Press Release December 27, 2024 EXPRESS ROADWAYS PRIVATE LIMITED Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	167.65	ACUITE BB+ | Downgraded | Issuer not co-operating*	-
Total Outstanding	167.65	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuité has downgraded the long term rating to  ‘ACUITÉ BB+’ (read as ACUITE double B plus) from ‘ACUITÉ BBB+’ (read as ACUITE triple B plus) on the Rs 167.65 Cr. bank facilities of Express Roadways Private Limited (ERPL). The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The rating has been downgraded on account of information risk.

About the Company

­Incorporated in 1993, Express Roadways Private Limited (ERPL) is a Delhi based company and is engaged in transportation, warehousing and freight-forwarding business in FMCG, white goods, lubricants, tyres, oil & gas, chemical, pharmaceutical, and cement, textile & paper products companies. The company has a fleet of around 1200 owned trucks as on March 2022. The day to day operations are managed by its directors, Mr. Satish Kumar Gupta, Mr. Kamal Gupta and Mr. Mahendra Kumar Gupta. ERPL majorly operates on the north-west, north-south, west-south, south-west and west to east routes in particular, Delhi – NCR, Ambala – Panipat, Rudrapur – Haridwar, Amritsar – Ludhiana, Mumbai – Pune – Vapi – Baroda, Vizag, Bangalore, Karnataka, Chennai, Kolkata, Guwahati, etc.

Unsupported Rating

­Not Applicable

Non-cooperation by the issuer/borrower

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer / borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with an unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies

Limitation regarding information availability

­The rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower). Acuité endeavored to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

­­­­"No information provided by the issuer / available for Acuite to comment upon."

Liquidity Position

­­­­"No information provided by the issuer / available for Acuite to comment upon."

Outlook: Not applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	888.93	779.06
PAT	Rs. Cr.	24.49	29.54
PAT Margin	(%)	2.75	3.79
Total Debt/Tangible Net Worth	Times	1.13	1.10
PBDIT/Interest	Times	6.28	6.51

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 06 Oct 2023 Term Loan Long Term 19.15 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 50.00 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 13.85 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 12.15 ACUITE BBB+ | Stable (Assigned) Cash Credit Long Term 32.50 ACUITE BBB+ | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 40.00 ACUITE BBB+ | Stable (Assigned) 24 Nov 2022 Term Loan Long Term 19.15 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 55.00 ACUITE BBB+ | Stable (Reaffirmed) Secured Overdraft Long Term 1.85 ACUITE BBB+ | Stable (Reaffirmed) Secured Overdraft Long Term 7.00 ACUITE BBB+ | Stable (Reaffirmed) 06 Sep 2021 Term Loan Long Term 19.15 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Cash Credit Long Term 55.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Secured Overdraft Long Term 7.00 ACUITE BBB+ | Stable (Assigned) Secured Overdraft Long Term 1.85 ACUITE BBB+ | 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 HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 26.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) Yes Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.50 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) Bank of Baroda Not avl. / Not appl. Term Loan 25 May 2019 Not avl. / Not appl. 25 Feb 2024 19.15 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ ) Kotak Mahindra Bank Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 40.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB+ )

* The issuer did not co-operate; based on best available information.

Contacts

Mohit Jain Senior Vice President - Rating Operations Moparthi Anuradha Devi Senior 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.