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  "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 text uses investigative due diligence to challenge the validity of ONP's reported customer revenue.",
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      "text": "We confirmed with two of the 2008 top 10 customers that ONP's purported sales amounts to them were false by at least a very large amount - if not entirely.",
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      "text": "The next page contains a table showing the results of our attempts to conduct due diligence on ONP's purported top 10 2009 customers.",
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      "text": "We confirmed with two of the 2008 top 10 customers that ONP's purported sales amounts to them were false by at least a very large amount – if not entirely. Neither Baoding Dadi Colour Printing Co. Ltd. (“Dadi”) nor China Lucky Offset Group Integrated Services Co. Ltd. (“Lucky”) generate sales volume for their own companies approaching the amounts that ONP claims each purchased from it in 2008.",
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      "text": "It should be understood how a customer's volume of paper purchases relates to its own sales volume. A basic principle of manufacturing is to diversify your supply base so that you are not reliant on one supplier.",
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      "text": "In China, a printing, publishing, or paper trading company generating six million or more dollars per year in revenue would be relatively large. A company that large would almost always have a website, staff available to answer phones during working hours, and would usually be somewhat open in responding to questions about its sales volume and company size.",
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      "text": "Dadi told us that its annual revenue is less than $1.5 million (RMB 10 million). Lucky told us that the most revenue it ever generated in its history is $1.3 million. Yet ONP claims that in 2008, each respectively purchased paper worth $2.7 million and $2.2 million.",
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      "kind": "source-note",
      "text": "24 Telephone: +86 312 2066963. 25 Telephone: +86 0312-7922236, URL: http://www.luckyhy.com/web/info.asp?bcid=21.",
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