MARC has placed Tracoma Holdings Berhad’s (“Tracoma”) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on MARCWatch with a Negative Outlook. This is premised on Tracoma’s delay (in accordance with the Terms and Conditions of the BaIDS) to deposit the monthly built up in the Profit Service Account (PSA) required for the upcoming profit ...

The ratings of Weida (M) Bhd’s (Weida) RM100 Million Murabahah Underwritten Notes Issuance/ Islamic Medium-Term Notes Facility have been affirmed at A+ID/MARC-1ID with a stable outlook. The affirmation is premised on Weida’s sound financial performance and its position as one of the largest domestic manufacturers of a wide range of high density polyethylene (HDPE) engineering products ...

The long term rating of AID assigned to Perwaja Steel Sdn Bhd’s (PSSB) RM400 Million Murabahah Medium-Term Notes (MMTN) Programme reflects the company’s near monopoly position in the domestic market for the supply of direct reduced iron (DRI); strong demand for DRI and the proposed acquisition of a 51% controlling stake in the company by Kinsteel Berhad (Kinsteel). Upon completion of t...

MARC has downgraded the rating of Antara Steel Mill Sdn Bhd’s (“Antara”) Islamic debt from A+ID to AID  with a stable outlook. The rating reflects the deterioration in the financial profile of the company arising from the under performance in FY2006 of its billets and bars operations and the unscheduled plant shutdown at its hot briquetted iron (“HBI”) operations...

MARC, with immediate effect, is placing Merbok Hilir Berhad (“Merbok”) RM150 million Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on MARCWatch with a Negative Outlook. This is premised on Merbok’s failure (in accordance with the Terms and Conditions of the BaIDS) to deposit the monthly built up for the upcoming principal payment due in January 2007. Merb...

MARC has downgraded the long-term rating of Goodway Integrated Industries Berhad’s (Goodway) RM80 million Partially Underwritten Murabahah Notes Issuance Facility / Islamic Medium Term Notes Programme, from a rating of A+ID to AID. The short term rating however is reaffirmed at Marc-2ID. The downgrade reflects the risks associated with the company’s proposed venture into the manufactur...

The ratings of AID/MARC-2ID and AID assigned to Kinsteel Berhad’s (Kinsteel) RM100 million Murabahah Commercial Papers/Medium-Term Notes (Murabahah CP/MTN) and RM100 million Murabahah Medium-Term Notes (MMTN) Programme respectively reflect the company’s proven track record  in the local steel industry in terms of its profit record, distribution network, access to scrap supply and ...

MARC has reaffirmed, with Positive Outlook, the ratings of A+ID/MARC-1ID on KNM Group Bhd’s (KNM) RM150.0 million Murabahah Underwritten Notes Issuance Facility / Islamic Medium-Term Notes (MUNIF/IMTN). The ratings are premised upon KNM’s strong competitive position as one the largest manufacturer of process equipment in the region; growing international exposure, access to high techni...

MARC has downgraded the short term rating of M-Trex Corporation Sdn Bhd’s (MCSB) 7 year RM60 million Islamic Commercial Paper Programme (ICPs) from MARC-2ID to MARC-3ID with a negative outlook.  The downgrade is premised on risks associated with MCSB’s recent acquisition of M-Trex Carbon Sdn Bhd (MTC) and M-Trex Galvanised Steel Sdn Bhd (MGS) utilising the proceeds from the ICPs a...

MARC has reaffirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stock (RCSLS) at BBB and has lifted its MARCWatch with a Negative Outlook. The reaffirmation reflects the better results led by the company’s architectural mouldings manufacturing arm coupled with stable rental income from its investment properties. The rating is, however, mod...