MARC has reaffirmed its AID/MARC-2ID ratings on Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN). The outlook is Stable. The ratings reflect EKIB’s leading position in the domestic geosynthetic market and its enhanced operational efficiency and cost savings derived from pl...

MARC has removed M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating  on its Islamic Commercial Paper Programme (ICP) from MARCWatch Negative and affirmed the MARC-3ID  rating with a negative outlook. The negative outlook primarily reflects increased refinancing risk associated with the company’s proposed refinancing of the ICP, which was earlier targeted for completion bef...

MARC has removed its AID /MARC-2ID  ratings on Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) from MARCWatch Developing, placed since December 2007. This rating action follows EKIB’s announcement to Bursa Malaysia on 2 June 2008 that EKIB and vendors of Carimin Sdn ...

MARC has withdrawn the AA- ID(bg) rating assigned to Negeri Sembilan Cement Industries Sdn Bhd’s (NSCI) RM200 million Bai’ Bithaman Ajil Islamic Debts (BaIDS) and the MARC-2ID/A- ID ratings of its RM130 million Murabahah Notes Issuance/Medium-Term Notes Facility (MUNIF/MTN) with immediate effect, following NSCI’s full redemption of its BaIDS and MUNIF/MTN obligations on 5 May 200...

MARC has downgraded the rating of Mithril Bhd’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) from BBB- to BB. The lowered rating reflects MARC’s expectation that Mithril’s weak operating performance will continue within the context of its very challenging primary export market of the US and rising raw material prices. Mithril’s operating losses ...

MARC has removed its MARCWatch Negative ratings on Evermaster Group Berhad’s (“EGB”) RM50.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) and RM40.0 million Murabahah Multi-Option Notes Issuance Facility (“MONIF”) where they had been placed on July 13, 2007 and downgraded its long-term and short-term ratings on the BaIDS and MONIF from A-I...

MARC has placed Ingress Sukuk Berhad’s (Ingress) RM160.0 million Sukuk Al Ijara Issuance Programme (Sukuk) rating of AIS on MARCWatch Developing following Ingress’ announcement dated April 10, 2008 to Bursa Malaysia in response to a  notice by CIMB Trustee Berhad for non-compliance of financial covenants under the Sukuk issuance. According to the Ijarah Agreement, Ingress is requi...

MARC has downgraded its rating on Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) to BBB-ID from BBB+ID. Englotechs’ rating has also been placed on MARCWatch Negative. The downgrade reflects continued deterioration in Englotechs’ financial risk profile. The Company is in breach of its Finance to Net Tangible Assets Ratio (FNR) cov...

M-Trex Corporation Sdn Bhd’s (M-Trex) MARC-3ID rating for its RM60.0 million Islamic Commercial Paper Programme (ICPs) remains on MARCWatch Negative where it had been placed since September 14, 2007 following a delay in the completion of its proposed refinancing of the ICPs.The rating was first placed on MARCWatch Negative on September 14, 2007 due to M-Trex’s slow progress in resolvin...

MARC continues to maintain its AID /MARC-2ID  ratings on Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Issuance Facility (MUNIF/IMTN) on MARCWatch Developing where they were placed since December 10, 2007. The rating action follows slower than anticipated progress on EKIB’s acquisition of a 51% ...