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Raymond Limited has announced that consequent to the amalgamation of the engineering business of JK Files and Engineering Limited and the amalgamation of Ring Plus Aqua Limited with JK Maini Precision Technology Limited, under a composite scheme of arrangement, the credit ratings assigned to various credit facilities of these subsidiaries have been withdrawn by CARE Ratings Limited.

The scheme of restructuring was approved and sanctioned by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, on July 4, 2025. Following this, the bank facilities of JK Files and Engineering Limited have been transferred or are in the process of being transferred to JK Maini Precision Technology Limited. CARE Ratings has withdrawn its outstanding ratings for the bank facilities of JK Files and Engineering Limited, specifically 'CARE AA - (Rating Watch with Developing Implications)' and 'CARE A1+ (Rating Watch with Developing Implications)'. Additionally, the ratings assigned to the Non-Convertible Debentures of JK Files and Engineering Limited have also been withdrawn as the company has repaid the rated instrument.

Similarly, CARE Ratings has withdrawn the ratings of 'CARE A+ (Rating Watch with Developing implications)' and 'CARE A1+ (Rating Watch with Developing Implication s)' assigned to the bank facilities of Ring Plus Aqua Limited, subsequent to its amalgamation with JK Maini Precision Technology Limited. The withdrawal of ratings for Ring Plus Aqua Limited's Non-Convertible Debentures has also been effected as the instrument has been repaid.

These withdrawals are effective immediately as of December 30, 2025. CARE Ratings will announce the withdrawal of these ratings through a Press Release.