Following the amalgamation of Maini Precision Products Limited (MPPL) with JK Maini Precision Technology Limited, Raymond has announced the withdrawal of credit ratings assigned to MPPL’s bank facilities by ICRA Limited. This action aligns with ICRA’s policy regarding credit rating withdrawals following company mergers. The ratings, previously under review, are now officially withdrawn as of January 12, 2026.
Credit Rating Update
Raymond has confirmed the withdrawal of credit ratings for Maini Precision Products Limited (MPPL) after its merger with JK Maini Precision Technology Limited. The ratings were previously assigned to MPPL’s various credit facilities.
Details of Withdrawal
ICRA Limited has formally withdrawn the ratings, effective January 12, 2026. This decision follows ICRA’s established policy on rating withdrawals related to company amalgamations. Prior to the withdrawal, the ratings were under watch with developing implications.
Previous Ratings Details
The withdrawn ratings included the following:
- Long term – Fund based – Term Loan: [ICRA]A; Rating Watch with Developing Implications. Amount: ₹44.50 crore.
- Long term / Short term – Fund based/non-fund-based – Working capital – Others: [ICRA]A; Rating Watch with Developing Implications/ [ICRA]A2+; Rating Watch with Developing Implications. Amount: ₹241.00 crore.
- Long term / Short term – Unallocated Limits: [ICRA]A; Rating Watch with Developing Implications/ [ICRA] A2+; Rating Watch with Developing Implications. Amount: ₹29.50 crore.
The total amount of facilities with withdrawn ratings is ₹315.00 crore.
Source: BSE
