Following the amalgamation of JK Files and Engineering Limited and Ring Plus Aqua Limited with other entities under a composite scheme, CARE Ratings Limited has withdrawn the credit ratings assigned to the subsidiaries’ credit facilities, effective December 30, 2025. The withdrawal follows the transfer of bank facilities to JK Maini Precision Technology Limited and confirmation of no outstanding amounts against the rated facilities.
Credit Rating Withdrawal
Raymond has announced the withdrawal of credit ratings for its subsidiaries, JK Files and Engineering Limited and Ring Plus Aqua Limited, by CARE Ratings Limited. This action is a direct result of the recent business restructuring involving the amalgamation of these entities with JK Maini Precision Technology Limited. The effective date for the withdrawal of these ratings is December 30, 2025.
Restructuring Details
The engineering business of JK Files and Engineering Limited was amalgamated with JK Maini Precision Technology Limited. Ring Plus Aqua Limited was also amalgamated with JK Maini Precision Technology Limited. These changes occurred under a composite scheme of arrangement sanctioned by the National Company Law Tribunal (NCLT).
Reason for Withdrawal
The credit ratings were withdrawn as the bank facilities of JK Files and Engineering have been transferred and/or are in the process of being transferred to JK Maini Precision Technology Limited. CARE Ratings confirmed that there is no outstanding amount against the rated facilities in the name of JK Files and Engineering Limited. For the Non-Convertible Debentures of JK Files and Engineering Limited, rated instruments with ISIN – INE027907018 has been fully repaid.
Impact of the Withdrawal
The specific credit ratings withdrawn include ‘CARE AA- (Rating Watch with Developing Implications)’ and ‘CARE A1+ (Rating Watch with Developing Implications)’ for the bank facilities of JK Files and Engineering Limited. CARE also withdrew the rating of Non-Convertible Debentures of JK Files and Engineering Limited with ISIN – INE027907018 as company has repaid the rated instrument. Additionally, ‘CARE A+ (Rating Watch with Developing implications) and CARE A1+ (Rating Watch with Developing Implications)’ were withdrawn for the bank facilities of Ring Plus Aqua Limited with effective December 30, 2025 following the repayment of rated instrument ISIN INE093H07019.
Source: BSE
