MARC has reaffirmed its AAAID(s) ratings on Optimal Glycols (Malaysia) Sdn Bhd’s (‘Glycols’) and Optimal Chemicals (Malaysia) Sdn Bhd’s (‘Chemicals’) RM453 million and RM567 million Bai Bithaman Ajil Islamic Debt Securities (‘BaIDS’) respectively. The ratings carry stable outlook. The ratings assigned to both Glycols’ and Chemicals’ issue...

MARC has reaffirmed its AAAID ratings on Optimal Olefins (Malaysia) Sdn Bhd’s (‘Olefins’) RM250 million Al Bai Bithaman Ajil Islamic Debt Securities (‘BaIDS’). The rating outlook is stable. The rating reflects Olefins’ strong ownership structure, its secured feedstock source and favourable feedstock price structure from Petroliam Nasional Berhad (‘Petronas...

MARC has reaffirmed the A+ID /MARC-1ID ratings of Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance / Islamic Medium Term Notes Facility. The rating outlook is stable. The reaffirmed ratings reflect the group’s consistent financial performance and its competitive position in the supply of high density polyethylene (HDPE) engineering products to the water and s...

Major Rating FactorsStrengths Tier One auto parts vendor with balanced product mix, focusing on safety components;Technical partnership with Bosch (international household name) and Koito (one of the world’s largest headlamp manufacturers); andImproved earnings diversity through injection of water meter manufacturing business.Challenges/Risks Buyer concentration risk in relation to national ...

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; ...

Major Rating FactorsStrengthsPredominant position in local cable industryHealthy liquidity and demonstrated ability to generate cash flows in excess of capital expenditure. Challenges/RisksParticipation in cyclical, price competitive, and capital intensive cable industry.A high degree of industry and customer concentrationRelatively high debt service costsPotential significant cash outlay on its s...

MARC has affirmed Boon Koon Group Berhad’s (‘BKGB’ or the ‘Group’) RM100 Million Islamic Commercial Papers/ Medium Term Notes (ICP/MTN) ratings at AID / MARC-2. The rating outlook is stable. The rating affirmation primarily reflects the Group’s leading position in the domestic rebuilt commercial vehicle industry, the industry’s positive growth prospectives...

Major Rating FactorsStrengths Tier One auto parts vendor with wide product range for national and foreign marques;Increased regional presence, particularly in Thailand and Indian markets; andLow gearing with sizeable unutilized banking facilities. Challenges/RisksHeavy reliance on sales of national automakers, PROTON and PERODUA;Stiff competition in the domestic automotive industry, and consequent...

MARC has assigned a rating of A to Handal Offshore Services Sdn Bhd’s (“Handal” or the “Company”) RM50 million Medium Term Notes Programme (“MTN Programme”). The rating carries a stable outlook. Handal is a full line offshore crane manufacturing and service company specializing in the production of offshore pedestal mounted cranes for the oil and gas (&ldq...

MARC has affirmed the long and short-term ratings of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme, at Marc-2ID /AID. The factors supporting the ratings affirmation include its improving profitability, the company’s market position as one of the leading domestic manufacturers ...