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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