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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
Amount, charges, confirm, credit, debit, interest, period, repayable, small, sum, terms, turnover
Dear Mr. Hans, Get application for………..business loan. Following our meeting on 17 October, I am glad to be able to……….the Bank’s offer of a Small Business Loan on the term set out below. ……of loan: $ 15, 000 ……of loan: five years from 1 November 2012 Rate of ……: 16, 5% Special …..: interest-only payments for first six month Monthly payments: $231.25 until 1May 2011 Thereafter E509.03 until 1 November 2011 The enclosed leaflet gives details of some of the Bank services to new business. No bank…….No be made during the first year of operation, provided…….does not exceed $100, 000 and the account remains in…………… If you will kindly check, complete and sign the acceptance form enclosed, we will arrange for the……of money shown above to be transferred to your account on 1November. The loan win be…….monthly over five years by direct ……On behalf of the Bank I should like to wish you every success in your enterprise. Yours sincerely, Richard Price
IV. Substitute Russian words by English equivalents:
Y. Match each word with the correct definition: 1.profit and loss account 2. balance sheet 3. cash budget 4. share certificate 5. tender 6. business plan 7. insurance certificate 8. letter of credit 9. contract
a) A plan of cash income and cash spending for a specific period of time b) A document which represents a part of the total stock value of a company and which shows who owns it. c) A formal agreement to provide goods or services d) A formal description of income and costs for a time period that has finished e) A formal description of a company’s financial position at a specified moment f) A document which states that a named person has paid for protection against accidental loss or damage of goods or property g) A description of the ways a new business hopes to make money, showing possible income and expenditure. h) A formal letter with an offer to supply goods or services, containing a description of the project, materials, personnel, time plans, etc. i) An official notification from a bank that it will lend money to a customer.
YI. Translate into English: 1. Составляя бизнес-план необходимо сделать его как можно более привлекательным для потенциальных инвесторов. 2. При оформлении бизнес-плана нужно привести данные о рынке, на котором собирается конкурировать компания. 3. В бизнес-плане указываются возможные издержки – на сырье, рабочую силу, продвижение и развитие, создание прототипа. 4. Также при представлении инвесторам бизнес-плана необходимо включить в него различные финансовые документы, такие как балансовый отчет, отчет о потоке наличности, отчет о доходах. 5. При создании малого предприятия необходимо получить ссуду в банке. При этом необходимо обговорить условия и сроки выплат и обеспечение. 6. Одним из важных моментов является определение точки самоокупаемости и сроков, когда бизнес окупится. 7. В бизнес-плане нужно описать, какую пользу принесет потребителю деятельность вашего коммерческого предприятия. 8. Прежде чем начинать свое дело, следует разработать маркетинговую стратегию ваших продуктов или услуг. 9. В бизнес-плане указываются все эксплутационные расходы, описывается арендный договор, оборудования. 10. При создании предприятия необходимо ознакомиться с правовым регулированием различных видов бизнеса. 11. Финансовый менеджмент компании должен обеспечивать платежеспособность предприятия.
Text C Getting a credit
I. Read and translate this text in a written form: Bank Loans
A bank loan is an advance of a specified sum of money to an individual or a business (the borrower) by a commercial bank, saving bank, finance house or another financial institution (the lender). A bank loan is a form of credit which is of extended for a specified period of time, usually on fixed-rate term related to the base interest rate. The principle is usually repaid either on a regular installment basis or in full on the appoint redemption date. Alternatively, a bank loan may take the form of overdraft facilities under which the customers or borrowers can borrow as much money as they require up to a pre-arranged limit and are charged interest on outstanding balances. In the case of business borrowers, bank loans are used to finance working capital requirements and are often renegotiated shortly before expiring, to provide the borrower with a revolving line of credit. Depending upon the nature of the loan and of the degree of risk involved, bank loans may be unsecured or secured, the latter requiring the borrower to deposit with the bank collateral security (e.g. title deeds to a house) to cover against default on the loan. The lender may retain this security in the event of the default. When a bank makes a loan, it is uncertain about whether the loan will be repaid. Low-risk borrowers default on their debts only for reasons beyond their control. High-risk borrowers take excessive risks with the money they borrow and frequently default on their loans. But banks have no sure way of knowing whether they are lending to a low-risk or high-risk borrower. Banks use various signals to distinguish between low-risk and high-risk borrowers and very often they ration or limit loans to amounts below those demanded. In the case of individual borrowers banks use such signals as length of time in a job, ownership of a home, marital status, age. If a firm is demanding a loan, the bank will use such signals as reliability of the firm, its credit worthiness, the purpose of the loan, the real value of the project, its recuperation period and many other factors, before it makes a decision if the loan should be provided.
Contents of Loan Agreements
Normally a loan agreement starts with a preamble, then very detailed articles of the agreement come, and finally a few annexes are given as a rule. Among the articles of a standard loan agreement the following should be mentioned: - amount of the loan - use of proceeds of the loan - disbursement - repayment of principle - interest, commitment charge and method of payment there of - fees, expenses - taxes, duties and other levies or charges - payee and currency - remedies - cancellation - particular covenants - overdue payment - waiver - disclaimer - arbitration - evidence of authority - collateral - guarantee - representations and warranties - event of default - assignment - effectuation of agreement - severability - governing law - language - secrecy - miscellaneous
As to annexes, the following can often be attached to loan agreements:
- confirmation of the loan by the lender - letter of guarantee - legal opinion - amortization schedule - disbursement procedure - payment instructions and others.
II. Finish the sentences: 1. A bank loan is an advance……………. 2. A bank loan is a form of credit……….. 3. A bank loan may take a form………… 4. Bank loans are used to finance………. 5. Bank loans may be unsecured………..
III. Match the equivalents:
IV. Read the dialogue between a bank manager and one of her customer: A: We’ve been short of space for some time now and finally we’ve decided we must move to bigger premises. We’ve looked at a number of properties in the area and come down in favour of this one in the centre of town. B: How much are they asking for it? A: $300, 000. But we think we’ll get it for $ 280, 000 B: I see. That’s a major investment for a firm of your size. A: We realize that, but we see it as a valuable resource for the business which will help us to expand, and at the same time a sound investment. B: I understand. Are you looking for a loan to cover the total price? A: Well, we’ve considered that. We could raise $ 50, 000 by cutting back on management bonuses and one or two investment projects. B: But ideally you’d like to borrow the full $300, 000 A: That’s right B: What sort of term were you thinking of? A: Well, either fifteen or twenty years. Could you give me a quote for both terms? B: Yes, just a moment…I’ll check my tables. Well over fifteen years on fully fluctuating interest it’d be $ 3, 500 a month, that’s based on 2 per cent above current base rate. And over twenty years it’d be $ 3, 000 a month. A: Well either fifteen or twenty years Could you give me a quote for both terms? B: Yes, just a moment…..I’ll check my tables. Well, over fifteen years on fully fluctuating interest it’d be $3, 5000 a month, that’s based on 2 per cent above current base rate. And over twenty years it’d be $ 3, 000 a month. A: Yes, that’s roughly what we calculated. I think we’d prefer the twenty year loan. B: Right, let’s come back to that. Have you brought some up-to-date figures for me? A: Yes, I have. As you can see, turnover is up on last year by about 20 per cent and profits look like being even better – about 25 per cent higher than last year. That means a net profit of abound $ 30, 000. B: That sounds very healthy. Have you done any projections? A: Yes, we have. As you know it’s difficult to forecast accurately in our line of business, but we reckon turnover should continue to increase at this sort of rate for the next five years and our margins, if anything, should get better. B: Good, perhaps you can leave figures with me. A: of course B: What worries me is your cash flow-at present you’re operating at close to the limit of your $50, 000 facility – in fact, sometimes you are straying the wrong side of it. Do you see any improvement in that area? A: Well, as you know, in our line of business, we’re always going to have a cash flow problem. As we expand, it’s difficult it’s difficult to avoid pushing up the need for working capital. B: I realize that you’re thinking of taking on an additional major drain on cash. On the present figures, you may well have problems financing the payments. A: We are confident we can get the sales to justify this investment. Also I’m sure you’ll find the security on the building is more than enough. We’ve had the property valued and been told is worth at least $350, 000. On top of that, our fixed assets stand at $ 75, 000 on the last balance sheet. B: That’s true but what worries me is your current liabilities – to the bank and also your current creditors. According to these figures, that stands at nearly $90, 000
Complete the information according to the dialogue: Reason for loan: …………………………………………………………………………….. Amount of loan: ……………………………………………………………………………. Term of loan: ………………………………………………………………………………. Interest rate: ……………………………………………………………………………….. Current installment: ………………………………………………………………………… Security: …………………………………………………………………………………….. Type: ………………………………………………………………………………………. Market value: ……………………………………………………………………………… Turnover: …………………………………………………………………………………. Profits: ……………………………………………………………………………………. Assets: …………………………………………………………………………………….. Liabilities: …………………………………………………………………………………
V. Answer the questions:
VI. Match the words/expressions on the left with an appropriate combination on the right, to make am idiomatic phrase:
Unit 2 Text A Budgeting Vocabulary
I. Read the text and translate it into Russian: Budgeting If a plan has been expressed in financial terms, we speak of the budget. Budgeting is the changing of operational plans (for example, for purchasing, production, research, or sales) into financial results. The budget shows the financial position the company will be in if all plans are executed. The possible financial results may be arranged as follows: - A projected balance sheet: a balanced sheet for a date in the future. - A results budget: a review of costs and revenues for a future period. - A liquidity budget: a review of cash receipts and cash expenditures for a future period. A projected balance sheet, results budget, liquidity budget, and explanatory statements are together described as the master budget. The master budget is prepared from, and consolidates, budgets for separate subunits of an organization (sales, production, distribution and finance) to give a single budget for the whole organization. The master budget is the keystone which demonstrates the overall position of the company if the plans are executed. If, on the basis of this projection, undesirable positions come to light, the management can readjust its policy. By trying out various scenarios, management can ascertain what the consequences of changes in its policy will be. Finally, the management makes its choice from the policy options so that the objectives will be realized to the maximum possible extent. A budget fulfils various functions: it is both a tool and a compass for management. By periodically comparing the budget plan with the actual results (‘feedback’) company processes can be controlled. Control requires a set of goals (the budget) and feedback as to how well those goals are being met. Budgeting obliges the management to contemplate the future. The budgeting stages formally determine the internal cohesion and necessary harmonizing of company activities which may be functionally divided between various departments. In this sense, a budget is an important means of co-ordination. A budget is also a means of authorization. The staff member responsible for a section of the budget is authorized to make expenditures to the extent given in the budget without the further consent of higher management. Thus, certain authority is delegated, and management is freed to direct its attention to the future. Intervention in the actual course of business is then only necessary if there are (significant) deviations in the actual results as compared to the plan. The budget makes ‘management by exception’ possible. Although the budget is typically a reflection of the financial results to be expected from the planned activities, quantity budgets which are only concerned with the number of units produced can also be included in the total budget system. A quantity budget is also ultimately converted to financial consequences, so it can be integrated into the master budget, but the price effect is eliminated so far as the performance report on this function is concerned. A good rule of thumb is to include in a budget only those elements which are controllable by the employee or manager concerned (controllability principle). Otherwise the budget would cease to be an accountability standard. An employee will generally not be accountable for changes in the general level of interest rates, to the extent that his or her strategic choices are to borrow long or short, to make a share issue, or to cover risks on the future market. Similarly at some levels and in some situations, wage levels are partially controllable by the personnel management. The most senior management is responsible for ‘the bottom line’, that is they are accountable for the end-result, be it profit or loss.
II. Put the terms into the box: Labour costs, production costs, advertising costs, distribution costs, storage costs, selling costs, administrative costs;
III. Irrevocable Letter of Credit
Barclays Bank PLC Manchester International Services Branch Third floor, 51 Mosley Street, Manchester M60 2BU.UK Phone: 061 228 3322 Telex: 667565 AnswerBK: Barman G
Beneficiary: Nathan and Coles Limited Advice of Nathan Road ( 1 ) Irrevocable Documentary Credit ( 5 ) London SE11 8JB Number: NJDC 603921 United Kingdom Date of Expiry: 31st August 2012 ( 2 ) Place of Expiry: United Kingdom Amount: up to GBP 160, 000.00 ( 6 ) Up to one hundred sixty thousand And 00/100’s pounds sterling Our Advice Number: MADC 708447
Opening Bank: Applicant: Barclays Bank of Canada Murray Corporation Limited ( 7) PO Box 377 1052 Causeway Boulevard Commerce Court Postal System Toronto Toronto, Ontario Canada 30th June 2011
Dear Sir(s)
This letter of credit is available with Barkley Bank PLC: by payment against presentation of the documents ( 8 ) detailed herein and of your drafts at sight drawn on Barclays Bank PLC, Manchester for 100 per cent of invoice value. Documents required: ( 3 ) 1- Commercial invoice in quadruplicate 2- Insurance Policy/ Certificate in duplicate covering marine and war risks for 110 per cent of the invoice value 3- Full set of clean o board blank endorsed port to port bills of landing marked notify Murray Corporation Limited, 1052 Causeway Boulevard, Toronto, Ontario
Covering the following goods: 16 – Printing machines Nathan and Coles model Caxton Excelsior 1470 ( 9 ) Cost, insurance and freight Toronto ( 4 ) Partial shipments: not allowed ( 10 ) Shipment from: UK port No later than: 1st August 2012 ( 11 ) Foe transportation to: Toronto
Documents must be presented at place of expiration within 15 days of issue date of transport document and within the L/C validity. Documents are to be accompanied by your drafts drawn on Barclays Bank PLC at sight marked ‘drawn under irrevocable letter of credit N TODC 603921 of Barclay Bank of Canada and quoting our reference number MRD 708447 Important: Please carefully check the details of this credit as it is essential that documents tendered conform in every respect with the credit terms. If you are unable to comply, please communicate with your buyers promptly in order that they may arrange a suitable amendment without delay. If documents are presented which differ from the credit terms, we reserve the right to make an additional charge. We add our conformation to this credit and undertake that draft(s) and documents drawn under and in strict conformity with the terms thereof will be honoured on presentation. This credit is subject to the uniform customs and practice for documentary credits (2010 revision), ICC Publication Number 500.
Yours faithfully
Specimen Specimen …………… ………….. Authorized signature Authorized signature
IV. Look at the letter of credit. Read the explanations of the various sections below, and agree which explanation goes with which number in the document: The Documentary Letter of Credit is a form of payment widely used in foreign trade. Most credits are similar in appearance and contain the following details:
V. Translate this letter of credit into English: Заявление на открытие аккредитива Номер……..от ………2011 года
Просим открыть безотзывный, трансферабельный, подтвержденный документарный аккредитив. Название и адрес …………………………………………………………………………. Название и адрес бенефициара…………………………………………………………… Сумма (цифрами и прописью)…………………………………………………………… Исполняющий банк ………………………………………………………………………. Подтверждающий банк …………………………………………………………………… Частичные отгрузки: разрешены запрещены Перегрузка: разрешена запрещена Срок действия: ……………………………………………………………………………… Истекает в…………………………………………………………………………………… Доставка из ………………………………………………………………………………… 10% поправка на: …………………………………………………………………………… Сумма аккредитива: ……………………………………………………………………….. Количество товара: ………………………………………………………………………… Доставка в…………………………………………………………………………………… Условия поставки: морем, воздухом, ж./д, смешанным транспортом Описание товара: ……………………………………………………………………………… В соответствии с контрактом…………………………………………………………………. Аккредитив исполняется путем платежа/акцепта/негоциации в течение …..дней против предоставления следующих документов: - тратта, в двух экземплярах, выписанная на ……….., на полную сумму счета (аккредитива) - коммерческий счет в оригинале плюс ….копии - упаковочный лист в оригинале плюс …..копии - сертификат происхождения в оригинале плюс …..копии - полный комплект чистого морского бортового коносамента, подписанного на…….с извещением……..и с пометкой «фрахт оплачен/взыскан» плюс ……копии. Оригинал и ….копии транспортного документа: авианакладная/ автонакладная/ ж/д накладная с пометками……….. Страховой полис/ сертификат в оригинале плюс………копии с покрытием стоимости товаров плюс …..% против грузовых рисков (institute cargo clauses), военных рисков (institute war clauses) или/ и забастовочных рисков (institute strikes clauses). Страхование оплачивается нами, страхового документа не требуется. Дополнительные документы: ……………………………………………… Дополнительные условия…………………………………………………. Плата за обслуживание аккредитива: - Инвестбанку: с нашего счета со счета бенефициара - Всем другим банкам за пределами СНГ/России: с нашего счета, со счета бенефициара Документы должны быть предоставлены в течение….дней после выписки отгрузочных документов, но в пределах срока действия аккредитива. Просим покрытие аккредитива и комиссии банка списать с нашего счета номер……..
Генеральный директор………………………………………. Главный бухгалтер ………………………………………….. Оттиск печати
Text B Insurance Vocabulary
I. Read the advertisement of an insurance firm and translate it into Russian: Liability Insurance
1) Standard coverage
Broad definition of insured includes full-time, part-time, seasonal and temporary employees, as well as insured entity and any subsidiary (as defined) Broad definition of wrongful employment act includes discrimination, harassment (including sexual), wrongful termination, constructive discharge, wrongful failure to hire, wrongful demotion, retaliation, misrepresentation, infliction of emotional distress, defamation, invasion of privacy, humiliation, wrongful evaluation, and breach of an implied contract. Bodily injury exclusion includes carve out for emotional distress, mental anguish defamation (including libel and slander), invasion of privacy, or humiliation. Duty to defend policy language Broad definition of claim includes written demand or assertion for monetary or non-monetary relief, including civil, criminal, administrative, or arbitration proceedings. Loss includes punitive exemplary damages up to the limit of liability, where insure; most favourable jurisdiction language applies. Automatic coverage for subsidiaries created or acquired during the policy period whose assets are less than 25% of the insured entity. EEOC (or state equivalent) charges are covered No international acts exclusion No downsizing exclusion No copyright/ patent exclusion Full prior acts coverage 36 month extended reporting period is available if the named insured cancels or if the insurer or named insured refuses to renew Non-cancelable by insurer, except for non-payment of premium Worldwide coverage No co-insurance Limits of liability up to $5.000, 000 Deductibles available from $5, 000
2) Additional
Coverage enhancements for: Co-defendants liability Third party liability Additional insured, including coverage for leased employees, independent contractors, volunteers, and spouses. General partnership coverage including failure to make partner language Costs of defense in addition to the limit of liability Waiver of deductible (if a ruling of no liability is obtained) Modification of ‘hammer clauses’ (50%/ 50% or 70%/ 30% co-insurance) Choice of defense counsel Risk Management Services: Loss Prevention Manual Guidelines for Reducing Exposure to Employment Lawsuits Toll-free Employment Practices Loss Prevention Hotline
3) Target Markets:
White Monitor is pleased to underwrite any sized account and most types of companies, its target market can best be described as follows: Companies employing up to 2, 000 employees. Companies with dedicated human resource professional or department. Companies that already publish an employee handbook or written employee policies and procedures. Coverage is not currently available to risks in the following industries: Automobile dealerships Credit reporting services, Educational services Employment agencies ‘Professional employer organizations’. Government entities. Hospitals Hotels/ hotel management Labor organizations Political organizations Real estate companies/ Real estate management Temporally employment agencies Tobacco companies Strength and Stability As part of the W.R. Berkley Corporation, Monitor has the size and financial strength to provide stability for our clients, Expert Claims Handling: Monitor lays a dedicated team of professionals, including attorneys, with experience in employment-related litigation. Their experience can provide comfort to anxious insureds when a claim arises. Special Expertise: Monitor has developed extensive relationships with experts and consultants who specialize in aspects of employment issues. These independent relationships allow us to develop loss prevention services to meet the specific needs of our insureds while keeping premium costs in balance.
II. Complete the words below to match the given meanings:
III. Mr. Smith has sent a claim form to his insurer after a fire at his restaurant. He receives the reply below. Complete the text with appropriate words from the box: Claim cover legal costs policy compensation estimate loss adjuster premium comprehensive indemnity no claims bonus
Bridge Insurance Ltd 124 Kew Gardens Road, London SW2 5HB Tel: 0171 433 8211-15 Fax: 0171 433 563318
Mr. Smith Restaurant ‘Tasty Things’ 120 Riverside Road London EC23 5TR 2 March 20….
Dear Mr. Smith Re: Policy number DR 239981 R, Claim Ref. DR 4381
Thank you for your (1)………..relating to the fire at your restaurant. We confirm that your policy is (2)…………………..and therefore covers fire. Our (3)…, Peter Carrow, will visit you on 7 March to see the damage. You will receive (4)…………..for all damage to the building and equipment. You should supply an (5)…………..from two firms for the repairs. You will also receive (6)…………..for loss of business, though you will have to make a separate claim. In addition, your (7) ………………..also provides (8)………..for any (9)……..…..which may arise. Finally we would like to inform you that your (10)………will rise by 10% as your (11)…………will be affected by this incident.
Yours sincerely Margaret Jones Margaret Jones Claims Manager
IV. Look at the words used with the term claim; use the verbs to fill the gaps in the sentences below. Put the verbs into the correct form: To submit, to accept, to settle, to make, to reject
1) ‘Good morning. Claims department. Can I help you? ’ ‘Yes, my name is David Smith. My car was involved in an accident earlier today, and I’d like to……….a claim on my policy’. 2) How long do you think it will take to……….the claim? 3) I am pleased to tell you your claim has been………. 4) You will need to……….your claim to us within the next three weeks. 5) I am sorry to say your claim has been ……..
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