natgillin/translations-raw huggingface dataset:
Although requested to do so, Yadea Group did not provide any information on its credit rating.
Po razkritju je skupina Bodo Group nasprotovala uporabi bonitetne ocene BB kot referenčne vrednosti za finančni položaj družbe.
While none of the companies of the Yadea Group producing the product concerned had loans during the investigation period, the group secured necessary funds from four private and State-owned banks through bank acceptances.
Posojila
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above, and the specific profitability discussed in recital (263) the Commission considered that the overall financial situation of the group justified the application of the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recitals (248) to (252).
Kakor je navedeno v uvodni izjavi 234, je v skladu s členom 6(b) osnovne uredbe ugodnost za prejemnike razlika med zneskom obresti, ki ga družba plača za preferenčno posojilo, in zneskom, ki bi ga družba plačala za primerljivo komercialno posojilo, ki bi ga dobila na prostem trgu.
For the purpose of the current investigation, the Rununion Group consisted of one exporting producer; i.e. Suzhou Rununion Motivity Co., Ltd. and one company leasing the land to the exporting producer; i.e. Suzhou Kaihua Electric Appliance Plastic Factory.
Pri posojilih in finančnem zakupu v RMB je bila zunanja referenčna vrednost za primerljivo komercialno posojilo opredeljena z uporabo veljavnih obrestnih mer, ki jih je določila Ljudska banka Kitajske, prilagojenih z ustreznim pribitkom (da se upošteva ocena BB).
All group companies are located in China.
Pribitek je bil določen z uporabo povprečnega relativnega razmika med obveznicami, ki so jih izdale družbe v ZDA z ocenama „A“ in „BB“, na podlagi podatkov družbe Bloomberg za industrijske segmente.
While the exporting producer appeared financially healthy as it was profitable in 2016 and 2017, the situation of its related company was different i.e. loss-making in 2016.
Za vsako posamezno obdobje (3 mesece, 6 mesecev, 1 leto itd.) je bil uporabljen poseben razmik, ki je bil prištet referenčnim obrestnim meram.
The accumulated losses of that company were over 20 times superior to its paid-up capital.
To se je izvedlo za vsako posojilo, zagotovljeno zadevnemu proizvajalcu izvozniku.
During the investigation period, the exporting producer secured necessary funds from two State-owned banks through bank acceptances.
Po razkritju sta dve zainteresirani strani trdili, da je kitajska finančna institucija, ki zagotavlja finančni zakup vzorčeni družbi, v zasebni lasti in je ni mogoče šteti za vladni organ v smislu člena 2(b) osnovne uredbe.
Such bank acceptances accounted for over 25 % of its balance sheet total.
Trdili sta tudi, da finančni zakup ni posojilo, ker ne vključuje dejanja izposojanja in odplačevanja z obrestmi, saj sestoji samo iz dejanja zakupa.
The related company leasing the land Suzhou Kaihua Electric Appliance Plastic Factory, secured its necessary funds through a loan from a related company.
Poleg tega sta trdili, da razkritje usklajenega mesečnega obroka in izračuna ugodnosti ni bilo zadostno.
Furthermore, other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding these companies' debt repayment abilities.
V zvezi s tem je treba napotiti na uvodne izjave 218 do 229, kjer je bilo zaključeno, da je država vsem finančnim institucijam (vključno z zasebnimi finančnimi institucijami), ki na Kitajskem poslujejo pod nadzorom komisije bančnih regulatorjev Kitajske, zaupala ali ukazala v smislu prve alinee člena 3(1)(a)(iv) osnovne uredbe, naj izvajajo vladne politike in industriji električnih koles zagotavljajo posojila po preferenčnih obrestnih merah.
The Commission noted that Suzhou Rununion Motivity Co., Ltd had been awarded a credit rating of BBB+ by one Chinese State-owned financial institution, whereas Suzhou Kaihua Electric Appliance Plastic Factory did not provide any credit rating.
Kar zadeva opredelitev tovrstne finančne transakcije, je treba opozoriti, da je zadevna vzorčena družba del stroškov z zvezi s tako transakcijo sama knjižila kot obrestni odhodek ter da tudi kreditni bonitetni center Ljudske banke Kitajske (v nadaljnjem besedilu: center CRCP) tako finančno transakcijo priznava za posojilo.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above, and the specific profitability discussed in recitals (268) to (270), the Commission concluded that this rating was not reliable.
Kar zadeva razkritje, je Komisija menila, da je podrobno pojasnila metodologijo, uporabljeno za izračun usklajenega mesečnega obroka, ter tudi zagotovila vse formule, uporabljene za izračun prejetih ugodnosti.
Consequently, the Commission considered that the overall financial situation of the group justified the application of the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recitals (236) to (240).
Pri posojilih v USD je bila zunanja referenčna vrednost za primerljivo komercialno posojilo opredeljena z uporabo veljavnih obrestnih mer USD LIBOR za posamezen mesec z dospelostjo 3 mesecev ali 6 mesecev, prilagojenih z ustreznim pribitkom (da se upošteva ocena BB).
After disclosure, Rununion Group contested the application of BB rating as the benchmark for the financial situation of the company.
Pri posojilih v EUR je bila zunanja referenčna vrednost za primerljivo komercialno posojilo opredeljena z uporabo povprečnega evrskega indeksa visokega donosa ICE BofAML v OP.
It claimed that it is unreasonable to use the BB rated corporate bonds to determine an appropriate benchmark without proper consideration of the financial situation of the company.
Indeks zajema vrednostne papirje, ki imajo oceno pod naložbenim razredom (na podlagi povprečja družb Moody's, S&P in Fitch).
(‘Bodo’) and one company (Tianjin Xinbao Vehicle Industry Co., Ltd or ‘Xinbao’) which served as a guarantor for a number of loans.
Ker ima Japonska podobno stopnjo gospodarskega razvoja kot ZDA, je Komisija menila, da so najustreznejši približek za posojila v valuti JPY povprečne obrestne mere LIBOR v USD.
While both companies appeared financially viable during the period considered, Xinbao was loss-making in 2017.
Po razkritju so zbornica CCCME in tri od petih vzorčenih družb nasprotovale metodologiji Komisije, s katero se je za izračun ugodnosti preferenčnih posojil uporabil relativni razmik med podjetniškimi obveznicami z bonitetno oceno AA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA.
During the investigation period, the exporting producer secured necessary funds from a private Chinese financial institution through a financial leasing and from two State-owned banks through loans and bank acceptances.
Vse so trdile, da bi morala Komisija namesto relativnega razmika uporabiti absolutni razmik med obveznicami z bonitetno oceno AA in obveznicami z bonitetno oceno BB v ZDA.
The loans contracted by Bodo with a State-owned Chinese bank were guaranteed by a company that had a lower credit rating than Bodo itself and the collateral used belonged to another related company, thus casting doubt about the robustness of such guarantee.
Navedel je naslednje poglavitne razloge:
Bodo had been awarded a credit rating of AA by one Chinese State-owned financial institutions, whereas the credit rating of Xinbao deteriorated from A to BBB+ in the IP.
raven relativnega razmika se spreminja glede na raven izhodiščne obrestne mere v ZDA: čim nižja je raven obrestne mere, tem višji bo posledični pribitek;
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above and the specific profitability discussed in recitals (276) to (278), the Commission concluded that this rating was not reliable.
Navedene trditve so bile že predstavljene v zadevi v zvezi z vroče valjanimi ploščatimi izdelki in tudi v zadevi v zvezi s pnevmatikami.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above, and the specific profitability discussed in recitals (276) to (278) The Commission considered that the overall financial situation of the group justified the application of the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recitals (217) to (221).
Kot je razvidno iz uvodnih izjav 175 do 187 zadeve v zvezi z vroče valjanimi ploščatimi izdelki, je Komisija te argumente zavrnila iz naslednjih razlogov:
After disclosure Bodo Group contested the application of BB rating as the benchmark for the financial situation of the company.
prvič, čeprav je Komisija priznala, da poslovne banke običajno uporabljajo pribitek, izražen v absolutnem smislu, je ugotovila, da so razlogi za to prakso večinoma praktični, kajti obrestna mera je navsezadnje absolutno število.
Loans
Vendar absolutno število izraža oceno tveganja, ki temelji na relativnem vrednotenju.
As mentioned in recital (234), according to Article 6(b) of the basic Regulation, the benefit conferred on the recipients is the difference between the amount of interest that the company pays on the preferential loan and the amount that the company would pay for a comparable commercial loan obtainable on the free market.
Tveganje neplačila za družbo, ocenjeno z BB, je X % verjetnejše kot plačilna nesposobnost vlade ali netvegane družbe.
For loans and financial leasing denominated in RMB, the external benchmark for a comparable commercial loan was determined using the applicable interest rates as set by the People's Bank of China, adjusted with the appropriate mark-up (in order to reflect the BB rating).
To je relativna ocena;
The mark-up was determined using an average relative spread between bonds issued by ‘A’ and ‘BB’ rated companies in the US, based on Bloomberg data for industrial segments.
drugič, obrestne mere ne izražajo le profilov tveganja družb, pač pa tudi tveganja, odvisna od države in valute.
A specific spread was applied for each individual term (3 months, 6 months, 1 year, etc.) and added to the benchmark interest rates.
Relativni razmik tako zajema spremembe tržnih razmer, ki niso izražene, če se uporablja logika absolutnega razmika.
This was done individually for each loan provided to the exporting producer concerned.
Pogosto, tudi v tej zadevi, se tveganja, odvisna od države in valute, spreminjajo skozi čas, pri čemer so spremembe od države do države različne.
After disclosure, two interested parties claimed that the Chinese financial institution providing financial leasing to a sampled company is privately owned and cannot be regarded as the government body within the meaning of Article 2(b) of the basic Regulation.
Zato se netvegane obrestne mere precej spreminjajo skozi čas in so včasih nižje v ZDA, včasih pa na Kitajskem.
It also claimed that financial leasing is not a loan as it does not involve the act of borrowing and repaying with interest as it consists only in an act of lease.
Te razlike so povezane z dejavniki, kot so ugotovljena in pričakovana rast BDP, zaupanje v gospodarstvo in stopnje inflacije.
Furthermore, it claimed that the disclosure of the equated monthly instalment and calculation of the benefit was insufficient.
Ker se stopnje netveganih obrestnih mer skozi čas spreminjajo, lahko iste nominalne absolutne vrednosti pomenijo zelo različne ocene tveganja.
In this regard, reference is made to recitals (218) to (229) where it was concluded that all financial institutions (including private financial institutions) operating in China under the supervision of the CBRC have been entrusted or directed by the State in the sense of Article 3(1)(a)(iv), first indent of the basic Regulation to pursue governmental policies and provide loans at preferential rates to the electric bicycle industry.
Na primer, če banka oceni, da je za družbo specifično tveganje neplačila pri 10 % večje kot netvegana obrestna mera (relativna ocena), se lahko absolutna vrednost razmika, ki tako nastane, gibajo med 0,1 % (pri stopnji netvegane obrestne mere 1 %) in 1 % (pri stopnji netvegane obrestne mere 10 %).
As far as the qualification of such type of financial transaction is concerned, it should be noted that the sampled company concerned booked itself part of the costs involved in such transaction as an interest expense and that such financial transaction is also recognised by the credit reference center of the PBOC (‘CRCP’) as a loan.
Z vidika vlagatelja je torej relativni razmik boljši merilni instrument, saj odraža obseg razmika donosa in način, kako nanj vpliva raven temeljne obrestne mere;
As far as the disclosure is concerned, the Commission considered that it provided detailed explanations concerning the methodology applied to calculate the equated monthly instalment and also provided all formulas used to calculate the benefit received.
tretjič, relativni razmik je tudi neodvisen od države.
For loans denominated in USD, the external benchmark for a comparable commercial loan was determined using the applicable month specific USD LIBOR interest rates 3 months or 6 months, adjusted with the appropriate mark-up (in order to reflect the BB rating).
Na primer, če bo netvegana obrestna mera v ZDA nižja od netvegane obrestne mere na Kitajskem, bodo z uporabo te metode absolutne vrednosti pribitkov višje.
For loans denominated in EUR, the external benchmark for a comparable commercial loan was determined by using the IP average rate of the ICE BofAML Euro High Yield Index.
Če pa bo netvegana obrestna mera na Kitajskem nižja kot v ZDA, bodo absolutne vrednosti pribitkov nižje;
The index consists of securities which have a below investment grade rating (based on an average of Moody's, S&P, and Fitch).
poleg tega uporaba relativnega razmika zajema spremembe osnovnih tržnih razmer iz posamezne države, ki niso izražene, če se uporablja logika absolutnega razmika, kot je navedeno v uvodni izjavi 292 zgoraj.
For loans denominated in JPY currency, there were no data found regarding bonds issued by ‘BB’ rated companies in the Japanese market for industrial segments.
Komisija je iz teh razlogov, ki enako veljajo za sedanjo preiskavo, vztrajala pri svojem stališču, da metoda relativnega razmika ustrezneje odraža premijo za tveganje, ki bi jo finančna institucija uporabila za kitajske proizvajalce izvoznike na neizkrivljenem trgu, zlasti ker sta se osnovni obrestni meri v LRK in v ZDA gibali drugače.
Since Japan has a similar level of economic development as the USA, the Commission therefore considered that the USD average LIBOR rates was the most appropriate proxy for loans nominated in JPY.
Poleg tega je skupina Giant Group trdila, da se za posojila v valuti JPY ne bi smele kot približek uporabiti povprečne obrestne mere LIBOR v USD in da bi bilo treba uporabiti obrestno mero, ki je dejansko obstajala za posojila v valuti JPY.
After disclosure, both the CCCME and three out of the five 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.
Komisija je že v uvodni izjavi 291 pojasnila, zakaj je menila, da so najustreznejši približek za posojila v valuti JPY povprečne obrestne mere LIBOR v USD.
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.
Prav tako niso bili predloženi dokazi za podobne transakcije na japonskem trgu.
The following main reasons were provided:
Ta trditev se zato zavrne.
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.
Kreditne linije
The level of the resulting benchmark fluctuates according to the level of the PBOC benchmark rate to which it is applied.
Preiskava je pokazala, da so kitajske finančne institucije zagotavljale tudi kreditne linije v povezavi z zagotavljanjem posameznih posojil vsakemu od vzorčenih proizvajalcev izvoznikov.
The higher the PBOC benchmark rate, the higher the resulting benchmark will be.
Vključevale so okvirne sporazume, v skladu s katerimi bi banka vzorčenim proizvajalcem izvoznikom dovolila, da dvignejo določen najvišji znesek v obliki različnih dolžniških instrumentov (posojila, dokumentarne menice, financiranje trgovanja itd.).
These arguments brought forward were already presented in the HRF case and also in the tyres case.
V normalnih tržnih razmerah bi bile take kreditne linije predmet tako imenovane pogodbene opravnine ali opravnine za prevzete obveznosti za kritje stroškov in tveganj banke za odprtje kreditne linije ter opravnin za podaljšanje, ki se na letni osnovi zaračunavajo za podaljšanje veljavnosti kreditnih linij.
As can be seen from recitals (175) to (187) in the HRF case, the Commission rejected these arguments on the following grounds:
Kljub temu je Komisija ugotovila, da so nekateri vzorčeni proizvajalci izvozniki uživali ugodnosti kreditnih linij, ki so bile zagotovljene brezplačno.
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.
V skladu s členom 6(d)(ii) osnovne uredbe se tako dodeljena ugodnost za prejemnike obravnava kot razlika med zneskom, ki ga zadevni proizvajalec izvoznik plača za zagotavljanje kreditnih linij od kitajskih finančnih institucij, in zneskom, ki bi bil plačan za primerljivo poslovno kreditno linijo, ki se lahko pridobi na trgu, kot referenčno vrednostjo.
The absolute number is however the translation of a risk assessment that is based on a relative evaluation.
Ustrezna referenčna vrednost pogodbene opravnine je bila opredeljena v višini 1,5 % glede na javno dostopne podatke za odprtje podobnih kreditnih linij.
The risk of default of a BB-rated company is X % more likely than default of the government or a risk-free company.
Na podlagi istega vira je bila za opravnino za podaljšanje kreditnih linij, ki so obstajale pred OP in so bile med OP podaljšane, uporabljena referenčna vrednost 1,25 %.
This is a relative evaluation.
Znesek pogodbene opravnine/opravnine za podaljšanje se običajno plača letno.
Second, interest rates reflect not only company risk profiles, but also country- and currency specific risks.
Posledično pogodbena opravnina/opravnina za podaljšanje ni bila porazdeljena po času trajanja kreditne linije.
The relative spread thus captures changes in the underlying market conditions which are not expressed when following the logic of an absolute spread.
Raven opravnin, uporabljena kot referenčna vrednost, je bila določena sorazmerno z zneskom vsake zadevne kreditne linije, da se je pridobil znesek subvencije (brez vseh dejansko plačanih opravnin).
Often, as in the present case, the country- and currency- specific risk varies over time, and the variations are different for different countries.
Po razkritju je en proizvajalec izvoznik nasprotoval oceni Komisije, da mu sporazumi o kreditni liniji prinašajo ugodnosti.
As a result, the risk-free rates vary significantly over time, and are sometimes lower in the US, sometimes in China.
Prvič, sporazumi o kreditni liniji so samo okvirni dogovori za prihodnja posamezna posojila in kot taki družbi ne prinašajo ugodnosti.
These differences relate to factors such as observed and expected GDP growth, economic sentiment, and inflation levels.
Trdil je, da so bile ugodnosti izračunane iz nezavezujočih/neizkoriščenih kreditnih linij.
Because the risk-free rate varies over time, the same nominal absolute spread can signify a very different assessment of the risk.
Drugič, banka ima s sklenitvijo sporazumov o kreditni liniji zelo majhne stroške.
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 %).
Tretjič, sporazum o kreditni liniji brez administrativnih stroškov ni specifičen za industrijo električnih koles.
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
Četrtič, Komisija je pri izračunu ugodnosti, dodeljenih na podlagi sporazumov o kreditni liniji, uporabila neprimerno referenčno vrednost.
Third, the relative spread is also country–neutral.
Stran je trdila, da Komisija ni dokazala, da referenčna vrednost pogodbene opravnine ustreza isti vrsti sporazumov o kreditni liniji kot tiste, ki veljajo za to stran.
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.
Komisija se ne strinja z navedenimi trditvami iz teh razlogov:
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.
Kar zadeva prvo trditev, je Komisija izračunala ugodnost samo za tiste kreditne linije, ki se dejansko uporabljajo, in ne za nezavezujoče/neizkoriščene kreditne linije, kot je trdila stran.
Furthermore, the use of the relative spread captures changes in the underlying country-specific market conditions which are not expressed when following the logic of an absolute spread, as referred to in recital (292) above.
Kar zadeva drugo trditev, odločilen dejavnik pri ocenjevanju ustrezne referenčne vrednosti niso stroški, ki jih ima banka, temveč prevladujoče tržne razmere za pridobivanje podobnih kreditnih linij.
For these reasons, that are equally valid for the current investigation, the Commission maintained its position that the relative spread method reflects more adequately the risk premium that a financial institution would apply to the Chinese exporting producers in a non-distorted market, in particular given that the base interest rate in the PRC and the base interest rate in the US have evolved differently over time.
Poleg tega zaradi nesodelovanja finančnih institucij ni bilo mogoče ugotoviti dejanskih stroškov ali primerljivih opravnin na Kitajskem.
In addition, Giant Group claimed that the USD average LIBOR rates should not be used as a proxy for loans nominated in JPY and a credit rate should have been used that existed indeed for JPY denominated loans.
Zato je morala Komisija uporabiti razpoložljiva dejstva v skladu s členom 28 osnovne uredbe, kot je pojasnjeno v uvodnih izjavah 141 do 155.
The Commission explained already in the recital (291) why it considered that the USD average LIBOR rates was the most appropriate proxy for loans nominated in JPY.
Kar zadeva tretjo trditev, zaradi nesodelovanja finančnih institucij Komisija ni mogla ugotoviti, koliko so bili drugi sektorji deležni ugodnosti kreditnih linij, ki so bile zagotovljene brezplačno ali za plačilo, ki je nižje od primernega.
No evidence was provided for similar transactions in the Japanese market either.
Kljub temu je treba opozoriti, da se, kot je navedeno v uvodni izjavi 217, normativni okvir v zvezi z industrijo električnih koles uporablja za vse finančne institucije v LRK in med drugim določa, da poslovne banke svojo posojilno dejavnost izvajajo v skladu s potrebami nacionalnega gospodarskega in družbenega razvoja ter smernicami industrijske politike države.
Therefore this claim is rejected.
Opozoriti je treba tudi, da posebne vladne politike za podporo industriji električnih koles ne določajo samo določbe 13. petletnega načrta, ampak tudi več drugih vladnih načrtov, kot je opisano v uvodnih izjavah 98 do 140.
Credit lines
Komisija je na podlagi razpoložljivih informacij zaključila, da je ta podpora omejena na izbrano skupino nekaterih spodbujanih industrij in ni širše dostopna večini gospodarskih sektorjev v LRK.
The investigation showed that Chinese financial institutions also provided credit lines in connection with the provision of individual loans to each of the sampled exporting producers.
Zato so bile te trditve zavrnjene.