“During 24 months after the adoption of the contract the owners made an investment of 40 million USD in the current industry,” recently said the general director of Nairit Vahan Melkonyan. According to our information this number is not quite true. Our sources claim that this money wasn’t spent on procuring machines, devices, etc. Instead it was spent to acquit the current expenses, such as paying salaries, procurement of raw material. Meanwhile, the Rainoville Property Limited, which owns 90% of Nairit’s stocks, was obliged to make a 120-million USD investment within 5 years as well as go to the production of high quality rubber through chloroprene technologies. This would enable the factory to process 25 thousand tons of rubber and attain great profits. However, till now the factory works on the basis of acetylene; it produces 5-8 tons of rubber. It means it fails to receive profits (the maximum capacity of producing rubber on the basis of acetylene is 10 thousand tons). Nairit is not able to acquit the accumulated debts of electrical power. Thus the electrical power company of Armenia deprived Nairit of electricity. As a result starting from October 25 Nairit quit its rubber production but the technology is that the final quitting of production of rubber takes certain time. The actual date of ceasing the factory production should be considered October 25. After that the electrical company agreed to provide extra 8 megawatt energy. At present, however, Nairit fully ceased its functioning. Thus the reason why the factory doesn’t work is that Nairit is not able to pay its debts and has to cease its functioning from time to time. The Rainoville management claims that the ceasing of functioning is done because of the international crisis. Because of intervals Nairit is not able to sign long-term contracts because one of the reasons of signing long-term contracts is the long-term maintenance of the factory. Thus, they end up relying on random customers. The purpose of Nairit is not long-term production. In general, Rainoville operates Nairit the following way: it takes loans from banks (with high interest rates) and pays salaries and tries to fulfill the other expenses of the factory. Now the management of the factory is trying to find money from other banks in order to pay salaries and controlling its activities. But it seems Nairit doesn’t quite succeed in it. Reminder: in 2006 Rainoville pawned part of its stocks to the CIS Inter-State Bank and took 70 million USD loan, out of which it paid 40 million to pay salaries. 30 million was lost without trace. In our previous article we mentioned that the management of the CIS Inter-State Bank and the CB of Russia applied to the RA government to find a solution for the issue; it means to retrieve the debt. Prime Minister Tigran Sargsyan asked for a one-month period to resolve the problem. According to certain sources this term was prolonged till March of 2009. Therefore, the pledging of Rainoville to start its functioning from February seems a little strange because hardly any bank would agree to offer loans to a company with such a bad credit history. However, it would be wrong to underestimate the agility of the management of the factory, who according to our information, are going to sell another portion of their valuable devices and equipment. At present they are negotiating to de-montage the ventilation pipeline of the factory. This is a pipeline with a length of several kilometers. This pipeline ventilates the air of the factory premises from Masis town, where the air is cleaner. It means the new phase of Nairit destruction has started. Back in the day a similar pipeline was sold in China. According to certain rumors the mentioned pipeline was estimated at 300-330 million AMD, which of course is so much lower than its market price. The names of the buyers are not known but we know that the demand exists in Armenia as well.
