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Trina Solar Ltd – ‘20-F’ for 12/31/10 – ‘XML.R21’

On:  Monday, 4/18/11, at 5:24pm ET   ·   For:  12/31/10   ·   Accession #:  950123-11-36540   ·   File #:  1-33195

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

 4/18/11  Trina Solar Ltd                   20-F       12/31/10   44:4.3M                                   Donnelley … Solutions/FA

Annual Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual Report by a Foreign Non-Canadian Issuer      HTML   1.19M 
 2: EX-8.1      Opinion of Counsel re: Tax Matters                  HTML     16K 
 5: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     14K 
 6: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     14K 
 3: EX-12.1     Statement re: Computation of Ratios                 HTML     18K 
 4: EX-12.2     Statement re: Computation of Ratios                 HTML     18K 
 7: EX-15.1     Letter re: Unaudited Interim Financial Information  HTML     13K 
33: XML         IDEA XML File -- Definitions and References          XML     97K 
40: XML         IDEA XML File -- Filing Summary                      XML     71K 
37: XML.R1      Document and Entity Information                      XML    122K 
38: XML.R2      Consolidated Balance Sheets                          XML    488K 
21: XML.R3      Consolidated Balance Sheets (Parenthetical)          XML    131K 
26: XML.R4      Consolidated Statements of Operations                XML    307K 
31: XML.R5      Consolidated Statements of Shareholders' Equity      XML    784K 
                and Comprehensive Income                                         
30: XML.R6      Consolidated Statements of Cash flows                XML    677K 
43: XML.R7      Consolidated Statements of Cash flows                XML     37K 
                (Parenthetical)                                                  
17: XML.R8      Organization and Principal Activities                XML     42K 
29: XML.R9      Summary of Principal Accounting Policies             XML    133K 
16: XML.R10     Allowance for Doubtful Receivables                   XML     56K 
15: XML.R11     Inventories                                          XML     44K 
20: XML.R12     Property, Plant and Equipment, Net                   XML     50K 
35: XML.R13     Prepaid Land Use Right                               XML     39K 
22: XML.R14     Derivative Financial Instruments                     XML     60K 
23: XML.R15     Fair Value Measurement                               XML     89K 
28: XML.R16     Investment in Securities                             XML     42K 
44: XML.R17     Bank Borrowings                                      XML     60K 
19: XML.R18     Convertible Senior Notes                             XML     45K 
14: XML.R19     Accrued Warranty Costs                               XML     43K 
25: XML.R20     Share-Based Compensation                             XML     65K 
34: XML.R21     Tax Expense                                          XML     91K 
18: XML.R22     Distribution of Profit                               XML     40K 
32: XML.R23     Related Party Transactions and Balances              XML     42K 
24: XML.R24     Commitments and Contingencies                        XML     45K 
42: XML.R25     Segment Information                                  XML     49K 
36: XML.R26     Major Customers and Suppliers                        XML     49K 
27: XML.R27     Change in Method of Share Lending Facilities         XML     65K 
                Agreement                                                        
41: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    496K 
 8: EX-101.INS  XBRL Instance -- tsl-20101231                        XML    643K 
10: EX-101.CAL  XBRL Calculations -- tsl-20101231_cal                XML    134K 
13: EX-101.DEF  XBRL Definitions -- tsl-20101231_def                 XML     42K 
11: EX-101.LAB  XBRL Labels -- tsl-20101231_lab                      XML    450K 
12: EX-101.PRE  XBRL Presentations -- tsl-20101231_pre               XML    272K 
 9: EX-101.SCH  XBRL Schema -- tsl-20101231                          XSD     71K 
39: ZIP         XBRL Zipped Folder -- 0000950123-11-036540-xbrl      Zip     76K

‘XML.R21’   —   Tax Expense

This Financial Report is an XBRL XML File.

                                                                                                                                                                                
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 14 - us-gaap:IncomeTaxDisclosureTextBlock--> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div style="margin-top: 10pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left">14.</td> <td width="1%"> </td> <td>TAX EXPENSE</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company mainly operates in PRC, Singapore, Switzerland, United States, Japan and Hong Kong. In 2010, the Company established several entities in various jurisdictions. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>Cayman Islands</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>Hong Kong</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company’s fully-owned subsidiary, Mutual Luck Enterprises Limited (“TML”) was subject to Hong Kong profit tax at a rate of 17.5%, 16.5% and 16.5% in 2008, 2009 and 2010, respectively. No Hong Kong profit tax has been provided as TML has not had assessable profit that was earned in or derived from Hong Kong during the years presented. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>Singapore</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company’s fully-owned subsidiary, Trina Solar Singapore Pte. Ltd. (“TSI”) and Trina Solar Energy Development Pte. Ltd. (“TED”) were subject to Singapore profit tax at a rate of 17% in 2009 and 2010. No Singapore profit tax has been provided as TSI and TED did not have assessable profit that was earned in or derived from Singapore during the year presented. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>Switzerland</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company’s fully owned subsidiary, Trina Solar (Switzerland) Ltd (“TSW”) was subject to Switzerland profit tax at an effective rate of 10.12% in 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>United States</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company’s fully owned subsidiaries, Trina Solar (U.S.) Inc. (“TUS”), Trina Solar (U.S.) Development LLC (“TUP”) and TP-CA-SOUTH LLC (“TP-CA”) were subject to United States profit tax at a rate of 40% in 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>Japan</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company’s fully owned subsidiary, Trina Solar (Japan) Limited (“TJP”) was subject to Japan profit tax at a rate of 40% in 2010. </div> <p align="center" style="font-size: 10pt">  <!-- Folio --> <!-- /Folio --> </p> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div style="margin-top: 0pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"></td> <td width="1%"></td> <td></td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>PRC</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under PRC’s Enterprise Income Tax Law (“New EIT Law”), effective from January 1, 2008, domestically-owned enterprises and FIEs are subject to a uniform tax rate of 25%. In April 2009, the Company received notification from a PRC tax authority which revoked a previous approval for the tax holiday on taxable income related to registered capital contributions made in 2008. As a result, during the year ended December 31, 2009, the Company recorded additional income tax expense of $6,513,160 for taxable profit arising from Trina China subsequent to January 1, 2008. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Under the New EIT Law, the EIT rate shall be reduced to 15% for stated-encouraged High and New Technology Enterprises (“HNTE”). Trina China obtained a HNTE certificate in 2008 and was therefore entitled to a reduced EIT rate of 15% from 2008 to 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The Company makes an assessment of the level of authority for each of its uncertain tax positions (including the potential application of interests and penalties) based on their technical merits, and has measured the unrecognized benefits associated with such tax positions. At December 31, 2010, the amounts of gross unrecognized tax benefits were $2,348,032. The aforementioned liability is recorded in liability for uncertain tax positions in the consolidated balance sheet. In accordance with the Company’s policies, it accrues and classifies interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company does not anticipate any significant increase to its liability for unrecognized tax benefit within the next 12 months. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"> There is no unrecognized tax benefit for the years ended December 31, 2008 and 2009. The following table indicates the changes to the Company’s unrecognized tax benefits for the year ended December 31, 2010. </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="86%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">$</td> <td> </td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Beginning balance </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Gross increases — additions for tax positions for the year </div></td> <td> </td> <td> </td> <td align="right">2,348,032</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Ending balance </div></td> <td> </td> <td> </td> <td align="right">2,348,032</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <!-- End Table Body --> </table> </div> <p align="center" style="font-size: 10pt">  <!-- Folio --> <!-- /Folio --> </p> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div style="margin-top: 0pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"></td> <td width="1%"></td> <td></td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100,000 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Company’s PRC subsidiaries are therefore subject to examination by the PRC tax authorities from 2005 through 2010 on non-transfer pricing matters, and from 2000 through 2010 on transfer pricing matters. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The provision for income taxes by tax jurisdictions for the years ended December 31, 2008, 2009 and 2010 is as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Years ended December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">As adjusted</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">As adjusted</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Profit (loss) from operations before income tax: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">PRC </div></td> <td> </td> <td> </td> <td align="right">77,879,740</td> <td> </td> <td> </td> <td> </td> <td align="right">135,683,290</td> <td> </td> <td> </td> <td> </td> <td align="right">181,458,007</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Switzerland </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">200,309,460</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">United States </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">7,704,044</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Other jurisdictions </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,531,179</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,761,022</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(29,949,333</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total profit before income tax </div></td> <td> </td> <td> </td> <td align="right">65,348,561</td> <td> </td> <td> </td> <td> </td> <td align="right">120,922,268</td> <td> </td> <td> </td> <td> </td> <td align="right">359,522,178</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Current tax expense (benefit): </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">PRC </div></td> <td> </td> <td> </td> <td align="right">8,051,558</td> <td> </td> <td> </td> <td> </td> <td align="right">35,248,557</td> <td> </td> <td> </td> <td> </td> <td align="right">32,166,137</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Switzerland </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">21,802,460</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">United States </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3,457,769</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Others </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">99,283</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred tax benefit: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">PRC </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,442,023</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,552,726</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9,011,416</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Switzerland </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(68,883</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">United States </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(376,152</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total income tax expense </div></td> <td> </td> <td> </td> <td align="right">4,609,535</td> <td> </td> <td> </td> <td> </td> <td align="right">24,695,831</td> <td> </td> <td> </td> <td> </td> <td align="right">48,069,198</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <!-- End Table Body --> </table> </div> <p align="center" style="font-size: 10pt">  <!-- Folio --> <!-- /Folio --> </p> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div style="margin-top: 0pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"></td> <td width="1%"></td> <td></td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">A reconciliation between the provision for income tax computed by applying the applicable enterprise income tax rate to income before income taxes and the actual provision for income taxes is as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Years ended December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Applicable enterprise income tax rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">25.0</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">25.0</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">25.0</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Different tax rate in other jurisdiction </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">4.8</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.9</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-5.5</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Effect of reduced tax rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-21.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-11.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-5.2</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Tax credits for purchase of domestic equipment </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-1.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Effect of different reversal rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-9.4</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-1.6</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-2.4</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Effect of change in valuation allowance </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">8.9</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.8</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.8</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cancellation of preferential tax rate </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">4.7</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Tax effect of permanent differences </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">-0.3</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.0</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Unrecognized tax benefits </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.7</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">7.1</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">20.4</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">13.4</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <!-- End Table Body --> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The aggregate amount and per share effect of the tax holiday are as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Years ended December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">The aggregate effect </div></td> <td> </td> <td align="left">$</td> <td align="right">13,896,436</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Per share effect—basic </div></td> <td> </td> <td align="left">$</td> <td align="right">0.01</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Per share effect—diluted </div></td> <td> </td> <td align="left">$</td> <td align="right">0.01</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <!-- End Table Body --> </table> </div> <p align="center" style="font-size: 10pt">  <!-- Folio --> <!-- /Folio --> </p> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> <div style="margin-top: 0pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"></td> <td width="1%"></td> <td></td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The principal components of its deferred income tax assets are as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --> <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="10" style="border-bottom: 1px solid #000000">Years ended December 31,</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">$</td> <td> </td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred tax assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Bad debts provision and others </div></td> <td> </td> <td> </td> <td align="right">240,994</td> <td> </td> <td> </td> <td> </td> <td align="right">1,759,248</td> <td> </td> <td> </td> <td> </td> <td align="right">7,673,965</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Deferred revenues </div></td> <td> </td> <td> </td> <td align="right">408,378</td> <td> </td> <td> </td> <td> </td> <td align="right">2,693,787</td> <td> </td> <td> </td> <td> </td> <td align="right">1,005,139</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Accrued expenses </div></td> <td> </td> <td> </td> <td align="right">1,641,155</td> <td> </td> <td> </td> <td> </td> <td align="right">3,678,010</td> <td> </td> <td> </td> <td> </td> <td align="right">6,147,803</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Long-term payables </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">4,352,416</td> <td> </td> <td> </td> <td> </td> <td align="right">4,921,134</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Inventory write-down </div></td> <td> </td> <td> </td> <td align="right">4,842,997</td> <td> </td> <td> </td> <td> </td> <td align="right">4,086,801</td> <td> </td> <td> </td> <td> </td> <td align="right">4,049,350</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Advance to suppliers provision </div></td> <td> </td> <td> </td> <td align="right">1,374,293</td> <td> </td> <td> </td> <td> </td> <td align="right">1,051,551</td> <td> </td> <td> </td> <td> </td> <td align="right">1,793,446</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Warranty provision </div></td> <td> </td> <td> </td> <td align="right">2,807,489</td> <td> </td> <td> </td> <td> </td> <td align="right">5,255,845</td> <td> </td> <td> </td> <td> </td> <td align="right">9,677,718</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total deferred tax assets </div></td> <td> </td> <td> </td> <td align="right">11,315,306</td> <td> </td> <td> </td> <td> </td> <td align="right">22,877,658</td> <td> </td> <td> </td> <td> </td> <td align="right">35,268,555</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Valuation allowance on deferred tax assets </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,398,723</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,408,349</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,342,795</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net deferred tax assets </div></td> <td> </td> <td> </td> <td align="right">4,916,583</td> <td> </td> <td> </td> <td> </td> <td align="right">15,469,309</td> <td> </td> <td> </td> <td> </td> <td align="right">24,925,760</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"><!-- Blank Space --> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Analysis as: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:60px; text-indent:-15px">Current </div></td> <td> </td> <td> </td> <td align="right">2,109,095</td> <td> </td> <td> </td> <td> </td> <td align="right">5,543,246</td> <td> </td> <td> </td> <td> </td> <td align="right">10,258,325</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:60px; text-indent:-15px">Noncurrent </div></td> <td> </td> <td> </td> <td align="right">2,807,488</td> <td> </td> <td> </td> <td> </td> <td align="right">9,926,063</td> <td> </td> <td> </td> <td> </td> <td align="right">14,667,435</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Total </div></td> <td> </td> <td> </td> <td align="right">4,916,583</td> <td> </td> <td> </td> <td> </td> <td align="right">15,469,309</td> <td> </td> <td> </td> <td> </td> <td align="right">24,925,760</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <!-- End Table Body --> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Valuation allowances have been established for deferred tax assets based on a more likely than not threshold. As of December 31, 2010, a valuation allowance of $10,342,795 has been recorded in order to measure only the portion of the deferred tax asset that more likely than not will be realized. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Undistributed earnings of the Company’s subsidiaries of approximately $551.5 million at December 31, 2010 are considered to be indefinitely reinvested and accordingly, no provision for income taxes has been provided. </div> <p align="center" style="font-size: 10pt">  <!-- Folio --> <!-- /Folio --> </p> </div> <!-- PAGEBREAK --> <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> </div> </div>
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<ElementReferences> Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 </ElementReferences>
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