国际保理与票据包买业务练习和答案

EXERCISE AND ANSWERS TO exercise on International Factoring and Forfeiting Ⅰ、国际保理练习(填空)1、The procedures of factoring operations(1) Conclusion of Correspondent Contract between export factor and import factor.(2) Conclusion of Export Factoring Agreement between exporter and export factor.(3) Exporter applies for the importer's _credit line.(4) Export factor transmits _application__ for a credit approval.(5) Import factor _appraises_ importer's credit.(6) Advises export factor of import factor's _approval_ of credit line.(7) Advises exporter of import factor's approval of _credit_line.(8) conclusion of trade contract between _exporter and importer containing terms of payment being O/A or D/A.(9) Deliver goods for _shipment_.(10) complete "notification and Transfer of Receivables" with exporter's signature and sends notification, invoice orcommercial documents to export factor. Export may apply for finance if necessary.(11)"Notification and Transfer of Receivables", invoice or commercial documents to _import_ factor.(12) Transmits documents to the _importer_.(13) The importer surrenders one original _B/L_.(14) Goods are _release_ to the importer.(15) Collection of _receivables at maturity.(16) Payment _effected_ by the importer to the import factor.(17) Proceeds remitted by the import factor to the _export factor.(18) Proceeds credited by the _export factor to the exporter's account. If the transaction had obtained finance of advancepayment, amount of proceeds minus amount of finance was the balance, which should be credited to the exporter's account.2. A factoring transaction is as follows:International Factor’s (IF) name: Disko Factoring Bank GMBHDebtor's country: GermanyCurrency: Deutsche MarkCurrency code: DEMSeller's name: Hubei Provincial Native Produce I/E Corp.Notification date: 1 JuneDebtor's name: Perl & Treiber GMBH & Co., 6831 Plankstadt, GermanyNo: 1Invoice No: FC11-VH119Invoice date: 28 MayTerms of payment: O/A 30 days, Maturity date: 21 JulyInvoice amount: DEM121,638.00Total amount: DEM121,638.00 Date and authorized Signature of seller: 1 June Seller's signature For IF's use:At maturity please credit our Head Office DEM account with Commerze Bank AG. Frankfurt in favor of our BeijingBranch quoting our invoice No. Always.Please fill up a blank "Notification and Transfer of Receivables" attached herewith. (Next page)NOTIFICATION and TRANSFER OF RECEIVABLEAmount approved…..:Amount being approvedas soon as limits allow……: Amount for collection only..:CREDIT NOTESyou of the transactions entered into buys with our debtors as represented by the attached copies of invoices. We hereby also transfer to you all right, title and interest in and to all the debts as specified on the copies attachedDate and authorized signature of Seller June 1 Seller’s signatureSuppose the exporter has obtained an export trade finance of advance payment effected by the export factor on 1 June for 50％of the invoice amount. At maturity i.e.21 July, the importer paid full invoice amount DEM121,638.00 to the import factor who has credited the same to the account as designated by the export factor and sent a credit advice to the latter. Upon receipt of such credit advice, please calculate how much did the export factor credit to the exporter's account?Invoice amount: DEM121,638.00Financing period: 50 daysInterest rate: at 9％p.a.360 days a year_121,638 x 500/100 x 9/100 x 50/360 =5,473.71 x 50/360 = 760.24 __121,638 – (121,638 x 50/100 + 760.24) =121,638 –61,579.24 = 60,058.76 __The export factor will credit DEM60,058.76 to the exporter’s accountⅡ. 票据包买业务练习（Forfeiting）Please answer, fill the blanks in or make choice of the following questions:An export of photographic equipment manufactured in U.S.A. and sold through British Trading Co., London to Italian Importing Co., Milan with shipment to be made in June 1991. The contract price for a cash sale is USD500,000 but the buyer requires five-year credit terms with repayments to be made in 10 six-monthly installments. He will pay the interest costs and will provide the AVAL of Banca Commercial Italian, Milan. which is acceptable to the forfeiter, Finanz AG, London.On 1 April 1991 the exporter, British trading Co., London approaches the forfeiter who confirms that he is willing to quote for a forfeiting transaction covering the export in three months' time bearing the AVAL of Banca Commercial Italian, Milan. The forfeiter is happy to calculate the face value of the bill of exchange so that after discounting, the exporter will receive USD500, 000 and quote a discount rate of 9.875％p.a. He also wishes to charge two days' grace and a commitment fee of 1. 2％p. a. This commitment fee is the forfeiter's charge for agreeing on 1 April to the date of discount, i.e. 30 June at a rate of 1.2％p.a. due to funds provided for but not to be available until shipment is made three months later. He will stipulate an expiry date for his commitment, i. e. that the bill of exchange must be delivered to him before 29 July 1991. Let assume that both shipment and discounting take place on 30 June 1991.1) Please calculate separate interest amounts at 12.384％p. a. being the equivalent of discount rate at 9.875％p.a. for each of 10six-monthly installments, which will be added to the face value of each bill to be borne by the importer, and also the total interest amount thereof.2) Please calculate face value for each of 10 bills of exchange, which consist of principal amount plus interest and also the total face value, which represents a total cost to be paid by the importer.3) Please calculate separate discount numbers of 10 instalments, and the total discount number thereof.4) Please calculate amount of discount at the discount rate of 9.875％p.a. and the net proceeds thereof.N x d 6,307,994.12 x 9.875D = ────= ---------------------------- = 173,031.78360 360Net proceeds = FV - D = 673,032 – 173,031.78 =500,000.225) Please calculate commitment fee at 1.2％p.a. which will be paid by the exporter to the forfeiter.FV x d x r 674,032 x 90 1.2Commitment fee = ──────= -------------------------- = 2,019.10360 x 100 360 x 1006) Please draw the first and the last bills of exchange. On the front of both bills they must contain (1) drawee's acceptance, (2) Aval of Banca Commercial Italian, Milan on the back of both bills. They must contain payee's special endorsement to Finanz AG. London, bearing words "Without recourse".First bill of exchange(1) ACCEPTED (3) Pay to the order of For_Italian_Importing Co.,_ Finanz AG., London Milan,_ Without recourse signature For British Trading Co., (2) Per AVAL LondonFor account of drawee signature Banca Commercial Italiansignature(Guarantor)Last bill of exchangeOn the front of bill On the back of bill (1) ACCEPTED (3) Pay to the order of For_Italian_Importing Co.,_ Finanz AG., London Milan,_ Without recoursesignature For British Trading Co.,(2) Per AVAL LondonFor account of drawee signatureBanca Commercial Italiansignature(Guarantor)7) Please complete the Commitment Letter in the following form:Commitment LetterTo: British Trading Co., London London, 1 April 1991Dear Sirs,Forfeiting Transaction No.xxxxxxWithout recourse purchase of 10 bills of exchangeOn the basis of information, which you have given to us and subject to receipt of satisfactory documentation, we confirm our purchase and your sale, without recourse to you, of the following bills of exchange;Amount:(say) US dollars Six Hundred and Seventy Three Thousand and Thirty Two onlyDrawer: British Trading Co., LondonAvalor: Banca Commercial Italian, MilandMaturity: 10 semi-annual installmentsfirst maturity 2 Jan. 1992 for USD 81,992.00Last maturity 30 June 1996 for USD 53,130.40Domicile of payment: Banca Commercial Italian, MilanTerms: Discount at ___9.875% calculated on the basis of a 360-day-year plus two days grace.Commitment fee: At 1.2% per annum from today's date to the delivery of documentation, payable monthly in advance. Delivery of documents to us: Before 29 July 1991We confirm that we waive our right of recourse against you as payee of these bills.Yours faithfullyFor Finanz AG. LondonLinsen, ZhangMemorandum of acceptanceWe hereby accept the above terms and conditionsFor and on behalf ofBritish Trading Co., LondonJohn. Doe国际保理/ 福费庭业务练习和答案一、选择题1、国际保理业务按货款给付的方式不同有( )。