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 拜伦报道如下。嘻嘻，假的总是假的，借壳借马甲都一样，穿帮是迟早的事 |
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| 所跟贴 |
拜伦报道如下。嘻嘻，假的总是假的，借壳借马甲都一样，穿帮是迟早的事 -- ceo/cfo - (1440 Byte) 2010-11-18 周四, 23:57 (2033 reads) |
jxzjg
头衔: 海归中尉
声望: 学员
加入时间: 2010/11/11
文章: 170
海归分: 4799
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作者：jxzjg 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
RINO claims to be the leader in selling desulfurization (“FGD”)
and other environmental equipment to Chinese steel mills. It
reported 2009 revenue of $193 million. In reality its revenue is
under $15 million, and its management has diverted tens of
millions of dollars for its own use. We value RINO based on
the cash we believe remains in the company after the most
recent raise.
RINO’s FGD sales (60% to 75% of revenue) are much
lower than it claims. We found that many of its customer
relationships do not exist.
Chinese regulatory filings show that RINO’s consolidated
2009 revenue was only $11 million, or 94.2% lower than it
reported in the US. We show that the Chinese numbers are
credible.
RINO’s accounting has serious flaws that are clear signs of
cooked books.
RINO’s management is draining cash from the company for
its own business and personal uses. The management is in
flagrant breach of its VIE agreements, which require it to
pay income to RINO (as opposed to taking it).
RINO’s balance sheet has an astonishingly small amount of
tangible assets for a manufacturer. Rather, it is filled with
low quality “paper” assets that balance out the inflated
earnings, and likely hide leakage.
RINO is not the industry leader it claims to be in the steel
sinter FGD system market. Rather, it is an obscure
company in a crowded field, and is best known for its failed
projects. Its reported margins are two to three times what
they really are. Its technology is sub-par.
We are not sanguine about management “borrowing” $3.2
million to purchase a luxury home in Orange County, CA
the day that RINO closed its $100.0 million financing.
作者：jxzjg 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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