CARE puts rating for Rana Kapoor family owned firm in default grade



CARE Rating has downgraded rating for debentures of Morgan Credit Private Ltd (MPCL), a Rana Kapoor family owned firm, from “BB” to “D” grade as it failed to make payments to investors of non-convertible debentures.

The revision in the rating of the instrument is on account of company’s inability to repay post exercise of the put option by the investor on account of stretched liquidity, CARE said in a statement.

Rating revision journey began in the second quarter of last financial year (Fy20). In September 2019, it was downgraded from “A-“ to “BBB-“ and later from “BBB-“ to “BB” in March 2020.
MCPL is a holding company having investments in various non-financial businesses. The directors of the Company are Radha K Khanna, Raakhe K Tandon and Roshini Kapoor. They collectively hold 100 per cent equity stake (split equally between the three) in MCPL, CARE said.


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