Crisil assigns A/stable rating to long-term bank facilities of Snowman Logistics ANI | Updated: Apr 20, 2021 17:57 IST
Mumbai (Maharashtra) [India], Apr 20 (ANI): Crisil has assigned A/stable rating to long-term bank facilities of Snowman Logistics, reflecting its established market position in the temperature-controlled logistics segment and benefits from continued parentage due to operational and strategic linkages with its parent Gateway Distriparks Ltd (GDL).
But these strengths are partially offset by exposure to funding risks related to capex, susceptibility to competition and volatility in end-user segments.
Post settlement of agreement between Snowman and Adani Logistics Ltd in July last year, GDL is the single largest owner with 40.25 per cent stake in the company and substantial control on the board.
Crisil assigns A/stable rating to Snowman Logistics
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Gateway Distriparks Ltd board to approve FY21 results, 1st interim dividend on April 27, 2021
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First ONE double stack export container train flagged off to Pipavav Port by GatewayRail
The first double stack train was flagged off from ICD Gurugram (Garhi Harsaru) to APM Terminals Pipavav by GatewayRail Freight Ltd. (a subsidiary of Gateway Distriparks Ltd.) and Ocean Network Express (ONE), which will provide assured connection to exporters. The double stack train transported 180 TEUs in a single journey.
The commodities carried were auto spare parts, laminated sheets, machinery parts, tiles, cotton yarn, motorcycles and air conditioners etc. The containers were for export to the destinations such as Colombo, Jakarta, Bangkok, Los Angeles, Tokyo and Singapore among others. Currently, GatewayRail operates three weekly ‘Sakura’ import services through Pipavav Port for ONE; while this is the first export container train exclusively moved for ONE. The frequency of export containers through Pipavav is likely to increase further with this initiative.