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  "docSlug": "85021cb773d9",
  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
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  "notes": "The slide uses financial data to cast doubt on the legitimacy of the company's reported inventory/raw material figures.",
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      "text": "In contrast, Long King and Fei Da generated 2008 and 2009 sales no more than 21x raw materials (versus RINO's 2009 figure of 760x).",
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      "text": "* Excludes revenue from property sales, leasing, and managmeent.",
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      "text": "Rev / raw material: 760x",
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      "text": "We observe that even the 2007 raw material balance seems quite low for a company that generated $42.1 million dollars through a slow moving, asset and labor-intensive production process making custom built products. Common sense dictates that a factory such as this could not run a just in time system. The 2007 number becomes even more implausible by 2009. In contrast, Long King and Fei Da generated 2008 and 2009 sales no more than 21x raw materials (versus RINO's 2009 figure of 760x).",
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      "text": "Comparison table of Long King and Fei Da revenue and raw material figures for 2008 and 2009.",
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