayhavebecomeoutofdateatthedateofthisReport;
(viii)thisReportisnottobeconstruedasadviceonwhetherornottoproceedwiththeProject.Instead,regardshouldbehadtoavarietyofotherfactors,commercial,financial,technical,accountingandotherwise,whichcomeorshouldcome,tothenoticeoftheaddresseesofthisReportbymeansotherthanlegalduediligence;
(ix)therecanbenoassurancethattheinformationsuppliedto,orobtainedby,usiscompleteoraccurateinallrespectsorthatthereisnomaterialinformationinrelationtotheCompanyofwhichwehavenotbeenmadeaware.
TheaddresseesofthisReportshouldbeawarethatcircumstancessuchaslawswhichareapplicableinaninsolvency,receivership,administrationorcreditorsrightsgenerallymayaffecttheenforceability,performanceorvalidityofagreementssummarisedinthisReport.
ThisReportmakesfairdisclosureofthelegalmatterswhicharereferredtoinit.However,weacceptnoresponsibilitywhatsoeverforanyinaccuracyorincompletenessinthisReporttotheextentthatanyinaccuracyorincompletenessoftheinformationand/ordocumentationonwhichwereportwouldnotbeapparentfromacarefulandthoroughappraisalofsuchinformationanddocumentationasithasbeensuppliedto,orobtainedby,usandreviewedandafterappropriateenquiryarisingtherefrom.
ThisReportislimit