普华永道Chryanthemm EL2802.docx
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普华永道Chryanthemm EL2802.docx
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普华永道ChryanthemmEL2802
PRIVATE&CONFIDENTIAL
SingaporeTechnologiesKineticsLtd(“STK”)
249JalanBoonLay
Singapore619523
Attn:
MrLaurenceOng
28November2002
DearSirs,
ProposedjointventurewithBeijingHeavyDutyTruckPlant(“BHDTP”)
ThankyouforappointingPricewaterhouseCooperstoassistyouwithyourmarketresearchandfinancialprojectionreviewinconnectionwithyourproposedjointventurewithBeijingHeavyDutyTruckPlant(“theTarget”)(the“Transaction”).ThisEngagementLettersetsouttheServicesthatwehaveagreedtoprovideandthetermsofourengagement.
1.TheServicestobeprovided
1.1Marketresearch
1.1.1Wewillprepareamarketresearchreport(the“Report”)onthemarketconditionsoftheproductstobemanufacturedandsoldbytheTarget.TheareasourworkwillcoverandthemainprocedureswewillcarryoutaresetoutinAttachmentAtothisletter.
1.1.2WewillnotprovideacopyofourreporttothemanagementoftheTargetoraskthemtocommentonadraftofourreport.
1.2Financialprojectionreview
1.2.1Withthebenefitoftheknowledgederivedfromthemarketresearch,wewillperformareviewofthefinancialprojectionpreparedbySTK.TheareasourworkwillcoveraresetoutinAttachmentAtothisletter.
2.Timetable
2.1Wewillbeabletocommenceourworkon30November2002andweexpectourreporttobecompletedbywithin20to30workingdays.
3.Theteam
3.1WecurrentlyenvisagethatourteamwillbeledbyXieTao,whowillbetheEngagementPartnerresponsiblefortheServiceswearetoprovidetoyou.
4.Fees
4.1Ourfeesarebaseduponthedegreeofresponsibilityandskillinvolvedandthetimenecessarilyoccupiedontheassignment.WeestimatethatourfeesforthisengagementwillbeUSD45,000,orequivalentRmbtranslatedatpaymentdate.Out-of-pocketexpenseswillincludemainlytransportation,accommodation,telecommunications,postage,copyingandprintingexpenseswhichwillbechargedonanactualbasis.Ourfeesdonotincludebusinesstaxwhichwillalsobechargedtoyouontotalbillings(includingbusinesstax)atarateof5.263%,togetherwiththeexpensesreferredtoabove.
4.2Feeandexpenseswillbeinvoicedasfollows,andwillbepayableonreceiptofinvoice.
Estimatedfees
US$’000
OnacceptanceoftheseTOE
4.5
Onissueofthedraftreport
27
Onissueoffinalreport
13.5
5.
TermsofBusiness
5.1ThislettershouldbereadinconjunctionwiththeenclosedTermsofBusiness.Theenclosedtermsofbusinesshavebeensupersededbythefollowing:
Clause2.2-Shallbedeletedandreplacedasfollows:
-
"Youagreetotreat,forthedurationofthisContractandforafurtherperiodof3yearsthereafter,allwritteninformationwhichisclearlymarked"Confidential"providedtoyouinconnectionwiththeServices("Reports")asconfidentialandexcepttotheextentpermittedbyclause2.3,youwillnotmakethebenefitoftheServicesavailabletoanythirdparty."
Clause2.3.–Shallbeamendedasfollows:
-
"CopiesofourReportsmaybemadeavailabletodirectorsandinvestmentcommitteeofSingaporeTechnologiesEngineeringLtd(theparentcompanyofSingaporeTechnologiesKineticsLtd),yourdirectorsandofficers,legaladvisorsandthoseemployeesinvolvedinthemanagementoftheTransaction,providedthatineachcaseyoutakereasonablestepstoensurethattheyunderstand:
-
(i)ourreportsareconfidential;
(ii)theymayuseourreportsonlyforthepurposesoftheTransaction;
(iii)weacceptnodutyofcaretotheminrespectofanyusetheymaymakeofourReports."
WeshallbeallowedtoincludeanappropriatelegendinourReportstoinformallthirdpartiesoftheaboveunderstandingassetoutin2.3(iii).
Clause3.1.1–Shallbedeletedandreplacedasfollows:
-
"WeshallbegovernedbytheConfidentialAgreementexecutedonthe11thOctober2002."
Clause3.1.2–Shallbedeletedandreplacedasfollows:
-
"WemaydiscloseConfidentialInformationtoourinsurers,legaladvisersandifrequiredsobylaworprofessionalregulation."
Clause3.1.3–Shallbedeletedandreplacedasfollows:
-
"Subjectto3.1.1above,andoncetheTransactionisnolongerconfidential,wemaycitetheperformanceoftheServicestoourclientsandprospectiveclientsasanindicationofourexperiencesubjecttousobtainingyourpriorwrittenconsent."
Clause3.2.1Shallbeamendedasfollows:
-
"(i)Wemaybeinapositionwhereweareprovidingservicestootherclientswhomaybeincompetitionwithyouorwhoseinterestmayconflictwithyourown.WewillnotbepreventedorrestrictedbyvirtueofourrelationshipwithyouunderthisContract,fromprovidingservicestootherclients,but
(a)wewillnotuseConfidentialInformationfortheadvantageofsuchclientsandwewillpromptlyinformyouinwritingofthepossibilityofsuchanengagementwhereitistobecarriedoutbyPwC'sBeijingTransactionServicesdepartmentand/orPwC’sShanghaiMarketDueDiligenceteampriortothecompletionoftheServiceshereunder;and
(b)PwC'sBeijingTransactionServicesdepartmentand/orPwC’sShanghaiMarketDueDiligenceteamwillnotrepresenttheTarget,anyshareholderoftheTarget,oranycompanywhichisinterestedintheTargetinanymatterwhatsoeverwhilstweareengagedbyyouunderthisContract.”
Clause7.2shallbedeletedandreplacedasfollows:
-
"Anylegalproceedings(whetherincontract,tortorotherwise)arisingoutoforinconnectionwiththeServicesmustbecommencedwithin6yearsafterthedateonwhichtheduediligencereportwassigned."
Clause8.2.2shallbedeletedandreplacedasfollows:
-
NotwithstandingtheprohibitiononthefurtherdistributionofthereportcoveredbythisengagementlettertothirdpartiesbySingaporeTechnologiesKineticsLtd,SingaporeTechnologiesKineticsLtdagreestoindemnifyus,otherPricewaterhouseCoopersFirmsandourrespectivepersonnelandholdeachofusharmlessagainstanyliabilities,losses,expensesandothercostswemayreasonablyincurinconnectionwithanythirdpartyclaim(whetherincontract,tort(includingnegligence)orotherwise)arisingoutoforinconnectionwiththeServicesthatresultsfromdistributionofourReportstoathirdpartythathasnotexecutedareleaseletterinaformacceptabletous(seeAttachmentB).Thisindemnitywillnotapplytotheextentthatthethirdpartyclaimisfinallydeterminedtohaveresultedfromthefraudordishonestyofthefirmorpersonindemnified.
Clause9.4–Shallbeamendedbyinsertingthefollowingattheendoftheclause:
-
"...savefortheConfidentialityAgreemententeredbetweenthepartieson11thOctober2002."
Clause11.5–Shallbedeletedandreplacedasfollows:
-
""ConfidentialInformation":
hasthesamemeaningasdefinedintheConfidentialAgreementdated11thOctober2002."
6.Acknowledgementandacceptance
6.1ThisEngagementLetter(includingitsattachment),theenclosedTermsofBusinessandtheamendedclausesinSection5.1togetherformtheContractbetweenus.
6.2PleaserecordyouragreementtothetermsofthisContractbysigningtheenclosedcopyofthisletterinthespaceprovidedandreturningittous.
Yoursfaithfully
PricewaterhouseCoopers
ConfirmationoftheContract
IhavereadtheContracttermssetoutintheEngagementLetterdated28November2002(includingitsattachments)andtheTermsofBusinessprovidedwiththatletter.IacceptthoseContracttermsonbehalfofSingaporeTechnologiesKineticsLtdandrepresentthatIamauthorisedbySingaporeTechnologiesKineticsLtdtodoso.
Signed:
……………………………………………
Nameandposition:
……………………………….
OnbehalfofSingaporeTechnologiesKineticsLtd
Date:
………………………..
ATTACHMENTA
Part1–Matterstobecovered
Ourworkwillcoverthematterssetoutbelow,butourreportwillnotnecessarilyincludecommentsonallofthosemattersbecause,intheinterestsofclearerreporting,wewillnotreportonmattersthatwedonotbelievetobesignificant.
IMARKETRESEARCH
I.1Objectives
ToassistSTKinassessingmoreclearlytheChinesemarketconditionsfortheTarget’s(JVwithBHTDP)productsbyprovidinganupdateanalysis;andtoprovidesupportingmarketdatatoassistinthereviewofthefinancialforecast.
I.2Keyproducts
▪Bulkcementtanker
▪Concretemixer
▪Articulatedtruck
▪Dumptruck
I.3Keyissues
▪MarketpotentialsfortheTarget
-Salesvolume&pricesforecastbykeyproduct
-Specificfocusmarketsizebyregion(BeijingandShanghai)bykeyproduct
-Totalfocusmarketsizebykeyproduct
-Keymarketdriversandtrendsbykeyproduct
▪Regulatoryenvironments
-Theactualimpactsoftheforthcominglaws(especiallythelawsbanningon-siteconcretemixingandpackingofcementinconventionalpaperbag)
-Theimpactoflocalprotectionism(eglocalunwrittenrules,taxsystem,etc)onthesalesofkeyproduct
▪
Productsevaluation
-Productplansofkeycompetitorsbykeyproduct
-Pricingstrategiesofkeycompetitorsbykeyproduct
-Productsfromnewcomersbykeyproduct
▪Customerassessment
-Productpreference(imported/JV’s/local,quality/costs,etc.)
-Technologypreference
-Servicesevaluation
-Brandsassessment
-Satisfaction&dissatisfaction
-Trendsofdemandstructureinthenearfuture
▪Others
-Coststrendsoftop5rawmaterials
-Costsstructureofkeyproductsona“besteffort”basis
-Assessmentontheimpactsofdistributionnetworks
-Competitionarenainthetargetedcities
-Macroenvironmentsfactorsandtrends
I.4Studyapproach
Theresearchmethodologiestobeappliedbyuswillinvolvedesktopandprimaryresearchintheselectivetargetregions(mainlyinBeijingandShanghai).Therelateddatawillbecr
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