natgillin/translations-raw huggingface dataset:
The Commission disagreed with this assessment since the loan agreements signed with the banks clearly stipulated that the purpose of the loans was to provide financing to the ailing subsidiaries.
Komisija se nije složila s tom procjenom jer je u ugovorima o zajmu sklopljenima s bankama jasno navedeno da je svrha zajma osigurati financiranje društava kćeri u poteškoćama.
In addition, specific agreements were signed between the parent company and the subsidiaries making clear references to the precise loan agreements with the banks and stipulating that the subsidiaries had to repay the loans with their own funds.
Osim toga, matično društvo i društva kćeri potpisali su posebne ugovore u kojima se jasno upućuje na točne ugovore o zajmu s bankama i navodi da društva kćeri moraju otplatiti kredite vlastitim sredstvima.
The China National Tire Group also claimed in general that loans provided to the two exporting producers did not correspond to grants, since these loans were not forgiven or defaulted on.
Grupa China National Tire općenito tvrdila i da se zajmovi odobreni dvama proizvođačima izvoznicima ne mogu smatrati bespovratnim sredstvima jer taj dug nije otpisan ni neotplaćen.
In this respect, the Commission clarified that it had not considered the loans provided to the sampled companies to equate to grants as such.
U tom pogledu Komisija je pojasnila da zajmove odobrene društvima u uzorku nije smatrala bespovratnim sredstvima.
The Commission acknowledged that the loans provided to the companies had payment obligations attached to them.
Komisija je priznala da su zajmovi odobreni društvima uključivali obveze plaćanja.
When calculating the benefit of such transaction, the Commission did not make a comparison of interest rates, but took instead the outstanding capital amount of the loan as a starting point.
Komisija pri izračunu koristi od takve transakcije nije usporedila kamatne stope, nego je kao polazište uzela nepodmirenu glavnicu zajma.
The Commission further noted that it did not take the entire amount of the loan into account for the benefit calculations, as explained in the recital below.
Komisija je navela i da pri izračunu koristi nije uzela u obzir cjelokupan iznos zajma, kako je objašnjeno u uvodnoj izjavi u nastavku.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the investigation period.
Korist je utvrđena na temelju nepodmirene glavnice zajma koja je umanjena za kamate plaćene tijekom razdoblja ispitnog postupka.
If the loan was clearly linked to a long-term investment, the capital amount was depreciated over the duration of the loan, and only the amount allocated to the investigation period was taken into consideration.
Ako je zajam bio jasno povezan s dugoročnim ulaganjima, glavnica je amortizirana tijekom razdoblja trajanja zajma, a u obzir je uzet samo iznos dodijeljen razdoblju ispitnog postupka.
Finally, the amount of the benefit was further adjusted to reflect only the number of days in the investigation period in which the loan was running.
Naposljetku, iznos koristi bio je dodatno prilagođen kako bi odražavao samo broj dana tijekom razdoblja ispitnog postupka koji odgovara trajanju zajma.
Finally, after final disclosure, the China National Tire Group highlighted that the benefit on the intercompany loans obtained from ChemChina Finance had been double counted, since they were taken into consideration at the level of the individual beneficiaries within the group, even though the Commission had already calculated the subsidy benefit of the inter-bank loans obtained by ChemChina Finance from the banks.
Naposljetku, nakon konačne objave Grupa China National Tire istaknula je da je korist od zajmova između povezanih društava dobivenih od društva ChemChina Finance dvostruko brojana jer su oni uzeti u obzir na razini pojedinačnih korisnika u grupi iako je Komisija već izračunala korist od subvencije ostvarenu zahvaljujući međubankarskim zajmovima koje su banke odobrile društvu ChemChina Finance.
The Commission accepted this claim, and adapted the benefit calculation for preferential lending accordingly.
Komisija je prihvatila tu tvrdnju i u skladu s time prilagodila izračun koristi za povlaštene zajmove.
The Xingyuan Group presented itself in a generally difficult financial situation according to its own financial accounts.
Grupa Xingyuan na temelju vlastitih financijskih izvještaja nalazila se u teškom financijskom stanju.
During the verification visit, the Commission also found several revolving loans among the sampled loans, and noted that the company had difficulties to repay interest and capital on loans.
Tijekom posjeta radi provjere Komisija je utvrdila nekoliko revolving zajmova među zajmovima u uzorku i primijetila da društvo ima poteškoća s otplatom kamata i glavnice zajmova.
Several loans had been repaid late, and some loans which expired during the investigation period had not been repaid after several months.
Društvo je nekoliko zajmova otplatilo sa zakašnjenjem, a neke zajmove s dospijećem tijekom razdoblja ispitnog postupka nije otplatilo ni nakon nekoliko mjeseci.
Furthermore, the PBOC's enterprise credit report of the company showed that the company had significant off-balance sheet liabilities, as it had provided guarantees for loans provided to unrelated third parties in the tire business in the region.
Nadalje, kreditno izvješće NBK-a za to društvo dokazalo je da društvo ima znatne izvanbilančne obveze jer je dalo jamstva za zajmove odobrene nepovezanim trećim stranama u sektoru guma u regiji.
In addition, 31 % of its outstanding loans were classified in the ‘concerned’ category in the enterprise credit report.
Osim toga, 31 % njegovih nepodmirenih zajmova svrstani su u kreditnom izvješću u kategoriju zajmova „koji izazivaju zabrinutost”.
Finally, the Commission found that the company had difficulties paying its main raw material supplier, and that it had an important outstanding amount qualified as ‘loan’ with this supplier.
Konačno, Komisija je utvrdila da je društvo imalo poteškoće s plaćanjem svojeg glavnog dobavljača sirovina i da je tom dobavljaču dugovao znatan nepodmireni iznos koji je svrstan u „zajmove”.
The related exporting trader on the other hand was slightly profitable during the period considered.
S druge strane povezani trgovac izvoznik ostvarivao je neznatno veću dobit u razmatranom razdoblju.
Although it was not loss-making, profitability levels were generally weak, which exposes the company to adverse changes in business, financial, or economic conditions.
Iako nije bilježilo gubitke, razine profitabilnosti bile su općenito niske zbog čega je društvo bilo izloženo negativnim promjenama poslovnih, financijskih i gospodarskih uvjeta.
The company had a high debt to asset ratio, but did not have any revolving loans.
Društvo je imalo visok omjer duga u odnosu na imovinu, no nije imalo nikakvih revolving zajmova.
Despite these circumstances, the Xingyuan Group was awarded an AA domestic credit rating during the investigation period by a Chinese credit rating agency.
Unatoč tim okolnostima Grupi Xingyuan tijekom razdoblja ispitnog postupka kineska agencija za kreditni rejting dodijelila je domaći kreditni rejting AA.
Therefore, in light of the overall distortions of Chinese credit ratings mentioned in recitals (237) to (242) above, as well as the evidence found during the verification, the Commission disregarded the Chinese rating of the Xingyuan Group.
Uzevši u obzir činjenicu da je kineski kreditni rejting općenito iskrivljen, kako je prethodno navedeno u uvodnim izjavama od 237. do 242., i dokaze utvrđene tijekom provjere Komisija je zanemarila kineski rejting Grupe Xingyuan.
The Commission concluded that at the level of the exporting producer, the situation was such that that this company would not have had access to further loans during the investigation period absent State support.
Komisija je zaključila da je na razini proizvođača izvoznika stanje bilo takvo da to društvo bez državne potpore tijekom razdoblja ispitnog postupka ne bi imalo pristup dodatnim zajmovima.
In this respect, the Commission noted that the Xingyuan Group was indicated as one of the seven key regional tyre producing enterprises in the Implementation Plan for Transforming and Upgrading the Tire Industry of Shandong Province.
U tom je pogledu Komisija primijetila da je Grupa Xingyuan u Provedbenom planu za transformaciju i modernizaciju industrije guma pokrajine Shandong navedena kao jedno od sedam ključnih regionalnih poduzeća za proizvodnju guma.
Based on the information available, the Commission only countervailed the loans granted during the investigation period.
Na temelju dostupnih informacija Komisija je kompenzacijske mjere uvela jedino za zajmove odobrene tijekom razdoblja ispitnog postupka.
For the loans of the exporting producer granted before the investigation period, and in view of the existence of revolving loans at the level of this company, the Commission reverted to the benchmark established in recital (275) above for all loans with a maturity of 2 years or less.
Za zajmove odobrene proizvođaču izvozniku prije razdoblja ispitnog postupka, a s obzirom na postojanje revolving zajmova na razini tog društva, Komisija je upotrijebila referentnu vrijednost prethodno utvrđenu u uvodnoj izjavi 275. za sve zajmove s dospijećem od najviše dvije godine.
For any remaining loans with a maturity of 2 years and above, the Commission reverted to the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Za preostale zajmove s dospijećem duljim od dvije godine Komisija je upotrijebila opću referentnu vrijednost i obveznicama dodijelila najvišu ocjenu u kategoriji „neinvesticijskog rejtinga”, kako je objašnjeno u uvodnoj izjavi 251.
For the other companies in the Xingyuan Group, the Commission concluded that, based on the available information, the Commission could use the general benchmark awarding the highest grade of ‘Non-investment grade’ bonds, as explained in recital (251).
Za ostala društva Grupe Xingyuan Komisija je zaključila da bi na temelju dostupnih informacija mogla upotrijebiti opću referentnu vrijednost i obveznicama dodijeliti najvišu ocjenu u kategoriji „neinvesticijskog rejtinga”, kako je objašnjeno u uvodnoj izjavi 251.
The investigation showed that Chinese financial institutions also provided credit lines in connection with the provision of individual loans to each of the sampled companies.
Ispitnim postupkom dokazano je da su kineske financijske institucije ne samo davale zajmove svakom od društava iz uzorka nego su im uz njih odobravale i kreditne linije.
These consisted of framework agreements, under which the bank would allow the sampled companies to withdraw up to a certain maximum amount of funds in the form of various debt instruments (loans, documentary bills, trade financing, etc.).
Riječ je bila o okvirnim sporazumima na temelju kojih je banka omogućila društvima iz uzorka da povuku određeni maksimalni iznos sredstava u obliku različitih dužničkih instrumenata (zajmovi, dokumentarne mjenice, trgovački zajmovi itd.).
Under normal market circumstances, such credit lines would normally be subject to a so-called ‘arrangement’ or ‘commitment’ fee to compensate for the bank's costs and risks, as well as to renewal fees charged on an early basis for renewing the validity of the credit lines.
U normalnim tržišnim okolnostima za takve kreditne linije u pravilu bi se plaćala naknada za „obradu” ili „otvaranje” kako bi se bankama nadoknadili troškovi i rizici, ali i avansne naknade za produljenje valjanosti kreditnih linija.
However, the Commission found that all of sampled companies benefited from credit lines provided free of charge.
No Komisija je utvrdila da su sva društva iz uzorka ostvarila koristi od kreditnih linija koje su dobili bez naknade.
In accordance with Article 6(d)(ii) of the basic Regulation the benefit thus conferred on the recipients is considered to be the difference between the amount that the company pays for the provision of credit lines by Chinese financial institutions and the amount that the company would pay for a comparable commercial credit line obtainable on the market.
U skladu s člankom 6. točkom (d) podtočkom ii. osnovne uredbe smatra da je ta korist za primatelje razlika između iznosa koji društvo plaća za kreditne linije koje odobravaju kineske financijske institucije i iznosa koji bi društvo platilo za usporedivu poslovnu kreditnu liniju koju bi moglo dobiti na tržištu.
One of the sampled exporting producers in the Hankook Group obtained credit lines from two banks whose headquarters are established in a financial jurisdiction other than the PRC and which were subject to commitment and arrangement fees as is the usual practice on world financial markets.
Dvije banke sa sjedištem s financijskom nadležnošću izvan NRK-a odobrile su kreditne linije jednom od proizvođača izvoznika iz Grupe Hankook u uzorku, pri čemu je za njih uvjet bio plaćanje naknada za obradu i otvaranje u skladu s uobičajenom praksom na svjetskim financijskim tržištima.
Since those credit lines granted specifically to companies operating in the tyre business were not subject to renewal fees, the Commission decided not to apply such fees in the case at hand.
Budući da za te kreditne linije odobrene društvima koja posluju u sektoru guma nije bilo potrebno platiti naknade za produljenje, Komisija je odlučila da u ovom predmetu neće primijeniti te naknade.
The credit lines in question were therefore considered to be a reasonable proxy for a benchmark.
Stoga je smatrala da su predmetne kreditne linije razumna zamjena za referentnu vrijednost.
As a result, the average of the fees applied to these credit lines was used as a benchmark in accordance with Article 6(d)(ii) of the basic Regulation.
Zbog toga je prosječan iznos naknada koje su primijenjene na te kreditne linije upotrijebljen kao referentna vrijednost u skladu s člankom 6. točkom (d) podtočkom ii. osnovne uredbe.
The level of the fees used as a benchmark was applied prorata to the amount of each credit line in question to obtain the amount of subsidy (minus any fees actually paid).
Visina naknada koje su upotrijebljene kao referentna vrijednost primijenjena je pro-rata na iznos svake predmetne kreditne linije kako bi se dobio iznos subvencije (umanjen za naknade koje su stvarno plaćene).
In cases where the duration of the credit line was more than one year, the total amount of subsidy was allocated over the duration of the credit line and an appropriate amount attributed to the investigation period.
U slučajevima u kojima je razdoblje trajanja kreditne linije bilo dulje od jedne godine, ukupni iznos subvencija raspoređen je na razdoblje trajanja kreditne linije, a odgovarajući iznos pripisan razdoblju ispitnog postupka.
Following the disclosure of the Information Document and at the final disclosure, the Hankook Group claimed that no upfront fees were charged because Chinese banks took into account the overall revenue generated on other products and services in the decision to open a credit line for a company.
Nakon objave dokumenta s informacijama i konačne objave Grupa Hankook tvrdila je da nisu naplaćene nikakve avansne naknade jer su kineske banke uzele u obzir sveukupan prihod od drugih proizvoda i usluga pri donošenju odluke o otvaranju kreditne linije za to društvo.
The Commission agreed that any customer opening a credit line at a bank is expected to buy other products and services of that particular bank.
Komisija se složila da se od svakog klijenta koji u banci otvara kreditnu liniju očekuje da kupi druge proizvode i usluge te banke.
However, it is a common practice that customers are required to pay an upfront fee, as was shown by the upfront fee charged by two overseas banks on their credit line openings to the Hankook Group.
No standardna je praksa da klijenti moraju platiti avansnu naknadu, kao što je bio slučaj s dvije prekomorske banke koje su za otvaranje kreditne linije Grupi Hankook naplatile avansnu naknadu.
Indeed, banks need to commit funds to make them readily available at any time during the credit line is opened.
Banke moraju dodijeliti sredstva kreditnoj liniji kako bi ona uvijek bila dostupna dokle god je kreditna linija otvorena.
The Hankook group failed to provide any evidence on the alleged reasons for the waiver of the upfront fees.
Grupa Hankook nije dostavila nikakve dokaze o navodnim razlozima za oslobođenje od avansnih naknada.
In addition, in some cases, borrowers may also be required to keep a minimum amount on deposit at the bank.
Osim toga, u nekim slučajevima dužnici bi mogli imati obvezu da u svakom trenu u banci imaju minimalni iznos depozita.
Therefore, the claim of the Hankook Group is rejected.
Stoga je tvrdnja Grupe Hankook odbačena.
After the disclosure of the Information Document, the Giti Group commented that the Commission used a wrong number of outstanding days for a number of credit lines, and that it did not deduct some of the fees paid by the company from the calculated benefit.
Nakon objave dokumenta s informacijama Grupa Giti dostavila je primjedbu da je Komisija upotrijebila pogrešan broj dana neplaćanja za niz kreditnih linija i da izračunanu korist nije umanjila za neke naknade koje je društvo platilo.
The Commission partially accepted these comments and revised the benefit calculation accordingly.
Komisija je djelomično prihvatila te primjedbe te u skladu s njima revidirala izračun koristi.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the investigation period.
U ispitnom postupku pokazalo se da su sve grupe proizvođača izvoznika u uzorku ostvarile korist od povlaštenih zajmova tijekom razdoblja ispitnog postupka.
In view of the existence of a financial contribution, a benefit to the exporting producers and specificity, these loans and credit lines should be considered as a countervailable subsidy.
S obzirom na postojanje financijskog doprinosa, koristi za proizvođače izvoznike i specifičnost te bi zajmove i kreditne linije trebalo smatrati subvencijom protiv koje se mogu uvesti kompenzacijske mjere.
The subsidy amount established with regard to the preferential lending during the investigation period for the sampled groups of companies amounts to:
Subvencija utvrđena u odnosu na davanje povlaštenih zajmova tijekom razdoblja ispitnog postupka za grupe društava u uzorku iznosi:
Company/Group
Društvo/grupa
Preferential financing and insurance: bonds
Povlašteno financiranje i osiguranje: obveznice
Two of the sampled companies benefited from preferential financing in the form of bonds.
Dva društva u uzorku ostvarila su korist od povlaštenog financiranja u obliku obveznica.
State-owned financial institutions acted as public bodies
Financijske institucije u državnom vlasništvu djelovale su kao javna tijela
In China, the players on the bond market are essentially the same entities as those which are active on the loan market.
Sudionici kineskog tržišta obveznica u osnovi su isti oni subjekti koji posluju na tržištu zajmova.
Companies that want to issue bonds need to solicit the services of a financial institution, acting as an underwriter.
Društva koja žele izdavati obveznice moraju angažirati financijsku instituciju da ona djeluje kao potpisnik.
Underwriters organize the issuance of bonds and propose the interest rates at which the bond will be presented to investors.
Potpisnici organiziraju izdavanje obveznica i predlažu kamatne stope po kojima će se obveznica ponuditi ulagateljima.
These underwriters are the same state-owned banks that also provide the preferential loans discussed in section 3.4 above.
Ti potpisnici zapravo su banke u državnom vlasništvu koje odobravaju povlaštene zajmove iz prethodnog odjeljka 3.4.
Furthermore, investors buying the bonds are also mainly Chinese (state-owned) banks, since more than 95 % of the total trading volume of bonds happens on the interbank market.
Nadalje, ulagatelji koji kupuju obveznice uglavnom su kineske banke (u državnom vlasništvu) jer se više od 95 % sveukupnog trgovanja obveznicama odvija na međubankovnom tržištu.
As described in section 3.4.1 above, these financial institutions are characterized by a strong state presence, and the GOC has the possibility to exercise a meaningful influence on them.
Kako je prethodno opisano u odjeljku 3.4.1., te financijske institucije imaju snažne veze s državom, pa kineska vlada može ostvariti značajan utjecaj na njih.
The general legal framework in which these financial institutions operate, and which was already described in section 3.4 above, is also applicable to bonds.
Opći pravni okvir u kojem te financijske institucije posluju i koji je već prethodno opisan u odjeljku 3.4. vrijedi i za obveznice.
In addition, the following regulatory documents apply specifically to bonds:
Osim toga, sljedeći regulatorni dokumenti primjenjuju se specifično na obveznice:
Law of the People's Republic of China on Securities, revised and adopted at the 18th Meeting of the Standing Committee of the Tenth National People's Congress of the People's Republic of China on October 27, 2005, and effective as of January 1, 2006 (current version promulgated on August 31, 2014) (‘Securities Law’);
Zakon Narodne Republike Kine o vrijednosnim papirima koji je izmijenjen i donesen na 18. sastanku Stalnog odbora 10. Nacionalnog narodnog kongresa Narodne Republike Kine dana 27. listopada 2005., a koji je počeo proizvoditi učinke od 1. siječnja 2006. (važeća verzija službeno je objavljena 31. kolovoza 2014.) („Zakon o vrijednosnim papirima”);
Administrative Measures for the Issuance and Trading of Corporate Bonds, Order of the China Securities Regulatory Commission No 113, 15 January 2015;
Administrativne mjere za izdavanje korporativnih obveznica i trgovanje njima, Uredba Kineskog regulatornog tijela za vrijednosne papire br. 113, 15. siječnja 2015.;
Measures of the Administration of Debt Financing Instruments of Non-financial Enterprises on the Inter-bank Bond Market Issued by the People's Bank of China, Order of the People's Bank of China [2008] No 12, 9 April 2008;
Mjere za upravljanje dužničkim instrumentima nefinancijskih poduzeća koje izdaje Narodna banka Kine na međubankovnom tržištu obveznica, Uredba Narodne banke Kine [2008.] br. 12, 9. travnja 2008.;
Regulations on the Administration of Corporate Bonds, issued by the State Council on 18 January 2011.
Pravilnik o upravljanju korporativnim obveznicama, koji je 18. siječnja 2011. izdalo Državno vijeće.
In line with the regulatory framework, bonds cannot be issued or traded freely in China.
U skladu s regulatornim okvirom u Kini obveznice se ne mogu slobodno izdati niti se njima može slobodno trgovati.
The issuance of each bond must be approved by various governmental authorities, such as the PBOC, the NDRC or the CSRC, depending on the type of bond and the type of issuer.
Svako izdavanje obveznice moraju odobriti različita državna tijela, kao što su NBK, NDRC i CSRC, ovisno o vrsti obveznice i vrsti izdavatelja.
In addition, according to the Regulations on the Administration of Corporate Bonds, there are annual quotas for the issuance of corporate bonds.
Osim toga, Pravilnikom o upravljanju korporativnim obveznicama utvrđene su godišnje kvote za izdavanje korporativnih obveznica.
Furthermore, according to Article 16 of the Securities Law, the public issuance of bonds should satisfy the following requirements: ‘the investment of raised funds shall comply with the industrial policies of the State […]’ and ‘the funds as raised […] shall be used for the purpose as verified’.
Nadalje, u skladu s člankom 16. Zakona o vrijednosnim papirima javno izdavanje obveznica trebalo bi ispunjavati sljedeće zahtjeve: „ulaganje prikupljenih sredstava mora biti u skladu s industrijskim politikama države […]” i „prikupljena sredstva […] moraju se upotrijebiti za provjerenu svrhu”.
Article 12 of the Regulations on the Administration of Corporate Bonds reiterates that the purpose of the raised funds must be in compliance with the industrial policies of the State.
U članku 12. Pravilnika o upravljanju korporativnim obveznicama ponavlja se da svrha prikupljenih sredstava mora biti u skladu s industrijskim politikama države.