MARC has removed its rating on Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium Term Note Programme (MMTN) from MARCWatch Negative and downgraded the rating to BBID¬ from BBB-ID. Englotechs’ rating was first placed on MARCWatch Negative on April 1, 2008 due to a breach in financial covenants. The outlook on the rating is now negative.The downgrade is premise...

Major Rating FactorsStrengthsFavourable demand fundamentals for industrial cotton gloves;Broad customer base with no significant exposure to any single industry sector; andManufacturing is focused on higher-margin custom-made gloves.Challenges/RisksRising competition from China’s low cost cotton glove manufacturers;Remedying its breach of Finance to Net Tangible Assets Ratio (FNR) covenant; ...

MARC has affirmed the rating of AID with a stable outlook on Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of RM50.0 million. The rating affirmation reflects the company`s position as a leading manufacturer and exporter of industrial cotton work gloves in Malaysia, a foreseeable increase in demand for its products, consistent operating margins, and a rising re...

MARC has assigned a rating of AID on Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of up to RM50.0 million. The rating assignment is a reflection of Englotechs’s position as a leading manufacturer and exporter of industrial cotton work gloves in Malaysia; the stable and foreseeable increase in demand for its products; stable operating margins over the la...