信用证的审核与修改.doc

【课 题】第二章 信用证的审核与修改【教学目标】知识目标：1. 信用证的定义、特点 2. 了解信用证的支付程序 3. 掌握信用证的基本内容 4. 掌握信用证审核和修改时应注意的问题能力目标：1. 深刻理解信用证的特点并能运用特点处理相应的实际问题 2. 能阅读一份信用证并理解其基本内容 3. 能根据合同进行信用证审核，审核后能向开证申请人提出修改要求【教学重点、难点】教学重点：1. 信用证的特点和基本内容 2. 信用证审核和修改时应注意的问题教学难点：1. 如何读懂一份信用证 2. 根据合同如何审核信用证 3. 如何向开证申请人提出修改教学途径：1. 用图示和案例帮助学生对知识的理解和接受 2. 结合信用证实例讲授理论知识【教学媒体及教学方法】PPT课件。 演示法、讲授法、分组讨论法、实训法【课时安排】 7课时【教学过程】第一环节 导入在国际贸易中，信用证是一种重要的支付方式。信用证属于银行信用，由银行代替进口人对出口人承担付款责任，因此信用证的出现很大程度上解决了买卖双方互不信任的矛盾，大大促进了国际贸易的发展。但是在信用证支付方式下，银行的付款是有条件的，即单证相符，单单相符。因此，在信用证条件下，单证的质量决定了能否安全收汇。要想提交正确的，符合信用证规定的单据，必须掌握信用证的内容及UCP对信用证的规定，同时在收到信用证后必须进行认真的审核，并做好改证工作，才能最大限度地减少担保，防止迟付或拒付。第二环节 新课呈现讲解一、信用证的定义、特点1. 定义：是银行应进口人的请求，开给出口人的一种有条件的承诺付款的书面文件。分析1. 提问：请从信用证的定义中找出信用证的当事人 进口人：开证申请人 银行：开证行 出口人：受益人2. 强调：银行的付款是有条件的：单证相符，单单相符3. 理解：从两个方面来理解信用证。（1）信用证是一种书面文件。（2）信用证是一种支付方式。讲解2. 特点（1）开证行负首要付款责任。 根据UCP规定，开证行对受益人的付款责任是首要的、独立的。即使开证人事后丧失偿付能力，只要出口人提交的单据符合信用证条款，开证行也必须承担付款责任。（2）信用证是一项自足文件。 信用证是根据买卖合同开立的，但一经开立，即成为独立于买卖合同以外的契约，信用证的各当事人只受信用证条款的约束，不受买卖合同的约束。（3）信用证业务是纯单据业务。 银行处理信用证业务只看单据，而不管货物的真实状况，只要受益人提交的单据符合信用证条款，银行保证付款。如银行要拒付，必须以单据上的不符点为由。应用1. 某出口企业收到一份国外开来的不可撤销信用证，正准备按信用证规定发运货物时，突接开证行通知，声称开证申请人已经倒闭。对此，出口企业应如何处理？2. 某公司从国外某商行进口一批钢材，货物分两批装运，支付方式为不可撤销即期信用证，每批分别由中国银行开立一份信用证。第一批货物装运后，卖方在有效期内向银行交单议付，议付行审单后，即向该商行付货款，随后，中国银行对议付行作了偿付。我方在收到第一批货物后，发现货物品质与合同不符，因而要求开证行对第二份信用证项下的单据拒绝付款，但遭到开证行拒绝。问：开证行这样做是否合理？为什么？解读(结合教材中的信用证进行讲解和分析)二、信用证的基本内容1. 对信用证本身的说明（1）信用证的种类。如IRREVOCABLE OR REVOCABLE（2）信用证号码及开证日期。如DOC. CREDIT NUMBER: H486-2001689, DATE OF ISSUE: 060606（3）受益人。一般为出口商。如BENEFICIARY: NINGBO HUADONG FOOD CO., LTD. NO.18 DONG SHAN ROAD, NINGBO, CHINA（4）开证申请人。一般为进口商。如APPLICANT: TOKO TRADE CORPORATION, OSAKA 2-6-7, KAWA RAMACHI, 1-CHOME, OSAKA, JAPAN（5）信用证金额。如AMOUNT: CURRENCY USD AMOUNT 30 600.00（6）有效期限和地点。如EXPIRY DATE: 060625 PLACE: COUNTERS OF NEGOTIATING BANK分组讨论为什么信用证的到期地点一般应规定在受益人所在地到期？解读2. 对货物的要求主要包括商品的名称、规格、数量、包装、价格条件和单价等。如DESCRIPT. OF GOODS: 30M/T FROZEN PEAPODS CIF OSAKA, JAPAN提问商品的单价一般由哪几部分所组成的？解读3. 对运输的要求（1）装运港或起运地。如LOADING IN CHARGE: CHINA（2）卸货港或目的港。如FOR TRANSPORT TO: OSAKA, JAPAN（3）装运期。如LATEST DATE OF SHIP.: 060615（4）可否分批装运、可否转运。如PARTIAL SHIPMENTS: PROHIBITED TRANSSHIPMENT: PROHIBITED分析信用证中未规定可否分批、可否转船，将视作允许分批，允许转船。解读4. 对单据的要求（如DOCUMENTS REQUIRED）（1）货物单据。以商业发票为中心，包括装箱单、产地证、商检证书等。如SIGNED COMMERCIAL INVOICE IN 3 ORIGINALS AND 3 COPIES, PACKING LIST IN TRIPLICATE, INSPECTION CERTIFICATE OF QUALITY IN DUPLICATE（2）运输单据。如2/3 SET OF CLEAN ON BORAD OCEAN BILLS OF LADING MADE OUT TO ORDER AND BLANK ENDORSED MARKED FREIGHT PREPAID NOTIFY APPLICANT（3）保险单据。如INSURANCE POLICY IN DUPLICATE ENDORSED IN BLANK, COVERING ALL RISKS AND WAR RISK FOR 110% OF INVOICE VALUE. CLAIM PAYABLE AT OSAKA, JAPAN IN THE CURRENCY OF DRAFTS（4）其他单据。如BENEFICIARYS CERTIFICATE STATING THAT 1 ORIGINAL INSPECTION CERTIFICATE OF QUALITY, 1 ORIGINAL B/L AND 1 ORIGINAL INSURANCE POLICY HAVE BEEN SENT TO APPLICANT BY COURIER分组讨论在什么情况下，提单上要载明FREIGHT PREPAID？在什么情况下，提单上要载明FREIGHT COLLECT？解读5. 对汇票的要求信用证中对开立汇票的要求，主要说明付款人、受款人、汇票期限、出票条款等。如DRAFTS AT SIGHT FOR FULL INVOICE VALUE提问1. 汇票的收款人抬头通常有哪几种？2. 若信用证未规定汇票的付款人，付款人一般为谁？解读6. 其他事项开证行对议付行的指示条款以及开证行对受益人及汇票持有人保证付款的责任文句等。如REIMBURSEMENT BY TELECOMMUNICATION IS PROHIBITED. NEGOTIATING BANK MUST SEND ALL DOCUMENTS TO US, I.E. THE BANK OF TOKYO-MITSUBISHI, LTD., 2-3, KITAHAMA 4-CHOME, CHUO-KU, OSAKA 541-8535 AND/OR C.P.O. BOX 388, OSAKA 530-8692 IN ONE LOT BY COURIER SERVICE AND REIMBURSE YOURSELVES FROM REIMBURSING BANK FOR EACH PRESENTATION OF DISCREPANT DOCUMENTS UNDER THIS CREDIT.讲解三、信用证支付程序及流程图（以议付信用证为例）1. 合同中规定使用信用证方式付款。如PAYMENT: BY IRREVOCABLE LETTER OF CREDIT AT SIGHT2. 开证人（进口人）向开证行申请开立信用证 （注意：开证人在申请开证时，需提交开证申请书，开证行根据开证申请书的内容进行开证。同时缴纳押金或提供其他担保。）3. 开证行开立信用证，并将信用证寄交通知行信用证开证的方式 （1）信开（印鉴）：以航空挂号的方式 简电开 （2）电开（密押）： 以电讯方式 全电开 （3）SWIFT分组讨论如果进口商直接把信用证寄给我国出口商，出口商应怎么处理？讲解4. 通知行将信用证转递给出口人（受益人）。（通知行有义务审核信用证的真伪）5. 受益人审核与修改信用证（简单提一下，将在下面详细涉及）无误后，备货装运，向银行交单议付6. 议付行审核单据无误后，付款给出口人7. 议付行寄单索偿8. 开证行或其指定的银行偿付给议付行（条件：单证一致，单单一致）分组讨论若开证行发现单据与信用证不符，开证行如何处理？（1） 与开证人联系，请其接受不符点单据（2） 拒收单据，拒付货款讲解9. 开证行通知进口人付款10. 进口人付款赎单（条件：单证一致，单单一致）分析 进口人审核单据后，发现单证不符，可拒绝付款赎单，开证行不能以审单时未发现不符点为由向议付行追索。演示教师用幻灯片演示流程图并与学生一起复习信用证的支付程序。受益人（出口人）开证申请人（进口人） （1） （9）（10）（2） （4） （5）（6）付款行/开证行通知行/议付行 （3） （7） （8）过渡通过上面的学习，我们知道信用证是根据买卖合同开立的，从法律责任而言，买方开立的信用证应该与合同内容相一致。但是在实际业务中，由于种种原因，如进口人或开证行工作中的差错，进口国政府对信用证条款有特殊的规定、进口人在信用证中故意设置圈套以达到迟付、少付或不付的目的等等，使得信用证与合同规定不符的情况时有发生，导致出口商无法做到单证一致、单单一致，最终影响安全收汇。因此审核信用证是一项很重要的工作。信用证的支付程序告诉我们通知行和出口人都要对信用证进行审核，但是两者审核的要点是不同的。演示教师用幻灯片演示一份简单的合同和一份简单的信用证。CONTRACT NO. NB5476 DATE: DEC. 15, 2008SELLER: NINGBO TRADING CORPORATIONBUYER: COPENHAGEN IMPORT COMPANYNAME OF COMMODITY: WRITING PAPER TYPE 501QUANTITY: 150 METRIC TONSUNIT PRICE: GBP 97.00 PER M/T CIF COPENHAGENAMOUNT: GBP 14550.00SHIPMENT: FROM CHINA PORT TO COPENHAGEN NOT LATER THAN MAR. 31, 2009 WITH PARTIAL SHIPMENT AND TRANSSHIPMENT ALLOWEDINSURANCE: TO BE EFFECTED BY THE SELLER AGAINST ALL RISKS AND WAR RISK FOR 110% OF THE INVOICE VALUEPAYMENT: BY IRREVOCABLE, SIGHT L/C, TO REACH THE SELLER ONE MONTH BEFORE THE TIME OF SHIPMENT.THE L/C SHALL BE VALID FOR NEGOTIATION IN CHINA UNTIL THE 15TH DAY AFTER THE DATE OF SHIPMENT.LETTER OF CREDITTO: BANK OF CHINA NINGBOFROM: COPENHAGEN BANKWE HEREBY OPEN OUR REVOCABLE LETTER OF CREDIT NO.11235 ISSUED JAN. 4, 2009 BENEFICIARY: COPENHAGEN IMPORT COMPANYAPPLICANT: NINGBO TRADING CORPORATIONAMOUNT: USD14550.00(SAY U.S.DOLLARS ONE THOUSAND FOUR HUNDRED AND FIFTY-FIVE ONLY )DESCRIPT. OF GOODS: 150M/T WRITING PAPER TYPE 502 AT GBP97.00 PER M/T CIF COPENHAGEN AS PER S/C NO.NV5476PARTIAL SHIPMENT: NOT ALLOWEDTRANSSHIPMENT: ALLOWEDPORT OF LOADING: COPENHAGENPORT OF DESTINATION: CHINA PORTLATEST DATE OF SHIPMENT: MAR. 31, 2009DRAFTS TO BE DRAWN AT 30 DAYS AFTER SIGHT ON US AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS +COMMERCIAL INVOICE IN TRIPLICATE+PACKING LIST IN TRIPLICATE+BILL OF LADING IN TRIPLICATE MADE OUT TO ORDER QUOTING L/C NO.112235, MARKED FREIGHT COLLECT+ONE ORIGINAL MARINE INSURANCE POLICY OR CERTIFICATE COVERING ALL RISKS FOR 120% OF THE INVOICE VALUE WITH CLAIMS PAYABLE IN COPENHAGEN IN CURRENCY OF DRAFTSTHIS L/C IS VALID AT OUR COUNTER UNTIL APR. 15, 2009教师以上述的合同和信用证为例，讲解信用证的审核以及审核时应注意的问题。讲解四、信用证的审核及审核时应注意的问题1. 通知行对信用证的审核要点（1）开证行的政治背景和态度。如是否对我国保持友好的态度。（2）开证行的资信情况。分析因为采用信用证支付方式，开证行负首要付款责任，所以开证行的资信直接关系到能否安全收汇。若开证行的资信不行，出口人如何处理呢？讲解（3）查核密押(电开)、印鉴（信开），以确认信用证的真伪。（4）信用证的保证条款。如责任文句是否明确，偿付路线是否可以接受。（注意：通知行审核后，应在信用证上加批注，受益人要对银行的批注予以重视。）2. 出口人对信用证的审核要点（1）信用证的种类。如合同中是IRREVOCABLE，L/C中是REVOCABLE。（2）信用证的金额与币制。金额与币制是否与合同一致，大、小写是否一致，单价与数量的乘积是否与总金额一致等。如合同中的货币是GBP，L/C中的货币是USD；大写金额错误。（3）信用证的有效期、装运期、交单期及到期地点。如到期地点不应是AT OUR COUNTER有效期：是指受益人向银行提交单据的最后日期。受益人应在有效期之前或当天向银行提交单据。未规定有效期的信用证是无效的。装运期：是指受益人装船发货的最后期限。受益人应在最后装运日期之前或当天装船发货。信用证可不规定装运期，最迟装运期可理解为与信用证的有效期同一天。交单期：信用证中规定的一个在装运日期后一定时间内向银行交单的期限。若没有规定此期限，根据UCP规定，银行将不接受晚于装运日后21天提交的单据，但无论如何，必须在信用证的有效期内提交。（注意：装运期与有效期的间隔约为10-15天）到期地点：受益人向银行提交单据的地点。信用证的到期地点一般规定为受益人所在地。如果国外开来的信用证的到期地点在开证人所在地，应向开证人提出修改。（4）开证申请人和受益人。名称和地址应与合同一致。如L/C中的开证申请人与受益人对换了。（5）商品品名、规格、数量、包装条款。必须与合同中相应的条款一致。如合同中的规格是TYPE 501，L/C中是TYPE 502。（6）运输条款。起运地、目的地、转运、分批装运条款必须与合同一致。如合同中是PARTIAL SHIPMENT ALLOWED，L/C中是PARTIAL SHIPMENT: NOT ALLOWED；L/C中的起运地与目的地对换了。讨论学生讨论UCP中有关转运和分批装运的规定。讲解（7）单据条款。单据的种类、份数、填制等进行审核，对做不到或达不到要求的单据应要求改证。L/C中的提单不应是FREIGHT COLLECT；合同中的保险是ALL RISKS AND WAR RISK FOR 110% OF THE INVOICE VALUE，L/C中是ALL RISKS FOR 120% OF THE INVOICE VALUE；合同中的汇票是SIGHT，L/C中是AT 30 DAYS AFTER SIGHT。（8）特殊条款。对于办不到的一些条款，应要求开证行修改。其他：如合同号有误，L/C号前后矛盾。提问 信用证经过审核后，发现与合同规定不符而又不能接受或无法办到的条款和规定，出口人应该怎么办呢？（通过学生的回答引入改证）讲解五、信用证修改时应注意的问题1. 对于不符合合同的或不能做到的、影响安全收汇的、非改不可的，应该坚决要求修改。（结合上例举一、两例说明）2. 对于可改可不改的或通过努力可以做到，又不增加太多费用的可灵活掌握，不一定要修改。分组讨论分组讨论后请同学列举不一定要修改的情况。3. 对需要修改的内容应集中起来一次向开证申请人提出。分析教师简单分析多次提出修改的弊端。讲解4. 对于同一修改通知书的修改内容不允许部分接受。5. 修改通知书须经原通知行传递方为有效。分组讨论香港汇丰银行通过中国银行宁波分行通知信用证给宁波某进出口公司H。后开证人提出修改货物的规格，因急于传递信用证修改书，汇丰银行利用其在宁波的办事处通知信用证的修改。但汇丰银行宁波办事处由于没有H公司的联系电话，后经辗转多时才将修改书送达受益人。但此时H公司已按原证要求的规格发货并交单议付。结果开证行以发票所列规格与信用证不符为由拒付。请问开证行的拒付合理吗？为什么？讲解六、信用证修改的基本要求1. 修改时，必须要求开证申请人通过开证行进行修改。2. 坚持在收到银行的信用证修改通知书后才能对外发货。分组讨论我方与外商签订一份出口合同，合同规定装运期为8月，外商按期开来信用证，但是计价货币与合同规定不符，加上我方货未备妥，直到9月对方来电催装时，才向对方提出按合同货币改证并要求延展装运期和有效期。外商复电“证已改妥”。我方据此发货，但信用证修改书始终未到。议付时被银行以“证已过期”以及“单证不符”为由拒付。请问我方的做法有哪些失误？第三环节 课堂实训（包括本堂课实训练习和其他课时的实训）1. 某出口公司接英国查打银行开来不可撤消信用证有下列条款：“Credit amount Stg.48000.00, according to invoice value: 80% to be paid at sight, the remaining 20% to be paid at 45 days sight after shipment arrival.” 出口公司在信用证有效期内，通过议付行向开证行提交了单据，经检验单证相符，开证行即付80%货款，计38600.00英镑。但货到45天后，开证行以开证人声称到货品质欠佳为理由，拒付其余20%的货款。请问：开证行这样做合理吗？2. 阅读理解LETTER OF CREDITTO: BANK OF CHINA, NINGBOFROM: SANWA BANK LTD., TOKYO DEC. 6, 2005WE OPEN AN IRREVOCABLE DOCUMENTARY LETTER OF CREDIT NO. HC20-A-1726 ISSUED DEC. 6, 2005BENEFICIARY: NINGBO HONGYI EXPORT CO., LTD.NO. 219 NINGFENG ROAD, NINGBO, CHINAAPPLICANT: SAKI INTERNATIONAL CO., LTD. SANWA BLDG. 1-6 KAWARAMACHI 4-CHOME, TOKYO, JAPANAMOUNT: USD13 000.00EXPIRY FOR NEGOTIATION: FEB. 15, 2006 AVAILABLE BY THEIR DRAFTS AT SIGHT DRAWN ON THE SANWA BANK LTD., LONDON FOR 100 PERCENT OF INVOICE VALUE TOGETHER WITH THE FOLLOWING DOCUMENTS:FULL SET OF CLEAN ON BOARD OCEAN BILL OF LADING MADE OUT TO ORDER AND BLANK ENDORSED MARKED FREIGHT PREPAID NOTIFY THE APPLICANT NOT LATER THAN JAN. 31, 2006SIGNED COMMERCIAL INVOICE IN THREE COPIESPACKING LIST IN THREE COPIESCERTIFICATE OF WEIGHT IN FOUR COPIESMEASUREMENT LIST IN FOUR COPIESBENEFICIARYS CERTIFICATE IN TWO COPIES STATING THAT THREE SETS OF EACH NON-NEGOTIABLE DOCUMENT HAVE BEEN AIRMAILED DIRECT TO BUYER IMMEDIATELY AFTER SHIPMENTCOVERING:10 000 PIECES LEATHER BAGS AT USD1.30 PER PC CFR TOKYO AS PER S/C 2000MAF-9-26INSURANCE TO BE COVERED BY BUYERSSHIPMENT FROM: CHINESE PORTTO: TOKYO, JAPANPARTIAL SHIPMENT: ALLOWEDTRANSSHIPMENT: ALLOWEDDRAFT MUST BE PRESENTED FOR NEGOTIATION WITHIN 15 DAYS AFTER THE DATE OF B/L OR OTHER SHIPPING DOCUMENTS BUT WITHIN THE CREDIT EXPIRYSPECIAL INSTRUCTION:-T.T. REIMBURSEMENT IS UNACCEPTABLERE-ALL BANKING CHARGES OUTSIDE JAPAN FOR BENEFICIARYS ACCOUNT-NEGOTIATING BANK MUST SEND DOCUMENTS TO US IN TWO CONSECUTIVE AIRMAILS AND DRAFTS TO DRAWEE BANKTHIS CREDIT IS AVAILABLE BY NEGOTIATION WITH ANY BANKTHIS CREDIT IS OPERATIVE AND SUBJECT TO UNIFORM CUSTOMS 1993 REVISION PUBLICATION NO. 500请从以上信用证中找出下列内容：（1）开证银行：（2）通知银行：（3）信用证号码：（4）开证申请人：（5）受益人：（6）开证日期：（7）有效期：（8）最迟装运日期：（9）交单期：（10）议付时需交给银行的单据： （11）装运港和目的港： （12）价格术语和总金额：（13）汇票的付款期限：（14）汇票的付款人：（15）货物的名称和数量：3. 根据下面的合同审核和修改信用证CONTRACT NO. 08.110 DATE: AUG. 2, 2008SELLERS: LI HUI TEXTILE IMP/EXP CORP., NINGBO, CHINABUYERS: VANCOUVER TRADING CO. LTD., VANCOUVER, CANADATHIS CONTRACT IS MADE BY AND BETWEEN THE BUYERS AND SELLERS, WHEREBY THE BUYERS AGREE TO BUY AND THE SELLERS AGREE TO SELL THE UNDER-MENTIONED COMMODITY ACCORDING TO THE TERMS AND CONDITIONS STIPULATED BELOW:COMMODITY: COTTON BATH TOWELSSPECIFICATIONS: ART NO. J3030, IN WHITE AND BLUE COLOR EQUALLY ASSORTEDQUANTITY: 1,000 DOZENUNIT PRICE: USD24.00 PER DOZEN CFRC 2 VANCOUVERTOTAL VALUE: USD24,000.00 (SAY U.S.D. TWENTY-FOUR THOUSAND ONLY)PACKING: IN CARTONS OF 5 DOZEN EACHSHIPPING MARK: AT SELLERS OPTIONINSURANCE: TO BE EFFECTED BY THE BUYERSTIME OF SHIPMENT: OCTOBER 2008PORT OF SHIPMENT: NINGBO, CHINAPORT OF DESTINATION: VANCOUVER, WITH TRANSSHIPMENT AT HONGKONGTERMS OF PAYMENT: BY SIGHT IRREVOCABLE LETTER OF CREDIT TO BE OPENED 30 DAYS BEFORE THE TIME OF SHIPMENT (AND TO REMAIN VALID FOR NEGOTIATION IN CHINA UNTIL THE 15TH DAY AFTER THE TIME OF SHIPMENT)COMMERCIAL BANK OF TORONTO DATE: SEPT. 1, 2008TO: LI HUI IMP/EXP CORP. NINGBO, CHINAADVISEDTHROUGH BANK OF CHINA, BEIJING NO. BOC08/09/01DOCUMENTARY LETTER OF CREDITIRREVOCABLEDEAR SIRS: YOU ARE AUTHORIZED TO DRAW ON COMMERCIAL BANK OF TORONTO FOR A SUM NOT EXCEEDING USD24,000.00 (SAY TWENTY-FOUR THOUSAND ONLY) AVAILABLE BY DRAFT DRAWN ON US AT 60 DAYS SIGHT ACCOMPANIED BY THE FOLLOWING DOCUMENTS:FULL SET OF CLEAN ON BOARD BILLS OF LADING MADE OUT TO ORDER AND BLANK ENDORSED, MARKED“FREIGHT PREPAID”DATED NOT LATER THAN SEPTEMBER 31, 2008 AND NOTIFY ACCOUNTEE.SIGNED COMMERCIAL INVOICE IN QUINTUPLICATE.CANADIAN CUSTOMS INVOICE IN QUINTUPLICATE.INSURANCE POLICIES (OR CERTIFICATES) IN DUPLICATE COVERING MARINE AND WAR RISKS.EVIDENCING SHIPMENT FROM NINGBO, CHINA TO TORONTO, CANADA OF THE FOLLOWING GOODS: 10,000 DOZEN OF ART NO. J3030 COTTON BATH TOWELS AT USD 24.00 PER DOZEN CFR VANCOUVER, DETAILS AS PER YOUR S/C NO. 08.110.PARTIAL SHIPMENTS ARE ALLOWED.TRANSSHIPMENT IS PROHIBITED.THIS CREDIT EXPIRES ON NOVEMBER 15, 2008 请问该信用证有哪些错误？应怎样修改？4. 根据所提供的合同，审核信用证并修改SHANGHAI LIGHT INDUSTRIAL PRODUCTS IMPORTAND EXPORT CORPORATIONSALES CONFIRMATION128 Huqiu Road Shanghai ChinaTele: 86-21-23140568Fax: 86-21-25467832TO: CONSOLIDATORS LIMITED NO: PLW253RM. 13001-13007E, 13/F, DATE: Sept. 15, 2003ASUA TERMINALS CENTER B.BERTH 3, KWAI CHUNG, N. T. , HONGKONGP. O. Box 531 HONGKONGWe hereby confirm having sold to you the following goods on terms and conditions as stated belowNAME OF COMMODITY: Butterfly Brand Sewing MachineSPECIFICATION: JA-115 3 Drawers Folding CoverPACKING; Packed in wooden cases of one set eachQUANTITY: Total 5500setsUNIT PRICE: USD64.00 per set CIFC3% H. K.TOTAL AMOUNT: USD352,000.00 (Say U. S. dollars three hundred and fifty two thousand only)SHIPMENT: During Oct. /Nov. 2003 from Shanghai to H. K. with partial Shipments and transshipment permitted.INSURANCE: To be covered by the seller for 110% of total invoice value against All risks and war risks as per the relevant ocean marine cargo clauses of the Peoples Insurance Company of China dated January 1, 1981.PAYMENT: The buyer should open through a bank acceptable to the seller an irrevocable Letter of Credit at 30 days after sight to reach the Seller 30 days before the month of Shipment valid for negotiation in China until the 15th day after the date of shipment.REMARKS: Please sign and return one copy for our file.The Buyer: The Seller:CONSOLIDATORS LIMITED SHANGHAI LIGHT INDUSTRIAL PRIDUCTS IMPORT AND EXPORT CORPORATION信用证HONGKONG & SHANGHAI BANKING CORPORATIONQUEENS ROAD CENTERAL, P. O. BOX 64, H. K.TEL: 822-1111 FAX: 810-1112Advised through: Bank of China, NO. CN3099/714 Shanghai Branch DATE: Oct. 2, 2003 H. K.To: Shanghai Light Industrial Products Import and Export Corp. 128 HUPIU ROAD SHANGHAI, CHINADear Sirs: We are pleased to advise that for account of Consolidators Limited, H. K. , we hereby open our L/C No. CN3099-714 in your favour for a sum not exceeding about USD330,000.00 (Say US Dollars Three Hundred Thirty Thousand only) available with any bank by negotiation against presentation of your drafts on HSBC at 30 days after shipment date accompanied by the following documents: 1. Signed commercial invoice in 6 copies. 2. Packing List in quadruplicate. 3. Full set of (3/3) clean on board Bs/L issued to our order notify the above mentioned buyer and marked “Freight Collect” dated not later than October 31, 2003. From Shanghai to Hongkong, Partial shipment are not permitted and transshipment is not permitted. 4. Insurance policy in 2 copies covering I. C. C for 150% invoice value against All risks and TPND as per the relevant ocean marine cargo clauses of the Peoples Insurance Company Of China dated January 1, 1981. 5. Certificate of Origin issued by China Council for the Promotion of International Trade. DESCRIPTION OF GOODS: 5500 sets Sewing Machine Art. No. JA-15 packed in wooden cases or cartons each at USD64.00 CIF H. K. Drafts drawn under this credit must be marked “drawn under HSBC, H. K.,” bearing the number and date of this credit. We undertake to honour all the drafts drawn in compliance with the terms of this credit if such drafts to be presented at our counter on or before Oct. 31, 2003. SPECIAL INSTRUCTIONS: (1)Shipment advice to be sent by fax to the applicant immediately after the shipment stating our L/C No., shipping marks, name of the vessel, g