natgillin/translations-raw huggingface dataset:
More specifically, the Shougang Group claimed that the Commission identified revolving loans mainly for the companies Qian'an Coal, Xishan Coking and Shougang Corp., which were not in financial distress.
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.
The proxy benchmark used by the Commission was not consistent with Article 14 of the SCM Agreement.
Komisija je odbacila obje tvrdnje.
The loan which was used as a basis for the proxy benchmark was a single, exceptional loan accounting for only 2 % of the total loans provided to the Jiangsu Shagang Group, and the Commission did not provide a reasoned explanation on why this would be comparable to a commercial loan.
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 addition, the Commission did not make adjustments to approximate this loan to comparable commercial loans.
U tom pogledu, podsjetio je da Shagang Finance nije Komisiji pružio nikakve informacije o vlastitim zajmovima.
On the first point, the Commission did not classify all loans with a duration of two years and less as revolving loans.
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.
The existence of revolving loans in a given company was merely considered an indication that the company was in a worse financial situation than what the financial statements would suggest at first sight, and that the additional risk was related to short-term liquidity problems.
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.
Therefore, all short-term loans had to be given a higher risk premium, whether such loans were revolving or not.
Štoviše, čak ni u sadržajnoj usporedbi ti se krediti nisu podudarali ni po posuđenom iznosu, ni po trajanju ni po primjenjivim kamatama.
Concerning the second point, the Commission disagreed with the assessment made by the GOC and the exporting producers.
To društvo nakon objave nije dostavilo nove informacije kojima bi potkrijepilo svoju tvrdnju da se ti krediti u stvarnosti podudaraju.
The Chinese authorities themselves consider revolving loans to be an additional factor of credit risk.
Stoga je Komisija smatrala da je svaki od tih kredita iskazan samo jedanput, na popisu kredita grupacije ili na proizvođačevu popisu.
As stated in the CBRC's ‘Guidelines on risk-based loan classification’, revolving loans should be reported at least as a ‘concerned’ loan [29].
U pogledu tvrdnje koja se odnosi na „negativnu korist” iz uvodne izjave (196) Komisija je primijetila da primjerenost usporedbe nije upitna.
A loan falling under this category means that even though a borrower can pay the principal and interest of the loan now, there are some factors which may negatively affect the repayment thereof.
Dodjela zajmova po nepreferencijalnoj stopi ne može neutralizirati korist od drugog zajma primljenog s povlaštenom stopom.
Revolving credit facilities do indeed exist in Europe and have been used by the Union steel industry, but their terms and conditions are very different from the Chinese revolving loans.
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.
Revolving credit facilities in the Union are basically credit lines, with a pre-determined maximum amount that can be withdrawn and repaid on several occasions during a pre-specified time period.
Društvo Hesteel Group je na temelju vlastitih financijskih izvještaja općenito ostvarivalo dobit.
In addition, contrary to what the GOC claims, such credit facilities entail an additional cost, be it a contractual margin on top of the usual short-term market rates [30], or a predetermined management fee.
Nije bilježilo gubitke, ali su razine profitabilnosti bile općenito niske zbog čega je društvo bilo izloženo negativnim promjenama poslovnih, financijskih i ekonomskih uvjeta.
Furthermore, the example of BNP Paribas provided by the GOC also foresaw a fee for unused capital over the duration of the credit facility.
Uz to, društvo ima visok omjer duga u odnosu na imovinu.
On the other hand, the revolving loans found during the verification visits at the Chinese sampled companies did not have conditions different from other short-term loans.
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.
They were not labeled as being a credit line or a revolving credit facility and there were no extra fees or margins attached to it.
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.
At first sight, they appeared to be normal short-term loans.
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.
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.
Komisija je navela da je kineska agencija za kreditni rejting Poljoprivredna banka Kine (podružnica u Hanangu) društvu Hesteel Group dodijelila rejting AAA-.
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 na temelju razloga navedenih u uvodnim izjavama od (159) do (161) zaključila da taj rejting nije pouzdan.
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 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).
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.
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.
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.
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.
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.
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 detailed calculation of this adjustment was provided to the companies concerned.
Komisija je te tvrdnje već pobila u uvodnim izjavama od (175) do (195).
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.
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.
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.
Komisija je primijetila da je ta navodna dokapitalizacija bila predmet pitanja koje su u travnju 2017.
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.
SAD i EU uputili NRK-u u okviru Odbora za subvencije i kompenzacijske mjere WTO-a.
The Commission rejected both claims.
Komisija u ovom istražnom postupku nije pronašla dokaze da je društvo Hesteel Group ostvarilo ikakvu korist od te navodne dokapitalizacije tijekom RIP-a.
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.
Društvo Shougang Group se na temelju vlastitih financijskih izvještaja nalazilo u teškom financijskom stanju.
In this respect, it recalled that Shagang Finance had not provided any information on loans taken by itself to the Commission.
Osim toga, tijekom provjere na terenu na razini matičnog društva utvrđeno je postojanje 25 revolving zajmova.
Moreover, the Commission did not calculate any benefit at the level of Shagang Finance.
Nadalje, u tablicama zajmova velik broj kratkoročnih zajmova na dan isteka zamijenjen je novim zajmovima s istim iznosom.
This excludes any possibility of double counting.
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.
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.
Ta društva u više uzastopnih godina tijekom razdoblja 2012. – 2015. nisu ostvarila operativnu dobit dovoljnu za plaćanje kamatnih rashoda.
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.
Komisija je tijekom provjere utvrdila i slučajeve restrukturiranja duga zbog poteškoća s plaćanjem.
Moreover, even when comparing these loans on substance, they did not match in terms of borrowed amount, duration and applicable interest.
Osim toga, svi kratkoročni zajmovi koji su tijekom RIP-a odobreni jednom proizvođaču bili su revolving zajmovi.
The company did not provide any new information after disclosure to substantiate its claim that those loans were in reality corresponding.
Unatoč tome kineska agencija za kreditni rejting Dagong International društvu Shougang Group dodijelila je kreditni rejting AAA.
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.
Zbog razloga navedenih u uvodnim izjavama od (159) do (161) i dokaza pronađenih tijekom provjere, Komisija je zanemarila kineski rejting društva Shougang Group.
Regarding the claim related to the ‘negative benefit’ referred to in recital (196), the Commission observed that no issue of fair comparison arises.
S obzirom na prethodno opisanu opću situaciju Komisija je smatrala da je potrebno utvrditi odgovarajuću referentnu vrijednost na razini grupacije.
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.
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.
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 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).
The Hesteel Group also presented itself in a generally profitable financial situation according to its own financial accounts.
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.
It was not loss-making, but profitability levels were generally weak, which exposes the group to adverse changes in business, financial, or economic conditions.
Stoga korist za ta trgovačka društva nadmašuje obično uvećanje kamatne stope.
The group also has a high debt to asset ratio.
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.
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.
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”.
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.
Komisija je zato u skladu s odjeljkom E točkom (b) podtočkom V. smjernica iz 1998.
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.
[31] odlučila s neotplaćenim iznosima tih zajmova tijekom RIP-a postupati kao s bespovratnim sredstvima osiguranim za obavljanje vladinih politika.
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.
Na temelju dostupnih informacija Komisija je kompenzacijske mjere uvela samo za zajmove odobrene tijekom RIP-a.
For the same reasons as set out in recitals (159) to (161) above, the Commission concluded that this rating is not reliable.
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.
Furthermore, the existence of the revolving loans further confirmed the Commission's assessment to disregard the Chinese AAA- rating of the Hesteel Group.
Komisija je te tvrdnje već pobila u uvodnim izjavama (175) do (195).
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.
Komisija nije objavila osnovne činjenice povezane sa svojim zaključkom o postojanju „državne potpore” bez kojih ta društva nisu mogla dobiti predmetne zajmove.
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.
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 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.
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.
The Commission rebutted these points already in in recitals (175) to (195).
Sporazuma o subvencijama i kompenzacijskim mjerama [32].
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.
Povjerenstvo je u predmetu EZ – DRAM-ovi istaknulo da je zajam potpuno drukčiji od bespovratnih sredstava jer podrazumijeva neisplaćeni dug [33].
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.
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.
The Shougang Group presented itself in a generally difficult financial situation according to its own financial accounts.
Konačno, u odjeljku E točki (b) podtočki V. smjernica iz 1998. za izračun iznosa subvencije potreban je oprost duga ili status neispunjenja obveza.
Based on the evidence received for the years 2014 and onwards, the Group was loss-making both in 2014 and 2015.
Navodna gospodarska situacija predmetnih društava nije opravdala činjenicu da se s određenim iznosima zajmova postupalo kao s bespovratnim sredstvima.
It was highly leveraged and it increased its short-term liabilities by more than 10 % during the IP.
Predmetna društva bila su dio velike grupacije društava i za njihove zajmove jamčila su matična društva.
Furthermore, 25 revolving loans were found on-spot during the verification at the level of the parent company.
Osim toga, i proizvođači iz EU-a su od 2012. poslovali s gubicima, ali su usprkos tome dobivali zajmove i mogli refinancirati svoje dugove.
Moreover, in the loan tables, a significant number of additional short term loans was replaced with new loans for the same amount at expiry.
Proizvođači izvoznici uglavnom su ponovili primjedbe kineske vlade.
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.
Međutim, društvo Shougang Group dostavilo je neke dodatne posebne primjedbe:
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.
Društvo Shougang Group napomenulo je da su određeni iznosi zajmova za tri društva iz njegove grupacije ponovno razvrstani kao bespovratna sredstva bez odgovarajućeg objašnjenja ili razloga.
Furthermore, the Commission found instances of debt restructuring due to payment difficulties during the verification.
Tijekom 2014. i 2015. društvo Shougang Group u cjelini je ostvarivalo dobit i imalo visoke razine neraspodijeljene dobiti.
In addition, all of the short-term loans granted during the IP to one of the production companies were revolving loans.
U pogledu prve točke Komisija se nije složila s tvrdnjom kineske vlade da nije otkrila bitne činjenice povezane s državnom potporom na kojima se temelje njezini nalazi.
Despite these circumstances, the Shougang Group was awarded an AAA credit rating by a Chinese credit rating agency, Dagong International.
Državna potpora navedena u uvodnoj izjavi (211) bila je dio općeg obrazloženja o povlaštenim zajmovima te se odnosila na dokaze koji su već detaljno opisani u odjeljcima od 3.4.1. do 3.4.3.
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.
Osim toga, Komisija je dostavila određeno dodatno obrazloženje u pogledu postojanja državne potpore za određena društva u industriji čelika koja se nalaze u financijskim teškoćama u odjeljku 3.5. u nastavku.
In view of the above general situation, the Commission found it necessary to find an appropriate benchmark at the level of the group.
Budući da su se društva Shougang i Benxi Group smatrala nacionalnim prvacima, obrazloženje iz odjeljka 3.5. primjenjuju se i na njih.
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.
U pogledu druge i treće točke Komisija je pojasnila da zajmove odobrene društvima u uzorku nije smatrala bespovratnim sredstvima.
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).
Protivno tvrdnjama kineske vlade Komisija nije izmijenila pravnu prirodu financijskog doprinosa iz zajma u bespovratna sredstva.
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.
Naprotiv, Komisija je priznala da su zajmovi odobreni društvima uključivali obveze plaćanja.