TCI Express Limited — Capital/Financing Update 2021

Sep 28, 2021

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ICRA Limited

Ref: ICRA/ TCI Express Limited/ 28092021/1

Date: September 28, 2021

Mr. Mukti Agarwal

Chief Financial Officer TCI Express Limited, TCI House 69, Institutional Area, Sector-32, Gurgaon- 122207

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 25.00 crore Commercial Paper (CP) Programme of TCI Express Limited.

Please refer to the Rating Agreement/Statement of Work dated August 9, 2017 executed between ICRA Limited (“ICRA”) and your Company, whereby, ICRA is required to review its rating(s), on an annual basis, or as and when the circumstances so warrant. Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the short-term Rating at [ICRA]A1+ (pronounced ICRA A one plus)(“Rating”). Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

In any of your publicity material or other document wherever you are using the above Rating(s), it should be stated as [ICRA]A1+ .

ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.

The Rating(s) are specific to the terms and conditions of the CP as indicated to us by you, and any change in the terms or size of the same would require a review of the Rating(s) by us. In case there is any change in the terms and conditions or the size of the rated CP, the same must be brought to our notice before CP is used by you. In the event such changes occur after the Rating(s) have been assigned by us and their use has been confirmed by you, the Rating(s) would be subject to our review, following which there could be a change in the Rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the CP from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

Building No. 8, 2[nd] Floor, Tower Tel.: +91.124 .4545300 Website: www.icra.in A CIN : Email: info@icraindia.com DLF Cyber City, Phase II L749999DL1991PLC042749 Helpdesk: +91 9354738909 Gurugram – 122002, Haryana

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001.Tel. :+91.11.23357940-45 R A T I N G R E S E A R C H I N F O R M A T I O N

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The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated CP availed/issued by your company.

Additionally, we wish to highlight the following with respect to the Rating(s):

• (a) If the instrument rated, as above, is not issued by you within a period of 3 months from the date of this letter, the Rating(s) would need to be revalidated before issuance;

• (b) Our Rating(s) is valid from the date of this letter till December 27, 2022 (“Validity Period”). The Rating(s) will generally be due for review at the end of the Validity Period. The maturity date of CP shall not be after the end of the Validity Period. The CP will have a maximum maturity of twelve months.

The Rating(s), as aforesaid, however, should not be treated as a recommendation to buy, sell or hold CP issued by you. The Rating(s) is restricted to your CP programme size of Rs. 25.00 crore only. In case, you propose to enhance the size of the CP programme, the same would require to be rated afresh. ICRA does not assume any responsibility on its part, for any liability, that may arise consequent to your not complying with any eligibility criteria, applicable from time to time, for issuance of CP.

You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s). Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

We look forward to your communication and assure you of our best services.

With kind regards, Yours sincerely, For ICRA Limited

SHAMSHER DEWAN

Digitally signed by SHAMSHER DEWAN DN: c=IN, st=Haryana, 2.5.4.20=f7edd8eb94005613ab8ab3d4ee44c5380ca6b99ba20305b26994545 30eaf177d, postalCode=122002, street=A-2/302, SAHARA GRACE, MG ROAD, BEHIND SAHARA MALL, SECTOR-28, CHAKARPUR(24), serialNumber=81e81be534b3742395e1a44de665d623b04c02b277af54e355b 5ba70d01f15bd, o=Personal, cn=SHAMSHER DEWAN, pseudonym=8e5ddece405ee4428088abe21bc5a37d Date: 2021.09.28 15:05:48 +05'30'

Shamsher Dewan Vice President shamsherd@icraindia.com