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  "docId": "019dd923-622c-750b-8b95-c91281d84a77",
  "docSlug": "85021cb773d9",
  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
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  "pageNumber": 17,
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  "nDataPoints": 24,
  "notes": "The slide uses financial data to cast doubt on the company's reported revenue growth by showing a divergence between revenue and raw material inventory.",
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      "text": "RINO's raw material balances have not grown in line with sales. Raw materials are one of the best – if not the best – ways of gauging a manufacturer's output.",
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      "text": "Revenue / raw material: 759.62x",
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      "kind": "paragraph",
      "text": "We compared these numbers to two public companies that manufacture FGD systems, Fujian Long King Co. Ltd. (600388:CH) (“Long King”) and Zhejiang Fei Da Environmental Science and Technology Co. Ltd (600526:CH) (“Fei Da”).",
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      "kind": "paragraph",
      "text": "RINO’s raw material balances have not grown in line with sales. Raw materials are one of the best – if not the best – ways of gauging a manufacturer’s output. Below is a table showing fiscal 2007 – 2009 contract revenues and year-end raw material balances.",
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      "text": "Long King and Fei Da tangible operating assets comparison table",
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      "text": "RINO contract revenue vs raw material balance table",
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