Press Release

JCR-VIS Reaffirms Entity Ratings of Cyan Limited at ‘A/A-1’

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Karachi, December 13, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Cyan Limited (CL) at ‘A/A-1’ (Single A/A-One). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on October 6, 2015.

The assigned ratings of CL continue to be underpinned by the sponsors’ profile, with major shareholding vested with Dawood Hercules Group, a prominent industrial conglomerate having presence across diversified sectors. Ratings also incorporate company’s structured evaluation process for investment and private equity selection assisted by a strong research function. Furthermore, strong performance track record, adequate liquidity and capitalization indicators and an experienced management team provide additional support to ratings. Overall exposure to market risk remains high.

Investment portfolio of the company entirely comprises listed equities with a healthy mix of dividend yielding and growth stocks. The portfolio has been funded almost entirely through internal capital with no debt on the company’s balance sheet. While related party exposures comprise major portion of the investment portfolio, overall sectoral exposures are diversified. Investment policy however remains flexible with significant exposure allowed in equities on account of which profitability may be affected in case of stock market downturn. Investment returns of CL have outperformed other equity based mutual funds during 2014, 2015 and in the ongoing year.

In addition to managing an investment portfolio of marketable securities, the company’s business plan also envisages investments in private equity deals. Investment horizon for these private equity deals can vary between 1 to 3 years with potential exit through IPO/OFS. The company has also participated in book building/IPO of companies. During the outgoing year, turnover was noted in key positions; qualified personnel have been hired to fill in the vacancies.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 201) or the undersigned (Ext: 207) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi

Applicable Rating Criteria: Non-Bank Financial Companies (March, 2005)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2016 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited