natgillin/translations-raw huggingface dataset:
According to two studies published in 2016, there were around 12 credit rating agencies active on the Chinese market, a majority of which are state-owned.
U skladu s člankom 6. točkom (b) osnovne uredbe smatra se da je korist za primatelje razlika između iznosa kamate koju društvo plaća na zajam vlade i iznosa koji bi društvo platilo za usporedivi komercijalni zajam koji bi moglo dobiti na tržištu.
In total, 60 % of all rated corporate bonds in China had been rated by a state-owned ratings agency.
U tom pogledu Komisija je navela niz posebnosti na kineskom tržištu guma.
The GOC confirmed that, during the investigation period, there were 12 credit rating agencies active on China's bond market, among which 10 domestic rating agencies, including Global Credit Rating Co. Ltd, Shanghai Brilliance Credit Rating & Investors Service Co. Ltd, Golden Credit Rating International Co. Ltd, China Chengxin Securities Rating Co. Ltd, Pengyuan Credit Rating Co. Ltd, Shanghai Fareast Credit Rating Co., Ltd, China Bond Rating Co. Ltd, China Securities Index Co. Ltd, Shanghai Credit Information Services Co. Ltd There were also 2 Sino-foreign joint venture credit rating agencies, namely China Lianhe Credit Rating Co. Ltd, and China Chengxin International Credit Rating Co.,Ltd
Kako je prethodno objašnjeno u odjeljcima od 3.4.1 do 3.4.3, zajmovi koje daju kineske financijske institucije odražavaju znatnu intervenciju vlade i ne odražavaju kamatne stope uobičajene na funkcionirajućem tržištu.
Second, there is no free entrance on the Chinese credit rating market.
Razlikuje se opće financijsko stanje grupâ društava u uzorku.
It is essentially a closed market, since rating agencies need to be approved by the China Securities Regulatory Commission (‘CSRC’) or the PBOC before they can start operations.
Sve su grupe tijekom razdoblja ispitnog postupka ostvarile korist od različitih zajmova uz razlike u pogledu dospijeća, kolaterala, jamstava i ostalih povezanih uvjeta.
During the investigation period, foreign rating agencies were not allowed as such to operate on the Chinese domestic market, since the credit rating market was included in the ‘restricted’ category of the GOC's Catalogue of Industries for Guiding Foreign Investment, and foreign credit rating agencies were prohibited from issuing domestic bond ratings.
Zbog tih dvaju razloga svako je društvo imalo drukčiju prosječnu kamatnu stopu koja se temeljila na skupu primljenih zajmova.
The PBOC announced mid-2017 that overseas credit rating agencies would be allowed to carry out credit ratings on part of the domestic bond market, under certain conditions, but this was not yet applicable during the investigation period.
Komisija je ocijenila financijsko stanje svake grupe proizvođača izvoznika u uzorku kako bi te posebnosti uzela u obzir.
Nevertheless, in the meantime, foreign agencies did establish joint ventures with some local credit rating agencies, which provide credit ratings for domestic bond issues.
U te je svrhe Komisija primijenila metodu izračuna za davanje povlaštenih zajmova koja je uspostavljena u antisubvencijskom ispitnom postupku o toplovaljanim plosnatim proizvodima od čelika podrijetlom iz NRK-a i objašnjena u uvodnim izjavama u nastavku.
However, these ratings follow Chinese rating scales and are thus not exactly comparable with international ratings, as explained above.
Na temelju toga za svaku je grupu u uzorku pojedinačno izračunala korist koju je ostvarila od prakse davanja povlaštenih zajmova i tu korist pripisala predmetnom proizvodu.
In view of the situation described in recitals (237) to (241) above, the Commission concluded that Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
Kreditni rejtinzi
On this basis, even if some sampled companies were awarded a good credit rating by a Chinese rating agency, the Commission concluded that such ratings are not reliable.
Komisija je već u antisubvencijskom ispitnom postupku o toplovaljanim plosnatim proizvodima od čelika podrijetlom iz NRK-a utvrdila da domaći kreditni rejtinzi dodijeljeni kineskim društvima nisu pouzdani s obzirom na studiju Međunarodnog monetarnog fonda, u kojoj je vidljiva neusklađenost međunarodnih i kineskih kreditnih rejtinga, i nalaze ispitnog postupka o društvima u uzorku.
Revolving loans
Prema MMF-u više od 90 % kineskih obveznica ima rejting od AA do AAA koji su dodijelile lokalne agencije za kreditni rejting.
Following the findings described in section 3.4.4 of the anti-subsidy investigation on hot rolled flat steel products originating in the PRC, revolving loans are loans which allow a company to replace the capital repaid on loans at the maturity date by fresh capital from new loans.
To nije usporedivo s drugim tržištima kao što su EU ili SAD.
Revolving loans are usually a sign of short term liquidity problems of the borrower, and involve a greater risk exposure for the banks granting them.
Na primjer, na tržištu SAD-a tako visoki rejting ima manje od 2 % poduzeća.
The existence of revolving loans in a given company was therefore considered an indication that the company is in a worse financial situation than what the financial statements would suggest at first sight, and that there is an additional risk related to short-term liquidity problems.
Kineske agencije za kreditni rejting stoga su jako usmjerene na davanje rejtinga na gornjem kraju ljestvice rejtinga.
For the purpose of the current investigation, the Hankook Group in China consists of two exporting producers, two companies providing inputs to the exporting producer, and one sales company.
Imaju vrlo opsežne ljestvice rejtinga i sklone su uključivati obveznice sa znatno različitim rizicima od neplaćanja u jednu široku kategoriju rejtinga.
The headquarters of the Group are located outside China, in Korea, and there is no holding company within China exercising control over all the companies operating in the PRC.
Osim toga, kada ocjenjuju kineske obveznice izdane u inozemstvu, strane agencije za kreditni rejting kao što su Standard and Poor's i Moody's u pravilu povećavaju osnovni kreditni rejting izdavatelja na temelju procjene strateške važnosti društva za kinesku vladu i pouzdanosti svih implicitnih jamstava ako postoje.
During the investigation period, the exporting producers mainly secured necessary funds from international banks located outside of China, as well as the Korean mother company, and an intercompany cash pool agreement.
Na primjer, društvo Fitch jasno je ukazalo na to da su ta jamstva, gdje je primjenjivo, ključni element na kojima temelji svoje kreditne rejtinge kineskih društva.
However, they also secured some short-term loans by selling their export receivables to Chinese banks.
Komisija je tijekom ispitnog postupka otkrila dodatne informacije kojima je dopunila tu analizu.
The two exporting producers of the Hankook Group have a very different financial situation.
Prvo, Komisija je utvrdila da država može u određenoj mjeri utjecati na tržište kreditnih rejtinga.
One of them is a mature business with constant profits during the period 2014-2016, the other one has been more recently set up and has accumulated heavy losses since its start up, although it had been making profits for the first time in 2017.
Prema dvjema studijama objavljenima 2016. na kineskom tržištu poslovalo je približno 12 agencija za kreditni rejting, od čega je većina u državnom vlasništvu.
The debt to assets ratio is quite low in one case and very high in the other case.
Agencija za kreditni rejting u državnom vlasništvu ocijenila je ukupno 60 % svih ocijenjenih korporativnih obveznica u Kini.
When taken together and compared over a longer period, the combined profitability of the companies was positive though fragile over the period considered, indicating that minor changes in the internal or external business environment could expose the group to a loss-making situation.
Kineska vlada potvrdila je da je tijekom razdoblja ispitnog postupka na kineskom tržištu obveznica djelovalo 12 agencija za kreditni rejting, od čega su njih deset domaće agencije za kreditni rejting, uključujući Global Credit Rating Co. Ltd, Shanghai Brilliance Credit Rating & Investors Service Co. Ltd, Golden Credit Rating International Co. Ltd, China Chengxin Securities Rating Co. Ltd, Pengyuan Credit Rating Co. Ltd, Shanghai Fareast Credit Rating Co., Ltd, China Bond Rating Co. Ltd, China Securities Index Co. Ltd, Shanghai Credit Information Services Co. Ltd.
This assessment was confirmed during the verification visit.
Djelovala su i dva zajednička pothvata, odnosno kinesko-strane agencije za kreditni rejting: China Lianhe Credit Rating Co. Ltd. i China Chengxin International Credit Rating Co.,Ltd.
The Commission noted that Jiangsu Hankook Tire Co. Ltd (‘JHT’) has been awarded credit ratings ranging from BBB+ to AA+ by Chinese state-owned financial institutions, whereas Chongqing Hankook Tire Co. Ltd (‘CHT’) has been awarded credit ratings ranging from BBB- to A+ by the same state-owned financial institutions.
Drugo, nema slobodnog ulaza na kinesko tržište kreditnih rejtinga.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, the Commission concluded that this rating was not reliable.
To je u načelu zatvoreno tržište jer Kinesko regulatorno tijelo za vrijednosne papire („CSRC”) ili NBK mora odobriti agencije za kreditni rejting prije nego što one mogu početi poslovati.
Looking at the situation of the loss-making producer, there could be doubts about the companies' debt repayment abilities.
Tijekom razdoblja ispitnog postupka stranim agencijama za kreditni rejting nije bilo dopušteno poslovanje na kineskom domaćem tržištu jer je tržište kreditnih rejtinga pripadalo u „ograničenu” kategoriju Kataloga industrija za usmjeravanje stranih ulaganja, koji je pripremila kineska vlada, te je stranim agencijama za kreditni rejting bilo zabranjeno izdavanje rejtinga domaćih obveznica.
However, the vast majority of loans granted to the company were intercompany loans from the Korean mother company.
NBK je sredinom 2017. najavio da će prekomorskim agencijama za kreditni rejting biti dopušteno dodjeljivanje kreditnog rejtinga na dijelu domaćeg tržišta obveznica pod određenim uvjetima, no to još nije bilo na snazi tijekom razdoblja ispitnog postupka.
The company only had a limited amount of short-term loans from Chinese banks.
Unatoč tome u međuvremenu su strane agencije osnovale zajedničke pothvate s nekim lokalnim agencijama za kreditni rejting koje dodjeljuju kreditne rejtinge izdanjima domaćih obveznica.
The Commission found that these short-term loans provided by a Chinese financial institution were actually revolving loans.
No ti rejtinzi dodjeljuju se prema kineskim ljestvicama rejtinga, stoga nisu potpuno usporedivi s međunarodnim rejtinzima kako je prethodno objašnjeno.
Following the disclosure of the Information Document, the Hankook Group submitted that these loans were successive withdrawals of capital within the context of a wider framework agreement.
S obzirom na situaciju prethodno opisanu u uvodnim izjavama od 237. do 241.
After further analysis, the Commission accepted Hankook's claims on the nature of these loans, and adapted its calculations accordingly, using the interest rate at the time of withdrawal of the funds.
Komisija je zaključila da kineski kreditni rejtinzi nisu pouzdana procjena kreditnog rizika odnosne imovine.
As mentioned in section 3.4.1 above, the Chinese lending financial institutions did not provide any creditworthiness assessment.
Iako je kineska agencija za kreditni rejting nekim društvima u uzorku dodijelila dobar rejting, Komisija je na temelju prethodno navedenoga zaključila da ti rejtinzi nisu pouzdani.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Hankook Group were at market level.
Revolving zajmovi
The Commission considered that the overall financial situation of the group corresponds to a BB rating, which is the highest rating that does no longer qualify as ‘investment grade’.
U skladu s nalazima opisanima u odjeljku 3.4.4 antisubvencijskog ispitnog postupka o toplovaljanim plosnatim proizvodima od čelika podrijetlom iz NRK-a revolving zajmovi jesu zajmovi koji društvu omogućuju da zamijeni kapital iz zajmova koje je otplatio na datum njihova dospijeća svježim kapitalom iz novih zajmova.
‘Investment grade’ means that bonds issued by the company are judged by the rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
Revolving zajmovi u pravilu su naznaka da primatelj zajma ima kratkoročnih problema s likvidnošću, a kada ih odobre, banke su izloženije rizicima.
The premium expected on bonds issued by firms with this rating (BB) was then applied to the standard lending rate of the PBOC in order to determine the market rate.
Postojanje revolving zajmova u određenom društvu stoga se smatralo samo pokazateljem lošijeg financijskog stanja od onoga što se na prvi pogled moglo zaključiti iz njegovih financijskih izvještaja te da je dodatni rizik povezan s kratkoročnim problemima s likvidnošću.
That mark-up was determined by calculating the relative spread between the indices of US AA rated corporate bonds to US BB rated corporate bonds based on Bloomberg data for industrial segments.
Za potrebe trenutačnog ispitnog postupka Grupa Hankook u Kini sastoji se od dvaju proizvođača izvoznika, dvaju društava koji ulaznim materijalima opskrbljuju proizvođača izvoznika i jednog prodajnog društva.
The relative spread thus calculated was then added to the benchmark interest rates as published by the PBOC at the date when the loan was granted, and for the same duration as the loan in question.
Sjedište Grupe nalazi se izvan Kine (u Koreji), a u Kini ne postoji holding društvo koje kontrolira sva društva koja posluju u NRK-u.
This was done individually for each loan provided to the company.
Tijekom razdoblja ispitnog postupka proizvođači izvoznici osigurali su potrebna sredstva od međunarodnih banaka izvan Kine i korejskog matičnog društva te u okviru ugovora o zajedničkom računu između društava.
As for loans denominated in foreign currencies in the PRC, the same situation in respect of market distortions and the absence of valid credit ratings applies, because these loans are granted by the same Chinese financial institutions.
No osigurali su i neke kratkoročne zajmove prodajom svojih izvoznih potraživanja kineskim bankama.
Therefore, as found before, BB rated corporate bonds in relevant denominations issued during the investigation period were used to determine an appropriate benchmark.
Financijsko stanje dvaju proizvođača izvoznika Grupe Hankook vrlo je različito.
Following the disclosure of the Information Document and after final disclosure, both the GOC and three out of the four sampled companies contested the Commission's methodology using a relative spread between US AA rated and US BB rated corporate bonds to calculate the benefit on preferential loans.
Jedno od njih zrelo je poduzeće koje je od 2014. do 2016. ostvarivalo stalnu dobit, a drugo je nedavno osnovano i akumuliralo je velike gubitke od osnivanja iako je prvi put počelo ostvarivati dobit 2017.
All of them alleged that the Commission should have used an absolute instead of a relative spread between the US AA rated bonds and the US BB rated bonds.
Omjer duga u odnosu na imovinu prilično je nizak u jednom slučaju i prilično visok u drugom slučaju.
The following reasons were provided:
Ako se objedine i usporede njihovi rezultati tijekom dužeg razdoblja, zajednička profitabilnost društava bila je pozitivna iako nestabilna u promatranom razdoblju, što ukazuje na to da bi manje promjene u unutarnjem ili vanjskom poslovnom okruženju mogle grupu izložiti gubicima.
The level of the relative spread fluctuates with the level of the base interest rate in the US: the lower the interest rate level is, the higher the resulting mark-up will be.
Ta je procjena potvrđena tijekom posjeta radi provjere.
The level of the resulting benchmark fluctuates according to the level of the PBOC benchmark rate to which it is applied.
Komisija je primijetila da su kineske financijske institucije u državnom vlasništvu društvu Jiangsu Hankook Tire Co. Ltd („JHT”) dodijelile kreditne rejtinge od BBB+ do AA+, a društvu Chongqing Hankook Tire Co. Ltd („CHT”) kreditne rejtinge od BBB- do A+.
The higher the PBOC benchmark rate, the higher the resulting benchmark will be.
Uzevši u obzir činjenicu da je kineski kreditni rejting općenito iskrivljen, kako je prethodno navedeno u uvodnim izjavama od 237. do 242., Komisija je zaključila da taj rejting nije pouzdan.
According to historical data provided by the Giti Group, the absolute spread remains roughly stable over time, whereas the relative spread shows great variations.
U slučaju proizvođača koji je bilježio gubitke, mogle bi postojati sumnje u sposobnost društava da otplate dugove.
The fact that the Commission found a benefit for all loans in RMB but not for most loans in foreign currencies proves that the use of the relative spread is erroneous.
No veliku većinu zajmova društvo je dobilo od drugog društva, odnosno korejskog matičnog društva.
The first three issues were already presented in the HRF case.
Društvo je imalo samo mali broj kratkoročnih zajmova kineskih banaka.
As can be seen from recitals (175) to (187) in the HRF case, the Commission rejected these arguments on the following grounds:
Komisija je utvrdila da su ti kratkoročni zajmovi kineskih financijskih institucija zapravo revolving zajmovi.
First, while the Commission recognised that commercial banks usually use a mark-up expressed in absolute terms, it observed that this practice seems mainly based on practical considerations, because the interest rate is ultimately an absolute number.
Nakon objave dokumenta s informacijama Grupa Hankook tvrdila je da su ti zajmovi zapravo uzastopno povlačenje kapitala u kontekstu šireg okvirnog ugovora.
The absolute number is however the translation of a risk assessment that is based on a relative evaluation.
Nakon daljnje analize Komisija je prihvatila tvrdnje Grupe Hankoook o prirodi tih zajmova i u skladu s time prilagodila izračun tako da je upotrijebila kamatnu stopu u trenutku povlačenja sredstava.
The risk of default of a BB-rated company is X % more likely than default of the government or a risk-free company.
Kako je prethodno navedeno u odjeljku 3.4.1., kineske kreditne financijske institucije nisu provele nikakvu procjenu kreditne sposobnosti.
This is a relative evaluation.
Kako bi utvrdila korist, Komisija je stoga morala procijeniti jesu li kamatne stope za zajmove dodijeljene Grupi Hankook na tržišnoj razini.
Second, interest rates reflect not only company risk profiles, but also country- and currency specific risks.
Komisija je smatrala da opće financijsko stanje grupe odgovara rejtingu BB, što je najviši rejting nakon kategorije „investicijski rejting”.
The relative spread thus captures changes in the underlying market conditions which are not expressed when following the logic of an absolute spread.
„Investicijski rejting” znači da agencija za kreditni rejting smatra da se obveznicama koje je izdalo određeno društvo u dovoljnoj mjeri jamči da će ono ispuniti obvezu plaćanja tako da banke mogu u njih ulagati.
Often, as in the present case, the country- and currency-specific risk varies over time, and the variations are different for different countries.
Premija koja se može očekivati na obveznice koje izdaju društva s tim rejtingom (BB) zatim je primijenjena na standardnu stopu na zajmove NBK-a radi utvrđivanja tržišne cijene.
As a result, the risk-free rates vary significantly over time, and are sometimes lower in the US, sometimes in China.
To uvećanje utvrđeno je izračunom relativnog raspona između indeksa korporativnih obveznica s rejtingom AA i korporativnih obveznica s rejtingom BB u SAD-u na temelju podataka društva Bloomberg za industrijske segmente.
These differences relate to factors such as observed and expected GDP growth, economic sentiment, and inflation levels.
Tako izračunan relativni raspon zatim je dodan referentnoj kamatnoj stopi, kako ju je objavio NBK na dan dodjele zajma, i za isto razdoblje kao predmetni zajam.
Because the risk-free rate varies over time, the same nominal absolute spread can signify a very different assessment of the risk.
To je učinjeno za svaki zajam odobren društvu.
For example, where the bank estimates the company-specific risk of default at 10 % higher than the risk-free rate (relative estimation), the resulting absolute spread can be between 0,1 % (at a risk-free rate of 1 %) and 1 % (at a risk-free rate of 10 %).
Kada je riječ o zajmovima u stranim valutama u NRK-u, situacija u pogledu poremećaja na tržištu i izostanka valjanih kreditnih rejtinga jednaka je jer i te zajmove odobravaju iste kineske financijske institucije.
From an investor perspective, the relative spread is hence a better measure as it reflects the magnitude of the yield spread and the way it is affected by the base interest-rate level.
Stoga su za određivanje referentne vrijednosti, kako je prethodno utvrđeno, upotrijebljene korporativne obveznice s rejtingom BB izražene u odgovarajućim valutama i izdane tijekom razdoblja ispitnog postupka.
Third, the relative spread is also country–neutral.
Nakon objave dokumenta s informacijama i konačne objave kineska vlada i tri od četiriju društava u uzorku osporila su metodu Komisije prema kojoj se za izračun koristi od zajmova s povlaštenom stopom upotrebljava relativni raspon između korporativnih obveznica s rejtingom AA i korporativnih obveznica s rejtingom BB u SAD-u.
For instance, where the risk-free rate in the US is lower than the risk-free rate in China, the method will lead to higher absolute mark-ups.
Svi su tvrdili da je Komisija trebala upotrijebiti apsolutni raspon umjesto relativnog raspona između korporativnih obveznica s rejtingom AA i korporativnih obveznica s rejtingom BB u SAD-u.
On the other hand, where the risk-free rate in China is lower than in the US the method will lead to lower absolute mark-ups.
Iznijeli su sljedeće razloge za to.
This is also acknowledged by the Giti Group in table 3 of its submission, where the impact of different PBOC rates is simulated.
Relativni raspon mijenja se ovisno o promjeni osnovne kamatne stope u SAD-u: što je kamatna stopa niža, to je posljedično uvećanje veće.
In practice, when applying the data provided by the Giti Group to the historical PBOC rates, it shows that in some years the relative methodology indeed produces a lower benchmark than the absolute spread.
Posljedična referentna vrijednost mijenja se ovisno o referentnoj stopi NBK-a na koju se primjenjuje.
On the third point, the Commission interpreted the facts presented by the Giti Group in a different manner.
Što je referentna stopa NBK-a viša, to je posljedična referentna vrijednost veća.
The Giti Group itself noted that the absolute spread is not as stable as alleged, but instead varies over time, from 1 % to 4,5 %.
Na temelju povijesnih podataka koje je dostavila Grupa Giti, apsolutni raspon uglavnom je bio stabilan, ali vidljive su velike promjene relativnog raspona.
In addition, the relative spread follows exactly the same trend as the absolute spread over the past 23 years, i.e. when the relative spread increases the absolute spread also increases and vice versa.
Činjenica da je Komisija utvrdila korist za sve zajmove u CNY, no ne i za većinu zajmova u stranim valutama, dokazuje da je upotreba relativnog raspona bila pogreška.
As for the alleged volatility of the relative spread, the magnitude of the changes are similar — the difference between the highest and the lowest figures is 530 % for the relative spread and 450 % for the absolute spread.
Prva tri pitanja već su iznesena u predmetu o toplovaljanim plosnatim proizvodima od čelika.