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A corporate governance rating is a final opinion on the importance institutions attach to the shareholder rights, their public disclosure activities, relationship with stakeholders and the overall credibility of the board of directors. Our rating is realized on basis of information provided by the rated entity and acquired from other sources by our analysts. SAHA does not perform any audit activities with respect to a rating, instead uses auditor reports as a source. This rating can be modified when access to changing conditions and information is not possible, and can be temporarily suspended or withdrawn.

SAHA allocates a rating for an institution only when sufficient information is supplied. A rating process includes macro and micro analysis and key data (general shareholders’ meetings, publicly disclosed information and documents, minutes of board meetings, court cases filed, etc.) on the rated institution’s core business are taken into consideration. Any publicly undisclosed information provided to SAHA is stored on the basis of confidentiality rules and principles.

The contents of a final rating report should be interpreted neither as an offer, solicitation or advice to buy, sell or hold securities of any companies referred to in this report nor as a judgment about the suitability of that security to the conditions and preferences of investors. Saha Inc. makes no warranty, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes.

Saha Corporate Governance and Credit Rating Services, Inc. has embraced and published on its web site ( the IOSCO (International Organization of Securities Commissions) Code of Conduct for Credit Rating Agencies and operates on the basis of independence, objectivity, transparency, and analytic accuracy.

Information disclosed on a Corporate Governance Rating report may not be republished, broadcast, or redistributed without the prior written consent of Saha Inc. and the rated institution.