Press Release

Entity Ratings of Cyan Limited


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Karachi, October 6, 2015: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the long-term entity rating of Cyan Limited (CL) from ‘A+’ (Single A Plus) to ‘A’ (Single A). Short-term entity rating has been maintained at ‘A-1’ (A-One). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on May 16, 2014.

With a dividend payout of Rs. 3.9b for FY14 significantly higher than the profit for the year, equity base of CL has reduced to almost one-third. Earnings level is also expected to decline, going forward, on account of a reduced resource base, even if the stock market remains buoyant and the company is able to maintain its performance track record. With investments concentrated in listed equities, liquidity profile of the company remained strong.

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 long-term private equity deals will vary between 3 to 5 years from now onwards. The company also envisages participation in book building/IPO of companies. The company has generated healthy return on its investment portfolio. Investment mix has featured variation; ability to assume market risk has increased over time with the maximum limit for equities revised upwards. With liquidation of almost half of the equities portfolio during 1QFY15 to meet anticipated liquidity needs arising as a result of final dividend payout announced for FY14, the remaining portfolio now features a sizeable portion of related party holdings. As per management, portfolio build up in other securities will dilute this over time.

With the completion of term of the existing Board, a new Board was elected during FY14. There was a change at the helm of the institution as well. Mr. Sulaiman S. Mehdi was appointed as Chief Executive Officer; he was previously serving as the Chief Operating Officer of the company. Research function has been strengthened with induction of a senior resource. Senior management comprises resources with extensive capital market experience. The assigned ratings 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.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) at 021-35311861-71 or Mr. Maimoon Rasheed at 042-35723411-3 or fax to 021-35311872-3.

Jamal Abbas Zaidi
Deputy CEO

Applicable Rating Criteria: Non-Bank Financial Companies

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 2015 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