China Tracker - Details for RINO International (RINO)

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 WARNING: Form 15 filed with the SEC!
 RINO International
 Business Outlook

It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of RINO International Corporation, because the company has failed to disclose that: (i) the outside law firm and forensic accountants hired by the audit committee to investigate allegations of financial fraud at the company resigned on or about March 31, 2011, after reporting the results of their investigation to management and the board; (ii) the chairman of its audit committee resigned on March 31, 2011; and (iii) the company's remaining independent directors have also resigned. Further, questions have arisen regarding, among other things: (i) the size of the company's operations and number of employees; (ii) the existence of certain material customer contracts; and (iii) the existence of two separate and materially different sets of corporate books and accounts.

The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above-listed company is suspended for the period from 9:30 a.m. EDT, April 11, 2011, through 11:59 p.m. EDT, on April 25, 2011.

(Source: SEC, 2011-04-11)

Certification and notice of termination of registration under section 12(g) of the Securities Exchange Act of 1934 or suspension of duty to file reports.

(Source: 15-12G Filing, 2011-01-13)

RINO International announced today that it has received a letter from The NASDAQ Stock Market stating that based upon its review of the Company ... the staff of NASDAQ believes that the continued listing of the Company's securities on NASDAQ is no longer warranted. NASDAQ stated that its staff's determination was based upon the following: 1. The Company's announcement that its previously filed financial reports for fiscal 2008, 2009 and year-to-date 2010 could no longer be relied upon; 2. The Company's admission that it had not entered into certain previously disclosed contracts; and 3. The Company's failure to respond to the NASDAQ staff's request for additional information regarding allegations raised by the Muddy Waters, LLC report.

The NASDAQ Letter further notified the Company that unless the Company requests an appeal of the NASDAQ staff's determination, trading of the Company's common stock will be suspended at the opening of business on December 8, 2010 and a Form 25-NSE will be filed by NASDAQ with the SEC, which will remove the Company's securities from listing and registration on NASDAQ. The Company does not intend to appeal the NASDAQ staff's determination to delist the Company's common stock. Pending the delisting of the Company's common stock, which is expected to occur on December 8, 2010, the suspension of trading in the Company's common stock, which commenced on November 17, 2010, remains in effect.

The Company currently intends to re-apply for a listing of its common stock on NASDAQ at an appropriate time after the completion of an independent investigation to be conducted by the Audit Committee of the Company's Board of Directors of the allegations contained in a research report issued by Muddy Waters, LLC, the filing of restated financial statements of the Company for its fiscal years ended December 31, 2008 and 2009 and for the quarterly periods included in the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 to September 30, 2010 and the Company's satisfaction of all other listing criteria.

(Source: PR Newswire, 2010-12-02)

In a telephone conversation on November 16, 2010, Mr. Zou Dejun, the Chief Executive Officer of the Company, informed Ms. Susan Woo of our firm, in substance, that as to the six RINO customer contracts discussed in the recent report of Muddy Waters LLC, the Company did not in fact enter into two of the six purported contracts, and a third contract among the six was explainable. When Ms. Woo inquired about the Company's other contracts, Mr. Zou said he was not sure, but there might be problems with 20 - 40% of them. Assuming that these statements were reasonably accurate, it appears that our reports would have been affected if this information had been known to us at the date of our reports, although the effect on the financial statements is currently unknown and cannot be quantified without a thorough investigation. We further note that in a conversation the following day, November 17, 2010, involving Ms. Woo, several directors of the Company, Company counsel, and Mr. Zou, Mr. Zou stated that he was not sure the day before and went back to look into some things, and found that apart from the two problematic contracts, all other contracts are legitimate and can be verified.

The auditing standards of the Public Company Accounting Oversight Board provide procedures to be followed by an auditor to prevent continued reliance on audit reports in such circumstances. In view of the information provided by Mr. Zou Dejun, we hereby advise the Company to promptly notify any person or entity that is known to be relying upon or is likely to rely upon our audit report(s) for the periods ended December 31, 2008 and December 31, 2009 and reviewed quarterly financial statements for periods between March 31, 2008 to September 30, 2010 that they should no longer be relied upon, and that revised financial statements and revised auditor's report(s) will be issued upon completion of an investigation.

(Source: 8-K Filing, 2010-11-19)

On November 18, 2010, the Board of Directors of RINO International concluded that previously issued audited financial statements of the Registrant for its fiscal years ended December 31, 2008 and 2009, and previously issued interim unaudited financial statements for the periods ended March 31, 2008 to September 30, 2009 should no longer be relied on. ... The conclusion of the Board that the financial statements for the above-described periods should not be relied upon was based on statements made by the Registrant's Chief Executive Officer, Mr. Zou Dejun, after consultation with the Registrant's Chief Accountant, who reported to the Board that the Registrant did not enter into two contracts for which it reported revenue during the Registrant's 2008 and 2009 fiscal years.

(Source: 8-K Filing, 2010-11-19)

Affected by reform and contracting cash flows in the iron & steel industry in China, the company is expecting softer demand for its services in the immediate future. Based on analysis of current market demand, the company estimates its total revenue for fiscal year 2010 to range from $203.0 million to $211.0 million, down from the previously estimated range of $221.0 to $229.0 million, representing a year over year increase of 5.4% to 9.6%.

(Source: PR Newswire, 2010-11-15)

Backlog, defined as projects for which contracts have been signed but which have not been completed or started, as of June 30, 2010 was $104.7 million. The Company expects that approximately 50% of the currently backlogged contracts will be executed and recognized as revenue by the end of the third quarter, 2010. RINO continues to expect to generate total revenues in an amount ranging from $221.0 million to $229.0 million for fiscal year 2010, representing an increase of 15% - 19% from 2009.

(Source: PR Newswire, 2010-08-16)

With the proceeds from the $100 million equity financing in December, we have the necessary working capital to expand our production capacity while leveraging incremental working capital to secure additional projects as demand continues to be driven by environmental and regulatory trends and economic growth in China. Backlog, defined as unfinished projects, as of March 31, 2010 was $110.5 million. The Company expects that 50% of this will turn into revenue by the end of the second quarter.

(Source: PR Newswire, 2010-05-17)

Management expects to report revenues of approximately $225 million for the fiscal year 2010, representing approximately 17% growth over fiscal 2009 results, and gross margins of between 35% and 40% for 2010. The Company expects to generate revenue growth in all of its business lines, including contribution from its new sludge dehydration project. In addition, management believes its working capital and cash flow from operations will enable it to meet these projections.

(Source: PR Newswire, 2010-03-31)
Waste & Water Treatment

READ: Score Cards Explained
DETAILS: Safety/Risk Model for RINO
Current Price:  n/a
F10k Day (2008-10-30): -100.00%$2.50
2009 Close: -100.00%$27.65
2010 Close: -100.00%$4.04
2011 Close: -100.00%$0.03
High (2011-09-26): -100.00%$0.64
Low (2011-12-16): -100.00%$0.01
Market Capitalization: n/a
Total Shares: 28.61 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 52.72 mill
Net Income (MRQ): 8.74 mill
Op. Cash Flow (MRQ): -19.39 mill
all financial data provided without warranty