natgillin/translations-raw huggingface dataset:
Indeed, revolving loans are usually concluded for short durations.
Financijsko stanje četiriju proizvođača izvoznika Grupe China National Tire različito je.
It is highly unlikely that a revolving loan would be found with a maturity of more than two years, and the evidence of the loans verified in the sampled companies supported this conclusion.
Dva su bilježila stalnu dobit u razdoblju od 2014. do 2016. i imala prilično zdrave financijske pokazatelje.
They would not have had access to further loans during the investigation period absent State support.
Osim toga, ta su društva bila ovisna o revolving zajmovima i jedno od njih nije bilo sposobno otplatiti neke svoje dugove.
Therefore, the received benefit for this company went beyond an ordinary mark-up of an interest rate.
Ta su društva zapravo prestala dobivati vanjske zajmove tijekom razdoblja ispitnog postupka.
Rather, the benefit during the investigation period derived from the award of loans which would not have been granted absent State support based on the company's overall financial situation.
No i dalje su primala financijsku potporu u obliku zajmova koje je u njihovo ime uzimalo njihovo matično društvo.
In this respect, the Commission noted that the China National Tire Group is a large State Owned Enterprise (‘SOE’) which is part of the Chemchina Group, and that the Chemchina Group was earmarked as a key enterprise in the 13th Five Year Petrochemical Plan.
U uvjetima tih ugovora o zajmovima kao svrha zajma navedeno je društvo kći u poteškoćama.
Therefore, in line with section E(b)(V) of the 1998 guidelines, the Commission decided to treat the outstanding amounts of these loans during the investigation period as a grant provided in pursuit of governmental policies.
Predmetni proizvođači izvoznici usto su morali u potpunosti otplatiti te zajmove matičnom društvu u skladu s ugovorom između povezanih društava.
Since these companies did not receive any new external loans anymore during the investigation period due to their poor financial situation, which already existed during the period 2015-2016, the Commission treated the loans outstanding during the investigation period, but which were provided during 2015 and the first half of 2016, as grants, duly adjusted as described in recital (280) below.
Matično društvo posrednik, CNRC, ostvarivalo je dobit, iako nisku, od 2015. do 2016. i tijekom razdoblja ispitnog postupka te je bilo vrlo zaduženo.
In addition, the Commission treated the intercompany loans taken out by the parent company on behalf of its subsidiary during the investigation period as grants, as they were clearly destined to and had to be paid by the subsidiary.
Komisija je utvrdila i da je većina zajmova odobrenih na razini CNRC-a bila revolving zajmovi.
After final disclosure, the China National Tire Group argued that the intercompany loans taken out by the parent company on behalf of its subsidiary should not be treated as grants since the loan agreements were signed between the parent company and the banks.
Slično stanje utvrđeno je analizom krajnjeg matičnog društva, Grupe Chemchina, u kojem se niska profitabilnost pojavljuje u kombinaciji s visokom razinom zaduženošću i određenoj ovisnosti o revolving zajmova.
Therefore, these loans could not be treated as loans of the subsidiaries for the calculation of the benefit of the subsidy.
Osim toga, Komisija je na razini Grupe Chemchina utvrdila da su se obveznicama otplaćivali nepodmireni zajmovi.
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.
CNRC-u i njegovim društvima kćerima nisu dodijeljeni kreditni rejtinzi.
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.
No kineska agencija za kreditni rejting uzastopno je Grupi Chemchina dodjeljivala kreditni rejting AAA.
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.
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 Chemchina.
In this respect, the Commission clarified that it had not considered the loans provided to the sampled companies to equate to grants as such.
S obzirom na prethodno opisanu opću situaciju Komisija je smatrala da je potrebno utvrditi odgovarajuću referentnu vrijednost za različita društva unutar grupe.
The Commission acknowledged that the loans provided to the companies had payment obligations attached to them.
Kako bi se uzela u obzir povećana izloženost banaka rizicima, koju dodatno naglašava postojanje revolving zajmova u nekim društvima grupe, Komisija je primijenila nižu razinu na ljestvici procjene rizika i za te zajmove prilagodila izračun relativnog raspona usporedivši korporativne obveznice s rejtingom AA i korporativne obveznice s rejtingom B (umjesto BB) u SAD-u unutar istog razdoblja.
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.
Prema definicijama kreditnog rejtinga društva Standard & Poor's dužnik s rejtingom B ranjiviji je od dužnika s rejtingom BB, no i dalje je sposoban ispuniti svoje financijske obveze.
The benefit conferred was determined based on the outstanding capital amount of the loan minus the interest paid during the investigation period.
Stoga se smatra da ta referentna vrijednost prikladno odražava dodatni rizik koji proizlazi iz upotrebe revolving zajmova.
The capital amount of the loan was adjusted by depreciating it according to the underlying purpose of the loan.
Zato je Komisija to upotrijebila kao odgovarajuću referentnu vrijednost za sve zajmove s dospijećem od najviše dvije godine odobrene društvima koja su koristila revolving zajmove.
If the purpose of the loan was labelled as liquidity/working capital, the full amount was taken.
Revolving zajmovi obično su kratkog trajanja.
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.
Revolving zajam s dospijećem dužim od dvije godine malo je vjerojatan, a taj zaključak potvrđuju dokazi o zajmovima koji su provjereni u društvima u uzorku.
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.
Za preostale zajmove s dospijećem duljim od dvije godine i za društva koja nisu imala revolving zajmove, Komisija je upotrijebila opću referentnu vrijednost i obveznicama dodijelila najvišu ocjenu u kategoriji „neinvesticijskog rejtinga”, kako je objašnjeno u uvodnoj izjavi 251.
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.
Konačno, Komisija je zaključila da je na razini dvaju društava uključenih u proizvodnju guma financijsko stanje tih društava bilo loše od 2015. do 2016. i tijekom razdoblja ispitnog postupka.
The Commission accepted this claim, and adapted the benefit calculation for preferential lending accordingly.
Tijekom razdoblja ispitnog postupka ne bi imala pristup dodatnim zajmovima bez državne potpore.
The Xingyuan Group presented itself in a generally difficult financial situation according to its own financial accounts.
Stoga korist za to trgovačko društvo nadmašuje obično uvećanje kamatne stope.
The main company in the group, which is also the main exporting producer, was loss-making during the entire period 2014-2016.
Umjesto toga, ta je korist tijekom razdoblja ispitnog postupka proizašla iz dodjele zajmova koji ne bi bili odobreni na temelju cjelokupnog financijskog stanja tog društva bez državne potpore.
At the end of 2016, the company had a negative equity, because its debt to assets ratio exceeded 100 % and its accumulated losses were higher than its paid-in capital.
U tom je pogledu Komisija primijetila da je Grupa China National Tire veliko poduzeće u državnom vlasništvu koje je dio Grupe Chemchina te da je Grupa Chemchina navedena kao ključno poduzeće u 13. petogodišnjem planu za petrokemijsku industriju.
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.
Komisija je zato u skladu s odjeljkom E točkom (b) podtočkom V. smjernica iz 1998. odlučila s nepodmirenim iznosima tih zajmova tijekom razdoblja ispitnog postupka postupati kao s bespovratnim sredstvima osiguranim za provedbu vladinih politika.
Several loans had been repaid late, and some loans which expired during the investigation period had not been repaid after several months.
Budući da ta društva nisu dobila nikakve nove vanjske zajmove tijekom razdoblja ispitnog postupka zbog svojeg lošeg financijskog stanja, koje je već bilo zabilježeno od 2015. do 2016., Komisija je s nepodmirenim zajmovima tijekom razdoblja ispitnog postupka, koji su odobreni 2015. i u prvoj polovini 2016., postupala kao s bespovratnim sredstvima propisno prilagođenima kako je prethodno opisano u uvodnoj izjavi 280.
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.
Osim toga, Komisija je sa zajmovima između povezanih društva koje je uzelo matično društvo u ime svojeg društva kćeri tijekom razdoblja ispitnog postupka postupala kao s bespovratnim sredstvima jer je riječ o sredstvima koja su očito bila namijenjena društvu kćeri, koje je moralo otplatiti te zajmove.
In addition, 31 % of its outstanding loans were classified in the ‘concerned’ category in the enterprise credit report.
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.
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.
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 related exporting trader on the other hand was slightly profitable during the period considered.
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.
Although it was not loss-making, profitability levels were generally weak, which exposes the company to adverse changes in business, financial, or economic conditions.
U tom pogledu Komisija je pojasnila da zajmove odobrene društvima u uzorku nije smatrala bespovratnim sredstvima.
The company had a high debt to asset ratio, but did not have any revolving loans.
Komisija je priznala da su zajmovi odobreni društvima uključivali obveze plaćanja.
Despite these circumstances, the Xingyuan Group was awarded an AA domestic credit rating during the investigation period by a Chinese credit rating agency.
Komisija pri izračunu koristi od takve transakcije nije usporedila kamatne stope, nego je kao polazište uzela nepodmirenu glavnicu zajma.
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.
Komisija je navela i da pri izračunu koristi nije uzela u obzir cjelokupan iznos zajma, kako je objašnjeno u uvodnoj izjavi u nastavku.
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.
Korist je utvrđena na temelju nepodmirene glavnice zajma koja je umanjena za kamate plaćene tijekom razdoblja ispitnog postupka.
Therefore, the received benefit for these companies went beyond an ordinary mark-up of an interest rate.
Glavnica zajma prilagođena je s pomoću amortizacije u skladu s osnovnom svrhom zajma.
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.
Ako je svrha zajma bila likvidnost/obrtni kapital, upotrijebljen je puni iznos.
Based on the information available, the Commission only countervailed the loans granted during the investigation period.
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.
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.
Naposljetku, iznos koristi bio je dodatno prilagođen kako bi odražavao samo broj dana tijekom razdoblja ispitnog postupka koji odgovara trajanju zajma.
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).
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.
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).
Komisija je prihvatila tu tvrdnju i u skladu s time prilagodila izračun koristi za povlaštene zajmove.
Credit lines
Grupa Xingyuan na temelju vlastitih financijskih izvještaja nalazila se u teškom financijskom stanju.
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.
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.
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.).
Društvo je nekoliko zajmova otplatilo sa zakašnjenjem, a neke zajmove s dospijećem tijekom razdoblja ispitnog postupka nije otplatilo ni nakon nekoliko mjeseci.
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.
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.
However, the Commission found that all of sampled companies benefited from credit lines provided free of charge.
Osim toga, 31 % njegovih nepodmirenih zajmova svrstani su u kreditnom izvješću u kategoriju zajmova „koji izazivaju zabrinutost”.
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.
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”.
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.
S druge strane povezani trgovac izvoznik ostvarivao je neznatno veću dobit u razmatranom razdoblju.
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.
Iako nije bilježilo gubitke, razine profitabilnosti bile su općenito niske zbog čega je društvo bilo izloženo negativnim promjenama poslovnih, financijskih i gospodarskih uvjeta.
The credit lines in question were therefore considered to be a reasonable proxy for a benchmark.
Društvo je imalo visok omjer duga u odnosu na imovinu, no nije imalo nikakvih revolving zajmova.
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.
Unatoč tim okolnostima Grupi Xingyuan tijekom razdoblja ispitnog postupka kineska agencija za kreditni rejting dodijelila je domaći kreditni rejting AA.
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).
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.
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.
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.
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.
Stoga korist za ta trgovačka društva nadmašuje obično uvećanje kamatne stope.
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.
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.
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.
Na temelju dostupnih informacija Komisija je kompenzacijske mjere uvela jedino za zajmove odobrene tijekom razdoblja ispitnog postupka.
Indeed, banks need to commit funds to make them readily available at any time during the credit line is opened.
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.
The Hankook group failed to provide any evidence on the alleged reasons for the waiver of the upfront fees.
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.
In addition, in some cases, borrowers may also be required to keep a minimum amount on deposit at the bank.
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.
Therefore, the claim of the Hankook Group is rejected.
Kreditne linije
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.
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.
The Commission partially accepted these comments and revised the benefit calculation accordingly.
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.).
Conclusion on preferential lending
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.
The investigation showed that all sampled groups of exporting producers benefited from preferential lending during the investigation period.
No Komisija je utvrdila da su sva društva iz uzorka ostvarila koristi od kreditnih linija koje su dobili bez naknade.
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.
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.
The subsidy amount established with regard to the preferential lending during the investigation period for the sampled groups of companies amounts to:
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.
Company/Group
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.
Overall Subsidy amount
Stoga je smatrala da su predmetne kreditne linije razumna zamjena za referentnu vrijednost.
Preferential financing and insurance: bonds
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.