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RAPAPORT... Ratings agency ICRA upgraded the short term outlook for working capital of Supergems Jewellery Manufacturing Pvt. Ltd. from from [ICRA]A4 to [ICRA]A4+. The higher rating took into account significant revenue growth posted by Supergems along with improved margins, an increased volume of sales and an improvement in debt coverage indicators. ICRA added that the rating ''continued to draw comfort'' from Supergem's experienced management and strong operational and financial support. ICRA noted that the rating remains under pressure by the modest scale of operations in the intensely competitive and fragmented jewelry industry, coupled with the susceptibility of Supergem's profitability to variations in exchange rate between the rupee and the dollar and high gearing levels.
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