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| Chapter I Company Profile Company Name: Intercontinental Translation &
Printing Services, Beijing ¡ñ Overview Founded in 1988, the Intercontinental Translation & Printing Services(ITS), Beijing has grown to be a full service translation agency, offering high-quality translation, interpretation, audio and video voice-overs, editing, transcription, and printing services for 36 languages. With over 2000 staff members, our network of translators, interpreters and language experts stretches all over the country. With the increase of international economic and cultural exchanges and the resulting need for communication, language has become a vital link. Our vision is to help establish that link efficiently and professionally with the use of the internet, through which we can match your assignment to the person whose background, experience and location is best suited for your project. ¡ñ Core Business With more than 2000 professional translators and interpreters nationwide, our company is always ready to provide speedy, accurate and high-quality multi-language translation services for clients all over the world. ¡ñ Shareholders Name ¡¡Position ¡¡Proportion of Shares
Chapter ¢ò The History and Managing System of the Company ¡ñ The History of the Company The Intercontinental Translation & Printing Services(ITS), Beijing was founded in 1988. Over the past decade, it has continually adhered to the principle of client first, providing high-quality translation services for clients tailored to their specific needs. At present, more than 2000 professional translators and interpreters with advanced degrees in various subjects are registered with our company. They can provide oral interpretation and translation services covering 36 languages including English, Russian, German, French and Japanese. Our company also provides printing services for clients. We have established extensive and long-standing business relationships with hundreds of enterprises, embassies and lawyer firms and set up branches in London, New York, Moscow, Osaka and Macao. We have successfully assumed the oral interpretation and translation tasks for many international conferences such as the 11th Asian Games, China's Olympiad Bidding, World Women Conference and the Sino-American Land Planning Seminar, and held the first National English Song Contest with CCTV in September 1993. We enjoy a good reputation in the translation field and are gradually taking the initiative in China's translation market. At its initial stages in 1988, our company had assets of only RMB 0.1 million, but now its assets amount to more than RMB 0.1 billion and it is making itself a multi-national cultural group. At present, our business scope is as follows: (1) Translation of written materials For many years we have been devoted to providing high-quality translations of written materials for clients around the world and established a team of reliable specialists whose translations won much praise from clients. We have done translations on written materials in various subjects, including China National Nonferrous Overseas Cooperation Law, rules and regulations formulated by the State Economic and Trade Commission, State Commodity Inspection Bureau, State Technology Inspection Bureau, State Land Bureau, Singapore Labor Law, and technical materials from the U.S. Motorola and Mutsishita of Japan. (2) Simultaneous interpretation and oral interpretation From 1990 up to now, we have assumed almost all the simultaneous interpretation and oral interpretation tasks for important international conferences held in Beijing, whose contents range from international seminars to project discussions on railway infrastructure construction. Through providing these services, we have established extensive business connections with clients and accumulated vast oral interpreting experience. (3)Voice-overs and Subtitling Since 1991, we have managed a full range of services
from video script translation to voice-overs. We also do subtitling
for film, advertising, and video presentation in any language.
A subsidiary of ITS, China Business Service specializes in providing business information about China and commercial services on the mainland. With almost 10 years of experience with clients ranging from world leaders in the manufacturing industry to small firms seeking opportunities in the Chinese market, CBS can play an important role in helping your business succeed in China. (5)Design and printing We provide a full range of services from translation
to designing, plate making and printing. We offer development
plans and budget programs for clients according to their requirements.
In addition, we can help clients to publish their books and issue
articles in newspapers. We have established extensive business
relationships with several publishing houses in China's mainland
and Hong Kong districts and had many choice books translated. ¡ñ Company Structure Our company has adopted a modern management system in which managing directors are assigned by the Board of Directors and are responsible for the company operation. Organizational Structure ¡ñ Introduction to the main managers David F. Yu, Managing Director, 39 years old Graduated from the Foreign Language College of HeNan University in 1985. Mr. Yu attended the UN senior simultaneous interpreter training class held by the Beijing Foreign Studies University and the Journalism College of Hawaii University. He has written and translated many books and articles amounting to 6 million words. He was assigned to the Ministry of Foreign Affairs in July 1985 and went to the Opinion Department of China Daily ( an English-language newspaper) to be a journalist and an editor by the end of 1986. At the beginning of 1988, he was assigned to establish the Intercontinental Translation Center of China and held the position of vice-director. Afterwards, he was promoted to the post of chairman and managing director of the Intercontinental Translation Service Co., Ltd in March 1997, a position he holds up to now. Li LiMing, director and vice-general manager, 38 years old A computer postgraduate from Leeds University, U.K., he joined our company in June 1997. He is responsible for the operation of our New York Translation Works. Zhang Jian,Deputy Managing Director, 54 years old A postgraduate from Tokyo University who has translated a variety of materials. Joined our company in July 1990. He is now the senior proof-reader of the Japanese Translating Section of our company. Teng Guobin,Deputy Managing Director, 53 years old Graduated from Beijing Economic and Financial University. Joined our company in 1996. Wang XingCun, director, 44 years old An English master from the Journalism College of
China Academy of Social Sciences, he emigrated to England in 1986.
He used to be an editor of Mirror Group and is now responsible
for the operation of our London Translation Works. Chapter ¢ó Translation Industry Background ¡ñ Trend of the Industry In 1999, the ex-president of American Intel company predicted: "in five years, all companies will be Internet companies, or they won't be companies." Linking computers around the world through the internet enables information to be freely exchanged among commercial enterprises, educational institutions, government organizations and individual users. The emergence of the internet facilitated the process of information dissemination, making it cheaper and easier. It is being used by enterprises in various fields to conduct information exchange and provide services for clients. For example, economic and cultural information, news, commercial products, chat activities, communication, dealings and services can be transferred to us by means of internet technology. To some extent, mastering network technology is equivalent to grasping the future. Since the 1990's, the internet has been demonstrating its unique attracting power in both providing entertainment and conducting commercial activities. The number of users is soaring up at an unprecedented speed. According to statistics by IDC, there were 23.4 million internet users in Asia (including Japan) in 1998; it is predicted that this figure will increase to 98.7 million by 2003, at a rate of 33.4% per annum. China joined the internet in 1994, and commercial internet service emerged in 1995. A recent official survey shows that there are more than 10 million internet users today, and this figure should reach 27 million by 2001. At present, China network products mainly concentrate on the following industry aspects: government log-in projects, enterprise log-in projects and family log-in plans. The internet service in China remains at superficial levels such as network access, web site establishment and web page design. It has not advanced to stages such as carrying out added-value information development, information integration and service expansion. The service integration platform in particular, directed towards specific industries, is badly in need of development, because it represents the direction of internet technology growth. ¡ñ Translation Industry Background Firstly, with the tendency of economic globalization, product internalization, multi-company emergence and culture nationalization, these international tides will greatly influence the language communication between different countries and make greater demands on professional translators and interpreters. After China enters the WTO, foreign exchange activities will increase quickly, generating a greater demand for high-quality translators and interpreters. However, traditional business scale cannot meet the demands of the rapid development of the translation market. Secondly, in this information era, especially after the emergence of the internet, the physical space in the world is becoming smaller and smaller. How to efficiently obtain information is becoming crucial to everyone, including individuals, various-size enterprises and whole countries. The ease and ability to obtain and use information will determine the rise or fall of states and enterprises as well as the success or failure of individuals. The cultural and language differences between countries form a great barrier to information communication. Therefore, there is an urgent need to provide accurate, speedy and high-quality translation services from professional translation companies. Thirdly, different enterprises and individuals have different translation needs. A large-scale multi-national company, whose products are diversified and whose markets are spread around the world, needs a team of professional translators who have mastered multiple languages to help it navigate and take advantage of the global market. However, the cost of establishing such a professional translation team is very high and will reduce the competitiveness of its products. For a middle-sized enterprise, the requirements are the same, but for an enterprise in the development phase, the expense is too great. For the individual who hopes to have material translated on time, it is not easy to find a competent translation company because there are few channels in the existing translation market to obtain information. On the other hand, a lot of professional specialists who spend valuable time mastering multiple languages and knowledge don't know where the translation market is. Thus there is an urgent need to establish a translation service organization which can provide accurate and speedy translation services for all types of clients and erect a bridge between professional translators and clients. Being aware of the opportunities inherent in the growing translation industry, the Intercontinental Translation Service plans to develop the abcthe website in order to expand our business scope and meet the increasing need for translation services. ¡ñ The Analysis and Prediction of The Current Translation Market Today's society inhabits an information-explosive era in which a vast amount of information is transmitted in different languages. According to relevant statistics, among technical documents published in the world, English literature accounts for 60%, German 10%, French 10%, Russian 10%, Japanese 3%, Spanish 2%, and other languages 5%. The information materials double every 10 years, and about 0.7 million new books and 70-million of high-tech material wait to be published every year. Besides, with the acceleration of the integration of the world economy, trade between countries will increase greatly. Table 1 shows the statistics on China foreign economic cooperation and labour cooperation since 1990. ¡ñ Our Strength Compared with other translation companies, the ITS has its unique strengths: (1) At present, we have established a translator
training base covering an area of over 20 hectares in Beijing,
where about 500 students are attending translation training classes.
It provides a continuous resource reserve of competent translators
and interpreters for our clients. Chapter ¢ô Business Strategy ¡ñ Development Strategy To reach our development goal, we have come up with
the following plan: ¡ñ Development Plan From Jan.2007 to Aug. 2007, we will conduct abcthe
expansion and enable commercial operation on the basis of our
existing network home page. Chapter ¢õ Risk Analysis ¡ñ Operational Risk At present there are no companies that can provide online translation services in China. However, with further development of network applications, those companies who can provide on-line translation services will stand to make a generous profit. This will attract more competitors to the field and make competition very fierce. Thus, the ability to provide accurate, speedy and high-quality translation services will become a crucial factor affecting a company's success. ¡ñ Industry Policy Risk At present the industry policies formulated by the Chinese government is obviously inclined to support the development of new high-technology enterprises. For example, the state General Bureau of Taxation and the Financial Department issued a joint notice of tax exemption and reduction for new high-technology enterprises in Dec.1999. The National People's Congress Standing Committee passed the decision to revise Company Law which supports new high-technology enterprises with matured conditions to enter the securities market and raise money directly. In addition, Shanghai Stock Exchange and Shenzhen Stock Exchange will create more preferable policies to allow new high-technology enterprises to be quoted on the stock exchange. However, there is no complete set of legal measures capable of protecting the interests of private enterprises in China for the time being, and this situation is in dire need of improvement. ¡ñ International Economic Environment The Asian Financial Crisis of 1997 caused
varying degrees of economic decline in Asian countries. Since
then Asian economies have been recovering slowly but continuously.
Current situations show that currencies of East Asia countries
have stabilized, inflation and high-interest rate are being brought
under control, and industrial production is on the rise. These
conditions are all conducive to Asian economic growth momentum.
At the same time economic recovery and growth lay a solid foundation
for tourism development. However, unfavorable factors such as
serious budget deficits in some Asian countries, economic over-heating
in the U.S., interest-rate and petroleum price rise, and other
adverse conditions may give rise to a new global economic crisis. Chapter ¢ö Budget Plan Our initial plan intends to raise RMB 40 million
(¡ê3.0 million) to conduct the following business: We sincerely hope to establish friendly cooperation with those investment institutions with substantial capital strength and varied capital operation experience, which will help us not only to obtain the required funding but also to learn advanced management and operational skills, and ultimately to enable our company to be quoted on the stock exchange. Cooperation will bring generous rewards not only to our staff but also to our potential investment partners. We intend to raise RMB 40 million (¡ê3.0 million)
by transferring 40% shares of our company. The issue of share
ratio distribution is open to detailed discussion with potential
investors. |
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