24 Oct 2005
Kuala Lumpur -- Malaysian Rating Corp (MARC) has assigned short- and long-term ratings of MARC-1ID and AA-ID respectively to Top Glove Corporation Bhd's proposed Islamic Commercial Papers Programme of up to RM100 million in nominal value and Islamic Medium Term Notes Programme of up to RM100 million in nominal value.
MARC said the ratings reflect the Top Glove's competitive position as the world's largest rubber glove manufacturer; its aggressive capacity expansion underpinned by increasing demand for rubber gloves; consistently strong financial profile characterised by stable operating margins and historically low debt leverage; and the Group's prudent and strong management.
The Group's principal activities are in manufacturing, trading and exporting of various types of gloves.
MARC said Top Glove is the worlds largest rubber manufacturer of gloves owing to its production capacity of 15 000 million pieces of gloves per annum as at 31 August 2005.
With 11 factories located in Malaysia, Thailand and China, its gloves are exported to more than 600 customers in more than 160 countries.
Currently, it has a world market share of approximately 15% and intends to capture 25% of the global market share by December 2007 through aggressive capacity expansion.
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