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Trina Solar Ltd · 20-F · For 12/31/11 · EX-4.10

Filed On 3/29/12, 4:49pm ET   ·   Accession Number 1104659-12-22420   ·   SEC File 1-33195

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  As Of                Filer                Filing    For/On/As Docs:Size              Issuer               Agent

 3/29/12  Trina Solar Ltd                   20-F       12/31/11   99:17M                                    Merrill Corp-MD/FA

Annual Report of a Foreign Private Issuer   —   Form 20-F
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual Report of a Foreign Private Issuer           HTML   2.33M 
 2: EX-4.10     Instrument Defining the Rights of Security Holders  HTML    128K 
 3: EX-4.11     Instrument Defining the Rights of Security Holders  HTML    149K 
 4: EX-4.12     Instrument Defining the Rights of Security Holders  HTML    113K 
 5: EX-8.1      Opinion re: Tax Matters                             HTML     48K 
 6: EX-11.1     Statement re: Computation of Earnings Per Share     HTML     71K 
 7: EX-12.1     Statement re: Computation of Ratios                 HTML     32K 
 8: EX-12.2     Statement re: Computation of Ratios                 HTML     32K 
 9: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     27K 
10: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     27K 
11: EX-15.1     Letter re: Unaudited Interim Financial Information  HTML     25K 
43: EXCEL       XBRL IDEA Workbook -- Financial Report (.xls)        XLS   2.42M 
69: R1          Document and Entity Information                     HTML     50K 
56: R2          Consolidated Balance Sheets                         HTML    175K 
67: R3          Consolidated Balance Sheets (Parenthetical)         HTML     43K 
71: R4          Consolidated Statements of Operations               HTML    108K 
90: R5          Consolidated Statements of Changes in Equity and    HTML    109K 
                          Comprehensive Income                                   
58: R6          Consolidated Statements of Cash Flows               HTML    215K 
66: R7          Organization and Principal Activities               HTML     31K 
51: R8          Summary of Principal Accounting Policies            HTML    185K 
41: R9          Allowance for Doubtful Receivables                  HTML     82K 
91: R10         Inventories                                         HTML     50K 
73: R11         Property, Plant and Equipment, Net                  HTML     61K 
72: R12         Prepaid Land Use Right                              HTML     29K 
78: R13         Accrued Expenses and Current Liabilities            HTML     46K 
79: R14         Derivative Financial Instruments                    HTML     91K 
76: R15         Fair Value Measurement                              HTML    212K 
80: R16         Bank Borrowings                                     HTML     94K 
68: R17         Convertible Senior Notes                            HTML     40K 
70: R18         Accrued Warranty Costs                              HTML     43K 
75: R19         Share-Based Compensation                            HTML    103K 
99: R20         Tax Expense                                         HTML    165K 
86: R21         Distribution of Profit                              HTML     31K 
62: R22         Related Party Transactions and Balances             HTML     35K 
74: R23         Commitments and Contingencies                       HTML     50K 
64: R24         Segment Information                                 HTML     63K 
32: R25         Major Customers and Suppliers                       HTML     46K 
87: R26         Additional Information - Financial Statement        HTML    196K 
                          Schedule I                                             
95: R27         Summary of Principal Accounting Policies            HTML    291K 
                          (Policies)                                             
46: R28         Summary of Principal Accounting Policies (Tables)   HTML    140K 
45: R29         Allowance for Doubtful Receivables (Tables)         HTML     74K 
49: R30         Inventories (Tables)                                HTML     44K 
50: R31         Property, Plant and Equipment, Net (Tables)         HTML     52K 
52: R32         Accrued Expenses and Current Liabilities (Tables)   HTML     45K 
25: R33         Derivative Financial Instruments (Tables)           HTML     77K 
84: R34         Fair Value Measurement (Tables)                     HTML    185K 
60: R35         Bank Borrowings (Tables)                            HTML     76K 
63: R36         Accrued Warranty Costs (Tables)                     HTML     41K 
36: R37         Share-Based Compensation (Tables)                   HTML    100K 
98: R38         Tax Expense (Tables)                                HTML    157K 
18: R39         Commitments and Contingencies (Tables)              HTML     46K 
53: R40         Segment Information (Tables)                        HTML     56K 
89: R41         Major Customers and Suppliers (Tables)              HTML     41K 
34: R42         Summary of Principal Accounting Policies (Details)  HTML     57K 
44: R43         Summary of Principal Accounting Policies (Details   HTML     70K 
                          2)                                                     
48: R44         Summary of Principal Accounting Policies (Details   HTML     83K 
                          3)                                                     
57: R45         Summary of Principal Accounting Policies (Details   HTML     32K 
                          4)                                                     
24: R46         Allowance for Doubtful Receivables (Details)        HTML     41K 
40: R47         Inventories (Details)                               HTML     45K 
20: R48         Property, Plant and Equipment, Net (Details)        HTML     52K 
88: R49         Prepaid Land Use Right (Details)                    HTML     33K 
33: R50         Accrued Expenses and Current Liabilities (Details)  HTML     48K 
85: R51         Derivative Financial Instruments (Details)          HTML     39K 
37: R52         Derivative Financial Instruments (Details 2)        HTML     30K 
54: R53         Fair Value Measurement (Details)                    HTML     51K 
19: R54         Fair Value Measurement (Details 2)                  HTML     38K 
22: R55         Fair Value Measurement (Details 3)                  HTML     36K 
47: R56         Bank Borrowings (Details)                           HTML     39K 
28: R57         Bank Borrowings (Details 2)                         HTML     48K 
93: R58         Bank Borrowings (Details 3)                         HTML     81K 
59: R59         Bank Borrowings (Details 4)                         HTML     43K 
77: R60         Convertible Senior Notes (Details)                  HTML     94K 
39: R61         Accrued Warranty Costs (Details)                    HTML     35K 
42: R62         Share-Based Compensation (Details)                  HTML    163K 
83: R63         Tax Expense (Details)                               HTML     40K 
81: R64         Tax Expense (Details 2)                             HTML     31K 
61: R65         Tax Expense (Details 3)                             HTML     64K 
82: R66         Tax Expense (Details 4)                             HTML     57K 
38: R67         Tax Expense (Details 5)                             HTML     87K 
65: R68         Distribution of Profit (Details)                    HTML     41K 
94: R69         Related Party Transactions and Balances (Details)   HTML     51K 
21: R70         Commitments and Contingencies (Details)             HTML     48K 
31: R71         Commitments and Contingencies (Details 2)           HTML     41K 
55: R72         Commitments and Contingencies (Details 3)           HTML     39K 
27: R73         Segment Information (Details)                       HTML     37K 
97: R74         Major Customers and Suppliers (Details)             HTML     36K 
35: R75         Additional Information - Financial Statement        HTML     36K 
                          Schedule I (Details)                                   
29: R76         Additional Information - Financial Statement        HTML    107K 
                          Schedule I (Details 2)                                 
30: R77         Additional Information - Financial Statement        HTML     41K 
                          Schedule I (Details 3)                                 
23: R78         Additional Information - Financial Statement        HTML     74K 
                          Schedule I (Details 4)                                 
26: R79         Additional Information - Financial Statement        HTML    118K 
                          Schedule I (Details 5)                                 
96: XML         XBRL XML File -- Filing Summary                      XML    146K 
12: EX-101.INS  XBRL Instance -- tsl-20111231                        XML   3.22M 
14: EX-101.CAL  XBRL Calculations -- tsl-20111231_cal                XML    350K 
15: EX-101.DEF  XBRL Definitions -- tsl-20111231_def                 XML   1.09M 
16: EX-101.LAB  XBRL Labels -- tsl-20111231_lab                      XML   3.28M 
17: EX-101.PRE  XBRL Presentations -- tsl-20111231_pre               XML   1.57M 
13: EX-101.SCH  XBRL Schema -- tsl-20111231                          XSD    275K 
92: ZIP         XBRL Zipped Folder -- 0001104659-12-022420-xbrl      Zip    300K 


EX-4.10   —   Instrument Defining the Rights of Security Holders


This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



Exhibit 4.10

 

Translation

 

Jiangsu Zhongneng - Changzhou Trina Solar Energy Supplementary Agreement

 

SUPPLEMENTARY AGREEMENT NO. 4 TO
POLYSILICON SUPPLY AGREEMENT

 

Party A’s Contract No.: SSC000119
Party B’s Contract No.: TCZ-A1130-0803-CGC-120-0

 

Party A: Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.

 

Party B: Changzhou Trina Solar Energy Co., Ltd.

 

Whereas, Party A and Party B signed a Polysilicon Supply Contract (Party A’s Contract No.: SSC000119) on March 29, 2008 and signed a Supplementary Agreement I to the Polysilicon Supply Contract (Party A’s Contract No.: SSC000119, “Supplementary Agreement I”) on August 19, 2008, and also signed the memoranda on December 8, 2008, January 21, 2009 and April 1, 2009 respectively, signed the Supplementary Agreement II to the Polysilicon Supply Contract ( “Supplementary Agreement II”) on August 24, 2009 and the Supplementary Agreement III to the Polysilicon Supply Contract ( “Supplementary Agreement III”) on October 23, 2009 and a memorandum on November 10, 2009 (the foregoing eight agreements and memoranda hereinafter collectively referred to as the “Original Contract”). Based on the principle that the existing effectiveness of partial Original Contract is not altered by this Supplementary Agreement and the exhibits hereto, and after thorough consultation in equal and voluntary basis, both parties hereby enter into the following amendments regarding such price, quantity and etc. as stipulated in the Original Contract for mutual compliance:

 

1.                    The provisions on the quantity and price of silicon wafers in Article 4 of and the exhibits to Supplementary Agreement I shall be substituted by this Supplementary Agreement. Both parties agree to invalidate the provisions of Article 4 of Supplementary Agreement II, and agree to amend the provisions of Article 1 of Supplementary Agreement II from “Quantities and Prices of Polysilicon and Monosilicon Wafers (125x125mm) in 2010 to 2015 Supply Plan” to “Quantities and Prices of Polysilicon and Polysilicon Wafers (156x156mm) in 2010 to 2015 Supply Plan”. The detailed quantities and prices of polysilicon and polysilicon wafers for 2010 to 2015 after amendment shall be referred to Exhibit B-3 hereto, and the detailed specifications of polysilicon wafers shall be referred to the Product Specification attached hereto. All the prices under this Agreement are tax (17%) inclusive prices, and the currency “yuan” used herein shall refer to RMB.

 

2.                    The conditions for calculation in Exhibit B-3:

 

Temporary output power of polysilicon wafer: 3.85 w/pc

 

 

 

 

 

 

 

Temporary polysilicon consumed for unit watt: 6.2 g/w

 

3.                    Both parties hereby agree upon the total purchase quantity of polysilicon by Party B from 2010 to 2015 (including polysilicon and polysilicon wafers converted polysilicon). Party A undertakes that it will provide Party B with the majority of the polysilicon wafers manufactured by the silicon wafer cutting factory which is invested and established by Party A in Changzhou Trina PV Industrial Park from 2011:

 

1



 

3.1.                                  The total purchase quantity of polysilicon converted from the quantity of silicon wafers and polysilicon purchased by Party B in 2010 is 3,900 tons, of which Party B undertakes to purchase 150MW polysilicon wafers at the unit price of [****]† yuan/pc since March, i.e. 38,960,000 pieces based on the temporary calculation standard of 3.85 w/pc; 930 tons of polysilicon based on the temporary standard of 6.2 g/w. Then the remaining purchase quantity of polysilicon is 2,970 tons, at a unit price of [****]† yuan/kg as prescribed in Supplementary Agreement II. As for the polysilicon wafers to be purchased in March and April 2010, both parties agree that Party A shall supply Party B with no fewer than 2 million pieces of polysilicon wafers each month, and the short thereof shall be made up during the period from May to December 2010.

 

3.2.                                  Party B undertakes to purchase 300MW of polysilicon wafers in 2011, and the quantity of polysilicon to be purchased shall be subject to Exhibit B-3 hereto.

 

3.3.                                  Both parties undertake that on the precondition that the total amount under the Original Contract shall not be decreased, the annual quantity of polysilicon to be purchased during 2012 to 2015 shall be subject to Exhibit B-3 hereto, and the quantity of silicon wafers to be purchased shall be temporarily subject to Exhibit B-3 hereto. In case either party requests to amend the purchase quantity of silicon wafers, such party shall submit a written application for amendment to the other party in the third quarter of the prior year, and the actual purchase quantity shall be otherwise negotiated by both parties. If both parties need to amend the purchase quantity of silicon wafers, the minimum quantity of polysilicon wafers to be purchased by Party B shall be 400MW for 2012, 500MW for 2013, 600MW for 2014 and 700MW for 2015 respectively. If the amended purchase quantity of polysilicon wafers each year falls short of the quantity set out in Exhibit B-3, the short shall be converted to polysilicon and purchased by Party B in such year. If such amendment results in the total purchase amount less than the amount set out in Exhibit B-3, Party B undertakes that it shall annually make up for the insufficient purchase amount of polysilicon wafers by equal shares during 2016 to 2020.

 

4.                    The silicon price adjustment process under this Agreement shall follow the provisions set out in Article 9 of Supplementary Agreement II. In addition, when the yearly or quarterly price of silicon wafers hereunder during such year or quarter as provided by this Agreement has decreased by [****]†% or more, or increased by [****]†% or more, compared with the current market price, both parties may initiate the price adjustment process as prescribed in Article 9 of Supplementary Agreement II. In case that the price of silicon wafers fluctuates as a result of the innovation of silicon wafer processing technologies, etc., the price thereof shall be otherwise negotiated by both parties.

 


                 This portion of the Supplementary Agreement No. 4 to Polysilicon Supply Agreement has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2 under the Exchange Act of 1934.

 

2



 

5.                    Any extra profits gained from technical cooperation between both parties shall be shared by both parties through friendly consultation. If any advance of battery technology requires adjusting the thickness of silicon wafers, Party B shall make adjustment to the current thickness of 200 µm +/-20 µm. The silicon wafers yield rate shall rise by one piece with the thinning out of every 10 µm of wafer thickness. The price of silicon wafers then shall be otherwise negotiated.

 

6.                    The indicators of silicon wafers, such as the appearance and quality, shall comply with the specifications agreed upon by both parties in Product Specification attached hereto, and the indicator of electrical property shall meet the manufacturing requirement of Party B (i.e. Party B requires that the electrical property conversion efficiency of silicon wafers produced by Party A should at least equal the average electrical property conversion efficiency of silicon wafers produced by a third party silicon wafer provider of Party B, or the electrical property conversion efficiency of silicon wafers self-produced by Party B during the same purchase period. Party A is entitled to choose either of the foregoing electrical property conversion efficiency as the manufacturing requirement of Party B). If any dispute in connection with quality arises, it shall be determined by a third party jointly designated by both parties. Such determination of the third party shall be subject to Sub-Article 6, Article 4 of Supplementary Agreement I. Any amendment to the quality indicator shall be subject to Article 3.4 of the Supply Contract dated March 29, 2008.

 

7.                    Both parties undertake that this Supplementary Agreement shall set out the amendments by Party A and Party B to the Original Contract previously entered into. In case of any inconsistencies between this Supplementary Agreement and the Original Contract, this Supplementary Agreement shall prevail. All other matters that are not covered hereby shall be subject to the Original Contract.

 

8.                    This Agreement shall have six original copies, with each party holding three copies. Each copy has the same legal effects and shall take effect after being signed and sealed by both parties.

 

9.                    Any matters that are not covered hereby may be otherwise agreed upon by both parties in another supplementary agreement.

 

 

Party A:

 

Jiangsu Zhongneng
Polysilicon Technology
Development Co., Ltd.
[Company Seal Affixed]

 

Party B:

 

Changzhou Trina Solar Energy
Co., Ltd.

[Company Seal Affixed]

 

 

 

 

 

 

 

Authorized
Representative:

 

 

 

Authorized
Representative:

 

 

 

 

 

 

 

 

 

Date:

 

 

 

Date:

 

 

 

 

3



 

Exhibit (B-3)

 

150MW Polysilicon Wafers to be Purchased in 2010; Revised Quantity and Price for Purchase from 2011 to 2015:

 

Total Silicon Purchase Quantity for 2010 is 3,900 tons. Annual Silicon Purchase Quantity for 2011-2015 is 5,300 tons.

 

Year

 

2010 (Mar-Dec)

 

2011

 

2012

 

2013

 

2014

 

2015

 

Total

 

Quantity of Polysilicon (ton)

 

2,970

 

3,440

 

2,820

 

2,200

 

1,580

 

960

 

13,970

 

Unit Price of Polysilicon (10 thousand yuan/ton)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

Amount (10 thousand yuan)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand for Polysilicon (2010-2015) (MW)

 

140.4

 

300

 

400

 

500

 

600

 

700

 

2,640

 

Quantity of Polysilicon Wafers (10 thousand pieces)

 

3,646

 

7,792

 

10,390

 

12,987

 

15,584

 

18,182

 

68,581

 

Unit Price of Polysilicon Wafers (yuan/piece)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

Amount (10 thousand yuan)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Amount (10 thousand yuan)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

Polysilicon wafer yields, processing fee rate and price based on the unit price of polysilicon

 

Year

 

Wafer Yields Per Kilogram

 

Processing Fee Rate
(yuan/piece)

 

Polysilicon Wafer (yuan/piece)

 

Polysilicon
(yuan/kilogram)

 

2010

 

40.0

 

[****

]†

[****

]†

[****

]†

2011

 

40.3

 

[****

]†

[****

]†

[****

]†

2012

 

40.5

 

[****

]†

[****

]†

[****

]†

2013

 

41.0

 

[****

]†

[****

]†

[****

]†

2014

 

42.0

 

[****

]†

[****

]†

[****

]†

2015

 

42.5

 

[****

]†

[****

]†

[****

]†

 

Note: Each price for silicon wafer is the purchase price agreed upon by both parties. Unless the market price of silicon wafer triggers the price adjustment process as prescribed in Article 9 of Supplementary Agreement II, the price for silicon wafer shall not be amended. The change of price of silicon does not necessarily lead to the change of price of silicon wafer.

 

Note:

 

 

Output power of monosilicon wafer

 

2.52 w/piece

Output power of polysilicon wafer

 

3.85 w/piece

Polysilicon consumed for unit watt:

 

6.2 g/w

 

Note 2: The price for January and February 2010 is [****]† yuan/piece, and the quantity is 2.5 million pieces (around 9.6MW).

 

Additional Supply Plan for 2016 to 2020 Amended by Supplementary Agreement II

 

Year

 

2016

 

2017

 

2018

 

2019

 

2020

 

Total

 

Quantity of Polysilicon (ton)

 

2,650

 

2,650

 

2,650

 

2,650

 

2,650

 

 

 

Unit Price of Polysilicon (10 thousand yuan/ton)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

Amount (10 thousand yuan)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantity of Monosilicon Wafer (ten thousand pieces)

 

8,500

 

8,700

 

8,900

 

11,149

 

10,000

 

 

 

Unit Price of Monosilicon Wafer (yuan/piece)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

Total Amount (10 thousand yuan)

 

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

[****

]†

 

 

 

 

 

 

 

 

 

 

 

 

[****

]†

 


                 This portion of the Supplementary Agreement No. 4 to Polysilicon Supply Agreement has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2 under the Exchange Act of 1934.

 

4



 

Trinasolar

Changzhou Trina Solar Energy Co., Ltd.

 

Product Name

Outsourcing-Multi-Crystalline Si Wafer

 

Document Name

156*156 Multi-Crystalline Wafer Specification

 

Document Number

PS-WX-W-0002

Product Specification

Version Number

A

Material properties

Property

Specification

Referenced Standard

Random
Sampling Plan

Crystal Growth Method

DSS

 

AQL=0.25

 

 

 

 

Donor Type/Dopant

P/Boron

ASTM F42

Oxygen Content

< 1 x 1018 atoms/cm3 (head of silicon robs) or pursuant to the specifications of raw materials supplied

ASTM F1188/GB1557-1989

Carbon Content

< 5.0 x 1017 atoms/cm3 (tail of silicon robs) or pursuant to the specifications of raw materials supplied

ASTM F1391/GB1558-1997

Electrical properties

Resistivity

0.8 - 3 ohm-cm; The variation of resistivity of a single silicon wafer should not exceed 12%, or 0.5-3, pursuant to the specifications of raw materials supplied

ASTM F43

AQL=0.25

Lifetime

>1.0µs, or 1.0 pursuant to the specifications of raw materials supplied (Semilab WT 2000 u-PCD)

Measured the surface of wafer after cleaning: GB1553-1997

Geometry

Geometry

Square

 

AQL=1.0

 

 

 

 

 

 

 

Dimensions (WxW)

156.0 x 156.0 (±0.5) mm

 

Right Angle

90 ± 0.3 Degree

 

Chamfer Size

Hypotenuse

0.5 - 2.0 mm

 

Cathetus

0.35 - 1.42 mm

 

Chamfer angle

45°

 

Thickness

200 µm ± 20 µm

ASTM F533/GB6618-1995 Q/320411 AFY03-2006

Blade wafer

Not acceptable (definition of a blade wafer: the thickness of the part 2mm to the edge is lower than 180µm, or higher than 220 µm at the highest point, and the thickness difference from the part 1 mm to the edge exceeds 5µm)

 

TTV

< 30µm

ASTM F533, F657/GB6618-1995

Saw marks

Depth < 15µm (the difference between the highest and lowest points of Rt); without color difference and edge marks

 

Surface quality

Cleaned, no grease stains, inclusion or pin hole Mechanical polishing or chemical corrosion of the surface of at least 0.05mm is required before cutting.

 

Edge Chip

Width < 0.5 mm, Length < 1.0 mm; max. 2 piece; V-shape chip, Crack and Corner missing unacceptable

 

Surface Chip

Depth < 0.5 mm, Length < 3.0 mm

 

Warpage

< 75µm

ASTM F657/GB6619 or 6620-1995; Q/320411 AFY03-2006

Microcrystal

Single area < 3*3 mm2, total area < 3*3 cm2

 

 

Package & Labels

Package

Trina Standard, 100 pcs/package;

Labels

Part No., P.O. No., Lot No., No of wafers, Dimension

Originator

Review

Approval

Signature:

Date:

Signature:

Date:

Signature:

Date:

 

Notes: 1. Defective rate < 0.3%; 2. Trial production of 2,000 pcs per batch, defective rate of electric property of battery < 0.5%.

 

5



Dates Referenced Herein   and   Documents Incorporated By Reference

This 20-F Filing   Date   Other Filings
3/29/08
8/19/086-K
12/8/08
1/21/09
4/1/09
8/24/09
10/23/09
11/10/09
For The Period Ended12/31/11
Filed On / Filed As Of3/29/12
 
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