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...

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 ...