The ratings reflect KNM Group Berhad’s (KNM) competitive position as one of the largest domestic manufacturer of process equipments and its steady revenue growth. The ratings, however, are moderated by the company’s high working capital requirements due to the nature of its projects. KNM is an investment holding company with subsidiaries principally involved in the design, manufacture and fabr...

The affirmation of ABI Malaysia Sdn Bhd’s (ABI) rating reflects its leading position in the manufacture of automotive batteries in Malaysia; existing and new manufacturing contracts which ensure sustainable demand for its batteries; and the company’s improving financial profile. The rating, however, is moderated by the company’s tight cash flow position. ABI is involved in the production and...

MARC has assigned a rating of A+ID (A plus, Islamic Debt) to Ingress Sukuk Berhad’s (ISB) proposed RM160.0 million Sukuk Al Ijarah Issuance. ISB was incorporated by its holding company, Ingress Corporation Berhad (Ingress), as a special purpose vehicle to facilitate the execution of the sale and leaseback of Ingress’ identified assets for the Sukuk Al Ijara Issuance. The assigned rating reflec...

MARC has assigned the ratings of AID(bg) To Negeri Sembilan Cement Industries Sdn Bhd’s RM200.0 million Bai’ Bithaman Ajil Islamic Bonds (BaIDS) and MARC-2/BBB+ID to its RM130.0 million Murabahah Notes Issuance Facility (MUNIF). The rating assigned to the proposed BaIDS is reflective of the strength of irrevocable unconditional guarantees provided by a consortium of banks evaluated using the w...

MARC has received confirmation from SAJ Holdings Sdn Bhd that its RM680 million BaIDS) has been fully redeemed. As such, MARC no longer has any rating obligation on the Facility and the AID rating is hereby withdrawn....

The ratings assigned are underpinned by Pesaka Astana (M) Sdn Bhd’s (PASB) competitive position as the leading assembler and provider of customized heavy-duty and specialized vehicles for the Ministry of Defence (MINDEF) and Fire and Rescue Department (BOMBA); the tight issue structure; and the company’s continued improvement in its profitability measures. These factors are however somewhat of...

MARC has assigned rating of A- (A Minus) to Malaysian AE Models Holdings Berhad (MAE)’s Fixed Rate Serial Bonds (Bonds) of up to RM80 million nominal value. The rating assigned to MAE’s Bonds reflects MAE’s competitive position and technical competency in the industry. These factors are moderated by MAE’s exposure to adverse economic factors locally as well as regionally.MAE was incorporat...

MARC has reaffirmed the ratings of Perak-Hanjoong Simen Sdn Bhd’s (PHS) RM698.0 million Al Bai’ Bithaman Ajil Secured Serial Bonds Facility at AAAID (Triple A, Islamic Debt) for Tranche I, AID (Single A, Islamic Debt) for Tranche II, A+ID (Single A Plus, Islamic Debt) for Tranches III and IV and BBB-ID for Tranche V. The affirmation of the ratings for Tranche I to Tranche IV reflects the stren...

The ratings assigned reflect Premium Nutrients Group’s competitive position as an integrated producer of specialty fats; and the structural features in the issue structure. The rating, however, is moderated by the Group’s thin operating profit margin, limiting its ability to leverage on its balance sheet.A KLSE Second-Board listed entity, Premium Nutrients Group is principally involved in the ...

MARC has assigned the ratings of MARC-2ID/AID to EP Manufacturing Bhd’s (EPMB) proposed RM150.0 million private debt securities (PDS). The ratings reflects the Group’s position as a Tier-1 parts vendor for the national carmaker, PROTON, via its subsidiary; PEPS-JV (M) Sdn Bhd (PEPS-JV). Moderating factors include the inherent risks of the automotive industry as well as its dependence on the sa...