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  "documentTitle": "Orient Paper Inc. (ONP)",
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  "presentationDate": "2010-07-22 00:00:00",
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  "notes": "This is a page from a Muddy Waters research report exposing potential fraud at ONP.",
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      "text": "The Biggest Raw Material Supplier",
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      "text": "In addition, in ONP's financial reports, their Top 10 Customers in 2008 and 2009 are also largely different. Of the 10 major customers that made the list in 2008, only two made the list again in 2009.",
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      "text": "inventory turnover rate: 16.85",
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      "text": "In the upstream chain, this reporter discovered that a company named “Xushui County Dongfang Trading Co. Ltd”... has been ONP’s largest raw materials supplier since 2006.",
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      "text": "This reporter has made special effort to find out more about one of the companies that newly made the major customer list in 2009 (within the Top Three).",
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      "text": "In addition, in ONP's financial reports, their Top 10 Customers in 2008 and 2009 are also largely different. Of the 10 major customers that made the list in 2008, only two made the list again in 2009.",
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      "text": "At the same time, the exceedingly high inventory turnover rates quoted in ONP's financial statements differ from the rates more commonly observed within the industry.",
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      "text": "I can only say that we did cooperate with ONP, and from what I can recall, the first half of the year we had transactions amounting to about 10 million yuan — Representative from a top customer firm.",
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      "text": "July 22, 2010 | Muddy Waters, LLC | Page 6",
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