MARC has assigned a short term rating of MARC-2ID to M-Trex Corporation Sdn Bhd’s (MCSB) proposed 7-year RM60 million Islamic Commercial Paper Programme under the financing principle of Murabahah. The rating is premised on MCSB’s position as the leading local manufacturer of anodised aluminium panels for the mid to high end audio video equipment market, exclusive agency rights to distribute ca...

MARC has affirmed the rating for Mithril Berhad’s (Mithril) RM59 million Redeemable Convertible Secured Loan Stocks (RCSLS) at BBB, reflecting the recent completion of the corporate exercise with the injection of new businesses and a tight underlying issue structure. The rating is, however, constrained by Mithril’s exposure to the manufacturing industry, in particular the brick manufacturing b...

MARC has affirmed the ratings of Pesaka Astana (M) Sdn Bhd’s (PASB) RM140 million Al-Bai Bithaman Ajil Islamic Bonds (BaIDS) at A+ID and the RM200 million Commercial Paper/Medium Term Notes facility at MARC-1/A+ reflecting PASB’s competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for agencies like the Ministry of Defence (MINDEF) and Fi...

The rating of Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit nominal value fixed rate serial bond programme (BBAT) has been reaffirmed at BBBID +(s) reflecting the company’s dominant position as the sole newsprint producer in the country; coupled with anti-dumping duties imposed by the government on imported newsprint which directly limit overseas competition;...

MARC has affirmed Malaysian AE Models Holdings Berhad (MAE)’s RM80 million Nominal Value Fixed Rate Serial Bonds rating at A-. The affirmation is a testament of the company’s competitiveness in the industry by virtue of its position as the country’s leading manufacturer and distributor of factory automation and material handling systems and the strategic decision by MAE to broaden its revenu...

The affirmation of the AID rating assigned to Merbok Hilir Berhad’s (Merbok) RM150.0 million Al-Bai’ Bithaman Ajil Serial Bonds (BBA Bonds) is premised on the Group’s proven track record in the highly competitive MDF industry; the favourable outlook of the international Medium Density Board (MDF) industry, as well as its well-capitalised balance-sheet. However, the balancing factors taken i...

The rating upgrade to AID / MARC-2 ID reflects Priceworth Wood Products Berhad (Priceworth) Group’s improving financials underpinned by growing timber extraction activity/contracting services coupled with high operational integration pertaining to its manufacturing activities. The Group’s vulnerability to cyclical developments affecting the timber/wood-based industry remains a moderating fact...

MARC has received confirmation from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s RM698.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds, that the bondholders of the bank-guaranteed tranches (TrancheS I – IV) have been paid in full by the bank guarantors. As such, MARC no longer has any rating obligation on the said tranches and the ratings are hereby withdrawn...

MARC has assigned a rating of AID (A Flat, Islamic Debt) to Tracoma Holdings Bhd’s (Tracoma) RM100 million Al Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS). The rating reflects, amongst others, Tracoma’s vast experience and good track record as one of the leading local automotive component manufacturer and its commendable financial results. The rating is however, moderated by the vulne...

MARC has received confirmation from Malaysian Trustees Berhad, the trustee of Perak-Hanjoong Simen Sdn Bhd’s (PHSSB) RM698.0 million Bai’ Bithaman Ajil Islamic Debt Securities (ABBA), that PHSSB had missed its profit payment and principal redemption on 17 November 2004. Under the terms of the Trust Deed, this constitutes an event of default; consequently triggering the bank guarantees backing ...