Press Release April 01, 2026 CYBER AUTOMOBILES PRIVATE LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	40.55	ACUITE C | Downgraded	-
Bank Loan Ratings	40.25	ACUITE D | Downgraded	-
Bank Loan Ratings	0.05	-	ACUITE A4 | Downgraded
Bank Loan Ratings	0.50	-	ACUITE D | Downgraded
Total Outstanding	81.35	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has downgraded its long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE BB’ (read as ACUITE double B) and short-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 40.75 Cr. bank facilities of Cyber Automobiles Private Limited (CAPL).  ­Acuité has also downgraded its long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE BB’ (read as ACUITE double B) on the Rs. 40.55 Cr. bank facilities of Cyber Automobiles Private Limited (CAPL).  ­Acuité has also downgraded its short-term rating to‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.0.05 Cr. bank facilities of Cyber Automobiles Private Limited (CAPL).  Rationale for Rating Downgrade Acuite has downgraded the rating based on the written feedback from the lender, wherein it was clarified that there were delay of 1–2 days in servicing the repayments as latest as March 2026 in the Term Loan, due to which the penal charges were levied as well.

About the Company

­Cyber Automobiles Private Limited (CAPL) was incorporated in the year 2002 as an authorized distributor of spare parts of two wheelers such as TVS Motors, Royal Enfield, Yamaha Motors among others. The company has its own warehouse for storage. Also, the company operates majorly in the Southern Region of this country and has more than 10,000 dealers in state of Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Cochin to name a few. From 2018, CAPL has entered the dealership of tyres through Maxxis Tyre India Limited for two wheelers for Telangana, Andhra Pradesh, Karnataka & Tamil Nadu states. The company has also entered contract manufacturing of various automobile spare parts such as Cables, Levers, Drum Rubbers etc under the brand name ‘CAMP’. The Current Directors of The Company Are Mr. Pardhasaradhi Unnam, Mr. Venkateswarlu Unnam, Mr. Beeneedi Vijay Kumar, Mr. Madala Raghavarao, And Mr. Lokesh Chowdary Unnam.

Unsupported Rating

­­Not applicable

Analytical Approach

Acuité has considered standalone business and financial risk profile of Cyber Automobiles Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Established track record and extensive experience of promoters CAPL was incorporated in 2002 reflecting an established track record of operations for more than two decades in the auto ancillary industry. The company is authorized distributors of various two wheelers across the southern part of the country. The promoters of the company including Mr. Pardha Saradhi Unnam, have more than two decades of experience in the respective business. The experience of promoters also helped the company to established long term relationships with leading two-wheeler OEMs such as TVS Motors, Royal Enfield among others along with auto ancillary companies such as Minda Industries. Acuité believes that CAPL will continue to benefit from extensive experience of the promoters along with longstanding relationship over the medium term.

Weaknesses

­Instance of delays in servicing of debt obligation Acuite received the written feedback from the lender, wherein it was clarified that there were delay of 1–2 days in servicing the repayments as latest as March 2026 in the Term Loan, due to which the penal charges were levied as well.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Timely servicing of debt obligations Debt service coverage ratio (DSCR) above 1 time

Potential triggers (individual or collective) for a downward rating action:

Instances of delay in servicing debt obligations availed from other rated banking facilities.

Liquidity Position

Poor

Liquidity position of the company is poor as there have been instances of delays in servicing of debt obligations in recent past.

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	281.79	251.65
PAT	Rs. Cr.	1.43	2.04
PAT Margin	(%)	0.51	0.81
Total Debt/Tangible Net Worth	Times	4.00	4.54
PBDIT/Interest	Times	1.54	1.44

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 • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 02 Apr 2025 Bank Guarantee (BLR) Short Term 0.05 ACUITE A4+ (Reaffirmed) Bank Guarantee (BLR) Short Term 0.50 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 35.00 ACUITE BB | Stable (Reaffirmed) Cash Credit Long Term 35.00 ACUITE BB | Stable (Reaffirmed) Covid Emergency Line. Long Term 5.55 ACUITE BB | Stable (Reaffirmed) Covid Emergency Line. Long Term 5.25 ACUITE BB | Stable (Reaffirmed) 05 Jan 2024 Bank Guarantee (BLR) Short Term 0.05 ACUITE A4+ (Assigned) Bank Guarantee (BLR) Short Term 0.50 ACUITE A4+ (Assigned) Cash Credit Long Term 35.00 ACUITE BB | Stable (Reaffirmed) Cash Credit Long Term 35.00 ACUITE BB | Stable (Reaffirmed) Proposed Term Loan Long Term 0.04 ACUITE BB | Stable (Reaffirmed) Covid Emergency Line. Long Term 5.51 ACUITE BB | Stable (Assigned) Covid Emergency Line. Long Term 5.25 ACUITE BB | Stable (Assigned) 08 Feb 2023 Cash Credit Long Term 35.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 35.00 ACUITE BB | Stable (Assigned) Proposed Term Loan Long Term 0.04 ACUITE BB | Stable (Assigned)

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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 H D F C Bank Limited Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.05 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) THE KARUR VYSYA BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE D | Downgraded ( from ACUITE A4+ ) THE KARUR VYSYA BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 35.00 Simple ACUITE D | Downgraded ( from ACUITE BB ) H D F C Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 35.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) THE KARUR VYSYA BANK LIMITED Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. 05 Jan 2028 5.25 Simple ACUITE D | Downgraded ( from ACUITE BB ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.55 Simple ACUITE C | Downgraded ( from ACUITE BB )

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nidhi Gala 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.