Ruby Mills has received rating upgrade from rating agency -- CRISIL -- for its bank facilities. The rating agency has upgraded the company’s long-term rating to B/Stable from D and also upgraded the short-term rating to A4 from D.
The company has secured the said rating on the back of improved saleability of its ongoing real estate project. The upgrade also factors in the fact that Ruby Mills has refinanced major portion of the loan it had contracted for its real estate project by a loan of a longer tenure loan.
Ruby Mills is one of the oldest running textile mills in Mumbai. It is a composite mill engaged in manufacturing cotton and blended yarn/fabric and interlining fabric at its plants in Dadar (Mumbai), Khursundi and Dhamni (Raigad district, Maharashtra). The company is also developing its mill land in Dadar and leasing out its developed properties in this area.