natgillin/translations-raw huggingface dataset:
However, when verifying the repayments of such loans during the verification visit, it became clear that the capital amount was actually being repaid by fresh loans received from the same bank for the same amount within a week before or after the maturity date of the initial loan.
Međutim, pri provjeri otplate tih zajmova tijekom posjeta radi provjere postalo je jasno da se glavnica ustvari otplaćuje novim zajmovima dobivenim od iste banke za isti iznos u roku od tjedan dana prije ili poslije datuma dospijeća prvotnog zajma.
The Commission then extended its analysis to the other loans in the loan tables and found in most cases other instances with exactly the same characteristics.
Komisija je zatim svoju analizu proširila na druge zajmove u tablicama zajmova i u većini slučajeva utvrdila druge primjere s potpuno istim obilježjima.
For all these reasons, the Commission maintained its position on revolving loans.
Zbog toga je Komisija zadržala svoje stajalište o revolving zajmovima.
The Commission disagreed on the facts of the specific claim of the Shougang Group that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp. The Commission identified revolving loans in all of the verified companies of the Shougang Group, including in the production companies Shougang Mining and Qian'an, where all of the short-term loans granted during the IP were considered to be revolving loans.
Komisija se nije složila s tvrdnjom društva Shougang Group da je revolving zajmove utvrdila uglavnom za društva Qian'an Coal, Xishan Cokingi Shougang Corp. Komisija je revolving zajmove utvrdila u svim provjerenim društvima grupacije Shougang Group, među ostalim kod proizvođača Shougang Mining i Qian'an, kod kojih se svi kratkoročni zajmovi odobreni tijekom RIP-a smatraju revolving zajmovima.
Finally, on the third point, the Commission considered that the loan provided to the company in the Jiangsu Shagang Group was a comparable commercial loan as the conditions for granting it, described in recital (162) above, corresponded to a financial situation characterized by short-term liquidity issues.
Naposljetku, u pogledu treće točke Komisija je smatrala da je zajam odobren društvu iz grupacije Jiangsu Shagang Group usporediv komercijalni zajam jer uvjeti za njegovu dodjelu, kako je opisano u uvodnoj izjavi (162), odgovaraju financijskom stanju za koje su karakteristični kratkoročni problemi s likvidnošću.
In addition, the maturity of the proxy loan (16 months) generally corresponded to the short-term nature of the loans on which this proxy benchmark was applied for the benefit calculation.
Osim toga, dospijeće zamjenskog zajma (16 mjeseci) općenito je odgovaralo kratkoročnoj prirodi zajmova na koje je ta zamjenska referentna vrijednost primijenjena za izračun koristi.
Nevertheless, the proxy benchmark rate was adjusted to take into account interest rate differences for loans with a maturity of less than one year compared to loans with a maturity of one to two years, based on the respective differences between the two maturities in the PBoC rates.
Zamjenska referentna stopa ipak je prilagođena kako bi se u obzir uzele razlike između kamatnih stopa za zajmove s dospijećem kraćim od jedne godine i zajmove s dospijećem od jedne do dvije godine i to na temelju razlika između kamatnih stopa Narodne banke Kine za oba dospijeća.
The detailed calculation of this adjustment was provided to the companies concerned.
Detaljni izračun te prilagodbe dostavljen je predmetnim društvima.
The Commission therefore rejected all claims related to the use of an interest rate between 14 % and-16 % for all loans with a maturity of 2 years or less at the level of the companies which were making use of revolving loans.
Stoga je Komisija odbacila sve tvrdnje povezane s primjenom kamatne stope od 14 % do 16 % za sve zajmove s dospijećem od najviše dvije godine na razini društava koja su koristila revolving zajmove.
In addition, the Jiangsu Shagang group criticised that the Commission double counted loans borrowed by its subsidiaries from Shagang Finance and the parent company in its calculation of the benefit.
Osim toga, društvo Jiangsu Shagang group kritiziralo je činjenicu da je Komisija u svojem izračunu koristi dvaput računala zajmove koje su njezina društva kćeri zatražila od Shagang Finance i matičnog društva.
Shagang also claimed that the Commission should have subtracted the ‘negative benefit’ i.e. the benefit on the loans for which the actual interest payments were higher than the calculated benchmark rates by the Commission.
Društvo Shagang Group tvrdilo je i da je Komisija trebala oduzeti „negativnu korist” tj. korist od zajmova za koje su stvarne kamate bile više od referentne stope koju je izračunala Komisija.
Regarding the alleged double counting, the Commission noted that Shagang had mainly referred to inter-company loans between Shagang Finance and related steel producing companies.
U pogledu navodnog dvostrukog računanja, Komisija je napomenula da je Shagang uglavnom upućivao na zajmove između Shagang Finance i povezanih društava koja proizvode čelik.
In this respect, it recalled that Shagang Finance had not provided any information on loans taken by itself to the Commission.
U tom pogledu, podsjetio je da Shagang Finance nije Komisiji pružio nikakve informacije o vlastitim zajmovima.
With respect to the few remaining inter-company loans between the Shagang Group and the steel producing companies, the Commission verified whether double counting had actually occurred.
U pogledu malog broja preostalih kredita između društva Shagang Group i društava koja proizvode čelik, Komisija je provjeravala je li stvarno došlo do dvostrukog računanja.
However, already before disclosure the loan-sheet received from Shagang Group had only indicated two loans as inter-company loans, whereas the loan-sheet of Hongchang Plate only indicated one such loan.
No i prije objave, u izvješću o kreditima dobivenom od društva Shagang Group samo se dva kredita navode kao krediti između društava, a u izvješću društva Hongchang Plate samo jedan.
Moreover, even when comparing these loans on substance, they did not match in terms of borrowed amount, duration and applicable interest.
Štoviše, čak ni u sadržajnoj usporedbi ti se krediti nisu podudarali ni po posuđenom iznosu, ni po trajanju ni po primjenjivim kamatama.
The company did not provide any new information after disclosure to substantiate its claim that those loans were in reality corresponding.
To društvo nakon objave nije dostavilo nove informacije kojima bi potkrijepilo svoju tvrdnju da se ti krediti u stvarnosti podudaraju.
Therefore, the Commission considered that each of these loans was reported only once, either on the group or on the producing company list of loans.
Stoga je Komisija smatrala da je svaki od tih kredita iskazan samo jedanput, na popisu kredita grupacije ili na proizvođačevu popisu.
Regarding the claim related to the ‘negative benefit’ referred to in recital (196), the Commission observed that no issue of fair comparison arises.
U pogledu tvrdnje koja se odnosi na „negativnu korist” iz uvodne izjave (196) Komisija je primijetila da primjerenost usporedbe nije upitna.
In particular, the receipt of a loan at a non-preferential rate cannot offset the benefit received from another loan received with a preferential rate.
Dodjela zajmova po nepreferencijalnoj stopi ne može neutralizirati korist od drugog zajma primljenog s povlaštenom stopom.
The Commission only took into account the loans for which the calculated benchmark was higher than the interest rate paid by the companies when calculating the benefit.
Komisija je pri izračunu koristi uzela u obzir samo zajmove za koje je izračunana referentna vrijednost bila viša od kamatne stope koju su platila trgovačka društva.
The Hesteel Group also presented itself in a generally profitable financial situation according to its own financial accounts.
Društvo Hesteel Group je na temelju vlastitih financijskih izvještaja općenito ostvarivalo dobit.
It was not loss-making, but profitability levels were generally weak, which exposes the group to adverse changes in business, financial, or economic conditions.
Nije bilježilo gubitke, ali su razine profitabilnosti bile općenito niske zbog čega je društvo bilo izloženo negativnim promjenama poslovnih, financijskih i ekonomskih uvjeta.
The group also has a high debt to asset ratio.
Uz to, društvo ima visok omjer duga u odnosu na imovinu.
At the level of the companies involved in the production of HRF, the general financial situation was presented in a similar way to the group level, with low profitability levels but no losses.
Opće financijskog stanje na razini društava koja su uključena u proizvodnju toplovaljanih plosnatih proizvoda bilo je slično onom na razini grupacije, odnosno niske razine profitabilnosti, ali bez gubitaka.
Furthermore, other financial indicators, such as the debt to assets ratio or the interest coverage ratio did not indicate any significant structural problems regarding the companies' debt repayment abilities.
Nadalje, ostali financijski pokazatelji, primjerice omjer duga u odnosu na imovinu ili omjer pokrivenosti kamata, nisu upućivali na znatne strukturne probleme povezane sa sposobnošću društva da otplati dug.
However, on-spot, the Commission found that 80 % of the sampled loans examined received by these companies were revolving and were substantial in amount, pointing to a more fragile situation in terms of liquidity than the financial statements would lead to believe.
Međutim, Komisija je na terenu pregledala zajmove u uzorku koji su odobreni tim društvima i u utvrdila da se u 80 % slučajeva radilo o revolving zajmovima s velikim iznosima, što upućuje na nestabilniji položaj u pogledu likvidnosti nego što bi se moglo zaključiti iz financijskih izvještaja.
The Commission noted that the Hesteel Group was awarded an AAA- rating by a Chinese credit rating agency, the Agricultural Bank of China Hangang Sub-branch.
Komisija je navela da je kineska agencija za kreditni rejting Poljoprivredna banka Kine (podružnica u Hanangu) društvu Hesteel Group dodijelila rejting AAA-.
For the same reasons as set out in recitals (159) to (161) above, the Commission concluded that this rating is not reliable.
Komisija je na temelju razloga navedenih u uvodnim izjavama od (159) do (161) zaključila da taj rejting nije pouzdan.
Furthermore, the existence of the revolving loans further confirmed the Commission's assessment to disregard the Chinese AAA- rating of the Hesteel Group.
Osim toga postojanje revolving zajmova dodatno je potvrdilo Komisijinu odluku da zanemari kineski rejting AAA- društva Hesteel Group.
The Commission therefore considered that it is appropriate to use the BB benchmark as set out in recitals (166) to (168) above at the level of the group activities to calculate the overall benefit conferred upon HFR derived from the absence of a proper risk assessment.
Komisija je stoga smatrala da je na razini aktivnosti grupacije za izračun opće koristi za toplovaljane plosnate proizvode zbog nedostatka odgovarajuće procjene rizika primjereno upotrijebiti referentnu vrijednost BB, kako je navedeno u uvodnim izjavama od (166) do (168).
In addition, in order to take into account the increased risk highlighted by the existence of revolving loans at the level of the individual companies involved in the HRF production, and given that the conditions and the maturity of these loans were essentially comparable to the high interest loan mentioned in recital (162) above, the Commission found it appropriate to use the same benchmark as set out in that recital as the relevant benchmark for all loans with a maturity of 2 years or less provided at the level of the production companies which were making use of revolving loans.
Osim toga, kako bi u obzir uzela rizik povećan praksama dodjele revolving zajmova na razini pojedinačnih društava uključenih u proizvodnju toplovaljanih plosnatih proizvoda i zato što su uvjeti i dospijeće tih zajmova u osnovi usporedivi sa zajmom s visokom kamatnom stopom iz uvodne izjave (162), Komisija je smatrala primjerenim da se za sve zajmove s dospijećem od najviše dvije godine na razini proizvođača koji su koristili revolving zajmove kao referentna vrijednost upotrijebi vrijednost utvrđena u toj uvodnoj izjavi.
As revolving loans are usually concluded for short durations, it is highly unlikely that a revolving loan would be found for a maturity of more than two years, and the concrete evidence of the loans verified in the sampled companies supports this conclusion.
Budući da su revoving zajmovi obično kratkog trajanja, revolving zajam s dospijećem dužim od dvije godine nije vjerojatan, a to potvrđuju konkretni dokazi o zajmovima provjerenima u društvima u uzorku.
The claims and arguments put forward by the GOC and some sampled companies with regard to the general methodology for the relative spread and the use of a proxy benchmark apply equally to the Hesteel Group.
Tvrdnje i argumenti koje su kineska vlada i nekoliko društava u uzorku iznijeli u pogledu opće metodologije za relativni raspon i uporabe zamjenske referentne vrijednosti primjenjuju se i na Hesteel Group.
The Commission rebutted these points already in in recitals (175) to (195).
Komisija je te tvrdnje već pobila u uvodnim izjavama od (175) do (195).
Upon disclosure, the complainant wondered whether the Commission had taken into account a significant capital injection of circa 1 billion Euro to Hesteel in 2010, still conferring benefits to this group in the IP.
Nakon objave podnositelj pritužbe postavio je pitanje je li Komisija uzela u obzir znatnu dokapitalizaciju od približno 1 milijarde EUR dodijeljenu društvu Heestel u 2010. od koje je to društvo ostvarivalo korist i tijekom RIP-a.
The Commission observed that this alleged capital injection was subject to a question in April 2017 from the United States and the EU to the PRC within the framework of the Committee on Subsidies and Countervailing Measures of the WTO.
Komisija je primijetila da je ta navodna dokapitalizacija bila predmet pitanja koje su u travnju 2017. SAD i EU uputili NRK-u u okviru Odbora za subvencije i kompenzacijske mjere WTO-a.
The Commission did not find any evidence during this investigation that this alleged capital injection had conferred any benefit to Hesteel Group during the IP.
Komisija u ovom istražnom postupku nije pronašla dokaze da je društvo Hesteel Group ostvarilo ikakvu korist od te navodne dokapitalizacije tijekom RIP-a.
The Shougang Group presented itself in a generally difficult financial situation according to its own financial accounts.
Društvo Shougang Group se na temelju vlastitih financijskih izvještaja nalazilo u teškom financijskom stanju.
Furthermore, 25 revolving loans were found on-spot during the verification at the level of the parent company.
Osim toga, tijekom provjere na terenu na razini matičnog društva utvrđeno je postojanje 25 revolving zajmova.
Moreover, in the loan tables, a significant number of additional short term loans was replaced with new loans for the same amount at expiry.
Nadalje, u tablicama zajmova velik broj kratkoročnih zajmova na dan isteka zamijenjen je novim zajmovima s istim iznosom.
At the level of the companies involved in the production of HRF, the financial statements as well as evidence found relating to specific loans, in asset evaluation and feasibility reports, showed that these companies were operating as a going concern despite consecutive years of losses or marginal profits, high debt to assets ratios, low interest coverage, worsening financial indicators and an uncertain outlook for the future.
Na razini društava uključenih u proizvodnju toplovaljanih plosnatih proizvoda financijski izvještaji i dokazi prikupljeni u vezi s određenim zajmovima, u evaluaciji imovine i izvještajima o izvedivosti, upućuju na činjenicu da su ta društva nastavila trajno poslovati unatoč ostvarenim gubicima u više uzastopnih godina ili graničnim profitima, visokom omjeru duga u odnosu na imovinu, niskom pokriću kamata, financijskim pokazateljima koji se pogoršavaju te nesigurnim izgledima za budućnost.
These companies did not generate enough operating profit to cover the payment of their interest expenses for several consecutive years during the period 2012-2015.
Ta društva u više uzastopnih godina tijekom razdoblja 2012. – 2015. nisu ostvarila operativnu dobit dovoljnu za plaćanje kamatnih rashoda.
Furthermore, the Commission found instances of debt restructuring due to payment difficulties during the verification.
Komisija je tijekom provjere utvrdila i slučajeve restrukturiranja duga zbog poteškoća s plaćanjem.
In addition, all of the short-term loans granted during the IP to one of the production companies were revolving loans.
Osim toga, svi kratkoročni zajmovi koji su tijekom RIP-a odobreni jednom proizvođaču bili su revolving zajmovi.
Despite these circumstances, the Shougang Group was awarded an AAA credit rating by a Chinese credit rating agency, Dagong International.
Unatoč tome kineska agencija za kreditni rejting Dagong International društvu Shougang Group dodijelila je kreditni rejting AAA.
For the same reasons as set out in recitals (159) to (161) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Shougang Group.
Zbog razloga navedenih u uvodnim izjavama od (159) do (161) i dokaza pronađenih tijekom provjere, Komisija je zanemarila kineski rejting društva Shougang Group.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark at the level of the group.
S obzirom na prethodno opisanu opću situaciju Komisija je smatrala da je potrebno utvrditi odgovarajuću referentnu vrijednost na razini grupacije.
In order to take into account the increased risk highlighted by the existence of revolving loans, and given that the conditions and the maturity of these loans were essentially comparable to the high interest loan mentioned in recital (162) above, the Commission used the same benchmark as set out in that recital for all loans with a maturity of 2 years or less provided.
Kako bi u obzir uzela rizik povećan praksama dodjele revolving zajmova i zato što su uvjeti i dospijeće tih zajmova u osnovi usporedivi sa zajmom s visokom kamatnom stopom iz uvodne izjave (162), Komisija je za sve zajmove s dospijećem od najviše dvije godine upotrijebila vrijednost utvrđenu u toj uvodnoj izjavi.
For the remaining loans at group level with a maturity of 2 years and above, based on the available information, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds to the group level, as explained in recitals (166) to (168).
Komisija je za preostale zajmove na razini grupacije s dospijećem većim od dvije godine na temelju raspoloživih informacija upotrijebila opću referentnu vrijednost i obveznicama na razini grupacije dodijelila najvišu ocjenu u kategoriji „neivensticijskog rejtinga”, kako je objašnjeno u prethodnim uvodnim izjavama od (166) do (168).
Furthermore, the Commission concluded that at the level of the companies involved in the production of HRF, the situation was such that that these companies would not have had access to further loans during the IP absent State support.
Komisija je osim toga zaključila da je na razini društava uključenih u proizvodnju toplovaljanih plosnatih proizvoda stanje bilo takvo da ta društva tijekom RIP-a bez državne potpore ne bi imala pristup dodatnim zajmovima.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Stoga korist za ta trgovačka društva nadmašuje obično uvećanje kamatne stope.
Rather, the benefit during the IP derived from the award of loans which would not have been granted absent State support based on these companies' overall financial situation.
Umjesto toga, ta je korist tijekom RIP-a proizišla iz dodjele zajmova koji ne bi bili odobreni na temelju cjelokupnog financijskog stanja tih društava bez državne potpore.
In this respect, the Commission noted that the Shougang Group is a large State Owned Enterprise (‘SOE’) which was earmarked as a ‘champion’ in the 11th Five Year Plan and the 12th Five Year Steel Plan.
U tom pogledu Komisija je navela da je društvo Shougang Group veliko poduzeće u državnom vlasništvu koje je u 11. i 12. petogodišnjem planu za industriju čelika navedeno kao „prvak”.
Therefore, in line with section E(b)(V) of the 1998 guidelines [31], the Commission decided to treat the outstanding amounts of these loans during the IP as a grant provided in pursuit of governmental policies.
Komisija je zato u skladu s odjeljkom E točkom (b) podtočkom V. smjernica iz 1998. [31] odlučila s neotplaćenim iznosima tih zajmova tijekom RIP-a postupati kao s bespovratnim sredstvima osiguranim za obavljanje vladinih politika.
Based on the information available, the Commission only countervailed the loans granted during the IP.
Na temelju dostupnih informacija Komisija je kompenzacijske mjere uvela samo za zajmove odobrene tijekom RIP-a.
The claims and arguments put forward by the GOC and some sampled companies with regards to the general methodology for the relative spread and the use of a proxy benchmark apply equally to the Shougang Group.
Tvrdnje i argumenti koje su kineska vlada i nekoliko društava u uzorku iznijeli u pogledu opće metodologije za relativni raspon i uporabe zamjenske referentne vrijednosti primjenjuju se i na Shougang Group.
The Commission rebutted these points already in recitals (175) to (195).
Komisija je te tvrdnje već pobila u uvodnim izjavama (175) do (195).
Following disclosure, the GOC also objected to the treatment of loans as grants and put forward the following arguments:
Nakon objave kineska vlada prigovorila je činjenici da se sa zajmovima postupa kao s bespovratnim sredstvima i iznijela sljedeće argumente:
The Commission did not disclose the essential facts related to its finding of ‘State support’ absent which these companies could not have received the concerned loans.
Komisija nije objavila osnovne činjenice povezane sa svojim zaključkom o postojanju „državne potpore” bez kojih ta društva nisu mogla dobiti predmetne zajmove.
The countervailing of certain loan amounts as grants was inconsistent with Articles 1.1(b), 14 and 14(b) of the SCM Agreement.
Uvođenje kompenzacijskih mjera protiv određenih iznosa zajmova koji se smatraju bespovratnim sredstvima nije u skladu s člankom 1.1. točkom (b), člankom 14. i člankom 14. točkom (b) Sporazuma o subvencijama i kompenzacijskim mjerama.
The GOC based its claim on the Panel Report in the case EC — DRAMS, in which this approach was found to be unreasonable and inconsistent with Articles 1.1(b) and 14 of the SCM Agreement. [32]
Kineska vlada svoju tvrdnju temelji na Izvješću povjerenstva u predmetu EZ – DRAM-ovi u kojem je utvrđeno da je taj pristup nerazuman i nije u skladu s člankom 1.1. točkom (b) i člankom 14. Sporazuma o subvencijama i kompenzacijskim mjerama [32].
The Commission's calculation methodology represented an exception not permitted by Article 14(b) of the SCM Agreement, as it converted the legal nature of the contribution from loans to grants.
Metodologija izračuna Komisije predstavlja iznimku koja nije dopuštena u skladu s člankom 14. točkom (b) Sporazuma o subvencijama i kompenzacijskim mjerama jer se njome pravna priroda doprinosa mijenja iz zajma u bespovratna sredstva.
The Panel in EC — DRAMS underlined that a loan is fundamentally different from a grant, as it entails a debt still owed [33].
Povjerenstvo je u predmetu EZ – DRAM-ovi istaknulo da je zajam potpuno drukčiji od bespovratnih sredstava jer podrazumijeva neisplaćeni dug [33].
All loans were accounted for as loans and not grants in the companies' accounting records, none of the loans reported in the loan tables mentioned any debt forgiveness, and interest payments were paid on those loans.
Svi zajmovi su u računovodstvenim podacima društava upisani kao zajmovi, a ne kao bespovratna sredstva, ni za jedan od zajmova u tablicama nije bio naveden oprost duga i na te zajmove plaćale su se kamate.