CGR1 implies that in ICRA’s current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders the highest assurance on the quality of corporate governance. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

CGR2 implies that in ICRA’s current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders a high level of assurance on the quality of corporate governance. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

CGR3 implies that in ICRA’s current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders adequate level of assurance on the quality of corporate governance. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

CGR4 implies that in ICRA’s current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders moderate level of assurance on the quality of corporate governance. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

CGR5 implies that in ICRA’s current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders inadequate level of assurance on the quality of corporate governance. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

CGR6 implies that in ICRA’s current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders low level of assurance on the quality of corporate governance. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

Note A sign of ‘+’ may be suffixed to any of the rating symbols other than CGR1 to indicate a relatively higher standing within the category represented by the particular symbol.

The ICRA Stakeholder Value and Governance Rating Scale
SVG1 implies that in ICRA’s current opinion, the rated company belongs to the Highest Category on the composite parameters of stakeholder value creation and management, as also corporate governance practices. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

SVG2 implies that in ICRA’s current opinion, the rated company belongs to the High Category on the composite parameters of stakeholder value creation and management, as also corporate governance practices. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

SVG3 implies that in ICRA’s current opinion, the rated company belongs to the Adequate Category on the composite parameters of stakeholder value creation and management, as also corporate governance practices. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

SVG4 implies that in ICRA’s current opinion, the rated company belongs to the Moderate Category on the composite parameters of stakeholder value creation and management, as also corporate governance practices. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

SVG5 implies that in ICRA’s current opinion, the rated company belongs to the Unsatisfactory Category on the composite parameters of stakeholder value creation and management, as also corporate governance practices. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

SVG6 implies that in ICRA’s current opinion, the rated company belongs to the Lowest Category on the composite parameters of stakeholder value creation and management, as also corporate governance practices. ICRA’s opinion, however, is not a certificate of statutory compliance or a comment on the rated company’s future financial performance, credit rating or stock price.

Note A sign of ‘+’ may be suffixed to any of the rating symbols other than SVG1 to indicate a relatively higher standing within the category represented by the particular symbol.