Rating Rationale
August 04, 2023 | Mumbai
Allcargo Logistics Limited
Long-term rating reaffirmed at 'CRISIL AA/Stable’ on Rs.791.8 crore bank facilities and NCDs; Rs.300 crore term loans continue on ‘CRISIL AA-/Watch Developing’; Short-term rating reaffirmed
 
Rating Action
Total Bank Loan Facilities RatedRs.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 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 rating 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 in parts will move out of Allcargo, 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 Transindia Realty & Logistics Parks Ltd (TRL), Allcargo and Allcargo Terminal Ltd (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) used for debt reduction.

 

Allcargo continued to report healthy operating performance with operating income of the continuing entity (which the company began to report from December-2022 quarter onwards and which excludes the de-merged businesses) in fiscal 2023 moderating by 5% on-year to Rs 18,051 crore and EBITDA of Rs 1,017 crore at 5.6% margin owing to moderation in the global freight rates in the MTO business which off-set the growth in Gati. The company has not included results of contract logistics business under ACCI which became 100% subsidiary after March 31, 2023. Continuing Allcargo’s financial risk profile was strong with debt of Rs 705 crore and cash and equivalents of Rs 1479 crore on March 31, 2023. Further, the company has completed the acquisition of 30% stake in the express logistics JV, Gati Kintetsu Express Pvt Ltd (Gati KWE) for Rs 406.5 crore in May-2023 for which the share purchase agreement was signed in March-2023. On August 01, 2023, it also announced purchase of additional 25% stake in ECU Worldwide (Nordicon) AB for SEK 218.5 million or Rs 174 crore. Even after the payments, liquidity and financial risk profile will remain strong.

 

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 ACCI).

 

Healthy revenue growth, operating profitability and favourable movement of working capital items led to improved credit metrics, financial risk profile and liquidity in fiscal 2023, which is expected to sustain over the medium term.

 

On the other hand, the credit risk profile of TRL would be marked by healthy rental revenue streams and cash flows. TRL’s and ATL’s debt profile are evolving as the company may resort to debt reduction using existing liquid surplus, funds received from Blackstone 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 and ATL, post demerger. 

 

Earlier, the group (including ACCI) achieved operating income of Rs 20,699 crore in fiscal 2022, along with EBITDA more than doubling than fiscal 2021 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 also benefitted from the acquisition of 65% stake in Nordicon group in July-2021. 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 became accretive from second half of fiscal 2022.

 

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 124 crore as of March 31, 2023 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 moving the bank debt into the three separate entities.

 

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 express logistics 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 of continuing Allcargo, CRISIL Ratings has combined the business and financial risk profiles of Allcargo and its 132 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 ratings has also combined the business and financial risk profiles of its 61% joint-venture (as of March 31, 2023), 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 express logistics 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 express logistics 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. Company has begun to report information for continuing allcargo from third quarter of fiscal 2023.

 

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.

 

  • Healthy financial risk profile:  Continuing Allcargo’s financial risk profile remains healthy as of March 31, 2023 with gross debt of Rs 705 crore and cash surplus of Rs 1,479 crore post usage of Blackstone deal proceeds, healthy cash accruals, and favourable movement of working capital items. Gearing stood at about 0.3 times with adjusted interest cover of ~15 times for fiscal 2023. 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. Steady operating performance over the medium term is likely to keep credit metrics healthy.

 

Weaknesses

  • Volatility in EXIM trade: 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. 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 1479 crore as on March 31, 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, 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 fiscal 2023, Continuing Allcargo reported consolidated net profit of Rs 653 crore on revenue of Rs 18,051 crore, against Rs 965 crore and Rs 19,062 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 2023 2022
Operating income Rs crore 18051 19062
Profit after tax (PAT) Rs crore 653 965
PAT margin % 3.6 5.1
Adjusted debt/adjusted networth Times 0.3 1.6
Adjusted interest coverage Times 14.4 13.6

*For continuing Allcargo, excluding ACCI

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 crore)		 Complexity 
levels		 Rating assigned
with outlook
NA Bank Guarantee** NA NA NA 83.2 NA CRISIL A1+
NA Buyers Credit* NA NA NA 34 NA CRISIL AA/Stable
NA Cash Credit# NA NA NA 368 NA CRISIL AA/Stable
NA Non-convertible debentures^ NA NA NA 150 Simple CRISIL AA/Stable
NA Proposed Term Loan NA NA NA 169.83 NA CRISIL AA/Stable
NA Stand By Letter of Credit NA NA NA 27.97 NA CRISIL AA/Stable
NA Term Loan-1& NA NA 14-Jan-27 100 NA CRISIL AA-/Watch Developing
NA Term Loan-2 NA NA Oct-25 192 NA CRISIL AA/Stable
NA Term Loan-3&& NA NA 30-Sep-26 200 NA CRISIL AA-/Watch Developing

*Fully interchangeable with Letter of Credit
** Fully interchangeable with WCDL/inland LC
#fully interchangeable with Overdraft Facility/Inland Bills discounting/Working Capital Loan
^not placed yet
& Rs 61.08 crore has been repaid till March 31, 2023 
&& Rs 40.0 crore has been repaid till March 31, 2023
 

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 08-05-23 CRISIL AA/Stable,CRISIL AA-/Watch Developing 22-12-22 CRISIL AA/Stable,CRISIL AA-/Watch Developing 31-12-21 CRISIL AA-/Watch Developing 28-12-20 CRISIL AA-/Stable CRISIL AA-/Watch Developing
      -- 10-02-23 CRISIL AA/Stable,CRISIL AA-/Watch Developing 23-09-22 CRISIL AA/Stable,CRISIL AA-/Watch Developing   -- 03-09-20 CRISIL AA-/Stable --
      --   -- 24-03-22 CRISIL AA-/Watch Developing   -- 21-07-20 CRISIL AA-/Stable --
      --   --   --   -- 16-04-20 CRISIL AA-/Watch Developing --
Non-Fund Based Facilities ST/LT 111.17 CRISIL A1+ / CRISIL AA/Stable 08-05-23 CRISIL A1+ / CRISIL AA/Stable 22-12-22 CRISIL A1+ / CRISIL AA/Stable 31-12-21 CRISIL A1+ / CRISIL AA-/Watch Developing 28-12-20 CRISIL A1+ / CRISIL AA-/Stable CRISIL A1+ / CRISIL AA-/Watch Developing
      -- 10-02-23 CRISIL A1+ / CRISIL AA/Stable 23-09-22 CRISIL A1+ / CRISIL AA/Stable   -- 03-09-20 CRISIL A1+ / CRISIL AA-/Stable --
      --   -- 24-03-22 CRISIL A1+ / CRISIL AA-/Watch Developing   -- 21-07-20 CRISIL A1+ / CRISIL AA-/Stable --
      --   --   --   -- 16-04-20 CRISIL A1+ / CRISIL AA-/Watch Developing --
Non Convertible Debentures LT 150.0 CRISIL AA/Stable 08-05-23 CRISIL AA/Stable 22-12-22 CRISIL AA/Stable 31-12-21 CRISIL AA-/Watch Developing 28-12-20 CRISIL AA-/Stable CRISIL AA-/Watch Developing
      -- 10-02-23 CRISIL AA/Stable 23-09-22 CRISIL AA/Stable   -- 03-09-20 CRISIL AA-/Stable --
      --   -- 24-03-22 CRISIL AA-/Watch Developing   -- 21-07-20 CRISIL AA-/Stable --
      --   --   --   -- 16-04-20 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@ 25 DBS Bank 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
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 CRISIL AA-/Watch Developing
Term Loan 192 DBS Bank Limited CRISIL AA/Stable
Term Loan$$ 200 Axis Bank Limited CRISIL AA-/Watch Developing
& - Fully interchangeable with WCDL/inland LC
# - Fully interchangeable with Letter of Credit
@ - fully interchangeable with Overdraft Facility/Inland Bills discounting/Working Capital Loan
%% - Rs 61.08 crore has been repaid till March 31, 2023
$$ - Rs 40.0 crore has been repaid till March 31, 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
Understanding CRISILs Ratings and Rating Scales
CRISILs Criteria for rating short term debt

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