Press Release September 26, 2025 ARYA VOYAGERS PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	40.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	40.00	-	-

Rating Rationale

­Acuité has withdrawn its long-term rating on the Rs. 40.00 Cr. bank facilities of Arya Voyagers Private Limited (AVPL) without assigning any rating. The rating has been withdrawn as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument wherein we have received request from the company for rating withdrawal, along with NCLT order for amalgamation of the company and MCA status showing amalgamated. The company now stands amalgamated with Arya Tankers Private Limited.

About the Company

­­The Mumbai-based,Arya Voyagers Private Limited (AVPL) was incorporated in 2012 is promoted by Mr. Ravindra Kumar Arya. The company commenced its ship chartering 2013 with the acquisition of two medium range tanker Dawn Haridwar (2014) and Dawn Mathura (2013). The company is a part of Arya group which is also engaged in trading of iron & steel, ship breaking among others. The group owns a fleet of 4 medium range tankers.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	31.91	32.56
PAT	Rs. Cr.	6.08	2.02
PAT Margin	(%)	19.06	6.21
Total Debt/Tangible Net Worth	Times	3.48	6.88
PBDIT/Interest	Times	4.98	3.03

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 25 Apr 2025 Term Loan Long Term 40.00 ACUITE B (Downgraded & Issuer not co-operating* from ACUITE B+) 30 Jan 2024 Term Loan Long Term 40.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) 16 Nov 2022 Term Loan Long Term 40.00 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Indian Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 40.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Sahil Sawant Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.