Raymond Limited Announces Credit Rating Assignment for Subsidiary Companies

Raymond Limited has notified stock exchanges regarding the assignment of credit ratings by CARE Ratings Limited for two of its subsidiary companies. The intimation, filed under Regulation 30 of SEBI Listing Regulations on December 31, 2025, covers credit rating letters issued for various banking facilities availed by JK Maini Precision Technology Limited and JK Maini Global Aerospace Limited.

JK Maini Precision Technology Limited Credit Ratings

CARE Ratings Limited has assigned credit ratings for JK Maini Precision Technology Limited's bank facilities totaling ₹950.00 crores. The rating committee assigned the following ratings:

Facility Type:	Amount (₹ crore)	Rating	Rating Action
Long Term Bank Facilities:	500.00	CARE A+; Stable	Assigned
Long Term / Short Term Bank Facilities:	300.00	CARE A+; Stable / CARE A1+	Assigned
Short Term Bank Facilities:	150.00	CARE A1+	Assigned

The long-term facilities include term loans from multiple banks with repayment schedules extending until 2031. Bank of Maharashtra leads with ₹300.00 crores, followed by Axis Bank Limited with ₹120.00 crores, IDFC First Bank Limited with ₹65.00 crores, and HDFC Bank Limited with ₹11.80 crores.

JK Maini Global Aerospace Limited Credit Ratings

JK Maini Global Aerospace Limited received credit ratings for bank facilities worth ₹500.00 crores. The assigned ratings are:

Facility Type:	Amount (₹ crore)	Rating	Rating Action
Long Term Bank Facilities:	265.00	CARE A; Stable	Assigned
Long Term / Short Term Bank Facilities:	170.00	CARE A; Stable / CARE A1	Assigned
Short Term Bank Facilities:	65.00	CARE A1	Assigned

The aerospace subsidiary's banking arrangements include facilities from Axis Bank Limited, IDFC First Bank Limited, HDFC Bank Limited, and Kotak Mahindra Bank Limited, with repayment terms extending to July 2031 for certain facilities.

Rating Validity and Terms

The credit ratings assigned to both subsidiaries are valid for one year from December 30, 2025. CARE Ratings Limited has reserved rights for periodic surveillance and review of the ratings, with at least one annual review mandatory. The rating agency has also disclosed that Mr. Rajiv Bansal serves as a Non-Executive Non-Independent Director on both subsidiary companies' boards while being a Non-Executive Independent Director on CARE's Board of Directors.

Banking Partners and Facility Structure

Both subsidiaries have diversified their banking relationships across major financial institutions. The facilities encompass term loans, working capital arrangements, and non-fund based limits. The ratings reflect the creditworthiness assessment of the companies' ability to service their debt obligations across various facility types and tenures.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.30%	-4.26%	-8.51%	-42.40%	-28.44%	+17.02%

Raymond Limited has notified stock exchanges about the withdrawal of credit ratings assigned to its subsidiaries following their amalgamation under a composite scheme of arrangement. The company filed the intimation under Regulation 30 of SEBI Listing Regulations on December 30, 2025.

Amalgamation Details

The credit rating withdrawals stem from two key corporate restructuring activities approved by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT sanctioned the composite scheme of restructuring on July 04, 2025, under case number C.P.(CAA)/03/MB-III/2025 in C.A.(CAA)/152/MB-III/2024.

The restructuring involved:

Amalgamation of the engineering business of JK Files and Engineering Limited
Amalgamation of Ring Plus Aqua Limited with JK Maini Precision Technology Limited

Credit Rating Withdrawals

CARE Ratings Limited issued withdrawal letters dated December 30, 2025, for various credit facilities previously assigned to the subsidiaries. The rating agency withdrew all outstanding ratings with immediate effect due to the corporate restructuring.

JK Files and Engineering Limited

Rating Type:	Withdrawn Rating	Reason
Bank Facilities:	CARE AA- (Rating Watch with Developing Implications)	Transfer to JK Maini Precision Technology Limited
Bank Facilities:	CARE A1+ (Rating Watch with Developing Implications)	No outstanding amounts confirmed by bankers
Non-Convertible Debentures:	Previously rated instrument	Company repaid instrument with ISIN INE027907018

Ring Plus Aqua Limited

Rating Type:	Withdrawn Rating	Reason
Bank Facilities:	CARE A+ (Rating Watch with Developing Implications)	Amalgamation with JK Maini Precision Technology Limited
Bank Facilities:	CARE A1+ (Rating Watch with Developing Implications)	Corporate restructuring completion
Non-Convertible Debentures:	Previously rated instrument	Company repaid instrument with ISIN INE093H07019

Regulatory Compliance

CARE Ratings Limited confirmed that bankers have verified no outstanding amounts remain against the rated facilities in the name of JK Files and Engineering Limited. The rating agency will announce the withdrawals through press releases as per standard procedure.

The rating agency has instructed both companies to ensure the withdrawn ratings are not used for any purpose whatsoever going forward. CARE Ratings remains available to provide services for any future rating requirements.

Corporate Structure Impact

The amalgamation represents a consolidation of Raymond Limited's subsidiary operations, with bank facilities and credit arrangements being transferred to JK Maini Precision Technology Limited as the surviving entity. The completion of debt repayments for non-convertible debentures indicates a clean transfer of operations under the approved scheme.