OREANDA-NEWS. August 09, 2010. Expert RA Kazakhstan Rating Agency assigned Imstalkon B+ creditworthiness rating (sufficient creditworthiness level) and its bonds (NIN - KZP01Y07D549, KZP02Y07D547, KZP01Y07D747) В+ (sufficient reliability level), reported the press-centre of KASE.

Imstalkon has moderately high profitability indicator (by 2009 results it profitability of assets increased by 2.3%, capital - 5.6%, sales - 4.2%),  sustainable market positions (37 place on the volume of sales rating according  to Expert-1-- Kazakhstan), and moderately high financial sustainability indicators (coefficient of circulating resources provision - 1.2).

Among negative factors affecting the ratings are past-due loans that make up 47% from the total debt amount. At present the company is in the process of refunding and restructuring of past-due debts that is planned to be completed  on October 1, 2010.

Also, to negative factors relate the existence of a negative net circulating capital (KZT-8.2 bn as of March 31, 2010), and the high portion (34.3 % assets) and the debts growth (by 11.7 % in 2008-2009 with earnings decrease by 7.3 %). Factors limiting ratings are moderately high debt load level (the debt to GDP  in 2009 - 2.5), comparatively low liquidity indicators (absolute liquidity coefficient as of March 31, 2010 - 0.01), relatively low business diversification (over 50% of profit from the metallurgical sector enterprises), account payable low diversification, low indicators of business activity and diffused own structure.

Imstalkon bonds under the first bond program (NIN - KZP01Y07D549, KZP02Y07D547; total volume of issue - KZT8.4 bn, free floating coupon rate, maturity in 2016) are included to the KASE official list in 2009. As of March 31, 2010 the total face value of offered bonds made up KZT4.9 bn. bonds issued within the second bond program (first issue (NIN - KZP01Y07D747) registered on June 3, 2010).

Imstalkon is specialized on construction and production of fabricated metals. Earnings by 2009 results made up KZT31.1 bn, profit - KZT1.3 bn, assets size as of March 31, 2010 - KZT57.9 bn, equity capital - KZT22.4 bn.