MARC has assigned a rating of AID to Tracoma Holdings Berhad’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects, amongst others, Tracoma’s vast experience and good track record as one of the leading local automotive component manufacturers and its commendable financial results. The rating is, however, moderated by the vulnerabil...

The rating upgrade reflects Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating factor to the...

The rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bond programme (BBAT) has been reaffirmed at BBBID +(s) reflecting the company’s dominant position as the sole newsprint producer in the country; coupled with anti-dumping duties imposed by the government on imported newsprint which directly limit oversea...

The upgrade of the BaIDS rating to A+ID(bg) follows the upgrade of the lowest rating of the group of banks providing the Kafalah guarantee. The affirmation of the short term rating of MARC-2 and upgrade of the long term rating to A-ID for the MUNIF reflect the improvement of Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) financial profile following the consolidation of the Perlis Plant...

Evermaster Group Berhad’s (EGB) rating has been affirmed at AID, in view of its expanding activities into government-related construction works and its high operational integration with regard to the wood-based activities supported by its long operating track record. Moderating factor to the rating is the Group’s exposure to cyclical developments in the timber/wood-based industry and...

MARC has assigned a short term rating of MARC-2ID to M-Trex Corporation Sdn Bhd’s (MCSB) proposed 7-year RM60 million Islamic Commercial Paper Programme under the financing principle of Murabahah. The rating is premised on MCSB’s position as the leading local manufacturer of anodised aluminium panels for the mid to high end audio video equipment market; exclusive agency rights to di...

The ratings of Premium Nutrients Berhad’s (Premium Nutrients) RM85 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium Term Notes (MUNIF/IMTN) have been affirmed at MARC-2ID/AID reflecting its competitive position as an integrated producer of specialty fats; and the structural features in the issue structure. Nonetheless, a moderating factor to the ratings is the Group&...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Ace Polymers (M) Sdn Bhd’s (Ace) proposed RM70.0 million Bai’ Bithaman Ajil Islamic Debt Securities. The assigned rating reflects Ace’s status as one of the Tier-1 suppliers to the local automotive industry; strong financial results characterized by its favourable operating profit margin and sufficient cash flow cover...

MARC has assigned short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd (PRI)’s Islamic Commercial Paper/Medium Term Note Issuance Programme (CP/MTN Programme), reflecting PRI’s position as a reputable manufacturer of superior quality copper products as supported by the contracts awarded by The Royal Mint of Malaysia Sdn Bhd...

MARC has affirmed the rating of MARC-3ID assigned to Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF). The rating affirmation reflects the company’s leading position in manufacturing quality Biaxially Oriented Polypropylene (BOPP) films and improving financial profiles of both Stenta and its parent company - P.T. Argha Karya Prima Ind...