Detailed Rationale

CRISIL Ratings has reaffirmed its ratings on the long-term bank facilities and non-convertible debentures amounting Rs 941.8 crore (including Rs 150 crore NCDs) of Allcargo Logistics Ltd (Allcargo; a part of the Allcargo group) at ‘CRISIL AA/Stable’ and also reaffirmed the short-term ratings at ‘CRISIL A1+’.

 

Also, CRISIL Ratings has reaffirmed its outstanding rating on the long-term bank facilities amounting Rs 300 crore at ‘CRISIL AA-’ while continuing with ‘Ratings Watch with Developing Implications’. These facilities will move to the new entity, Transindia Realty & Logistics Parks Ltd (TRL), post demerger.

 

CRISIL Ratings notes the approval dated February 01, 2023 received from NCLT for the scheme of de-merger and is in discussion with the management to understand the business, financial risk profile, bifurcation of debt, cash and other assets and liabilities moving to TRL, Allcargo and ATL, and will thereafter resolve the watch. On February 02, 2023, the company announced conclusion of the Blackstone deal followed by signing of Share Purchase agreement (SPA) with Blackstone for sale of Hyderabad, Bangaluru and Goa logistics parks and receipts of Rs 288 crore (excluding Rs 112 crore of optionally convertible debentures treated equity-like by CRISIL Ratings) to be used for debt reduction.

 

Allcargo continued to report strong operating performance with operating income in the first nine months of fiscal 2023 growing by 8% on-year to Rs 15,400 crore and EBITDA of Rs 1,141 crore at 7.4% margin driven mainly by the MTO business, Nordicon and Speedy acquisitions which was well supported by other businesses. On April 29, 2023, TRL approved the sale of crane division on a slump sale basis for a total consideration of Rs 121 Crores. Also, earlier, on November 09, 2022, the company had announced acquisition of 30% stake in the express logistics JV, Gati Kintetsu Express Pvt Ltd (Gati KWE) for Rs 406.5 crore for which the share purchase agreement too has been signed in March-2023. Further on November 24, 2022 the company announced acquisition of 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik (FairTrade, a German LCL/FCL consolidator) for EUR 12 million (~Rs 100 crore). This will be funded using cash surplus at its global subsidiary. Allcargo’s financial risk profile with consolidated debt of Rs 1,308 crore and cash and equivalents of Rs 905 crore on September 30, 2022 is expected to remain healthy despite these transactions. Company’s consolidated net debt as of December 31, 2022 reduced to Rs 130 crore.

 

Earlier in December-2021, the company's board of directors had approved a scheme of de-merger, wherein the Allcargo (post demerger) will house the flagship and globally leading LCL consolidator business (under multi-modal transport operations (MTO) segment), express logistics (under subsidiary Gati Limited), and contract logistics (under 61% JV, ACCI), whereas the container freight stations (CFS)/inland container depot (ICD) business will be de-merged into a new company Allcargo Terminals Limited (ATL) while the asset-heavy businesses viz. equipment rental, logistics parks and other real estate assets will move into TRL. Under the scheme, all the three companies will have mirror shareholding. Each shareholder of Allcargo would be issued shares of the two new companies viz ATL and TRL in 1:1 ratio, in consideration for the demerger.

 

The ratings continue to reflect the strong business and financial risk profile of Allcargo, post de-merger, wherein bank facilities amounting Rs 1,025 crore (Including Rs 83.2 crore of short-term facilities) will remain. Allcargo will house the flagship and globally leading LCL consolidation business in the international supply chain market (under MTO segment), which is well supported by the forward and backward integration benefits from the express logistics business (under the subsidiary Gati Limited), and contract logistics (under 61% JV, ACCI), (aggregate revenue of Rs 19,760 crore or 95% share of Allcargo group's consolidated revenue for fiscal 2022, ~83% of EBITDA, 63% share of debt and 90% of cash).

 

Healthy revenue growth and improved operating profitability resulted in healthy cash accruals and improved credit metrics in fiscal 2022, which is expected to continue over the medium term. With moderate capital spending, debt metrics are expected to witness improvement over the medium term, thereby strengthening the financial risk profile further.

 

On the other hand, the credit risk profile of TRL would be marked by healthy rental revenue streams and cash flows. TRL’s debt profile is evolving as the company may resort to debt reduction using existing liquid surplus (of Rs 905 crore as of September-2022), funds expected to be received from Blackstone (~Rs 300 crore), and healthy cash accruals till the completion of de-merger. CRISIL Ratings will resolve the watch and take a final rating action following detailed discussion with management and clarity on business and financial risk profile of TRL post demerger. 

 

The group (including ACCI) achieved operating income of Rs 20,699 crore in fiscal 2022, along with EBITDA more than doubling than last year to Rs 1,454 crore resulting in operating margins of  7.0%. The growth was led by strong performance in the MTO segment with revenue more than doubling to Rs 17,643 crore in fiscal 2022, supported by continued strong volume growth along with higher realisation on the back of high freight costs. The MTO segment performance is expected to benefit from the acquisition of 65% stake in Nordicon group in July-2021 at an enterprise value of EUR 32 million.

 

In the CFS/ICD segment, the group achieved revenue of Rs 578 crore in fiscal 2022 supported mainly by volume growth. The group also announced acquisition of Speedy Multimodes for Rs 102 crore in November 2021, which has become accretive from second half of this fiscal. Gati’s performance improved with healthy volumes while improvement in utilization supported project and engineering (P&E) segment. ACCI JV continued to do well in the contract logistics business.

 

With debt-funded acquisition and higher working capital funding requirement, the group’s debt (excluding leases) increased marginally to Rs 1,744 crore as of March 31, 2022 as compared to Rs 1,652 crore as of March 2021. The construction of 4 million square feet warehouses as part of Blackstone deal has been completed and pre-leased to marque clients along with Lease Rental Discounting debt on the books. The deal has been completed in November-2022 with inflows of Rs 288 crore (excluding OCDs) being used for debt reduction.

 

The group has streamlined Gati’s operations along with divestment of non-core assets and subsequent deleveraging. Consequently, Gati’s debt has decline to Rs 159 crore as of March 31, 2022 as compared to Rs 397 crore as of March 31, 2020. Gati is expected to facilitate end-to-end transportation services for the group’s clientele and provide business synergies over the medium term with improving profitability which would remain the key monitorable.

 

According to the management, the objective of this demerger is to accelerate growth across businesses by creating independent business undertakings, improve access to capital, streamline operations, reduce costs and thereby unlock value in each of these business segments.

 

The demerger process is nearing completion with approvals received from lenders, National Company Law Tribunal (NCLT), Income Tax Authority, and equity shareholders; and the company is in final stages of filing separate financial statements which is also in the final stages of completion.

 

The ratings continue to reflect the Allcargo group’s diversified operations and established position in the global non-vessel owing common carrier (NVOCC), domestic CFS and courier service businesses. The ratings are also supported by an adequate financial risk profile because of steady annual cash-generating ability, though debt metrics are moderate. These strengths are partially offset by susceptibility to risks inherent in the logistics industry arising from volatility in export-import (EXIM) trade volumes, and delays in execution of projects impacting the performance of the P&E business.

Analytical Approach

• For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of Allcargo and its 151 subsidiaries including Gati Limited. This is because the entities, collectively referred to as the Allcargo group, are under a common management and have strong financial and operational linkages. CRISIL Ratings has also combined the business and financial risk profiles of its 61% joint-venture, ACCI, as it is in a similar business and has operational linkages with the group.
• Furthermore, CRISIL Ratings has amortised goodwill on acquisitions made by the group, over five years from the date of each acquisition. For Gati Ltd, goodwill of Rs 224 crore has been amortised beginning fiscal 2020 while for Nordicon and Speedy, Rs 92 and Rs 33 crore has been amortised beginning fiscal 2022.
• CRISIL Ratings has also treated the optionally convertible debentures (received as a part of Blackstone deal) as equity-like given full convertibility post completion of the deal.
• CRISIL Ratings has adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) by excluding lease rental components with depreciation and finance costs to comply with IndAS116 on lease accounting. Accordingly, CRISIL Ratings has not included lease liabilities in debt.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

• Established position in the global NVOCC, domestic CFS, and courier service businesses: The group is India’s largest, and a leading global operator, in the NVOCC business, backed by a strong network. It is the largest player in the Less than Container Load (LCL) freight-forwarding industry globally. Despite challenging global trade conditions in fiscal 2021 owing to the pandemic, the volume in this business grew 7%, by gaining market share due to an established global network and longstanding relationships with customers. With recovery in global trade environment this fiscal as well support from Nordicon acquisition, volumes have grown at a healthy 20% on-year in fiscal 2022.

 

The group is expected to continue witnessing healthy volume growth and realisation this fiscal which would support overall revenue growth and profitability. The group will be leveraging on its existing global network and bolt-on acquisitions that should help the NVOCC business grow steadily over the medium term.

 

Besides, the group is a leading player in the CFS segment, with stations at four major ports of India, an ICD at Dadri (Uttar Pradesh) alongwith recently acquired CFS at Speedy Multimodes. Gati is one of the largest courier companies having extensive coverage in India and offers transportation solutions, e-commerce, trade inventory management, freight forwarding, and cold chain solutions; besides running fuel stations. Any substantial change in freight rates or EXIM volume may impact overall growth and will be a key monitorable.

 

• Integrated logistics player with presence across diversified segments: The Allcargo group has a diversified business risk profile with six major segments ― NVOCC, CFS, P&E, warehousing, and contract logistics and Gati — contributing 85%, 3%, 1%, 0.4%, 3% and 7%, respectively, to the total group revenue in fiscal 2022.

 

Gati’s extensive reach provides vertical integration to the MTO business which, along with the diversified businesses, enhances the group’s ability to offer integrated transportation, logistics and warehousing solutions to its diversified clientele, thus enhancing the business risk profile. The group is setting up built-to-suit pre-leased Grade-A warehousing assets at strategic locations across various cities in India; a part of these will be sold to Blackstone according to pre-agreed terms and the remaining leased out on a long-term basis. Rental income from the unsold and leased warehouses has further diversified the cash flow streams.

 

• Adequate and improving financial risk profile:  The group’s financial risk profile remains healthy as of December 31, 2022 with gross debt reducing to Rs 130 crore post usage of Blackstone deal proceeds as well as healthy cash accruals. Earlier, Group's debt increased marginally to Rs 1,852 crore as of March-2022 as compared to Rs 1,652 crore as of March 2021, mainly due to increased working capital requirement in MTO business on the back of high freight rates and realisations as well as acquisitions of Nordicon and Speedy this fiscal. Strong operating performance in fiscal 2023 is likely to lead to improved cash generation over the medium. With closure of Blackstone deal, receipt of remaining cashflows, and continued healthy cash generation debt, capital structure is expected to improve in the near term despite the acquisition funding, and remains a key monitorable. Debt/EBITDA stood at 1.20 times as on March 31, 2022 as compared to 2.8 times as on March 31, 2021, and is expected to improve further in fiscal 2023.

 

Weaknesses:

• Volatility in EXIM trade volume: The NVOCC business is directly linked to global EXIM trade, and hence, a steep fall in in it could weaken the business by constraining profitability per twenty-foot equivalent unit. The CFS business, which is directly linked to the Indian trade, is exposed to risks arising from variations in EXIM trade, and customs policies. Sluggishness in Indian EXIM trade, in case of a steep fall in global trade, could impact utilisation levels and profitability. Furthermore, low entry barrier has encouraged implementation of new CFS facilities by new and existing players, leading to build-up of surplus facilities; this will intensify price-based competition in the long term, thereby restricting profitability.

 

• Vulnerability of the P&E business to delays in project execution: In the P&E business, the group has been executing important projects for reputed clients such as Reliance Industries Ltd (‘CRISIL AAA/Stable/CRISIL A1+’), Larsen & Toubro Ltd (‘CRISIL AAA/Stable/CRISIL A1+’), Bharat Heavy Electrical Ltd (‘CRISIL AA+/Stable/CRISIL A1+’) and NTPC Ltd (‘CRISIL AAA/Stable/CRISIL A1+’); and has an effective equipment fleet of over 800 units. However, the business is heavily dependent on the domestic economy and the pace of project execution and completion. Around 70% of revenue is derived from power, oil and gas, cement and metals sectors, which are exposed to uneven investment cycles and economic slowdown. While the group intends to make the P&E business asset-light through increase in leased asset proportion and sale of unproductive assets, the resultant benefits to operating performance will continue to be a monitorable.

Liquidity: Strong

Liquidity is supported by substantial cash generation, cash surplus of Rs 905 crore as on September 30, 2022 and average bank limit utilisation (average utilisation of the fund-based limit for the group was 31% during the six months through October-2022). Cash accrual of more than Rs 800 crore should comfortably meet debt obligation of Rs 258 crore in fiscal 2023 and Rs 261 crore in fiscal 2024 with funds from Blackstone deal supporting funding of Fairtrade and 30% stake acquisition in Gati KWE. The group is not expected to undertake any major capital expenditure (capex) programme in fiscal 2023, except for completion of warehouses. Any large cash outflows from Allcargo in the form of dividend payout or share-buyback or any large debt-funded acquisitions; would remain the key monitorables.

 

ESG Profile

CRISIL Ratings believes that Allcargo’s Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.

 

The logistics sector has a relatively higher impact on the environment because of the inherent nature of assets utilized for the physical delivery of goods. However, given Allcargo is a leading LCL consolidator, its direct impact on environment is limited vis-à-vis its partners and customers who might have higher impact. The company though has a social impact because of its large and diverse workforce. Allcargo has continuously focused on mitigating its environmental and social impact. 

 

Key ESG highlights:

• Allcargo began releasing its ESG report from fiscal 2020 setting out qualitative parameters of the ESG emphasizing its commitment to creating a better world
• Through its CSR arm, Avashya Foundation, it is working to bring about inclusive development in six focus areas: Health, Education, Environment, Women Empowerment, Sports and Disaster Relief, through its network of reliable partner NGOs who are doing incredible work on the ground.
• Company has planted more than 710,000 trees through Avashya Foundation’s Maitree initiative
• Company has 50% women in the workforce in its global subsidiary, ECU Worldwide and endeavours to achieve similar levels in other group companies
• It has adequate governance structure with 50% of its board comprising independent directors and extensive disclosures.

 

There is growing importance of ESG among investors and lenders. Allcargo’s commitment to ESG principles will play a key role in enhancing stakeholder confidence, given its high share of market borrowings in its overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes the Allcargo group will sustain its strong business risk profile as an integrated logistics player and benefit from diversified revenue streams over the medium term.

Rating Sensitivity factors for facilities rated CRISIL AA/Stable

Upward factors

• Steady revenue growth and sustained operating margin above 8-8.5%, resulting in healthy cash accruals
• Continued improvement in debt metrics, supported by better cash generation and debt reduction from proceeds of monetisation of assets

 

Downward factors

• Moderation in the business risk profile, including due to weak operating performance (operating margins below 5%), owing to slowdown in trade volumes, impacting cash flows
• Large, debt-funded capex or acquisition, resulting in sustained and significant weakening in debt/EBITDA from current levels
• Any large cash outflow in the form of dividend or share buyback or large acquisition affecting liquidity

 

Rating sensitivity factors for facilities rated CRISIL AA-/RWDI

Upward factors

• Strengthened business risk profile comprising large portfolio of lease generating assets with high occupancy rates and rentals, resulting in higher cashflows
• Substantial improvement in debt metrics with sustained debt/EBITDA below 0.5 times and adequate liquidity

 

Downward factors

• Lower operating performance and cashflows due to lower rentals or occupancy in leased assets
• Weakening of debt metrics with debt/EBITDA consistently above 1.25-1.5 times, on account of lower operating performance or higher debt-funded expansion plans or delay in deleveraging plan
• Exposure to implementation or leasing risk related to new assets under development

About the Company

The Allcargo group, promoted by Mr Shashi Kiran Shetty, provides logistics services such as NVOCC, CFS, ICD, warehousing, coastal shipping, project logistics and equipment leasing. As on March 31, 2020, the promoter group held 70.01% in Allcargo.

 

The group is an MTO operator and offers logistics services, such as consolidation of LCL and FCL cargo for exporters and importers. In 2003, it forward integrated into CFS operations. Since the acquisition of the Belgium-based ECU Line in 2006, the Allcargo group has emerged as a leading LCL consolidator in the world. In 2011, it acquired MHTC Ltd to strengthen its position in the P&E solutions business. In September 2013, the group acquired Econocaribe Consolidators to increase its presence in the US and its focus on FCL cargo. In May 2016, Allcargo sold its contract logistics, and its freight & forwarding and custom clearance business, housed in subsidiary Hindustan Cargo Ltd, on a slump-sale basis to ACCI, its JV with the promoters of CCI. CCI has transferred its warehousing business to the JV. In April 2020, Allcargo completed acquisition of 46.8% stake in Gati.

 

For first nine months through December 31, 2023, Allcargo reported consolidated net profit of Rs 667 crore on revenue of Rs 15,400 crore, against Rs 724 crore and Rs 14,296 crore, respectively, in the corresponding period previous fiscal.

About Gati

Gati, founded in 1989, is one of India’s leading express distribution and supply chain solutions provider, with a strong presence in the Asia Pacific region and SAARC countries. It has an extensive network across India, covering 99% (672 out of 676) districts and operating more than 5402 scheduled routes. It possesses an integrated, multi-modal network of surface, air and rail along with warehouses spread across India. The company’s offerings include transportation solutions, e-commerce, trade inventory management, freight forwarding and cold chain solutions operated through various subsidiaries and JVs.

Key Financial Indicators*

Particulars	Unit	2022	2021
Operating income	Rs crore	20699	10929
Profit after tax (PAT)	Rs crore	947	65
PAT margin	%	4.6	0.6
Adjusted debt/adjusted networth	Times	0.51	0.64
Adjusted interest coverage	Times	16.2	5.01

*Includes ACCI

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of Instrument	Date of Allotment	Coupon Rate (%)	Maturity Date	Issue Size (Rs.Cr)	Complexity Level	Rating Assigned with Outlook
NA	Buyers Credit*	NA	NA	NA	34	NA	CRISIL AA/Stable
NA	Term Loan-1	NA	NA	Jun-23	100	NA	CRISIL AA-/Watch Developing
NA	Term Loan-2	NA	NA	Oct-25	192	NA	CRISIL AA/Stable
NA	Term Loan-3	NA	NA	Dec-26	200	NA	CRISIL AA-/Watch Developing
NA	Proposed Term Loan	NA	NA	NA	169.83	NA	CRISIL AA/Stable
NA	Bank Guarantee**	NA	NA	NA	83.2	NA	CRISIL A1+
NA	Cash Credit#	NA	NA	NA	368	NA	CRISIL AA/Stable
NA	Stand By Letter of Credit	NA	NA	NA	27.97	NA	CRISIL AA/Stable
NA	Non-convertible debentures^	NA	NA	NA	150	Simple	CRISIL AA/Stable

#Fully interchangeable with overdraft facility/inland bills discounting/working capital loan

*Fully interchangeable with letter of credit

** Fully interchangeable with WCDL/inland LC

^Not placed yet

Annexure – List of entities consolidated

	Names of entities consolidated	Extent of consolidation	Rationale for consolidation
1	Avvashya CCI Logistics Pvt Ltd (formerly, CCI Integrated Logistics Pvt Ltd)	Full	62% JV in similar line of business
2	Gati Ltd	Full	Subsidiary
3	Allcargo Inland Park Private Limited	Full	Subsidiary
4	AGL Warehousing Pvt. Ltd.	Full	Subsidiary
5	Comptech Solutions Pvt. Ltd.	Full	Subsidiary
6	Speedy Multimodes Limited	Full	Subsidiary
7	Malur Logistics and Industrial Parks Private Limited	Full	Subsidiary
8	Koproli Warehousing Private Limited	Full	Subsidiary
9	Bhiwandi Multimodal Private Limited	Full	Subsidiary
10	Marasandra Logistics and Industrial Parks Private Limited	Full	Subsidiary
11	Allcargo Terminals Limited	Full	Subsidiary
12	Avvashya Inland Park Private Limited	Full	Subsidiary
13	Zen Cargo Movers Private Limited	Full	Subsidiary
14	Gati Projects Private Limited	Full	Subsidiary
15	Ecu Worldwide (Argentina) SA	Full	Subsidiary
16	Integrity Enterprises Pty Ltd	Full	Subsidiary
17	FMA-Line Holding N. V.	Full	Subsidiary
18	Ecu International N.V.	Full	Subsidiary
19	HCL Logistics N.V.	Full	Subsidiary
20	AGL N.V.	Full	Subsidiary
21	Ecu Worldwide Logistics do Brazil Ltda	Full	Subsidiary
22	Ecu Worldwide (Chile) S.A	Full	Subsidiary
23	Ecu Worldwide (Guangzhou) Ltd.	Full	Subsidiary
24	Ecu Worldwide China Ltd	Full	Subsidiary
25	Nordicon Terminals AB	Full	Subsidiary
26	ECU WORLDWIDE (CZ) s.r.o.	Full	Subsidiary
27	Flamingo Line del Ecuador SA	Full	Subsidiary
28	Ecu Worldwide (El Salvador) S.P. Z.o.o S.A. de CV	Full	Subsidiary
29	ELWA Ghana Ltd.	Full	Subsidiary
30	Ecu Worldwide (Hong Kong) Ltd.	Full	Subsidiary
31	CCS Shipping Ltd.	Full	Subsidiary
32	Ecu Worldwide Italy S.r.l.	Full	Subsidiary
33	Ecu Worldwide (Cote d'Ivoire) sarl	Full	Subsidiary
34	Jordan Gulf for Freight Services and Agencies Co. LLC	Full	Subsidiary
35	Ecu Shipping Logistics (K) Ltd.	Full	Subsidiary
36	Ecu Worldwide (Mauritius) Ltd.	Full	Subsidiary
37	Ecu Worldwide Mexico SA de CV	Full	Subsidiary
38	Ecu Worldwide (Netherlands) B.V.	Full	Subsidiary
39	FCL Marine Agencies B.V.	Full	Subsidiary
40	Ecu Worldwide (Panama) S.A	Full	Subsidiary
41	Flamingo Line del Peru SA	Full	Subsidiary
42	Ecu Worldwide (Philippines) Inc.	Full	Subsidiary
43	Ecu-Line Doha W.L.L.	Full	Subsidiary
44	Ecu - Worldwide (Singapore) Pte. Ltd	Full	Subsidiary
45	Ecu-Line Spain S.L.	Full	Subsidiary
46	Ecu Worldwide (BD) Limited	Full	Subsidiary
47	Société Ecu-Line Tunisie Sarl	Full	Subsidiary
48	Ecu-Line Middle East LLC	Full	Subsidiary
49	Eurocentre FZCO	Full	Subsidiary
50	Ecu Worldwide (UK) Ltd	Full	Subsidiary
51	CLD Compania Logistica de Distribucion SA	Full	Subsidiary
52	PRISM GLOBAL, LLC	Full	Subsidiary
53	Econoline Storage Corp.	Full	Subsidiary
54	OTI Cargo, Inc.	Full	Subsidiary
55	Administradora House Line C.A.	Full	Subsidiary
56	Ecu Worldwide Vietnam Joint Stock Company	Full	Subsidiary
57	Ecu-Line Zimbabwe (Pvt) Ltd.	Full	Subsidiary
58	Contech Transport Services (Pvt) Ltd	Full	Subsidiary
59	Eculine Worldwide Logistics Co. Ltd.	Full	Subsidiary
60	FMA-LINE Nigeria Ltd.	Full	Subsidiary
61	FMA Line Agencies Do Brasil Ltda	Full	Subsidiary
62	Centro Brasiliero de Armazenagem E Distribuiçao Ltda (Bracenter)	Full	Subsidiary
63	Oconca Container Line S.A. Ltd.	Full	Subsidiary
64	ECU WORLDWIDE SERVICIOS SA DE CV	Full	Subsidiary
65	ECU Worldwide CEE S.R.L	Full	Subsidiary
66	Ecu Worldwide Baltics	Full	Subsidiary
67	East Total Logistics B.V.	Full	Subsidiary
68	ECU Worldwide Tianjin Ltd	Full	Subsidiary
69	SPECHEM SUPPLY CHAIN MANAGEMENT (ASIA) PTE. LTD	Full	Subsidiary
70	Asiapac Logistics Mexico SA de CV	Full	Subsidiary
71	Gati Hong Kong Limited	Full	Subsidiary
72	ALX Shipping Agencies India Private Limited	Full	Subsidiary
73	Dankuni Industrial Parks Private Limited	Full	Subsidiary
74	Ecu Worldwide (Nordicon) AB	Full	Subsidiary
75	Nordicon AB	Full	Subsidiary
76	NORDICON A/S	Full	Subsidiary
77	Asia Pac Logistics DE Guatemala S.A.	Full	Subsidiary
78	Contech Logistics Solutions Pvt. Ltd	Full	Subsidiary
79	Avvashya Supply Chain Private Limited	Full	Subsidiary
80	Ecu International (Asia) Pvt. Ltd.	Full	Subsidiary
81	Transindia Logistic Park Pvt Ltd.	Full	Subsidiary
82	Allcargo Multimodal Private Limited	Full	Subsidiary
83	Jhajjar Warehousing Private Limited	Full	Subsidiary
84	Allcargo Warehousing Management Private Limited	Full	Subsidiary
85	Venkatapura Logistics and Industrial Parks Private Limited	Full	Subsidiary
86	Avvashya Projects Private Limited	Full	Subsidiary
87	Panvel Industrial Parks Private Limited	Full	Subsidiary
88	Gati- Kintetsu Express Private Limited	Full	Subsidiary
89	Gati Import Export Trading Limited	Full	Subsidiary
90	Gati Logistics Parks Private Limited	Full	Subsidiary
91	Ecu-Line Algerie sarl	Full	Subsidiary
92	Ecu Worldwide Australia Pty Ltd	Full	Subsidiary
93	Ecu Worldwide (Belgium) N.V	Full	Subsidiary
94	Ecuhold N.V.	Full	Subsidiary
95	Ecu Global Services N.V.	Full	Subsidiary
96	European Customs Brokers N.V.	Full	Subsidiary
97	Allcargo Belgium N.V.	Full	Subsidiary
98	Ecu Worldwide (Canada) Inc.	Full	Subsidiary
99	Flamingo Line Chile S.A.	Full	Subsidiary
100	China Consolidation Services Ltd	Full	Subsidiary
101	Ecu Worldwide (Colombia) S.A.S.	Full	Subsidiary
102	Ecu Worldwide (Cyprus) Ltd.	Full	Subsidiary
103	Ecu - Worldwide - (Ecuador) S.A.	Full	Subsidiary
104	Ecu World Wide Egypt Ltd	Full	Subsidiary
105	ECU WORLDWIDE (Germany) GmbH	Full	Subsidiary
106	Ecu Worldwide (Guatemala) S.A.	Full	Subsidiary
107	Ecu International Far East Ltd.	Full	Subsidiary
108	PT Ecu Worldwide Indonesia	Full	Subsidiary
109	Eurocentre Milan srl.	Full	Subsidiary
110	Ecu Worldwide (Japan) Ltd.	Full	Subsidiary
111	Ecu Worldwide (Kenya) Ltd	Full	Subsidiary
112	Ecu Worldwide (Malaysia) SDN. BHD.	Full	Subsidiary
113	CELM Logistics SA de CV	Full	Subsidiary
114	Ecu Worldwide Morocco S.A	Full	Subsidiary
115	Rotterdam Freight Station BV	Full	Subsidiary
116	Ecu Worldwide New Zealand Ltd	Full	Subsidiary
117	Ecu-Line Paraguay SA	Full	Subsidiary
118	Ecu-Line Peru SA	Full	Subsidiary
119	Ecu Worldwide (Poland) Sp zoo	Full	Subsidiary
120	Ecu-Line Saudi Arabia LLC	Full	Subsidiary
121	Ecu Worldwide (South Africa) Pty Ltd	Full	Subsidiary
122	ECU Worldwide Lanka (Private) Ltd.	Full	Subsidiary
123	Ecu Worldwide (Thailand) Co. Ltd.	Full	Subsidiary
124	Ecu Worldwide Turkey Taşımacılık Limited Şirketi	Full	Subsidiary
125	Ecu-Line Abu Dhabi LLC	Full	Subsidiary
126	Star Express Company Ltd.	Full	Subsidiary
127	Ecu Worldwide (Uruguay) S.A.	Full	Subsidiary
128	Guldary S.A.	Full	Subsidiary
129	Ecu worldwide USA (Econocaribe Consolidators, Inc.)	Full	Subsidiary
130	ECI Customs Brokerage, Inc.	Full	Subsidiary
131	Ports International, Inc.	Full	Subsidiary
132	TransIndia Realty & Logistics Parks Limited	Full	Subsidiary
133	Ocean House Ltd.	Full	Subsidiary
134	Asia Line Ltd	Full	Subsidiary
135	Prism Global Ltd.	Full	Subsidiary
136	Allcargo Logistics LLC	Full	Subsidiary
137	Ecu Worldwide (Uganda) Limited	Full	Subsidiary
138	FCL Marine Agencies Belgium bvba	Full	Subsidiary
139	Allcargo Hongkong Limited	Full	Subsidiary
140	Almacen y Maniobras LCL SA de CV	Full	Subsidiary
141	ECU TRUCKING, INC.	Full	Subsidiary
142	Allcargo Logistics Africa (PTY) LTD	Full	Subsidiary
143	AGL Bangladesh Private Limited	Full	Subsidiary
144	Ecu Worldwide (Bahrain) Co. W.L.L.	Full	Subsidiary
145	PAK DA (HK) LOGISTIC Ltd	Full	Subsidiary
146	Allcargo Logistics FZE	Full	Subsidiary
147	Allcargo Logistics China Ltd.	Full	Subsidiary
148	Gati Asia Pacific Pte Ltd.	Full	Subsidiary
149	Gati Cargo Express (Shanghai) Co. Ltd.	Full	Subsidiary
150	Hoskote Warehousing Private Limited	Full	Subsidiary
151	PFC Nordic AB	Full	Subsidiary
152	RailGate Nordic AB	Full	Subsidiary