Mumbai, Mar 18: ICRA has assigned an A1+ rating to the proposed Rs. 2,000 million Immediate Term-Debt Programme (Series V) indicating highest safety in the short-term. The rating for the Immediate Term-Debt Programme is valid upto April 23, 2004. ICRA has also retained the A1+ rating assigned to the Rs. 2,500 million short-term debt programme of Kotak Mahindra Investments Limited (KMIL). The ratings factor in the strong parentage, the groups' favourable experience in the past in capital market related activities, comfortable liquidity and adequate capitalisation and risk management systems employed by the company. KMIL is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL) and registered with the RBI as a NBFC with primary interest in capital market related activities. It is engaged in activities such as holding long term strategic investments for the group, lending against shares and mutual funds, IPO financing, buyback financing and margin financing. The main risk management systems involves continuous monitoring and maintaining the requisite margin levels. Bureau Report