Evermaster Group Berhad’s (EGB) long term rating has been downgraded to A-ID, with its short term rating affirmed at MARC-2ID. This is premised on the Group’s continued deteriorating profitability over the last two financial years as a result of escalating cost of sales due to the rising costs of diesel and obtaining supply of timber logs. This was aggravated by the bad debts written...

The rating affirmation of Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijarah Issuance at A+ID is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer base and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vuln...

MARC has assigned short and long term ratings of MARC-2ID/AID to Malaysian AE Models Holdings Berhad’s (“MAE”) proposed issuance of RM200 Million Islamic Commercial Paper/Islamic Medium Term Notes Programme. The ratings reflect MAE’s competitive position as a one-stop logistic solutions provider; its technical competency in the industry; stable order book and fairly stron...

MARC has assigned a rating of A+ID/MARC-2ID to Emas Kiara Industries Berhad’s (“EKIB”) Partially Underwritten Murabahah Notes Issuance Facility/Islamic Medium Term Notes Issuance Facility (“MUNIF/IMTN”) Programme of up to nominal value of RM80 million. The rating assignment is a reflection of EKIB’s position as a leading market player in the geosynthetics prod...

MARC has reaffirmed the rating of Stenta Films (Malaysia) Sdn Bhd’s (Stenta) RM90 million Murabahah Notes Issuance Facility (MUNIF) at MARC-3ID. The reaffirmation reflects Stenta’s ability to fulfil its obligation under the revised payment schedule of the MUNIF, as approved by the Noteholders and Securities Commission. Stenta is the leading domestic BOPP films manufacturer commanding...

The rating assigned to Antara Steel Mill Sdn Bhd’s (Antara) Islamic debt is supported by its association with one of the largest steel players in Malaysia, the Lion Group; good operating track record; strong overseas demand for its hot briquetted iron (HBI); tight issue structure and sustainable financial profile; but is moderated by the cyclicality of the steel industry.Antara became part...

The short term rating for KNM Group Berhad’s (KNM) RM150 Million Murabahah Underwritten Notes Issuance Facility (MUNIF)/ Islamic Medium Term Notes (IMTN) has been upgraded to MARC-1ID whilst its long term rating has been affirmed at A+ID. The ratings reflect the group’s increasing order book underpinned by strong demand for process equipment in the oil and gas industry; the group&rsq...

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...

The corporate credit rating of A+ assigned to Kemaman Bitumen Company Sdn Bhd (KBC) is underpinned by its position as the only dedicated bitumen manufacturer in Malaysia once operational; a ten-year off-take agreement with Tipco Asphalt Public Company Limited (TASCO); capable Engineering, Procurement and Construction (EPC) contractors to minimize construction risks; and the existence of a long-t...

The affirmation of EP Manufacturing Bhd’s (EPMB) long and short-term ratings of MARC-2ID/AID on its RM150.0 million Islamic MUNIF/IMTN reflect the Group’s position as a Tier-1 parts vendor for the national carmaker, Proton, via its subsidiary; PEPS-JV (M) Sdn Bhd. Moderating factors include its dependence on the sales performance of national cars (i.e. Proton and Perodua) which contr...