MARC has withdrawn the AID rating assigned to Merbok Hilir Berhad (Merbok)’s RM150 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). Merbok has confirmed that it has purchased and cancelled the BaIDS, and there is no amount outstanding against the rating. At the time of withdrawal, the rating was on Negative MARCWATCH....

The ratings of MARC-2ID/AID with negative outlook assigned to EP Manufacturing Berhad’s (EPMB) proposed issuance of Murabahah Notes Issuance Facility/Islamic Medium-Term Notes Facility (MUNIF/IMTN) with nominal value of up to RM120.0 million, reflect the Group’s position as a Tier-1 parts vendor for the national carmaker, PROTON Holdings Berhad (PROTON) and Perusahaan Otomobil Kedua Sd...

MARC has downgraded the rating of Ace Polymers (M) Sdn Bhd’s (Ace) RM70 million Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) from A ID to A- ID with a stable outlook. The rating downgrade is underpinned by the prevailing negative outlook of the domestic automotive industry arising from continued dismal vehicle sales performance coupled with increasingly stringent approval require...

MARC has upgraded the long-term ratings of Paradym Resources Industries Sdn Bhd (PRI) to AID (A Flat, Islamic Debt) from A-ID and affirmed the short term ratings at MARC-2ID for PRI’s Islamic Commercial Paper/Medium Term Note Issuance Programme (Islamic CP/MTN). The outlook is stable.  The ratings upgrade and reaffirmation reflect PRI’s strengthening financial profile arising from...

Merbok Hilir Berhad (“Merbok”) RM150 million BaIDS was placed on MARCWatch with a negative outlook on 30 August 2006 arising from Merbok’s failure to deposit the monthly built up for the upcoming scheduled principal payment in January 2007. However, the BaIDS holders have agreed with a restructuring scheme proposed by Merbok on 11 October 2006 which basically entails a deferment ...

MARC has affirmed Maxtral Industry Berhad’s (Maxtral) RM80 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) Facility and RM20 million Murabahah Underwritten Notes Issuance Facility/Murabahah Medium Term Notes Issuance Facility (MUNIF/MMTN) ratings at  AID / MARC-2ID  with a stable outlook. The affirmation reflects Maxtral’s strengthening financials underpin...

Emas Kiara Industries Berhad’s (EKIB) up to RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme’s (MUNIF/IMTN) long-term rating has been downgraded from A+ID (A Plus) to AID (A Flat) and short term rating reaffirmed at MARC-2ID. The ratings have been accorded a Stable Outlook. The downgrade follows from a dip in the company’...

MARC has affirmed Ingress Sukuk Berhad’s (ISB) RM160 million Sukuk Al Ijara Issuance at A+IS with stable outlook; reflecting Ingress Corporation Berhad’s (“Ingress” or “the Group”) track record as one of the leading local automotive component manufacturers with a relatively diversified customer base and geographical distribution, and its fairly strong financial ...

MARC has assigned, with Positive Outlook, ratings of A+ID/MARC-1ID to KNM Capital Sdn Bhd’s (KNMC) proposed RM300.0 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN). KNMC is a wholly-owned subdisiary of KNM Group Berhad (KNM) and was created to serve as the centralised funding and treasury vehicle for the KNM group. The ratings are premised upon...

MARC has affirmed the rating of AID on Englotechs Holding Bhd’s (Englotechs) Murabahah Medium-Term Notes Programme of RM50.0 million with a stable outlook. 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 coupled with a ris...