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  "docSlug": "fd245f907dd4",
  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2010-06-28 00:00:00",
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  "notes": "The slide uses a short-seller research style to expose potential financial manipulation by comparing reported metrics against industry benchmarks.",
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      "kind": "callout",
      "text": "ONP claims to turn over its inventory over 10 times more rapidly than do any of the companies below.",
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      "text": "Inventory Turns: 16.8x",
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      "text": "ONP claims that it generated gross margins of 19.3%, 19.6%, and 18.3% in 2008, 2009, and Q1 2010, respectively. ONP's gross margin is almost certainly significantly lower than it reports.",
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      "text": "The below table shows the 2009 inventory turnover statistics for ONP's four publicly traded \"main competitors.\"",
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      "text": "Footnotes 36-44 detailing data sources.",
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      "text": "Comparison of 2009 Inventory Turnover between ONP and its Publicly Traded \"Main Competitors\" (USD)",
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      "text": "ONP's Claims of Inventory Turnover of 32.5x and 16.8x in 2008 and 2009 (Respectively) are Without Credibility when Compared to those of China's Industry Leaders, which range from 4.3x to 7.7x.",
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      "kind": "title",
      "text": "ONP Overstates its Gross Profit Margin by Hundreds of Basis Points",
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