In this paper, we employ the product-reactant Ornstein-Zernike approach (PROZA) developed by the authors to investigate the structural and thermodynamic properties of freely-jointed hard-sphere ring fluids. Using an Mxm component sticky two-point (S2P) model and specifying an appropriate association rule between various species, the associating monomers will form M rings with each ring composed of m beads in the complete-association limit. Applying the PROZA to such a Hamiltonian and considering the limit of complete association, we are able to derive analytical expressions for the average monomer-monomer radial distribution function (RDF) as well as its intermolecular and intramolecular contributions and a closed form of the compressibility pressure. To test the theory, we also perform Monte Carlo simulations for the freely-jointed hard-sphere ring model over a wide range of densities and ring sizes. Compared to the simulation results, we find that the predictions of the PROZA for the compressibility factor of flexible ring melts are quantitatively accurate and the average monomer-monomer RDF g(r) is in excellent agreement with the simulation data over a wide range of densities that includes the polymer-melt regime. Based upon such a comparison as well as theoretical considerations, we conclude that ring-size independence of g(r) is a quantitatively accurate approximation and also that the g(r) of rings will be a good approximation for melts of long chains. Finally, we find that we must go beyond our PROZA framework in order to accurately obtain the separate intramolecular and intermolecular parts of g(r), for which we give a quantitatively satisfactory recipe.