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Note: The annual financials are based on the Company’s audited financial statements. The 2005 first quarter results are based on unaudited financial statements and are provided here for illustration purposes only.

:   上述年度财务数据基于贵公司经审计的财务报表。2005年第一季度财务数据未经审计,仅供参考。

 

 

Note: In the 2005 audit report, corrections for significant accounting errors were made and the 2004 financials were restated as a consequence. As the 2005 audit report did not illustrate the effect of the corrections on 2003’s financials, the financials used for the analysis of 2003 are those that are disclosed in the 2003 audit report

:   2005年度审计报告中,对重大会计错误进行了纠正,由此导致2004年财务数据的重述。由于2005年审计报告中并未说明这些纠正对2003年财务数据的影响,因此本分析采用的2003年数据以2003年审计报告中披露的为准。

 

 

 

In order to enhance Chinese listed companies’ governance practice and protect investors’ interest, CSRC introduced a special "delisting mechanism" in 1998. Under the guidelines set forth by the CSRC, Shanghai and Shenzhen Stock exchanges started to classify some listed firms as ST or PT firms. ST is labeled to those firms that suffer an abnormal financial condition whereby among other things report two consecutive years of net operating losses. The stock exchanges will first label a firm in financial trouble as ST firm; an ST firm will be labeled as PT firm if it suffers loss for one more year. It takes one more year for the PT firm to be de-listed if it continues to report losses. Becoming a PT firm and being de-listed afterwards suggests the loss of private control benefits and future rent-seeking opportunities.

为加强上市公司的治理和保护投资者利益,中国证监会于1998年引入“退市机制”。在该机制下,上交所和深交所将某些上市公司划分为STPT公司。如果上市公司出现异常财务状况以及其它问题,导致连续两年经营亏损,则被划归为“ST公司”。证交所首先将出现财务问题的公司划分为ST公司,如果该ST公司在接下来的一年再度亏损,则成为PT公司。如果PT公司在接下来的一年再度亏损,则必须退市。成为PT公司以及随后退市意味着该公司失去控制权收益和未来的寻租机会。

 

 

According to the Chinese transfer pricing rules, the application of the Cost Plus Method should be based on the enterprise’s normal profit level and should take into account reasonable costs and expenses. An enterprise’s normal profit level typically refers to the profit level the enterprise would expect to earn should it be operating at a capacity and efficiency that can be considered to be normal for the enterprise. In the case of XXXXX, the Company’s operations have been expanding over the Review Period, and based on information gathered from the interviews, there do not seem to be any capacity utilization or efficiency issues to indicate that the enterprise is not operating at normal levels.//根据中国转让定价规程,成本加成法的适用必须基于企业的正常利润水平,并且需要考虑合理的成本与费用。企业的正常利润水平是指在正常的产能与效率前提下该企业所预期达到的利润水平。XXX在复核期间内企业运营规模有所扩大,且基于我们在访谈中获取的信息,没有任何迹象表明XXX存在任何与正常运营相悖的产能利用率或效率问题。

 

 

 

The CUP Method compares amounts charged in related party transactions to amounts charged in comparable third party transactions under similar circumstances. If it is possible to identify comparable transactions between unrelated third parties, the CUP Method is usually the most direct and reliable way to test the arm’s length nature of related party transactions. As a result, when comparable transactions are available, this method is often preferable.

可比非受控价格法是将相似情况下的关联交易中的定价与可比的第三方交易中的定价进行比较。在有可能找到可比的非关联方之间的交易的情况下,可比非受控价格法通常是验证关联交易是否符合公平交易原则的最直接和最可靠的方法。因此,如果可以找到适用的可比非受控交易,通常是优先选择本方法。

 We searched for companies which perform similar manufacturing activities as those carried out by XXXXX. For the purposes of our analysis, comparability means that no differences exist between the transactions being compared that could materially affect the price or profit margin comparisons, or if there are differences, reasonably accurate adjustments can be made to eliminate their effect. In addition, in our analysis, comparability was established on the basis of similarities of functions performed, assets employed, risks assumed, and products sold. We therefore searched for comparable companies that were principally engaged in the manufacture of industrial control systems and/or system integration and that did not own any significant non-routine intangibles.

我们搜索了与XXX从事相似生产业务的企业。就我们的分析而言,可比性指的是受到比较的交易之间不存在可能对价格或利润率比较产生实质性影响的差异,或者即使存在差异,我们也可以通过合理准确的调整来消除其影响。此外,在我们的分析中,这种可比性是建立在职能履行、资产使用、风险承担以及产品销售的相似性基础之上的。我们据此搜索了主要从事工业控制系统及(或)系统集成且不拥有任何重要的非常规无形资产的可比公司。

 

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