MARC has removed EP Manufacturing Bhd’s (EPMB) ratings of MARC-2ID /AID in respect of its RM150 million Murabahah Notes Issuance Facility (MUNIF)/Islamic Medium Term Notes (IMTN) and RM120 million MUNIF/IMTN from MARCWatch Negative, where they had been placed since July 19, 2007. EPMB manufactures and supplies automotive products to both the original and replacement markets. It is a tier-one...

Evermaster Group Berhad’s A-ID and MARC-2ID/ A- ID ratings on its RM50.0 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM40.0 million Murabahah Multi-Option Notes Issuance Facility (MONIF) remain on MARCWatch Negative pending the completion of MARC’s annual rating review. The ratings have been placed on MARCWatch Negative since July 13, 2007 as a result of weakened f...

MARC has placed the MARC-2/A ratings of Axis Incorporation Berhad’s (Axis) RM100.0 million Commercial Papers / Medium Term Notes Programme (CP/MTN) on MARCWatch Negative. The MARCWatch placement reflects a breach of the gearing covenant on the part of Axis as at end-March 2007 which remains unresolved.Axis is involved in the garment and textile industry, with businesses in knitting and dyein...

MARC has affirmed the ratings of Emas Kiara Industries Bhd’s (EKIB) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium-Term Notes Issuance Facility (MUNIF/IMTN) at AID  / MARC-2ID. The outlook is Stable. The ratings reflect a turnaround in the geosynthetic industry after weaker than expected operating performance in 2006. Additionally, the Group&rsquo...

MARC has withdrawn the AAAID(s) rating assigned to Petronas Fertilizer (Kedah) Sdn Bhd’s (PFK) RM750 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) with immediate effect, following the full repayment of all outstanding notes....

Following verbal confirmation from note holders that Stenta Films (Malaysia) Sdn Bhd (Stenta) has failed to redeem and cancel RM7.0 million of MUNIF notes due on September 19, 2007, MARC has lowered the rating on Stenta’s RM90.0 million Murabahah Notes Issuance Facility (MUNIF) from ‘MARC-4ID’ to ‘DID’ . MARC has had to rely on verbal confirmation, as the trustee for ...

MARC has removed Englotechs’ rating on its RM50.0 million Murabahah Medium Term Notes (MMTN) Programme from MARCWatch Negative and downgraded its rating from AID to BBB+ID. The rating carries a negative outlook. The downgrade reflects further deterioration in the company’s financial profile caused by rising trade receivables, which has resulted in higher working capital requirements an...

MARC has downgraded the long-term rating of Delloyd Ventures Berhad (“Delloyd” or “the Group”) from A+ ID to A ID, whilst maintaining the short term rating at MARC-1 ID in respect of its RM100 million Islamic Commercial Papers/Medium-Term Notes (ICP/MTN) Programme. The rating carries a developing outlook. The downgrade of Delloyd’s long-term rating reflects deteriorat...

MARC has lowered the rating on Ace Polymers (M) Sdn Bhd’s (“Ace”) RM70 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”) from ‘BBB- ID’ to ‘D ID’. The rating of “D” reflects Ace’s failure to make scheduled payment on the RM10 million Primary BaIDS due on September 14, 2007. Ace was placed on MARCWatch Negative on ...

MARC has placed the MARC-3ID rating on M-Trex Corporation Sdn Bhd (M-Trex)’s RM60.0 million Islamic Commercial Paper Programme (ICPs) on MARCWatch Negative upon completion of its annual review on M-Trex, due to a number of unresolved issues with the potential for continued uncertainty. The MARCWatch Negative reflects slow progress in resolution of covenant breaches relating to M-Trex’s...