Rating Rationale
November 01, 2023 | Mumbai
Allcargo Logistics Limited
Long-term rating reaffirmed at 'CRISIL AA/Stable’ on Rs.791.8 crore bank facilities and NCDs; Rs.200 crore term loans continue on ‘CRISIL AA-/Watch Developing’; Short-term rating reaffirmed
 
Rating Action
Total Bank Loan Facilities RatedRs.1075 Crore (Reduced from Rs.1175 Crore)
Long Term RatingCRISIL AA-/Watch Developing (Continues on ‘Rating Watch with Developing Implications’)
Long Term RatingCRISIL AA/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.100 Crore Non Convertible DebenturesCRISIL AA/Stable (Reaffirmed)
Rs.50 Crore Non Convertible DebenturesCRISIL AA/Stable (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

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

 

CRISIL Ratings has also withdrawn its rating on Rs 100 crore of long-term bank facility, following a withdrawal request from Allcargo and receipt of ‘no objection’ from the lender for the movement of the said facility out of Allcargo. The long-term rating on Rs 200 crore of long-term bank loan facilities continues at ‘Rating Watch with Developing Implications’ as this facility too in parts will move out of Allcargo, post demerger, as indicated earlier by the management. CRISIL Ratings continues to engage with the management and lenders for the receipt of required documents as well as to understand the business, financial risk profile, bifurcation of debt, cash and other assets and liabilities moving out to Transindia Realty & Logistics Parks Ltd (TRL), and Allcargo Terminal Ltd (ATL); post which the watch will be resolved.

 

Post de-merger, Allcargo houses the container consolidation business (under international supply chain segment), express logistics (under subsidiary, Gati Limited), and contract logistics (under 61% JV, Avvashya Supply Chain Private Limited [ASCPL]) businesses; whereas the container freight stations (CFS)/inland container depot (ICD) business has been de-merged into a new company - ATL while the asset-heavy businesses viz. equipment rental, logistics parks and other real estate assets have moved into TRL.

 

The ratings continue to reflect the strong business and financial risk profile of Allcargo which will house the flagship and globally leading LCL consolidation business in the international supply chain market, which is well supported by the forward and backward integration benefits from the express logistics business and contract logistics.

 

Allcargo’s operating performance has moderated during the first quarter of fiscal 2024 owing to the moderation in global freight environment with falling freight rates and sluggish volumes. Resultantly, consolidated revenue moderated to Rs 3,346 crore (including contract logistics) with EBITDA of Rs 116 crore at 3.5% margins. CRISIL Ratings expects moderate industry conditions to persist over the medium term before meaningful improvement begins supporting Allcargo’s international supply chain business. Its express logistics business under Gati will continue the healthy traction with improving profitability while the contract logistics business under ASCPL is expected to remain steady over the medium term.

 

Allcargo’s financial risk profile remained strong as of March-2023 with net debt free balance sheet (debt of Rs 709 crore and cash surplus of Rs 1456 crore), strong interest cover of ~18 times and adjusted gearing of 0.25 times. Liquid surplus level has temporarily moderated to Rs 1,049 crore with debt rising to Rs 1,061 crore as of June-2023 following payment of Rs 406.5 crore in May-2023 for acquisition of remaining 30% stake in the express logistics JV, Gati Kintetsu Express Pvt Ltd (Gati KWE) which was funded through cash surplus and term loan of Rs 200 crore. Also, a payment of Rs 163 crore in May-2023 was undertaken for acquiring the remaining stake in ASCPL while receiving Rs 39 crore for sale of 61% stake in Avvashya CCI Logistics Private Limited (ACCI). It has further paid Rs 174 crore in August-2023 for acquiring additional 25% stake in ECU Worldwide (Nordicon) AB. Financial risk profile and liquidity should improve over the near-to medium term with release in working capital with moderate cash accruals and maintenance capex despite the amount spent for stake increases in respective businesses.

Analytical Approach

  • For arriving at the ratings of continuing Allcargo, CRISIL Ratings has combined the business and financial risk profiles of Allcargo and its 133 subsidiaries (which represent the MTO business) as well as Gati Limited (the surface transport business). 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 has also combined the business and financial risk profiles of contract logistics business operated through, its 61% joint-venture, Avvashya Supply Chain Private Limited (ASCPL), as it is in a similar business with operational linkages and under the same management.
  • 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 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 international supply chain and express logistics businesses: The company is India’s largest, and a leading global operator, in the international supply chain container consolidation business, backed by a strong global network. It is the largest player in the Less than Container Load (LCL) consolidation industry holding about 15% market share globally having achieved higher than global trade volume growth through market share gains and improved efficiencies over the years. It connects 2,500 direct trade lanes providing value to small and large freight forwarders. The segment benefitted from healthy volume growth and improved realisation during pandemic years which continued till the first half of fiscal 2023 but moderated subsequently impacting Allcargo’s operating performance.

 

Besides, the company is a leading player in the express logistics segment in India, through its subsidiary, Gati. Gati is one of the largest express logistics companies having extensive coverage in India and offers transportation solutions, e-commerce, trade inventory management, freight forwarding, and cold chain solutions. The company increased its stake in Gati KWE, the express logistics JV by buying-out the remaining 30% stake for Rs 406.5 crore in May-2023. It also operates a healthy contract logistics business through ASCPL, in which it acquired the remaining ~39% stake in May-2023 for Rs 163 crore and exited the freight forwarding business by selling off its 61% stake in Avvashya CCI Logistics Private Limited for Rs 39 crore.

 

  • Integrated logistics player with presence across diversified segments: The Allcargo group has a diversified business risk profile with three major segments ― international supply chain, express logistics, and contract logistics — contributing 89%, 9%, and 2%, respectively, to the total revenue in fiscal 2023. The group earlier had presence in domestic CFS/ICD, warehousing, project and equipment business which has now been de-merged into other two new entities.

Gati’s extensive reach provides vertical integration to the MTO business which, along with the contract logistics businesses, enhances the group’s ability to offer integrated transportation and logistics solutions to its diversified clientele, thus enhancing the business risk profile.

 

  • Healthy financial risk profile:  Continuing Allcargo’s financial risk profile remains healthy as of March 31, 2023 with gross debt of Rs 709 crore and cash surplus of Rs 1,456 crore with healthy cash accruals, and favourable movement of working capital items. Gearing stood at about 0.25 times with adjusted interest cover of ~18 times for fiscal 2023.

 

Liquid surplus has temporarily moderated to Rs 1,049 crore with debt rising to Rs 1,061 crore as of June-2023 following payment of Rs 406.5 crore in May-2023 for acquisition of remaining 30% stake in Gati KWE (part funding it through Rs 200 crore term loan), payment of Rs 124 crore (net of sale of ACCI stake) in May-2023 for acquiring the remaining stake in ASCPL, and paid Rs 174 crore in August-2023 for acquiring additional 25% stake in Nordicon AB. Financial risk profile and liquidity should improve over the near-to medium term with release in working capital with moderate cash accruals and maintenance capex despite the amount spent for stake increases in respective businesses.

 

Weaknesses:

  • Volatility in EXIM trade: The NVOCC business is directly linked to global EXIM trade and hence a significant reduction could weaken the business by constraining profitability per twenty-foot equivalent unit. Sluggishness in EXIM trade, in case of a steep fall in global trade, could impact freight volumes, freight rates and profitability.

 

  • Strong competition in MTO and surface transport business: The MTO business is exposed to strong competition from large carriers as well as aggregators like Allcargo who have strong local presence. Also, the surface transport business in India too faces stiff competition from new entrants who enjoy strong financial backing as well as established players in the industry. While the company’s global presence and strong experience in operating the logistics business provides comfort, it continues to be impacted by the stiff competition in the industry.

Liquidity: Strong

Liquidity is supported by substantial cash generation and asset-light business, cash surplus of Rs 1049 crore as on June 30, 2023 and average bank limit utilisation (average utilisation of the fund-based limit for the group was 15% during the six months through May-2023). Healthy liquidity, strong cash accrual, nominal capex and debt repayments should keep liquidity strong over the medium term.

 

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:

  • ESG disclosures of the company are evolving, and it is in the process of further strengthening the disclosures going forward.
  • 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
  • Movement of debt facilities to the entity having a stronger credit profile

 

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.
  • Movement of debt facilities to the entity having a weaker credit profile

About the Company

The Allcargo group including the businesses now moved to de-merged entities, promoted by Mr Shashi Kiran Shetty, provides logistics services such as container consolidation, express logistics, CFS, ICD, warehousing, coastal shipping, project logistics and equipment leasing.

 

Post the de-merger, Allcargo houses the container consolidation business (under international supply chain segment), express logistics (under subsidiary Gati Limited), and contract logistics (under 61% JV, ASCPL) businesses. The group is a leading global operator in the international supply chain container consolidation business and has grown over the years through various acquisitions. Since the acquisition of the Belgium-based ECU Line in 2006, the Allcargo group emerged as a leading LCL consolidator in the world and further solidified its position in September 2013 through the acquisition of Econocaribe Consolidators to increase its presence in the US and its focus on FCL cargo.

In April 2020, Allcargo completed acquisition of 46.8% stake in Gati entering the express logistics business which complements its international supply chain business. Gati was 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.

 

For the first quarter of fiscal 2024, Continuing Allcargo reported consolidated net profit of Rs 119 crore on revenue of Rs 3,271 crore, against Rs 260 crore and Rs 5,474 crore, respectively, in the corresponding period previous fiscal.

Key Financial Indicators*

Particulars

Unit

2023

2022

Operating income

Rs crore

18392

19062

Profit after tax (PAT)

Rs crore

598

947

PAT margin

%

3.2

4.6

Adjusted debt/adjusted networth

Times

0.25

0.51

Adjusted interest coverage

Times

18.12

16.20

*For continuing Allcargo including ASCPL

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

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

14-Jan-27

100

NA

Withdrawn

NA

Term Loan-2

NA

NA

Oct-25

192

NA

CRISIL AA/Stable

NA

Term Loan-3&&

NA

NA

30-Sep-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

& Rs 61.08 crore has been repaid till March 31, 2023

&& Rs 80.0 crore has been repaid till September 30, 2023

^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 Limited

Full

Subsidiary

3

Gati- Kintetsu Express Private Limited

Full

Subsidiary

4

Gati Logistics Parks Private Limited

Full

Subsidiary

5

Gati Import Export Trading Limited

Full

Subsidiary

6

Gati Project Private Limited

Full

Subsidiary

7

Contech Logistics Solutions Pvt. Ltd

Full

Subsidiary

8

Comptech Solutions Pvt. Ltd.

Full

Subsidiary

9

TransIndia Realty & Logistics Parks Limited

Full

Subsidiary

10

Ecu Worldwide (Argentina) SA

Full

Subsidiary

11

Integrity Enterprises Pty Ltd

Full

Subsidiary

12

FMA-Line Holding N. V.

Full

Subsidiary

13

Ecu International N.V.

Full

Subsidiary

14

HCL Logistics N.V.

Full

Subsidiary

15

AGL N.V.

Full

Subsidiary

16

Ecu Worldwide Logistics do Brazil Ltda

Full

Subsidiary

17

Ecu Worldwide (Chile) S.A

Full

Subsidiary

18

Ecu Worldwide (Guangzhou) Ltd.

Full

Subsidiary

19

China Consolidation Services Shipping Ltd  (Previously known as ‘Ecu Worldwide China Ltd’)

Full

Subsidiary

20

Nordicon Terminals AB

Full

Subsidiary

21

ECU WORLDWIDE (CZ) s.r.o.

Full

Subsidiary

22

Flamingo Line del Ecuador SA

Full

Subsidiary

23

Ecu Worldwide (El Salvador) S.P. Z.o.o S.A. de CV

Full

Subsidiary

24

ELWA Ghana Ltd.

Full

Subsidiary

25

Ecu Worldwide (Hong Kong) Ltd.

Full

Subsidiary

26

CCS Shipping Ltd.

Full

Subsidiary

27

Ecu Worldwide Italy S.r.l.

Full

Subsidiary

28

Ecu Worldwide (Cote d'Ivoire) sarl

Full

Subsidiary

29

Jordan Gulf for Freight Services and Agencies Co. LLC

Full

Subsidiary

30

Ecu Shipping Logistics (K) Ltd.

Full

Subsidiary

31

Ecu Worldwide (Mauritius) Ltd.

Full

Subsidiary

32

Ecu Worldwide Mexico SA de CV

Full

Subsidiary

33

Ecu Worldwide (Netherlands) B.V.

Full

Subsidiary

34

FCL Marine Agencies B.V.

Full

Subsidiary

35

Ecu Worldwide (Panama) S.A

Full

Subsidiary

36

Flamingo Line del Peru SA

Full

Subsidiary

37

Ecu International (Asia) Pvt. Ltd.

Full

Subsidiary

38

Zen Cargo Movers Private Limited

Full

Subsidiary

39

Antwerp Freight Station n.v. (Previously known as Ecu Global Services N.V.)

Full

Subsidiary

40

Ecu Worldwide (Cyprus) Ltd.

Full

Subsidiary

41

Ecu - Worldwide - (Ecuador) S.A.

Full

Subsidiary

42

Ecu World Wide Egypt Ltd

Full

Subsidiary

43

ECU WORLDWIDE (Germany) GmbH

Full

Subsidiary

44

Ecu Worldwide (Guatemala) S.A.

Full

Subsidiary

45

Ecu International Far East Ltd.

Full

Subsidiary

46

PT Ecu Worldwide Indonesia

Full

Subsidiary

47

Eurocentre Milan srl.

Full

Subsidiary

48

Ecu Worldwide (Japan) Ltd.

Full

Subsidiary

49

Ecu Worldwide (Kenya) Ltd

Full

Subsidiary

50

Ecu Worldwide (Malaysia) SDN. BHD.

Full

Subsidiary

51

CELM Logistics SA de CV

Full

Subsidiary

52

Ecu Worldwide Morocco S.A

Full

Subsidiary

53

Rotterdam Freight Station BV

Full

Subsidiary

54

Ecu Worldwide New Zealand Ltd

Full

Subsidiary

55

Ecu-Line Paraguay SA

Full

Subsidiary

56

Ecu-Line Peru SA

Full

Subsidiary

57

Ecu Worldwide (Poland) Sp zoo

Full

Subsidiary

58

Ecu-Line Saudi Arabia LLC

Full

Subsidiary

59

Ecu Worldwide (South Africa) Pty Ltd

Full

Subsidiary

60

ECU Worldwide Lanka (Private) Ltd.

Full

Subsidiary

61

Ecu Worldwide (Thailand) Co. Ltd.

Full

Subsidiary

62

Ecu Worldwide Turkey Taşımacılık Limited Şirketi

Full

Subsidiary

63

Ecu-Line Abu Dhabi LLC

Full

Subsidiary

64

Star Express Company Ltd.

Full

Subsidiary

65

Ecu Worldwide (Uruguay) S.A.

Full

Subsidiary

66

Guldary S.A.

Full

Subsidiary

67

Econocaribe Consolidators, Inc (Previously known as ‘DBA Ecu Worldwide (USA) Inc.’)

Full

Subsidiary

68

ECI Customs Brokerage, Inc.

Full

Subsidiary

69

Asia Line Ltd

Full

Subsidiary

70

Prism Global Ltd.

Full

Subsidiary

71

Nordicon AB

Full

Subsidiary

72

Ecu Worldwide (Philippines) Inc.

Full

Subsidiary

73

Ecu-Line Doha W.L.L.

Full

Subsidiary

74

Ecu - Worldwide (Singapore) Pte. Ltd

Full

Subsidiary

75

Ecu-Line Spain S.L.

Full

Subsidiary

76

Ecu Worldwide (BD) Limited

Full

Subsidiary

77

Société Ecu-Line Tunisie Sarl

Full

Subsidiary

78

Ecu-Line Middle East LLC

Full

Subsidiary

79

Eurocentre FZCO

Full

Subsidiary

80

Ecu Worldwide (UK) Ltd

Full

Subsidiary

81

CLD Compania Logistica de Distribucion SA

Full

Subsidiary

82

PRISM GLOBAL, LLC

Full

Subsidiary

83

Econoline Storage Corp.

Full

Subsidiary

84

OTI Cargo, Inc.

Full

Subsidiary

85

Administradora House Line C.A.

Full

Subsidiary

86

Ecu Worldwide Vietnam Joint Stock     Company

Full

Subsidiary

87

Ecu-Line Zimbabwe (Pvt) Ltd.

Full

Subsidiary

88

Contech Transport Services (Pvt) Ltd

Full

Subsidiary

89

Eculine Worldwide Logistics Co. Ltd.

Full

Subsidiary

90

FMA-LINE Nigeria Ltd.

Full

Subsidiary

91

FMA Line Agencies Do Brasil Ltda

Full

Subsidiary

92

Oconca Container Line S.A. Ltd.

Full

Subsidiary

93

ECU WORLDWIDE SERVICIOS SA DE CV

Full

Subsidiary

94

ECU Worldwide CEE S.R.L

Full

Subsidiary

95

Ecu Worldwide Baltics

Full

Subsidiary

96

East Total Logistics B.V.

Full

Subsidiary

97

ECU Worldwide Tianjin Ltd

Full

Subsidiary

98

SPECHEM SUPPLY CHAIN MANAGEMENT (ASIA) PTE. LTD

Full

Subsidiary

99

Asiapac Logistics Mexico SA de CV

Full

Subsidiary

100

Gati Hong Kong Limited

Full

Subsidiary

101

ALX Shipping Agencies India Private Limited

Full

Subsidiary

102

ECUNORDICON AB

Full

Subsidiary

103

NORDICON A/S

Full

Subsidiary

104

Allcargo Logistics LLC

Full

Subsidiary

105

Ecu Worldwide (Uganda) Limited

Full

Subsidiary

106

FCL Marine Agencies Belgium bvba

Full

Subsidiary

107

Allcargo Hongkong Limited

Full

Subsidiary

108

Almacen y Maniobras LCL SA de CV

Full

Subsidiary

109

ECU TRUCKING, INC.

Full

Subsidiary

110

Allcargo Logistics Africa (PTY) LTD

Full

Subsidiary

111

AGL Bangladesh Private Limited

Full

Subsidiary

112

Ecu Worldwide (Bahrain) Co. W.L.L.

Full

Subsidiary

113

PAK DA (HK) LOGISTIC Ltd

Full

Subsidiary

114

Allcargo Logistics FZE

Full

Subsidiary

115

Allcargo Logistics China Ltd.

Full

Subsidiary

116

Gati Asia Pacific Pte Ltd.

Full

Subsidiary

117

Gati Cargo Express (Shanghai) Co. Ltd.

Full

Subsidiary

118

RailGate Nordic AB

Full

Subsidiary

119

Fair Trade Gmbh Schiffhart, handel und Logistik

Full

Subsidiary

120

Asiapac Equity Investment Limited

Full

Subsidiary

121

Asiapac Logistics El Salvador

Full

Subsidiary

122

Allcargo Tanzania

Full

Subsidiary

123

Ecu-Line Algerie sarl

Full

Subsidiary

124

Ecu Worldwide Australia Pty Ltd

Full

Subsidiary

125

Ecu Worldwide (Belgium) N.V

Full

Subsidiary

126

Ecuhold N.V.

Full

Subsidiary

127

Allcargo Belgium N.V.

Full

Subsidiary

128

Ecu Worldwide (Canada) Inc.

Full

Subsidiary

129

Flamingo Line Chile S.A.

Full

Subsidiary

130

China Consolidation Services Ltd

Full

Subsidiary

131

Ecu Worldwide (Colombia) S.A.S.

Full

Subsidiary

132

Asia Pac Logistics DE Guatemala S.A.

Full

Subsidiary

133

Asia Express Line GmbH

Full

Subsidiary

134

ASIAPAC TURKEY TASIMACILIK ANONIM SIRKETI

Full

Subsidiary

 

Annexure - Rating History for last 3 Years

  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 1063.83 CRISIL AA/Stable,CRISIL AA-/Watch Developing 04-08-2023 CRISIL AA/Stable,CRISIL AA-/Watch Developing 22-12-2022 CRISIL AA/Stable,CRISIL AA-/Watch Developing 31-12-2021 CRISIL AA-/Watch Developing 28-12-2020 CRISIL AA-/Stable CRISIL AA-/Watch Developing
      -- 08-05-2023 CRISIL AA/Stable,CRISIL AA-/Watch Developing 23-09-2022 CRISIL AA/Stable,CRISIL AA-/Watch Developing   -- 03-09-2020 CRISIL AA-/Stable --
      -- 10-02-2023 CRISIL AA/Stable,CRISIL AA-/Watch Developing 24-03-2022 CRISIL AA-/Watch Developing   -- 21-07-2020 CRISIL AA-/Stable --
      --   --   --   -- 16-04-2020 CRISIL AA-/Watch Developing --
Non-Fund Based Facilities ST/LT 111.17 CRISIL A1+ / CRISIL AA/Stable 04-08-2023 CRISIL A1+ / CRISIL AA/Stable 22-12-2022 CRISIL A1+ / CRISIL AA/Stable 31-12-2021 CRISIL A1+ / CRISIL AA-/Watch Developing 28-12-2020 CRISIL A1+ / CRISIL AA-/Stable CRISIL A1+ / CRISIL AA-/Watch Developing
      -- 08-05-2023 CRISIL A1+ / CRISIL AA/Stable 23-09-2022 CRISIL A1+ / CRISIL AA/Stable   -- 03-09-2020 CRISIL A1+ / CRISIL AA-/Stable --
      -- 10-02-2023 CRISIL A1+ / CRISIL AA/Stable 24-03-2022 CRISIL A1+ / CRISIL AA-/Watch Developing   -- 21-07-2020 CRISIL A1+ / CRISIL AA-/Stable --
      --   --   --   -- 16-04-2020 CRISIL A1+ / CRISIL AA-/Watch Developing --
Non Convertible Debentures LT 150 CRISIL AA/Stable 04-08-2023 CRISIL AA/Stable 22-12-2022 CRISIL AA/Stable 31-12-2021 CRISIL AA-/Watch Developing 28-12-2020 CRISIL AA-/Stable CRISIL AA-/Watch Developing
      -- 08-05-2023 CRISIL AA/Stable 23-09-2022 CRISIL AA/Stable   -- 03-09-2020 CRISIL AA-/Stable --
      -- 10-02-2023 CRISIL AA/Stable 24-03-2022 CRISIL AA-/Watch Developing   -- 21-07-2020 CRISIL AA-/Stable --
      --   --   --   -- 16-04-2020 CRISIL AA-/Watch Developing --

All amounts are in Rs.Cr.

Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee** 3 Axis Bank Limited CRISIL A1+
Bank Guarantee** 15 YES Bank Limited CRISIL A1+
Bank Guarantee** 5.2 HDFC Bank Limited CRISIL A1+
Bank Guarantee** 60 RBL Bank Limited CRISIL A1+
Buyer Credit Limit* 34 The Hongkong and Shanghai Banking Corporation Limited CRISIL AA/Stable
Cash Credit# 10 YES Bank Limited CRISIL AA/Stable
Cash Credit# 77 HDFC Bank Limited CRISIL AA/Stable
Cash Credit# 37 Axis Bank Limited CRISIL AA/Stable
Cash Credit# 25 The Hongkong and Shanghai Banking Corporation Limited CRISIL AA/Stable
Cash Credit# 79 Kotak Mahindra Bank Limited CRISIL AA/Stable
Cash Credit# 115 Standard Chartered Bank Limited CRISIL AA/Stable
Cash Credit# 25 DBS Bank Limited CRISIL AA/Stable
Proposed Term Loan 169.83 Not Applicable CRISIL AA/Stable
Standby Letter of Credit 27.97 RBL Bank Limited CRISIL AA/Stable
Term Loan& 100 The Hongkong and Shanghai Banking Corporation Limited Withdrawn
Term Loan 192 DBS Bank Limited CRISIL AA/Stable
Term Loan&& 200 Axis Bank Limited CRISIL AA-/Watch Developing
#Fully interchangeable with overdraft facility/inland bills discounting/working capital loan
*Fully interchangeable with letter of credit
** Fully interchangeable with WCDL/inland LC
& Rs 61.08 crore has been repaid till March 31, 2023
&& Rs 80.0 crore has been repaid till September 30, 2023
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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