MIRA INFORM REPORT

Report No. :	349552
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	DAROU PAKHSH PHARMA CHEM COMPANY
Registered Office :	Taleghani Ave Daroo Pakhsh Street, KM 18 of Karaj Freeway Tehran
Country :	Iran
Date of Incorporation :	18.03.1997
Com. Reg. No.:	129207
Legal Form :	Public Joint Stock Company
Line of Business :	Manufacture of human and animal Pharmaceutical products, atenolol, azithromycin dihydrate, carvedilol, ferrous fumarate, duloxetine, mebererine hydrochloride
No. of Employees :	585

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Iran	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

IRAN - ECONOMIC OVERVIEW

Iran's economy is marked by statist policies, inefficiencies, and reliance on oil and gas exports, but Iran also possesses significant agricultural, industrial, and service sectors. The Iranian government directly owns and operates hundreds of state-owned enterprises and indirectly controls many companies affiliated with the country's security forces. Distortions - including inflation, price controls, subsidies, and a banking system holding billions of dollars of non-performing loans - weigh down the economy, undermining the potential for private-sector-led growth. Private sector activity includes small-scale workshops, farming, some manufacturing, and services, in addition to medium-scale construction, cement production, mining, and metalworking. Significant informal market activity flourishes and corruption is widespread. Fiscal and monetary constraints, following the expansion of international sanctions in 2012 on Iran's Central Bank and oil exports, significantly reduced Iran's oil revenue, forced government spending cuts, and sparked a sharp currency depreciation. Iran’s economy contracted for the first time in two decades during both 2012 and 2013, and grew only slightly 2014. Iran continues to suffer from high unemployment and underemployment. Lack of job opportunities has prompted many educated Iranian youth to seek employment overseas, resulting in a significant "brain drain." In June 2013, the election of President Hasan RUHANI generated widespread public expectations of economic improvement and greater international engagement. In connection with ongoing international negotiations over Iran’s nuclear program the limited sanctions relief for Iran provided under the Joint Plan of Action of November 2013, helped to forestall the decline in the economy in 2014.

Source : CIA

Company Details

Company Name: Darou Pakhsh Pharma Chem Company

Company Trade Name: DPPC

Address: Taleghani Ave Daroo Pakhsh Street, KM 18 of Karaj Freeway

Tehran, Iran

Postal Code: 1397116396

P.O.BOX: 13185-877

Telephone: + 98 21 44981191-3, 44982122-3

Fax: + 98 21 44985053

Website: www.dppcco.com

E-mail: info@dppcco.com, dppc@dppcco.com

Registration & Legal Details

Current Legal Form: Public Joint Stock Company

Registration Address: Darou Pakhsh Street, KM 18 of Karaj Freeway

Tehran 1397116396, Iran

Start Date: 18/03/1997

Registration Number: 129207

Registration Date: 18/03/1997

Registration Town: Tehran

National Code ID: 10101725563

Capital

Nominal Capital: -

Share No: -

Share Value: -

Shareholders

Shareholder Names

Ggostaresh Darou Pakhsh Commercial Company 30%

Darou Pakhsh Raw material Manufacture Company 20%

Darouei Tamein investment Company 15%

Darou Pakhsh Distribution Company 10%

Rah Avard Tamein Chemical Company 10%

Public 15%

Principals

Name: Mr. Hasan Rafati

Position within the company: Chairman

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Dr. Majid Manavi

Position within the company: Vice Chairman

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Mr. Hamid Reza Alipour Mishkani

Position within the company: Member& Managing Director

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Mr. Mohammad Reza Tagheian Najaf Abadi

Position within the company: Member& Finance Assistant

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Mr. Alireza Asadi

Position within the company: Member

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Mr. Ali Modares

Position within the company: Manager

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Mrs. Eng. Fariba Ghaderi

Position within the company: Manager

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Dr. Shirvan Daraei

Position within the company: Manager

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Name: Eng . Houman Aghasi Beig

Position within the company: R&D Manager

Country of Birth: Iran

Nationality: Iranian

Can fluently speak: Farsi- English

Company Activities

Manufacture of human and animal Pharmaceutical products, atenolol, azithromycin dihydrate, carvedilol, ferrous fumarate, duloxetine, mebererine hydrochloride,...

Local Reporters consider the investigated company to be Large in their field of concern

Operations

-

Employees

Company Employs: 585

HQ Premises

Operates from: Owned , Office, Laboratory, Factory, Warehouse

Location: Central Business Area, Main Road

Imports

Import %: 40%- Finished Goods

Import term: Bank Transfer

Import from: Germany, China

Export

Finished Goods

Export %: 35%

Export from: Georgia, Afghanistan

Trading & Selling

Territory: 100 % Nationality

Type of Customer: Group Companies, Retailers, Wholesalers

Terms of sales: letters of credit

Vehicles: Total number of vehicles: 40

Related Companies

Gostaresh Darou Pakhsh Commercial Company

Shirin Darou Company

Iran Antibiotic Company

Darou Pakhsh Raw material Manufacture Company

Saba Tamein Company

Banks

Saderat Bank

Branch:-

Financial Information

Please find the attachment.

Auditor: Azmoudeh Karan Auditing Institute

Solicitor: Dash Va Hamkaran Auditing Institute

Payments

Subject's payments reported to be: Non- Complaint

interview & reporter comments

Name/Title: Mr. Hamid Reza Alipour Mishkani, confirmed it.

Local Reputation: The company being investigated is considered by local reporters to be a 

Normal Trade Risk and to be fair.

Owner/Shareholders Comments:

All of owners involved in the running of the business

Age of Business: Old business

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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