Hey mate
You should have no problems here. I don’t think the search engines search for translated text let alone penalise for it.. after all, there are people around the world who need to know the same information so why should they be penalised for not speaking english?
I’d be interested to see if any SEO experts have anything opposite to say here..
The only other way I would suggest is to have folders for each lang..
eg
http://www.yourdomain.com/fr/index.htm
the most logical way would be fr.yourdomain.com although another way would be to actually get the french domain: http://www.yourdomain.fr – i have a feeling that in most countries you need a business licence or something to get their extension.. i know thats how it is in Oz..
Good luck!