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MARC has downgraded Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium-Term Note Programme (MMTN) rating to DID from BBID.The rating action is based on the cotton glove manufacturer’s failure to meet its profit payment of RM1.7 million due on March 26, 2009 as confirmed by OSK Trustees Berhad. In connection with the missed profit payments, Englotechs is seeking an...
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MARC has removed its rating on Englotechs Holding Berhad’s (Englotechs) RM50.0 million Murabahah Medium-Term Note Programme (MMTN) from MARCWatch Negative and downgraded the rating to BBID from BBB-ID. Englotechs’ rating was first placed on MARCWatch Negative on April 1, 2008 due to a breach in financial covenants. The outlook on the rating is now negative.The downgrade is premised on ...
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Englotechs Holding Bhd’s (Englotechs) BBB-ID rating in respect of its RM50.0 million Murabahah Medium-Term Notes Programme (MMTN) remains on MARCWatch Negative where it had been placed since April 1, 2008 pending the resolution of the breach in its Finance to Net Tangible Assets Ratio (FNR) covenant under the terms of the notes issuance. MARCWatch Negative placement continues to reflect unce...
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MARC continues to maintain Englotechs Holding Bhd’s (Englotechs) BBB-ID rating in respect of its RM50.0 million Murabahah Medium-Term Notes Programme (MMTN) on MARCWatch Negative where it had been placed on April 1, 2008. The extended MARCWatch Negative reflects continued uncertainty over the Company’s ability to restore its Finance Service Reserve Account (FSRA) balance to the m...
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MARC has downgraded its rating on Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) to BBB-ID from BBB+ID. Englotechs’ rating has also been placed on MARCWatch Negative. The downgrade reflects continued deterioration in Englotechs’ financial risk profile. The Company is in breach of its Finance to Net Tangible Assets Ratio (FNR) cov...
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MARC has removed Englotechs’ rating on its RM50.0 million Murabahah Medium Term Notes (MMTN) Programme from MARCWatch Negative and downgraded its rating from AID to BBB+ID. The rating carries a negative outlook. The downgrade reflects further deterioration in the company’s financial profile caused by rising trade receivables, which has resulted in higher working capital requirements an...
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MARC has placed the AID rating of Englotechs Holding Bhd’s (Englotechs) RM50.0 million Murabahah Medium Term Notes Programme (MMTN) on MARCWatch Negative. The MARCWatch placement reflects MARC’s concerns about the significant deterioration in Englotechs’ working capital and liquidity following a rapid increase in its trade receivables. Unless cash flow from operations improve, th...
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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...
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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...
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