{
  "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",
  "orientation": "portrait",
  "aspectRatio": 0.7070758,
  "pageNumber": 6,
  "pageCount": 30,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses investigative research to discredit the company's reported revenue and operational success.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-c91281d84a77/6",
  "deckHref": "/decks/019dd923-622c-750b-8b95-c91281d84a77",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-c91281d84a77.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-c91281d84a77#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that RINO's SAIC financial statements are largely reliable. The SAIC income statement (below) shows consolidated 2009 revenue of $11.1 million, versus $192.6 million in its SEC filings.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d3-706e-a45b-21f578d90785",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue: $11.1 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64d3-706e-a45b-280a2bfa1d13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.706,
        "x": 0.147,
        "y": 0.131
      },
      "kind": "paragraph",
      "text": "Panzhihua Iron & Steel (\"Pan Steel\") confirmed that RINO had built an FGD system for its smallest (180 m2) sinter, but that the system did not perform to expectations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5da48e67-c176-47c9-9adc-96891a910079",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.048,
        "w": 0.706,
        "x": 0.147,
        "y": 0.248
      },
      "kind": "paragraph",
      "text": "Jinan Iron & Steel Group (\"Jinan\") confirmed that RINO built an FGD system in 2005. Our contact would not comment on the report that Jinan took the system off line because it was not performing well.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "857f5bd0-184a-4dd0-bfeb-641c76e35c89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.016,
        "w": 0.535,
        "x": 0.147,
        "y": 0.443
      },
      "kind": "paragraph",
      "text": "RINO's SAIC Financial Statements Show 2009 Revenue of $11 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c065d75-a082-4ef4-b28c-4e7a87d94024",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.032,
        "w": 0.706,
        "x": 0.147,
        "y": 0.315
      },
      "kind": "paragraph",
      "text": "Hunan Lianyuan Iron & Steel Co. confirmed that RINO built a CFB system in 2009 for a 360 m2 sinter. RINO is building an ammonia FGD system (280 m2 sinter) for it now.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0be3c39-46e3-47ab-9686-6d9ff3495d1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We are not satisfied with the technology because the desulfurization rate is lower than what we want. — Panzhihua Iron & Steel (\"Pan Steel\")",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d3-706e-a45b-24bcefd34c72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.706,
        "x": 0.147,
        "y": 0.896
      },
      "kind": "source-note",
      "text": "12 Yueyufeng Steel Group and Zhuhai Yueyufeng Iron & Steel are the same company; Hulingnianyuan Iron & Steel and Hunan Lianyuan Iron & Steel are the same company.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "125977cd-7dd0-45ce-b619-1ca3f8bf859a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.225,
        "w": 0.694,
        "x": 0.153,
        "y": 0.546
      },
      "kind": "table",
      "text": "SAIC 2009 Income Statements table showing revenue discrepancy",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fde7510-08c7-4bab-8edc-55fee7dadd98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.018,
        "w": 0.235,
        "x": 0.147,
        "y": 0.095
      },
      "kind": "title",
      "text": "Confirmed FGD Customers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd30c249-1168-4e26-958b-1d59213103e3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b7fdd9d2-1f0d-4b50-a9fb-d7ac2def7c3e",
      "evidence": "Contrasting SAIC vs SEC revenue figures to allege financial misrepresentation.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 6,
      "beatId": "d2884dc5-86bf-4df7-a8ec-0f204af93648",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents evidence of RINO's financial irregularities and management issues",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}