The rating affirmation of A+ID on Ingress Sukuk Berhad’s (ISB) RM160.0 million Sukuk Al Ijarah Issuance is underpinned by Ingress Corporation Berhad’s (Ingress) track record as one of the leading local automotive component manufacturers with a diversified customer and geographical distribution; and its fairly strong financial profile. Moderating factors, however, include the vulnerability of ...

MARC has assigned 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 geosynthetic products segment in Malaysia; the...

MARC has received written confirmation on 29 November 2005 from Malaysian Trustees Berhad, the Trustee of PHS’ BaIDS; that the Tranche V BaIDS was fully redeemed on 17 November 2005.Accordingly, MARC has lifted the rating watch and simultaneously withdrew the rating of the Tranche V BaIDS....

MARC has lifted the Rating Watch (with a developing outlook) on Stenta Films (Malaysia) Sdn Bhd’s (“Stenta”) RM90 million Murabahah Notes Issuance Facility (“MUNIF”). Simultaneously, MARC has also reaffirmed the rating of MARC-3ID assigned to the MUNIF.The rating decision is based upon the approval from the Securities Commission (“SC”) and Noteholders on the revision in the reduction...

MARC has received confirmation in October 2005 from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s (“PHS”) RM30 million Tranche V Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on the following:The BaIDS’ Holders had agreed to grant further indulgence of 6 months ending 17 November 2005 for the repayment of all amounts outstanding under the Tranche ...

MARC has obtained confirmation from Mayban Trustees Berhad (Trustee) on 30th September 2005 that Pesaka Astana (M) Sdn Bhd did not meet the first primary notes and secondary notes repayment amounting to RM34.2 million in total, under its Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) facility on 30th September 2005. Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facilit...

MARC has assigned a rating of AID to Englotechs Holding Bhd’s (Englotechs) Murabahah Medium Term Notes Programme of up to RM50.0 million. The rating is a reflection of Englotechs 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 last four years and low deb...

MARC has received confirmation from Malaysian AE Models Holdings Berhad that the company has made an early redemption of the entire issuance of the RM80 million Nominal Value Fixed Rate Serial Bonds. Following this development, MARC no longer has any rating obligation on the above Fixed Rate Serial Bonds and the A- rating is hereby withdrawn....

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

MARC has assigned a rating of A+ID (A Plus, Islamic Debt) to Antara Steel Mill Sdn Bhd’s (Antara) proposed RM500 million Bai’ Bithaman Ajil Islamic Debt Securities. The rating is supported by Antara’s 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 s...