OREANDA-NEWS. July 05, 2010. Rating Agency Expert RA Kazakhstan assigned Kazcat the creditworthiness rating at B+ (sufficient creditworthiness level). Its bonds (NIN - KZ2C0Y05C622) also have been assigned the creditworthiness rating at B+ (sufficient reliability level), reported the press-centre of KASE.

For Kazcat are typical high liquidity indicators (as of March 31, 2010 the absolute liquidity coefficient made up 6, the current liquidity coefficient  - 30), the financial sustainability (the funding coefficient as of March 31,  2010 - 1) and business activity (assets turnover period in 2009 made up 714  days, the capital - 370 days). Also among positive factors is the low level of accounts payable (less than 1% of liabilities), and an adequate risk management system.

"At present, the company implements projects on exploration and processing of mineral resources, the hotel business and paid health services. These projects shall allow Kazcat to significantly diversify the business and decrease the dependence on the securities market transactions", - believes Rating Agency Expert RA Kazakhstan corporate sector department expert Adil Mamazhanov.

Factors, affecting the company ratings are risks in assets structure, namely:  high risk of significant part of accounts receivable loss, its unprofitability  (by results of 2009 the loss made up KZT1.4 m, by results of Y2010 IQ -  KZT64.5 m), and the large size and low diversity of accounts receivable (77.4% of assets as of March 31, 2010). Among main rating restricting factors are high level of debts in 2009 percentage payments exceeded GDP by 31% or KZT104 m). The business low diversity is also an impeding factor (78.7% of revenue in 2009 as a result of securities selling) and the equity capital decrease.

Kazcat bonds (NIN - KZ2C0Y05C622; an issue volume - KZT5 bn, fixed coupon rate 10% APR, maturity in 2013) are included to the KASE official list from December 28, 2007. As of March 31, 2009 the bonds total face value made up KZT3.1 bn.

Kazcat deals with investments and transactions on the securities market. The revenue by results of 2009 is KZT2.7 bn, the loss - KZT1.4 m, assets as of  march 31, 2010 is KZT5.4 bn, the equity capital - KZT2.7 bn.