GE Motors India Ltd

Crisil has assigned a `P1+' rating, indicating very strong position, to the Rs 10-crore commercial paper programme of GE Motors India Ltd.

Crisil applies `+' or `-' signs to ratings to reflect the comparative standing of the rating within the category.

The rating factors in the business, managerial, technical and financial support extended

to the company by its parent, General Electric Company, US, (rated `AAA/stable/A-1+' by Standard and Poor's) in the form of access to the parent's global markets, latest technology conforming to global quality standards, vendor development programs, supply chain initiatives, and so on. The rating also factors in GE Motors India's strong market position in the domestic fractional horse power (FHP) motor segment, increasing presence in the US and West Asia, globally-competitive facilities, increasing turnover and improving operating margins and working-capital management. These factors are, however, partially offset by the highly competitive nature of the end-user segments, moderate net worth, and gearing and liquidity ratios.