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    3.    
      This report prepared by Huaxia D&B China is sent to answer your inquiry on:

      Guangdong Laya Chemical Co., Ltd.

      Prepared for   :   Online Trust
      Subscriber Key   :   927999999
      Delivery Date   :   Oct 21,2009
      Printed on   :   Oct 21,2009

      Inquiry Date   :   Oct 14,2009
      Inquiry Subject   :   广州莱雅化工有限公司
      Inquiry Address   :   佛山顺德顺峰工业区 佛山
      Inquiry Phone/Fax   :   (P)0757-22325925 (F)0757-22325993
      Inquiry Reference   :   Online Trust CS Dept.

      Copyright © 2009 Shanghai Huaxia Dun & Bradstreet Business Information Consulting Co., Limited

       

      Guangdong Laya Chemical Co., Ltd.

      Report compiled Oct 21,2009
      Print Preview Help/Glossary New Features
         

      IDENTIFICATION & SUMMARY

      Summarise  
       
         
       

      Identification

      Company Name Guangdong Laya Chemical Co., Ltd.
      Chinese Name 广东莱雅化工有限公司
      DUNS® Number 52-975-4368
      Address Shunfengshan Industrial Zone, Daliang Town, Shunde Dist.
      Foshan
      Guangdong
      Postal Code 528305
      Address (Chinese) 顺德区大良镇顺峰山工业区
      佛山市
      广东省
      Telephone 0757 22325925
      0757 22293888
      Facsimile 0757 22325993
      Website www.pongsudachalet.com
      Type of Business A limited company
      Year Started 1999
      History Clear
      Imports Yes
      Exports Yes
      Employees 800 (Total)
      Principal Weiming LIANG / Chairman
      US SIC Code 2844 0103
      Primary Business Home permanent kits
       
       

      Risk Summary

         
       
      RISK EVALUATION
         
        EMMA Score 5  
        D&B Rating 3A3(PRV. --)  
       
      LEGAL EVENTS
         
        Litigation Records 0  
       
      PRINCIPAL INFORMATION
         
        Principal(s) 1  
       
      PAYMENT INFORMATION
         
        Trade References 9  
       
      COMPANY KEY EVENTS
         
        History Changes 6  
        Media Records 0  
       
      FINANCIAL SUMMARY
         
        Registered Capital RMB 30,000,000  
        Sales/Turnover 285,301,000 (2008)  
        Tangible Net Worth 32,926,000 (2008)  
        Total Assets 158,707,000 (2008)  
        Shareholders Equity 33,438,000 (2008)  
       
       
      Click on summary items for full details
       
       
       
      CURRENCY
      All monetary amounts quoted in this report are shown in Renminbi(RMB) unless otherwise stated.
       
      REMARK
      "-" stands for "Insufficient information" or "No comments".
       
       
         

      Risk Assessment


        EMMA Score 5  
        Relative Risk  
       
       Slight Below Average Risk
       
         
        1 10  
       
        D&B Rating 3A3 (Previous --)  
        Financial Strength 3A (Based on Tangible Net Worth 32,926,000 )  
        Composite Appraisal 3 Overall credit condition - Fair

       

      Company Overview

      Subject is a limited enterprise established in 1999. It is of fair size in the line of business. In 2008, subject achieved revenue of RMB 285,301,000, lower than that in 2007. The net profit was RMB 1,240,000.

      Current Investigation


      On Oct 21,2009 , Business Assistant Mr. Liang Zhiming,

      (Tel:0757-22325925)confirmed historical and operational information,other information was obtained from a third party source and last investigation.

      Report name is subject’s official English name.

      History Changes

      Date   Event
      May 19,2003   Name changed
      Mar 05,2001   Address changed
      May 19,2003   Address changed
      Nov 21,2006   Capital changed
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      RISK ANALYSIS

      Summarise
       
         

      EMMA Score


      10 

      Company EMMA Score

      The Company EMMA Score is 5, indicating Slight Below Average Risk.


      EMMA Score Analysis

      Subject is rated average scores in some aspects and poor scores in other aspects as follows:

        Good Factor Bad Factor  
        Business Type Quick ratio  
        History Status Net profit Margin  
      EMMA Score
      5
      Industry Norm Grouping
             
        Industry Group SIC 2844  
        Industry Group Description Toilet preparations  
        Industry Group EMMA Score Quartile Values
      Lower Quartile 3
      Median 5
      Upper Quartile 7
       

      Company Risk Vs Industry Norm Chart
      EMMA Score
      Lower Quartile
      Median
      Upper Quartile
        0 1 2 3 4 5 6 7 8 9 10
      EMMA Score
      Guangdong Laya Chemical Co., Ltd. Industry
      Distribution of EMMA Score in Huaxia D&B China's Database
      40%
      35%
      30%
      25%
      20%
      15%
      10%
      5%
      0%
        1 2 3 4 5 6 7 8 9 10
       
      Score Distribution
      1 15%
      2 7%
      3 11%
      4 17%
      5 16%
      6 7%
      7 9%
      8 6%
      9 6%
      10 6%

      Note: please refer to the report appendix for the principle and major factors of Huaxia D&B China EMMA Score.

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      TRADE PAYMENTS

      Summarise
       
         

      Trade Payment Information


      Trade Payment Experiences Summary
      Value Bands
      RMB
      No. of Exp Total Value
      RMB
      Within
      Terms
      1-30
      Days
      31-60
      Days
      61-90
      Days
      91+
      Days
      >2,000,000 0 0 0% 0% 0% 0% 0%
      200,000 - 1,999,999 0 0 0% 0% 0% 0% 0%
      100,000 - 199,999 1 100,000 0% 100% 0% 0% 0%
      20,000 - 99,999 1 80,000 100% 0% 0% 0% 0%
      10,000 - 19,999 6 90,000 100% 0% 0% 0% 0%
      <10,000 0 0 0% 0% 0% 0% 0%
      TOTAL 8 270,000 88% 12% 0% 0% 0%

      Detailed Information
       
      Detailed Information
      Trade Payment Experiences Details

      (Amounts may be rounded to the nearest figure in prescribed ranges)

      Date Paying Record High Credit Now Owes Past Due Selling Terms Last Sale
      Jul 31,2009 Slow 30+ 100,000 100,000 80,000 Net 30 --
      Jun 30,2009 Prompt 80,000 80,000 0 Net 30 --
      May 31,2009 Prompt 15,000 0 0 Advance --
      Apr 30,2009 Prompt 15,000 0 0 Advance --
      Mar 31,2009 Prompt 15,000 2,500 0 Net 30 --
      Feb 28,2009 Prompt 15,000 0 0 Advance --
      Jan 31,2009 Prompt 15,000 0 0 Advance --
      Dec 31,2008 Prompt/Slow 30+ 30,000 5,000 Net --
      Nov 30,2008 Prompt 15,000 2,500 0 Net 30 --
       

      Note: The above payment record reflects how accounts are paid in relation to the terms granted. Slow-30, for example, indicates a 30 day term where 30 additional days are taken. In some instance, payment beyond terms can be the result of disputes over merchandise, lost invoices, etc

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      HISTORY

      Summarise
       
         

      Registration


      Registration Date Jul 20,1999
      Registered At Foshan Shunde Dist. Administration for Industry & Commerce
      Registration No. 440681000080927
      National Organization Code 708166292
      Registered Capital RMB 30,000,000
      Tax No. 440681708166292
      Business Started 1999
      Type of Business a limited company
      Registered Address Shunfengshan Industrial Zone, Daliang Town, Shunde Dist., Foshan
      Legal Representative Liang Weiming
      Business Scope Producing hair and skin care cosmetics (aerosols); processing electric mosquito tablets, electric mosquito liquid; wholesaling aerosols, organic solvent units (aerosols), air refresheners, lubricants, polishing wax, release agents, insecticide aerosols (having warehouses); producing hazardous chemical packaging products and containers; aerosol cans (class I packaging); printing packaging & decorative printed matters and other printed matters (subject to the operation period of the license); importing and exporting (on agent basis) various commodities and technologies, excluding those restricted or prohibited by the state, with valid license if required.

      Shareholder(s)

      Shareholding Structure

      Name Region/ Country Shares Investment Mode Paid-Up Rate
      Liang Weiming
      梁伟明
      China 55% Cash fully paid
      Luo Jiansong
      罗健松
      China 20% Cash fully paid
      Liang Zhiming
      梁志明
      China 25% Cash fully paid
      Total   100%    

      Comment:

    4. Subject passed the annual inspection of 2008 with Administration for Industry & Commerce.
    5. History Changes

      Name Changed

      From: Shunde Laya Chemical Co., Ltd.
      To: captioned name On(in) May 19,2003

      Address Changed

      From: (registered address) Shunfengshan Industrial Zone, Desheng Dist., Shunde
      To: (registered address) Shunfengshan Industrial Zone, Daliang Dist., Shunde On(in) Mar 05,2001
      To: captioned address On(in) May 19,2003

      Capital Changed

      From: RMB 20,000,000
      To: RMB 30,000,000 On(in) Nov 21,2006

      Registration Number Changed

      From: 23196545-9
      To: 4406812004951 On(in) Jan 19,2000
      To: 440681000080927 On(in) Jun 05,2008


      History Summary

      Subject was established on July 20, 1999. Now, the registered capital is RMB 30 million, and the shareholders are Liang Weiming (55%), Luo Jiansong (20%), and Liang Zhiming (25%).

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      PRINCIPALS

      Summarise
       
         

      Principal(s)

      Weiming LIANG - Chairman/Legal Representative
      梁 伟明

      Gender Male
      Year of Birth 1967
      Nationality China
      ID Number 440623670211171
      Started with Subject 1999
      Activity Status Yes
      Area of Responsibility Overall management
      Related Working Experience Since 1989

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      OPERATIONS

      Summarise  
         

      Line of Business

      Subject is mainly engaged in production and sales of general liquefaction unit (hair clean class), aerosols and organic solvents unit (aerosol), air fresheners, lubricants, polishing wax, release agents, insecticide aerosol sprays,

      electric mosquito tablets, mosquito liquid and so on.
      Subject provides OEM services.

      2844 0103 Home permanent kits

      2879 0107 Pesticides, agricultural or household

      2899 9900 Chemical preparations, nec

      Brands

      Brands Owned Boost
      Qi Li
      Kingbo
      Gui Li Yuan
      Dong Cai

      Agencies Held

      Subject is entitled to independent import and export rights.

      Awards & Certifications

      Awards & Certifications Name ISO9001:2000

      Products & Services

      Product Name Maximum Productivity  
      Aerosol 200,000,000 cans per year

      Purchasing

      Purchase Territory

      Area Percent Region/Country
      Domestic 90% Pearl River Delta
      Overseas 10% Europe
      South East Asia  

      Major Suppliers

      Area Name DUNS  
      Domestic Hainan Haiwoo Tinplate Industry Co.,Ltd. 65-468-4547  
      Domestic Majesty Dispensing Systems Co., Ltd. 54-486-8656  
      Domestic Guangzhou Lianwang Paper Products Co., Ltd. 54-531-3400  
      Domestic ICI Swire Paints (China) Ltd. 65-451-3654  

      Selling

      Sales Territory

      Area Percent Region/Country
      Domestic 60% -
      Overseas 40% Europe
      Japan  

      Selling Terms

      Terms   Percent
      Advance - -

      Selling Settlement Method

      Settlement Method Percent
      T/T  
      L/C  

      Major Customers

      Area Name DUNS
      Domestic Shenzhen Yuansheng Co., Ltd.  
      Domestic Wanmei China Daily Necessary Co., Ltd.  

      Employees

      Employee Size

      Type Number
      Total 800

      Major Functional Departments

      Department(s)
      Administration Dept. Business Dept.
      Finance Dept. Purchasing Dept.
      Production Dept. others

      Operations Summary

      Subject is mainly engaged in manufacturing and selling liquefaction unit (hair clean class), aerosols and organic solvents unit (aerosol), air fresheners, lubricants, polishing wax, release agents, insecticide aerosol sprays, electric mosquito tablets, mosquito Liquid. The brands are including Boost, Qi Li, Kingbo, Gui Li Yuan, Dong Cai. The annual output capacity of aerosol is 0.2 billion per year.
      Subject is capable of providing OEM service. It was awarded ISO9001:2000 certificate. It is entitled with independent import and export right.
      Most of the raw materials are purchased in local area, mainly in Zhujiang Delta Area, and few of them are imported from overseas, such as Europe, Southeast Asia. Most of the products are sold in local area, and parts of them are exported to overseas, such as Europe, USA. At present, subject has about 800 employees.

      Location

      Principal Place of Business

      Location Description An industrial area
      Occupation Type Occupies

      Other Place of Business

      Type REGISTERED ADDRESS
      Address Shunfengshan Industrial Zone, Daliang Town, Shunde Dist., Foshan
         

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      FINANCE & BANKING

      Summarise
       
         

      Finance


      The 2008 financial statements were obtained from outside sources.

      Financial Highlights

           
       
       
       
      Dec 31,2008
      RMB '000
      Change
      %
      Dec 31,2007
      RMB '000
       
        Current Assets     110,858 -16.20% 132,287  
        Current Liabilities     125,269 -13.55% 144,908  
        Working Capital     (14,411) -14.18% (12,621)  
        Tangible Net Worth     32,926 1.64% 32,395  
        Fixed Assets     41,355 -1.09% 41,809  
        Total Assets     158,707 -10.49% 177,303  
        Total Liabilities     125,269 -13.55% 144,908  
        Shareholders Equity     33,438 3.22% 32,395  
        Sales     285,301 -19.60% 354,864  
        Net Profit     1,240 -90.88% 13,600  

      Balance Sheet

           
       
      Dec 31,2008
      RMB '000
      Fiscal
      (Independent)
      Dec 31,2007
      RMB '000
      Fiscal
      (Independent)
       
        Cash and Bank   27,440 -  
        Accounts Receivables   22,084 27,273  
        Notes Receivables   295 -  
        Other Receivables   760 -  
        Prepaid Expense   595 -  
        Inventory   55,934 70,525  
        Short Term Investments   3,750 -  
        Other Current Assets   - 34,489  
        Total Current Assets   110,858 132,287  
        Fixed Assets, at cost   79,910 -  
        Less Acc. Depreciation   (38,560) -  
        Other Fixed Assets   - 41,809  
        Guarantee Deposit Paid   5 -  
        Total Fixed Assets   41,355 41,809  
        Intangibles   512 -  
        Total Intangible Assets   512 -  
        Shares(Unlisted)   2,000 -  
        Deferred Assets   305 -  
        Other Assets   - 3,207  
        Total Investment & Other Assets   5,982 3,207  
        TOTAL ASSETS   158,707 177,303  
        Short-Term Loans   63,378 -  
        Accounts Payable   25,784 54,378  
        Notes Payable   23,833 -  
        Other Payables   12,892 -  
        Tax Payable   (662) -  
        Other Creditors/Accruals   44 -  
        Other Current Liabilities   - 90,530  
        Total Current Liabilities   125,269 144,908  
        Total Non-Current Liabilities   - -  
        Total Liabilities   125,269 144,908  
        Capital   30,000 30,000  
        Capital Reserve   264 -  
        Retained Earnings   3,174 -  
        Others   - 2,395  
        Total Equity   33,438 32,395  
        TOTAL LIABILITIES & EQUITY   158,707 177,303  

      Profit & Loss Statement

           
       
      Dec 31,2008
      RMB '000
      Fiscal
      (Independent)
      Dec 31,2007
      RMB '000
      Fiscal
      (Independent)
       
        Sales   285,301 354,864  
        -Cost of Goods Sold   244,390 298,510  
        -Sales Tax   1,057 1,473  
        Gross Profit/Loss   39,854 54,881  
        +Other Operating Income   56 89  
        -Operating Expenses   15,004 15,374  
        -Administrative Expenses   17,615 16,810  
        -Financial Expenses   5,656 4,309  
        Operating Profit/Loss   1,635 18,477  
        +Non-Operating Income   83 62  
        -Non-Operating Expense   65 1,381  
        Profit/Loss Before Tax   1,653 17,158  
        -Income Tax   413 3,558  
        Profit/Loss After Tax   1,240 13,600  
        Net Profit(Loss)   1,240 13,600  

      Key Financial Ratios

        Ratio
        2008 2007  
        Current Ratio   0.88 0.91  
        Quick Ratio   0.43 0.42  
        Total Debt/Equity Ratio   3.74 4.47  
        Debt Ratio   0.78 0.81  
        Collection Period (Days)   27 27  
        Payment Period (Days)   35 65  
        Inventory Turnover (Days)   82 85  
        Asset Turnover   1.79 2.00  
        Gross Profit Margin %   13.96 15.46  
        Net Profit Margin %   0.43 3.83  
        Return on Equity %   3.70 41.98  
        Return on Assets %   0.78 7.67  
      Financial Comments
       
      • There are big variances between financial figures of the tow years because of different data sources.
       

      Industry Financial Norms

        Ratio
      2007 2006 2005  
        No. of enterprises covered 87 110 81  
        Current Ratio
      Total Current Assets/Total Current Liabilities
      1.58 1.32 1.99  
        Quick Ratio
      (Total Current Assets - Total Inventory)/Total Current Liabilities
      1.13 1.18 1.59  
        Debt/Equity Ratio
      Total Liabilities/Total Equity
      0.65 0.72 1.64  
        Debt Ratio
      Total Liabilities/Total Assets
      0.40 0.69 0.79  
        Collection Period (Days)
      Accounts Receivable/Sales x 360
      94.89 38.99 43.62  
        Payment Period (Days)
      Accounts Payable/Cost of Sales x 360
      61.32 144.06 78.57  
        Inventory Turnover (Days)
      Total Inventory/Cost of Sales x 360
      67.12 65.41 190.95  
        Asset Turnover
      Net Sales/Total Assets
      1.38 1.22 1.86  
        Net Profit Margin %
      Net Profit(Loss)/Sales x 100%
      12.01 13.08 10.04  
        Return On Equity %
      Net Profit(Loss)/Total Equity x 100%
      41.63 14.23 13.98  
        Return On Assets %
      Net Profit(Loss)/Total Assets x 100%
      3.39 4.71 4.02  

    6. Above industry financial norms were derived by calculating the data in HDBC's database.

      Banking

      The company maintains relationship(s) with the following bank(s) in China:

      The Agricultural Bank of China, Foshan Shunde Desheng Sub Branch

      Account Number 44496001040001868

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    7.  
         

      INDUSTRY HIGHLIGHTS

      Summarise  
       
         

      Industry Highlights


      Industry Highlights Not Available
      top
       
         

      Public Records

      Summarise
       
         

      Litigation Records

      Up to Oct 21,2009 , HDBC has searched the China Court website, website of local court in the place where subject is located, major domestic courts nets as well as our internal China court database, but no related
      court records can be found against the subject during current investigation.
      Clarifications:
      1. There lacks public access to litigation records in Chinese courts.
      2. There also lacks a centralized database for litigation information as China’s legal regime is built vertically and one segment is separate from another.
      3. Information search is not feasible in courts.
      top
       
         

      APPENDICES

      Summarise  
         

      HDBC EMMA Score

      D&B EMMA Score (Emerging Market Mediation Alert Score) is a risk assessment model developed for emerging market countries. It is a score developed by data profiling approach and statistical molding, which predicts the possibility of a business in perilous status of instability or unreliability, such as poor financials, late payment, stale inventory, abnormal operational status, etc. The EMMA Score provides you with a quick assessment of a business' risk standing, and when used together with other information, allows you to make better risk decisions. The EMMA Score is based on a scale of 1 to 10, where 1 represents a lower risk and 10 a higher risk.

      HDBC EMMA Score Commentary
      Range % of High Risk Business EMMA Score   % of Report in Database   Commentary  
      Low Risk Scores 2.0% 1   10.5%   Much lower Risk  
        2.7% 2   8.6%   Low Risk  
        3.1% 3   10.8%   Moderate low Risk  
      Medium Risk Scores 4.7% 4   16.3%   Below average Risk  
        7.0% 5   15.9%   Slight below average Risk  
        8.1% 6   11.4%   Average Risk  
        10.9% 7   7.1%   Higher than average Risk  
      High Risk Scores 16.5% 8   6.8%   Moderate high Risk  
        24.5% 9   6.5%   High Risk  
        41.9% 10   6.1%   Much Higher Risk  

      EMMA Score for China is initially rolled out in May 2009, derived from an Index Development Sample of close to 4,000,000 company records. When using the Score to make individual applicant decisions, a customized version of this table based on an analysis of the Score against your customer account portfolio is recommended. It does not necessarily mean doing business with a company, which is assigned with higher Risk Score, will result in increased risk.


      The Key Drivers of the EMMA Score include the following:

      Business Information

      • Business Type
      • Line of Business
      • Employee Size
      • Sales Territory
      • Registered Capital
      • Years in Business
      • History Status
      • Property Ownership

      Public Record

      • Number of Negative Record

      Financial Information

      • Quick Ratio
      • Debt Ratio
      • Assets Turnover
      • Collection Period
      • Net Profit Margin
      • Return on Equity

      Geographical Information

      • Region & Province

      Payment Information

      • Payment Period
      • Percentage of Overdue Payment
      EMMA Score Application
      • Low EMMA Score - May proceed to process the applicant quickly with minimal or no manual review depending on the extent of score validation analysis.
      • Medium EMMA Score - Medium Risk Scores - Recommend a manual review of the applicant based on the applicant's capacity, your internal policy and risk tolerance.
      • High EMMA Score - High Risk Scores - Requires thorough manual review of potential decline, or approval depending on the applicant's capacity, your internal policy and risk tolerance.

      The above illustration assumes that no prior history or experience with the new applicant. When using EMMA Score, combination with other information including an internal assessment policies, other HDBC data, and front channel input is suggested.

      D&B Rating

      D&B Rating Interpretation Tables

        Financial Strength   Composite Credit Appraisal
      Rate Renminbi (RMB) High Good Fair Limited
      5A 450,000,000 and over 1 2 3 4
      4A 85,000,000 to 449,999,999 1 2 3 4
      3A 8,500,000 to 84,999,999 1 2 3 4
      2A 6,500,000 to 8,499,999 1 2 3 4
      1A 4,500,000 to 6,499,999 1 2 3 4
      BA 2,500,000 to 4,499,999 1 2 3 4
      BB 1,750,000 to 2,499,999 1 2 3 4
      CB 1,000,000 to 1,749,999 1 2 3 4
      CC 650,000 to 999,999 1 2 3 4
      DC 450,000 to 649,999 1 2 3 4
      DD 300,000 to 449,999 1 2 3 4
      EE 200,000 to 299,999 1 2 3 4
      FF 85,000 to 199,999 1 2 3 4
      GG 50,000 to 84,999 1 2 3 4
      HH Below 50,000 1 2 3 4
      1R Over 999,999   2 3 4
      2R 450,000 to 999,999   2 3 4
      The symbols 5A - HH are based on tangible net worth; 1R and 2R are based on estimated tangible net worth.

        Alternative Ratings Used
      INV Indicates that D&B is currently conducting an investigation to gather the most current details.
      DS Indicates that only brief partial information is currently available on the company, and a full investigation will be conducted once an enquiry is placed.
      -- The blank symbol should not be interpreted as indicating that credit should be denied. It simply means that the information available to Dun & Bradstreet does not permit us to classify the company within our rating key and that further enquiry should be made before reaching a decision. Some reasons for using a "--" symbol include: deficit tangible net worth, bankruptcy proceedings, lack of a current financial statement, insufficient payment information, or incomplete history information.
      NQ (Out of Business) All companies that have ceased operations or have been voluntarily or involuntarily liquidated.
      BR Branch or division location.
      ER These ratings are assigned based on the Total employee size of the subject companies. They are given to banks, insurance companies, investment trusts, security brokers or companies which do not seek normal commercial credit, and hence the normal credit rating principals are not applied

      Note:ERN (Not Available) should not be interpreted negatively. It simply means we do not have information indicating how many people are employed at this firm.

      Employee Range Designation
      ER1 1,000 or more employees
      ER2 500 to 999 employees
      ER3 100 to 499 employees
      ER4 50 to 99 employees
      ER5 20 to 49 employees
      ER6 10 to 19 employees

      Glossary

      Explanations

      Administration for Industry & Commerce is a government entity subordinating to the State Council. It is in charge of the market supervision, management and other related administrative law enforcement affairs. Its major responsibilities include but not limit to organizing and managing the business registration, checking and ratifying registered company names, examining, approving and issuing relevant licenses for enterprises of all types (including foreign invested enterprises) and other business units, individuals and foreign (regional) enterprises representative organizations.

      Customer Service


      Customer Service Contact Information
      Web www.huaxiadnb.com
      Email enquiry@huaxiadnb.com
      Telephone 400-820-3536 (Shanghai)
      800-810-5260 (Beijing)
      800-830-9032 (Guangzhou)
       
      Our ref: 200910149309300170

      Your ref: Online Trust CS Dept.
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      Remarks

      Whilst Huaxia D&B China attempts to ensure that the information provided is accurate and complete by reason of the immense quantity of detailed matter dealt within compiling the information and the fact that some of the data are supplied from sources not controlled by Huaxia D&B China which cannot always be verified, including information provided direct from the subject of enquiry as well as the possibility of negligence and mistake, HDBC does not guarantee the correctness or the effective delivery of the information and will not be held responsible for any errors or omissions therein.


      Copyright © Huaxia D&B China     


       
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