MARC has downgraded the long and short term ratings of PRI’s RM40.0 million ICP/IMTN to D ID (D, Islamic Debt) and withdrawn its ratings upon receipt of confirmation from Bank Muamalat Malaysia Berhad (BMMB), that an “Event of Default” has been declared in relation to the ICP/IMTNs. PRI had failed to replenish an amount of RM191,945 into the Finance Service Reserve Account (FSRA)...

MARC has lowered its ratings on Paradym Resources Industries Sdn Bhd’s (“PRI”) RM40 million Islamic Commercial Papers / Medium-Term Notes Issuance Programme (“ICP/MTN”) to CID/MARC-4ID from AID/MARC-2ID. The ratings remain on MARCWatch Negative. The downgrades reflect MARC’s concerns as to the company’s ability to fund near-term commitments arising from th...

MARC had announced on May 9, 2007 that it had received written confirmation from Bank Negara Malaysia that the Central Bank had terminated its 10 year contract for the purchase of raw materials with PRI. In relation to the earlier announcement, MARC wishes to highlight that in the Central Bank’s letter, the termination date was given as effective from May 9, 2007, with no reference made as t...

MARC has revised the MARCWatch status of its AID/MARC-2ID ratings on PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme to negative from developing with immediate effect. This follows written confirmation from Bank Negara Malaysia that it has terminated its 10 year contract for the purchase of raw materials with PRI. The termination of this contract constitutes...

MARC has placed the ratings of PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme, currently rated at A/MARC-2, on MARCWatch Developing with immediate effect. This is premised on a recent site visit to PRI's factory in Nilai, Negeri Sembilan where an absence of production activity and inventory were noted. The management represented that there is on-going maint...

MARC has lifted its MARCWatch Developing placement on the ratings of PRI and affirmed the long and short term debt ratings of PRI’s RM40.0 million Islamic Commercial Papers/Medium Term Notes Issuance Programme at AID (A Flat, Islamic Debt) and MARC-2ID respectively with a Stable Outlook.MARC had placed the ratings of PRI on MARCWatch Developing on 15 January 2007 in connection with a RM46 mi...

MARC has placed the ratings of PRI’s RM40.0 million Islamic Commercial Paper/Medium Term Note Issuance Programme on MARCWatch Developing with immediate effect. The rating action follows from PRI’s recent acquisition of the Royal Mint of Malaysia Sdn Bhd (RMM), and information that RMM’s RM46 million Murabahah Multi Option Notes issuance facility (the facility), which is not rated...

MARC has upgraded the long-term ratings of Paradym Resources Industries Sdn Bhd (PRI) to AID (A Flat, Islamic Debt) from A-ID and affirmed the short term ratings at MARC-2ID for PRI’s Islamic Commercial Paper/Medium Term Note Issuance Programme (Islamic CP/MTN). The outlook is stable.  The ratings upgrade and reaffirmation reflect PRI’s strengthening financial profile arising from...

MARC has affirmed the short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) in respect of Paradym Resources Industries Sdn Bhd’s (PRI) Islamic Commercial Paper/Medium Term Notes Issuance Programme (Islamic CP/MTN). The affirmation of the ratings reflects PRI’s commendable improvement in its financial position and PRI’s status as a reputable manufacturer of superior quality...

MARC has assigned short and long-term ratings of MARC-2ID and A-ID (A minus, Islamic Debt) to Paradym Resources Industries Sdn Bhd (PRI)’s Islamic Commercial Paper/Medium-Term Note Issuance Programme (CP/MTN Programme), reflecting PRI’s position as a reputable manufacturer of superior quality copper products; moderated by PRI’s relatively high debt leverage coupled with the industry’s fair...