Ayandeh Sazanan Refah Pardis

The company “Ayandeh Sazanan Refah Pardis” (Private Joint Stock) was founded on August 14, 2012, with registration number 428787 and national ID 10320812700 in the Tehran Company Registration Office. Its foundation involved the collaboration of approximately 15,000 individuals, including official and contractual employees, retirees, and personnel from the Refah Kargaran Bank service company, and it commenced with an initial capital of 35.2 billion Rials. Its official operations began in December 2012. The headquarters of the company is located in the following address: No. 88, Bank Refah building, Aryafar Intersection, Marzdaran Boulevard, Tehran, Iran, postal code 1464653346. It should be noted that the company’s fiscal year in the past years was from the beginning of October to the end of September of the next year. As indicated in the minutes of the extraordinary general assembly held on November 15, 2016 and published in the official newspaper Ettela’at, number 21048, dated November 7, 2017, the fiscal year, starting with the fiscal year 2017, has been established and approved to run from the March 22 to the end of March 21 of the next year.

The company’s activities, as outlined in Article 2 of the Articles of Association, include the following:

1. Analyzing, establishing, developing, and completing various economic (including service, commercial), as well as production, industrial, and construction units.
2. Collaborating with domestic and foreign companies, accepting and granting agency representation, and fostering business relationships through equity participation.
3. Executing transactions, importing and exporting all legally permitted commercial goods, and accepting and granting representation to reputable domestic and trading firms.
4. Forming contracts with domestic and international companies to carry out economically viable projects across all commercial, technical, engineering, industrial, production, and construction sectors.
5. Supplying the specialized workforce required by the company.
6. Purchasing shares and securities in compliance with existing laws and regulations.
7. Accessing banking credit facilities in both local and foreign currencies according to regulations.
8. Conducting domestic and international trade, as well as authorized non-pyramid, non-network, and non-electronic marketing related to the company’s activities.
9. Performing other permissible operations and activities associated with the company’s objectives.

The company’s stock investments can be categorized as follows:

• Investments in marketable stocks (stock portfolio)
• Investments in shares of investee companies (long-term)

In the year 2021, the company made investments of 55% and 98% in its affiliated companies, Danesh Refah Pardis and AtiehSazan Refah Pardis, respectively. These companies have recently launched their operations and started engaging in business within the information technology sector and real estate development. The registration process for the capital increase and the necessary legal formalities for these companies is currently ongoing.

It is noteworthy that:

• All principles, regulations, and requirements of national accounting standards are aligned with international standards concerning all accounting elements, particularly investments, as reflected in the financial statements of the company.
• Following the guidelines set forth in Iranian Accounting Standard No. 15 (approved in 2000 and amended in 2020), which aligns with International Accounting Standard (IAS 25), the valuation method for investments in readily marketable securities is based on the lower of cost or net realizable value, following a historical cost accounting system.

The company’s audited financial reports and its tax status:

The company’s financial statements and legal documentation are consistently prepared in accordance with the theoretical concepts of financial reporting, adherence to Iranian accounting standards (aligned with international standards), along with the regulations issued by the Technical Committee for accounting standards. Moreover, these documents are prepared in accordance with binding laws and regulations, including the Direct Tax Law and the amendments to the Commercial Code from 1968.

It is noteworthy that, with strict compliance to principles, regulations, and legal requirements, the company’s performance tax situation has been definitively resolved and settled, showing no tax debts as of the end of the year 2019. Additionally, the relevant tax clearance certificate has been obtained for the specified period.