HowtoWriteaDueDiligenceReport如何写尽职调查报告.docx

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1、HowtoWriteaDueDiligenceReportforInvestmentPurposesTheMostPopularI）ratingModelforMemosandDDReportIntheUnitedStateslegaleducationorpractices,IRACstructureisthemostusedwritingprrshowsuswhawereadandexaminedinthedocumentscomingfromthetargetcompany.WewriteWhalwesawinthesedocumentsandreportthemourclients,j

2、ustaswewritewhatweexperienceinonedayibrourdiary.Ofcourse,sincethedocumentsaresobigandwegenerallyhavetomakemostsummariesforourwritings.Occasionally,wejusttranslatesomeofthekeydocumentsfromChineseintoEnglishandputthemintoourreport.Because1amalegalpractitioner.1willexplaintheDDReportfromalegalpointofvi

3、ew.Asaresult,theDDReportformyclientmustshowthen)stimportantinvestmentrisks.StepstoDOthe1)1)ReportGenerally,ifwewishtohaveacompleteDDReport,thefollowingfourstepshavetobefollowed.Andan)derateDDReportusuallywilltakeustwotothreeweekstofinish.SleDOne:CollectAlltheInformationfromtheargetCompanyAtthisstep,

4、wcshallprrthepastyeanIhenweshouldaskwhenthecertificatewillberegisteredorexaminedthisyear.KindlyremindIhecompanytodeliver(hemissingdocumentsinareasonablelime.Thispmcessisverj,time-consuming.Weshallkeepalertoneverysuspiciouspointinthedcumenls.StepThree:OnsiteInterviewWiIhtheOfficersoftheCompanyIfthedo

5、cumentsarecompleteandverysound,111an,Iheycananswereveryqueslionorsolvethelegalissuesfortheinveslmenl,thisstepcanbedeleted,orcanbeCondUeledIhrOUghaIelephonecall.Although(hisdoingcansavemuchtimeforus,Ipersonallyandstronglyreconmeuldoingsuchanonsiteinterview.NotOnIylnaywepromoleorjustestablishbeUerconn

6、ectionswiththecompanyasafuturePOIElialclientforotherdeals,butwecanpersonallyseethewholeprocessofthep11luctionorthemanagementofthecompany.Andwecangetaroughimpressiononthefixedoroherassetslistedonthedelivereddocuments.Finally,wemayalsoexperiencesomelocalbusinessculture,orjusthaveanewtasteoflocalfoods.

7、StepFour:DraftandPrOdUCBtheDDReportUsuallythefirst(hreestepswilltakeusaboutoneoroneandahalfweektofinish,foracomplexproject,itmaycostan)nth.ormonths.Afterwehavefinishedthepreparationprocess-1callthefirstthreestepstogether-wecanbegintodraftandproducethereport./Mthoughdifferentlawfimshavedifferentforma

8、tsfordifferentpfxjects.thefollowingtableofcontentssummarizesthebasicStmctureoftheDDReportforatypicalinternaiionalinvestment.TabICQfCOntCntSI. INTRODUCTORYREMARKS41 Background42 ScopeofReview43 SourceofInormation4II. EXECUTIVESUMMARY71 Overview72 1.egalForm73 TheIPOPlan74 1.oansandGuarantees85 Enviro

9、nmentalCompliance86 Employment97 IntellectualPropertyKights9III. REVIEWANDANA1.YSISIO1 CorporateStatus101.1 1.egalForm101.2 CompanyHistorj131.3 RegisteredCapitalandShareholdingStnicturc141.4 ArticlesofAssociationandPromotersAgreement151.5 CorporateGovernance152 ShareholdersandAffiliates192.1 Shareho

10、lders192.2 TheGroup192.3 OtherShareholders233 MaterialContracts253.1 Overview253.2 SupplierContracts263.3 SalesContracts293.4 ConnectedPartyTransactions323.5 1.oanSContractsandGuarantees333.6 OtherMaterialContracts344 RealProperty344.1 1.andUseRight344.2 Buildings364.3 MortgageStatus385 BusinessAsse

11、ts385.1 PrOdUCliOnEquipment385.2 Vehicles395.3 OtherFixedAssets396 IntellectualPropertyRights396.1 Trademarks396.2 Technology407 HumanResourcesandEmployment407.1 Employees407.2 1.abourContract417.3 SocialContribution427.4 TradeUnion438 EnvironmentalProtection438.1 PollutantDischargePermit448.2 Waste

12、WaterTreatmentPlan449 1.itigation46JustasIsaidinthebeginningofthislecture,wccandividetheDDReportintofourparts,seethetableofcontents.PartIistheissueandrulepart.PartIIgiveashortversionoftheDDReport,aSUmITKIryOconclusionofallthekeylegalissues.PartIIIistheanalysispart,givingthereportindetail.Problemsnee

13、dedtobeNoticedResearchOnIinCornritsdischargeofthewastewater?ItisIrUCIhaIforajointvenlurecompany,theforeigninvestorshallalleastownsa25%ofthesharesof(hecompany?OPinionv.FaSAvoidtogiveyourpersonalopinionunlessyouhavetodosointheDDReport,thisWcUIdhelpyounottogeltroubleonprofessionalissues.Tryyourbestlowr

14、itethereprlasafaci-findingprocess.Don,tnotusesuchtermsas*,Wethink.Iopine,or1amofopinionWeareadvisedIhalIfsomethingmissedinthedocuments,anditisimportantforthereport,forinstance,theremaybeSolneconfidentialinformationthatthecompanydoesnotwishtodisclosetoyou.thenyouuseweareadvisedbyMrorjustsaythatthisis

15、aprivateorconfidentialinlbrnaion.ChanSandTableSChartsandtablescandescribethedocumentsVerydirectlyandfiguratively,somakesurethatyouusethemaspossibleasyoucan.Especiallyforthesamekindofinformation,forexample,forallthesalescontracts,orforallfixedassets,theuseoftablescansaveyoualotofIilne.KeYTermsSummarV

16、Forimportantcontracts,especiallysalesorpurchasecontracts,andloanagreement,certainlyincludingtheAOAarticlesofincorporation,weneedtosummarizethekeytermsoftheminthereport.Onemaywonderwhichtermsarethekeyterms.Weneedtoreadthesedocumentsver),carefully,theoreticallytosay.allthetermsthatmaybringthelegalrisk

17、totheinvestoraresuchkeyterms.Igiveyouoneexamplehere.SUmmarVOfanAQAb11cfsummaryofthemajorclausesoftheAOAanditsamendmentsisasfollows:1. QnurkulTEI)-hasanindefiniteoera(nalterm.2. EstablishmentM)dc-(wasestablishedbywayofpromotion.hcpromotersSUbMrnbCtoallofthesharesthatshouldbeissuedbythecompany.Uponapp

18、rovaloftherelevantgovernmentalau(hori(ies1Ihecompanymaybechanged(obeacompanyestablishedbywayofstockfloatation.3. ShdKSMtheCompany-Allsharestobeissuedbyshallberegisteredcommonshares.ThCsharesofthesameclassshallhavethesamerightsandbenefits.4. Sh-rehnsabouttheissuanceofcorporatebonds：(10) Adoptingresol

19、utionsaboutthemerger,split-up.dissolutionandliquidationofthecompany;(11) Amendingthearticlesofassociationofthecompany:(12) Othermattersthatshouldbedecidedbytheshareholders,meetingpursuanttolawsandregulations.BuardCfDireCIOrSTheComPanyqhaHsetuptheboardofdirec(oni.whichshallberesponsibleforthesharehol

20、dersmeeting.hcboardofdirectorsshallbecomposedof9directors,includingachaimunandavice-chairman.Theinitialboardcompositionshallberecommendedbythepromoters.Tbecandidatesfor(helaterbxrdshallbenominatedbythepreviousboardandelecedanddismissedbytheshareholders,meeting.Thechaimwnandvice-chairnumskillbeeteced

21、aldismissedbyamajorityofalltheboardmembers.Thechairmanoftheboardshallbethelegalrepresentativeofthecompany.Thedirectorsskillserveatermof3yearsandmaybere-appointed.Theboardofdirectorsshallexercisehefollowingfuncion:(1) Conveningtheshareholders,meetingsandreportingthereto;(2) Implementingresolutionsoft

22、heshareholdersmeetings;(3) Determiningtheoperationalplansandinvestmenplansof(hecompany;(4) Workingoutthecompanysannualfinancialbudgetplansandfinalaccountplans;(5) Workingoutthecompany,sprofitdistributionplansandlossrecoveryplans;(6) Workingoutthecompanysplansontheincreaseorreductionofregisteredcapit

23、alandtheissuanceoicorporatebondsandothersecurities,aswellaslistingplans：(7) Workingoutthecompanysplansonsignificantpurchase,purchaseofthecompanyssharesormerger,splibupOrdiSSoluIiOrK(8) Decidingontheestablishmentofthecompanysinternalmanagementdepartments;(9) Employingordismissingthecompanysgeneralman

24、ager,and.accordingtothenominationofthegeneralmanger,employingCHrdismissingthecompany,sdeputygeneralmanagers),nancialcontrollerandchiefaccountantanddecidingon(heirrenuneralionUndpunishment;(10) Employingordismissingthesecretaryoftheboardofdirectorsofthecompany;(11) Workingoutthecompanysbasicmanagemen

25、tsystem:(12) Workingoutamendntstothearticlesofassociationofthecompany;(13) 1.isiening(o,orkrepo11of(hegeneralmanagerofthecompanyandsupervisehiswork:(14) AppointingdirectorsandotherseniormanagementpersonnelwhichshallbedispatchedbythecompanytoCntCrPrisCStowhichthecompanyisthecontrollingshareholderoras

26、hareholder,ortothebranchesofthecompany:(15) Accoixiingtotheneedsofthecompany,(heboardofdirectorsmayauthixizhechairmanofIheboardI。exercisePanOflhepowersoftheboardofdirectorsduringitscloseperiod;(16) Otherfunctionsasspecifiedinthearticlesofassociatx.lawsandregulationsandasauthorizedbytheshareholders,m

27、eeting.nelM御UgeIThegeneml11umgerShaHberesponisibleforIbedailyOPCnIIioflof(hecompanyandberesponsiblefor(heboardofdirectors.TbegeneralmanagershallSerVCatermof3yearsandmayberc-appuntcd.Thegeneralmanagershallhavethetbllowingscopeofauthorities:(1) Takingchargeofhemanagememandoperationsof(hecompany,organi

28、zingIheimplementationoftheresolutionsoftheboardofdirectors:(2) Organizingtheexecutionofthecompanysannualoperationalplansandinvestmentplans;(3) DraiUngplansontheestablishmentofthecompanysinternalmanagementdepartments;(4) Drafting(hecompanysbasicmanagementsystem;(5) Formulatingthecompanysconcretebylaw

29、s;(6) Proposingtohireordismissthecompany,svicemanagerandpersoninchargeoffinance:(7) DratUngtherulesofthecompanyonemploymentsalaries,benefits,rewardsandpunishments,anddecidingon(heemploymentanddismissalofemployeesofhecompany;(8) RecommendingloIheshareholders,meetingandIheboardofdirectotheprofessional

30、advisorstobeengagedbythecompany:(9) Proposingtoconvenetheinterimmeetingsoftheboardofdirectors：(10) Otherpowersauthorizedbytheboardofdirectors.7. BlXUp&fSiipervisoniTheCOmPimyshallseiupabmeetings;(10) Topresentonthemeetingsoftheboardofdirectors:(11) Otherdutiesassetoutinthearticlesofassociationorauth

31、orizedbytheshareholdersmeeting.8. PfiDi?UribUlien-Afterpaymentofincomelax.the(sOflhecompanyShRlbediM11bu(edinthefollowingsequence:(1) Tocoverloosescarriedoverfrompreviousyears;(2) Toallocate136asstatutoryCommonreserve;(3) Toallocate5-10%asSlalUIOlywelfarereserve;(4) Toalloc址Cdiscretionarywelfarerese

32、rveaccordingtotheresolutionsoftheshareholdersmeeting:(5) Todistributecotheshareholders1.iSlAIlDeliveredDoCuInCnlSBesureIomakesuchalistasanimportantattachment,andlettheinvestorknowthatwhichkindofd(umentsyouhavereadandexaminedforIhCreport,andtheymayrequestsomeof(hedocu11entsfromyouifnecessary.IalsobringtoyouaIonnalDDReport,eachofyoucantakeal()katit,andthengiveitbacktoIneafterclas.ATTACHMENTONEAShortened1)1)ReportforReferenceSTRICT1.YPRlVATE&CONFIDENTIA1.date1.egalDueDiligenceReportCo.,1.td.GloSSarVOfTennSandAbbreViationSIermDefinitio