Not countered. Just scared away. Meanwhile it toasts all the support your tank has. The real problem is the synergy the Croc has combined with other units. You can pretty much kill all the soft stuff even while under AT fire, retreat and at the third engagement you still have the Croc while the Axis player has a tank and burning cadavers.
And whacha gonna do if the Elefant comes for you... ? Seriously, the flamethrower range decrease has a huge impact on the croco performance and causes it to get dangerously close to the enemy.