natgillin/translations-raw huggingface dataset:
Chinese credit rating agencies are thus heavily skewed towards the highest end of the rating scale.
V obdobju preiskave tuje bonitetne agencije kot take niso smele delovati na kitajskem domačem trgu, saj je bil trg bonitetnega ocenjevanja vključen v „omejeno“ kategorijo kataloga kitajske vlade za usmerjanje tujih naložb v sektorjih, ter niso smele izdajati domačih bonitetnih ocen obveznic.
They have very broad rating scales and tend to pool bonds with significantly different default risks into one broad rating category .
Ljudska banka Kitajske je sredi leta 2017 objavila, da bodo tuje bonitetne agencije pod določenimi pogoji lahko izvajale kreditno ocenjevanje na delu domačega trga obveznic, vendar to v obdobju preiskave še ni veljalo.
In addition, foreign rating agencies, such as Standard and Poor's and Moody's, typically apply an uplift over the issuer's baseline credit rating based on an estimate of the firm's strategic importance to the Chinese government and the strength of any implicit guarantee when they rate Chinese bonds issued overseas.
Kljub temu so medtem tuje agencije ustanovile skupna podjetja z nekaterimi lokalnimi bonitetnimi agencijami, ki zagotavljajo bonitetne ocene za domače izdaje obveznic.
Another international rating agency, Fitch, for example clearly indicates, where applicable, that such guarantees are a key driver underlying its credit ratings of Chinese companies.
Vendar te ocene temeljijo na kitajskih bonitetnih lestvicah, zato niso primerljive z mednarodnimi bonitetnimi ocenami, kot je pojasnjeno zgoraj.
During the investigation, the Commission found further information to complement this analysis.
Poleg tega je bilo v preiskavi ugotovljeno, da so vzorčeni proizvajalci izvozniki svoje morebitne bonitetne ocene pridobili od bank, ki so jim dajale kredite, in ne od bonitetnih agencij.
First, the Commission determined that the State can exercise influence over the credit rating market as credit rating agencies are at least partly State-owned.
Glede na stanje, opisano v uvodnih izjavah 238 do 243, je Komisija sklenila, da kitajske bonitetne ocene ne zagotavljajo zanesljive ocene kreditnega tveganja temeljnega sredstva.
Thus, 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.
Za namene sedanje preiskave skupino Giant Group na Kitajskem sestavljajo en proizvajalec izvoznik in tri družbe, ki zagotavljajo surovine.
In total, 60 % of all rated corporate bonds in China had been rated by a State-owned ratings agency.
Poleg tega je ena povezana družba na Kitajskem proizvajala električna kolesa, vendar zadevnega izdelka ni izvažala na trg Unije.
The GOC confirmed that, during the IP, there were 12 credit rating agencies active on China's bond market, among which 10 domestic rating agencies.
Druge družbe iz skupine niso bile zajete s to preiskavo, ker niso bile vključene v proizvodnjo in prodajo električnih koles.
There were also 2 Sino-foreign joint venture credit rating agencies.
Sedež skupine je na Tajvanu, na Kitajskem pa ni nobenega holdinga, ki bi izvajal nadzor nad vsemi družbami, ki delujejo v LRK.
Second, there is no free entrance on the Chinese credit rating market.
Skupina Giant Group je bila glede na finančna poročila na splošno v dobičkonosnem finančnem položaju.
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.
Iz drugih finančnih kazalnikov, kot je stopnja zadolženosti ali stopnja kritja dolga, niso bile razvidne večje strukturne težave v zvezi s sposobnostjo odplačevanja dolga teh družb.
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.
Skupina Giant Group je imela posojila, ki so jih odobrile kitajske finančne institucije, v valutah RMB, USD, EUR in JPY.
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.
Poleg tega je z bančnimi meničnimi akcepti zagotovila potrebna sredstva pri treh bankah.
Nevertheless, in the meantime, foreign agencies did establish joint ventures with some local credit rating agencies, which provide credit ratings for domestic bond issues.
Bonitetnih ocen, ki jih je proizvajalec izvoznik iz skupine Giant Group predložil Komisiji, ni izdala nobena priznana bonitetna agencija, temveč le kitajske finančne institucije v državni lasti.
However, these ratings follow Chinese rating scales and are thus not comparable with international ratings, as explained above.
Ocene so se v obdobju preiskave gibale med AA+ in BBB+.
Furthermore, the investigation found that the sampled exporting producers, had obtained their credit ratings, if any, only from their lending banks and not by any credit rating agency.
Komisija je zato ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen, navedenega v uvodnih izjavah 238 do 243 zgoraj, in ob neobstoju ocen bonitetnih agencij sklenila, da te bonitetne ocene niso zanesljive.
In view of the situation described in recitals (238) to (243) above, the Commission concluded that Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
Kot je navedeno v oddelku 3.5.1, kitajske finančne institucije, ki so zagotavljale posojila, niso predložile nobene ocene kreditne sposobnosti.
For the purpose of the current investigation, the Giant group in China consisted of one exporting producer and three companies providing inputs.
Da bi Komisija lahko določila ugodnost, je morala oceniti, ali so bile obrestne mere za posojila, dodeljena skupini Giant Group, na tržni ravni.
Additionally, one related company in China was producing electrical bicycles, but not exporting the product concerned to the Union market.
Ob neobstoju zanesljivih in skladnih bonitetnih ocen za skupino Giant Group ter glede na poseben položaj v zvezi z dobičkonosnostjo, obravnavan v uvodni izjavi 246, je Komisija menila, da splošni finančni položaj skupine ustreza bonitetni oceni BB, tj. najvišji oceni, ki se ne šteje več za „naložbeni razred“.
Other group companies were not considered for this investigation, as they were not involved in the production and sale of electrical bicycles.
„Naložbeni razred“ pomeni, da bodo obveznice, ki jih izda družba, po presoji bonitetne agencije dovolj verjetno izpolnile plačilne obveznosti, da lahko banke vlagajo vanje.
The headquarters of the group are located in Taiwan, and there is no holding company within China exercising control over all the companies operating in the PRC.
Zato so se za določitev ustrezne referenčne vrednosti uporabile podjetniške obveznice z bonitetno oceno BB, izražene v ustreznih valutah in izdane v obdobju preiskave.
The Giant Group presented itself in a generally profitable financial situation according to its own financial accounts.
Premija, ki se pričakuje za obveznice, ki jih izdajo podjetja s to oceno (BB), se je nato uporabila za običajno posojilno obrestno mero Ljudske banke Kitajske, da bi se določila tržna obrestna mera.
The exporting producer of the Giant Group was profitable during the investigation period but incurred losses in 2014.
Navedeni pribitek se je določil z izračunom relativnega razmika med indeksi podjetniških obveznic z bonitetno oceno AA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA na podlagi podatkov družbe Bloomberg za industrijske segmente.
Two other investigated group companies also incurred losses during the investigation period.
Tako izračunani relativni razmik se je nato prištel k referenčni obrestni meri, kot jo je Ljudska banka Kitajske objavila na datum dodelitve posojila, in za tako dolgo obdobje, kot traja zadevno posojilo.
The other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding these company's debt repayment abilities.
To se je izvedlo za vsako posojilo, zagotovljeno družbi.
The Giant Group had loans nominated in RMB, USD, EUR and JPY granted by Chinese financial institutions.
Enako stanje glede izkrivljanja trga in neobstoja veljavnih bonitetnih ocen veljajo za posojila, izražena v tujih valutah v LRK, ker tudi ta posojila dodeljujejo iste kitajske finančne institucije.
It also secured necessary funds from three banks through bank acceptances.
Zato so se, kot je bilo ugotovljeno, za določitev ustrezne referenčne vrednosti uporabile podjetniške obveznice z bonitetno oceno BB, izražene v ustreznih valutah in izdane v obdobju preiskave.
The credit ratings the exporting producer of the Giant Group presented to the Commission were not from any recognised credit rating agencies but had been obtained only from Chinese state-owned financial institutions.
Po razkritju je skupina Giant Group nasprotovala uporabi bonitetne ocene BB kot referenčne vrednosti za splošni finančni položaj skupine.
These ratings varied between AA+ and BBB+ during the investigation period.
Trdila je, da Komisija pred razkritjem ni navedla, da se bodo za sprejemljive dokaze štele samo bonitetne ocene, ki jih izdajo neodvisne, specializirane bonitetne agencije, kakršne so Standard & Poor's, Moody's ali Fitch, in da ni nikoli zahtevala predložitve takih dokazov.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above and in absence of ratings from any credit rating agencies, the Commission concluded that these ratings were not reliable.
Družba Giant je prav tako trdila, da bi morala izbrana referenčna vrednost odražati tržne razmere na Kitajskem in da bi primernejša referenčna vrednost morala temeljiti na Tajvanu ali Hongkongu.
As mentioned in section 3.5.1 above, the Chinese lending financial institutions did not provide any creditworthiness assessment.
Trdila je tudi, da Komisija ni zadostno pojasnila, zakaj družba Giant kljub pozitivnim finančnim kazalnikom ne izpolnjuje pogojev za bonitetno oceno „naložbenega razreda“, ter opozorila, da so informacije o kreditni sposobnosti skupine, ki je globalna skupina z matično družbo, ki kotira na tajvanski borzi, javno dostopne.
Hence, in order to establish the benefit, the Commission had to assess whether the interest rates for the loans accorded to the Giant Group were at market level.
Kot je pojasnjeno v uvodnih izjavah 238 do 244, je preiskava pokazala, da kitajske bonitetne ocene ne zagotavljajo zanesljive ocene kreditnega tveganja temeljnega sredstva.
In absence of reliable and coherent credit ratings for the Giant group, and the specific profitability situation discussed in recital (246), 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’.
Poleg tega družba med preiskavo ni mogla zagotoviti skladnih in zanesljivih bonitetnih ocen.
‘Investment grade’ means that bonds issued by the company are judged by the credit rating agency as likely enough to meet payment obligations that banks are allowed to invest in them.
Opozoriti je treba, da zaradi nesodelovanja finančnih institucij Komisija ni mogla preveriti zanesljivosti postopkov za izdajo bonitetnih ocen, ki so jih uporabile, vključno s postopki glede zadevnega proizvajalca izvoznika.
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.
Ta trditev je bila zato zavrnjena.
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.
Kar zadeva trditev, da bi morala Komisija izbrati referenčno vrednost, ki temelji na Tajvanu ali Hongkongu, se zdi, da ta temelji na predpostavki, da so bile kot referenčna vrednost za obrestne mere izbrane ZDA.
Therefore, as found before, BB rated corporate bonds in relevant denominations issued during the investigation period were used to determine an appropriate benchmark.
Taka razlaga ni pravilna.
After disclosure, Giant Group contested the application of BB rating as the benchmark for the overall financial situation of the group.
Kot je podrobno pojasnjeno v uvodni izjavi 251 zgoraj, je bil izračunan relativni razmik, ne obrestna mera kot taka, med indeksi podjetniških obveznic z bonitetno oceno AA in podjetniškimi obveznicami z bonitetno oceno BB v ZDA na podlagi podatkov družbe Bloomberg za industrijske segmente.
It claimed that the Commission did not indicate prior to disclosure that there would be a requirement that only credit ratings issued by independent, specialised credit rating agencies such as Standard & Poor's, Moody's or Fitch would constitute acceptable evidence and never requested that such evidence should be provided.
Poleg tega se ta relativni razmik ne nanaša na nobeno državo, kot je dodatno pojasnjeno v uvodni izjavi 293 v nadaljevanju.
Giant also claimed that the chosen benchmark should reflect the market conditions prevailing in China and argued that a more suitable benchmark should be based on Taiwan or Hong Kong.
Za namene sedanje preiskave skupino Jinhua Vision Group sestavljajo dva proizvajalca izvoznika, od katerih je eden med OP prenehal opravljati dejavnosti, in družba, ki proizvajalcema izvoznikoma zagotavlja surovine.
It also claimed that the Commission failed to sufficiently explain why Giant does not qualify for an investment grade credit rating despite its positive financial indicators and noted that as a global group with its mother company listed on the Taiwan stock exchange, the information on the group's creditworthiness is publicly available.
Sedež skupine je v mestu Jinhua na Kitajskem.
As explained in the recitals (238) to (244) the investigation established that the Chinese credit ratings do not provide a reliable estimation of the credit risk of the underlying asset.
Proizvajalca izvoznika iz skupine Jinhua Vision Group sta poročala o različnih stanjih glede dobička.
Neither could the company provide any coherent and reliable credit ratings during the investigation.
Oba proizvajalca izvoznika iz skupine Jinhua Vision Group sta imela posojila, ki so jih odobrile kitajske finančne institucije, v valuti RMB.
Therefore, the Commission considered that it was appropriate to use the BB benchmark as explained in the recitals (245) to (252) above.
Po razkritju sta skupina Jinhua Vision Group in zbornica CCCME (ta na splošno) nasprotovali uporabi bonitetne ocene BB kot referenčne vrednosti za finančni položaj družbe.
Therefore this claim was rejected.
Skupina je trdila, da uporaba podjetniških obveznic z bonitetno oceno BB za določitev ustrezne referenčne vrednosti brez ustreznega upoštevanja finančnega položaja družbe ni razumna.
In this regard, it is also recalled that the questionnaire sent to the exporting producers indeed included the requirement to provide their credit ratings and the companies were requested to provide complete information within the set deadline, which was also clearly indicated in the questionnaire.
Zadevni proizvajalec izvoznik ni predložil dodatnih dokazov, ki bi podprli drugačno bonitetno oceno.
However, no other information of the company's creditworthiness than the one already analysed by the Commission was provided.
Zato je bil ta argument zavrnjen iz enakih razlogov kot tisti iz uvodnih izjav 254 in 255 zgoraj.
The claim that the Comission never requested this information to be provided was therefore also rejected.
Za namene sedanje preiskave skupino Yadea Group na Kitajskem sestavljajo dva proizvajalca (tj. Yadea Group Co., Ltd. in Tianjin Yadea Co., Ltd.), en izvozni trgovec (tj. Wuxi Yadea Export-Import Co., Ltd.) in dve družbi, ki zagotavljata surovine enemu proizvajalcu (tj. Jiangsu Yadea Technology Development Co., Ltd in Wuxi Xingwei Vehicle Fittings Co., Ltd.).
This is not correct.
Proizvajalca iz skupine Yadea Group sta bila glede na finančna poročila na splošno v dobičkonosnem finančnem položaju.
As explained in detail in recital (251) above the relative spread, not the interest rate as such, was calculated between the indices of US AA rated corporate bonds and US BB rated corporate bonds based on Bloomberg data for industrial segments.
Skupina Yadea Group kljub prošnji ni predložila informacij o svoji bonitetni oceni.
Also, as further explained in recital (293) below, this relative spread is country neutral.
Čeprav družbe iz skupine Yadea Group, ki so proizvajale zadevni izdelek, med obdobjem preiskave niso imele posojil, je skupina z bančnimi meničnimi akcepti zagotovila potrebna sredstva pri štirih zasebnih bankah in bankah v državni lasti.
For the purpose of the current investigation, the Jinhua Vision Group consisted of two exporting producers, one of which ceased its activities during the IP and one company providing inputs to the exporting producers.
Komisija je ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen, navedenega v uvodnih izjavah 238 do 243 zgoraj, in posebne dobičkonosnosti, obravnavane v uvodni izjavi 263, menila, da splošni finančni položaj skupine upravičuje uporabo splošne referenčne vrednosti, s katero se obveznicam dodeli najvišja ocena „špekulativnega razreda“, kot je pojasnjeno v uvodnih izjavah 248 do 252.
The headquarters of the Group are located in Jinhua, China.
Za namene sedanje preiskave skupino Rununion Group sestavljata en proizvajalec izvoznik, tj. Suzhou Rununion Motivity Co., Ltd., in ena družba, ki proizvajalcu izvozniku daje v najem zemljišče; tj. Suzhou Kaihua Electric Appliance Plastic Factory.
The two exporting producers in the Jinhua Vision Group reported different profit situations.
Vse družbe iz skupine imajo sedež na Kitajskem.
Jinhua Vision Co., Ltd. was generally profitable during the IP, while Yongkang Hulong Electric Vehicle Co., Ltd. presented losses in 2017 and ended its operation in 2018.
Proizvajalec izvoznik je med obdobjem preiskave z bančnimi meničnimi akcepti zagotovil potrebna sredstva pri dveh bankah v državni lasti.
Furthermore, other financial indicators, such as the debt to assets ratio did not indicate any significant structural problems regarding these companies' debt repayment abilities.
Taki bančni menični akcepti so predstavljali več kot 25 % njene celotne bilance stanja.
Both exporting producers of the Jinhua Vision Group had loans nominated in RMB granted by Chinese financial institutions.
Povezana družba Suzhou Kaihua Electric Appliance Plastic Factory, ki je dajala zemljišče v najem, je potrebna sredstva zagotovila s posojilom pri povezani družbi.
The Commission noted that Jinhua Vision Co., Ltd. has been awarded credit ratings of A by both financial institutions providing loans to them (of which one is State-owned).
Razen tega iz drugih finančnih kazalnikov, kot je stopnja zadolženosti ali stopnja kritja dolga, niso bile razvidne večje strukturne težave v zvezi s sposobnostjo odplačevanja dolga teh družb.
In addition, Yongkang Hulong Electric Vehicle Co., Ltd. has been awarded credit ratings of BBB+ from one of the State-owned financial institutions granting loans to Jinua Vision Co., Ltd. and a credit rating of A from another financial institution.
Komisija je ugotovila, da je kitajska finančna institucija v državni lasti družbi Suzhou Rununion Motivity Co., Ltd dodelila bonitetno oceno BBB+, družba Suzhou Kaihua Electric Appliance Plastic Factory pa ni predložila nobene bonitetne ocene.
In light of the overall distortions of Chinese credit ratings mentioned in recitals (238) to (243) above and the specific profitability discussed in recital (257) above, the Commission concluded that these ratings were not reliable.
Komisija je ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen, navedenega v uvodnih izjavah 238 do 243 zgoraj, in posebne dobičkonosnosti, obravnavane v uvodnih izjavah 268 do 270, sklenila, da ta bonitetna ocena ni zanesljiva.
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 (248) to (252).
Posledično je menila, da splošni finančni položaj skupine upravičuje uporabo splošne referenčne vrednosti, s katero se obveznicam dodeli najvišja ocena „špekulativnega razreda“, kot je pojasnjeno v uvodnih izjavah 236 do 240.
After disclosure, Jinhua Vision Group and also the CCCME, (the latter on a general level) contested the application of BB rating as the benchmark for the financial situation of the company.
Po razkritju je skupina Rununion Group nasprotovala uporabi bonitetne ocene BB kot referenčne vrednosti za finančni položaj družbe.
It claimed that it is unreasonable to use BB rated corporate bonds to determine an appropriate benchmark without proper consideration of the financial situation of the company.
Trdila je, da uporaba podjetniških obveznic z bonitetno oceno BB za določitev ustrezne referenčne vrednosti brez ustreznega upoštevanja finančnega položaja družbe ni razumna.
The exporting producer concerned did not provide further evidence which would support a different credit rating.
Za namene sedanje preiskave skupino Bodo Group sestavljata en proizvajalec izvoznik, tj. Bodo Vehicle Group Co., Ltd. (v nadaljnjem besedilu: družba Bodo), in ena družba (Tianjin Xinbao Vehicle Industry Co., Ltd, v nadaljnjem besedilu: družba Xinbao), ki je bila porok pri številnih posojilih.
Therefore, this argument was rejected for the same reasons as the ones contained in recitals (254) and (255) above.
Čeprav sta bili obe družbi med obravnavanim obdobjem videti finančno vzdržni, je družba Xinbao leta 2017 imela izgubo.
For the purpose of the current investigation, the Yadea Group in China consisted of two producers (ie Yadea Group Co., Ltd. and Tianjin Yadea Co., Ltd.), one exporting trader (ie Wuxi Yadea Export-Import Co., Ltd.) and two companies providing inputs to one of the producers (i.e. Jiangsu Yadea Technology Development Co., Ltd and Wuxi Xingwei Vehicle Fittings Co., Ltd.).
Proizvajalec izvoznik je med obdobjem preiskave potrebna sredstva zagotovil s finančnim zakupom pri zasebni kitajski finančni instituciji ter s posojili in bančnimi meničnimi akcepti pri dveh bankah v državni lasti.
The headquarters of the Group are located in Wuxi, China.
Porok pri posojilih, ki jih je družba Bodo prejela od kitajske banke v državni lasti, je bila družba z nižjo bonitetno oceno kot družba Bodo, uporabljeno zavarovanje pa je pripadalo drugi povezani družbi, kar je povzročilo dvom o robustnosti takega poroštva.
The two producers of the Yadea Group presented themselves in a generally profitable financial situation according to their own financial accounts.
Kitajska finančna institucija v državni lasti je družbi Bodo dodelila bonitetno oceno AA, bonitetna ocena družbe Xinbao pa se je med OP poslabšala z A na BBB+.
However, when looking at the operating profit, Yadea Group Co., Ltd. presented a negative profitability in 2017.
Komisija je ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen, navedenega v uvodnih izjavah 238 do 243 zgoraj, in posebne dobičkonosnosti, obravnavane v uvodnih izjavah 276 do 278, sklenila, da ta bonitetna ocena ni zanesljiva.
Its overall profit was only driven by long-term equity investment income in 2017.
Komisija je ob upoštevanju splošnega izkrivljanja kitajskih bonitetnih ocen, navedenega v uvodnih izjavah 238 do 243 zgoraj, in posebne dobičkonosnosti, obravnavane v uvodnih izjavah 276 do 278, menila, da splošni finančni položaj skupine upravičuje uporabo splošne referenčne vrednosti, s katero se obveznicam dodeli najvišja ocena „špekulativnega razreda“, kot je pojasnjeno v uvodnih izjavah 217 do 221.